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<SEC-DOCUMENT>0001157523-10-003989.txt : 20100712
<SEC-HEADER>0001157523-10-003989.hdr.sgml : 20100712
<ACCEPTANCE-DATETIME>20100712170837
ACCESSION NUMBER:		0001157523-10-003989
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100712
ITEM INFORMATION:		Regulation FD Disclosure
FILED AS OF DATE:		20100712
DATE AS OF CHANGE:		20100712

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACADIA REALTY TRUST
		CENTRAL INDEX KEY:			0000899629
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232715194
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12002
		FILM NUMBER:		10948668

	BUSINESS ADDRESS:	
		STREET 1:		1311 MAMARONECK AVENUE
		STREET 2:		SUITE 260
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10605
		BUSINESS PHONE:		914-288-8100

	MAIL ADDRESS:	
		STREET 1:		1311 MAMARONECK AVENUE
		STREET 2:		SUITE 260
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARK CENTERS TRUST
		DATE OF NAME CHANGE:	19930329
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6356703.htm
<DESCRIPTION>ACADIA REALTY TRUST 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2010 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-family: Times New Roman; font-size: 10pt">
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><br><font style="font-family: Times New Roman; font-size: 13pt">WASHINGTON,
      D.C. 20549</font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>
      </b></font><b><font style="font-family: Times New Roman; font-size: 10pt">Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of Earliest Event Reported): July 12, 2010</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-family: Times New Roman; font-size: 10pt"></font><br><font style="font-family: Times New Roman; font-size: 18pt"><b>ACADIA
      REALTY TRUST</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br>
    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Maryland</b></u>
          </p>
        </td>
        <td style="width: 34%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>1-12002</b></u>
          </p>
        </td>
        <td style="width: 33%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>23-2715194</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            incorporation)
          </p>
        </td>
        <td style="width: 34%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
          </p>
        </td>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1311 Mamaroneck Avenue</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Suite 260</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>White Plains, New York 10605</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices) (Zip Code)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>(914) 288-8100</b><br>(<font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code)</font><br><br><b>N/A</b><br><font style="font-family: Times New Roman; font-size: 10pt">(Former
      name or former address, if changed since last report)</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Item 7.01 Regulation FD Disclosure</b>
    </p>
    <p>
      Prior to June 30, 2010, Acadia Realty Trust (the &#8220;Company&#8221;), through
      Acadia-P/A/T Albee LLC (&#8220;Acadia P/A/T&#8221;), and an unaffiliated joint
      venture partner, California Urban Investment Partners, LLC (&#8220;CUIP&#8221;)
      owned a leasehold interest in CityPoint, a mixed-use, redevelopment
      project located in downtown Brooklyn, New York. Acadia P/A/T is a
      subsidiary of Acadia Strategic Opportunity Fund II, LLC, which is a
      consolidated subsidiary of the Company in which the Company has a 20%
      equity interest. Acadia P/A/T owned a 75% interest in the retail
      component, a 50% interest in the office component and no interest in the
      residential component of CityPoint. CUIP owned the remaining interests
      in the retail and office components and 100% of the residential
      component of the project.&#160;&#160;Accordingly, Acadia P/A/T&#8217;s interest
      represented 24.75% of the overall original acquisition cost and
      subsequent carry and pre-development costs.
    </p>
    <p>
      On June 30, 2010, Acadia P/A/T acquired all of CUIP&#8217;s interests in
      CityPoint for $9.2 million (the &#8220;Transaction&#8221;), consisting of a current
      payment of $2.0 million and deferred payments, potentially through 2020,
      aggregating $7.2 million, as well as the assumption of CUIP&#8217;s share of
      the first mortgage debt representing $19.6 million.
    </p>
    <p>
      As a result of the Transaction, which in accordance with generally
      accepted accounting principals (&#8220;GAAP&#8221;) is considered a business
      combination achieved in stages, Acadia P/A/T is required to report its
      entire investment in CityPoint at fair market value. Based on a June 30,
      2010 appraised value of $108 million and Acadia P/A/T&#8217;s aggregate cost
      basis, including its basis before the Transaction of $45.4 million,
      Acadia P/A/T will be reporting a non-cash gain of approximately $33.8
      million for the three months ended June 30, 2010. The Company&#8217;s share of
      this gain, net of the non-controlling interests&#8217; share, amounts to $6.3
      million.
    </p>
    <p>
      Based solely on the Transaction, the Company has updated its guidance
      range for diluted earnings per share and diluted funds from operations
      (&#8220;FFO&#8221;) per share to be $0.15 higher over the guidance range previously
      issued in its press release, dated April 27, 2010, included as Exhibit
      99.1 to the Company&#8217;s Current Report on Form 8-K furnished to the
      Securities and Exchange Commission on April 29, 2010.
    </p>
    <p>
      The Company considers FFO as defined by the National Association of Real
      Estate Investment Trusts (&#8220;NAREIT&#8221;) to be an appropriate supplemental
      disclosure of operating performance for an equity real estate investment
      trust (&#8220;REIT&#8221;) due to its widespread acceptance and use within the REIT
      and analyst communities. FFO is presented to assist investors in
      analyzing the performance of the Company. It is helpful as it excludes
      various items included in net income that are not indicative of the
      operating performance, such as gains (losses)&#160;from sales of depreciated
      property and depreciation and amortization expenses. However, the
      Company&#8217;s method of calculating FFO may be different from methods used
      by other REITs and, accordingly, may not be comparable to such other
      REIT&#8217;s. FFO does not represent cash generated from operations as defined
      by GAAP and is not indicative of cash available to fund all cash needs,
      including distributions. It should not be considered as an alternative
      to net income for the purpose of evaluating the Company&#8217;s performance or
      to cash flows as a measure of liquidity. Consistent with the NAREIT
      definition, the Company defines FFO as net income (computed in
      accordance with GAAP), excluding gains (losses)&#160;from sales of
      depreciated property, plus depreciation and amortization, and after
      adjustments for unconsolidated partnerships and joint ventures.
    </p>
    <p>
      The following is a reconciliation of the calculation of the Company&#8217;s
      revised guidance range for 2010 of diluted earnings per share and
      diluted FFO per share:
    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 75%; padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>Revised Guidance Range for 2010</u>
          </p>
        </td>
        <td style="width: 1%; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 15.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          Low
        </td>
        <td style="width: 1%; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-left: 15.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          High
        </td>
      </tr>
      <tr>
        <td style="width: 1%">

