Acadia Realty Trust Announces Quarterly Dividend and Waiver of Share Ownershp Limitation at Request of Institutional Investor.Business Editors NEW YORK--(BUSINESS WIRE)--May 14, 2004 Acadia Realty Trust (NYSE NYSE See: New York Stock Exchange : AKR AKR Auroral Kilometric Radiation AKR Vehicle Cargo Ship AKR Address Key Register AKR Anime Kingdom Rebirth ) today announced the dividend for the second quarter ending June 30, 2004. Acadia's Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. has declared a dividend of $0.16 per Common Share and Common Operating Partnership ("OP") Unit and $22.50 per Series A Preferred OP Unit and $13.00 per Series B Preferred OP Unit payable on July 15, 2004 to holders of record as of June 30, 2004. The Board of Trustees has also approved a resolution permitting one of its institutional shareholders, which currently owns approximately 2% of the Company's outstanding Common Shares, to acquire additional shares through open market purchases. This waiver of the Company's share ownership limitation, which was approved in response to a request from this institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. , will permit this shareholder to acquire up to an additional 3% of the Company's shares through December 31, 2004, or an aggregate up to 5% of the Company's shares. 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 shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into which are anchored by grocery and value-oriented retail. Acadia currently owns (or has interests in) and operates 65 properties totaling approximately nine million square feet, located primarily in the Eastern United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Certain matters in this press release may constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 press release. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , for a discussion of such risks and uncertainties. For more information on Acadia Realty Trust, visit the Company's Web site at www.acadiarealty.com |
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