Acadia Realty Trust CEO Says Retail Real Estate in Recovery Mode
Dec. 1 2020
Ken Bernstein, president and CEO of Acadia Realty Trust (NYSE: AKR), participated in a video interview in conjunction with Nareit’s REITworld: 2020 Annual Conference.
Bernstein noted that retail real estate in the United States “was really at the epicenter of the crisis this spring and has thankfully been climbing out.” He noted that back in April, about half of the REIT’s tenants were not paying rent, and that now rent collections stand at about 90%.
“If this crisis has taught us anything, it’s to be prepared for the broadest range of outcomes,” Bernstein said.