and But we some I’d we Brandon. start like how Thanks, quarter. with afternoon. are of into drill a had We we Good of the to that trends last seeing solid review been another before quarter’s have results, positioning our capitalize and finally, metrics results, on front. progress will Acadia quarterly them. to sheet then After fund on our Amy forecast that, John And our our balance discuss will for discuss platform XXXX. and our that
XXXX, what in was consistently on most headwinds bumpy the prior played and measures, that two estate, a as continued demand looking we performance it described for not and the with better retail bottom real by XXXX years. in leasing while than meaning back out was year the previously ignoring First, tenant
retailers haves retail we have-nots this than And But trend desirable, continuing. a we it of working bumpy, see real because separation estate. the that far year, are both slower as we amongst still so as call well through and
the Fortunately, this from highly years, through we with as begin last how to playing the recovery disruptive fog few increased out. the of cut we is clarity can see period
take And of e-commerce are last store. ignore the of clear it the or not of almost becoming Now, begin positive impact importance drivers saw we the recognizing that retailers headwinds. does types to following other increasingly form. this year, is the all physical But
for to a tenants They the from distraction the is cost drive the fits all of if all, primarily, of what from are are stores formats for retailer. are our there not successful But Joe’s, spectrum, rise still very to size their or a variety in one exclusively retailers or who continue businesses, one e-commerce Trader On end both no simple investments there century of from the XXst is portfolio. delivery. of that significant succeeding. of TJX thankfully, formula First answer profitable limited free ranging of with
of opposed and simply business. coming in migration portfolio from their to quality. they’re Thus, driver our expand using demand retailers locate of do retailers in-store store to that one expensive generally least traditional So are in this group the locations. is and selective being this cloud best from solid These as the to benefits continue
other store omni-channel their their investing the retailers second the the of with as their from successfully of execution. and using well are of combined are their Target online benefits Both a great end spectrum, driver coming examples technology, Walmart new stores in stores, to several of on retailers, Then as demand both dominant is who drive initiatives.
amongst our who’s stores development our in in consistent in country, tenant on Target, by is in and City were is largest San our their gateway the our portfolio, instance, New redevelopment City the For including focus Their target Francisco with Brooklyn. Acadia’s closer Center itself to key in throughout Point locations Center Sullivan here is shoppers. York, portfolio Chicago, markets differentiating adding
or who are is coming importance department now Then growth or formerly driver wholesale of for retailers the of a through increased own third recognizing demand DTC, on stores direct-to-consumer, distribution focused row their stores where of having from sales stores. the online-only
increasingly the is companies. to going all, case to challenge while e-commerce the is pathway e-commerce continue retailing difficult that best online growth subsidize native for a is becoming In the digitally clear investors but becoming profitability it grow, clearer retailers, without an of capitalized to
are Retailers us Their best the now many presence. only the retailers for previously online these successful pathway an they importantly, recognizing that is them. in that they store to open that had our of telling is of And to Chicago. out increasingly where one store when a are Most go opposed Armitage the retail more sales Avenue partners, key online Lincoln play compelling market several being seeing as up Park, on cannibalized. of this profitability while trend examples we’re in
with control enough & Parker of Serena to years, has including native others. have acquisitions, two Bonobos, some and but past and Warby brands. exciting the series exciting of tenants Over Armitage through more with retailers successfully able replace the several beginning our and retailing we from converted Albert, Armitage apparel And digitally more Lily, to been of a tired now to Voices team traditional Outdoor younger
street now And the filled. been that have the vacancies on
and that to are have us now enough new supply attractive enable enough successful retailers these demand incremental to constraints see We rental showing Now growth. results.
