X0306 4 2016-02-11 0 0000899629 ACADIA REALTY TRUST AKR 0001514903 Conlon Christopher C/O ACADIA REALTY TRUST 411 THEODORE FREMD AVENUE, SUITE 300 RYE NY 10580 0 1 0 0 Executive Vice President Common Shares of Beneficial Interest - $.001 Par Value 2016-02-11 4 C 0 27000 A 27000 D Limited Partnership Units 2016-02-11 4 C 0 27000 D Operating Partnership Units 27000 74468 D Operating Partnership Units 2016-02-11 4 C 0 27000 A Operating Partnership Units 27000 27000 D Operating Partnership Units 2016-02-11 4 C 0 27000 D Common Shares 27000 0 D These limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP") represent a portion of the LTIPs that were granted to Mr. Conlon in 2011, 2012 and 2013 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 Acadia Realty Trust. There is no expiration date for the conversion of LTIP Units or OP Units. This number represents the total number of Common Shares (all vested) held by Mr. Conlon at this time. This number represents the total number of LTIP Units (22,232 vested and 52,236 unvested) held by Mr. Conlon following the conversion of 27,000 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. Conlon following the conversion of 27,000 OP Units into an equal number of Common Shares, as reported in this Form 4. Christopher Conlon 2016-02-16