Dworman's decision to relinquish his role as chairman came the same day AcadiaRealty announced that its Board of Trustees had adopted a host of best practicecorporate governance initiatives, including the naming of Midland DevelopmentGroup chairman and CEO Lee S. Wielansky as lead trustee. Wielansky, a formerpresident and CEO of JDN Development Co., and a current director of AllegiantBancorp Inc., will serve as a liaison between the independent trustees of AcadiaRealty Trust and management.

In announcing his decision to relinquish his position as chairman, Dworman said,"It is with both sadness and joy that I step down as chairman of Acadia RealtyTrust. While I am sad to be taking a less active role in the company, into whichI put substantial resources and energy since the days of RD Capital, I amexcited to fully transition the leadership roles to Ken Bernstein, Lee Wielanskyand the Board of Trustees. I continue to believe in the future success of Acadiaunder the current management team and board, and I am happy to continue to serveas a trustee."

Dworman was CEO of the firm from 1998 through 2000. Kenneth Bernstein is thecurrent president and CEO of Acadia Realty Trust, whichrecently relocated its corporate headquarters from Long Island to White Plains.