RYE, N.Y. (AP) _ Acadia Realty Trust (AKR) on Wednesday reported a key measure of profitability in its third quarter. The results surpassed Wall Street expectations.
The real estate investment trust, based in Rye, New York, said it had funds from operations of $31 million, or 34 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 33 cents per share.
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 $10.4 million, or 12 cents per share.
The real estate investment trust posted revenue of $73.3 million in the period.
Acadia Realty Trust expects full-year funds from operations to be $1.40 to $1.42 per share.
The company's shares have risen 23% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $29.18, a climb of 6% in the last 12 months.