AKR - Acadia Realty Trust: Safe 4.2% Dividend Yield From Street Retail But I'm Not Buying
2024-04-12 13:20:26 ET
Summary
- Acadia Realty Trust is paying out a 4.2% dividend yield that's 156% covered by FFO.
- The REIT saw same-property net operating income grow by 10% during its fiscal 2023 fourth quarter.
- AKR's dividend is still 38% below pre-pandemic levels, but the REIT expects multi-year annual growth in NOI that could power a recovery.
Acadia Realty Trust's ( AKR ) focus on street retail has made the ticker one of the more unique retail REITs in the space. The internally managed REIT is pursuing growth through its core portfolio of 139 operating properties spread across 5.4 million square feet of gross leasable area as of the end of the fourth quarter of 2023. AKR's pro-rata share of this at 5 million square feet was also 93% occupied and 95% leased at the end of the fourth quarter. The REIT also aims to generate additional growth through its Funds, which co-invest with institutional investors. These dual investment platforms form AKR's investment strategy, with the Funds owning and operating 50 properties spread across roughly 9 million square feet. AKR's pro-rata share of this was 2 million, with this share 89.6% occupied and 92.4% leased at the end of the fourth quarter....
Acadia Realty Trust: Safe 4.2% Dividend Yield From Street Retail, But I'm Not Buying