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Acadia Realty Trust (AKR)
2013 Annual Meeting of Shareholders Conference Call
May 15, 2013 1:00 PM ET
Kenneth Bernstein - President and Chief Executive Officer
Jonathan Grisham - Senior Vice President and Chief Financial Officer
Previous Statements by AKR
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At this time, I call the meeting to order. As a preliminary matter, a virtual meeting is one that takes place via an electronic format, and audio feeds from this meeting is being webcast as we speak. This webcast incorporates shareholder validation capabilities, which means that any shareholder can vote in real time during the meeting, until the polls are closed. And any shareholder may submit question, while the meeting is in progress.
We believe that holding a virtual annual meeting will expand shareholders aspects. Our shareholders in any part of the country can attend this meeting and non-shareholders can listen to this webcast over the internet. I hope you entered this meeting by using your 12 digit control number. If you did not, you will be unable to vote your shares or submit questions during this meeting. The polls to vote online are now open.
If you've already given your proxy to management, you need not vote again, because the person's designated as proxies will vote for you. However, you may revoke your proxy by loading virtually at this meeting. If you so desire after the meeting has been adjourned, I will answer questions submitted on the website in the field provided for shareholders. We may not have enough time to answer all questions submitted by shareholders during the meeting, so if you would like a direct response after this meeting please provide your contact information along with your questions.
Jon Grisham, Chief Financial Officer of the company will act as an inspector of our elections. He had taken the customary oath of office, which will be filed with the permanent records of this meeting. Will the inspector please identify yourself, so that shareholders who are participating will know who you are?
Good afternoon, everyone I am Jon Grisham.
I'd like to take this opportunity to introduce some of the officers and trustees who are present at this meeting. Lee Wielansky, Lead Trustee; Douglas Crocker, Trustee; Lorrence Kellar, Trustee; Wendy Luscombe, Trustee; William Spitz, Trustee; Joel Braun, Executive Vice President and Chief Investment Officer; Chris Conlon, Executive Vice President and Chief Operating Officer; Jon Grisham, Senior Vice President and Chief Financial Officer; Mike Nelsen, Senior Vice President and Accounting and Financial Principal; Robert Masters, Senior Vice President, Secretary and General Counsel; Joseph Napolitano, Senior Vice President and Chief Administrative Officer; Richard Hartmann, Senior Vice President and Chief Accounting Officer; Dawn Portney, Vice President, Assistant Secretary and Associate General Counsel; David Craine, Director of Financial Reporting.
Also present is Mark Schonberger, from the law firm of Goodwin Procter, which firm advises the company on corporate and securities matters. Robert Masters will act as Secretary of this meeting. Will the secretary please report the number of shares outstanding and entitled to vote at this meeting.
The close of business on March 20, 2013, is the record date for determining shareholders entitled to vote at this meeting. The certified list of shareholders entitled to vote at the meeting is available at the offices of the company and maybe inspected by any shareholder. As of the record date 54,045,253 of the company's common shares were outstanding, each share being entitled to one vote on all matters properly brought before this meeting.
Also available for inspection by the shareholders in the office of the company are copies of the notice of meeting and proxy statement, proxy annual report to shareholders and an affidavit of mailing, certifying to the timely mailing on or about April 5, 2013, of the proxy materials to all shareholders of record as of the record date. Copies of the notice of meeting and proxy statement, the proxy and the annual report are also posted on the virtual meeting site.
The secretary is directed to file the list of shareholders with the records of the company and to file the notice of meeting and proxy statement, proxy annual reports and affidavit of mailing with the minutes of the meeting. Under the company's bylaws the presence in person or by proxy of shareholders entitled to cast a majority of all votes entitled to be cast at this meeting constitutes a quorum.
A preliminary tally by the inspector indicate that a quorum is present. The presence of a quorum will be confirmed by the inspector, when he completes the tally of the proxies and ballots. This meeting has been called to consider and vote upon the following matters each of which is described in detail in the proxy statement.
First, to consider and vote on a proposal to elect six trustees to the company's Board of Trustees to serve until their respective terms expire and their successors are duly elected and qualified. Second, to consider and vote on a proposal to ratify the appointment of appointment of BBO USA, LLP as the independent auditors of the company for it's fiscal year ending December 31, 2013.
Third, the approval on an advisory basis of the compensation of named executive officers as disclosed in the company's 2013 proxy statement in accordance with compensation rules of the Securities and Exchange Commission. And fourth, to consider and vote on such other business as it may properly come before the annual meeting.