Company Also Demonstrates Entire Carrier Ethernet Portfolio Equipped with ITU-T G.8032 Ethernet Ring Protection Switching
CHATSWORTH, Calif.--(BUSINESS WIRE)-- MRV COMMUNICATIONS, INC., today announced that its OptiSwitch carrier-class Ethernet access product line will participate as part of the European Advanced Networking Test Center (EANTC) multi-vendor interoperability demo at the MPLS & Ethernet World Congress 2010 event held Feb. 9-13 in Paris. MRV is a leading networking company with a full line of packet-optical transport (P-OTS), carrier Ethernet, 40G networking and out-of-band networking products.
EANTC hosted a multi-vendor interoperability test in January to evaluate state-of-the-art MPLS and Ethernet architectures and applications in a detailed technical hot-staging. The test results will be demonstrated in a public showcase during the MPLS & Ethernet World Congress 2010. The multi-vendor interoperability demonstration will highlight end-to-end mobile backhaul, MPLS and Ethernet-based transport systems that meet Metro Ethernet Forum (MEF) standards for managed services.
The OptiSwitch showed interoperability as well as advanced features such as ITU-T G.8032 Ethernet ring protection switching (ERPS), which provides sub-50ms protection to simplify migration path from SONET/SDH optical fiber rings to Carrier Ethernet services in a ring topology.
"One of the critical definitions of Carrier Ethernet is the ability to enable SONET-like sub-50ms service restoration," said Carsten Rossenhoevel, managing director of EANTC. "EANTC measured sub-50ms failover and restoration and found MRV's OptiSwitch to successfully demonstrate ERPS as standardized by ITU-T G.8032."
Mobile Backhaul and MPLS Also on Display
Additionally, the company will demonstrate its mobile backhaul enhancements with the ability to provide timing and synchronization to base stations through ITU-T Synchronous Ethernet and IEEE1588v2 Precision Time Protocol. The company will also show MPLS access network capabilities including the ability to extend pseudowire services to the customer demarcation to deliver carrier-grade connection-oriented services in the radio access network. The demonstration will also highlight the OptiSwitch's performance monitoring tools based on ITU-T Y.1731 standard and show how they maintain and measure service level agreements (SLAs).
"MRV enables reliable and deterministic Carrier Ethernet standards-based solutions for access networks for some of the most prominent service providers worldwide," said Noam Lotan, chief executive officer of MRV Communications. "This interoperability demonstration validates the rich feature set and interoperability of our OptiSwitch product line for the deployment of carrier-grade services to the access of metro networks."
With more than 1,000 participants, MPLS & Ethernet World has emerged as the world's number one broadband networking event. The event will be held at the Paris Marriott Rive Gauche Hotel & Conference Center and MRV will be showcasing its latest technologies in booth 114.
About OptiSwitch
MRV's OptiSwitch family is an award-winning line of compact carrier Ethernet switching platforms that range from the OptiSwitch 9000 metro Ethernet aggregation products to the OS900 demarcation series. OptiSwitch products offer service providers a full suite of carrier-grade Ethernet services along with high-availability, enhanced quality of service, security, TDM circuit emulation and Ethernet operation, administration and maintenance (OAM) support. This full suite of OAM tools creates flexible service awareness and rigid SLAs. OptiSwitch products meet IEEE, ITU, IETF standards and MEF specifications, offering complete control to simplify deployment and management while maintaining full interoperability and visibility into customer and provider networks.
About MRV Communications, Inc.
MRV Communications, Inc. is a leading provider of packet switching, packet optical (P-OTS), physical layer and out-of-band networking equipment, services and optical components for high-speed carrier and enterprise networks and specialized aerospace, defense and other communications networks. Through its wholly owned SourcePhotonics, Inc. subsidiary, the company provides optical communications components for carrier access and fiber-to-the-premises applications. MRV markets and sells its products worldwide, with operations in Europe that provide network system design, and integration. For more information please call (978) 431-5011 or visit our websites at www.mrv.com and www.sourcephotonics.com.
Source: MRV Communications, Inc.
AUSTIN, Texas--(BUSINESS WIRE)-- Fitch Ratings has assigned the following ratings to Jurupa Community Services District, California (the district):
--$9 million certificates of participation (COPs)(2010 water facilities financing), series A (tax exempt) 'AA-';
--$22 million COPs (2010 water facilities financing), series B (federally taxable Build America Bonds -direct payment) 'AA-'.
The bonds are expected to sell via negotiation on Feb. 18. Proceeds from the series A COPs will be used to refund a portion of the district's outstanding COPs, finance improvements to its water system, fund a debt service reserve and pay costs of issuance. Proceeds from the series B COPs will be used to fund improvements to the water system, fund a debt service reserve and pay costs of issuance.
The Rating Outlook is Stable.
RATING RATIONALE:
--Financial performance in terms of debt service and liquidity has been very strong; margins are expected to slightly decline as a result of rising fixed costs.
--Sizeable rate increases have been implemented and approved to support additional debt; despite recent adjustments, the district maintains rate flexibility.
