ACADIA REALTY TRUST — Director's Dealing 2018

Mar 6, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2018-03-05

Reporting Person: NAPOLITANO JOSEPH (Sr. Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-03-05	Common Shares of Beneficial Interest - $.001 Par Value	C	14626	—	Acquired	14744	Direct
2018-03-05	Common Shares of Beneficial Interest - $.001 Par Value	S	14626	$25.26	Disposed	118	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-03-05	Limited Partnership Units	$	C	14626	Disposed		Common Shares of Beneficial Interest - $.001 Par Value (14626.0)	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 which vested in accordance with the terms of each grant, and were previously reported as Table 1 Securities due to a ministerial error. The LTIPs were exchanged on a 1:1 basis for common operating partnership units of ARLP ("OP Units") which, in turn, were exchanged on a 1:1 basis for common shares of beneficial interest of Acadia Realty Trust ("Common Shares"). There is no expiration date for the conversion of LTIP Units or OP Units.

F2: These shares were sold in 9 separate sales transactions at a weighted average price of $25.26. The actual price at which these shares were sold range from $25.25 to $25.35 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.