BMO Capital Markets Analyst Paul Adornato says one of the REIT stocks he recommends is Acadia Realty Trust (AKR). He says the company has a niche business in that it specializes in owning and developing urban retail properties.
“This is a property type that will enjoy above-average returns for the foreseeable future as a beneficiary of a very long-term trend of retailers looking to reduce their mall store fleet, at least in part, in order to build brand awareness and reach the consumer where they now like to live, and that is in dense urban markets,” Adornato says. “ While this is a focus for Acadia, very few other property owners play in this urban retail space. AKR’s management team has been at it for a long time, and they have fantastic tenant relationships.”
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Adornato says Acadia is well underway on a major development in downtown Brooklyn. He says they are just about to start leasing the small shop space, which, as in any retail development, could make or break the economics of the retail property.
“The anchors are already in place, and we think that given the real resurgence of urban neighborhoods including downtown Brooklyn, this space should go very, very well for Acadia,” Adornato says.
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