ACADIA REALTY TRUST — Director's Dealing 2019

May 10, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2019-05-09

Reporting Person: WIELANSKY LEE S (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-09	Limited Partnership Units	$0.00	A	987	Acquired		Common Shares of Beneficial Interest - $.001 Par Value (987)	Direct
2019-05-09	Limited Partnership Units	$0.00	A	3552	Acquired		Common Shares of Beneficial Interest - $.001 Par Value (3552)	Direct

Footnotes

F1: These LTIP Units in Acadia Realty Limited Partnership ("ARLP") represent a portion of the LTIPs that were previously granted to Mr. Wielansky, 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 the Company. There is no expiration date for the conversion of LTIP Units or OP Units.

F2: 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. Wielansky'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 shall vest on May 9, 2020. There is no expiration date for the conversion of LTIP Units.

F3: 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, 2020, one-third shall vest on May 9, 2021 and the remaining third shall vest on May 9, 2022, pursuant to the Trust Compensation Plan. There is no expiration date for the conversion of LTIP Units.