Acadia Realty Trust Announces Purchase of Non-Performing Loan; 235,000 Kroger Anchored Center in Aiken, South Carolina.Business Editors/Real Estate Writers NEW YORK--(BUSINESS WIRE)--March 11, 2004 Acadia Realty Trust (NYSE NYSE See: New York Stock Exchange : AKR AKR Auroral Kilometric Radiation AKR Vehicle Cargo Ship AKR Address Key Register AKR Anime Kingdom Rebirth - the "Company") today announced that its affiliated acquisition venture, Acadia Strategic Opportunity Fund ("Acadia Fund I"), in conjunction with its long time investment partner, Hendon Properties ("Hendon"), purchased a first mortgage loan from New York Life Insurance Company The New York Life Insurance Company (NYLIC) is the largest mutual life-insurance company in the United States, and one of the largest life insurers in the world.[3] secured by a 235,000 square foot shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into in Aiken, South Carolina Aiken is a city in Aiken County, South Carolina and is part of the CSRA. The population was 25,337 at the 2000 census. It is the county seat of Aiken CountyGR6, and is the site of the University of South Carolina at Aiken. . The $9.6 million loan, which is currently in default, was purchased for $5.5 million. Acadia Fund I and Hendon have acquired the loan with the intention of pursuing ownership of the property securing the debt. The property is currently anchored by a Kroger supermarket and a vacant Kmart with a current occupancy of 56%. The Company believes that the ultimate acquisition of this under-utilized retail shopping center will present an opportunity for a value-added investment with above average returns. Kenneth F. Bernstein, Acadia's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented that, "The investment represented by Hitchcock Plaza is consistent with our opportunistic and value-added acquisition focus. Acadia has made several important investments with Charlie Hendon and his team. We look forward to this acquisition being another profitable transaction." Acadia Realty Trust, headquartered in White Plains, NY, is a fully integrated and self-managed real estate investment trust which specializes in the acquisition, redevelopment and operation of shopping centers which are anchored by grocery and value-oriented retail. Acadia currently owns, or has interests in, and operates 62 properties totaling approximately nine million square feet, located primarily in the Northeast, Mid-Atlantic and Midwest United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risk, uncertainties and other factors which may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such forward-looking statements speak only as of the date of this document. Acadia 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 Acadia's expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based. The Company also refers you to the documents filed by the Company, from time to time, with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and the "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" incorporated by reference therein, for a discussion of such risks and uncertainties. For more information on the joint venture partners, visit their Web sites at www.acadiarealty.com, www.klaffrealty.com, and www.lubertadler.com |
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