Acadia Realty Trust Provides Leasing Update and Will Participate at NAREIT’s REITworld®: 2021 Annual Conference
November 08 2021 - 4:15PM
Business Wire
Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”)
provided a leasing update and announced that it will participate in
NAREIT’s REITworld®: 2021 Annual Conference, which will be held
virtually from November 9-11, 2021.
Leasing Update
In November 2021, Crossroads Joint Venture LLC (the “Venture”)
reached an agreement with Transform Operating Stores LLC to
terminate its lease with Kmart at Crossroads Shopping Center.
Additionally, the Company profitably executed a new long-term lease
for the entirety of the recaptured space, which remains subject to
customary approvals and/or consents. The announcement of the new
retailer will be made at a later date in conjunction with the
retailer.
Located on Route 119 (Tarrytown-White Plains Road), Crossroads
Shopping Center is in one of the primary retail destinations in
Westchester County. The property is also leased to the newly opened
PGA Tour Superstore, HomeGoods, PetSmart, Five Below and Chase
Bank.
The Company owns a 49% interest in the Venture.
NAREIT REITworld®: 2021 Annual Conference
Acadia will participate in NAREIT’s REITworld®: 2021 Annual
Conference, which will be held virtually from November 9-11, 2021.
The Company will host individual virtual meetings with investors
during the conference.
Acadia’s presentation will be available live via audio webcast,
which may be accessed at the above link. A replay of the webcast
will be available on the Company’s website for 90 days under
“Investors – Presentations & Events.”
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust
focused on delivering long-term, profitable growth via its dual –
Core Portfolio and Fund – operating platforms and its disciplined,
location-driven investment strategy. Acadia Realty Trust is
accomplishing this goal by building a best-in-class core real
estate portfolio with meaningful concentrations of assets in the
nation’s most dynamic corridors; making profitable opportunistic
and value-add investments through its series of discretionary,
institutional funds; and maintaining a strong balance sheet. For
further information, please visit www.acadiarealty.com.
The Company uses, and intends to use, the Investors page of its
website, which can be found at www.acadiarealty.com, as a means of
disclosing material nonpublic information and of complying with its
disclosure obligations under Regulation FD, including, without
limitation, through the posting of investor presentations that may
include material nonpublic information. Accordingly, investors
should monitor the Investors page, in addition to following the
Company’s press releases, SEC filings, public conference calls,
presentations and webcasts. The information contained on, or that
may be accessed through, the website is not incorporated by
reference into, and is not a part of, this document.
Safe Harbor Statement
Certain statements in this press release may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities and Exchange Act of 1934, as amended. Forward-looking
statements, which are based on certain assumptions and describe the
Company's future plans, strategies and expectations are generally
identifiable by the use of words, such as “may,” “will,” “should,”
“expect,” “anticipate,” “estimate,” “believe,” “intend” or
“project,” or the negative thereof, or other variations thereon or
comparable terminology. Forward-looking statements involve known
and unknown risks, uncertainties and other factors that could cause
the Company's actual results and financial performance to be
materially different from future results and financial performance
expressed or implied by such forward-looking statements, including,
but not limited to: (i) the economic, political and social impact
of, and uncertainty surrounding the COVID-19 Pandemic, including
(a) its impact on the Company’s tenants and their ability to make
rent and other payments or honor their commitments under existing
leases; (b) the rate and efficacy of COVID-19 vaccines; (c)
temporary or permanent migration out of major cities by customers,
including cities where the Company’s properties are located, which
may have a negative impact on the Company’s tenant's businesses;
(d) to the extent the Company was seeking to sell properties in the
near term, significantly greater uncertainty regarding the
Company's ability to do so at attractive prices, and (e) the
potential adverse impact on returns from development and
redevelopment projects; (ii) the ability and willingness of the
Company’s tenants (in particular its major tenants) and other third
parties to satisfy their obligations under their respective
contractual arrangements with the Company; (iii) macroeconomic
conditions, such as a disruption of or lack of access to the
capital markets; (iv) the Company’s success in implementing its
business strategy and its ability to identify, underwrite, finance,
consummate and integrate diversifying acquisitions and investments;
(v) changes in general economic conditions or economic conditions
in the markets in which the Company may, from time to time,
compete, and their effect on the Company’s revenues, earnings and
funding sources; (vi) increases in the Company’s borrowing costs as
a result of changes in interest rates and other factors, including
the potential phasing out of the London Interbank Offered Rate
after 2021; (vii) the Company’s ability to pay down, refinance,
restructure or extend its indebtedness as it becomes due; (viii)
the Company’s investments in joint ventures and unconsolidated
entities, including its lack of sole decision-making authority and
its reliance on its joint venture partners’ financial condition;
(ix) the Company’s ability to obtain the financial results expected
from its development and redevelopment projects; (x) the ability
and willingness of the Company’s tenants to renew their leases with
the Company upon expiration, the Company’s ability to re-lease its
properties on the same or better terms in the event of nonrenewal
or in the event the Company exercises its right to replace an
existing tenant, and obligations the Company may incur in
connection with the replacement of an existing tenant; (xi) the
Company’s liability for environmental matters; (xii) damage to the
Company’s properties from catastrophic weather and other natural
events, and the physical effects of climate change; (xiii)
uninsured losses; (xiv) the Company’s ability and willingness to
maintain its qualification as a REIT in light of economic, market,
legal, tax and other considerations; (xv) information technology
security breaches, including increased cybersecurity risks relating
to the use of remote technology during the COVID-19 Pandemic; and
(xvi) the loss of key executives.
The factors described above are not exhaustive and additional
factors could adversely affect the Company’s future results and
financial performance, including the risk factors discussed under
the section captioned “Risk Factors” in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2020 and other
periodic or current reports the Company files with the SEC. Any
forward-looking statements in this press release speak only as of
the date hereof. The Company 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 the Company’s expectations with regard thereto or change in the
events, conditions or circumstances on which such forward-looking
statements are based.
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version on businesswire.com: https://www.businesswire.com/news/home/20211108005835/en/
Sunny Holcomb (914) 288-8100
Acadia Realty (NYSE:AKR)
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