Acadia Realty Trust Notes That None of Its Kmart Stores Are Currently Scheduled to Be Closed.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 15, 2003 Acadia Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. 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 ), in response to yesterday's Kmart announcement of store closings, noted that none of its Kmart stores are currently scheduled to be closed. To date, all of the Kmart stores in Acadia's portfolio remain open and operating as none of its stores have appeared on any previous closure lists. Acadia currently has five Kmart stores in its wholly-owned portfolio encompassing 520,000 square feet and representing $1.9 million in base rents, or 4.7% of the Company's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. base rents as of September 30, 2002. All of the Company's Kmart stores are open for business and none are sub-leased. In addition to these locations, Acadia has a 49% joint venture interest in a 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 which includes a 101,000 square foot Kmart store paying $566,000 in base rent. Additional information related to Acadia's shopping centers, anchors and related rents, including specific information about the Company's Kmart leases, are included in the Company's Quarterly Financial Supplemental for the quarter ended September 30, 2002 as previously filed in an 8-K filing and which is also published on the Company's website at www.acadiarealty.com. Acadia Realty Trust, headquartered on Long Island, 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 36 properties totaling approximately 7 million square feet, located primarily in the Eastern 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 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. For more information visit Acadia Realty Trust's Web site at www.acadiarealty.com |
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