ACADIA REALTY TRUST — Director's Dealing 2013

Feb 25, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2013-02-22

Reporting Person: BERNSTEIN KENNETH F (Director, President and CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-02-22	Limited Partnership Units	$26.59	A	112825	Acquired		Common Shares of Beneficial Interest (112825)	Direct

Footnotes

F1: On February 22, 2013, Mr. Bernstein was awarded these restricted limited partnership units in Acadia Realty Limited Partnership ("LTIP Units"). Of these 112,825 LTIP Units, 75,217 shall vest subject to the following schedule: equal amounts shall vest on January 6, 2014, and on each of the first, second, third and fourth anniversaries thereof, provided that Mr. Bernstein continues to be employed by Acadia Realty Trust (the "Company") through the vesting date in question. Of the remaining 37,608 LTIP Units, 50% shall vest subject to the same schedule and to Mr. Bernstein's continued employment by the Company, and 50% shall vest subject to the same schedule, Mr. Bernstein's continued employment by the Company and 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 (vested and unvested) held by Mr. Bernstein.