Profile: Acadia Realty Trust (AKR)
27 Nov 2015
Acadia Realty Trust, incorporated on March 4, 1993, is a real estate investment trust (REIT). The Trust is focused on the ownership, acquisition, redevelopment and management of retail properties located in high-barrier-to-entry, supply-constrained, densely-populated metropolitan areas in the United States. The Trust’s Core Portfolio consists of street retail and urban assets, as well as suburban properties located in high-barrier-to-entry, densely-populated trade areas. The Trust also makes investments in first mortgages, preferred equity and other notes receivable collateralized by real estate, (Structured Finance Program) either directly or through entities having an ownership interest therein. The Trust operates in three segments: Core Portfolio, Funds and Structured Financing. All of the Trust’s assets are held by, and all of the Trust’s operations are conducted through Acadia Realty Limited Partnership (the Operating Partnership) and entities in which the Operating Partnership owns an interest. As of December 31, 2014, the Trust controlled 95% of the Operating Partnership.
The Trust’s Fund platform is an investment vehicle where the Operating Partnership invests, along with outside institutional investors, including, but not limited to, endowments, foundations, pension funds and investment management companies, in primarily retail real estate. The Trust has launched four funds (Funds): Acadia Strategic Opportunity Fund, LP (Fund I), Acadia Strategic Opportunity Fund II, LLC (Fund II), Acadia Strategic Opportunity Fund III LLC (Fund III) and Acadia Strategic Opportunity Fund IV LLC (Fund IV). Fund I and Fund II also include investments in operating companies through Acadia Mervyn Investors I, LLC (Mervyns I), Acadia Mervyn Investors II, LLC (Mervyns II) and, in certain instances, directly through Fund II. As of December 31, 2014, the Funds had eight redevelopment projects, consisting of 31 individual properties, two of which are under construction and six are in various stages of the redevelopment process, which include City Point (2), Sherman Plaza (2), Cortlandt Crossing, 3104 M Street NW (2), Broad Hollow Commons, 210 Bowery, Broughton Street Portfolio (2) and 27 E. 61st Street.
As of December 31, 2014, there are 87 operating properties in the Trust’s Core Portfolio totaling approximately 5.4 million square feet of gross leasable area (GLA). The Core Portfolio properties are located in 12 states and the District of Columbia and primarily consist of street retail and dense suburban shopping centers. These properties are diverse in size, ranging from approximately 2,000 to 900,000 square feet. As of December 31, 2014, the Trust owned and operated 25 properties totaling approximately 3.0 million square feet of GLA in the Trust’s Funds, excluding 31 properties under redevelopment. In addition to shopping centers, the Funds have invested in mixed-use properties, which generally include retail activities. The Fund properties are located in 10 states and the District of Columbia. The Trust had approximately 700 leases as of December 31, 2014.
Acadia Realty Trust
411 Theodore Fremd Ave Ste 300
RYE NY 10580-1412