Market Overview

Acadia Realty Trust Announces Executive Retirement and Provides Earnings Update


Acadia Realty Trust (NYSE:AKR) ("Acadia" or the "Company") today
announced that Joel Braun will retire from his role as Executive Vice
President and Chief Investment Officer of the Company effective December
31, 2018. Mr. Braun has been with the Company since its inception in
1998 and has played a significant role in its profitable growth and

Mr. Braun has already successfully transitioned his responsibilities to
several individuals within the Company. Mr. Braun and the Company also
anticipate entering into a consulting arrangement to assist with
acquisition and development matters, as may be requested by the Company
from time to time.

In connection with Mr. Braun's retirement, the Company anticipates
recognizing an aggregate charge of approximately $2.0 million
(approximately $0.03 per share) to net income and funds from operations
during the fourth quarter 2018, the majority of which relates to the
acceleration of vesting of certain previously-granted equity-based
compensation awards. However, all previously unvested performance-based
awards will remain subject to their vesting requirements. This charge
was not incorporated into the Company's previously-provided earnings
guidance for the year ending December 31, 2018.

"All of us at Acadia would like to thank Joel for his many years of
dedicated service and leadership," commented Kenneth F. Bernstein,
President and CEO of the Company. "Two decades ago, when Joel joined
Acadia, the Company had a market capitalization of approximately $150
million and a portfolio of shopping centers located in predominately
secondary and tertiary markets. Over the years, my trusted collaborator
and friend Joel has been integral to our Company's transformation into a
differentiated, dual-platform company that is well positioned to succeed
in today's rapidly-changing retail real estate environment. In addition
to his many contributions on the investments front, Joel has built a
talented and energized investment team. Looking ahead, I have full
confidence that we will continue to successfully execute on our strategy
and create long-term value for all of Acadia's stakeholders."

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on
delivering long-term, profitable growth via its dual – core and fund –
operating platforms and its disciplined, location-driven investment
strategy. Acadia Realty Trust is accomplishing this goal by building a
best-in-class core real estate portfolio with meaningful concentrations
of assets in the nation's most dynamic urban and street-retail
corridors; making profitable opportunistic and value-add investments
through its series of discretionary, institutional funds; and
maintaining a strong balance sheet. For further information, please

Safe Harbor Statement

Certain matters in this press release may constitute forward-looking
statements within the meaning of federal securities law and as such may
involve known and unknown risks, uncertainties and other factors that
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.
These forward-looking statements include statements regarding Acadia's
future financial results and its ability to capitalize on potential
investment opportunities. Factors that could cause the Company's
forward-looking statements to differ from its future results include,
but are not limited to, those discussed under the headings "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in the Company's most recent annual
report on Form 10-K filed with the SEC on February 27, 2018 ("Form
10-K") and other periodic reports filed with the SEC, including risks
related to: (i) political and economic uncertainty; (ii) the Company's
reliance on revenues derived from major tenants; (iii) the Company's
limited control over joint venture investments; (iv) the Company's
partnership structure; (v) real estate and the geographic concentration
of the Company's properties; (vi) market interest rates; (vii) leverage;
(viii) liability for environmental matters; (ix) the Company's growth
strategy; (x) the Company's status as a REIT; (xi) uninsured losses;
(xii) information technology security threats and (xiii) 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
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.

View Comments and Join the Discussion!