Acadia Realty Trust announced that, during the year ended December 31, 2013 , it acquired, or entered into agreements to buy and subsequently closed on, $220.9 million of complementary street- retail assets for its Core Portfolio. According to a release, additionally, the Company announced that it has another $92.1 million of Core properties currently under contract to purchase. The Core Portfolio does not include those assets in which the Company has co-invested through its opportunity funds (the "Funds"). Discussion of the Company's 2013 Fund acquisition activity and Core Portfolio operating progress will be included in the Company's release of fourth quarter and full year 2013 operating results scheduled for February 12 . The $220.9 million of portfolio additions during 2013 are located in certain Chicago , New York , and Washington DC sub-markets in which Acadia already had an established presence and add to the Company's existing position in these dominant retail corridors. The following is a discussion of the Company's 2013 Core investments. A pictorial tour of these acquisitions may be found in the Core Acquisition Update on the Company's website under Investor Relations, Presentations. During the year ended December 31, 2013 , Acadia acquired, or entered into agreements to buy and subsequently closed on, $153.1 million of high-street retail in Chicago's Gold Coast neighborhood, a shopping destination with luxury retail, hotels, museums and noted art galleries. The Gold Coast boasts the Chicago flagship stores of global fashion houses such as Prada , Barneys New York , Brioni and Herm?s and is a draw for the city's over 46 million annual tourists. 11 East Walton Street During the fourth quarter of 2013, Acadia entered into a contract to acquire approximately 6,700 square feet of luxury retail space at the base of the Waldorf Astoria Chicago, formerly the Elysian Hotel , for $44.0 million . The property is located at the corner of Rush and Walton Streets , proximate to several prior Acadia acquisitions, and is 100 percent occupied by Marc Jacobs , Saint Laurent Paris, and Perchance Boutique . The Company closed on this acquisition during January 2014 . 8-12 East Walton Street As previously announced, during the second quarter of 2013, the Company purchased 8-12 East Walton Street for $22.5 million . This newly-constructed, 8,200 square foot retail property, which is also located within the Rush/Walton corridor, is tenanted by retailers Brioni and BHLDN, an Urban Outfitters brand. Together with 11 East Walton Street and several other previous acquisitions, the Company now controls a significant stretch of the Walton Street corridor at its key intersection with Rush Street , with tenants including Lululemon Athletica , Barbour, Burton, and Sprinkles. 664 North Michigan Avenue As previously announced, during the first quarter of 2013, the Company acquired this property for $86.6 million . Located on Michigan Avenue between Erie and Huron Streets , the building is centrally located in the Magnificent Mile, the retail corridor in Chicago with eight blocks of high-street retail. The 18,100 square foot retail condominium forms the base of the 40-story Ritz-Carlton Residences Chicago . Tenants at the property include Tommy Bahama and Ann Taylor Loft. The Trust also noted, during the year ended December 31, 2013 , Acadia acquired $56.0 million of street retail in the Manhattan submarkets of Tribeca, Midtown-South, and the Bowery. 120 West Broadway During the fourth quarter of 2013, Acadia purchased the master lease for the retail portion of this cooperative located in the Manhattan neighborhood of Tribeca for $37.0 million . The Tribeca submarket represents one of the wealthiest demographics in Manhattan , with median household incomes above $190,000 . It has become one of Manhattan's most desirable neighborhoods and continues to evolve with the addition of luxury residential developments. The property is highly visible, located one block north of the primary subway stop in Tribeca. The trapezoidal building has 14,000 square feet of retail space and includes four corners with frontage on West Broadway, Duane Street , Reade Street and Hudson Street . The property is anchored by tenants including HSBC and Citibank. In addition, expiring leases in the short term should provide upside from rents currently below market rates. The Company acquired the asset off- market as part of a private negotiation and funded its investment primarily with Operating Partnership Units. 868 Broadway During the fourth quarter of 2013, the Company also acquired this retail condominium unit for $13.5 million . The asset is located in the heavily-trafficked Broadway retail corridor north of Union Square in Manhattan's prime Midtown-South submarket and draws foot traffic from both Union Square and the Flatiron District . The Union Square subway hub hosts approximately 35 million riders annually, making it the fourth-busiest subway station in New York City on weekdays and the second-busiest on weekends. Retail vacancy stands at under 3 percent and sales volumes along Broadway are in excess of $1,500 per square foot. The 2,000 square foot retail area is 100 percent leased to Dr. Martens, a 50 year old British footwear and apparel brand. Located in the block between East 17th and 18th Streets , this is Acadia's second investment in this Manhattan submarket and is located in close proximity to its property at 5-7 East 17th Street . 