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Jun 30, 2024
Acadia Q2 2024 Earnings Report
Acadia reported strong Q2 2024 results, driven by growth in key street markets, increased earnings guidance, and a dividend increase.
Key Takeaways
Acadia Realty Trust reported Q2 2024 operating results, featuring a net income of $0.01 per share and FFO Before Special Items of $0.31 per share. Core Same-Property NOI Growth was 5.5%, driven by a 12% increase from the Street Portfolio. The company also increased its quarterly dividend by 5.6% and completed approximately $150 million of accretive core and investment management transactions.
NAREIT FFO per share was $0.25 and FFO Before Special Items per share was $0.31.
Core Same-Property NOI Growth increased by 5.5%, driven by approximately 12% growth from the Street Portfolio.
New Core GAAP and Cash Rent Spreads were 82% and 55%, respectively, driven by Street leases in Chicago and Washington, D.C.
The quarterly dividend was increased by $0.01 to $0.19 per Common Share, representing an approximate 5.6% increase.
Forward Guidance
The Company updated its annual 2024 guidance as follows:
Historical Earnings Impact
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Avg. Return Before/After Earnings
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