X0306 4 2016-02-12 0 0000899629 ACADIA REALTY TRUST AKR 0001218906 BRAUN JOEL L 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 2016-02-12 4 C 0 15512 A 23709 D Common Shares of Beneficial Interest - $.001 Par Value 2016-02-12 4 S 0 21600 32.5444 D 2109 D Limited Partnership Units 2016-02-12 4 C 0 15512 D Operating Partnership Units 15512 100569 D Operating Partnership Units 2016-02-12 4 C 0 15512 A Operating Partnership Units 15512 15512 D Operating Partnership Units 2016-02-12 4 C 0 15512 D Common Shares 15512 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. Braun in 2011, 2012, 2013 and 2014 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. These shares were sold in 52 separate sales transactions at a weighted average sales price of $32.5444. The actual price at which these shares were sold range from $32.23 to $32.92 per share. Mr. Braun 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 Common Shares (all vested) held by Mr. Braun at this time. This number represents the total number of LTIP Units (28,762 vested and 71,807 unvested) held by Mr. Braun following the conversion of 15,512 LTIP Units into an equal number of OP Units, as reported in this Form 4. These numbers take into account the transfer on November 30, 2015 of 96,630 LTIPs to Mr. Braun's ex-wife, pursuant to a domestic relations order. This number represents the total number of OP Units held by Mr. Braun following the conversion of 15,512 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. Braun following the conversion of 15,512 OP Units into an equal number of Common Shares, as reported in this Form 4. Joel Braun 2016-02-16