EX-99.2 3 a50617399ex99-2.htm EXHIBIT 99.2 a50617399ex99-2.htm
Exhibit 99.2
 
 
Acadia Realty Trust Updates Certain Information in Financial Tables for First Quarter 2013 Operating Results
 
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--April 25, 2013--Acadia Realty Trust (NYSE: AKR) today announced an update to the financial tables provided in its press release dated April 23, 2013 reporting first quarter 2013 results. The only update is to reflect an investment formerly presented under the equity method on a consolidated basis for the quarter ended March 31, 2013. There are no changes to net income attributable to Common Shareholders, earnings per share or funds from operations as originally reported in the tables or any other information aside from these tables.
 
(Financial Highlights Follow)
 
 
 
 
 
 
 
 
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters ended March 31, 2013 and 2012
(dollars and Common Shares in thousands, except per share data)
     
   
For the Quarters ended
   
March 31,
Revenues
    
2013
      
2012
  
         
Minimum rents
  
$
32,860
    
$
21,708
  
Percentage rents
    
195
      
243
  
Mortgage interest income
    
2,869
      
2,055
  
Expense reimbursements
    
7,971
      
5,402
  
Other property income
    
399
      
72
  
Management fee income
    
15
      
433
  
Other income
    
2,962
      
--
  
Total revenues
    
47,271
      
29,913
  
Operating expenses
        
Property operating
    
7,149
      
5,457
  
Real estate taxes
    
5,196
      
4,139
  
General and administrative
    
5,626
      
5,925
  
Depreciation and amortization
    
10,628
      
7,146
  
Total operating expenses
    
28,599
      
22,667
  
         
Operating income
    
18,672
      
7,246
  
         
Equity in earnings (losses) of unconsolidated affiliates
    
2,250
      
(56
)
                 
Other interest income
    
29
      
54
  
                 
Interest expense and other finance costs
    
(10,309
)
    
(6,560
)
Income from continuing operations before income taxes
    
10,642
      
684
  
                 
Income tax benefit (provision)
    
140
      
(188
)
                 
Income from continuing operations
    
10,782
      
496
  
 
 
 
 

ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters ended March 31, 2013 and 2012
(dollars and Common Shares in thousands, except per share data)
     
   
For the Quarters ended
   
March 31,
     
2013
      
2012
  
         
Operating income from discontinued operations
    
397
      
2,327
  
Net income
    
11,179
      
2,823
  
(Income) loss attributable to noncontrolling interests:
        
Continuing operations
    
(1,208
)
    
2,992
  
Discontinued operations
    
(348
)
    
(1,805
)
Net (income) loss attributable to noncontrolling
        
interests
    
(1,556
)
    
1,187
  
         
Net income attributable to Common Shareholders
  
$
9,623
    
$
4,010
  
         
Supplemental Information
        
Income from continuing operations attributable to
        
Common Shareholders
  
$
9,574
    
$
3,488
  
Income from discontinued operations attributable to
        
Common Shareholders
    
49
      
522
  
Net income attributable to Common Shareholders
  
$
9,623
    
$
4,010
  
         
Net income attributable to Common Shareholders per Common Share –
        
Basic
        
Net income per Common Share – Continuing
        
operations
  
$
0.18
    
$
0.08
  
Net income per Common Share – Discontinued
        
operations
    
--
      
0.01
  
Net income per Common Share
  
$
0.18
    
$
0.09
  
Weighted average Common Shares
    
53,414
      
42,736
  
         
Net income attributable to Common Shareholders per Common Share –
        
Diluted 2
        
Net income per Common Share – Continuing
        
Operations
  
$
0.18
    
$
0.08
  
Net income per Common Share – Discontinued
        
Operations
    
--
      
0.01
  
Net income per Common Share
  
$
0.18
    
$
0.09
  
Weighted average Common Shares
    
53,851
      
43,146
  
                 
 
 
 
 
 
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters ended March 31, 2013 and 2012
(dollars and Common Shares in thousands, except per share data)
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS 3
       
   
For the Quarters ended
   
March 31,
   
2013
    
2012
  
             
             
Net income attributable to Common Shareholders
  
$
9,623
    
$
4,010
  
             
Depreciation of real estate and amortization of leasing costs
            
(net of noncontrolling interests' share):
            