--Exposure to growth-related capital facility fees is a credit concern, given the large portion of the district's revenues provided from this revenue stream.
--Capital needs are manageable though are expected to increase over the long term.
--Debt ratios are favorable although amortization is slow.
--The service area has experienced rapid growth; significant softening has also occurred with the recession with unemployment rates above state and national levels.
KEY RATING DRIVERS:
--The district's strong financial metrics are a key credit driver.
--A rapidly growing customer population could place operational, and consequently, financial pressure on the system.
--Rising capital and operating costs could pressure rate affordability.
SECURITY:
The COPs are payable from net water system revenues after payment of operations and maintenance expenses and from tax revenues or 50% of the property tax revenues paid to the district beginning in fiscal 2011.
CREDIT SUMMARY:
The district provides water service to around 91,000 in eight unincorporated communities of Riverside County. It also wheels (transports) water to the City of Ontario, the City of Norco and the Santa Ana River Water Company. Water supplies are derived primarily from the Chino Basin aquifer via 23 wells. The aquifer is an adjudicated groundwater supply managed by the Chino Basin Watermaster. The district also purchases water from the Chino Desalter Authority and treated water from the Rubidoux Community Services District. Water customer growth averaged a rapid 6.1% annually over the last five years. While growth was a much slower 1.9% from fiscal 2008 to 2009, the district does face some growth pressures. Growth-induced costs are projected to rise at the latter end of the decade for the development of an imported water connection and supporting infrastructure, though the size and timing of the capital needs is dependent on the rate and amount of future growth.
Fitch views the exposure to growth-related capital facility fees as a credit concern, given that the fees have represented 52% of the district's water operating revenues on average over the last five years. Nevertheless, a multi-year rate package was adopted in October of 2007, with rate hikes averaging 19% annually over the 2008 to 2011 calendar year period (based on usage of 10,000 gallons per month). At the same time, base charges were increased by 40% to help stabilize revenues and cover more of the district's fixed costs. The rate adjustments and increases have helped and will continue to help reduce the district's historical reliance on capital facility fees to fund operations. Furthermore, the district is conservatively projecting that capital facility fees will average 7% of operating revenues annually over the next five years. The district also benefits from its share of the county's 1% property tax collections. While the revenues apportioned to the water fund have historically accounted for less than 1% of gross revenues, they are projected to account for 4% of total revenues going forward as the tax revenues will be evenly split between the water and sewer funds.
Debt service coverage in fiscal 2009 was a strong 14.8 times (x) including capital facility fees, and 3.5x excluding capital facility fees. Projected debt service coverage is expected to fall but remain healthy at over 2.3x including capital facility fees and approved rate increases. Given the district's recent rate adjustments and conservative growth projections, senior annual debt service (ADS) is projected to average 1.4x annually over the next five years excluding capital facility fees. The district's five-year capital plan is estimated at $64 million, including this debt issuance, though there is room to defer projects if the growth does not rebound.
Liquidity is strong with unrestricted cash of $26.6 million or 522 days operating cash. Future reserve levels are expected to decline given that 61% of the district's capital projects are anticipated to be cash-funded, though they should remain appropriate for the rating category.
The regional economy is diversified among manufacturing, retail, educational and health and social services. However, economic conditions currently are weak as evidenced by high county unemployment rates; the December 2009 county unemployment rate stood at 14.3%, well above state (12.1%) and national (9.7%) levels. Wealth levels are below the state, although they remain above the U.S. average.
Considerations for Taxable/Build America Bonds Investors
The following sector credit profile is provided as background for investors new to the municipal market.
Water and Sewer Utility Revenue Bonds:
Municipal water and sewer utilities in the U.S. are enduring natural monopolies that typically have autonomous rate setting ability and provide highly essential services. The bonds are secured by a pledge of net revenues generated by the water and/or sewer system; and typically include structural legal protections such as rate covenants, debt service reserve requirements, and anti-dilution tests. As such, the sector exhibits extremely strong credit characteristics with minimal defaults. Reflective of this strong performance, the average water and sewer revenue bond rating is 'A+' with 53% at or above 'AA-' and approximately 6% rated 'BBB+' or below. Those with low investment-grade or below-investment-grade ratings generally have substantial capital programs, a high degree of leverage or weak financial flexibility as reflected in low cash levels, narrow debt service coverage and/or limited rate-raising flexibility.
Applicable criteria available on Fitch's website at www.fitchratings.com:
--'Revenue-Supported Rating Criteria' (Dec. 29, 2009;
--'Water and Sewer Revenue Bond Rating Guidelines' (Aug. 6, 2008).
Additional information is available at 'www.fitchratings.com'.
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
Source: Fitch Ratings
NEW YORK--(BUSINESS WIRE)-- Acadia Realty Trust (NYSE: AKR), today reported operating results for the quarter and year ended December 31, 2009. All per share amounts are on a fully diluted basis. The information presented below for 2008 has been adjusted as described in footnote 5 to the Financial Highlights tables.
