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Mar 31
Acadia Q1 2025 Earnings Report
Acadia Realty Trust reported its first quarter 2025 operating results, with increased full-year guidance for NAREIT FFO and FFO Before Special Items.
Key Takeaways
Acadia Realty Trust delivered strong first-quarter results, driven by significant growth in its street portfolio and strategic acquisitions. The company reported GAAP Net Earnings of $0.01 per share and FFO Before Special Items of $0.34 per share, while also increasing its full-year guidance.
First Quarter 2025 GAAP Net Earnings were $0.01 per share and FFO Before Special Items were $0.34 per share.
Full Year 2025 NAREIT FFO and FFO Before Special Items Guidance was increased, and GAAP Net Earnings guidance was updated.
GAAP and Cash Spreads on New Leases were 71% and 59% respectively, primarily driven by the Street Portfolio.
The company completed approximately $373 million in accretive Core and Investment Management Transactions year-to-date.
Acadia
Acadia
Forward Guidance
Acadia Realty Trust updated its annual 2025 guidance, increasing its NAREIT FFO and FFO Before Special Items guidance ranges.
Positive Outlook
- Increased full year 2025 NAREIT FFO guidance to $1.22-$1.26 per diluted share from $1.19-$1.24.
- Increased full year 2025 FFO Before Special Items guidance to $1.32-$1.39 per diluted share from $1.30-$1.39.
- Reaffirmed 5-6% full year guidance for Same-Property NOI growth.
- Reaffirmed expectations of $16.0-$19.0 million of realized gains and promotes for full year 2025.
- No significant Core Debt Maturities until 2028, indicating a stable debt profile.
Challenges Ahead
- Updated full year 2025 Net earnings per diluted share guidance to $0.12-$0.16 from $0.22-$0.27.
- The company's policy excludes the estimated financial impact of future acquisitions and dispositions from guidance until consummated.
- The guidance does not reflect any forward-looking estimates involving future unrealized holding gains or losses on Albertsons.
- The per share difference in realized gains and promotes between revised and prior guidance relates to the increased number of shares.
- The company did not have any realized investment gains from the sale of Albertsons stock during the first quarter of 2025.