Acadia Realty Trust (NYSE: AKR) reported Q1 EPS of ($0.10), $0.16 worse than the analyst estimate of $0.06. Revenue for the quarter came in at $71.42 million versus the consensus estimate of $63.33 million.
Highlights
- Earnings: Other than the impacts from the COVID-19 Pandemic, earnings were on target with initial expectations:
- GAAP loss per share of $(0.10), inclusive of impairment charges on real property within the Funds of $0.14 per share and FFO per share of $0.30 for the first quarter, which includes $0.04 of credit loss and straight-line rent reserves, primarily associated with the COVID-19 Pandemic
- Core Portfolio Operating Results: Decrease in same-property NOI of -1.4% for the first quarter primarily as a result of credit loss reserves of approximately 300 basis points associated with the COVID-19 Pandemic
- Leasing Progress: Executed 42 new and renewal leases in the Core and Fund portfolios during the first quarter, including key street locations in Rush and Walton in Chicago and Greenwich, Connecticut
“We are grateful to all our front-line responders and essential businesses that are staying open to serve their communities during this crisis. As we continue to navigate through the uncertainty resulting from the COVID-19 pandemic, we remain confident that our strong balance sheet and enhanced liquidity position provides us with the flexible financial ability needed during this challenging time,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “We have seen the paramount importance of physical stores and remain optimistic that our best in class locations will prove to be resilient.”
“We are grateful to all our front-line responders and essential businesses that are staying open to serve their communities during this crisis. As we continue to navigate through the uncertainty resulting from the COVID-19 pandemic, we remain confident that our strong balance sheet and enhanced liquidity position provides us with the flexible financial ability needed during this challenging time,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “We have seen the paramount importance of physical stores and remain optimistic that our best in class locations will prove to be resilient.”
For earnings history and earnings-related data on Acadia Realty Trust (AKR) click here.
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