        </td>
        <td style="width: 75%; padding-left: 0.0px; text-align: left" valign="bottom">
          Diluted earnings per share
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 2%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="width: 9%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          0.61
        </td>
        <td style="width: 1%">
          &#160;
        </td>
        <td style="width: 2%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          $
        </td>
        <td style="width: 9%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          0.66
        </td>
      </tr>
      <tr>
        <td style="width: 1%">

        </td>
        <td style="width: 75%; padding-left: 0.0px; text-align: left" valign="bottom">
          Depreciation of real estate and amortization of leasing costs:
        </td>
        <td style="width: 1%">

        </td>
        <td colspan="2">

        </td>
        <td style="width: 1%">

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="width: 1%">

        </td>
        <td style="width: 75%; padding-left: 15.0px; text-align: left" valign="bottom">
          Wholly owned and consolidated partnerships
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 9%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          0.44
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 9%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          0.44
        </td>
      </tr>
      <tr>
        <td style="width: 1%">

        </td>
        <td style="width: 75%; padding-left: 15.0px; text-align: left" valign="bottom">
          Unconsolidated partnerships
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 9%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          0.04
        </td>
        <td style="width: 1%">

        </td>
        <td style="width: 2%">

        </td>
        <td style="width: 9%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; text-align: left" valign="bottom">
          0.04
        </td>
      </tr>
      <tr>
        <td style="width: 1%">

