Acadia Realty Q2 FFO Rises, Boosts 2014 Outlook - Quick Facts

(RTTNews) - Acadia Realty Trust (AKR) Wednesday reported second-quarter funds from operations of $21.1 million or $0.35 per share, higher than $17.3 million or $0.31 per share last year.

On average, eight analysts polled by Thomson Reuters estimated FFO of $0.33 per share for the quarter. Analysts' estimates typically exclude special items.

Net income for the quarter also increased to $11.5 million or $0.19 per share from $8.8 million or $0.16 per share last year. Results for the latest quarter include $0.22 per share of gain realized on the disposition of property.

Total revenue for the quarter grew to $46.69 million from $42.29 million in the same period last year. Analysts had a consensus revenue estimate of $29.58 million. Same-property NOI in the core portfolio increased 4.9 percent.

Looking ahead to fiscal 2014, Acadia Realty raised its forecast for FFO to a range of $1.35 to $1.40 per share from the prior forecast range of $1.30 to $1.40 per share. Street expects the company to earn $1.37 per share for the year.