Fourth Quarter and Full Year 2009 Highlights
Earnings - fourth quarter and full year FFO of $0.25 and $1.28, EPS of $0.12 and $0.75
-- Funds from operations ("FFO") per share of $0.25 for the fourth quarter
2009 compared to $0.09 for fourth quarter 2008 and $1.28 for the year
ended December 31, 2009 compared to $1.09 for the year ended December
31, 2008
-- Earnings (loss) per share ("EPS") from continuing operations for fourth
quarter 2009 of $0.12 compared to $(0.15) for fourth quarter 2008 and
$0.75 for the year ended December 31, 2009 compared to $0.50 for the
year ended December 31, 2008
Balance Sheet - Strong Liquidity and Limited Exposure to Maturities
-- No significant core portfolio debt maturities before December 2011
(including extension options) when $50 million balance of convertible
notes are due
-- Cash on hand and availability under current facilities of approximately
$130 million at year-end
-- Fixed-charge coverage ratio of 3.2 to 1 for the year and 2.8 to 1 for
the quarter ended December 31, 2009
-- Core portfolio debt yield of 13% and 17% on debt net of cash on hand
-- Raised approximately $65 million of net proceeds from public equity
offering during 2009
-- To date purchased $65 million of face value of the Company's outstanding
convertible debt
Core Portfolio - Net Operating Income consistent with the upper end of 2009 forecast
-- Same store net operating income decreased 2.6% for the year and 3.6% for
the quarter ended December 31, 2009 compared to the same periods in 2008
-- Year-end 2009 occupancy at 92.6% versus 92.5% at September 30, 2009
-- During the fourth quarter, sold non-core property, located in Northeast
Pennsylvania, at a 7.4% capitalization rate
Opportunity Funds - Leasing and Financing Progress
-- Received $3.0 million in distributions from RCP Venture investments
during the fourth quarter
-- Leased an additional 33,000 square feet at the Canarsie Plaza (Brooklyn)
project, construction financing obtained
-- Executed 36,000 square foot lease with Bed, Bath and Beyond to re-tenant
the former Linens 'n Things space at Cortlandt Towne Center
Fourth Quarter and Full Year 2009 Operating Results
For the quarter ended December 31, 2009, FFO was $10.0 million, compared to $3.2 million for the quarter ended December 31, 2008. For the year ended December 31, 2009, FFO was $49.6 million compared to $38.0 million for the year ended December 31, 2008.
Earnings (losses) for the quarters and years ended December 31, 2009 and 2008 were as follows:
Quarter ended Year ended
December 31, December 31,
2009 2008 Variance 2009 2008 Variance
FFO per share $ 0.25 $ 0.09 $ 0.16 $ 1.28 $ 1.09 $ 0.19
EPS from continuing $ 0.12 $ (0.15 ) $ 0.27 $ 0.75 $ 0.50 $ 0.25
operations
EPS $ 0.16 $ (0.15 ) $ 0.31 $ 0.82 $ 0.73 $ 0.09
For the fourth quarter 2009 compared with the fourth quarter 2008, the primary factors which contributed to the increase in EPS from continuing operations were charges of $0.13 in 2008 related to a mezzanine loan and $0.08 associated with the bankruptcy of Circuit City in 2008.
In addition to the above items, for the full year 2009 compared with the full year 2008, the primary factors which contributed to the increase in EPS from continuing operations were $0.17 of additional interest income from the full year effect of 2008 mezzanine financing and preferred equity investments, and $0.16 of gain on the purchase of the Company's outstanding convertible debt. These were partially offset by $0.09 of dilution from the issuance of additional Common Shares in 2009, an $0.08 decrease in RCP Venture income during 2009, net of noncontrolling interests' share and income taxes, and a $0.07 decrease in lease termination income for 2009, net of noncontrolling interests' share.
Discontinued operations decreased $0.16 for the year ended December 31, 2009 as compared to the same period in 2008 primarily as a result of a gain recognized on the sale of a core property in 2008.
Strong Balance Sheet with Available Capital
As of December 31, 2009, Acadia's solid balance sheet was evidenced by the following:
-- Total liquidity of $130 million, including $72 million of cash and $58
million available under existing lines of credit (excluding the Funds'
cash and credit facilities)
-- Including extension options, no significant core portfolio debt
maturities before December 2011 when $50 million of convertible notes
are due
-- Debt yield of 13% (annualized net operating income divided by principal
amount of debt) and net debt yield of 17% (annualized net operating
income divided by principal amount of debt less cash on hand) on the
core portfolio debt. Including the Company's pro-rata share of Fund
debt, a debt yield of 12% and a net debt yield of 15%
-- Fixed-charge coverage ratio of 3.2 to 1 for the year and 2.8 to 1 for
the quarter ended December 31, 2009
-- 100% of the Company's core portfolio debt is fixed-rate at an average
interest rate of 5.8%. Including the Company's pro-rata share of Fund
debt, 86% of the Company's debt is fixed-rate at an average interest
rate of 5.3%
At December 31, 2009, opportunity fund ("Fund") debt maturities and capital availability were as follows:
-- Mortgage debt maturities at the Fund level through 2011 total $48
million, of which Acadia's pro-rata share was $9.6 million. In addition,
borrowings against subscription lines, which are collateralized by
unfunded capital commitments, amounted to $48 million and $140 million
for Fund II and Fund III, respectively. Acadia's pro-rata share of the
subscription line borrowings aggregated $37.6 million
-- $406 million of committed Fund III investor capital is unfunded at year
end. Approximately $56 million of this amount has been allocated as
equity for existing investments. The remaining $350 million of
unallocated investor capital commitments is available for Fund III's
equity component in additional investments. Acadia's pro-rata share of
the $406 million of total unfunded capital is $81 million
Also during 2009, Acadia issued 5.75 million Common Shares generating net proceeds of approximately $65 million, and, to date, has purchased $65 million of face value of the Company's outstanding convertible debt at an average 13% yield to maturity on the transactions.
