ACADIA REALTY TRUST — Director's Dealing 2017

May 12, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2017-05-10

Reporting Person: ZOBA C DAVID (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-10	Limited Partnership Units	A	2392	—	Acquired	10481	Direct
2017-05-10	Limited Partnership Units	A	2650	—	Acquired	13131	Direct

Footnotes

F1: This grant was awarded in connection with the payment of annual Trustee fees. Trustees have the option to convert all or part of any cash payment due to them under the Trust Compensation Plan to restricted limited partnership units in Acadia Realty Limited Partnership (LTIP Units) with a vesting period of one year at a 10% discount to the preceding 20-day average share price from the date of issuance. These LTIP Units reflect the portion of Mr. Zoba's cash compensation that he elected to receive in LTIP Units and represent the number he was entitled to receive after giving effect to the 10% discount. These LTIP Units shall vest on May 9, 2018.

F2: This grant was awarded in connection with the payment of annual Trustee fees. These LTIP Units shall vest according to the following schedule: one-third shall vest on May 9, 2018, one-third shall vest on May 9, 2019 and the remaining third shall vest on May 9, 2020, pursuant to the Trust Compensation Plan.

F3: This number represents the total number of LTIP Units (5,255 vested and 7,876 unvested) now held by Mr. Zoba.