899629--3/1/2010--ACADIA_REALTY

related topics

{investment, property, distribution}

{loan, real, estate}

{acquisition, growth, future}

{stock, price, share}

{debt, indebtedness, cash}

{provision, law, control}

{regulation, change, law}

{personnel, key, retain}

{tax, income, asset}

{loss, insurance, financial}

{cost, regulation, environmental}

We rely on revenues derived from major tenants. We may not be able to renew current leases and the terms of re-letting (including the cost of concessions to tenants) may be less favorable to us than current lease terms. The current economic environment, while improving, may cause us to lose tenants and may impair our ability to borrow money to purchase properties, refinance existing debt or finance our current redevelopment projects. The bankruptcy of, or a downturn in the business of, any of our major tenants or a significant number of our smaller tenants may adversely affect our cash flows and property values. There are risks relating to investments in real estate. Our ability to change our portfolio is limited because real estate investments are illiquid. We could become highly leveraged, resulting in increased risk of default on our obligations and in an increase in debt service requirements, which could adversely affect our financial condition and results of operations and our ability to pay distributions. Competition may adversely affect our ability to purchase properties and to attract and retain tenants. We could be adversely affected by poor market conditions where properties are geographically concentrated. We have pursued, and may in the future continue to pursue extensive growth opportunities, which may result in significant demands on our operational, administrative and financial resources. Our inability to carry out our growth strategy could adversely affect our financial condition and results of operations. We operate through a partnership structure, which could have an adverse effect on our ability to manage our assets. Limited control over joint venture investments. Market factors could have an adverse effect on our share price. The loss of a key executive officer could have an adverse effect on us. Possible liability relating to environmental matters. Uninsured losses or a loss in excess of insured limits could adversely affect our financial condition. Our Board of Trustees may change our investment policy without shareholder approval. Distribution requirements imposed by law limit our operating flexibility. There can be no assurance we have qualified or will remain qualified as a REIT for federal income tax purposes. Limits on ownership of our capital shares. Concentration of ownership by certain investors. Restrictions on a potential change of control. Legislative or regulatory tax changes could have an adverse effect on us.

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899629--3/1/2010--ACADIA_REALTY_TRUST