Acadia Realty Trust

Mr. Bernstein is President and Chief Executive Officer of Acadia. Mr. Bernstein is responsible for strategic planning as well as overseeing the day-to-day activities of Acadia including operations, acquisitions and capital markets. Mr. Bernstein served as the Chief Operating Officer of RD Capital, Inc. from 1990 until the creation of Acadia Realty Trust through the merger of RD Capital with Mark Centers Trust in August of 1998. Prior to joining RD capital, Mr. Bernstein was an associate with the New York law firm of Battle Fowler, LLP, from 1986 to 1990. Mr. Bernstein received his Bachelor of Arts Degree from the University of Vermont and his Juris Doctorate from Boston University School of Law. He is an active member of the International Council of Shopping Centers (ICSC), National Association of Real Estate Investment Trusts (NAREIT), Urban Land Institute (ULI), and the Real Estate Roundtable. Mr. Bernstein is also a member of the Young President's Organization (YPO), where he is the chairman of the Real Estate Network. He is a member of the Board of Trustees of BRT Realty (NYSE:BRT).

Ms. Portney joined the legal department of Acadia in August 2005. She focuses on general corporate matters, corporate governance issues and public company filings, as well as acquisitions, dispositions and financings. Prior to joining Acadia, Ms. Portney was an associate at the White Plains, New York law firm of Cuddy & Feder LLP from 2000 through 2005. Prior to entering the field of law, Ms. Portney worked as a licensed audiologist. Ms. Portney received her Bachelor of Science and Master of Science in Education degrees from the State University of New York at Fredonia in 1991 and 1992, respectively, and her J.D. from the Pace University School of Law in 2000. She is a member of the New York State Bar.

Mr. Napolitano is Senior Vice President and Chief Administrative Officer for Acadia Realty Trust. He is accountable for managing the company’s human resources, information technology, corporate performance management and business planning functions. Previously, he held the position of Senior Vice President, Director of Operations. Mr. Napolitano has been with the company since January 1995, and has over twenty years of real estate experience. Mr. Napolitano holds a Bachelor’s in Business Administration from Adelphi University, and is a Human Capital Strategist as certified by the Human Capital Institute, is a Certified Property Manager (CPM) by the Institute of Real Estate Management, and is a Real Property Administrator (RPA) by the Building Owners and Managers Institute International.

Mr. Nelsen oversees all of Acadia's financial activities and asset management functions. 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. Masters has been a Senior Vice President, the General Counsel and Secretary of Acadia since 1998 and was with the company's predecessor, RD Capital Inc. since 1994. Prior to that, Mr. Masters was General Counsel for API Asset Management for over five years, Senior Vice President Deputy General Counsel for European American Bank from 1985 to 1990, and Vice President and Counsel for National Westminster Bank from 1977 to 1985. Mr. Masters received his Bachelor of Arts from the City University of New York and his J.D. from New York University Law School. Mr. Masters is also a member of the New York State Bar.

As Senior Vice President of Acquisitions and Leasing, Mr. Conlon is responsible for investments in retail, mixed-use and urban redevelopment opportunities for the Company, in both existing and new markets. In addition, he is responsible for the design and implementation of leasing strategies for Acadia. Mr. Conlon joined Acadia with over 20 years experience in the retail real estate and development industry. Prior to joining Acadia, Mr. Conlon was a Partner at Ripco Real Estate Corporation, responsible for the leasing and development/redevelopment of neighborhood centers, vertical urban retail centers, and mixed-use properties with retail components.

Mr. Shea is responsible for the total leasing function for Acadia's Core and Fund I properties. Previously, he held leasing positions, both with real estate owners (Consultant at Kimco Realty Corp. and Senior Leasing Manager at Strategic Resources Corp.) and retailers (Senior Vice President, Real Estate at Petrie Retail, Inc., Regional Director of Real Estate at Marshall's Stores and Vice President, Real Estate at Herman's Sporting Goods, Inc.). Mr. Shea holds degrees from Holy Cross College, Fordham University School of Law and Columbia University Graduate School of Business; and is admitted to practice law in the State of New York.

