Acadia Realty Trust (AKR) is weathering the “retail apocalypse” exceptionally well relative to some of its peers, as its core portfolio has not only sustained but even grown its same-store NOI over the past several years despite experiencing several bankruptcy-driven vacancies within its portfolio during that time frame. Its strong positioning in tier-1 markets and ability to fund opportunistic acquisitions, redevelopments, and share buybacks should enable AKR to continue to thrive in the rapidly changing retail environment. Meanwhile, the business model should also continue to generate long-term alpha by effectively balancing a conservatively-leveraged,