Acadia Realty Trust reported net earnings per share attributable to Acadia of $0.01 for the first quarter ended March 31, 2025, compared to $0.03 per share in Q1 2024. Funds From Operations (FFO) Before Special Items per share increased to $0.34, up from $0.33 in the prior year period.
Total revenues for the quarter reached $104.394 million, an increase from $91.356 million in Q1 2024. The company's street retail portfolio was a key contributor to internal growth, delivering 6.8% same-property NOI growth for the quarter. Acadia completed approximately $373 million in accretive acquisitions year-to-date 2025, with $305 million in Core acquisitions and $68 million in an Investment Management acquisition.
Acadia updated its 2025 FFO Before Special Items per share guidance to a range of $1.32-$1.39, a slight increase from the prior guidance of $1.30-$1.39. The net earnings per share guidance was revised to $0.12-$0.16 from $0.22-$0.27, primarily due to transactional activity, impairment charges, and a loss on change in control. The company also recognized $8.0 million in rental and termination income from a lease termination at City Center.
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