Acadia Realty Trust (AKR) Announces Closing of Transactions, Exec Retirements
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Acadia Realty Trust (NYSE: AKR) announced that it has successfully closed on several previously-announced core portfolio acquisitions in Chicago, IL – the $146.9 million purchase of the Sullivan Center Retail and the $150.0 million purchase of the five-property Smithfield Portfolio.
Sullivan Center Retail, Chicago, IL. In August 2016, Acadia completed the acquisition of the approximately 200,000-square foot retail portion of the Sullivan Center, in Chicago, IL, for $146.9 million. The Sullivan Center is located on a prominent corner on State St, the Chicago Loop’s main shopping corridor. The property, which is currently 99% occupied, is anchored by Target and DSW and benefits from solid in-place tenancy, below-market leases and strong demographics, consistent with Acadia’s other assets in the submarket.
Smithfield Portfolio, Chicago, IL. During third quarter 2016, Acadia completed the acquisitions of all five properties in the 188,000-square foot Smithfield Portfolio, in Chicago, IL, for $150.0 million. In connection with these closings, Acadia assumed $59.2 million of in-place non-recourse mortgage debt.
Executive Retirements. Acadia also announced the official retirements of Jonathan Grisham, previously Senior Vice President and Chief Financial Officer, and Robert Masters, Senior Vice President and Senior Legal Counsel, (collectively, the “Retiring Executives”) effective September 30, 2016. The Company had previously announced the Retiring Executives’ intention to retire. Both Mr. Grisham and Mr. Masters have been with the Company since its inception in 1998 and have successfully transitioned their responsibilities to their successors – John Gottfried and Jason Blacksberg, respectively. In connection with these retirements, during third quarter 2016, the Company anticipates recognizing an aggregate charge of approximately $4.2 million (approximately $0.05 per share), the majority of which relates to the acceleration of vesting of certain previously-granted equity-based compensation awards as well as certain cash payments. However, all previously unvested performance-based awards will continue to remain subject to their vesting requirements. This non-recurring charge was not incorporated into the Company’s previously-provided earnings guidance for the year ending December 31, 2016. The Retiring Executives and the Company anticipate entering into consulting arrangements to assist with general matters, as may be requested by the Company from time to time.
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