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 Rye, New York-based real estate investment trust said it had funds from operations of $47.2 million, or 34 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 $4.9 million, or 4 cents per share.
The real estate investment trust posted revenue of $104.8 million in the period.
For the year, the company reported funds from operations of $180 million, or $1.32 per share. Revenue was reported as $410.8 million.
Acadia Realty Trust expects full-year funds from operations in the range of $1.21 to $1.25 per share.
The company’s shares have increased slightly more than 4% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $21.43, a drop of roughly 8% in the last 12 months.
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