ACADIA REALTY TRUST — Director's Dealing 2013

May 17, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2013-05-15

Reporting Person: KELLAR LORRENCE T (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2013-05-15	Common Shares of Beneficial Interest - $.001 Par Value	A	2288	$28.41	Acquired	48124	Direct
2013-05-15	Common Shares of Beneficial Interest - $.001 Par Value	A	3129	$28.41	Acquired	51253	Direct

Footnotes

F1: This grant was awarded in connection with the payment of annual Trustee fees. These Shares shall vest according to the following schedule: one-third shall vest on May 15, 2014, one-third shall vest on May 15, 2015 and the remaining third shall vest on May 15, 2016.

F2: Trustees have the option to convert all or part of any cash payment due to them under the Trust Compensation Plan to Common Shares with a vesting period of one year at a 10% discount to the preceding 20-day average share price from the date of the Annual Meeting of Shareholders. No dividends are paid on Restricted Shares until they vest. These shares reflect the portion of Mr. Kellar's cash compensation that he elected to receive in shares and represent the number of shares he was entitled to receive after giving effect to the 10% discount. These Shares shall vest one year from the date of issuance, pursuant to the Trust Compensation Plan.

F3: This number represents 43,317 vested Shares and 7,936 restricted, unvested Shares.