Acadia Realty Trust: 2Q Earnings Snapshot
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RYE, N.Y. (AP) _ Acadia Realty Trust (AKR) on Tuesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations.
The Rye, New York-based real estate investment trust said it had funds from operations of $29.9 million, or 34 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 33 cents per share.
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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 $7.6 million, or 9 cents per share.
The real estate investment trust posted revenue of $63.6 million in the period.
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Acadia Realty Trust expects full-year funds from operations in the range of $1.33 to $1.45 per share.
The company's shares have dropped almost 3 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $26.60, a drop of 7 percent in the last 12 months.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on AKR at https://www.zacks.com/ap/AKR