ACADIA REALTY TRUST — Director's Dealing 2011

Feb 15, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2011-02-11

Reporting Person: NAPOLITANO JOSEPH (Sr. Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-11	Common Shares of Beneficial Interest - $.001 Par Value	S	2919	$18.80	Disposed	119	Direct
2011-02-11	Common Shares of Beneficial Interest - $.001 Par Value	C	6685	—	Acquired	6804	Direct
2011-02-11	Common Shares of Beneficial Interest - $.001 Par Value	S	6685	$18.80	Disposed	119	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-11	Limited Partnership Units	$	C	6685	Disposed		Operating Partnership Units (6685)	Direct
2011-02-11	Operating Partnership Units	$	C	6685	Acquired		Common Shares (6685)	Direct
2011-02-11	Operating Partnership Units	$	C	6685	Disposed		Common Shares (6685)	Direct

Footnotes

F1: These shares were sold in 54 separate sales transactions at a weighted average sales price of $18.80. The actual price at which these shares were sold range from $18.77 to $18.85 per share. Mr. Napolitano will provide, upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full, detailed information regarding the number of shares sold at each separate price.

F2: This number represents the total number of shares held (all vested).

F3: These limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP") were granted to Mr. Napolitano on March 5, 2009 and vested as of January 6, 2010 in accordance with the terms of the grant. The LTIPs are exchangeable on a 1:1 basis for common operating partnership units of Acadia Realty Operating Partnership ("OP Units") which, in turn, are exchangeable on a 1:1 basis for common shares of beneficial interest of Acadia Realty Trust. There is no expiration date for the conversion of LTIP Units or OP Units.

F4: This number represents the total number of LTIP Units (11,941 vested and 37,800 unvested) held by Mr. Napolitano following the conversion of 6,685 LTIP Units into an equal number of OP Units reported in this Form 4.

F5: This number represents the total number of OP Units held by Mr. Napolitano following the conversion of 6,685 LTIP Units into an equal number of OP Units reported in this Form 4.

F6: This number represents the total number of OP Units held by Mr. Napolitano following the conversion of 6,685 OP Units into an equal number of Common Shares reported in this Form 4.