ACADIA REALTY TRUST — Director's Dealing 2019

May 6, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2019-05-03

Reporting Person: Blacksberg Jason (Sr. VP and General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-05-03	Common Shares of Beneficial Interest - $.001 Par Value	C	2477	$0.00	Acquired	2477	Direct
2019-05-03	Common Shares of Beneficial Interest - $.001 Par Value	S	2477	$28.86	Disposed	0	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-05-03	Limited Partnership Units	$0.00	C	2477	Disposed		Common Shares of Beneficial Interest (2477)	Direct

Footnotes

F1: These shares were sold in 2 separate sales transactions at a weighted average sales price of $28.86. The actual price at which these shares were sold range from $28.85 to $28.88 per share. Mr. Blacksberg 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.

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