Acadia Realty Trust (NYSE: AKR – “Acadia”
or the “Company”), a
real estate investment trust (“REIT”),
today announced that Trustee Alan S. Forman, Director of the Yale
University Investments Office, will not seek re-election to Acadia’s
Board, but will serve until his term expires at the upcoming Annual
Meeting. Mr. Forman has served as a member of Acadia’s
Board of Trustees since 2002.
“Alan has consistently demonstrated the
highest level of integrity and commitment to Acadia,”
stated Lee S. Wielansky, Lead Trustee of Acadia’s
Board. “On behalf of the Board, I would like
to thank Alan for the significant contribution he has made to the
Company.”
“It has been my pleasure to serve as a
Trustee of Acadia Realty Trust for the last six years, working with Ken
Bernstein, his management team and our Board of Trustees,”
stated Mr. Forman. “The significant time
demands of my portfolio management duties at Yale do not allow me stand
for re-election to the Board. Acadia remains well-positioned to deliver
superior returns to its investors and shareholders. As a long time
investor in the Company, Yale recognizes Acadia as an investment partner
of the highest quality, and we look forward to a long and profitable
future. I am happy that William T. Spitz, former Chief Investment
Officer of Vanderbilt University who previously joined Acadia’s
Board, will continue to represent the viewpoint of an active
institutional investor.”
“It is with regret that Alan will be leaving
the Board at the end of his term,” stated
Kenneth F. Bernstein, President and Chief Executive Officer. “Alan
and Yale have been, and continue to be, invaluable partners, helping to
shape the strategic direction of the Company. Alan’s
contribution to Acadia’s success is
immeasurable and on behalf of all shareholders, I thank him for his
tremendous support.”
Following the upcoming Annual Meeting, Acadia will return to having a
seven member Board of Trustees.
Acadia Realty Trust, headquartered in White Plains, N.Y., is a fully
integrated, self-managed and self-administered equity REIT focused
primarily on the ownership, acquisition, redevelopment and management of
retail and mixed-use properties including neighborhood and community
shopping centers located in dense urban or major metropolitan markets.
Certain matters in this press release may constitute forward-looking
statements within the meaning of the federal securities laws and as such
may involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performances or achievements of
Acadia to be materially different from any future results, performances
or achievements expressed or implied by such forward-looking statements.
Factors that could cause or contribute to such differences include, but
are not limited to, those discussed under the headings "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and “Risk Factors”
in the Company’s most recent annual report on
Form 10-K filed with the SEC on February 29, 2008 (the “Form
10-K”) and other periodic reports filed with
the SEC, including risks related to: (i) the Company’s
reliance on revenues derived from major tenants; (ii) the Company’s
limited control over joint venture investments; (iii) the Company’s
partnership structure; (iv) real estate and the geographic concentration
of our properties; (v) market interest rates; (vi) leverage; (vii)
liability for environmental matters;(viii) the Company’s
growth strategy; (ix) the Company’s status as
a REIT (x) uninsured losses and (xi) the loss of key executives. Copies
of the Form 10-K and the other periodic reports Acadia files with the
SEC are available on the Company’s website at www.acadiarealty.com.
Any forward-looking statements in this press release speak only as of
the date hereof. Acadia expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in
Acadia's expectations with regard thereto or change in events,
conditions or circumstances on which any such statement is based.
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