Consolidated affiliates
    
6,891
      
4,828
  
Unconsolidated affiliates
    
203
      
392
  
Income attributable to noncontrolling interests’ in
            
Operating Partnership
    
124
      
63
  
Distributions – Preferred OP Units
    
5
      
5
  
Funds from operations
  
$
16,846
    
$
9,298
  
Funds from operations per share – Diluted
            
Weighted average Common Shares and OP Units 4
    
54,531
      
43,792
  
Funds from operations, per share
  
$
0.31
    
$
0.21
  
                 
 
 
 
 

ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters ended March 31, 2013 and 2012
(dollars in thousands)
RECONCILIATION OF OPERATING INCOME TO NET PROPERTY
OPERATING INCOME (“NOI”) 3
     
   
For the Quarters ended
   
March 31,
     
2013
      
2012
  
         
Operating income
  
$
18,672
    
$
7,246
  
         
Add back:
        
General and administrative
    
5,626
      
5,925
  
Depreciation and amortization
    
10,628
      
7,146
  
         
Less:
        
Management fee income
    
(15
)
    
(433
)
Mortgage interest income
    
(2,869
)
    
(2,055
)
Straight line rent and other adjustments
    
(734
)
    
456
  
         
Consolidated NOI
    
31,308
      
18,285
  
         
Noncontrolling interest in NOI
    
(13,051
)
    
(6,468
)
Pro-rata share of NOI
    
18,257
      
11,817
  
Operating Partnerships’ interest in Opportunity Funds
    
(2,391
)
    
(1,511
)
Operating Partnerships’ share of unconsolidated joint ventures 1
    
697
      
1,689
  
NOI – Core Portfolio
  
$
16,563
    
$
11,995
  
         
Note:
        
1 Does not include share of unconsolidated joint ventures within
Opportunity Funds
        
         
 

       
       
       
SELECTED BALANCE SHEET INFORMATION
   
As of
  
   
March 31,
2013
    
December 31,
2012
  
   
(dollars in thousands)
  
             
Cash and cash equivalents
   $ 81,831     $ 91,813  
Rental property, at cost
     1,504,885       1,249,140  
Total assets
     2,295,869       1,908,440  
Notes payable
     1,102,321       727,978  
Total liabilities
     1,209,177       838,184  
 
 
 
 
 
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights
For the Quarters ended March 31, 2013 and 2012
(dollars and Common Shares in thousands, except per share data)
 
 
 
Notes:
 
1 For additional information and analysis concerning the Company’s results of operations, reference is made to the Company’s Quarterly Supplemental Disclosure furnished on Form 8-K to the SEC and included on the Company’s website at www.acadiarealty.com.
 
2 Reflects the potential dilution that could occur if securities or other contracts to issue Common Shares were exercised or converted into Common Shares. The effect of the conversion of Common OP Units is not reflected in the above table as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on the same basis and reflected as noncontrolling interests in the consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.
 
3 The Company considers funds from operations (“FFO”) as defined by the National Association of Real Estate Investment Trusts (“NAREIT”) and net property operating income (“NOI”) to be appropriate supplemental disclosures of operating performance for an equity REIT due to their widespread acceptance and use within the REIT and analyst communities. FFO and NOI are presented to assist investors in analyzing the performance of the Company. They are helpful as they exclude various items included in net income that are not indicative of the operating performance, such as gains (losses) from sales of depreciated property, depreciation and amortization, and impairment of depreciable real estate. In addition, NOI excludes interest expense. The Company’s method of calculating FFO and NOI may be different from methods used by other REITs and, accordingly, may not be comparable to such other REITs. FFO does not represent cash generated from operations as defined by generally accepted accounting principles (“GAAP”) and is not indicative of cash available to fund all cash needs, including distributions. It should not be considered as an alternative to net income for the purpose of evaluating the Company’s performance or to cash flows as a measure of liquidity. Consistent with the NAREIT definition, the Company defines FFO as net income (computed in accordance with GAAP), excluding gains (losses) from sales of depreciated property, plus depreciation and amortization, impairment of depreciable real estate, and after adjustments for unconsolidated partnerships and joint ventures.
 
4 In addition to the weighted average Common Shares outstanding, basic and diluted FFO also assume full conversion of a weighted average 655 and 621 OP Units into Common Shares for the quarters ended March 31, 2013 and 2012, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 25 Common Shares for each of the quarters ended March 31, 2013 and 2012. In addition, diluted FFO also includes the effect of 437 and 410 employee share options, restricted share units and LTIP units for the quarters ended March 31, 2013 and 2012, respectively.
 
 
CONTACT:
Acadia Realty Trust
Jon Grisham, 914-288-8100