Acadia Realty Trust (the Trust) is a real estate investment trust (REIT). The Trust is focused on the ownership, acquisition, redevelopment, and management of retail properties and urban/infill mixed-use properties with a retail component located primarily in barrier-to-entry, supply constrained, densely-populated metropolitan areas in the United States along the East Coast and in Chicago. Its primary objective is to acquire and manage commercial retail properties. It operates in four segments: Core Portfolio, Opportunity Funds, Notes Receivable and Other. The Trust also has private equity investments in other retail real estate related opportunities, in which it has a minority interest. As of December 31, 2012, the Trust controlled 99% of the Operating Partnership as the sole general partner. Effective August 31, 2014, Acadia Realty Trust acquired an undisclosed retail property, located in New York.