ACADIA REALTY TRUST REIT (AKR)
Sector: Real Estate
2026 Annual Meeting Analysis
ACADIA REALTY TRUST REIT · Meeting: May 13, 2026
Directors FOR
8
Directors AGAINST
0
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Eight Trustees
CEO and trustee since 1998; AKR's 3-year price return of 64.4% outperforms the peer group median by +15.6pp, well below the 50pp threshold required to trigger a vote against, and no overboarding, attendance, or independence concerns apply.
Joined October 2022 (under 36 months tenure); the TSR trigger does not apply as the stock has materially outperformed the peer group over 3 years, no overboarding concerns, and he brings strong REIT financial expertise as a former CFO and CPA.
Independent trustee since March 2021 with deep commercial real estate experience; AKR's 3-year return outperforms the peer group median and the ^FNER benchmark, no attendance flags, and he holds relevant board and financial expertise.
Trustee since 2007 with extensive asset management and REIT experience; AKR's strong 3-year TSR of 64.4% versus peer median of 48.8% does not trigger the underperformance threshold, and no overboarding or attendance concerns are present.
Trustee since 2016 with over 40 years of real estate investment management experience; AKR's 3-year outperformance versus both the peer group and ^FNER benchmark clears all policy thresholds, and no independence, overboarding, or attendance issues are identified.
Lead Trustee since 2004 with over 40 years of retail real estate development experience; AKR's 3-year TSR of 64.4% significantly outperforms the peer median and the ^FNER benchmark, and no overboarding or attendance concerns apply.
Trustee since January 2023; while she holds seats on Three public company boards (AKR, Two Harbors, Granite Point, and Monro), this totals four seats which triggers a review, but she joined AKR within the last three years and the stock has strongly outperformed during her tenure, and her extensive financial and risk management expertise is directly relevant.
Trustee since 2015 with deep retail real estate experience from Gap Inc. and other major retailers; AKR's 3-year TSR outperforms both the peer group median and the ^FNER benchmark by wide margins, and no overboarding or attendance concerns are identified.
All eight nominees receive a FOR vote. AKR's 3-year price return of 64.4% outperforms the peer group median of 48.8% by +15.6pp and outperforms the ^FNER (FTSE NAREIT All Equity REITs Index) by +55.0pp — both well below the respective policy thresholds needed to trigger a vote against any director. All directors attended at least 75% of meetings in 2025, no director is overboarded under policy thresholds, all committee assignments reflect proper independence, and the board discloses a comprehensive skills matrix.
Say on Pay
✓ FORCEO
Kenneth F. Bernstein
Total Comp
$6,922,230
Prior Support
93.8%%
The CEO received total compensation of $6,922,230, which is within a reasonable range for the CEO of a $2.7B retail REIT given AKR's strong 3-year TSR of 64.4% that significantly outperforms both the peer group median and the ^FNER benchmark. The pay structure is heavily weighted toward variable, long-term equity compensation — less than 15% of the CEO's pay was delivered in cash, with the remainder in equity awards that require 5-7 years before they can be fully sold, including meaningful performance conditions tied to relative TSR and same-property net operating income growth. Prior-year shareholder support was 93.8%, the company maintains a formal clawback policy, anti-hedging and anti-pledging rules, and share ownership requirements of 10x base salary plus bonus for the CEO, all of which reflect sound pay governance.
Auditor Ratification
✓ FORAuditor
Deloitte & Touche LLP
Tenure
N/A
Audit Fees
N/A
Non-Audit Fees
N/A
Deloitte & Touche LLP is a Big 4 firm and appropriate for a $2.7B market cap REIT; the proxy filing does not disclose auditor fee data or tenure years in the provided text, so neither the non-audit fee ratio trigger nor the tenure trigger can be confirmed as firing — per policy, the tenure trigger requires confirmed data to apply, so the default FOR vote stands.
Overall Assessment
The 2026 Acadia Realty Trust annual meeting presents a clean ballot with no contested items: all eight trustee nominees earn a FOR vote driven by AKR's strong 3-year total shareholder return of 64.4%, which outperforms the peer group median by +15.6pp and outperforms the ^FNER (FTSE NAREIT All Equity REITs Index) by +55.0pp, well short of the thresholds needed to trigger any vote against. The Say on Pay vote also earns a FOR, supported by a compensation structure that is heavily performance-based and long-term in nature, with 93.8% shareholder approval in the prior year; auditor ratification of Deloitte & Touche LLP is recommended FOR as a Big 4 firm appropriate to AKR's size, though fee disclosure was not available in the provided filing text.
Compensation Peer Group
12 companies disclosed in 2026 proxy filing