The REIT continues along with its three-fold directive of maintaining a solid core portfolio and strong balance sheet in addition to creating a profitable external growth platform. The firm doesn't anticipate short-term earnings from the infill projects this year, but expects significant earnings over the next few years. "In a company of our size, even a few smaller transactions can make a difference," said Kenneth Bernstein, president and CEO, during a conference call.

During December 2005, the firm's Fund II acquired the remaining 40-year term of a leasehold interest in land located at Liberty Avenue and 98th Street in Ozone Park, Queens. The development plans for this property includes 30,000 sf of retail anchored by a CVS drug store and a 98,500 sf self-storage facility to be operated by Storage Post. Acadia will be a partner in the self-storage complex with Storage Post, which is anticipated to be a partner in future retail projects.

The Fund also acquired a 65,000 sf parking garage located at 10th Avenue and 216th Street in the Inwood . The Company plans to redevelop the building into a 60,000 sf office building and is finalizing a transition where it would be occupied by an agency of the City of New York, which is a current tenant at another Acadia Urban/Infill Redevelopment project. Inclusive of acquisition costs, total costs for the project, which also includes a 100-space rooftop parking deck, are anticipated to be $25 million.