UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 23, 2007
ACADIA REALTY TRUST
(Exact name of registrant as specified in its charter)
Maryland 1-12002 23-2715194
(State or other (Commission (I.R.S. Employer
jurisdiction of incorporation) File Number) Identification No.)
1311 Mamaroneck Avenue
Suite 260
White Plains, New York 10605
(Address of principal executive offices) (Zip Code)
(914) 288-8100
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[_] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425 )
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 27, 2007, Acadia Realty Trust ("the Company") issued a press release
announcing the election of William T. Spitz to the Company's Board of Trustees.
Mr. Spitz was elected to the Board on August 23, 2007. Mr. Spitz recently
retired from his position as Vice Chancellor for Investments and Treasurer of
Vanderbilt University, a position he held since November 1985.
As a Trustee, Mr. Spitz will receive an annual Trustee fee in the amount of
$30,000, comprised of $15,000 cash and $15,000 of unrestricted Common Shares,
plus a fee of $1,750 for each meeting of the Board of Trustees attended, $1,500
for each committee meeting attended and $750 for each Board of Trustees or
committee meeting attended telephonically. Also, Mr. Spitz will be entitled to
an annual grant of 2,000 Restricted Common Shares which will vest immediately.
In addition, he will be reimbursed for travel and lodging expenses associated
with attending meetings of the Board of Trustees and committee meetings.
A copy of the press release is attached to this report on Form 8-K as Exhibit
99.1 and incorporated herein by reference.
Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits
(a) Financial Statements
Not Applicable
(b) Pro Forma Financial Information
Not Applicable
(c) Shell Company Transactions
Not Applicable
(d) Exhibits
Exhibit Number Description
- -------------- --------------------------------------------------
99.1 Press release of the Company dated August 27, 2007.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ACADIA REALTY TRUST
(Registrant)
Date: August 28, 2007 By: /s/ Michael Nelsen
-------------------------------------
Name: Michael Nelsen
Title: Chief Financial Officer and
Senior Vice President
EXHIBIT 99.1
William T. Spitz Elected to the Board of Trustees of Acadia Realty Trust
NEW YORK--(BUSINESS WIRE)--Aug. 27, 2007--Acadia Realty Trust
(NYSE: AKR - "Acadia" or the "Company"), a real estate investment
trust ("REIT"), today announced that William T. Spitz, former Vice
Chancellor for Investments and Treasurer of Vanderbilt University, has
been elected to the Company's Board of Trustees.
"We are extremely pleased to have Bill join our Board", stated Lee
S. Wielansky, Lead Trustee of Acadia's Board of Trustees. "Bill's
depth of expertise in the investment community and extensive history
with Acadia will certainly complement the diverse strength and
experience of our current Board."
As Vice Chancellor for Investments at Vanderbilt, Mr. Spitz was
responsible for managing the University's $3.3 billion endowment. He
was also a member of the Senior Management Group of the University,
which is responsible for the day-to-day operations of the institution.
Mr. Spitz is also on the faculty of Vanderbilt University as Clinical
Professor of Management-Owen Graduate School of Management.
Throughout his career, Mr. Spitz has held various high-level
positions with successful asset management companies. He has served on
the Board of several companies including the Cambium Global Timber
Fund, The Common Fund, Diversified Trust Company, and the Bradford
Fund. He has also served on multiple advisory committees, including
Acadia's Opportunity Funds Advisory Board, which he has served on
since 2001. In addition, Mr. Spitz is a published author and frequent
speaker at industry conferences and seminars.
Acadia Realty Trust, headquartered in White Plains, NY, is a fully
integrated, self-managed and self-administered equity REIT focused
primarily on the ownership, acquisition, redevelopment and management
of retail properties, including neighborhood and community shopping
centers and mixed-use properties with retail components.
Certain matters in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws and as such may involve known and unknown risks,
uncertainties and other factors which 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. Factors that could cause or
contribute to such differences include, but are not limited to, those
discussed under the headings "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and "Risk Factors" in
the Company's most recent annual report on Form 10-K filed with the
SEC on March 1, 2007 (the "Form 10-K") and other periodic reports
filed with the SEC, including risks related to: (i) the Company's
reliance on revenues derived from major tenants; (ii) the Company's
limited control over joint venture investments; (iii) the Company's
partnership structure; (iv) real estate and the geographic
concentration of our properties; (v) market interest rates; (vi)
leverage; (vii) liability for environmental matters;(viii) the
Company's growth strategy; (ix) the Company's status as a REIT (x)
uninsured losses and (xi) 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.
CONTACT: Media Relations:
Debra Miley, 914-288-8148