ACADIA REALTY TRUST — Director's Dealing 2015

Feb 23, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2015-02-20

Reporting Person: NAPOLITANO JOSEPH (Sr. Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-02-20	Common Shares of Beneficial Interest - $.001 Par Value	C	3914	—	Acquired	4032	Direct
2015-02-20	Common Shares of Beneficial Interest - $.001 Par Value	S	3914	$35.15	Disposed	118	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-02-20	Limited Partnership Units	$	C	3914	Disposed		Operating Partnership Units (3914)	Direct
2015-02-20	Operating Partnership Units	$	C	3914	Acquired		Operating Partnership Units (3914)	Direct
2015-02-20	Operating Partnership Units	$	C	3914	Disposed		Common Shares (3914)	Direct

Footnotes

F1: These limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP") represent a portion of the LTIPs that were granted to Mr. Napolitano in January, 2008, and March, 2009 which vested in accordance with the terms of each grant. The LTIPs are exchangeable on a 1:1 basis for common operating partnership units of ARLP ("OP Units") which, in turn, are exchangeable on a 1:1 basis for common shares of beneficial interest of Acadia Realty Trust. There is no expiration date for the conversion of LTIP Units or OP Units.

F2: These shares were sold in 25 separate sales transactions at a weighted average sales price of $35.15. The actual price at which these shares were sold range from $35.06 to $35.27 per share. Mr. Napolitano 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.

F3: This number represents the total number of Common Shares (all vested) held by Mr. Napolitano at this time.

F4: This number represents the total number of LTIP Units (47,920 vested and 38,211 unvested) held by Mr. Napolitano following the conversion of 3,914 LTIP Units into an equal number of OP Units, as reported in this Form 4.

F5: This number represents the total number of OP Units held by Mr. Napolitano following the conversion of 3,914 LTIP Units into an equal number of OP Units, as reported in this Form 4.

F6: This number represents the total number of OP Units held by Mr. Napolitano following the conversion of 3,914 OP Units into an equal number of Common Shares, as reported in this Form 4.