Acadia Realty Trust
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Acadia Realty Trust (NYSE: AKR) is a fully integrated, self-administered and self-managed real estate investment trust (REIT) that specializes in acquisition, redevelopment, operation, management and leasing of retail properties -- shopping centers in the Northeast, Midwest and Mid-Atlantic.
Acadia has interest in or operates 77 properties of over 10 million square feet. Their business plan is to invest in properties where high population density or other high barriers to entry provide the potential for long term growth.
It started August 12, 1988 through the merger of RD Capital, Inc and Mark Centers Trust (MCT). They like high profile tenants such as Home Depot, Shop & Stop, Target, Shaw's, Walgreens and Wal-Mart. They have maintained a conservative dividend payout.
They use the Acadia Strategic Opportunity Fund, L.P to help fund future growth. They also use Retailer Controlled Property Venture (“RCP Venture’) to acquire interests in real estate owned or controlled by major retailers. RCP was formed with partners Klaff and Lubert-Adler.
Properties of theirs include: Hitchcock Plaza, Sterling Heights, Haygood, Tarrytown Centre, Market Square, Brandywine Town Center, Fordham Place, Pelham Manor, Abingdon Towne Center, Marketplace of Absecon, Ledgewood Mall, Route 202 Shopping Center, Merrillville Plaza, Hobson West Plaza, Mad River Station, Amherst Marketplace, Granville Centre, Sheffield Crossing, Bloomfield Town Square, Sterling Heights Shopping Center, Clark and Diversey, Walnut Hill Plaza, Methuen Shopping Center, Crescent Plaza, New Loudon Center, The Gateway, Town Line Plaza, 125 Main Street in Westport Connecticut, Elmwood Park Shopping Center, Village Commons Shopping Center, 239 Greenwich Avenue, Branch Plaza, Crossroads Shopping Center, Tarrytown Centre, A&P Shopping Plaza, 200 West 54th Street, Bartow Avenue, The Broadway Marketplace at the Georgetown Washington, Amboy Shopping Center, Station Plaza, LA Fitness in Staten New York, and Chestnut Hill Shoppes.
Acadia Realty is therefore a REIT that's well diversified to profit from basic retail activity in several major regions of the United States.
Next: AmREIT -- they invest in "irreplaceable corner" commercial retail properties in major markets
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