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Acadia Realty Trust (NYSE:AKR) Stock, Chaîne d'Options

Acadia Realty Trust

Acadia Realty Trust is a real estate investment trust that specializes in the operation, management, leasing, renovation, and acquisition of shopping centers and mixed-use properties with retail components. The company's portfolios are located primarily in metropolitan areas of the United States. The company operates through three segments: core portfolio, which consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon and generates the majority of total revenue; funds, which comprises the funds launched by the trust; and structured financing, which consists of notes receivable and related interest income.

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Caesars Entertainment, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CZR#NASDAQ">CZR</a>) ("Caesars") today announced an agreement to sell the LINQ Promenade to a joint venture to be formed between TPG Real Estate ("TPG") and the Investment Management Platform of Acadia Realty Trust ("Acadia") for $275 million. This sale is subject to customary approvals and other closing conditions and is expected to close during the fourth quarter 2024.

News

Asset Sales

Caesars Entertainment Enters Into Definitive Agreement To Sell The LINQ Promenade To A Joint Venture To Be Formed Between TPG Real Estate And The Investment Management Platform Of Acadia Realty Trust For $275M

Cohen &amp; Steers (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CNS#NYSE">CNS</a>) announced today that funds managed by the Private Real Estate Group of Cohen &amp; Steers and the Investment Management business of Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>, Acadia", ))), a publicly traded owner and operator of retail properties in the U.S., have entered into a joint venture to own The Walk at Highwoods, an open-air community shopping center in Tampa, Florida.

Cohen & Steers And Acadia Realty Trust Acquire The Walk at Highwoods, An Open-Air Shopping Center In Tampa, FL

Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>) reported quarterly earnings of $0.32 per share which met the analyst consensus estimate. The company reported quarterly sales of $86.288 million which beat the analyst consensus estimate of $75.384 million by 14.46 percent. This is a 7.91 percent increase over sales of $79.961 million the same period last year.

Earnings

Earnings Beats

Acadia Realty Trust Q3 2024 FFO $0.32, Inline, Sales $86.288M Beat $75.384M Estimate

Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>) will release its quarterly earnings report on Monday, 2024-10-28. Here's a brief overview for investors ahead of the announcement.
Analysts anticipate Acadia Realty Trust to report an earnings per share (EPS) of $0.32.
The announcement from Acadia Realty Trust is eagerly anticipated, with investors seeking news of surpassing estimates and favorable guidance for the next quarter.
It's worth noting for new investors that guidance can be a key determinant of stock price movements.
<h3>Historical Earnings Performance</h3>
During the last quarter, the company reported an EPS missed by $0.00, leading to a 1.6% increase in the share price on the subsequent day.

