The five property sell-off, which totaled 770,000-sf, brought in $60.2 million for the locally based firm. A portion of the gains from those sales, which included four properties in secondary markets in Northeastern Pennsylvania, were deferred for tax purposes against properties acquired earlier this year in Philadelphia and the Bronx, Kenneth Bernstein, president and CEO, said in a conference call with analysts. The remaining gain of about $20 million will be used to fund future acquisitions. "All components of our business plan remain on track. Our balance sheet is solid," he said.

Bernstein noted that the firm focused much of its growth during the quarter on its New York urban infill program where it has seven properties totaling 1.4 million sf currently under development at a cost of $375 million. Those assets, he says, are "helping us build a nice pipeline for the future."

Acadia, which owns or manages more than 50 properties in 18 states, also is growing its retailer controlled properties, which expanded by $25 million last year. It expects to soon launch a third fund comprised of between $400 million and $500 million, of which Acadia will provide $80 million to $100 million in equity.