X0304 4 2012-02-13 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 2012-02-13 4 C 0 11016 A 11134 D Common Shares of Beneficial Interest - $.001 Par Value 2012-02-13 4 S 0 11016 21.90 D 118 D Limited Partnership Units 2012-02-13 4 C 0 11016 D Operating Partnership Units 11016 54980 D Operating Partnership Units 2012-02-13 4 C 0 11016 A Common Shares 11016 11016 D Operating Partnership Units 2012-02-13 4 C 0 11016 D Common Shares 11016 0 D Limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP") were granted to Mr. Napolitano on March 5, 2009 and vested in accordance with the terms of the grant. The LTIP Units 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 Acadia Realty Trust. There is no expiration date for the conversion of LTIP Units or OP Units. These shares were sold in 14 separate sales transactions at a weighted average sales price of $21.90. The actual price at which these shares were sold range from $21.89 to $22.00 per share. Mr. Napolitano 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. This number represents the total number of shares held (all vested). This number represents the total number of LTIP Units (15,776 vested and 39,204 unvested) held by Mr. Napolitano following the conversion of 11,016 LTIP Units into an equal number of OP Units as reported in this Form 4. This number represents the total number of OP Units held by Mr. Napolitano following the conversion of 11,016 LTIP Units into an equal number of OP Units as reported in this Form 4. This number represents the total number of OP Units held by Mr. Napolitan following the conversion of 11,016 OP Units into an equal number of Common Shares as reported in this Form 4. Joseph Napolitano 2012-02-14