<h3>Tracking Acadia Realty Trust's Stock Performance</h3>
Shares of Acadia Realty Trust were trading at $24.27 as of October 24. Over the last 52-week period, shares are up 76.5%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<h3>Analyst Insights on Acadia Realty Trust</h3>
For investors, grasping market sentiments and expectations in the industry is vital. This analysis explores the latest insights regarding Acadia Realty Trust.
Analysts have given Acadia Realty Trust a total of 3 ratings, with the consensus rating being Neutral. The average one-year price target is $24.33, indicating a potential 0.25% upside.
<h3>Comparing Ratings Among Industry Peers</h3>
The below comparison of the analyst ratings and average 1-year price targets of Urban Edge Props, InvenTrust Properties and Retail Opportunity, three prominent players in the industry, gives insights for their relative performance expectations and market positioning.
<ul>
<li>As per analysts' assessments, Urban Edge Props is favoring an Neutral trajectory, with an average 1-year price target of $21.5, suggesting a potential 11.41% downside.</li>
<li>Analysts currently favor an Buy trajectory for InvenTrust Properties, with an average 1-year price target of $31.33, suggesting a potential 29.09% upside.</li>
<li>The consensus outlook from analysts is an Neutral trajectory for Retail Opportunity, with an average 1-year price target of $16.0, indicating a potential 34.07% downside.</li>
</ul>
<h3>Peer Analysis Summary</h3>
The peer analysis summary outlines pivotal metrics for Urban Edge Props, InvenTrust Properties and Retail Opportunity, demonstrating their respective standings within the industry and offering valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Acadia Realty Trust</td>
<td>Neutral</td>
<td>-3.00%</td>
<td>$61.49M</td>
<td>0.07%</td>
</tr>
<tr>
<td>Urban Edge Props</td>
<td>Neutral</td>
<td>7.55%</td>
<td>$70.81M</td>
<td>2.64%</td>
</tr>
<tr>
<td>InvenTrust Properties</td>
<td>Buy</td>
<td>4.23%</td>
<td>$48.13M</td>
<td>0.10%</td>
</tr>
<tr>
<td>Retail Opportunity</td>
<td>Neutral</td>
<td>2.13%</td>
<td>$59.24M</td>
<td>2.49%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Acadia Realty Trust ranks in the middle among peers for consensus rating. It is at the bottom for revenue growth and gross profit, while it is at the top for return on equity.
<h3>About Acadia Realty Trust</h3>
Acadia Realty Trust is a real estate investment trust that specializes in the operation, management, leasing, renovation, and acquisition of shopping centers and mixed-use properties with retail components. The company's portfolios are located primarily in metropolitan areas of the United States. The company operates through three segments: core portfolio, which consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon and generates the majority of total revenue; funds, which comprises the funds launched by the trust; and structured financing, which consists of notes receivable and related interest income.
<h3>Key Indicators: Acadia Realty Trust's Financial Health</h3>
Market Capitalization Analysis: Falling below industry benchmarks, the company's market capitalization reflects a reduced size compared to peers. This positioning may be influenced by factors such as growth expectations or operational capacity.
Decline in Revenue: Over the 3 months period, Acadia Realty Trust faced challenges, resulting in a decline of approximately -3.0% in revenue growth as of 30 June, 2024. This signifies a reduction in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Real Estate sector.
Net Margin: Acadia Realty Trust's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of 1.32%, the company may encounter challenges in effective cost control.
Return on Equity (ROE): Acadia Realty Trust's ROE is below industry averages, indicating potential challenges in efficiently utilizing equity capital. With an ROE of 0.07%, the company may face hurdles in achieving optimal financial returns.
Return on Assets (ROA): Acadia Realty Trust's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of 0.03%, the company may face hurdles in achieving optimal financial performance.
Debt Management: With a below-average debt-to-equity ratio of 0.99, Acadia Realty Trust adopts a prudent financial strategy, indicating a balanced approach to debt management.
<a href="https://www.benzinga.com/quote/AKR/earnings">To track all earnings releases for Acadia Realty Trust visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

What to Expect from Acadia Realty Trust's Earnings

Compass Point analyst Floris Van Dijkum upgrades Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>) from Neutral to Buy and raises the price target from $23 to $27.

Upgrades

Price Target

Analyst Ratings

Compass Point Upgrades Acadia Realty Trust to Buy, Raises Price Target to $27

Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>) ("Acadia" or the "Company") announced today the pricing of an upsized underwritten offering of 5,000,000 common shares of beneficial interest at a price to the public of $23.25 per share. The underwriters have been granted a 30-day option to purchase up to an additional 750,000 common shares. This reflects an upsizing of the previously announced offering of 4,500,000 common shares. The offering is expected to close on October 2, 2024, subject to customary closing conditions. Wells Fargo Securities, Goldman Sachs &amp; Co. LLC and Jefferies are acting as joint book-running managers for the offering.
The Company has entered into forward sale agreements with each of Wells Fargo Bank, National Association, Goldman Sachs &amp; Co. LLC and Jefferies or their affiliates (the "forward purchasers") with respect to 5,000,000 of its common shares. In connection with the forward sale agreements, the forward purchasers or their affiliates are expected to borrow and sell to the underwriters an aggregate of 5,000,000 common shares that will be delivered in the offering. Subject to its right to elect cash or net share settlement, which right is subject to certain conditions, the Company intends to deliver, upon physical settlement of such forward sale agreements on one or more dates specified by the Company occurring no later than September 30, 2025, an aggregate of 5,000,000 common shares to the forward purchasers in exchange for cash proceeds per share equal to the applicable forward sale price, subject to certain adjustments as provided in the forward sale agreements. If the underwriters and forward sellers exercise their option to purchase additional shares, the Company will enter into one or more additional forward sale agreements with each of the forward purchasers in respect of the number of common shares that are subject to exercise of the option to purchase additional shares.
The Company will not initially receive any proceeds from the sale of common shares by the forward purchasers or their affiliates in the offering. The Company intends to use the net proceeds, if any, it receives upon the future settlement of the forward sale agreements for general corporate purposes, including funding potential investment transactions, working capital and the repayment of outstanding indebtedness. Pending such usage, the Operating Partnership expects to invest the net proceeds in short-term instruments.