Mr. Regan is responsible for all financial reporting requirements of the Company. Prior to joining Acadia in 2006, Mr. Regan was employed at GE Real Estate as Controller, North America Equity. Over the last twenty years, he has also held increasingly senior financial positions at Trigen Energy Corporation and GTE Corporation. Mr. Regan received his MBA from the University of New Haven and his Bachelor of Science degree in Accounting from Sacred Heart University.

Mr. Regan is responsible for all financial reporting requirements of the Company. Prior to joining Acadia in 2006, Mr. Regan was employed at GE Real Estate as Controller, North America Equity. Over the last twenty years, he has also held increasingly senior financial positions at Trigen Energy Corporation and GTE Corporation. Mr. Regan received his MBA from the University of New Haven and his Bachelor of Science degree in Accounting from Sacred Heart University.

Alan S. Forman has been a trustee of the Company since August 2002. Mr. Forman is a Director of the Yale University Investments Office, with general responsibility for the Yale Endowment's $1.34 billion portfolio of real estate investments. Mr. Forman received his B.A. degree from Dartmouth College in 1987 and an M.B.A. degree from Stern School of Business at New York University in 1990. Later that year, he joined the Yale University Investments Office as a Financial Analyst. In 1993, he was awarded the Chartered Financial Analyst (CFA) designation by the Association for Investment Management and Research (AIMR) after completing the requisite examinations.

Mr. Kellar, 68, was elected a director of Multi-Color in January 1988. Since October 2002, Mr. Kellar has served as Vice President of Continental Properties, Inc., a real estate developer. Mr. Kellar served as Vice President, Real Estate of Kmart Corporation from April 1996 to September 2002. Prior to that time, he served as Group Vice President of The Kroger Co. (a grocery retailer), having joined The Kroger Co. in 1965. His prior positions with The Kroger Co. included Vice President of Corporate Development and Vice President-Treasurer. Mr. Kellar is a trustee of Acadia Realty Trust and a director of Frisch's Restaurants and Spar Group, Inc.

Douglas Crocker II has been a director of Post Properties since May 2004 and Vice Chairman of the Board since August 2008. Mr. Crocker has been the Chairman and Chief Investment Officer of Transwestern Multifamily Partners since 2006. Since 2003, Mr. Crocker has been a partner of DC Partners LLC. From 1993 until 2002, Mr. Crocker served as Trustee, President and Chief Executive Officer of Equity Residential Properties Trust, a real estate investment trust focusing on apartment communities. He served as Vice Chairman of the Board of Trustees of Equity Residential from January 2003 through May 2003. Mr. Crocker also is a director of REIS, Inc., Ventas, Inc. and Acadia Realty Trust. Mr. Crocker is 69 years old.

William T. Spitz, age 56, has been a Trustee of the Company since August 2007. He was Vice Chancellor for Investments and Treasurer of Vanderbilt University, Nashville, Tennessee from 1985 to July 2007. As Vice Chancellor for Investments at Vanderbilt Mr. Spitz was responsible for managing the University's $3.5 billion endowment. He was also a member of the Senior Management Group of the University, which is responsible for the day-to-day operations of the institution. During his tenure, the Vanderbilt endowment earned returns in the top 5% of a broad universe of endowments for multiple time frames. While at Vanderbilt, Mr. Spitz: conducted asset allocation studies and implemented detailed investment objectives and guidelines, developed a comprehensive risk management plan, invested in approximately two hundred limited partnerships in five illiquid assets classes, selected new custodians for both the endowment fund and the University's charitable remainder trusts and implemented a more aggressive approach to working capital management which increased returns by 2% per annum. In addition, Mr. Spitz was also on the faculty of Vanderbilt University as Clinical Professor of Management-Owen Graduate School of Management. He has also held various high-level positions with successful asset management companies and has served on the Board of several companies, including Cambium Global Timber Fund, The Common Fund, Diversified Trust Company and the Bradford Fund. He has also served on multiple advisory committees, including Acadia's Opportunity Funds Advisory Boards, on which he served from 2001 to July 2007. Mr. Spitz is a published author and frequent speaker at industry conferences and seminars.