Acadia Realty Trust (AKR, Financial) released its Q3 2023 earnings report on October 30, 2023. The company reported a net loss per share of $0.02 for the quarter ended September 30, 2023. Despite this, the company's earnings and operating metrics outperformed expectations, with significant leasing progress completed during the quarter.
Financial Highlights
Acadia Realty Trust (AKR, Financial) reported a net loss of $1.7 million, or $0.02 per share, for the quarter ended September 30, 2023. This was impacted by a $0.01 per share non-cash impairment charge for a Fund asset. In comparison, the net loss for the quarter ended September 30, 2022, was $57.9 million, or $0.61 per share.
NAREIT FFO per share was $0.26 and FFO Before Special Items per share was $0.27. The company also reported same-property NOI growth of 5.8% and core cash rent spreads in excess of 50% on new leases.
Balance Sheet and Guidance
As of September 30, 2023, approximately 93% of Core debt was fixed or effectively fixed, with limited near-term maturity and interest rate risk on its $1.2 billion of Core debt. The company also increased and narrowed its annual 2023 FFO guidance, with the mid-point of guidance for 2023 FFO Before Special Items representing year-over-year growth above 5%.
CEO Commentary
This quarter marks the eighth of the last ten quarters with our Core same-property NOI growth at 5% or higher with an average of 6.8% over that period. Despite macro uncertainties, this consistently strong internal growth is driven by great tenant demand and tenant performance. Additionally, we are strategically pursuing accretive investment opportunities emerging from capital market disruptions, remaining actively engaged with our institutional capital partners to benefit both Acadia's shareholders and our partners." - Kenneth F. Bernstein, President and CEO of Acadia Realty Trust
Acadia Realty Trust (AKR, Financial) operates a high-quality core real estate portfolio in the nation's most dynamic corridors, along with an institutional fund business that targets opportunistic and value-add investments.
Explore the complete 8-K earnings release (here) from Acadia Realty Trust for further details.
