RYE, N.Y.--(BUSINESS WIRE)--Nov. 10, 2015--
Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) announced
today that Jon Grisham, the Company’s Senior Vice President and Chief
Financial Officer, plans to retire next year in calendar 2016 to launch
the next phase of his life.
After a successful career spanning 36 years, including service in the
United States Navy, public accounting and the last 22 years at Acadia,
Mr. Grisham’s early announcement of his retirement plan provides Acadia
with an extended time period to ensure an orderly transition. As part of
this planned transition, Mr. Grisham will remain as CFO and play an
integral part in the search process, which will include both internal
and external candidates, until the appointment of his successor, and
thereafter will assist the Company with the transition and other matters.
“Jon is one of the original 'pioneers' of Acadia Realty Trust having
been with the Company since its inception. He has played an integral
role over Acadia’s first twenty years. He has been instrumental in
shaping our long-term financial strategy and helping us deliver
significant value for our shareholders. I have valued his thoughtful
guidance, perspective and wisdom. We are fortunate that Jon has built a
strong, deep accounting and finance team, and I am confident in the
team’s ability to continue its excellent work during this transition
period. We wish Jon and his wife Jo all the best in the next phase of
their lives,” said Kenneth F. Bernstein, President and Chief Executive
Officer of Acadia Realty Trust.
Mr. Grisham commented, “While I am looking forward to enjoying more time
and new adventures with my wife and sons, I am also grateful to have had
the opportunity to be a part of the growth of a truly extraordinary
company. I am proud of the shareholder value that we have created, the
strategic acquisitions we have made, and the sound financial footing of
the firm. We have accomplished all this as a team, and I have a deep
appreciation for my colleagues, our tenants, our Board and our
shareholders. I believe Acadia is well positioned for continued success,
and the timing is right for me to start the next chapter of life. To be
clear – This is not about me leaving to do something else with a
competitor or working anywhere for that matter. If I entertained any
thought of continuing to work, it would only be at this remarkable
organization with Ken and my team. I will remain a loyal shareholder and
participate in what I know will prove to be a very bright future for the
Company. In the interim, I look forward to supporting a seamless
transition next year and then turning my focus toward my family and
other life goals.”
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
visit www.acadiarealty.com.
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 20, 2015 (“Form
10-K”) and other periodic reports filed with the SEC, including risks
related to: (i) the current global financial environment and its effect
on retail tenants; (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 and (xii) 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
www.acadiarealty.com. 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 source version on businesswire.com: http://www.businesswire.com/news/home/20151110006946/en/
Source: Acadia Realty Trust
Acadia Realty Trust
Jon Grisham, 914-288-8100