Offerings

Acadia Realty Trust Priced Upsized Offering of 5M Shares (Up From Prior $4.5M) At $23.25/Share For Settlement of Forward Sale Agreements

Acadia Realty Trust Announces Offering Of 4.5M Shares

Compass Point analyst Floris Van Dijkum maintains Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>) with a Neutral and raises the price target from $22 to $23.

Compass Point Maintains Neutral on Acadia Realty Trust, Raises Price Target to $23

Truist Securities analyst Ki Bin Kim maintains Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>) with a Hold and raises the price target from $18 to $23.

Truist Securities Maintains Hold on Acadia Realty Trust, Raises Price Target to $23

The Company updated its annual 2024&nbsp;guidance&nbsp;as follows:
<ul>
<li>Net earnings per share to&nbsp;$0.07-$0.11&nbsp;from&nbsp;$0.07-$0.13</li>
<li>NAREIT FFO per share to&nbsp;$1.09-$1.13&nbsp;from&nbsp;$1.09-$1.15</li>
</ul>

Guidance

Acadia Realty Trust Revises FY24 FFO Before Special Items Per Share From $1.24-$1.32 To $1.26-$1.32, Est $1.29

Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>) reported quarterly earnings of $0.31 per share which met the analyst consensus estimate. The company reported quarterly sales of $85.626 million which beat the analyst consensus estimate of $72.133 million by 18.71 percent. This is a 2.85 percent decrease over sales of $88.141 million the same period last year.

Acadia Realty Trust Q2 2024 FFO $0.31, Inline, Sales $85.626M Beat $72.133M Estimate

JP Morgan analyst Michael Mueller upgrades Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>) from Underweight to Neutral and announces $18 price target.

JP Morgan Upgrades Acadia Realty Trust to Neutral, Announces $18 Price Target

Realty Income (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/o#NYSE">O</a>) has announced an increase in its 2024 earnings and investment guidance. The retail REIT now projects its 2024 adjusted funds from operations (AFFO) in the range of $4.15-$4.21 per share compared with the prior guidance range of $4.13-$4.21 per share. 
Realty Income also expects its 2024 investment volume to reach $3 billion, up from $2 billion guided earlier. Per management, these raises reflect the company&#39;s confidence in its business outlook as it nears the midpoint of the year. 
Specifically, management noted that these increases stem from an improving investment environment, mainly in Europe. Also, management pointed out the company&#39;s stable operating performance in its high-quality, diversified global real estate portfolio. 
Realty Income&#39;s accretive buyouts, backed by a healthy balance sheet, bode well for long-term growth. The solid property acquisitions volume at decent investment spreads has aided the company&#39;s performance so far. Further, it has a healthy operating platform. 
Realty Income&#39;s first-quarter 2024 AFFO per share of $1.03 was in line with the Zacks Consensus Estimate. The reported figure also compared favorably with the prior-year quarter&#39;s 93 cents per share. 
Results display better-than-anticipated top-line growth. The company benefited from expansionary effects and a healthy pipeline of opportunities globally. 
Total revenues were $1.26 billion, which outpaced the Zacks Consensus Estimate of $1.19 billion. The top line rose 33.5% year over year. 
Realty Income&#39;s portfolio comprises a significant portion of top industries selling essential goods and services. It enjoys a well-diversified tenant base and derives the majority of its annualized contractual rents from tenants with a service, non-discretionary and/or a low-price-point component to their business, assuring stable revenue generation. However, a high interest rate environment raises concerns. 
Shares of this Zacks Rank #3 (Hold) company have risen 4.2% in the past three months against the industry&#39;s decline of 5.7%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/a2/68202.jpg?v=1621203197" /> 
Image Source: Zacks Investment Research
<h3>Stocks to Consider</h3>
Some better-ranked stocks from the retail REIT sector are Kite Realty Group Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/krg#NYSE">KRG</a>) and Acadia Realty Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/akr#NYSE">AKR</a>), each currently carrying a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for KRG&#39;s 2024 funds from operations (FFO) per share has been revised a cent northward over the past month to $2.05. 
The consensus estimate for AKR&#39;s current-year FFO per share has been revised a cent upward over the past two months to $1.28. 
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
<a href="https://www.zacks.com/stock/news/2283870/realty-income-o-lifts-24-investment-guidance-raises-affo-view?cid=CS-BENZ-FT-analyst_blog|company_news_finance_sector-2283870">To read this article on Zacks.com click here.</a>

