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Acadia Realty Trust To Participate In REITWorld 2012 Annual Convention November 13 – 15, 2012; Also Provides Update On Portfolio Activity

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:

  • 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.
  • 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.
  • 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.

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