Acadia Realty Trust (NYSE:AKR) Q4 2022 Earnings Call Transcript

Thankfully, that is an insignificant amount of our portfolio and the pluses outweigh the minuses. So, each of those different markets will rebound differently. As I said, secondary, tertiary got a nice COVID lift. The primary suburbs certainly did well, and I think could hold on. Final point that everyone needs to keep in mind though, the cost of putting tenants in business, what we talk about is net effective rent, impacts properties very differently. And so, you might like those secondary, tertiary markets and our retailers do, but if the rents in those markets are $12, $14, the payback period could be much longer than in some of these street retail markets where the rents are 10x and 20x that and so the payback period is shorter. We’re going to have to watch carefully at where net effective rents are, and that would lead us to be more encouraged by our high rent, earlier recovery, property’s not withstanding everything I just said, so that’s amount.

Craig, but

Operator: That concludes today’s question and answer session. I’d like to turn the call back to Ken Bernstein for closing remarks.

Ken Bernstein: Great. Thank you all for joining us. We look forward to seeing you in the not distant future and hope everyone stays well.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.