RYE, N.Y. (AP) — RYE, N.Y. (AP) — Acadia Realty Trust (AKR) on Tuesday reported a key measure of profitability in its third quarter.
The Rye, New York-based real estate investment trust said it had funds from operations of $45.3 million, or 33 cents per share, in the period.
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 $4.4 million, or 3 cents per share.
The real estate investment trust posted revenue of $101 million in the period.
Acadia Realty Trust expects full-year funds from operations in the range of $1.32 to $1.34 per share.
The company’s shares have declined 21% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $19.12, a decline of 22% in the last 12 months.
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