Board of Trustees

Kenneth F.  Bernstein
President and Chief Executive Officer
Kenneth F. Bernstein is the President and Chief Executive Officer of Acadia Realty Trust, the retail real estate investment trust (REIT) that he co-founded in 1998. Acadia (NYSE:AKR) remains focused on delivering long-term, profitable growth for all of its stakeholders via its dual – core and fund – operating platforms and its disciplined, location-driven investment strategy. The company 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 street-retail corridors and making profitable opportunistic and value-add investments through its series of discretionary, institutional funds.

Mr. Bernstein previously served as Chief Operating Officer of RD Capital, Inc., a privately-held investment company that merged with publicly-traded REIT Mark Centers Trust in 1998, creating Acadia Realty Trust. Prior to that, Mr. Bernstein was an associate with New York-based law firm Battle Fowler LLP.

Mr. Bernstein received his B.A. from the University of Vermont and his J.D. from the Boston University School of Law. Mr. Bernstein is a Trustee of the International Council of Shopping Centers (ICSC) and the past co-chair of the ICSC Open-Air Centers Committee. He is a member of the National Association of Real Estate Investment Trusts (NAREIT) and formerly served on its Board of Governors. He is also a member of the Urban Land Institute (ULI), the Real Estate Roundtable, and the World Presidents’ Organization (WPO), where he is a member of the Board of Advisors and was the founding chairman of the Real Estate Network. Mr. Bernstein is also a member of the Advisory Board of the Department of Real Estate at Baruch College and serves on the Boards of BRT Realty Trust (NYSE:BRT) and Golub Capital (NASDAQ:GBDC).
Lee S. Wielansky
Chairman and Chief Executive Officer of Midland Development Group, Inc.

Lee S. Wielansky has been a Trustee of the Company since May 2000 and the Lead Trustee since 2004. Mr. Wielansky has been Chairman and Chief Executive Officer of Midland Development Group, Inc., which focuses on the development of retail properties in the mid-west and southeast, since May 2003. From November 2000 to March 2003, Mr. Wielansky served as Chief Executive Officer and President of JDN Development Company, Inc. and a director of JDN Realty Corporation through its merger with Developers Diversified Realty Corporation in 2003. He was also a founding partner and Chief Executive Officer of Midland Development Group, Inc. from 1983 through 1998 when the company sold its assets to Regency Centers Corporation. Mr. Wielansky is a director of Pulaski Bank and is a Director for Isle of Capri Casinos, Inc. Mr. Wielansky is also a member of the NACD.

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

Lorrence T. Kellar has been a Trustee of the Company since November 2003 and is an "audit committee financial expert" as that term is defined by the Securities and Exchange Commission ("SEC"). Mr. Kellar was Vice President at Continental Properties, a retail and residential developer from November 2002 until his retirement in November 2009. He is a director of Frisch's Restaurants and Spar Group, Inc. and the recently retired chairman of Multi-Color Corporation. Prior to joining Continental Properties in November of 2002, Mr. Kellar served as Vice President of Real Estate with Kmart Corporation from 1996 to 2002. From 1965 to 1996, Mr. Kellar served with The Kroger Co., the country's largest supermarket company, where his final position was Group Vice President of Finance and Real Estate. Mr. Kellar is also a member of the NACD.