REIT

Small Cap

Markets

Trading Ideas

Real Estate

Realty Income Lifts '24 Investment Guidance, Raises AFFO View

Simon Property Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/spg#NYSE">SPG</a>) recently announced a reinvestment to incorporate luxury living at San Diego&#39;s top shopping destination, Fashion Valley.
The move aims to boost foot traffic and sales and attract top-tier tenants, fortifying its place in the retail real estate market and ensuring long-term value creation.
Fashion Valley, as part of a mixed-use redevelopment project, will soon feature 850 multi-family luxury residences with the help of apartment developer AMLI Residential. The project will also include 100,000 square feet of new retail and dining experiences to complement fresh and lush open green spaces and ample parking for residents and guests.
Per Mark Silvestri, president of Development at Simon Property, &quot;Simon is leading the evolution of today&#39;s retail landscape with the strategic transformation of key properties across the country. We&#39;re excited about this next phase of Fashion Valley as we continue to reinvest and add a walkable, livable lifestyle community that is intertwined with handpicked luxury brands that can only be found here. This redevelopment marks a new era of sophistication and convenient living in San Diego.&quot;
This retail and residential revitalization project is expected to commence promptly after the scheduled closure of JCPenney by the end of 2025, with an estimated completion date in late 2026.
Fashion Valley has recently undergone a multimillion-dollar revitalization, enhancing the shopping experience with a fresh new appearance and the introduction of exclusive luxury brands such as Dior, Bottega Veneta, David Yurman, and Dolce &amp; Gabbana. Additionally, it has been revealed that three more luxury brands will be added to the lineup, including Celine in the second quarter of 2024, Christian Louboutin, and Fendi in 2025.
Last week, Simon Property announced reinvestment plans for Houston&#39;s iconic The Galleria, underscoring its strategy to enhance its property portfolio. Upgrades will commence this summer and are slated for completion by early 2025.
In April 2024, the company also announced enhancements to its Woodbury Common Premium Outlets shopping center as part of a broader redevelopment initiative.
Simon Property has been restructuring its portfolio, aiming at premium acquisitions and transformative redevelopments. In fact, over the past years, the company has been investing billions to transform its properties, focusing on creating value and driving footfall.
Solid retail-real-estate demand for premium properties is likely to drive healthy demand for its properties, aiding leasing activity, occupancy levels and rent growth. Focus on supporting omnichannel retailing and developing mixed-use assets are encouraging. A healthy balance sheet will likely aid growth endeavors. However, growing e-commerce adoption and high interest rates remain concerns.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have declined 3.4%, narrower than the industry&#39;s decline of 5.5%.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/ea/67183.jpg?v=1800421213" /> 
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the retail REIT sector are Kite Realty Group Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/krg#NYSE">KRG</a>) and Acadia Realty Trust (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/akr#NYSE">AKR</a>), each carrying a Zacks Rank #2 (Buy).
The Zacks Consensus Estimate for KRG&#39;s 2024 funds from operations (FFO) per share has been revised a cent northward over the past week to $2.05.
The Zacks Consensus Estimate for AKR&#39;s current-year FFO per share has been revised a cent upward over the past month to $1.28.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
<a href="https://www.zacks.com/stock/news/2276853/simon-property-spg-announces-a-revamp-of-fashion-valley?cid=CS-BENZ-FT-analyst_blog|company_news_-_finance_sector-2276853">To read this article on Zacks.com click here.</a>

