Acadia Realty Trust (NYSE: AKR) today reported operating results for the quarter ended June 30, 2013. All per share amounts are on a fully diluted basis.
Second Quarter 2013 Highlights
Core Portfolio – Strong Same Store NOI; Closed on Two Street Retail Locations in Chicago and Georgetown
- Funds from operations (“FFO”) of $0.31 per share for the second quarter 2013
- Earnings per share (“EPS”) from continuing operations of $0.15 for the second quarter 2013
Balance Sheet – Continued Strength with Available Capital
- Same store net operating income (“NOI”) for the second quarter up 7.4% compared to 2012
- June 30, 2013 portfolio occupancy of 93.7%
- Closed on $34.3 million of new acquisitions during and after the quarter
Fund Platform – Fund IV Acquisitions and Fund II Continued Monetization of Self-Storage
- Core portfolio debt net of cash on hand (“Net Debt”) to EBITDA ratio of 3.6x at June 30, 2013; 4.8x including pro-rata share of Opportunity Funds
- Combined Net Debt to total equity and debt capitalization (“Total Market Capitalization”) of 24% at June 30, 2013
Second Quarter 2013 Operating Results
- Fund IV completed $47.0 million of new acquisitions
- Fund II closed on the sale of a self-storage asset for $11.8 million
FFO and Net Income from Continuing Operations for the quarter ended June 30, 2013 were $17.3 million and $8.2 million, respectively, compared to $12.2 million and $5.8 million, respectively, for the quarter ended June 30, 2012. For the six months ended June 30, 2013, FFO and Net Income from Continuing Operations were $34.1 million and $17.8 million, respectively, compared to $21.5 million and $9.3 million, respectively, for the six months ended June 30, 2012.