Acadia Realty Trust reports Q1 FFO 40c, consensus 37c

Driven by its Street portfolio, generated an increase in same-property NOI of 7.0% within its Core Portfolio. "We are very pleased with a simple ‘beat and raise quarter’ with the upside driven by internal growth. Despite pressures from rising interest rates, we were able to achieve robust growth in the first quarter, which is reflective of the multi-year embedded growth that we see from our existing portfolio. Looking forward, we remain confident in meeting our internal growth expectations coming from lease-up, contractual rent steps, rebounding market rents and the execution of our value-add business plan on recently acquired properties," stated Kenneth F. Bernstein, President and CEO of Acadia.