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): March 7, 2003
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.)
20 Soundview Marketplace
Port Washington, New York 11050
(Address of principal executive offices) (Zip Code)
(516) 767-8830
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
ITEM 5. Other Events
On March 7, 2003, the Registrant, Acadia Realty Trust, issued a press release
announcing the appointment of Michael Nelsen to the position of Senior Vice
President, Chief Financial Officer, and the promotion of Joseph Povinelli to
Senior Vice President, Director of Leasing. Mr. Nelsen succeeds Perry Kamerman,
who resigned his position of Senior Vice President, Chief Financial Officer
effective March 7, 2003 and is entitled to payments in accordance with his
severance agreement. A copy of the press release is included as an exhibit to
this filing.
ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
99.1 Press release dated March 7, 2003
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: March 7, 2003 By: /s/ Kenneth F. Bernstein
------------------------
Name: Kenneth F. Bernstein
Title: President and Chief Executive Officer
Exhibit 99.1
Acadia Realty Trust Announces Management Changes and Promotions
Business Editors
NEW YORK--(BUSINESS WIRE)--March 7, 2003--Acadia Realty Trust
(NYSE: AKR - "Acadia"), a real estate investment trust and owner and
operator of primarily supermarket-anchored shopping centers, today
announced the appointment of Michael Nelsen to the position of Senior
Vice President, Chief Financial Officer, and the promotion of Joseph
Povinelli to Senior Vice President, Director of Leasing.
Mr. Nelsen was most recently President of G. Soros Realty, Inc.
and Director of Real Estate for Soros Private Funds Management LLC.
His responsibilities included asset/portfolio management of real
estate operations, financial reporting, financings, asset acquisitions
and dispositions. Previously, he was a partner in the public
accounting firm of David Berdon & Co. Mr. Nelsen has been a Certified
Public Accountant since 1971. Mr. Nelsen succeeds Perry Kamerman, who
resigned his position of Senior Vice President, Chief Financial
Officer effective today.
Mr. Povinelli joined Acadia's leasing team in 1999 with 19 years
of retail leasing experience and has been acting Director of Leasing
for the last year. Prior to joining Acadia, Mr. Povinelli had served
as regional real estate representative for Vornado Realty Trust since
1987.
Kenneth Bernstein, President and Chief Executive Officer stated:
"I am excited about Mike joining Acadia's management team as Chief
Financial Officer. I have known and worked with Mike for many years
and look forward to his contributions. His extensive experience and
strong leadership are ideally suited to help lead Acadia as we enter a
period of growth and opportunity. I am equally enthused about Joe's
promotion. Joe has been an integral part of our leasing team since
joining Acadia and has established himself as both a dynamic team
leader and important part of senior management. His proven skill set
and demonstrated leasing performance make him a key contributor to
Acadia's success and his promotion is well deserved. I also wish to
extend my gratitude to Perry Kamerman for his many years of service to
Acadia. His acumen and dedication were greatly appreciated. Perry is
joining a private real estate development company, Lawrence Ruben and
Company, Inc. as Chief Financial Officer. We wish him the best of luck
and success."
Acadia Realty Trust, headquartered on Long Island, NY, is a fully
integrated and self-managed real estate investment trust which
specializes in the acquisition, redevelopment and operation of
shopping centers which are anchored by grocery and value-oriented
retail. Acadia currently owns (or has interests in) and operates 62
properties totaling approximately nine million square feet, located
primarily in the Eastern United States.
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 risk, 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. Such forward-looking statements speak only
as of the date of this document. 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.
For more information visit Acadia Realty Trust's Web site at
www.acadiarealty.com
--30--MW/ny*
CONTACT: Acadia Realty Trust
(Investor Relations)
Jon Grisham, 516/767-8830 ext. 342