313-315 Bowery Additionally, during the fourth quarter of 2013, Acadia purchased a leasehold interest in this 7,900 square foot street retail property for $5.5 million . The property is currently occupied by John Varvatos and Patagonia and is located in the heart of the Bowery corridor. The Bowery submarket has considerable momentum, with high-fashion retailers APC and Phillip Lim set to open new stores alongside those of Billy Reid , Intermix, Bettie Page , and Blue and Cream, all within the immediate vicinity of 313-315 Bowery. Additionally, the property is located within close proximity to Whole Foods and a variety of restaurants, nightclubs and boutique hotels. As previously announced, during the second quarter of 2013, Acadia closed on the acquisition of 3200-3204 M Street for a purchase price of $11.8 million . Located in Georgetown , a shopping and dining district in the Washington D.C. metropolitan area, this 7,000 square foot property is tenanted by Banana Republic and is located at the corner of M Street and Wisconsin Avenue . This 2013 purchase added to Acadia's existing six-property portfolio in Georgetown , also located primarily on M Street , with tenants including Coach, Juicy Couture and Lacoste . In addition to the above acquisitions, Acadia currently has three additional Core properties under contract for an aggregate purchase price of $92.1 million . Although the Company anticipates completing these closings during the first quarter of 2014, these transactions are subject to customary closing conditions, including lender approval for the assumption of existing mortgage debt, and, as such, no assurance can be given that the Company will successfully complete these. The incremental net operating income ("NOI") for the $220.9 million of completed acquisitions initially aggregates $10.8 million , which represents approximately 20 percent of the Company's Core Portfolio NOI as reported for the previous year ended December 31, 2012 . These completed acquisitions were funded using approximately two thirds equity, which is consistent with Acadia's conservative balance sheet management practices. The equity requirement was funded primarily by a combination of (i) the issuance of both Common Shares under the Company's at-the-market ("ATM") stock offering program and Operating Partnership Units during 2013 aggregating $114.3 million at an average net price of $26.92 , and (ii) $46.9 million of recycled capital from fourth quarter Core Portfolio and Fund asset sales. After taking into account all of the Company's 2013 core acquisition activities, Acadia's Net Debt to EBITDA ratio was under 5.0x at December 31, 2013 , which keeps the Company among the lowest leveraged of its peers. Net Debt includes the Company's pro rata share of Fund debt and deducts both cash on hand and restricted cash related to financings. This provides Acadia additional flexibility in using the most efficient source of capital based on pricing and availability to fund its Core and Fund acquisition activities during 2014. "During 2013, we continued to execute on our core portfolio acquisition goals, enabling us to accretively increase our total core portfolio value in excess of 20 percent," stated Kenneth F. Bernstein , President and CEO of Acadia Realty Trust . "Consistent with plan, our multi-year acquisition activities have led to a significant elevation in the quality of our already-solid portfolio. Today, our portfolio is well balanced, with approximately half of its value concentrated in prime street-retail corridors primarily in Manhattan , Chicago , and Washington DC , up from approximately 16 percent three years ago. By aggregating assets within these densely- populated, vibrant cities, we believe that we are strengthening our core earnings base and positioning our portfolio to benefit from short and long-term rental growth. Furthermore, by continuing to expand our local-market expertise and deepen our existing relationships, we believe that we are well-equipped to mine future core, opportunistic, and value-add investments." Acadia Realty Trust , a fully-integrated equity real estate investment trust, is focused on the acquisition, ownership, management and redevelopment of retail properties and urban/infill mixed-use properties with a retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas along the East Coast and in Chicago . More information: acadiarealty.com ((Comments on this story may be sent to firstname.lastname@example.org ))
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