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Mar 31, 2023
Acadia Q1 2023 Earnings Report
Reported operating results for the quarter ended March 31, 2023.
Key Takeaways
Acadia Realty Trust reported a strong first quarter, driven by internal growth, particularly within its Street portfolio. The company saw an increase in same-property NOI of 7.0% and generated GAAP and cash leasing spreads of 22.3% and 9.9%, respectively. Acadia also updated its annual 2023 guidance, increasing net earnings per share and NAREIT FFO per share.
NAREIT FFO and FFO Before Special Items per share were $0.40.
Same-property NOI increased by 7.0% within the Core Portfolio, driven by its Street portfolio.
GAAP and cash leasing spreads were 22.3% and 9.9%, respectively, on new and renewal leases.
The Core Portfolio was 94.6% leased and 92.8% occupied as of March 31, 2023.
Acadia
Acadia
Forward Guidance
The Company increased its annual 2023 guidance as follows:
Positive Outlook
- Net earnings per share to $0.16 - $0.23 from $0.14 - $0.23
- NAREIT FFO per share to $1.19 - $1.26 from $1.17 - $1.26
- FFO Before Special Items per share to $1.19 - $1.26 from $1.17 - $1.26