ACADIA REALTY TRUST — Director's Dealing 2019

Feb 15, 2019

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2019-02-14

Reporting Person: NAPOLITANO JOSEPH (Sr. VP)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2019-02-15	Common Shares of Beneficial Interest - $.001 Par Value	C	13000	$0.00	Acquired	13118	Direct
2019-02-15	Common Shares of Beneficial Interest - $.001 Par Value	S	13000	$29.50	Disposed	118	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2019-02-14	Limited Partnership Units	$0.00	A	18052	Acquired		Common Shares of Beneficial Interest (18052)	Direct
2019-02-15	Limited Partnership Units	$0.00	C	13000	Disposed		Common Shares of Beneficial Interest (13000)	Direct

Footnotes

F1: On February 14, 2019, Mr. Napolitano was awarded these restricted limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership (the "Company"). 18,052 LTIP Units shall vest as follows: equal amounts shall vest on January 6, 2020 and on each of the first, second, third and fourth anniversaries thereof, provided that Mr. Napolitano continues to be employed on the vesting date in question. This figure excludes LTIP Units granted under the Company's outperformance plan, the vesting of which is subject to conditions, other than the passage of time and continued employment, which are not tied solely to the marked price of an equity security of the Company. The vesting conditions for the Company's outperformance plan relate to the Company's shareholder return relative to the total shareholder return of a basket of peer group companies.

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