Simon Property Announces a Revamp of Fashion Valley

J.P. Morgan Real Estate Income Trust, Inc. (JPMREIT) announced today it acquired a 95% interest in Shops at Grand Avenue, a 99,837-square foot, 100% leased, Class A grocery–anchored shopping center in the Maspeth neighborhood of Queens, NY. This acquisition is part of a strategic joint venture to pursue retail opportunities with Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>), an equity real estate investment trust. The total purchase price was $48 million (exclusive of closing costs), bringing the total asset value of the JPMREIT portfolio to more than $400 million.
This investment represents the first last-mile retail investment for JPMREIT. The Shops at Grand Avenue is a neighborhood retail center anchored by Stop &amp; Shop, a major supermarket. The property is located&nbsp;in the heart of a dense residential neighborhood with roughly one million people residing within a three-mile radius.

J.P. Morgan Real Estate Income Trust And Acadia Realty Trust Acquire Grocery-Anchored Retail Shopping Center in Queens, New York In Joint Venture For A Total Purchase Price Of $48M

Acadia Realty Trust Reaffirms FY24 Guidance For FFO Before Special Items

Recent unexpected strength in the March Consumer Price Index (CPI) and retail sales report shook the bond market this past week, triggering a sell-off in interest-rate sensitive stocks such as real estate investment trusts (REITs).
The Vanguard Real Estate Index Fund ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNQ#NYSE">VNQ</a>) sank 6.5% from $85.97 to $80.32 over the past four trading days as of April 17, 2024. REITs across several different sub-sectors, such as Prologis Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLD#NYSE">PLD</a>), SL Green Realty Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLG#NYSE">SLG</a>), Simon Property Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPG#NYSE">SPG</a>) and Equinix Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EQIX#NASDAQ">EQIX</a>) sold off between 5% to 8% over the same timeframe.
Not all REITs have suffered a decline. A handful have performed well during this short but volatile period and could continue outperforming other REITs should the market continue its decline. Take a look at four that bear watching.
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Medical Properties Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPW#NYSE">MPW</a>) is a Birmingham, Alabama-based healthcare REIT that owns and operates 439 general acute care and other properties across the U.S. and nine other countries, with locations in Europe and Australia. Its total portfolio before the sale was $18.3 billion, with about two-thirds of those general acute care hospitals in the U.S.
Two positive events over the past week have boosted Medical Properties Trust. On April 12, Medical Properties Trust announced it would pay a quarterly cash dividend of $0.15 per share on May 1 to shareholders of record on April 22. This will be the second dividend paid since the dividend was cut last September from $0.29 to $0.15 per share.
After the closing bell on April 12, Medical Properties Trust announced that it sold its majority interest in five Utah hospitals to an unnamed investment fund.
The sale was to a new joint venture, with the investment fund buying 75% of the portfolio for $886 million and MPW retaining a 25% interest. Simultaneous with the closing, the venture placed new non-recourse secured financing, providing $190 million of additional cash to MPW. The two transactions combined will provide MPW with approximately $1.1 billion in cash for reducing outstanding debt, including a $300 million Australian term loan that matures this year.
On April 15, the first trading day following the announcement, Medical Properties jumped 18.80%. Over the last five trading days, Medical Properties Trust has gained 15.89%.
