ACADIA REALTY TRUST — Director's Dealing 2016

Feb 17, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2016-02-16

Reporting Person: NAPOLITANO JOSEPH (Sr. Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-02-16	Common Shares of Beneficial Interest - $.001 Par Value	C	5941	—	Acquired	6059	Direct
2016-02-16	Common Shares of Beneficial Interest - $.001 Par Value	S	5941	$33.0069	Disposed	118	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-16	Limited Partnership Units	$	C	5941	Disposed		Operating Partnership Units (5941)	Direct
2016-02-16	Operating Partnership Units	$	C	5941	Acquired		Operating Partnership Units (5941)	Direct
2016-02-16	Operating Partnership Units	$	C	5941	Disposed		Common Shares (5941)	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. Napolitano in 2009 and 2010 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: These shares were sold in 32 separate sales transactions at a weighted average sales price of $33.0069. The actual price at which these shares were sold range from $32.91 to $33.20 per share. Mr. Napolitano 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.

F3: This number represents the total number of Common Shares (all vested) held by Mr. Napolitano at this time.

F4: This number represents the total number of LTIP Units (59,507 vested and 34,001 unvested) held by Mr. Napolitano following the conversion of 5,941 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. Napolitano following the conversion of 5,941 LTIP Units into an equal number of OP Units, as reported in this Form 4.

F6: This number represents the total number of OP Units held by Mr. Napolitano following the conversion of 5,941 OP Units into an equal number of Common Shares, as reported in this Form 4.