Douglas Crocker II
Former Chief Executive Officer, Equity Residential

Douglas Crocker II has been a Trustee of the Company since November 2003. Mr. Crocker has been the managing partner of DC Partners LLC since 2013. He was the Chief Executive Officer of Equity Residential, a multi-family residential real estate investment trust ("REIT"), from December 1992 until his retirement in December of 2002. During Mr. Crocker's tenure, Equity Residential grew from 21,000 apartments with a total market capitalization of $700 million to a $17 billion company with over 225,000 apartments. Mr. Crocker was also a former Managing Director of Prudential Securities, and from 1982 to 1992 served as Chief Executive Officer of McKinley Finance Group, a privately held company involved with real estate, banking and corporate finance. From 1979 to 1982, Mr. Crocker was President of American Invesco, the nation's largest condominium conversion company, and from 1969 to 1979 served as Vice President of Arlen Realty and Development Company. He currently sits on the boards of the real estate investment trust Ventas and Associated Estates Realty Corporation. Mr. Crocker is a member of the National Multi-Housing Council. In addition, Mr. Crocker serves as a director of CYS Investments, Inc. and Milton Academy. Mr. Crocker has been a five-time recipient of Commercial Property News' Multifamily Executive of the Year Award, a three-time winner of their REIT Executive of the Year Award, a three-time winner of Realty Stock Review's Outstanding CEO Award, and received NAREIT's 2010 Edward H. Linde Industry Leadership Award. Mr. Crocker is also a member of the NACD.

Wendy Luscombe
President and CEO of WKL Associates, Inc.

Wendy Luscombe has been a Trustee of the Company since 2004. She is Principal of WKL Consulting, successor to WKL Associates, Inc., a real estate investment manager and consultant founded in 1994. Ms. Luscombe has managed investment portfolios totaling $5 billion over the last 25 years and has represented foreign investors including UK Prudential and British Coal Pension Funds in their United States real estate investment initiatives. For ten years she was Chief Executive Officer of Pan American Properties, Inc., a public REIT sponsored by British Coal Pension Funds. She was also a member of the Board of Governors of NAREIT. Ms. Luscombe has served on various boards of public companies in both the United States and United Kingdom for over 25 years and is an "audit committee financial expert" as that term is defined by the SEC. She served as Executive Committee Member and Audit Committee member for the Zweig Fund and Zweig Total Return Fund, public closed-end mutual funds. She was Co-Lead Director of the Zweig Fund and Zweig Total Return Fund from 2005 to 2013. Additionally, she served as Chairman of the Management Oversight Committee for the Deutsche Bank International Real Estate Opportunities Funds 1A and 1B until 2014. In 2012, she was appointed by the State Comptroller of New York to serve on the Real Estate Advisory Committee for the NYS Common Retirement Fund and retired in 2013. She was formerly a Board Member, Chairman of the Investment Committee and member of the Audit Committee for PXRE Group Ltd., a New York Stock Exchange listed reinsurance company. She resigned from her positions with PXRE Group Ltd. in August 2007, when the company merged with Argonaut Group, but was appointed an outside director of PXRE Reinsurance Company, the United States subsidiary of PXRE Group Ltd. which she resigned from in March 2008. She was also a Board Member for Endeavour Real Estate Securities and Amadeus Real Estate Securities, both private REIT mutual funds. From May 2009 to December 2010, Ms. Luscombe served as a Board Member and Audit Committee member during the workout of Feldman Mall Properties, a private REIT. Ms. Luscombe is also a member of the NACD and served as a member of NACD's teaching faculty, a Fellow of the Royal Institution of Chartered Surveyors and a Member of the Chartered Institute of Arbitrators.

William T. Spitz
Former Vice Chancellor for Investments and Treasurer of Vanderbilt University