we grow past fact, market over have XX%. In years two seen approximately the rents by
on who seeing heavily are also wholesale key opening streets and in are stores DTC stores We on other more relied previously markets. increased focused channels and from demand mission-critical brands and key now department
We impact where recent of are the acquired a we contiguous quarter, positive throughout and fourth Melrose in buildings. portfolio. a in street the Place part certainly, have urban But this in five of was our seeing a acquisition rationale it portfolio Los of Angeles,
key wholesale now through Place For Melrose many focused their that might street, is presence. have on department retailers on who to previously LA distribution primarily stores,
is growth. our can strong in that we curate right buildings then with found these use enough This team’s throughout have the to can tenants. dots locations, streets markets and right the where right street connect lead the urban the of in aggregate where we what mix long-term portfolio capabilities to Finally, and our we can
on Now shopping that a of been many rollercoaster corridors have ride. said, the great rents being
years times and then in too abruptly. pointed we As rents fast corrected out past, grew many have way
we sure had results make very last we And were look year, volatility. X% at have last our the next over it that but exposure extended look averaged We not NOI solid the when has bumpy our street road while this hard has we worked see this over results our a years. we to to asset for and mitigated period, forward over our only been several decade, and trajectory continuing thankfully, if growth urban
of be and Forever will way long of some tenants a from anticipated important profitable X bankruptcies While this couple re-leasings, these to impacted our spaces. on Pier our the year well XX and re-leasing like are we NOI
our out, respect from trends As we Acadia’s is portfolio internal to platform. continue these growth core both activity, disproportionately with external to Then positive portfolio this play believe complementing accretion investment them. well-positioned from is to the our and Fund benefit our
a with I’ve discussing. the are this been and finding year executing Our investment strong compelling acquisition team did that consistent trends past very job opportunities of on
FFO team of dispositions. the $X.XX, Collectively, subtractions $XXX of million new should this X% The about of additions add also completed from acquisitions, During XXXX, activity, we roughly completed over the $XXX million dispositions accretion. annual or acquisitions. from
in in of streets. focus where importantly, core properties additions over And of acquisitions, urban with time. capture on More Avenue, we must we Melrose include growth consistent have they SoHo, terms great are markets, those in an believe Place extended our our period key Armitage and outsized can
All to capitalize the acquisitions retailing of are these trends on well-positioned earlier. I discussed
we investments, a we adjacent Then, a these on interest some closed And opportunity while today, and in to industry are to on these subsequent portfolios for also finance structured received these in addition when strong Brooklyn, locations. have the core release have loan city. to year-end, of retail retailer to mixed-use well we leased property
significant is conjunction done we on lender, this a Capital, Madison done years next who the our we’ve call, transactions in quarterly and over the the into with get Blackstone, but details with We’ll also significant regard borrower, over have hold a in of business years. high the transaction who and with
risk-adjusted attractive in position comfortable the a on basis, and position as Our capital on affords very yield price square return as stabilization. per us a stack well foot a
fund investments. to turning Then our
our been where in been must-have for acquiring achieve able favor supply shopping fund While our last platform, through levered careful of markets. In we have, of the constrained our years, underwriting, suburban returns. focus to out centers, then we has mid-teens for couple have opportunistically core
Last V. year, behalf we $XXX of on these completed Fund worth of million investments
has is existing few see such from of between or growth rare centers acquired maintained can in, as and have cash cost they wide goals achieve spread levered without to as far, million our that yield are flow we the about capital we yields years of $XXX excess material be So It appreciation. XX%. unleveraged return a in that borrowing successfully now,
quiet, their disposition investment was slowed over have the in institutions cases, activity refill. seeking process, variety to we pipeline as quarter our sellers couple Fourth last fund acquisitions. substantially expect REITs public But of a liquidity making of primarily seeing and some private years, reasons for we’re now,
Eventually, While this moved still to couple is a of indications couple materially change. often pricing that’s of to transition of to are most capital have last that years. quarters, cause lack there going institutional the takes from a
the against as profitably assets that rates similar we’re to to if In excess yield X% shopping begin the returns materially IV compress be suburban $X of add V our or we’ll interim, would billion. continue. Fund continue leverage at, now worth below centers And there’s existing and nothing Fund cap selling opportunistically in that recapitalizing attractive
not absolutely those thesis investment goals. with our returns, require to appreciation nothing does wrong capital While mid-teens is achieve there outperforming
growth. our for continue for supported as add that conclusion, can the continue then to carefully core our to in creatively we assets fourth drive Fund NOI quarter, in core see enough we our portfolio, utilize solid So in a growth to and growth opportunities finally, by platform opportunistic strong and performance
And year. turn to for team Amy. I’ll like I’d our their the now, over hard work to last thank call
