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Acadia Realty Trust Reports Third Quarter 2012 Operating Results

Stocks in this article: AKR

Acadia Realty Trust (NYSE: AKR) today reported operating results for the quarter ended September 30, 2012. All per share amounts are on a fully diluted basis.

Third Quarter 2012 Highlights


  • Funds from operations (“FFO”) of $0.27 per share for third quarter 2012
  • Earnings per share (“EPS”) from continuing operations of $0.13 for third quarter 2012

Core Portfolio – Substantial Acquisition Pipeline and Strong Portfolio Performance

  • During and subsequent to the third quarter, closed on the acquisitions of properties located in Manhattan (SoHo) and Bloomfield, New Jersey for an aggregate purchase price of $24.0 million
  • Currently under contract to purchase properties for an aggregate $175.3 million
  • Same store net operating income (“NOI”) for the third quarter up 6.2% compared to 2011; excluding the impact of re-anchoring activities, same store NOI increased 3.2%
  • September 30, 2012 physical portfolio occupancy of 92.9%; including leased space not yet open, leased occupancy was 94.8%

Opportunity Funds – Fund IV Closed; Fund III Completes Acquisition Phase and Continues to Monetize Assets

  • During the quarter, completed the final closing for Fund IV for a total of $540.6 million of total equity commitments
  • Fund III closed on its final three investments located in Washington D.C. (Georgetown), Westchester County (Mohegan Lake), New York and Glen Burnie, Maryland for an aggregate purchase price of $31.6 million
  • Fund III sold 125 Main Street located in Westport, Connecticut for $33.5 million

Balance Sheet – Match-Funding Core and Fund Acquisitions

  • Renewed the Company’s at-the-market (“ATM”) equity program providing for up to $125.0 million in Common Share issuance
  • Raised $34.1 million of net proceeds under the ATM during third quarter 2012 to fund acquisitions
  • Core portfolio debt net of cash on hand (“Net Debt”) to EBITDA ratio of 4.2x at September 30, 2012; 5.1x including pro-rata share of Opportunity Funds
  • Combined Net Debt to Total Market Capitalization of 25% at September 30, 2012

Third Quarter 2012 Operating Results

FFO and Net Income from Continuing Operations for the quarter ended September 30, 2012 were $12.7 million and $6.3 million, respectively, as compared to $8.9 million and $3.8 million, respectively, for the quarter ended September 30, 2011. For the nine months ended September 30, 2012, FFO and Net Income from Continuing Operations were $34.2 million and $16.7 million, respectively, compared to $32.1 million and $16.1 million, respectively, for the nine months ended September 30, 2011.

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