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Dec 31, 2023
Acadia Q4 2023 Earnings Report
Acadia Realty Trust reported a net loss of $1.6 million, or $0.02 per share, for the fourth quarter of 2023. Same-property NOI growth was 4.2% for the fourth quarter.
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%.