ACADIA REALTY TRUST — Director's Dealing 2016

Feb 16, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2016-02-11

Reporting Person: Conlon Christopher (Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-02-11	Common Shares of Beneficial Interest - $.001 Par Value	C	27000	—	Acquired	27000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-02-11	Limited Partnership Units	$	C	27000	Disposed		Operating Partnership Units (27000)	Direct
2016-02-11	Operating Partnership Units	$	C	27000	Acquired		Operating Partnership Units (27000)	Direct
2016-02-11	Operating Partnership Units	$	C	27000	Disposed		Common Shares (27000)	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 2011, 2012 and 2013 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 (22,232 vested and 52,236 unvested) held by Mr. Conlon following the conversion of 27,000 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 27,000 OP Units into an equal number of Common Shares, as reported in this Form 4.