Acadia Realty Trust: 2Q Earnings Snapshot
RYE, N.Y. (AP) _ Acadia Realty Trust (AKR) on Monday reported a key measure of profitability in its second quarter.
The real estate investment trust, based in Rye, New York, said it had funds from operations of $31.8 million, or 36 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 $9.1 million, or 11 cents per share.
The real estate investment trust posted revenue of $71.1 million in the period.
Acadia Realty Trust expects full-year funds from operations in the range of $1.38 to $1.44 per share.
The company’s shares have climbed 13% since the beginning of the year. In the final minutes of trading on Monday, shares hit $26.89, an increase of 1% in the last 12 months.