Ken Bernstein, president and CEO of Acadia Realty Trust (NYSE: AKR), participated in a video interview at Nareit’s REITworld: 2019 Annual Conference in Los Angeles.
Bernstein said it would be naïve to assume that the economy won’t eventually slow down, but that he doesn’t see it happening in the imminent future.
“The way we think about out portfolio [and our balance sheet] though is that we are late-cycle,” he said, adding Acadia’s leverage level is strong and its portfolio is curated for tenant diversification.
Bernstein also said that for Acadia’s core portfolio, its main focus is street and urban retail in its key gateway markets.
He also discussed Acadia’s fund platform and how those types of assets differ from the REIT’s core business.
“If we want to own, in the REIT, must-have locations…in the funds, what we’ve been primarily buying is out-of-favor shopping centers with good-to-great retailers,” Bernstein said.