Acadia Realty reports 4Q loss
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- February
- 12
Acadia Realty Trust, a real estate investment trust based in White Plains, reported a loss from continuing operations of 12 cents a share during the fourth quarter, compared to earnings of 9 cents a share a year earlier.
The company said that it had $117 million available through cash and credit agreements at the end of last year. Acadia, which focuses on buying and redeveloping neighborhood and community shopping centers in major urban and suburban markets, said that occupancy at its properties was 93.5 percent at the end of 2008.In January, Acadia announced plans to buy Cortlandt Towne Center, a 640,000-square-foot regional shopping center, for $78 million.
“Given the significant turmoil in the capital markets and the unprecedented disruption of the economy and its affect on consumer spending, in 2008 we focused on maintaining the stability of our portfolio and strength of our balance sheet” Chief Executive Officer Kenneth F. Bernstein said in a written statement.
This entry was posted
on Thursday, February 12th, 2009 at 12:29 pm by Jay Loomis.
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Category: Earnings
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