Acadia Realty Trust (NYSE:AKR – "Acadia” or the "Company”) announced
today the results of the shareholders’ elections relating to the
Company’s special dividend as previously declared by its Board of
Trustees. The special dividend of approximately $0.55 per Common Share
is payable on January 30, 2009, to shareholders of record on December
31, 2008. The Common Shares began trading "ex-dividend” for the special
dividend on December 29, 2008.
The special dividend represents a dividend payment associated with
taxable gains arising from property dispositions in 2008. The special
dividend is in addition to the payment of Acadia’s regular dividend for
the quarter ended December 31, 2008 of $0.21 per Common Share, which was
paid on January 15, 2009 to holders of record as of December 31, 2008.
The special dividend is taxable to Acadia’s shareholders without regard
to whether a particular shareholder receives the dividend in the form of
cash or Common Shares. Please refer to the Company’s press release dated
January 13, 2009 for the Federal tax treatment of this dividend. The
terms of the special dividend, including the ability of shareholders to
elect to receive the special distribution in the form of cash or Common
Shares, and a limitation on the aggregate amount of cash to be included
in the special dividend, were described in detail in the prospectus
supplement filed with the Securities and Exchange Commission on January
5, 2009. The cash or Common Share elections were required to be
submitted prior to 5:00 p.m. (EST) on January 16, 2009.
Based on shareholder elections, the special dividend will consist of
approximately $1.8 million in cash and approximately 1.3 million Common
Shares. The number of Common Shares included in the special distribution
is calculated based on $ 12.57845, the average of the volume weighted
trading price per share on the New York Stock Exchange on January 16 and
20, 2009. Summarized results of the special dividend elections are as
follows:
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To shareholders electing to receive the special dividend in all Common
Shares, Acadia will pay the dividend in Common Shares.
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To shareholders electing to receive the special dividend in all cash,
Acadia will pay the dividend in the form of $ 0.06491 per share in
cash and $ 0.48509 per share in Common Shares.
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To shareholders failing to make an election, Acadia will pay the
special dividend in Common Shares.
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Acadia will pay fractional shares in cash.
If your shares are held through a bank, broker or nominee, and you have
questions regarding the special dividend, please contact such bank,
broker or nominee. If you are a registered shareholder and you have
questions regarding the special dividend, you may call Acadia’s transfer
agent, American Stock Transfer & Trust Company, LLC, toll-free at
1-800-937-5449.
Accounting principles generally accepted in the United States
(GAAP) require that all reported per share data, for current and prior
periods, be adjusted to reflect the issuance of the Common Shares in
connection with this special dividend as if such shares had been issued
at the beginning of the earliest period presented. The issuance of the
Common Shares pursuant to this special dividend resulted in an effective
increase of 3.93% in shares outstanding on the record date of December
31, 2008. Share and per share information prior to the special dividend
will be adjusted in subsequent financial information to reflect this
effective increase in shares.
Acadia Realty Trust, headquartered in White Plains, NY, is a fully
integrated, self-managed and self-administered equity REIT focused
primarily on the ownership, acquisition, redevelopment and management of
retail and mixed-use properties including neighborhood and community
shopping centers located in urban and suburban markets in major
metropolitan areas.
Certain matters in this press release may constitute forward-looking
statements within the meaning of the federal securities laws, including
statements relating to our future financial results, and as such may
involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performances or achievements of Acadia to
be materially different from any future results, performances or
achievements expressed or implied by such forward-looking statements.
Factors that could cause or contribute to such differences include, but
are not limited to, the possibility of additional defaults by borrowers
in connection with the Company’s preferred equity and mezzanine loan
portfolio and those discussed under the headings "Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” and "Risk Factors” in the Company’s most recent annual
report on Form 10-K filed with the SEC on February 29, 2008 (the "Form
10-K”) and other periodic reports filed with the SEC, including risks
related to: (i) the Company’s reliance on revenues derived from major
tenants; (ii) the Company’s limited control over joint venture
investments; (iii) the Company’s partnership structure; (iv) real estate
and the geographic concentration of our properties; (v) market interest
rates; (vi) leverage; (vii) liability for environmental matters;(viii)
the Company’s growth strategy; (ix) the Company’s status as a REIT (x)
uninsured losses and (xi) the loss of key executives. Copies of the Form
10-K and the other periodic reports Acadia files with the SEC are
available on the Company’s website at www.acadiarealty.com.
Any forward-looking statements in this press release speak only as of
the date hereof. Acadia expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in
Acadia’s expectations with regard thereto or change in events,
conditions or circumstances on which any such statement is based.
