ACADIA REALTY TRUST — Director's Dealing 2015

Mar 9, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2015-03-05

Reporting Person: NAPOLITANO JOSEPH (Sr. Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-05	Limited Partnership Units	$35.14	A	13318	Acquired		Common Shares of Beneficial Interest (13318)	Direct

Footnotes

F1: On March 5, 2015 ("Grant Date"), Mr. Napolitano was awarded these restricted limited partnership units in Acadia Realty Limited Partnership ("LTIP Units"). 8,879 of these LTIP Units shall vest subject to the following schedule: equal amounts shall vest on January 6, 2016 (the "First Vesting Date") and on each of the first, second, third and fourth anniversaries thereof, provided that Mr. Napolitano continues to be employed by the Company through the vesting date in question (each a "Vesting Date"). 50% of the remaining 4,439 LTIP Units will vest subject to the same schedule and Mr. Napolitano's continued employment and the other 50% subject to the following schedule: 60% shall vest on January 6, 2018, 20% shall vest on January 6, 2019 and 20% shall vest on January 6, 2020, subject to Mr. Napolitano's continued employment and Acadia Realty Trust (the "Company") achieving certain cumulative benchmarks established by the Company's Board of Trustees.

F2: This number represents the total number of LTIP Units (47,920 vested and 51,529 unvested) now held by Mr. Napolitano.