Acadia Realty Trust Completes Transaction With Institutional Partner

Acadia Realty Trust (NYSE: AKR) (“Acadia” or the “Company”) announced the formation of a strategic relationship with J.P. Morgan Asset Management (“JPM”) to pursue the acquisition of retail assets, including assets currently owned by the Company. This strategic relationship commenced with the Company selling a 95% interest in Shops at Grand, a grocery-anchored shopping center located in Maspeth, New York to J.P. Morgan Real Estate Income Trust, Inc., which is externally advised and sponsored by J.P. Morgan Investment Management Inc., for a gross purchase price of $48 million (exclusive of closing costs). The Company will continue to manage day-to-day operations, entitling it to earn management, leasing and construction fees, along with the opportunity to earn a promote upon the ultimate disposition of the asset.

The Company intends to use the net proceeds to accretively invest in higher-growth street retail assets and to reduce leverage.

Kenneth F. Bernstein, President and CEO of Acadia Realty Trust, commented:

“We're excited to announce the addition of J.P. Morgan into our Investment Management Platform as we continue expanding our institutional relationships. The sale of Shops at Grand demonstrates our commitment to accretively recycle capital from stabilized assets to redeploy into higher-growth street retail and to reduce our leverage.”

Newmark & Company Real Estate, Inc. advised Acadia on the sale of the property.

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on delivering long-term, profitable growth. Acadia operates a high-quality core real estate portfolio ("Core" or "Core Portfolio"), in the nation's most dynamic retail corridors, along with an investment management platform, including a fund business ("Funds") that targets opportunistic and value-add investments. Acadia Realty Trust is accomplishing this goal by building a best-in-class core real estate portfolio with meaningful concentrations of assets in the nation’s most dynamic corridors; making profitable opportunistic and value-add investments through its series of discretionary, institutional funds; and maintaining a strong balance sheet. For further information, please visit www.acadiarealty.com.