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Jun 30, 2023
Acadia Q2 2023 Earnings Report
Acadia Realty Trust reported strong second-quarter operating results, driven by internal growth within its Core Portfolio and exceeding expectations in leasing and collections.
Key Takeaways
Acadia Realty Trust reported net earnings per share of $0.09, NAREIT FFO per share of $0.37 and FFO Before Special Items per share of $0.36 for the quarter ended June 30, 2023. The company's same-property NOI increased by 5.0%.
Generated an increase in same-property NOI of 5.0% within its Core Portfolio.
Recognized a $7.8 million gain from the termination of the Bed Bath and Beyond below-market lease.
Core Portfolio was 95.2% leased and 92.2% occupied as of June 30, 2023.
Increased annual 2023 guidance to reflect continued strong leasing, better than anticipated collections and a one-time gain.
Acadia
Acadia
Forward Guidance
The Company updated and increased its annual 2023 guidance as follows:
Positive Outlook
- Net earnings per share increased to $0.25 to $0.33 from $0.16 to $0.23
- NAREIT FFO per share increased to $1.28 to $1.36 from $1.19 to $1.26
- FFO Before Special Items per share increased to $1.26 to $1.34 from $1.19 to $1.26
- Increase to prior guidance due to continued strong leasing and better than anticipated collections 0.02 to 0.03
- Incremental portion of gain from BBBY lease termination 0.05 to 0.05