ACADIA REALTY TRUST — Director's Dealing 2016

Jul 5, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2016-06-30

Reporting Person: Gottfried John J. (Senior Vice President/CFO)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-06-30	Limited Partnership Units	$34.11	A	29317	Acquired		Operating Units (29317)	Direct

Footnotes

F1: On June 30, 2016, Mr. Gottfried was awarded limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership, which will vest according to the following schedule: one third shall vest on January 6, 2017, one third shall vest on the first anniversary thereof and the remaining third on the second anniversary thereof. The LTIPs are exchangeable on a 1:1 basis for common operating partnership units of Acadia Realty Operating Partnership ("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: This number represents the total number of LTIPs currently held by Mr. Gottfried.