Retail Portfolio Performance
Through December 2009, the core portfolio performed consistent with the upper end of the Company's 2009 forecast. The core portfolio includes the Company's pro-rata share of its joint venture properties, but excludes the Funds. For the year ended December 31, 2009, same store net operating income ("NOI") decreased 2.6% from the year ended December 31, 2008; approximately half of which was the result of the bankruptcy of Circuit City. Same store NOI decreased 3.6% for the fourth quarter 2009 from the fourth quarter 2008. In addition to the impact of Circuit City, the termination of Acme Markets, as previously discussed by the Company, accounted for a 2.0% decline in NOI for the quarter.
Acadia's core portfolio occupancy was 92.6% as of December 31, 2009. This represents an increase of 10 basis points from 92.5% occupancy at September 30, 2009, and a decrease of 300 basis points from December 31, 2008 occupancy of 95.6%. During 2009, the Company elected to enter into a lease termination agreement with Acme Markets at the Marketplace of Absecon in New Jersey, in order to re-tenant its 44,800 square foot anchor space in the core portfolio. Acadia received a $2.5 million lease termination payment in connection with this agreement and has re-leased approximately 24,100 square feet, or 54%, of the former Acme space. This accounted for approximately 50 basis points of occupancy decline for 2009.
Acadia's combined portfolio occupancy, including its pro-rata share of its joint venture properties and its Funds, was 91.9% as of December 31, 2009. This represents an increase of 20 basis points from 91.7% occupancy at September 30, 2009 and a decrease of 330 basis points from December 31, 2008 occupancy of 95.2%.
In connection with portfolio recycling activities, during the fourth quarter Acadia sold a 125,000 square foot property located in Wilkes-Barre, Pennsylvania for $2.5 million, representing a 7.4% capitalization rate.
During the fourth quarter of 2009, the Company realized an increase in average rent of 10.0% in its core portfolio on new and renewal leases totaling 162,000 square feet. Excluding the effect of the straight-lining of rents, the Company realized a decline in average rent of 6.7%. Excluding the impact of the re-anchoring of the Absecon property as discussed above, the Company realized an average rent increase of 13.3% in its core portfolio on new and renewal leases and an average rent increase of 4.5%, excluding the effect of the straight-lining of rents.
Opportunity Funds - Leasing, Financing and Construction Progress at Canarsie, Brooklyn Project; RCP Venture Distributions Received
Of the nine Fund II New York Urban Infill Redevelopment projects, construction is substantially complete on six developments which are in the process of stabilization. On the seventh, Canarsie Plaza, during the quarter, the Company executed a lease for 33,000 square feet with the New York City Police Department. Together with the BJ's Wholesale Club lease, the project is now 80% pre-leased and construction has commenced. Subsequent to December 31, 2009, the Company closed on a new $48 million construction loan for the project.
The remaining two properties are currently in design phase. At one of these locations, CityPoint, the Company will now develop this project in four phases. The project has been conditionally awarded $20 million of federal stimulus bond financing to fund the construction of 50,000 square feet of retail, representing the first of these phases. Construction is anticipated to commence during the second half of 2010.
During the fourth quarter, Fund II received distributions from its Retailer Controlled Property Venture ("RCP Venture") investments totaling $3.0 million. Acadia's share of the income, after deducting noncontrolling interests' share and taxes, was $0.3 million.
Outlook - Earnings Guidance for 2010
The Company forecasts its 2010 annual FFO will range from $0.95 to $1.00 per share and 2010 EPS from $0.46 to $0.51. This guidance is before contributions from potential 2010 acquisitions and before any potential income from Acadia's RCP investments, promote or lease termination income. For the core portfolio, the Company is assuming occupancy to be flat to up 100 basis points by the end of 2010 and for same-store NOI to be between -2% and -4% for the year, reflecting the lagging effects of the 2009 downturn in the economy. The following table summarizes management's 2010 guidance (dollars in millions, except per share amounts):
2010 2009
Low High Actual
Core and pro-rata share of opportunity fund $ 45.5 $ 46.0 $ 44.0
portfolio income
Asset and property management fee income, net 11.0 11.0 10.4
of taxes
Transactional fee income, net of taxes 6.0 7.0 7.1
Promote income from Funds, RCP Venture and
other income, net of taxes -- -- 11.8
General and administrative expense (23.5 ) (23.0 ) (23.7 )
FFO $ 39.0 $ 41.0 $ 49.6
FFO per share $ 0.95 $ 1.00 $ 1.28
The following is a reconciliation of the calculation of FFO per diluted share and earnings per diluted share:
Guidance Range for 2010 Low High Earnings per diluted share $ 0.46 $ 0.51 Depreciation of real estate and amortization of leasing costs: Wholly owned and consolidated partnerships 0.44 0.44 Unconsolidated partnerships 0.04 0.04 Noncontrolling interest in Operating Partnership 0.01 0.01 Funds from operations $ 0.95 $ 1.00
Management will discuss Acadia's 2010 earnings guidance in further detail on its fourth quarter earnings conference call.
