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."
Acadia specializes in neighborhood and community shopping centers and multifamily properties in the East and Midwest. Its holdings include 57 properties in 10 states with approximately 11 million sf. The shopping centers, which account for about 9.2 million sf, are anchored by national firms such as Kmart, A&P and Price Chopper.
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