Acadia Realty Trust Q3 FFO Rises, Backs 2014 Outlook - Quick Facts

(RTTNews) - Acadia Realty Trust (AKR) reported third-quarter funds from operations or FFO of $18.7 million, up from $17.9 million in the year-ago period. However, FFO per share declined to $0.30 from $0.32 in the prior-year period on higher weighted average common shares and OP units.

Excluding acquisition costs, adjusted FFO per share for the quarter was $0.33, the same as last year. On average, eight analysts polled by Thomson Reuters expected FFO of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.

Net income for the quarter increased to $28.6 million or $0.47 per share, from $9.5 million or $0.17 per share in the same period last year. Results for the latest quarter include $0.36 per share of gain realized on the disposition of properties.

Total revenue for the quarter grew to $47.66 million from $41.09 million in the same period last year. Analysts had a consensus revenue estimate of $29.52 million. Same-property NOI in the core portfolio increased 7.7 percent.

Looking ahead to fiscal 2014, Acadia Realty maintained its forecast for FFO in a range of $1.35 to $1.40 per share and earnings of $0.72 to $0.77 per share. Street expects the company to earn $1.40 per share for the year.