X0202 4 2006-01-06 0 0000899629 ACADIA REALTY TRUST AKR 0001218913 NAPOLITANO JOSEPH C/O ACADIA REALTY TRUST 1311 MAMARONECK AVENUE, SUITE 260 WHITE PLAINS NY 10605 0 1 0 0 Sr. Vice President Common Shares of Beneficial Interest - $.001 Par Value 2006-01-06 4 A 0 18638 20.12 A 41565 D On January 6, 2006 ("Grant date"), Mr. Napolitano was awarded these common shares of beneficial interest ("Restricted Shares"). These Restricted Shares carry some of the rights of unrestricted shares including dividend rights, but may not be transferred, assigned or pledged until Mr. Napolitano has a vested, non-forfeitable right to these shares. Vesting is subject to Mr. Napolitano continued employment with the Company through the applicable vesting dates occurs over the next four years from the Grant Date. In addition, the vesting of certain Restricted Shares is contingent upon the Company's shareholder return on annual earnings exceeding certain thresholds in the year such vesting is scheduled to occur. These thresholds will be tested on an annual and cumulative basis. Includes 32,495 unvested shares and 9,070 vested Restricted Shares of a total of 41,565 Restricted Shares issued to Mr. Napolitano in 2000 through 2006. /s/ Joseph Napolitano 2006-02-13