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NewLake Capital Partners Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/NLCP#OTC">NLCP</a>) is a New Canaan, Connecticut internally managed specialized industrial REIT with 31 properties of 1.7 million square feet across 12 states. NewLake Capital Partners specializes in triple-net leases to cannabis companies and provides capital to them when necessary.&nbsp;&nbsp;
NewLake was founded in 2019 and had its IPO in August 2021. Its tenants include the largest companies in the cannabis industry, such as Curaleaf, Cresco Labs and Trulieve. As of March 2024, it had a 100% occupancy rate, with an average of 14.3 years remaining on its lease terms and 2.6% annual rent escalations on 15- to 20-year lease terms.&nbsp;&nbsp;
On March 11, NewLake announced its Q4 operating results. Funds from operation (FFO) of $0.51 beat the estimate of $0.45 and its FFO of $0.48 in Q4 2022. Revenue of $13.02 million beat the estimate of $11.41 million and topped Q4 2022 revenue of $12.18 million.
On March 11, Newlake Capital Partners raised its quarterly dividend from $0.40 per share to $0.41 per share. The $1.64 annualized dividend yields 8.93%.
On April 2, the Florida Supreme Court approved an initiative to legalize recreational marijuana in Florida through a referendum on the November ballot. This move could benefit NewLake, as it has one Florida property leased to Curaleaf Holdings and has several other tenants with Florida locations.&nbsp;&nbsp;&nbsp;
Over the past five trading days, NewLake Capital Partners has gained 4.46%. Investors should remember that an OTC stock with a market cap of only $388.79 million and an average daily volume of about 49,000 shares can be volatile.
Centerspace — INVESTORS REAL ESTATE TRUST REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSR#NYSE">CSR</a>) — is a Minot, North Dakota-based residential REIT focused on the ownership, management, acquisition and redevelopment of apartment buildings. Its portfolio covers 70 apartment complexes with 12,883 apartments across the Midwestern and Mountain states of Colorado, Minnesota, Montana, Nebraska, North Dakota and South Dakota. As of February 2024, Centerspace had an occupancy rate of 94.3%. 
On February 20, Centerspace announced its Q4 operating results. FFO of $1.22 beat the consensus estimate of $1.11, and revenue of $64.07 million also beat the consensus estimate of $63.99 million.
Centerspace announced its Board of Trustees approved a quarterly dividend of $0.75 per share, payable on April 8 to common shareholders at the close of business on March 28. The dividend is an increase from $0.73 per share. The annualized dividend of $3 presently yields 5.25%.&nbsp;
On April 8, Centerspace announced it would release its first quarter operating results on April 29. Centerspace has gained 4.06% over the past five trading days as of April 16, 2024.
Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>) is a Rye, New York-based retail REIT with 190 properties across centralized urban areas in 22 states and Washington, D.C.&nbsp;
On April 5, BOA Securities analyst Craig Schmidt upgraded Acadia Realty Trust from Neutral to Buy and raised the price target by 11.1% from $18 to $20.
On April 15, Acadia announced it closed on an expansion of its $750 million senior unsecured revolving credit and term loan facility. The credit facility now matures on April 15, 2028, but has two six-month extension options.&nbsp;
Acadia has gained 2.50% over the past five trading days. Acadia will announce its Q1 2024 earnings on April 29.
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NLCP

4 REITs That Have Beaten The Latest Correction

The amended and restated credit facility matures on April 15, 2028 (with two six-month extension options) and has an accordion feature expandable to&nbsp;$900 million, subject to customary conditions.

Reported Earlier, Acadia Realty Trust Expands $750M Senior Unsecured Revolving Credit And Term Loan Facility