        </td>
        <td style="width: 75%; padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="bottom">
          Noncontrolling interest in Operating Partnership
        </td>
        <td style="width: 1%; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="width: 2%; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="width: 9%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          0.01
        </td>
        <td style="width: 1%; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="width: 2%; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="width: 9%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          0.01
        </td>
      </tr>
      <tr>
        <td style="width: 1%">

        </td>
        <td style="width: 75%; padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="bottom">
          Diluted FFO per share
        </td>
        <td style="width: 1%; border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="width: 2%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          $
        </td>
        <td style="width: 9%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          1.10
        </td>
        <td style="width: 1%; border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="width: 2%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          $
        </td>
        <td style="width: 9%; padding-right: 0.0px; white-space: nowrap; padding-left: 0.0px; border-bottom: double black 2.25pt; text-align: left" valign="bottom">
          1.15
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; text-indent: 0pt; width: 100%; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      The information in this item shall not be deemed &#8220;filed&#8221; for purposes of
      Section 18 of the Securities Exchange Act of 1934, or otherwise subject
      to the liabilities of Section 18, nor shall it be deemed incorporated by
      reference into any disclosure document relating to the Company, except
      to the extent, if any, expressly set forth by specific reference in such
      filing.
    </p>
    <p style="text-align: center">
      <br>
      *******
    </p>
    <p>
      Certain matters in this item may constitute forward-looking statements
      within the meaning of federal securities law and as such may involve
      known and unknown risk, uncertainties and other factors that may cause
      the actual results, performances or achievements of the Company to be
      materially different from any future results, performances or
      achievements expressed or implied by such forward-looking statements.
      These forward-looking statements include statements regarding the
      Company&#8217;s future financial results and its ability to capitalize on
      potential opportunities arising from the current economic
      turmoil.&#160;&#160;Factors that could cause the Company&#8217;s forward-looking
      statements to differ from its future results include, but are not
      limited to, those discussed under the headings &#8220;Risk Factors&#8221; and
      &quot;Management's Discussion and Analysis of Financial Condition and Results
      of Operations&quot; in the Company&#8217;s most recent annual report on Form 10-K
      filed with the SEC on March 1, 2010 (&#8220;Form 10-K&#8221;) and other periodic
      reports filed with the SEC, including risks related to:&#160;&#160;(i) the current
      global financial condition and its effect on retail tenants; (ii) the
      Company&#8217;s reliance on revenues derived from major tenants; (iii) the
      Company&#8217;s limited control over joint venture investments; (iv) the
      Company&#8217;s partnership structure; (v) real estate and the geographic
      concentration of the Company&#8217;s properties; (vi) market interest rates;
      (vii) leverage; (viii) liability for environmental matters; (ix) the
      Company&#8217;s growth strategy; (x) the Company&#8217;s status as a REIT; (xi)
      uninsured losses and (xii) the loss of key executives. Copies of the
      Form 10-K and the other periodic reports the Company files with the SEC
      are available on the Company&#8217;s website at www.acadiarealty.com.&#160;&#160;&#160;Any
      forward-looking statements in this item speak only as of the date
      hereof. The Company expressly disclaims any obligation or undertaking to
      release publicly any updates or revisions to any forward-looking
      statements contained herein to reflect any change in the Company's
      expectations with regard thereto or change in events, conditions or
      circumstances on which any such statement is based.
    </p>
    <p style="text-align: center">
      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 3%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 58%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>ACADIA REALTY TRUST</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 3%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 58%; padding-left: 0.0px; text-align: right" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 34%">

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        <td style="width: 3%">

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          &#160;
        </td>
      </tr>
      <tr>
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          Date:
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          <p style="margin-bottom: 0px; margin-top: 0px">
            July 12, 2010
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        </td>
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          By:
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        <td style="width: 58%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ Michael Nelsen</u>
          </p>
        </td>
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        <td style="width: 5%">

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        <td style="width: 34%">

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          <p style="margin-bottom: 0px; margin-top: 0px">
            Name: Michael Nelsen
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 34%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 58%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Title: Senior Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
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