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Acadia Moves into Repositioning Mode

WHITE PLAINS, NY-Acadia Realty Trust is repositioning its non-core assets to give itself a stronger urban portfolio.

By Beverly Ford | Updated on February 16, 2007

WHITE PLAINS, NY-Shopping center developer Acadia Realty Trust sold off five non-core assets in the fourth quarter in a bid to retool its portfolio in order to reflect higher quality assets in denser urban markets with high barriers-to-entry.

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.”

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