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Real estate investment trust Acadia Realty Trust (AKR) will raise its quarterly dividend by 3.7 percent to $0.28 per share in the fourth quarter of 2018.

The new dividend will be paid on January 15, 2019 to shareholders of record on December 31, 2018. The new annualized dividend yields 3.9% at a stock price of $28.56.

Acadia Realty Trust is an retail focused equity real estate investment trust (REIT). The company’s  properties primarily consist of street and urban retail, and dense suburban shopping centers located along the East Coast and in Chicago. Acadia owns, or has an ownership interest in, these properties through its core portfolio and through a series of opportunistic/value-add investment funds.