William T. Spitz has been a Trustee of the Company since August 2007. Mr. Spitz has served as a Director of Diversified Trust Company, a private wealth management trust company, for 20 years and has served as a Director and Principal since March 2009. Previously, he was Vice Chancellor for Investments and Treasurer of Vanderbilt University, Nashville, Tennessee from 1985 to July 2007. As Vice Chancellor for Investments at Vanderbilt, Mr. Spitz was responsible for managing the University's $3.5 billion endowment. He was also a member of the Senior Management Group of the University, which is responsible for the dayto- day operations of the institution. During his tenure, the Vanderbilt endowment earned returns in the top 10% of a broad universe of endowments for multiple time frames. While at Vanderbilt, Mr. Spitz conducted asset allocation studies and implemented detailed investment objectives and guidelines, developed a comprehensive risk management plan, invested in approximately two hundred limited partnerships in five illiquid assets classes, selected new custodians for both the endowment fund and the University's charitable remainder trusts and implemented a more aggressive approach to working capital management which increased returns by 2% per annum. In addition, Mr. Spitz was also on the faculty of Vanderbilt University as Clinical Professor of Management- Owen Graduate School of Management. He has also held various high-level positions with successful asset management companies and has served on the board of several companies, including Cambium Global Timber Fund, The Common Fund, MassMutual Financial, and the Bradford Fund. He has also served on multiple advisory committees, including Acadia's Opportunity Fund Advisory Boards, on which he served from 2001 to July 2007. Mr. Spitz is a published author and frequent speaker at industry conferences and seminars.

Lynn C. Thurber
Chairman of LaSalle Investment Management

Ms. Thurber is the Chairman of LaSalle Investment Management, a leading real estate investment management firm. In her role as Chairman, Ms. Thurber advises the firm’s senior management team and heads its global committees on sustainability and risk management for its portfolios worldwide. She also chairs the Jones Lang LaSalle committee for the firm’s co-investment activity. Ms. Thurber is also Chairman of the Board of Directors of Jones Lang LaSalle Income Property Trust, a non-listed REIT that owns and manages a diversified portfolio of office, retail, industrial and apartment properties.

Prior to becoming Chairman of LaSalle, Ms. Thurber was the Chief Executive Officer of LaSalle Investment Management from March 2000 to December 2006 and Co-President from December 1994 to March 2000. Prior to the merger of Alex Brown, Kleinwort Benson (ABKB) Realty Advisors with LaSalle Partners in 1994, Ms. Thurber was Chief Executive Officer of ABKB. Before joining ABKB in 1992, she was a Principal at Morgan Stanley & Co. and a Director and Member of the Investment Committee of the Morgan Stanley Real Estate Fund.

Ms. Thurber is a member of the Board of Directors of Duke Realty Corporation (NYSE:DRE). She also currently is a Trustee and past Chairman of the Board of ULI (Urban Land Institute) and a member of The Chicago Network and the Wellesley College Business Leadership Council.

Ms. Thurber earned an MBA from Harvard Business School and an AB from Wellesley College.

C. David Zoba
Senior Real Estate Strategy Advisor of Gap, Inc.
C. David Zoba has been a Trustee of the Company since August 2015. Mr. Zoba is senior real estate strategy advisor of Gap, Inc., where he is focused primarily on the expansion of the Gap, Gap Outlet, and Old Navy brands in China. Previously, from 2009 to 2015, he served as senior vice president of global real estate for Gap, Inc., where he was responsible for developing and executing the company’s real estate strategy for its portfolio of brands. During this time, he was actively involved in the growth of Athleta, a brand that was initially available only online, to 100 stores in four years. Before joining Gap Inc., from July 2006 through December 2008, Mr. Zoba was principal and chief operating officer of Steiner + Associates, a developer of lifestyle and regional town centers. From November 2004 through April 2006, Mr. Zoba served as president and chief operating officer of Premier Properties, a real estate development company. From 2001 through late 2004, he was executive vice president of Galyan’s Trading Company, Inc., a spinoff of The Limited, where he helped create and launch a specialty sporting goods retailer that later became part of Dick’s Sporting Goods. Prior to that, beginning in June 1994, Mr. Zoba held a variety of legal and operational roles at The Limited. Mr. Zoba currently serves on the Board of Trustees and on the Executive Board of the International Council of Shopping Centers and on the Board of Larkin Street Youth Services in San Francisco. He is also chairman of JLL’s Global Retail Leasing Board. Mr. Zoba earned his undergraduate degree from Harvard University and attended the London School of Economics for graduate studies. He has a J.D. from Case Western Reserve University Law School.