ACADIA REALTY TRUST — Director's Dealing 2014

May 9, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2014-05-08

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-05-08	Common Shares of Beneficial Interest - $.001 Par Value	M	19866	$16.35	Acquired	490327	Direct
2014-05-08	Common Shares of Beneficial Interest - $.001 Par Value	S	100000	$27.34	Disposed	390327	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-05-08	Options to Purchase Common Shares	$16.35	M	19866	Disposed	2015-01-02	Common Shares (19866)	Direct

Footnotes

F1: On May 8, 2014, Mr. Bernstein exercised 19,866 Options to purchase Common Shares of Beneficial Interest.

F2: These Shares were sold to satisfy Mr. Bernstein's tax and exercise price obligations.

F3: These shares were sold in 23 separate sales transactions at a weighted average sales price of $27.34. The actual price at which these shares were sold range from $27.30 to $27.50 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.

F4: This number represents the total number Shares (all vested, unrestricted) now held by Mr. Bernstein.

F5: This number represents the total number of Options now held by Mr. Bernstein.