Acadia Realty Trust: 3Q Earnings Snapshot
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RYE, N.Y. (AP) _ Acadia Realty Trust (AKR) on Wednesday reported a key measure of profitability in its third quarter. The results did not meet Wall Street expectations.
The Rye, New York-based real estate investment trust said it had funds from operations of $30.1 million, or 35 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 36 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 $9.2 million, or 11 cents per share.
The real estate investment trust posted revenue of $66.1 million in the period.
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Acadia Realty Trust expects full-year funds from operations in the range of $1.36 to $1.40 per share.
The company's shares have decreased 0.5 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $27.22, a decrease of nearly 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