ACADIA REALTY TRUST — Director's Dealing 2014

Apr 2, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2014-03-31

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

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-03-31	Limited Partnership Units	$26.27	A	114199	Acquired		Common Shares of Beneficial Interest (114199)	Direct

Footnotes

F1: On March 31, 2014 ("Grant Date"), Mr. Bernstein was awarded these restricted limited partnership units in Acadia Realty Limited Partnership ("LTIP Units"). These LTIP Units shall vest subject to the following schedule: equal amounts shall vest on January 6, 2015 (the "First Vesting Date") and on each of the first, second, third and fourth anniversaries thereof, provided that Mr. Bernstein continues to be employed by the Company through the vesting date in question (each a "Vesting Date").

F2: This number represents 225,661 vested LTIPs and 600,674 unvested, restricted LTIPs.