ACADIA REALTY TRUST — Director's Dealing 2014

Jun 6, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2014-06-04

Reporting Person: KELLAR LORRENCE T (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-06-04	Common Shares of Beneficial Interest - $.001 Par Value	A	2369	$27.4413	Acquired	43622	Direct
2014-06-04	Common Shares of Beneficial Interest - $.001 Par Value	A	3239	$27.4413	Acquired	46861	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 June 4, 2015, one-third shall vest on June 4, 2016 and the remaining third shall vest on June 4, 2017.

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 issuance. 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 7,935 unvested, restricted Shares and 38,926 vested Shares.