SEC Filings

ACADIA REALTY TRUST filed this Form DEF 14A on 03/26/2019
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Mr. Braun’s 2018 Compensation


Effective December 31, 2018, Joel Braun, Executive Vice President and Chief Investment Officer, retired from the Company. At the time of his retirement, Mr. Braun received the payout of his annual cash bonus at target including the 20% elective discount, payable in fully-vested LTIP Units (the total award grant date fair value is $610,246). Any outstanding time-based equity accelerated as of December 31, 2018 in accordance with his award agreements. Any outstanding performance-based equity will generally continue to vest according to the original vesting terms and will be settled at the end of the original measurement period based on actual performance in accordance with his award agreements.


Governance and Other Policies Relating to Compensation


Share Ownership Guidelines


In order to further foster the strong ownership culture among the Company's senior executive management team and ensure the continued direct alignment of management and shareholder interests, and consistent with emerging corporate governance trends, the Company has adopted a share ownership policy. The policy contains guidelines for NEOs and Trustees to own at all times a certain level of the Company’s Common Shares (also includes Restricted Share Units, LTIP Units, restricted LTIP Units and OP units). The share ownership guidelines are not mandatory but rather are recommended targets as follows:














Ownership Requirement Met
as of December 31, 2018



10 x Base Salary + Cash Bonus





4 x Base Salary + Cash Bonus



All other NEOs


3 x Base Salary + Cash Bonus



Non-Employee Trustees


3x total annual fees


Yes (except Mrs. Thurber who was appointed in March 2016) (1)



New executive officers and non-employee Trustees have five years to reach the standard that applies to them.


Anti-Hedging and Anti-Pledging Policies


In addition, the Company has a corporate governance policy that prohibits Trustees and certain executive officers from engaging in the following activities with respect to the Company securities: (i) short sales, (ii) purchases or sales of derivative securities of the Company or any derivative securities that provide the economic equivalent, (iii) maintaining a margin account secured by shares of the Company and (iv) pledges as collateral for a loan. All Trustee and executive officers subject to this policy were in compliance as of the date hereof.


Standard Employment Benefits


The Company provides a variety of medical, dental, life, disability and accidental death and dismemberment insurance policies that are generally available to all of its full-time employees. The Company also provides a contributory 401(k) savings plan to employees of the Company, which provides for matching contributions of 50% up to the first 6% of the participant’s base salary contributed to the 401(k) Plan. The All Other Compensation Table summarizes the matching contributions that the Company made to its NEOs for fiscal 2018, 2017 and 2016.


In 2003, the Company instituted the Acadia Realty Trust Employee Share Purchase Plan (the "Share Purchase Plan", and collectively with the Company’s Second Amended and Restated 2006 Incentive Plan, "Share Incentive Plans"). The Share Purchase Plan allows eligible employees of the Company to purchase, through payroll deductions, Common Shares in the Company at a 15% discount to the closing price of the Company’s Common Shares on either the first day or the last day of the quarter, whichever is lower. The Share Purchase Plan is designed to retain and motivate employees of the Company and its designated affiliates by encouraging them to acquire ownership in the Company. The Company has reserved 100,000 Common Shares for issuance under the Share Purchase Plan. The Share Purchase Plan is intended to be an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code of 1986 (the "Code"), as amended. During 2018, 2017 and 2016, 3,495, 4,514 and 4,016 Common Shares were purchased under the Share Purchase Plan, respectively. As of the date hereof, no NEOs participate in the Share Purchase Plan.