Acadia Realty Trust (AKR) reported that its third quarter funds from operations attributable to shareholders and common OP unit holders increased to $32.96 million from $26.85 million, a year ago. Funds from operations, per common share and common OP unit was $0.28 compared to $0.26. FFO Before Special Items was $37.1 million, or $0.32 per share, compared with $27.6 million, or $0.27 per share, last year. NAREIT FFO was $33.0 million, or $0.28 per share compared with NAREIT FFO of $26.8 million, or $0.26 per share, a year ago. Net income was $8.1 million, or $0.07 per share compared with a net loss of $1.7 million, or $0.02 per share.
On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $0.08, for the quarter. Analysts' estimates typically exclude special items.
Third quarter total revenues increased to $87.75 million from $81.39 million, prior year. Analysts on average had estimated $75.38 million in revenue. For core portfolio, same-property Net Operating Income growth, excluding redevelopments, increased 5.9% for the third quarter, driven by the street portfolio.
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