Article Excerpt:
TWST: We'd like to begin with a brief historical sketch of Acadia Realty Trust and a picture of the things you are doing at the present time.Mr. Bernstein: Acadia Realty Trust is a shopping center REIT that was formed in 1998 when we took over a troubled shopping center REIT called Mark Centers Trust. We implemented an aggressive turnaround program through the redevelopment of certain properties, the strengthening of a troubled balance sheet and the creation of an aggressive external growth program to fuel future growth.
TWST: What were the elements in the external growth program?
Mr. Bernstein: We set up an acquisition investment fund with several
well-regarded pension funds and endowments to acquire turnaround
properties. We are now in the process of investing in the second of
those funds. The results have been extremely strong, buying primarily
higher barrier to entry infill assets where we can take a well-located
property, re-tenant it, re-anchor it and redevelop it to create a solid
Class A retail asset. Most of the properties have been in urban areas,
primarily in the Northeast and mid-Atlantic, but also on the West Coast
as well, where the retailing environment for landlords is very
favorable.
Tickers included in this excerpt: AKR
TWST Newsletter
For more information call (212) 952 7433. The Wall Street Transcript does not endorse any of the comments made by interviewees, and does not make stock recommendations.