Management Comments
"We are pleased with our fourth quarter results, which were consistent with our expectations" stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. "While we are observing signs of stabilization in the shopping center sector, both with respect to the capital markets and tenant fundamentals, this fragile recovery will likely take several quarters before it translates into improvements in occupancy and NOI. Accordingly, we remain vigilant on sustaining the strength of our portfolio -- which is dominated by necessity and value-focused retail in dense, high barrier-to-entry locations -- and the strength of our balance sheet. We believe our liquidity, coupled with a significant portion of our Fund III capital still available for new investments, positions us to capitalize on potential opportunities as they arise."
Investor Conference Call
Management will conduct a conference call on Wednesday, February 10, 2010 at 1:00 PM ET to review the Company's earnings and operating results. The live conference call can be accessed by dialing 1-866-713-8562 (internationally 617-597-5310). The pass code is "Acadia". The call will also be webcast and can be accessed in a listen-only mode at Acadia's web site at www.acadiarealty.com. If you are unable to participate during the live webcast, the call will be archived and available on Acadia's website. Alternatively, to access the replay by phone, dial 888-286-8010 (internationally 617-801-6888), and the passcode will be 52998761. The phone replay will be available through Wednesday, February 17, 2010.
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 dense urban and suburban markets in major metropolitan areas.
Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risk, uncertainties and other factors that 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. These forward-looking statements include statements regarding Acadia's future financial results and its ability to capitalize on potential opportunities arising from the current economic turmoil. Factors that could cause the Company's forward-looking statements to differ from its future results include, but are not limited to, those discussed under the headings "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent annual report on Form 10-K filed with the SEC on February 27, 2009 ("Form 10-K") and other periodic reports filed with the SEC, including risks related to: (i) the current global financial crisis and its effect on retail tenants, including several recent bankruptcies of major retailers; (ii) the Company's reliance on revenues derived from major tenants; (iii) the Company's limited control over joint venture investments; (iv) the Company's partnership structure; (v) real estate and the geographic concentration of our properties; (vi) market interest rates; (vii) leverage; (viii) liability for environmental matters;(ix) the Company's growth strategy; (x) the Company's status as a REIT (xi) uninsured losses and (xii) 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.
(Financial Tables Follow)
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Years ended December 31, 2009 and 2008
(dollars in thousands, except per share data)
For the Quarters ended For the Years ended
December 31, December 31,
Revenues 2009 20085 2009 20085
(as adjusted) (as adjusted)
Minimum rents $ 25,317 $ 19,535 $ 96,239 $ 77,610
Percentage rents 85 157 477 510
Expense reimbursements 5,730 4,701 20,982 16,789
Lease termination income 25 (16 ) 2,751 23,961
Other property income 1,345 308 2,895 1,099
Management fee income 444 532 1,961 3,434
Interest income 5,100 5,153 20,340 14,533
Other -- -- 1,700 --
Total revenues 38,046 30,370 147,345 137,936
Operating expenses
Property operating 8,864 8,374 29,829 24,092
Real estate taxes 4,507 3,043 16,812 12,123
General and 5,438 5,413 22,013 24,545
administrative
Depreciation and 9,806 12,072 37,218 33,334
amortization
Abandonment of project 3 630 2,487 630
costs
Reserve for notes -- 4,392 1,734 4,392
receivable
Total operating expenses 28,618 33,924 110,093 99,116
Operating income (loss) 9,428 (3,554 ) 37,252 38,820
Equity in earnings
(losses) of 1,922 (4,462 ) (1,529 ) 19,906
unconsolidated affiliates
Unconsolidated affiliate (113 ) -- (3,768 ) --
impairment reserve
Interest expense and (8,372 ) (6,730 ) (32,154 ) (28,893 )
other finance costs
Gain on extinguishment of -- 1,523 7,057 1,523
debt
Gain on sale of land -- -- -- 763
Income (loss) from
continuing operations 2,865 (13,223 ) 6,858 32,119
before income taxes
Income taxes (192 ) (971 ) (1,541 ) (3,362 )
Income (loss) from 2,673 (14,194 ) 5,317 28,757
continuing operations
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Years ended December 31, 2009 and 2008
(dollars in thousands, except per share data)
For the Quarters ended For the Years ended
December 31, December 31,
