FX.co ★ Acadia Realty Trust Q2 Profit Declines

Acadia Realty Trust (AKR) reported its second-quarter earnings on Tuesday, revealing a net income of $1.4 million, or $0.01 per share. This marks a significant decrease from last year's $9.3 million, or $0.09 per share.

Analysts surveyed by Thomson Reuters had anticipated earnings of $0.05 per share for this period.

The company's NAREIT FFO (Funds From Operations) was $28.5 million, or $0.25 per share, compared to $38.2 million, or $0.37 per share, reported last year.

In terms of revenue, the company experienced a decline, bringing in $87.3 million compared to $89.9 million the previous year.

Looking ahead, Acadia Realty Trust has adjusted its earnings forecast for the fiscal year 2024. The company now predicts earnings ranging between $0.07 and $0.11 per share, slightly narrowing the previous estimate of $0.07 to $0.13 per share.

As for NAREIT FFO, the company now projects $1.09 to $1.13 per share, down from the earlier forecast of $1.09 to $1.15 per share for the fiscal year 2024.