Acadia Realty Trust has reported its third-quarter operating results, which demonstrate significant growth and accomplishments compared to the same period last year. The company's GAAP net earnings per share increased from a loss of $0.02 in the third quarter of 2023 to $0.07 in the third quarter of 2024. NAREIT funds from operations (FFO) per share also saw a notable increase, rising from $0.26 in 2023 to $0.28 in 2024.
Furthermore, FFO before special items per share surged from $0.27 in the third quarter of 2023 to $0.32 in the same period of 2024. This increase includes $2.9 million, or $0.02 per share, of realized investment gains from the sale of Albertsons' stock.
The core same-property net operating income (NOI) experienced substantial growth, increasing by 5.9% for the third quarter of 2024 compared to the same period in 2023.
Acadia Realty Trust also achieved significant milestones in its leasing activities, with GAAP and cash new leasing spreads reaching 73% and 46%, respectively, driven primarily by street leases. The company's core signed not open pipeline increased to approximately $10 million, representing approximately 7% of in-place rents, at September 30, 2024, indicating a growth of more than 20% from the previous quarter.
The company completed approximately $150 million of accretive core and investment management acquisitions, increasing its pipeline to $425 million. Acadia Realty Trust fully funded its completed acquisitions and pipeline with common equity proceeds of approximately $320 million.
Moreover, the company significantly reduced its pro-rata net debt-to-EBITDA, inclusive of investment management share, to 5.6x, showing a notable improvement from previous periods.
Acadia Realty Trust's president and CEO, Kenneth F. Bernstein, emphasized the record acquisition and leasing volumes achieved during the quarter, expressing confidence in the company's earnings growth over the coming years. He also highlighted the compelling investment opportunities and the company's focus on acquisitions in key street markets to drive long-term internal growth.
The company's expansion initiatives, financial performance, and strategic acquisitions underscore its commitment to delivering sustainable growth and value for its stakeholders. As a result of these announcements, the company's shares have moved 2.0% on the market, and are now trading at a price of $24.49. Check out the company's full 8-K submission here.
