ACADIA REALTY TRUST — Director's Dealing 2014

Aug 13, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2014-08-12

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-08-12	Common Shares of Beneficial Interest - $.001 Par Value	C	25000	—	Acquired	415327	Direct
2014-08-12	Common Shares of Beneficial Interest - $.001 Par Value	S	51300	$28.41	Disposed	364027	Direct
2014-08-13	Common Shares of Beneficial Interest - $.001 Par Value	C	25000	—	Acquired	389027	Direct
2014-08-13	Common Shares of Beneficial Interest - $.001 Par Value	S	48700	$28.39	Disposed	340327	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-08-12	Limited Partnership Units	$	C	25000	Disposed		Operating Partnership Units (25000)	Direct
2014-08-12	Operating Partnership Units	$	C	25000	Acquired		Common Shares (25000)	Direct
2014-08-12	Operating Partnership Units	$	C	25000	Disposed		Common Shares (25000)	Direct
2014-08-13	Limited Partnership Units	$	C	25000	Disposed		Operating Partnership Units (25000)	Direct
2014-08-13	Operating Partnership Units	$	C	25000	Acquired		Common Shares (25000)	Direct
2014-08-13	Operating Partnership Units	$	C	25000	Disposed		Common Shares (25000)	Direct

Footnotes

F1: These limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP") represent a portion of the LTIPs that were granted to Mr. Bernstein which vested in accordance with the terms of each grant. The LTIPs are exchangeable on a 1:1 basis for common operating partnership units of ARLP ("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.

F2: These shares were sold in 16 separate sales transactions at a weighted average sales price of $28.41. The actual price at which these shares were sold range from $28.32 to $28.50 per share. Mr. Bernstein 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.

F3: These shares were sold in 11 separate sales transactions at a weighted average sales price of $28.39. The actual price at which these shares were sold range from $28.36 to $28.42 per share. Mr. Bernstein 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.

F4: This number represents the total number of vested, common shares held by Mr. Bernstein.

F5: This number represents the total number of LTIPs held by Mr. Bernstein after the conversion of LTIPs to OP Units.

F6: This number represents the total number of OP Units held by Mr. Bernstein after the conversion of LTIPs to OP Units.

F7: This number represents the number of OP Units held by Mr. Bernstein after the converstion of OP Units to common shares.