Acadia Q2 FFO Before Special Items $0.32, beats expectations; raises FY guidance

ACADIA REALTY TRUST

2023-Q2 EPS reported $0.17 revenue$165,766,000

Net loss $0.4M ($0.00 per share); NAREIT FFO $0.23; FFO Before Special Items $0.32 per share.
Core Portfolio same-property NOI up 4.8% Q2 and 7.1% YTD; GAAP leasing spreads 15.4%, cash spreads 4.3%.
FY2022 FFO Before Special Items guidance raised to $1.20-$1.32 per share (from $1.17-$1.32); EPS guidance $0.27-$0.36.
Completed $85M Core acquisition in Dallas; refinanced City Point for ~$200M with interest savings >150 bps.
Balance sheet: 90% of Core debt fixed; closed $175M and $75M unsecured term loans to repay revolver.

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