ACADIA REALTY TRUST — Director's Dealing 2016

May 9, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: Conlon Christopher (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-05	Common Shares of Beneficial Interest - $.001 Par Value	C	15000	—	Acquired	15000	Direct
2016-05-06	Common Shares of Beneficial Interest - $.001 Par Value	S	15000	$35.43	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-05-05	Limited Partnership Units	$	C	15000	Disposed		Operating Partnership Units (15000)	Direct
2016-05-05	Operating Partnership Units	$	C	15000	Acquired		Operating Partnership Units (15000)	Direct
2016-05-05	Operating Partnership Units	$	C	15000	Disposed		Common Shares (15000)	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. Conlon in 2013 and 2014 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: This number represents the total number of Common Shares (all vested) held by Mr. Conlon at this time.

F3: This number represents the total number of LTIP Units (6,491 vested and 77,200 unvested) held by Mr. Conlon following the conversion of 15,000 LTIP Units into an equal number of OP Units, as reported in this Form 4.

F4: This number represents the total number of OP Units held by Mr. Conlon following the conversion of 15,000 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. Conlon following the conversion of 15,000 OP Units into an equal number of Common Shares, as reported in this Form 4.

F6: These shares were sold in 33 separate sales transactions at a weighted average sales price of $35.43. The actual price at which these shares were sold range from $35.34 to $35.50 per share. Mr. Conlon 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.