2009 20085 2009 20085
(as adjusted) (as adjusted)
Discontinued operations:
Operating income from 21 264 246 1,498
discontinued operations
Gain on sale of property 1,506 -- 7,143 7,182
Income from discontinued 1,527 264 7,389 8,680
operations
Net income (loss) 4,200 (13,930 ) 12,706 37,437
Loss (income) attributable
to noncontrolling interests
in subsidiaries:
Continuing operations 2,181 9,030 23,282 (11,630 )
Discontinued operations 11 (134 ) (4,855 ) (739 )
Net loss (income)
attributable to 2,192 8,896 18,427 (12,369 )
noncontrolling
interests in subsidiaries
Net income (loss)
attributable to Common $ 6,392 $ (5,034 ) $ 31,133 $ 25,068
Shareholders
Supplemental Information
Income (loss) from
continuing operations $ 4,854 $ (5,164 ) $ 28,599 $ 17,127
attributable
to Common Shareholders
Income (loss) from
discontinued operations 1,538 130 2,534 7,941
attributable to Common
Shareholders
Net income (loss)
attributable to Common $ 6,392 $ (5,034 ) $ 31,133 $ 25,068
Shareholders
Net income (loss)
attributable
to Common Shareholders per
Common Share - Basic
Net income (loss) per Common
Share - Continuing $ 0.12 $ (0.15 ) $ 0.75 $ 0.51
operations
Net income per Common Share
- Discontinued 0.04 -- 0.07 0.23
operations
Net income (loss) per Common $ 0.16 $ (0.15 ) $ 0.82 $ 0.74
Share
Weighted average Common 39,756 33,850 38,005 33,813
Shares
Net income (loss)
attributable to Common
Shareholders per Common
Share - Diluted2
Net income (loss) per Common
Share - Continuing $ 0.12 $ (0.15 ) $ 0.75 $ 0.50
operations
Net income (loss) per Common
Share - Discontinued 0.04 -- 0.07 0.23
operations
Net income (loss) per Common $ 0.16 $ (0.15 ) $ 0.82 $ 0.73
Share
Weighted average Common 40,038 33,850 38,242 34,267
Shares
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Years ended December 31, 2009 and 2008
(dollars in thousands, except per share data)
RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS3
For the Quarters ended For the Years ended
December 31, December 31,
2009 20085 2009 20085
(as adjusted) (as adjusted)
Net income (loss)
attributable to Common $ 6,392 $ (5,034 ) $ 31,133 $ 25,068
Shareholders
Depreciation of real
estate and amortization of
leasing costs
(net of noncontrolling
interests' share):
Consolidated affiliates 4,608 7,986 18,847 18,519
Unconsolidated affiliates 372 365 1,603 1,687
Gain on sale (net of
noncontrolling interests'
share):
Consolidated affiliates (1,506 ) -- (2,435 ) (7,182 )
Unconsolidated affiliates -- -- -- (565 )
Income (loss) attributable
to noncontrolling 120 (109 ) 465 437
interests'
in Operating Partnership
Distributions - Preferred 5 19 19 35
OP Units
Funds from operations $ 9,991 $ 3,227 49,632 $ 37,999
Funds from operations per
share - Diluted
Weighted average Common 40,728 34,805 38,913 34,940
Shares and OP Units 4
Funds from operations, per $ 0.25 $ 0.09 $ 1.28 $ 1.09
share
ACADIA REALTY TRUST AND SUBSIDIARIES
Financial Highlights 1
For the Quarters and Years ended December 31, 2009 and 2008
(dollars in thousands)
RECONCILIATION OF OPERATING INCOME TO NET PROPERTY
OPERATING INCOME ("NOI")
For the Quarters ended For the Years ended
December 31, December 31,
2009 20085 2009 20085
Operating income (loss) $ 9,428 $ (3,554 ) $ 37,252 $ 38,820
Add back:
General and administrative 5,438 5,413 22,013 24,545
Depreciation and amortization 9,806 12,072 37,218 33,334
Abandonment of project costs 3 630 2,487 630
Reserve for notes receivable -- 4,392 1,734 4,392
Less:
Management fee income (444 ) (532 ) (1,961 ) (3,434 )
Interest income (5,100 ) (5,153 ) (20,340 ) (14,533 )
Other income (850 ) -- (2,550 ) --
Lease termination income (25 ) 16 (2,751 ) (23,961 )
Straight line rent and other 99 818 (1,565 ) (2,515 )
adjustments
Consolidated NOI 18,355 14,102 71,537 57,278
Noncontrolling interest in NOI (4,335 ) (683 ) (13,783 ) (1,349 )
Pro-rata share of NOI $ 14,020 $ 13,419 $ 57,754 $ 55,929
SELECTED BALANCE SHEET INFORMATION
As of
December 31, December 31,
2009 20085
(as adjusted)
Cash and cash equivalents $ 93,808 $ 86,691
Rental property, at cost 1,070,066 857,226
Total assets 1,382,464 1,291,383
Notes payable 780,094 753,946
Total liabilities 849,987 849,155
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 ACADIA REALTY TRUST AND SUBSIDIARIES Financial Highlights For the Quarters and Years ended December 31, 2009 and 2008 (dollars in thousands, except per share data)
Notes (continued):
exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as minority interest 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 operating income ("NOI") to be appropriate supplemental disclosures of operating performance for an equity REIT due to its 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 and depreciation and amortization. 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, and after adjustments for unconsolidated partnerships and joint ventures.