The start of the second quarter of 2024 has been challenging for real estate investment trusts (REITs). On Good Friday, when Federal Reserve Chairman Jerome Powell noted that higher-than-expected strength in job gains and inflation may delay or reduce interest rate cuts in 2024, markets again sold off interest rate-sensitive stocks such as REITs.
Despite the latest disappointment, there was some good news last week, as analysts upgraded several REITs and raised price targets on many others while still maintaining previous ratings.
Take a look at four REITs that analysts at Bank of America Securities recently upgraded.
Tanger Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKT#NYSE">SKT</a>), formerly Tanger Factory Outlet Centers Inc., is a Greensboro, North Carolina-based retail REIT that owns 40 indoor shopping centers and outdoor factory outlet malls with 15.6 million square feet and over 3,000 stores across 20 states and Canada. Tanger Factory Outlet Centers was founded in 1981 and had its initial public offering (IPO) in May 1993. Tanger's occupancy rate at the end of 2023 was 97.3%.&nbsp;
On Feb. 15, Tanger reported excellent fourth-quarter operating results. Funds from operations (FFO) of $0.52 beat the estimate of $0.50. Revenue of $127.48 million beat the estimate of $119.04 million and was 9.46% above revenue from the fourth quarter of 2022 of $116.46 million. Additionally, full-year core FFO was announced in a range from $2.01-$2.09 per share, with a midpoint above the analyst consensus estimate of $2.03 per share.
Tanger was the second-leading REIT overall in 2023, with a total return of 63.58%, negating the popular notion that in-store retail shopping has lost out to Amazon.com Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) and other online websites.
On April 5, Bank of America Securities analyst Jeffrey Spector upgraded Tanger from Underperform to Neutral and raised the price target 29.1% from $24 to $31. On March 22, Citigroup analyst Michael Bilerman also upgraded Tanger from Neutral to Buy and raised the price target from $30 to $33.&nbsp;&nbsp;&nbsp;
Acadia Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>) is a Rye, New York-based retail REIT with 189 properties (as of the fourth quarter of 2023) across centralized urban areas in 22 states and Washington, D.C. The overall lease rate is approximately 95% with annual rent increases of 3%.
On April 5, Bank of America Securities analyst Craig Schmidt upgraded Acadia Realty Trust from Neutral to Buy and raised the price target by 11.1% from $18 to $20. This upgrade could not have come at a better time, as many retail REITs, including Acadia Realty, were getting hit hard last week following Powell's remarks.
Acadia will announce its first-quarter 2024 earnings on April 29.&nbsp;
Essex Property Trust Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESS#NYSE">ESS</a>) is a residential REIT that owns and operates 252 apartment communities with 62,000 units in the West Coast states of California and Washington. Essex Property Trust is a member of the S&amp;P 500 and a Dividend Aristocrat.&nbsp;
On March 25, Essex Property Trust acquired JV Partner's 49.9% interest in four apartment communities, with 1,480 units for a total purchase price of $505 million.&nbsp;
On April 1, Bank of America Securities analyst Joshua Dennerlein upgraded Essex Property Trust from Neutral to Buy and raised the price target by 10% from $250 to $275.
Analyst price targets vary widely. Within the past two weeks, Truist Securities has maintained a Hold on Essex with a $259 price target, and Piper Sandler has maintained an Overweight position and a $291 price target.&nbsp;
Healthpeak Properties Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DOC#NYSE">DOC</a>) is an El Segundo, California-based diversified healthcare REIT that owns and operates private-pay facilities such as life science centers, medical offices and continuing care retirement communities. Although it has properties across the country, most are in the San Francisco, San Diego and Boston areas.&nbsp;
Healthpeak's IPO was created in 1985, and it was added to the S&amp;P 500 in 2008. It owns 477 properties totaling over 50 million square feet with over 2,500 tenants, worth over $20 billion.
On March 1, Healthpeak officially merged with Physicians Realty Trust in an all-stock-for-stock transaction.&nbsp;
On April 1, Bank of America Securities analyst Dennerlein upgraded Healthpeak Properties from Underperform to Buy, while raising the price target 38.8% from $18 to $25.&nbsp;
Healthpeak will announce its first-quarter 2024 earnings on April 26.
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Analysts Just Upgraded These 4 REITs

