UPDATE 1-Acadia posts higher Q4 FFO, sees '10 FFO below Street
* Q4 FFO $0.25/shr up from $0.09/shr last year
* Minimum rents up
Feb 9 (Reuters) - Real estate investment trust Acadia Realty Trust's (AKR.N) quarterly funds from operations (FFO) more than tripled, helped largely by an increase in rental revenue, but it projected 2010 FFO below market expectations, reflecting the continuing pressure on U.S. commercial real estate.
For the full year, the retail-focused REIT expects FFO of 95 cents to $1.00 a share, below analysts' FFO expectations of $1.04 a share, according to Thomson Reuters I/B/E/S.
It expects occupancy in 2010 to range between flat to up 100 basis points, while same-store net operating income is expected to fall 2 percent to 4 percent during the period.
For the fourth quarter, Acadia posted FFO of $10.0 million, or 25 cents a share, compared with $3.2 million, or 9 cents a share, a year earlier.
Analysts expected the company to post FFO of 26 cents a share.
FFO, a performance measure for REITs, removes the profit-reducing effect of depreciation, a non-cash accounting item.
Minimum rents for the quarter jumped 23 percent to $25.3 million, while core portfolio occupancy was 92.6 percent at Dec. 31, up 10 basis points from the previous sequential quarter.
Shares of the White Plains, New York-based company closed at $15.24 Tuesday on the New York Stock Exchange. (Reporting by Biswarup Gooptu in Bangalore; Editing by Anne Pallivathuckal)
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