Acadia Realty Trust Provides Leasing Update and Will Participate at NAREIT’s REITworld®: 2021 Annual Conference

Rhea-AI Summary

Acadia Realty Trust (NYSE: AKR) announced a leasing update and participation in NAREIT's REITworld®: 2021 Annual Conference from November 9-11, 2021.

In November 2021, Crossroads Joint Venture LLC terminated its lease with Kmart at Crossroads Shopping Center and executed a new long-term lease for the space, pending approvals. Acadia holds a 49% stake in the venture. The shopping center features tenants like PGA Tour Superstore, HomeGoods, and PetSmart. The company will host virtual investor meetings during the conference, with presentations available online.

Positive

• Successful termination of Kmart lease and execution of a new long-term lease at Crossroads Shopping Center.
• Strategic growth with a focus on dynamic retail destinations.

Negative

• None.

RYE, N.Y.--(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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211108005835/en/

Sunny Holcomb

(914) 288-8100

Source: NY-Acadia Realty Trust

FAQ

What is the recent leasing update from Acadia Realty Trust (AKR)?

Acadia Realty Trust announced the termination of the Kmart lease at Crossroads Shopping Center and successfully executed a new long-term lease for the recaptured space.

When will Acadia Realty Trust participate in the NAREIT REITworld® conference?

Acadia Realty Trust will participate in the NAREIT REITworld® conference from November 9-11, 2021.

What percentage of Crossroads Joint Venture does Acadia Realty Trust own?

Acadia Realty Trust owns a 49% interest in Crossroads Joint Venture.

What tenants are located at Crossroads Shopping Center?

Crossroads Shopping Center features tenants like PGA Tour Superstore, HomeGoods, PetSmart, Five Below, and Chase Bank.