Lee S. Wielansky
About Lee S. Wielansky
Lee S. Wielansky, age 73, has served as a Trustee of Acadia Realty Trust since May 2000 and as Lead Trustee since 2004, with extensive experience in retail real estate development and board governance . He is Chairman and CEO of Midland Development Group, Inc. (since May 2003), previously CEO/President of JDN Development Company (2000–2003), and a former Senior Vice President and Director at Regency Centers; he currently serves on the Board of Brookdale Senior Living (NYSE: BKD) and is a member of the National Association of Corporate Directors . The Board has affirmatively determined Wielansky is independent under NYSE listing standards, and he qualifies as an “audit committee financial expert” under SEC rules based on service on another public company board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Midland Development Group, Inc. | Chairman & CEO | May 2003–present | Led retail property development in Midwest & Southeast; asset management oversight of 100 properties (11M sq ft) |
| JDN Development Company, Inc. | CEO & President | Nov 2000–Mar 2003 | Director of JDN Realty Corp; leadership through merger with Developers Diversified Realty Corp (DDR) in 2003 |
| Midland Development Group, Inc. | Founding Partner & CEO | 1983–1998 | Company sold assets to Regency Centers (NASDAQ: REG) in 1998 |
| Regency Centers | Senior Vice President & Director | Pre-1998 | Executive leadership; board-level experience |
External Roles
| Organization | Role | Status | Committees/Expertise |
|---|---|---|---|
| Brookdale Senior Living (NYSE: BKD) | Director | Current | Governance oversight; audit/comp committee experience (general) |
| National Association of Corporate Directors (NACD) | Member | Current | Governance best practices engagement |
| Various (historical) | Director (four public companies total) | Prior/current mix | Service includes audit and compensation committees; audit committee financial expert qualification based on other board service |
Board Governance
- Independence: The Board determined Wielansky is independent under NYSE standards; AKR’s Audit, Compensation, and Nominating & Corporate Governance Committees are composed entirely of independent trustees .
- Lead Trustee role: Wielansky serves as Lead Trustee; duties include chairing independent trustee discussions, setting Board agendas (final say), facilitating information flow, presiding over executive sessions, and participating in committee meetings as needed .
- Committee assignments: Member of the Investment/Capital Markets Committee (since 2004); the pricing committee for equity offerings comprises the committee chair and the Lead Independent Trustee .
- Executive sessions & attendance: Executive sessions of independent trustees are held at each regularly scheduled Board meeting; in 2024 each incumbent Trustee attended at least 75% of Board and relevant committee meetings; all Trustees attended the 2024 Annual Meeting virtually .
- Board refreshment & governance: Majority independent Board, annual elections, majority voting/resignation policy, no poison pill, clawback, anti-hedging/anti-pledging, and no over-boarding per Corporate Governance Guidelines .
Fixed Compensation
| Component | 2024 | 2025 |
|---|---|---|
| Standard Trustee Retainer – Cash | $75,000 | $80,000 |
| Standard Trustee Retainer – Equity (RSUs/LTIP Units) | $100,000 | $120,000 |
| Lead Trustee Retainer – Cash | $175,000 | $125,000 |
| Lead Trustee Retainer – Equity (RSUs/LTIP Units) | $100,000 | $150,000 |
| Lead Trustee Total Retainer | $275,000 | $275,000 |
| Committee Chair – Audit | $25,000 | $25,000 |
| Committee Chair – Other | $15,000 | $20,000 |
| Wielansky – 2024 Actual Director Compensation | Amount ($) |
|---|---|
| Fees Earned or Paid in Cash | $125,000 |
| Stock Awards (grant-date fair value) | $155,827 |
| All Other Compensation (dividends on RSUs/LTIP Units) | $39,976 |
| Total | $320,803 |
| Notable Election | Elected to receive $50,000 of Lead Trustee cash fee in Restricted LTIP Units (10% discount; 1-year vest) |
| Trustee Equity Vesting | RSUs/LTIP Units vest 33% annually over 3 years; no current dividends on RSUs; dividends on vested/unvested LTIP Units paid per plan |
Performance Compensation
- Directors are not granted performance-based awards; director equity is time-based (three-year vesting at 33% per year) and certain elected cash-to-equity conversions vest over one year; AKR did not grant stock options or option-like instruments in 2024 to directors .
| Performance Component | Metric/Trigger | Director Application |
|---|---|---|
| Performance-based equity | TSR, NOI goals | Not applicable to directors; director grants are time-based |
| Options/SARs | N/A | None granted in 2024 |
Other Directorships & Interlocks
| Company | Sector | Role | Potential Interlock/Conflict |
|---|---|---|---|
| Brookdale Senior Living (BKD) | Senior living/healthcare | Director | No disclosed related-party transactions with AKR; sectors distinct (retail-focused REIT vs senior living operator) |
| Historical public company boards (incl. JDN Realty) | Real estate | Director | No current AKR-related transactions disclosed; related-party transactions reviewed by Audit Committee |
- AKR policy: Audit Committee reviews and approves related-party transactions; no director-specific related-party transactions are disclosed for 2024 beyond fees earned from unconsolidated partnerships noted by the Company (not deemed conflicts) .
Expertise & Qualifications
- 38+ years in real estate development with over 150 shopping centers developed; asset management responsibility over ~100 properties, totaling 11 million sq ft .
- CEO/Founder experience; service on four public company boards; audit and compensation committee service; audit committee financial expert qualification based on other board service .
- REIT/retail real estate expertise; risk management and corporate governance oversight competencies recognized by the Board .
Equity Ownership
| Item | Value |
|---|---|
| Beneficial Ownership – Common Shares | 114,166 shares |
| Shares Outstanding (as of Mar 11, 2025) | 119,772,926 |
| Ownership as % of Shares Outstanding | ~0.095% (114,166 / 119,772,926) |
| Outstanding Unvested Trustee RSUs/LTIP Units (Dec 31, 2024) | 15,702 units |
| Market Value of Unvested Units (at $24.16) | $379,361 |
| Share Ownership Guideline | Non-employee Trustees: 5x total annual cash fees; met (except Ms. Woodhouse) |
| Anti-Hedging/Anti-Pledging Compliance | Prohibited by policy; Trustees in compliance |
Governance Assessment
- Board effectiveness: As Lead Trustee, Wielansky ensures independent oversight, sets Board agendas, and presides over executive sessions, supporting robust governance and information flow; the Board structure includes majority independence, annual elections, and a majority voting/resignation policy, which strengthens accountability .
- Engagement & attendance: 2024 attendance thresholds were met by all Trustees, and executive sessions occur at every regular meeting, indicating active oversight and engagement .
- Alignment & pay mix signals: Lead Trustee total retainer held flat year-over-year ($275k), but cash-to-equity mix shifted toward equity (cash down $50k; equity up $50k), indicating stronger ownership alignment; Wielansky further elected to take $50k cash as LTIP Units, reinforcing skin-in-the-game .
- Conflicts and red flags: No related-party transactions involving Wielansky are disclosed; AKR maintains anti-hedging/anti-pledging policies and a clawback policy, with compliance affirmed and no restatement recoveries required; over-boarding is limited by policy and Wielansky holds one other current public company directorship; no red flags observed (no pledging/hedging, no option repricing, no disclosed legal actions) .
- Shareholder sentiment: Say-on-pay passed with ~93.5% approval in 2024, signaling investor confidence in AKR’s compensation governance framework overseen by the Board .