SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): April 26, 2002
ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland 1-12002 23-2715194
(State or other (Commission (I.R.S. Employer
jurisdiction of incorporation) File Number) Identification No.)
20 Soundview Marketplace
Port Washington, New York 11050
(Address of principal executive offices) (Zip Code)
(516) 767-8830
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
ITEM 2. Acquisition or Disposition of Assets.
On April 26, 2002, the Registrant, Acadia Realty Trust, completed the sale of a
17-property shopping center portfolio. The properties, which in total comprise
2.3 million square feet of gross leasable and are cross-collateralized in a
securitized loan program, were sold to an unaffiliated buyer, the Lightstone
Group (the "Buyer") for a sales price of $52.7 million. As part of the
transaction, the Buyer assumed the outstanding mortgage debt of $42.4 million.
The Registrant retained a senior, preferred interest in the acquiring entity in
the amount of $6.3 million, which earns an initial annual preferred return of
15% that increases by 1% annually for the following three years. The Registrant
has the right to require the Buyer to redeem the preferred interest at face
value at the end of the fifth year. On April 29, 2002, the Registrant issued a
press release announcing this sale. A copy of the press release is included as
an exhibit to this filing.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements
Financial statements are not included in this Form 8-K and will be
filed by amendment within 60 days
(b) Pro Forma Financial Information
Pro forma financial information is not included in this Form 8-K and
will be filed by amendment within 60 days
(c) Exhibits
99.1 Press release dated April 29, 2002
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACADIA REALTY TRUST
(Registrant)
Date: May 7, 2002 By: /s/ Perry Kamerman
-----------------------------
Name: Perry Kamerman
Title: Senior Vice President and
Chief Financial Officer
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