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.
Media Relations:
Debra Miley, 914-288-8148
bourse
