Acadia Realty Trust Reports Strong Q4 2024 Results

By Tamara Parker • Wednesday, February 12 15:18 • Permanent Link

Acadia Realty Trust (NYSE: AKR) has reported its operating results for the fourth quarter of 2024, revealing a significant turnaround from the same period in 2023. The company's GAAP net earnings per share attributable to Acadia were $0.07 for the fourth quarter of 2024, a positive shift from the net loss of $0.02 per share in the fourth quarter of 2023. Additionally, Acadia's NAREIT Funds from Operations ("NAREIT FFO") increased to $0.30 per share in the fourth quarter of 2024 from $0.26 per share in the same period of 2023.

Furthermore, Funds from Operations ("FFO") before special items, which includes realized investment gains, showed a notable increase to $0.32 per share for the fourth quarter of 2024, compared to $0.28 per share in the fourth quarter of 2023. This growth reflects a positive financial performance for the company.

The core same-property net operating income ("NOI") grew by 5.7% for the fourth quarter of 2024, surpassing the performance from the same period in 2023. Additionally, the company completed approximately $611 million of accretive core and investment management acquisitions during the fourth quarter of 2024 and year-to-date 2025. This amount includes $306 million of core acquisitions and $305 million of investment management acquisitions.

Acadia also increased its quarterly dividend by 5.3% for the first quarter of 2025, signaling confidence in its financial position and outlook. Looking ahead, the company has projected FFO before special items of $1.35 at the mid-point for 2025, which represents a 5.5% growth, and a 2025 projected same-property NOI growth of 5-6%.

The company's balance sheet also reflects a strong performance, with pro-rata net debt-to-EBITDA improving to 5.5x at December 31, 2024, compared to 7.1x at December 31, 2023. Furthermore, Acadia raised net proceeds of $276.8 million through the issuance of 11.2 million shares under its at-the-market issuance program during the fourth quarter of 2024 and 2025 year-to-date.

The market has reacted to these announcements by moving the company's shares 1.2% to a price of $24.04. For more information, read the company's full 8-K submission here.

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