Form 4: Acadia Realty Trust Director Lee S. Wielansky Reports Acquisition of LTIP Units

Director Lee S. Wielansky reports the acquisition of LTIP units in Acadia Realty Trust as part of trustee fee compensation.

Summary

• On May 2, 2024, Lee S. Wielansky, a director of Acadia Realty Trust, acquired 3,256 and 5,862 Long-Term Incentive Partnership Units (LTIP Units) in Acadia Realty Limited Partnership (ARLP).
• These LTIP Units were awarded in connection with the payment of annual Trustee fees.
• Mr. Wielansky elected to receive a portion of his cash compensation in LTIP Units, which were granted at a 10% discount to the preceding 20-day average share price from the date of issuance.
• The 3,256 LTIP Units will vest on May 9, 2025.
• The 5,862 LTIP Units will vest in three equal installments on May 9, 2025, May 9, 2026, and May 9, 2027.
• LTIP Units are exchangeable on a 1:1 basis for common partnership units of ARLP, which in turn are exchangeable on a 1:1 basis for common shares of beneficial interest of Acadia Realty Trust.
• Following the transactions, Mr. Wielansky directly owns 53,396 and 59,258 LTIP Units.

Sentiment

Score: 7

Explanation: The document reflects a standard compensation practice, indicating stability and alignment of interests. The sentiment is neutral to positive as it shows director commitment.

Positives

• The acquisition of LTIP units demonstrates the director's continued investment and alignment with the long-term performance of Acadia Realty Trust.
• The vesting schedule of the LTIP units incentivizes long-term commitment from the director.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedule of the LTIP units.

Industry Context

The use of LTIP units is a common practice in the real estate industry to align the interests of directors and management with those of shareholders, incentivizing long-term value creation.

Comparison to Industry Standards

• Many REITs use LTIPs as part of their compensation structure for executives and board members.
• The vesting schedules are typical, often spanning multiple years to encourage long-term commitment.
• The 10% discount on the LTIP units is a common incentive to encourage directors to take compensation in equity.

Stakeholder Impact

• The acquisition of LTIP units aligns the director's interests with those of shareholders, potentially leading to decisions that benefit long-term shareholder value.
• The vesting schedule encourages the director's continued service and commitment to the company.

Key Dates