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: LUSCOMBE WENDY W (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-09	Common Shares of Beneficial Interest - Equivalent	$	I	2351	Acquired		Common Shares of Beneficial Interest (2351)	Direct

Footnotes

F1: This grant was awarded in connection with the payment of annual Trustee fees. These shares represent the stock equivalent for Trustee fees credited to Ms. Luscombe's deferred account pursuant to the Issuer's Deferred Compensation Plan. The deferred 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.

F2: This number represents the total number of deferred shares held by Ms. Luscombe (19,434 vested deferred shares and 7,263 unvested deferred shares). This number includes 2,706 deferred dividends that were not previously reported.