WHITE PLAINS, N.Y.--(BUSINESS WIRE)--Nov. 12, 2012--
Acadia Realty Trust (NYSE: AKR) announced today that it will be
attending REITWorld 2012: NAREIT’s Annual Convention for All Things REIT
scheduled November 13-15, 2012 in San Diego, California. Kenneth F.
Bernstein, President and Chief Executive Officer, and Jonathan Grisham,
Senior Vice President and Chief Financial Officer, will be participating
in the conference, which will include individual meetings with
investors. Company information to be presented in these meetings will be
posted to the Company’s website at www.acadiarealty.com
under Investor Relations – Presentations - REITWorld 2012.
Acadia also provided an update on current activities within its Core and
Opportunity Fund portfolios:
Core Portfolio
As previously announced, Acadia has entered into five contracts to
purchase street retail locations in Chicago, Washington, D.C. and
Westport, Connecticut for an aggregate purchase price of approximately
$175 million. Additional details for three of these are as follows:
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Lincoln Park, Chicago – Located in the popular Diversey retail
corridor, the property is situated on the corner of Clark Street and
West Diversey Parkway between Acadia’s two other existing West
Diversey properties. The acquisition will provide Acadia with
contiguous ownership of the south side of West Diversey for two blocks
spanning across Clark Street.
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Westport, Connecticut – The collection of three properties is
primarily located on Main Street, the main retail corridor of this
affluent Connecticut suburb, with retail tenants that include TD Bank.
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Previously, the Company had announced that it had entered into
contracts to purchase a 19-property portfolio with locations
throughout Chicago’s high-barrier-to-entry street-retail corridors,
including Clark/Diversey and Armitage/Halsted in the Lincoln Park
neighborhood and Rush/Walton in the Gold Coast neighborhood. To date,
the Company has closed on ten of these properties and currently
expects to complete this transaction with the acquisition of eight of
the original nine remaining properties.
Opportunity Fund Portfolio
During November 2012, Acadia Strategic Opportunity Fund II, LLC (“Fund
II”) entered into a contract to sell the Canarsie Plaza for $124
million. As part of the redevelopment of this property, Acadia had
acquired a vacant warehouse building situated on 15 acres in Canarsie
(Brooklyn), New York and constructed a 274,000 square foot center
anchored by a 173,000 square foot BJ’s Wholesale Club. The property was
96% leased as of September 30, 2012.
The Company currently expects to complete these transactions prior to
December 31, 2012. The closings of these transactions currently under
contract are subject to customary closing conditions and, in certain
instances, lender’s approval for the assumption of first mortgage debt.
As such, no assurance can be given that the Company will successfully
complete these transactions.
About Acadia Realty Trust
Acadia Realty Trust, a fully-integrated equity real estate investment
trust, is focused on the acquisition, ownership, management and
redevelopment of high-quality retail properties and urban/infill
mixed-use properties with a strong retail component located primarily in
high-barrier-to-entry, densely-populated metropolitan areas along the
East Coast and in Chicago. Acadia owns, or has an ownership interest in,
these properties through its core portfolio and its
opportunistic/value-add investment funds. Additional information may be
found on the Company’s website at www.acadiarealty.com.
Certain matters in this press release may constitute forward-looking
statements within the meaning of federal securities law and as such may
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performances or achievements of Acadia to
be materially different from any future results, performances or
achievements expressed or implied by such forward-looking statements.
These forward-looking statements include statements regarding Acadia’s
future financial results and its ability to capitalize on potential
opportunities arising from continued economic uncertainty. Factors that
could cause the Company’s forward-looking statements to differ from its
future results include, but are not limited to, those discussed under
the headings “Risk Factors” and “Management's Discussion and Analysis of
Financial Condition and Results of Operations” in the Company’s most
recent annual report on Form 10-K filed with the SEC on February 28,
2012 (“Form 10-K”) and other periodic reports filed with the SEC,
including risks related to: (i) the current global financial environment
and its effect on retail tenants; (ii) the Company’s reliance on
revenues derived from major tenants; (iii) the Company’s limited control
over joint venture investments; (iv) the Company’s partnership
structure; (v) real estate and the geographic concentration of our
properties; (vi) market interest rates; (vii) leverage; (viii) liability
for environmental matters; (ix) the Company’s growth strategy; (x) the
Company’s status as a REIT; (xi) uninsured losses and (xii) the loss of
key executives. Copies of the Form 10-K and the other periodic reports
Acadia files with the SEC are available on the Company’s website at www.acadiarealty.com.
Any forward-looking statements in this press release speak only as of
the date hereof. Acadia expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in
Acadia's expectations with regard thereto or change in events,
conditions or circumstances on which any such statement is based.
Source: Acadia Realty Trust
Acadia Realty Trust
Jon Grisham, 914-288-8100