Acadia Realty Trust is a real estate investment trust (REIT). The Trust is focused on the ownership, acquisition, redevelopment and management of retail properties located in metropolitan areas in the United States. The Trust’s Core Portfolio consists of street retail and urban assets, as well as suburban properties located in high-barrier-to-entry, densely-populated trade areas. It also makes investments in first mortgages, preferred equity and other notes receivable collateralized by real estate, (Structured Finance Program) either directly or through entities having an ownership interest therein. The Trust operates in three segments: Core Portfolio, Funds and Structured Financing. All of the Trust’s assets are held by, and all of the Trust’s operations are conducted through Acadia Realty Limited Partnership (the Operating Partnership) and entities in which the Operating Partnership owns an interest. The Trust has approximately 700 leases.