J.P. Morgan Leaves Acadia Realty Trust Neutral Rating, $17 PT Unchanged (AKR)

J.P. Morgan left its Acadia Realty Trust AKR Neutral rating and price target of $17 unchanged in a research report published today. In the report, J.P. Morgan states, "Tuesday evening, Acadia Realty reported Q4 FFO/share that came in slightly ahead of our estimates due to promote income. Excluding this unanticipated income, however, AKR's 4Q FFO/share was below our estimate. On the guidance front, the $1.00 midpoint of management's 2011 FFO/share guidance range ($0.95-$1.05) was above our $0.92 estimate, but guidance included about $0.06 of ‘one-time' promote income that we did not have in our estimates." Shares of Acadia Realty Trust were at $18.40 in after-market trading at the time of posting, reflecting no change from Tuesday's market close.