Acadia Realty Trust (AKR) has announced an increase in its third-quarter funds from operations (FFO) attributed to shareholders and common OP unit holders, which rose to $32.96 million from $26.85 million in the previous year. The FFO per common share and common OP unit also saw an increase, reaching $0.28 compared to $0.26. Excluding special items, the FFO was $37.1 million, or $0.32 per share, as opposed to $27.6 million, or $0.27 per share, in the previous year. The NAREIT FFO stood at $33.0 million, or $0.28 per share, compared to $26.8 million, or $0.26 per share, a year prior. Additionally, the net income amounted to $8.1 million, or $0.07 per share, compared to a net loss of $1.7 million, or $0.02 per share, from the previous year.
Analysts from Thomson Reuters had, on average, anticipated the company would report a profit per share of $0.08 for the quarter, excluding any special items from their estimates.
Overall, third-quarter revenue increased to $87.75 million from $81.39 million the previous year, outperforming the average analyst estimate of $75.38 million. The core portfolio's same-property net operating income growth, excluding redevelopments, showed a 5.9% rise in the third quarter, primarily driven by the street portfolio.
