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Acadia Realty Trust Reports Fourth Quarter And Full Year 2012 Operating Results

Stocks in this article: AKR

Acadia Realty Trust (NYSE: AKR) today reported operating results for the quarter and year ended December 31, 2012. All per share amounts are on a fully diluted basis.

Fourth Quarter and Full Year 2012 Highlights

Earnings

  • Funds from operations (“FFO”) of $0.29 per share for the fourth quarter 2012 and $1.04 for the full year 2012
  • Earnings per share (“EPS”) from continuing operations of $0.17 for the fourth quarter 2012 and $0.51 for the full year 2012
  • The Company forecasts a 2013 range for FFO per share of $1.17 to $1.25 and EPS of $0.66 to $0.71

Core Portfolio – $224 Million of Acquisitions and Strong Portfolio Performance

  • Same store net operating income (“NOI”) for the fourth quarter up 7.6% compared to 2011; up 3.7% for full year 2012 over 2011
  • December 31, 2012 portfolio occupancy of 94.2%
  • During 2012, Acadia closed on $224.3 million of acquisitions; $101.6 million during the fourth quarter for 13 properties located in Chicago, Washington, D.C., Westport, Connecticut, and Bloomfield, New Jersey
  • Current pipeline under contract of $86.6 million

Fund Platform – Fund IV Invests on Lincoln Road in South Miami; Funds II and III Profitably Monetize Assets, including Self Storage

  • During 2012, closed on $267.5 million of new Fund assets
  • Fund IV closed on its first three property acquisitions during the quarter for an aggregate purchase price of $151.2 million
  • During the quarter, Funds II and III sold 12 of 14 self-storage facilities for an aggregate sales price of $261.6 million. The remaining two assets are under contract for sale.
  • Fund II sold Canarsie Plaza, located in Brooklyn, New York for $124.0 million during the quarter

Balance Sheet – Positioned for Growth with Low Leverage and Strong Liquidity

  • Core portfolio debt net of cash on hand (“Net Debt”) to EBITDA ratio of 4.0x at December 31, 2012; 4.6x including pro-rata share of Opportunity Funds
  • Combined Net Debt to total equity and debt capitalization (“Total Market Capitalization”) of 22% at December 31, 2012
  • Raised $227.3 million of net equity proceeds during 2012 to fund acquisitions, including $128.6 million during the fourth quarter
  • Subsequent to year-end, closed on a new $150 million unsecured line of credit

Fourth Quarter and Full Year 2012 Operating Results

FFO and Net Income from Continuing Operations for the quarter ended December 31, 2012 were $14.7 million and $8.7 million, respectively, compared to $10.8 million and $3.5 million, respectively, for the quarter ended December 31, 2011. For the year ended December 31, 2012, FFO and Net Income from Continuing Operations were $48.8 million and $24.0 million, respectively, compared to $42.9 million and $18.7 million, respectively, for the year ended December 31, 2011.

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