BofA Securities&nbsp;analyst Jeffrey Spector changed the rating for a few retail REITS following their Retail Executive Summit with 8 REITs.
The analyst upgraded&nbsp;Acadia Realty Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AKR#NYSE">AKR</a>) to Buy from Neutral at an increased&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/AKR/analyst-ratings" rel="noreferrer noopener">price target of $20 (from $18)</a>.
The rating reflects the leading internal growth outlook, near-term&nbsp;
growth opportunities, upside to FY24 guidance from recovering&nbsp;
Street retail assets include lagging markets like Chicago and lower capital expenditure on Street leases.
The analyst estimates an FFO per share of $1.30 in 2024 and $1.35 in 2025.&nbsp;
Spector also increased the rating on&nbsp;Tanger Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SKT#NYSE">SKT</a>) to Neutral (from Underperform) and upped&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/SKT/analyst-ratings" rel="noreferrer noopener">the price target to $31 from $24</a>.
The bullish stance reflects the company&#8217;s strong platform and balance sheet, successful efforts to improve assets, and increased earnings visibility.
The analyst estimates the FFO per share to be $2.06 in 2024 and $2.14 in 2025.
Spector downgraded&nbsp;Kimco Realty Corporation&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KIM#NYSE">KIM</a>) to Neutral from Buy and cut the&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/KIM/analyst-ratings" rel="noreferrer noopener">price target to $20 (from $24)</a>.
The rating change reflects less accretion from the company&#8217;s acquisition of RPT Realty <a href="https://www.benzinga.com/markets/equities/23/08/34066817/kimco-pens-2b-merger-deal-with-rpt-realty-boosts-coastal-and-sun-belt-markets-footprints" target="_blank" rel="noreferrer noopener">for around $2 billion</a>.
Kimco closed the acquisition of&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/01/b36450624/kimco-realty-closes-acquisition-of-rpt-realty" rel="noreferrer noopener">RPT in January 2024</a>.
The analyst estimates the FFO per share to be $1.56 in 2024 and $1.65 in 2025.
Also, the analyst lowered the rating on&nbsp;Retail Opportunity Investments Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ROIC#NYSE">ROIC</a>) to Underperform from Neutral and slashed the&nbsp;<a target="_blank" href="https://www.benzinga.com/quote/ROIC/analyst-ratings" rel="noreferrer noopener">price target to $12 (from $14.5)</a>.
The lowered rating is due to higher risk for the company&#8217;s dilutive acquisitions (vs. better-positioned peers) and smaller opportunity sets for achieving growth.
The analyst estimates the FFO per share to be $1.04 in 2024 and $1.06 in 2025.
Photo via Shutterstock

Analyst Color

Equities

Large Cap

Mid Cap

Downgrades

ROIC

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Press Releases

Acadia Realty Trust to Present at NAREIT's REITweek®: 2024 Investor Conference

Acadia Realty Trust to Announce Second Quarter 2024 Earnings on July 30, 2024

Acadia Realty Trust Reports Second Quarter Operating Results

Acadia Realty Trust to Present at BofA Securities 2024 Global Real Estate Conference

Acadia Realty Trust Announces Offering of 4,500,000 Common Shares

Acadia Realty Trust Announces Pricing of Upsized Offering of 5,000,000 Common Shares

Acadia Realty Trust to Announce Third Quarter 2024 Earnings on October 28, 2024

Acadia Realty Trust Reports Third Quarter Operating Results

Cohen & Steers and Acadia Realty Trust Acquire Open-Air Shopping Center in Tampa, FL

Acadia Realty Trust Announces $0.19 Per Share Quarterly Dividend

Agree Realty

Alexander's

Saul Centers

Brixmor Property Group

CBL & Associates Properties, Inc. Common Stock

CBL & Associates

Curbline Properties

Federal Realty Investment Trust Common Stock

Federal Realty Investment

FrontView REIT

Getty Realty

InvenTrust Properties

Kimco Realty Corporation (HC) Common Stock

Kimco Realty

Kite Realty Gr Trust

Macerich

NNN REIT

Netstreit

Realty Income

Phillips Edison & Company, Inc. - Common Stock

Phillips Edison

Regency Centers Corporation - Common Stock

Regency Centers

Retail Opportunity Investments Corp. - Common Stock

Retail Opportunity

SITE Centers

Tanger

Simon Property Group

Urban Edge Properties Common Shares of Beneficial Interest

Urban Edge Props

Wheeler Real Estate Investment Trust, Inc. - Common Stock

Wheeler Real Estate IT

Whitestone REIT

Compass Point

Truist Securities

JP Morgan

B of A Securities

Citigroup

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Acadia Realty Trust (AKR) Options

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