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Sep 30, 2023
Acadia Q3 2023 Earnings Report
Acadia Realty Trust reported third quarter operating results, with earnings and operating metrics outperforming expectations.
Key Takeaways
Acadia Realty Trust reported a net loss of $1.7 million, or $0.02 per share, for the quarter ended September 30, 2023. However, NAREIT FFO per share was $0.26 and FFO Before Special Items per share was $0.27. Same-property NOI growth was 5.8%.
Earnings and operating metrics outperformed expectations.
Core cash rent spreads exceeded 50% on new leases.
Multi-year internal growth was affirmed with significant leasing progress.
Core Signed Not Open Pipeline increased $1.5 million from the second quarter to $8.3 million.
Acadia
Acadia
Forward Guidance
The Company updated its annual 2023 guidance as follows:
Positive Outlook
- Net earnings per share attributable to Acadia $0.28-$0.31
- Depreciation of real estate and amortization of leasing costs (net of noncontrolling interest share) 1.01
- Impairment charges (net of noncontrolling interest share) 0.01
- Noncontrolling interest in Operating Partnership 0.02
- NAREIT Funds from operations per share attributable to Common Shareholders and Common OP Unit holders $1.32-$1.35
Challenges Ahead
- Unrealized holding (gain) loss (net of noncontrolling interest share) (0.03)
- Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders $1.29-$1.32
- Incremental portion of gain from BBBY lease termination 1 (0.05)
- Funds from operations Before Special Items per share attributable to Common Shareholders and Common OP Unit holders, excluding excess BBBY gain $1.24-$1.27
- The Company had budgeted $0.03 per share to be realized throughout 2023 within its initial full year 2023 guidance associated with this lease, resulting in an incremental $0.05 per share relative to its prior full year 2023 guidance.