Acadia Realty Trust Q1 FFO Rises, Meets View; Reaffirms Outlook - Quick Facts

(RTTNews) - Acadia Realty Trust (AKR) Wednesday reported first-quarter funds from operations, or FFO of $18.92 million or $0.32 per share, up from $16.85 million or $0.31 per share in the year-ago period. On average, eight analysts polled by Thomson Reuters estimated FFO of $0.32 per share for the quarter.

Net income attributable to common shareholders for the quarter rose to $21.60 million or $0.38 per share from $9.62 million or $0.18 per share in the same period last year. The latest quarter's results include a gain of $12.4 million or $0.22 per share realized on the disposition of the company's Walnut Hill Plaza in Woonsocket, Rhode Island.

Total revenue for the quarter grew to $46.69 million from $42.29 million in the same period last year. Analysts had a consensus revenue estimate of $29.17 million.

Looking ahead to fiscal 2014, Acadia Realty reaffirmed its forecast for FFO in a range of $1.30 to $1.40 per share and earnings per share in a range of $0.68 to $0.77, excluding acquisition costs and gains from dispositions. Street expects the company to earn $1.36 per share for the year.