Acadia Realty Trust (NYSE: AKR) reported Q1 FFOf $0.40, versus $0.41 last year.

• Earnings: Generated earnings per share of $0.18 for the first quarter; funds from operations (“FFO”) per share of $0.40 for the first quarter
• Core Portfolio Operating Results: Generated same-property net operating income growth of 0.4% for the first quarter; reported a leased rate of 95.7% as of quarter end
• Fund Acquisitions: Fund IV acquired a $35 million opportunistic investment during the first quarter
• Fund Dispositions: Completed $48 million of fund dispositions during the first quarter
• Fund Promote: During 2017, generated approximately $0.6 million (approximately $0.01 per share) of net promote income for the Company from a Fund III asset sale
• Balance Sheet: Maintained conservative leverage levels during 2017, as indicated by a net debt to EBITDA ratio of 4.4x and a fixed-charge coverage ratio of 4.8x, both for the Core Portfolio; Acadia did not issue any equity during the first quarter

“Despite the cyclical challenges and long-term secular shifts impacting the retailing industry, our company remains well positioned, as indicated by our solid first quarter results,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “First, our high-quality core portfolio contains several in-process value-creation opportunities; at the same time, this portfolio’s urban and street-retail focus, in a handful of gateway cities, and its strong tenancies, provide significant downside protection. Additionally, our complementary fund platform remains active on all fronts, with continued, profitable dispositions and plenty of dry powder, enabling us to remain opportunistic in today’s dislocated marketplace.”

For earnings history and earnings-related data on Acadia Realty Trust (AKR) click here.