Acadia Realty Trust Updates Certain Information in Financial Tables for First Quarter 2013 Operating Results

  Acadia Realty Trust Updates Certain Information in Financial Tables for
  First Quarter 2013 Operating Results

Business Wire

WHITE PLAINS, N.Y. -- 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         2,250           (56    )
affiliates
                                                                             
Other interest income                                 29              54
                                                                             
Interest expense and other finance costs             (10,309 )      (6,560 )
Income from continuing operations before income       10,642          684
taxes
                                                                             
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       (2,391  )       (1,511 )
Funds
Operating Partnerships’ share of unconsolidated      697           1,689  
joint ventures ^1
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,     December 31,
                                           
                                2013          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