ACADIA REALTY TRUST — Director's Dealing 2025

Feb 19, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2025-02-14

Reporting Person: Gottfried John J. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-19	Common Shares of Beneficial Interest	C	12000	—	Acquired	19600	Direct
2025-02-19	Common Shares of Beneficial Interest	S	12000	$23.55	Disposed	7600	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-02-14	LTIP Units	$0	A	54370	Acquired		Common Shares of Beneficial Interest (54370)	Direct
2025-02-19	LTIP Units	$0	C	12000	Disposed		Common Shares of Beneficial Interest (12000)	Direct

Footnotes

F1: These shares were sold in several separate sales transactions at a weighted average price of $23.55. The actual price at which these shares were sold range from $23.50 to $23.82 per share. Mr. Gottfried 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: Represents long-term incentive partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP"). The LTIPs are exchangeable on a 1:1 basis for common partnership units of ARLP ("Common 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 Common Units.

F3: On February 14, 2025, Mr. Gottfried was awarded these restricted long-term incentive partnership units ("LTIP Units") in Acadia Realty Limited Partnership (the "Company"). Of the 54,370 LTIP Units granted to Mr. Gottfried, (i) 18,390 will vest in equal amounts on January 6, 2026 and on each of the first, second, third and fourth anniversaries thereof, and (ii) 35,980 will vest in equal amounts on January 6, 2026 and on each of the first and second anniversaries thereof, and will be subject to a post-vesting two-year hold period; in each case, provided that Mr. Gottfried continues to be employed on the vesting date and subject to customary exceptions.

F4: 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 and absolute performance of the Company's same-property income.

F5: These LTIP Units in ARLP represent a portion of the LTIPs that were previously granted to Mr. Gottfried, which vested in accordance with the terms of each grant.