Acadia Realty Trust was formed on March 4, 1993 as a Maryland real estate investment trust. The Company is a fully-integrated equity real estate investment trust engaged in the ownership, acquisition, redevelopment, and management of retail properties located in supply-constrained, densely-populated metropolitan areas in the United States. The Company operates in three segments including Core Portfolio, Funds and Structured Financing. The Company's all assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership and entities in which the Operating Partnership owns an interest. The Company has ownership interests in approximately 90 properties within its core portfolio, which consist of those properties either 100% owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries. The Company also has ownership interests in 57 properties within its opportunity funds, Acadia Strategic Opportunity Fund I, LP (Fund I), Acadia Strategic Opportunity II, LLC (Fund II), Acadia Strategic Opportunity Fund III LLC (Fund III) and Acadia Strategic Opportunity Fund IV LLC (Fund IV) and together with Funds I, II, and III, the Funds. The 147 Core Portfolio and Fund properties consist of street and urban retail, and dense suburban shopping centers. Its competitors include other REIT's, financial institutions, insurance companies, pension funds, private companies and individuals. Its properties compete for tenants with similar properties mainly on the basis of location, total occupancy costs and the design and condition of the improvements.