RYE, N.Y. (AP) _ Acadia Realty Trust (AKR) on Wednesday reported a key measure of profitability in its first quarter.
The real estate investment trust, based in Rye, New York, said it had funds from operations of $34.7 million, or 39 cents per share, in the period.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $12.1 million, or 15 cents per share.
The real estate investment trust posted revenue of $74.8 million in the period.
Acadia Realty Trust expects full-year funds from operations to be $1.34 to $1.46 per share.
The company's shares have risen 20 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $28.50, an increase of 26 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AKR at https://www.zacks.com/ap/AKR