Acadia Q4 2023 Earnings Report
Key Takeaways
Acadia Realty Trust reported operating results for the quarter and year ended December 31, 2023. The company's portfolio has demonstrated consistent strength with same-property NOI growth. In January 2024, they completed an equity raise that positions their balance sheet for external growth.
Fourth Quarter NAREIT FFO per share of $0.26 and FFO Before Special Items per share of $0.28.
Same-property NOI growth was 4.2% for the fourth quarter with growth in excess of 10% in the Street Portfolio during the quarter.
New Core Cash rent spreads of 25% for the fourth quarter (driven by a strategic recapture and re-lease of a space in Soho, New York)
$3.0 million of rents commenced during the quarter, representing about 2% of in-place rents
Acadia
Acadia
Forward Guidance
The Company is setting initial 2024 guidance as follows: Net earnings per diluted share of $0.09 to $0.15, FFO Before Special Items per diluted share of $1.24-$1.32 and Projected same-property NOI growth of 5-6%.