ACADIA REALTY TRUST — Director's Dealing 2016

May 11, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2016-05-09

Reporting Person: CROCKER DOUGLAS II (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-09	Common Shares of Beneficial Interest - $.001 Par Value	A	1898	$30.62	Acquired	36313	Direct
2016-05-09	Common Shares of Beneficial Interest - $.001 Par Value	A	1764	$34.02	Acquired	38077	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-09	Limited Partnership Units	$30.62	A	633	Acquired		Common Shares of Beneficial Interest (633)	Direct
2016-05-09	Limited Partnership Units	$34.02	A	588	Acquired		Common Shares of Beneficial Interest (588)	Direct

Footnotes

F1: This grant was awarded in connection with the payment of annual Trustee fees. Trustees have the option to convert all or part of any cash payment due to them under the Trust Compensation Plan to Common Shares with a vesting period of one year at a 10% discount to the preceding 20-day average share price from the date of issuance. These shares reflect the portion of Mr. Crocker'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 on May 9, 2017. No dividends are paid on Restricted Shares until they vest.

F2: This grant was awarded in connection with the payment of annual Trustee fees. These shares shall vest according to the following schedule: one-third shall vest on May 9, 2017, one-third shall vest on May 9, 2018 and the remaining third shall vest on May 9, 2019, pursuant to the Trust Compensation Plan. No dividends are paid on Restricted Shares until they vest.

F3: This number represents the total number of Shares now held by Mr. Crocker (28,120 vested Shares and 9,957 unvested, restricted Shares).

F4: This grant was awarded in connection with the payment of annual Trustee fees. Trustees have the option to convert all or part of any cash payment due to them under the Trust Compensation Plan to restricted limited partnership units in Acadia Realty Limited Partnership (LTIP Units) with a vesting period of one year at a 10% discount to the preceding 20-day average share price from the date of issuance. These LTIP Units reflect the portion of Mr. Crocker's cash compensation that he elected to receive in LTIP Units and represent the number he was entitled to receive after giving effect to the 10% discount. These LTIP Units shall vest on May 9, 2017.

F5: This grant was awarded in connection with the payment of annual Trustee fees. These LTIP Units shall vest according to the following schedule: one-third shall vest on May 9, 2017, one-third shall vest on May 9, 2018 and the remaining third shall vest on May 9, 2019, pursuant to the Trust Compensation Plan.

F6: This number represents the total number of LTIP Units now held by Mr. Crocker (1,518 vested LTIP Units and 2,604 unvested LTIP Units).