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: CROCKER DOUGLAS II (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-05-10	Common Shares of Beneficial Interest - $.001 Par Value	A	2567	$27.17	Acquired	39126	Direct
2017-05-10	Common Shares of Beneficial Interest - $.001 Par Value	A	2650	$30.19	Acquired	41776	Direct
2017-05-10	Limited Partnership Units	A	285	—	Acquired	4407	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 Mr. Crocker's cash compensation that he elected to receive in shares and represent the number of shares he was entitled to receive after giving effect to the 10% discount. These shares represent the stock equivalent for Trustee fees credited to Mr. Crocker's deferred account pursuant to the Issuer's Deferred Compensation Plan. These deferred shares shall vest on May 9, 2018.

F2: This grant was awarded in connection with the payment of annual Trustee fees. These shares represent the stock equivalent for Trustee fees credited to Mr. Crocker's deferred account pursuant to the Issuer's Deferred Compensation Plan. The deferred 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, 2019.

F3: This number represents the total number of Common Shares (32,881 vested and 8,895 unvested) held by Mr. Crocker at this time, including 8,879 which have been deferred.

F4: 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. Crocker's cash compensation that he elected to receive in LTIP Units and represent the number of LTIP Units he was entitled to receive after giving effect to the 10% discount. These LTIP Units represent the stock equivalent for Trustee fees credited to Mr. Crocker's deferred account pursuant to the Issuer's Deferred Compensation Plan. These deferred LTIP Units shall vest on May 9, 2018.

F5: This number represents the total number of LTIP Units (3,730 vested and 677 unvested) held by Mr. Crocker at this time, including 1,506 which have been deferred.