KeyBanc Upgrades Acadia Realty Trust (AKR) to Buy; Property Tour Takeaways

KeyBanc upgraded Acadia Realty Trust (NYSE: AKR) from Hold to Buy with a price target of $23.00.

KeyBanc analyst says, "We favor AKR's strategy to acquire urban/street retail properties in densely populated submarkets, which we think could set AKR apart from other retail REITs that typically own more traditional community, neighborhood, or power center retail properties. In our view, we expect street retail properties to exhibit defensive growth characteristics that are attractive in the context of today's volatile economic backdrop - we expect above-average market rent growth during good/stable economic periods, and we expect occupancy levels to remain relatively resilient during challenging economic periods. While retailers continue to shrink their stores and prune underperforming locations, urban retail sites are generally among a chain's most productive, and are often necessary for marketing purposes."

For more ratings news on Acadia Realty Trust click here and for the rating history of Acadia Realty Trust click here.

Shares of Acadia Realty Trust closed at $20.67 yesterday.

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