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ACADIA REALTY TRUST Director's Dealing 2019

May 23, 2019

31420_dirs_2019-05-23_5285a4e9-e60e-455b-b7e2-44faf131a8d6.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2019-05-22

Reporting Person: Conlon Christopher (Executive Vice President)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2019-05-22 Common Shares of Beneficial Interest - $.001 Par Value C 20000 $0.00 Acquired 30000 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2019-05-22 Limited Partnership Units $ C 20000 Disposed Common Shares of Beneficial Interest - $.001 Par Value (20000) Direct

Footnotes

F1: This number represents the total number of Common Shares held by Mr. Conlon at this time.

F2: These limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP") represent a portion of the LTIPs that were previously granted to Mr. Conlon 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.

F3: This number represents the total number of LTIP Units now held by Mr. Conlon.