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Acadia Realty Trust Doubles Stock Repurchase Program

NEW YORK CITY-The REITs existing buyback program of $10 million has been revised to acquire up to an additional $10 million. The decision was made despite the firm's awareness that the capital could have been otherwise deployed.

By John Howe | Updated on February 06, 2001

NEW YORK CITY-The board of Acadia Realty Trust, a shopping center real estate investment trust headquartered in Long Island, NY, has voted to continue its $10-million stock repurchase program and to acquire as much as an additional $10 million. The company reserves the right to discontinue or extend the program whenever it pleases and offers no assurance that it will purchase the full amount authorized.

Acadia’s president and CEO, Kenneth F. Bernstein, says of the decision that, “To the extent that our share price continues to trade at a discount to net asset value, we find that the purchase of Acadia’s stock continues to be a compelling investment. While we remain sensitive to the issues of alternative uses of capital, we feel the repurchase program is an important avenue for Acadia to maximize shareholder value.”

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