ACADIA REALTY TRUST — Director's Dealing 2026

Feb 20, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2026-02-18

Reporting Person: BERNSTEIN KENNETH F (N/A)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-18	LTIP Units	$0	A	223146	Acquired		Common Shares of Beneficial Interests (223146)	Direct

Footnotes

F1: 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.

F2: On February 18, 2026, Mr. Bernstein was awarded these restricted long-term incentive partnership units ("LTIP Units") in Acadia Realty Limited Partnership (the "Company"). 223,146 LTIP Units shall vest as follows: equal amounts shall vest on January 6, 2027 and on each of the first, second, third and fourth anniversaries thereof, provided that Mr. Bernstein continues to be employed on the vesting date in question and will be subject to a post-vesting two-year hold period. 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.