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: 2016-03-17

Reporting Person: THURBER LYNN C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-03-17	Common Shares of Beneficial Interest - $.001 Par Value	A	396	$33.65	Acquired	396	Direct
2016-03-17	Common Shares of Beneficial Interest - $.001 Par Value	A	358	$30.28	Acquired	754	Direct
2016-05-09	Common Shares of Beneficial Interest - $.001 Par Value	A	2351	$34.02	Acquired	3105	Direct
2016-05-09	Common Shars of Beneficial Interest - $.001 Par Value	A	2123	$30.62	Acquired	5228	Direct

Footnotes

F1: This grant was awarded in connection with the payment of annual Trustee fees. These shares reflect the portion of Ms. Thurber's cash compensation that he elected to receive in shares and they shall vest according to the following schedule: one-third shall vest on June 9, 2016, one-third shall vest on June 9, 2017 and the remaining third shall vest on June 9, 2018, pursuant to the Trust Compensation Plan.

F2: 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 Ms. Thurber'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 June 9, 2016. No dividends are paid on Restricted Shares until they vest.

F3: This grant was awarded in connection with the payment of annual Trustee fees. These 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.

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 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 Ms. Thurber'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.

F5: This number represents the total number of Shares now held by Ms. Thurber (all unvested Shares).