ACADIA REALTY TRUST — Director's Dealing 2016

Mar 21, 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: MASTERS ROBERT (Senior Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-03-17	Limited Partnership Units	$33.65	A	16515	Acquired		Common Shares of Beneficial Interest (16515)	Direct

Footnotes

F1: On March 17, 2016, Mr. Masters was awarded these restricted limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership (the "Company"). 11,017 LTIP Units shall vest as follows: equal amounts shall vest on January 6, 2017 and on each of the first, second, third and fourth anniversaries thereof, provided that Mr. Masters continues to be employed on the vesting date in question. 50% of the remaining 5,498 LTIP Units will vest subject to the same schedule and Mr. Masters' continued employment and the other 50% as follows: 60% shall vest on January 6, 2019, subject to Mr. Masters' continued employment and the Company achieving certain cumulative benchmarks established by the Company's Board of Trustees. Provided that the initial 60% vests as described above and further provided that Mr. Masters is continuously employed by the Company, 20% shall vest on January 6, 2020 and 20% shall vest on January 6, 2021.

F2: This number represents the total number of LTIP Units (124,102 vested and 61,485 unvested) now held by Mr. Masters.