Lynn C. Thurber
About Lynn C. Thurber
Independent Trustee of Acadia Realty Trust (AKR) since March 2016; age 78. Former Chairman (2007–2017) and CEO (2000–2006) of LaSalle Investment Management; prior CEO of ABKB Realty Advisors; earlier principal at Morgan Stanley. Education: MBA, Harvard Business School; A.B., Wellesley College. Recognized as an SEC-defined “audit committee financial expert.”
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| LaSalle Investment Management | Chairman | 2007–2017 | Led global real estate investment manager; >$55B AUM (historical) |
| LaSalle Investment Management | CEO | 2000–2006 | Oversaw investment platforms and capital markets |
| LaSalle Investment Management | Co-President | 1994–2000 | Post ABKB–LaSalle merger leadership |
| ABKB Realty Advisors | CEO | Pre-1994 | Led firm through merger with LaSalle Partners |
| Morgan Stanley & Co. | Principal | Pre-1992 | Capital markets and real estate experience |
External Roles
| Organization | Role | Tenure | Notes/Committees |
|---|---|---|---|
| JLL Income Property Trust (SEC-registered, non-traded REIT) | Chairman of the Board (part-time employee of LaSalle IM) | 2018–present | LaSalle IM subsidiary of JLL Inc. |
| Duke Realty (public REIT; acquired by Prologis) | Director | 2008–2022 | Board service ended upon acquisition closing |
| Urban Land Institute (ULI) | Trustee; past Global Chairman | Various | Past Chair of Randall Lewis Center advisory board |
| Wellesley College Business Leadership Council | Member | Current | Industry engagement |
| Bitterroot Land Trust | Board member | Current | Non-profit governance |
Board Governance
- Independence: Board determined Thurber independent under NYSE standards; all Audit, Compensation, and Nominating & Corporate Governance Committee members are independent.
- Committees:
- Audit Committee member (since 2016); designated “audit committee financial expert.”
- Investment/Capital Markets Committee Chair (since 2024).
- Attendance: In 2024, each incumbent Trustee attended at least 75% of Board and applicable committee meetings; all Trustees virtually attended the 2024 Annual Meeting.
- Board leadership: Independent Lead Trustee is Lee S. Wielansky; executive sessions held with each regularly scheduled Board meeting.
- Audit Committee report: Reviewed 2024 audited financials; recommended inclusion in 10-K; affirmed auditor independence.
Fixed Compensation
| Component | 2024 | 2025 |
|---|---|---|
| Annual cash fee (Standard Trustee) | $75,000 | $80,000 |
| Annual equity fee (RSUs or Restricted LTIP Units) | $100,000 | $120,000 |
| Committee chair fee – Investment/Capital Markets (Other Committee Chair) | $15,000 | $20,000 |
- Election into equity: Thurber elected to receive the cash component of her Annual Retainer ($75,000) and Chairperson fee ($15,000) in Restricted Share Units issued at a 10% discount; one-year vest.
- Standard trustee equity grants vest over three years, 33% annually from grant date; no current dividends on RSUs (paid upon vest).
Performance Compensation
- No stock options, SARs, or option-like instruments were granted by the Company in 2024; director compensation is retainer-based with time-vested equity (no performance-vesting metrics disclosed for Trustees).
Outstanding Equity Awards (Thurber) at December 31, 2024
| Metric | 5/5/2022 | 5/4/2023 | 5/2/2024 (Annual Equity) | 5/2/2024 (Cash-to-RSUs) |
|---|---|---|---|---|
| Unvested RSUs (#) | 1,579 | 5,005 | 5,862 | 5,862 |
| Market value ($) | $38,149 | $120,921 | $141,626 | $141,626 |
| Vesting terms | 3-year, 33%/yr | 3-year, 33%/yr | 3-year, 33%/yr | 1-year (10% discount issue) |
- 2024 trustee grant sizing: Each Trustee received 5,862 RSUs or Restricted LTIP Units in 2024; grant-date per-share fair value $17.09; 3-year vesting.
Other Directorships & Interlocks
| Company | Public/Private | Role | Potential Interlock |
|---|---|---|---|
| JLL Income Property Trust | SEC-registered non-traded REIT | Chairman | No AKR-disclosed transactions; Board affirmed independence after reviewing relationships. |
| Duke Realty | Public (until 2022) | Director | Historical; no current interlock. |
- The Board explicitly reviewed transactions/relationships for independence determinations; no related-party conflicts disclosed for Thurber.
Expertise & Qualifications
- Extensive real estate investment and capital markets experience (>40 years), including CEO/Chair roles in investment management companies and retail/mixed-use property oversight.
- Audit committee financial expert qualification (SEC-defined).
- Service on audit, finance, nominating, and compensation committees at real estate company boards.
Equity Ownership
| Metric | Value |
|---|---|
| Shares beneficially owned (Mar 11, 2025) | 70,514 |
| Common shares outstanding (Mar 11, 2025) | 119,772,926 |
| Ownership % of outstanding | ~0.06% (70,514 / 119,772,926) |
| Shares pledged as collateral | Prohibited by policy; all Trustees in compliance as of proxy date. |
| Ownership guidelines (Non-Employee Trustees) | Required ≥5x total annual cash fees; met (except Woodhouse, joined 2023). |
Governance Assessment
- Strengths: Independent director with deep REIT/investment management background; Audit Committee financial expert; chairs Investment/Capital Markets Committee, signaling capital allocation oversight; compliance with robust ownership and anti-hedging/pledging policies supports alignment.
- Engagement: Meets attendance thresholds; participates in regular executive sessions and committee work; active Audit Committee role including auditor independence oversight.
- Compensation alignment: Mix of cash and time-vested equity with optional cash conversion into RSUs at discount suggests increased equity exposure; no option grants or performance-vesting metrics disclosed for Trustees (common in REITs), reducing pay complexity.
- Potential conflicts: External role with JLL Income Property Trust and LaSalle IM noted; Board reviewed relationships and affirmed independence; no related-party transactions disclosed involving Thurber. Monitor for any future transactions with JLL/LaSalle.
- RED FLAGS: None disclosed—no pledging, no option repricing, no related-party transactions, and independence affirmed.