The former CEO of Equity Residential has joined the board of shopping center REIT Acadia Realty Trust. Douglas Crocker II and Lorrance Kellar, the former head of Kroger Co. Finance and Real Estate, have both been named independent trustees for Acadia.
Crocker has more than forty years of industry experience, and also sits on the boards of Ventas and Prime Realty Group. Under Crocker, Equity Residential grew its portfolio from 21,000 apartments with a total market cap of $700 million into a $16 billion company with more than 225,000 apartment units. Last summer, Crocker stepped down as CEO of the giant apartment REIT. Kellar spent 31 years at the Kroger Co., the nation’s second largest supermarket company.
"I am very pleased that Acadia has been able to attract two such highly respected and qualified industry leaders. Their backgrounds and experience in real estate will bring additional perspective to our strategic planning," says Acadia president and CEO Kenneth Bernstein.