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: BERNSTEIN KENNETH F (Director, President and CEO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-03-05	Limited Partnership Units	$35.14	A	105862	Acquired		Common Shares of Beneficial Interest (105862)	Direct

Footnotes

F1: On March 5, 2015 ("Grant Date"), Mr. Bernstein was awarded these restricted limited partnership units in Acadia Realty Limited Partnership ("LTIP Units"). 70,575 of these LTIP Units shall vest subject to the following schedule: equal amounts shall vest on March 5, 2016 (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"). 50% of the remaining 35,287 LTIP Units will vest subject to the same schedule and Mr. Bernstein's continued employment and the other 50% subject to the same schedule, Mr. Bernstein'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 (333,962 vested and 548,235 unvested) now held by Mr. Bernstein.