SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): October 11, 2004
ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland 1-12002 23-2715194
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
1311 Mamaroneck Avenue, Suite 260
White Plains, New York 10605
(Address of principal executive offices) (Zip Code)
(914) 288-8100
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
ITEM 2.02. Other Events
On October 11, 2004, the Registrant, Acadia Realty Trust, issued a press release
announcing that as a result of the aftermath of the recent hurricane Ivan, the
Mark Plaza property located in Wilkes-Barre, PA, experienced flooding and
resultant property damage. The Registrant believes that its exposure could
potentially reach the maximum deductible of $730,000, or $0.02 on a per share
basis for the quarter ended September 30, 2004. A copy of the press release is
included as an exhibit to this filing.
ITEM 9.01. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99.1 Press release dated October 11, 2004
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACADIA REALTY TRUST
(Registrant)
Date: October 11, 2004 By: /s/ Michael Nelsen
------------------
Name: Michael Nelsen
Title: Sr. Vice President and
Chief Financial Officer
Exhibit 99.1
Acadia Realty Trust Announces Potential Impact from Recent Hurricane
NEW YORK--(BUSINESS WIRE)--Oct. 11, 2004--Acadia Realty Trust (NYSE:AKR)
(the "Company") today announced that as a result of the aftermath of the recent
Hurricane Ivan, the Mark Plaza property located in Wilkes-Barre, PA, experienced
flooding and resultant property damage. The initial determination of the
insurance carrier is that this flooding was the result of a "named" storm. Under
the terms of the Company's insurance policy, a maximum deductible of
approximately $730,000 would apply in such an event. While the Company is still
in discussion with the insurance carrier as to the specifics of the event, and
the cost of the required repairs is still being determined, the Company believes
that its exposure could potentially reach the maximum deductible. If it is
determined that the Company will be responsible for paying the maximum
deductible, the earnings impact for the quarter ended September 30, 2004 would
amount to approximately $0.02 per share.
Acadia Realty Trust, headquartered in White Plains, NY, is a fully
integrated and self-managed real estate investment trust, which specializes in
the acquisition, redevelopment, and operation of shopping centers, which are
anchored by grocery and value-oriented retail. Acadia currently owns, or has
interests in, and operates 70 properties totaling approximately nine million
square feet, located primarily in the Northeast, Mid-Atlantic, and Midwest
United States.
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 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. Such forward-looking statements
speak only as of the date of this document. 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. The Company also refers you
to the documents filed by the Company, from time to time, with the Securities
and Exchange Commission, including without limitation the Company's Annual
Report on Form 10-K and the "Management's Discussion and Analysis of Financial
Condition and Results of Operations" incorporated by reference therein, for a
discussion of such risks and uncertainties.
For more information visit Acadia Realty Trust's Web site at
www.acadiarealty.com.
CONTACT: Acadia Realty Trust
Investor Relations:
Jon Grisham, 914-288-8142