ACADIA REALTY TRUST — Director's Dealing 2015

Jun 10, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2015-06-09

Reporting Person: KELLAR LORRENCE T (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-06-09	Limited Partnership Units	$31.134	A	3033	Acquired		Common Shares of Beneficial Interest (3033)	Direct
2015-06-09	Limited Partnership Units	$31.134	A	2570	Acquired		Common Shares of Beneficial Interest (2570)	Direct

Footnotes

F1: Trustees have the option to convert all or part of any cash payment due to them under the Trust Compensation Plan to Common Shares at a 10% discount to the preceding 20-day average share price from the date of the Annual Meeting of Shareholders. 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.

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 at a 10% discount to the preceding 20-day average share price from the date of the Annual Meeting of Shareholders. 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 according to the following schedule: one-third shall vest on June 9, 2016, one-third shall vest on June 9, 2017 and the remaining third shall vest on June 9, 2018, pursuant to the Trust Compensation Plan.

F3: This number represents the total number of LTIPs now held by Mr. Kellar.