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: THURBER LYNN C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-10	Common Shars of Beneficial Interest - $.001 Par Value	A	2392	$27.17	Acquired	7620	Direct
2017-05-10	Common Shars of Beneficial Interest - $.001 Par Value	A	2650	$30.19	Acquired	10270	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 Common Shares 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 shares reflect the portion of Ms. Thurber's cash compensation that she elected to receive in shares and represent the number of shares she was entitled to receive after giving effect to the 10% discount. These shares shall vest on May 9, 2018.

F2: This grant was awarded in connection with the payment of annual Trustee fees. These shares 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 Common Shares (3,397 vested and 6,873 unvested) now held by Ms. Thurber.