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RYE, N.Y.–(BUSINESS WIRE)–Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) provided an update on its Core portfolio operations.
Core Portfolio Operations Update
The Company continues to see improvements in its billed Core portfolio cash rent collections as locations continue to reopen. As of September 3, 2020, Acadia has collected Core portfolio cash on approximately 81% of its combined July and August 2020 Pre-COVID rents and recoveries. The Company has collected Core portfolio cash on approximately 73% of its second quarter Pre-COVID rents and recoveries as of September 3, 2020.
Additionally, as of September 3, 2020, approximately 86% and 93% of its pro-rata annual base rents and gross leasable area in the Core portfolio was open for business, respectively.
“We are pleased by the continued progress we are seeing as our locations safely reopen,” stated Kenneth F. Bernstein, President and CEO of Acadia Realty Trust. “We remain confident that our differentiated and diversified portfolio will navigate through this temporary dislocation and return to a position of stability and growth.”
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth via its dual – Core and Fund – operating platforms and its disciplined, location-driven investment strategy. Acadia Realty Trust is accomplishing …
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