Board of Directors

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Lorrence T. Kellar
Former Vice President of Retail Development, Continental Properties
Financial Expert Financial Expert

Lorrence T. Kellar has been a Trustee of Acadia Realty Trust since November 2003 and is an "audit committee financial expert" as that term is defined by the U.S. Securities and Exchange Commission ("SEC"). Mr. Kellar was Vice President at Continental Properties, a retail and residential developer, for seven years, until his retirement, a Director of Spar Group, Inc. and the recently retired chairman of Multi-Color Corporation. Prior to joining Continental Properties Mr. Kellar served as Vice President of Real Estate with Kmart Corporation for six years and served with The Kroger Co., the country's largest supermarket company, for 31 years where his final position was Group Vice President of Finance and Real Estate. Mr. Kellar is also a member of the NACD.