RYE, N.Y. (AP) — RYE, N.Y. (AP) — Acadia Realty Trust (AKR) on Tuesday reported a key measure of profitability in its first quarter.
The Rye, New York-based real estate investment trust said it had funds from operations of $41.8 million, or 30 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 $28.4 million, or 22 cents per share.
The real estate investment trust posted revenue of $103 million in the period.
Acadia Realty Trust expects full-year funds from operations in the range of $1.22 to $1.26 per share.
The company’s shares have increased 3% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $21.20, a rise of 7% in the last 12 months.
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