RYE, N.Y. (AP) — RYE, N.Y. (AP) — Acadia Realty Trust (AKR) on Tuesday reported a key measure of profitability in its fourth quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Rye, New York, said it had funds from operations of $27.8 million, or 27 cents per share, in the period.
The average estimate of five analysts surveyed by Zacks Investment Research was for funds from operations of 26 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $3.8 million, or 4 cents per share.
The real estate investment trust posted revenue of $80.6 million in the period.
For the year, the company reported funds from operations of $120.9 million, or $1.19 per share. Revenue was reported as $326.3 million.
Acadia Realty Trust expects full-year funds from operations in the range of $1.17 to $1.26 per share.
The company’s shares have risen 4.5% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $14.99, a decrease of 23% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AKR at https://www.zacks.com/ap/AKR
Copyright © 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.