4 In addition to the weighted average Common Shares outstanding, basic and diluted FFO also assumes full conversion of a weighted average 665 and 648 OP Units into Common Shares for the quarters ended December 31, 2009 and 2008, respectively, and 671 and 647 OP Units into Common Shares for the years ended December 31, 2009 and 2008, respectively. Diluted FFO also includes the assumed conversion of Preferred OP Units into 25 Common Shares for each of the quarters ended December 31, 2009 and 2008, and for each of the years ended December 31, 2009 and 2008. In addition, diluted FFO also includes the effect of employee share options of 281 and 282 Common Shares for the quarters ended December 31, 2009 and 2008, respectively, and 212 and 4552 Common Shares for the years ended December 31, 2009 and 2008, respectively.
5 Effective January 1, 2009, the Company adopted the following Financial Accounting Standards Board ("FASB") accounting pronouncements which require it to retrospectively restate previously disclosed consolidated financial statements. As such, certain prior period amounts have been reclassified in the unaudited consolidated financial statements to conform to the current period presentations.
The Company adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810 "Consolidation" (formerly Statement of Financial Accounting Standard No. 160, "Noncontrolling Interests in Consolidated Financial Statements,") ("ASC Topic 810") which, among other things, provides guidance and amends the accounting and reporting for noncontrolling interests in a consolidated subsidiary and the deconsolidation of a subsidiary. Under ASC Topic 810, the Company now reports noncontrolling interests in subsidiaries as a separate component of equity in the consolidated balance sheet and reflects both net income attributable to the noncontrolling interests and net income attributable to Common Shareholders on the face of the consolidated income statement.
The Company adopted ASC Topic 470-20 "Debt with Conversion and Other Options" (formerly FASB Staff Position No. 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement"), ("ASC Topic 470-20"). ASC Topic 470-20 requires the proceeds from the issuance of convertible debt be allocated between a debt component and an equity component. The debt component is measured based on the fair value of similar debt without an equity conversion feature, and the equity component is determined as the residual of the fair value of the debt deducted from the original proceeds received. The resulting discount on the debt component is amortized over the period the convertible debt is expected to be outstanding as additional non-cash interest expense. The equity component, recorded as additional paid-in capital, amounted to $11.3 million, which represents the difference between the proceeds from the issuance of the convertible notes payable and the fair value of the liability at the time of issuance. The Company adopted ASC Topic 470-20 effective January 1, 2009 with a retrospective restatement to prior periods. The additional non cash interest expense recognized in the consolidated income statements was $0.3 million and $0.6 million for the quarters ended December 31, 2009 and 2008, respectively, and $1.3 million and $2.1 million for the years ended December 31, 2009 and 2008, respectively.
Source: Acadia Realty Trust
CALGARY, Feb. 9 /PRNewswire-FirstCall/ - BNK Petroleum Inc. ("BNK" or the "Company") (TSX: BKX) is pleased to announce that Steven M. Warshauer has joined the Company as Director of Geology. Mr. Warshauer has a Ph.D in geology, and over 25 years of experience as a geologist and manager in international and domestic exploration, operations, research and training.
Most recently Mr. Warshauer was Senior Geological Advisor for Devon Energy Inc, Houston Texas. He was the lead geoscientist for Devon's European Unconventional Resource Team. His career also includes working for Tenneco, British Gas and Dominion Exploration & Production Inc. He is experienced in the evaluation of unconventional resources such as shale gas, tight gas sands and CBM. In addition to his significant experience with unconventional resources, he brings vast experience in the generation of conventional oil and gas projects, as well as extensive basin analysis work. "We are extremely pleased to have Mr. Warshauer join our growing, geotechnical team," said Wolf Regener, BNK's President and CEO. "I am confident that his knowledge and experience will complement the already strong team that we have in place."
About BNK Petroleum Inc.
BNK Petroleum Inc. is a U.S. based oil and gas exploration and production company focused on finding and exploiting large predominately unconventional oil and gas resource plays. The Company holds and operates shale gas wells in the United States. Additionally the Company is utilizing its technical and operational expertise to identify and acquire unconventional projects in Europe. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX.
NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE BNK Petroleum Inc.
NEW YORK, NY -- (MARKET WIRE) -- 02/09/10 -- Haier America will join the NBA All-Star 2010 festivities in Dallas, Texas with the company's largest presence ever at the event. Haier will again serve as the title partner of the Shooting Stars competition, and will have a significant presence at NBA All-Star Jam Session presented by adidas and serve as the presenting partner of the NBA Development League's Dream Factory Friday Night.
