REIT REPORT.

The board of directors of MID-AMERICA APARTMENT COMMUNITIES INC. (NYSE: MAA), Memphis, Tennessee, has declared a fourth quarter 1998 dividend of 57.5 cents per common share.

ACADIA REALTY TRUST (NYSE: AKR), New York, New York, has announced that its board of trustees has approved a resolution that allows investors who currently own an excess of 4 percent of the company's outstanding stock to acquire additional shares through open market purchases. This will allow these large shareholders to acquire up to 250,000 shares each through the end of this month. Acadia acquires, redevelops, owns, and manages apartment communities in the East and Midwest.

AMLI RESIDENTIAL (NYSE: AML), Chicago, Illinois, has announced that its 1998 dividend distribution of its common shares will represent approximately 6 percent return of capital, 16 percent long-term capital gain, and 78 percent ordinary income. The return of capital component is not taxable income and serves to increase the after-tax dividend yield. The AMLI portfolio includes 52 apartment communities containing 19,559 apartment homes, with an additional 4,862 apartment homes under development or in lease-up in 15 locations.

MADISON PARK REAL ESTATE INVESTMENT TRUST, Oakland, California, has added three new apartment communities, valued at a total of $6.2 million. The properties are: A 40-unit building and a 27-unit building, both near Lake Merritt, and a 27-unit live-work building near Jack London Square.