Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”)
today announced that the Company completed approximately $124
million of Core acquisitions. The Company will also participate and
present at the Citi 2022 Global Property CEO Conference, which will
be held on March 6-9, 2022 in Hollywood, FL.
Core Portfolio
Acquisitions
The Company recently completed approximately $124 million of
Core acquisitions.
Williamsburg Collection, Brooklyn, New York. In February
2022, the Company completed an investment in a collection of 11
retail storefronts and 23 residential units for approximately $100
million on Bedford Avenue in the Williamsburg neighborhood of
Brooklyn, New York. Williamsburg has emerged as one of the leading
retail submarkets in New York City, fueled by robust tenant
expansion and increasing residential density. The asset is leased
to a variety of national and specialty tenants, many of which are
top producing stores in their chain. Tenants at the property
include Sephora, Sweetgreen, Levain Bakery and Alo Yoga, and when
combined with adjacent retailers including Apple, Whole Foods and
Equinox, create a natural center of gravity for the market.
8833 Beverly Boulevard, West Hollywood, California. In
March 2022, the Company, in connection with Osiris Ventures,
completed the acquisition of 8833 Beverly Boulevard in the Design
District of West Hollywood, California for approximately $24
million expanding its existing footprint in Los Angeles. The
property is leased to Luxury Living Group, a leading Italian
furniture manufacturer in the luxury lifestyle sector with
collections for Fendi Casa, Bentley Home, Trussardi Casa, Paul
Mathieu, Bugatti Home, Heritage Collection and Ritz Paris Home
Collection. The West Hollywood submarket continues to be desired by
design, fashion and restaurant retailers and benefits from high
income and supply constrained corridors.
Year to date 2022, the Company has completed approximately $164
million of Core acquisitions.
Citi 2022 Global Property CEO
Conference
Acadia will participate in the Citi 2022 Global Property CEO
Conference, which will be held on March 6-9, 2022 in Hollywood, FL.
Kenneth F. Bernstein, Acadia’s President and Chief Executive
Officer, is scheduled to make a company presentation on Monday,
March 7, 2022 at 11:15 a.m. ET.
Acadia will also host individual meetings with investors during
the conference. The Company’s presentation materials will be posted
on its website under “Investors – Presentations & Events.”
Acadia Realty Trust
Webcast:
Date:
Monday, March 7, 2022
Time:
11:15 a.m. – 11:50 a.m. ET
Live Webcast:
2022 Citi Global Property CEO
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 through March 7, 2023
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
its impact on the Company’s tenants and their ability to make rent
and other payments or honor their commitments under existing
leases; (ii) macroeconomic conditions, such as a disruption of or
lack of access to the capital markets; (iii) the Company’s success
in implementing its business strategy and its ability to identify,
underwrite, finance, consummate and integrate diversifying
acquisitions and investments; (iv) 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; (v) increases in
the Company’s borrowing costs as a result of changes in interest
rates and other factors, including the discontinuation of the USD
London Interbank Offered Rate, which is currently anticipated to
occur in 2023; (vi) the Company’s ability to pay down, refinance,
restructure or extend its indebtedness as it becomes due; (vii) 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;
(viii) the Company’s ability to obtain the financial results
expected from its development and redevelopment projects; (ix) the
tenants’ ability and willingness 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; (x) the
Company’s potential liability for environmental matters; (xi)
damage to the Company’s properties from catastrophic weather and
other natural events, and the physical effects of climate change;
(xii) uninsured losses; (xiii) the Company’s ability and
willingness to maintain its qualification as a REIT in light of
economic, market, legal, tax and other considerations; (xiv)
information technology security breaches, including increased
cybersecurity risks relating to the use of remote technology during
the COVID-19 Pandemic; (xv) the loss of key executives; and (xvi)
the accuracy of the Company’s methodologies and estimates regarding
environmental, social and governance (“ESG”) metrics, goals and
targets, tenant willingness and ability to collaborate towards
reporting ESG metrics and meeting ESG goals and targets, and the
impact of governmental regulation on its ESG efforts; and (xvii)
the risk that the determination to restate the prior period
financial statements could negatively affect investor confidence
and raise reputational issues.
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” set forth under the headings
“Item 1A. Risk Factors” and “Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in the
Company’s Annual Report on Form 10-K for the year ended December
31, 2021 and other periodic or current reports the Company files
with the SEC. These risks and uncertainties should be considered in
evaluating any forward-looking statements contained or incorporated
by reference herein. 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 changes in the Company’s expectations with
regard thereto or changes 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/20220303005912/en/
Sunny Holcomb (914) 288-8100
Acadia Realty (NYSE:AKR)
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