Rye, NY-based Acadia Realty Trust recently revealed that Joel Braun retired from his role as executive vice president and chief investment officer of the company. Braun has been with the company since its inception in 1998 and has played a significant role in its profitable growth and development.
Braun has already successfully transitioned his responsibilities to several individuals within the company, according to a prepared statement. Braun and the company also anticipate entering into a consulting arrangement to assist with acquisition and development matters, as may be requested by the Company from time to time.
In connection with Braun’s retirement, the company anticipates recognizing an aggregate charge of approximately $2.0 million (approximately $0.03 per share) to net income and funds from operations during the fourth quarter 2018, the majority of which relates to the acceleration of vesting of certain previously-granted equity-based compensation awards. However, all previously unvested performance-based awards will remain subject to their vesting requirements. According to a prepared release, this charge was not incorporated into the company’s previously-provided earnings guidance for the year ending December 31, 2018.
“All of us at Acadia would like to thank Joel for his many years of dedicated service and leadership,” commented Kenneth F. Bernstein, President and CEO of the Company. “Two decades ago, when Joel joined Acadia, the Company had a market capitalization of approximately $150 million and a portfolio of shopping centers located in predominately secondary and tertiary markets. Over the years, my trusted collaborator and friend Joel has been integral to our Company’s transformation into a differentiated, dual-platform company that is well positioned to succeed in today’s rapidly-changing retail real estate environment. In addition to his many contributions on the investments front, Joel has built a talented and energized investment team. Looking ahead, I have full confidence that we will continue to successfully execute on our strategy and create long-term value for all of Acadia’s stakeholders.”