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%
- 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
- 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
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