"Keeping in theme with expectations for the largest audience to see a basketball game live, NBA All-Star 2010 will be Haier's most significant activation ever," said Richard Block, Vice President of Marketing for Haier America. "From All-Star Saturday Night and the D-League Dream Factory, to the Haier Shooting Stars Truck at Jam Session, Haier will be showcased as the Official HDTV of the NBA."
For the fourth consecutive year, Haier America will lead off the NBA All-Star Saturday Night festivities with the Haier Shooting Stars competition which features NBA players, WNBA players and NBA Legends in a shooting contest. NBA All-Star Saturday Night airs live at 8:00pm ET on TNT on Saturday, February 13.
For the first time, TNT and NBA TV analysts Kenny Smith, Chris Webber, Brent Barry and Steve Smith will participate in the Shooting Stars competition serving as the NBA Legends for their respective teams. The additional participants announced at a later date.
On Friday, Feb. 12, high-flying dunkers and sharp shooting NBA D-Leaguers will take to Center Court at NBA All-Star Jam Session for the third annual Dream Factory Friday Night presented by Haier. Similar to NBA All-Star Saturday Night, the skills competition includes a slam dunk competition, a three-point contest featuring an entire rack of "money balls," and the inaugural NBA D-League's Haier Shooting Stars.
Haier will be a part of NBA All-Star Jam Session from February 11-13 at the Dallas Convention Center. Haier will pull in its 53-foot Haier Shooting Stars truck onto the floor of the Dallas Convention Center to join the thousands of fans celebrating the excitement of NBA All-Star. Jam Session features over 11 acres of NBA All-Star excitement. Fans can shoot, slam, dribble and drive all day, compete against their friends in skills challenges, or get basketball tips from NBA Players and Legends
As the Official HDTV of the NBA, Haier will display the company's first generation of LEDs which are available in 46", 40", 32", 24", 22" and 19" screen sizes. The 46" and 40" measure in at just 1.2" thick with cabinets available in a high gloss piano black cabinet or a high gloss white. Fans will have the chance to win one of Haier's LED HDTV's as part of an interactive Haier Shooting Stars game which will be held at the NBA D-League space at NBA All-Star Jam Session.
Haier's LED line will be available at retail in the coming months with the following model numbers:
-- 46" HL46XSL2 (Black), HL46XSLW2 (White) -- 40" HL40XSL2 (Black), HL40XSLW2 (White) -- 32" HL32XSL2 (Black), HL32XSLW2 (White) -- 24" HL24XSL2 (Black), HL24XSLW2 (White) -- 22" HL22XSL2 (Black), HL22XSLW2 (White) -- 19" HL19SL2 (Black), HL19SLW2 (White)
NBA All-Star will also continue the "Inspired by you. Made by us." campaign started at the Consumer Electronics Show in Las Vegas and give consumers a chance to provide ideas for future products.
About NBA All-Star 2010
NBA All-Star 2010 in Dallas will bring together some of the most talented and passionate players in the league's history for a global celebration of the game. Among the many events that will reach fans in more than 200 countries and territories in more than 40 languages are the T-Mobile Rookie Challenge & Youth Jam, NBA All-Star Celebrity Game, and NBA All-Star Jam Session presented by adidas.
American Airlines Center will host All-Star Saturday Night, featuring the Sprite Slam Dunk contest, Foot Locker Three-Point Shootout, Taco Bell Skills Challenge, and Haier Shooting Stars. The 59th NBA All-Star Game will be played on Sunday, Feb. 14 at Cowboys Stadium in Arlington, Texas, before an expected crowd of more than 80,000 -- the largest group ever to witness a live basketball game. TNT will televise the All-Star Game for an eighth consecutive year, marking Turner Sports' 25th season of All-Star coverage. This will be the second NBA All-Star in Dallas. The city also hosted the event in 1986.
For more info on Jam Session visit NBA.COM/JAMSESSION
About the NBA Development League
The NBA Development League, founded in 2001, is the NBA's official minor league whose teams have direct affiliations to NBA franchises. For the 2009-10 season, the league will feature 16 teams -- including the debut of the Maine Red Claws and the Springfield Armor. A proven developer of talent, 20 percent of players in the NBA at the conclusion of the 2008-09 season boasted NBA D-League experience, while the league continues to develop coaches, referees, and front office staff for the NBA and its teams. In fostering the league's connection to the community, its teams, players and staff promote health and wellness, support local needs and interests, and assist in educational development through NBA D-League Cares programs. The NBA D-League also advances the game of basketball as the research and development arm of the NBA. Throughout the season fans can watch all NBA D-League games on NBA Futurecast, the free live Web-streaming initiative found at nba.com/futurecast.
About Haier America
Haier America is the Sales and Marketing arm of the Americas for the multinational Haier Group, one of the world's leading appliance makers. Headquartered in the Haier Building at 1356 Broadway in New York City, Haier America is a leader for room air conditioner, compact refrigerator, and wine cellar sales, as well as a leading force in major appliances, compact appliances, portable electronics and HDTV sales.
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Media Contact: James Liess Haier America Public Relations 212-594-3330 ext.2006 Email Contact
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