SEC Filings

ACADIA REALTY TRUST filed this Form DEF 14A on 03/26/2019
Entire Document

Consistent with the Company's long-standing policy adopted by the Board of Trustees, the Company's NEOs have the option of exchanging all or a portion of their cash bonus for restricted stock or LTIP Units that will vest on a ratable basis over five years. The LTIP Units granted in lieu of the cash bonus are granted based on a 20% discounted share price. Based on the election of each of the NEOs, the 2018 annual incentives were paid as follows:


Named Executive Officer

Cash (1)

Elective LTIP

Units (2)(3)

Ken Bernstein, President & CEO










John Gottfried, SVP & CFO








Christopher Conlon, EVP & COO









Joseph Napolitano, SVP & CAO










(1) Amount reflects the amount elected in cash.

(2) Amount reflects the amount elected in LTIP Units on February 14, 2019, inclusive of the additional value in connection with the 20% discounted share price. These awards will be reported in the Summary Compensation Table for 2019.

(3) The valuation of the awards is based on the Company’s closing Common Share price of $29.65 on the day preceding the grant date of February 14, 2019.


Long-Term Incentives


The Compensation Committee and the Board of Trustees continue to emphasize long-term performance in the form of:



Time-based Restricted Share Units or LTIP Units;



Performance-based Restricted Share Units or LTIP Units; and



The Long-Term Investment Alignment Program.


In keeping with the long-term, highly technical and cyclical nature of the Company’s business, the Compensation Committee places significant emphasis on a long-term approach to executive compensation while balancing the short-term needs of its executives. The Company's long-term incentives are intended to (i) retain its management team through the inclusion of vesting provisions, (ii) emphasize share ownership, (iii) create direct alignment with shareholder interests, and (iv) motivate management to focus on sustained Company performance.


Annual Equity Compensation Awards


In 2018, the Board of Trustees, in consultation with FTI Consulting, set forth an overall target equity grant for each NEO that may be adjusted up or down at the discretion of the Compensation Committee for over/under performance, with 50% of the target value being granted in the form of time-based Restricted Share Units or LTIP Units and the remaining 50% of the target value being granted in the form of three-year performance-based Restricted Share Units or LTIP Units. The overall target values for 2018 as well as the total equity award granted for 2018 performance in February 2019 is as follows:









2018 Target LTIP(1)


Approved 2018 LTIP Unit Grant (2)

Ken Bernstein





John Gottfried





Christopher Conlon





Joseph Napolitano