JOSEPH NAPOLITANO - 10 Mar 2025 Form 4 Insider Report for ACADIA REALTY TRUST (AKR)

Role: Sr. VP
Signature: /s/ Joseph Napolitano
Issuer symbol: AKR
Transactions as of: 10 Mar 2025
Net transactions value: -$1,042,635
Form type: 4
Filing time: 11 Mar 2025, 16:27:05 UTC
Previous filing: 19 Feb 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AKR	Common Shares of Beneficial Interest	Conversion of derivative security	$0	+46,567	+39464%	$0.000000	46,685	10 Mar 2025	Direct
transaction	AKR	Common Shares of Beneficial Interest	Sale	$1,042,635	-46,567	-100%	$22.39	118	10 Mar 2025	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AKR	LTIP Units	Conversion of derivative security	$0	-46,567	-20%	$0.000000	183,980	10 Mar 2025	Common Shares of Beneficial Interest	46,567	$0.000000	Direct	F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These shares were sold in several separate sales transactions at a weighted average price of $22.39. The actual price at which these shares were sold range from $22.22 to $22.53 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.
F2	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.
F3	These LTIP Units in ARLP represent a portion of the LTIPs that were previously granted to Mr. Napolitano, which vested in accordance with the terms of each grant.