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RYE, N.Y. (AP) _ Acadia Realty Trust (AKR) on Wednesday reported a key measure of profitability in its fourth quarter. The results did not meet Wall Street expectations.
The Rye, New York-based real estate investment trust said it had funds from operations of $29.8 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 36 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 $7.1 million, or 9 cents per share.
The real estate investment trust posted revenue of $69.4 million in the period.
For the year, the company reported funds from operations of $118.9 million, or $1.35 per share. Revenue was reported as $262.2 million.
Acadia Realty Trust expects full-year funds from operations in the range of $1.34 to $1.46 per share.
The company's shares have increased 25 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $29.65, an increase of 31 percent in the last 12 months.