ACADIA REALTY TRUST — Director's Dealing 2011

Mar 7, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2011-03-03

Reporting Person: NAPOLITANO JOSEPH (Sr. Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-03-03	Limited Partnership Units	$19.05	A	16255	Acquired		Common Shares of Beneficial Interest (16255)	Direct

Footnotes

F1: On March 3, 2011 ("Grant Date"), Mr. Napolitano was awarded these restricted limited partnership units in Acadia Realty Limited Partnership ("LTIP Units"). 10,848 of these LTIP Units shall vest subject to the following schedule: equal amounts shall vest on January 6, 2012 (the "First Vesting Date") and on each of the first, second, third and fourth anniversaries thereof, provided that Mr. Napolitano continues to be employed by the Company through the vesting date in question (each a "Vesting Date"). 50% of the remaining 5,407 LTIP Units will vest subject to the same schedule and Mr. Napolitano's continued employment and the other 50% subject to the same schedule, Mr. Napolitano's continued employment and Acadia Realty Trust (the "Company") achieving certain annual and cumulative benchmarks established by the Company's Board of Trustees.

F2: This number represents the total number of LTIP Units now held by Mr. Napolitano, of which 11,941 are vested and 54,055 are unvested.