Sec Form 4 Filing - NAPOLITANO JOSEPH @ ACADIA REALTY TRUST - 2014-02-18

Insider filing report for Changes in Beneficial Ownership
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
What is insider trading>>
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: November 30, 2011
Estimated average burden hours per response... 0.5
1. Name and Address of Reporting Person
NAPOLITANO JOSEPH
2. Issuer Name and Ticker or Trading Symbol
ACADIA REALTY TRUST [ AKR]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
X __ Officer (give title below) _____ Other (specify below)
Sr. Vice President
(Last) (First) (Middle)
C/O ACADIA REALTY TRUST, 1311 MAMARONECK AVENUE, SUITE 260
3. Date of Earliest Transaction (MM/DD/YY)
02/18/2014
(Street)
WHITE PLAINS, NY10605
4. If Amendment, Date Original Filed (MM/DD/YY)
6. Individual or Joint/Group Filing (Check Applicable Line)
__ X __ Form filed by One Reporting Person
_____ Form filed by More than One Reporting Person
(City) (State) (Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares of Beneficial Interest - $.001 Par Value 02/18/2014 C 12,000 ( 1 ) A 12,118 D
Common Shares of Beneficial Interest - $.001 Par Value 02/19/2014 S 12,000 D $ 26.32 ( 2 ) 118 ( 3 ) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(MM/DD/YY)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Limited Partnership Units ( 1 ) 02/18/2014 C 12,000 ( 1 ) ( 1 ) Operating Partnership Units 12,000 ( 1 ) 73,690 ( 4 ) D
Operating Partnership Units ( 1 ) 02/18/2014 C 12,000 ( 1 ) ( 1 ) Operating Partnership Units 12,000 ( 1 ) 12,000 ( 5 ) D
Operating Partnership Units ( 1 ) 02/18/2014 C 12,000 ( 1 ) ( 1 ) Common Shares 12,000 ( 1 ) 0 ( 6 ) D
Reporting Owners
Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
NAPOLITANO JOSEPH
C/O ACADIA REALTY TRUST
1311 MAMARONECK AVENUE, SUITE 260
WHITE PLAINS, NY10605
Sr. Vice President
Signatures
Joseph Napolitano 02/20/2014
Signature of Reporting Person Date
Explanation of Responses:
( 1 )These limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP") represent a portion of the LTIPs that were granted to Mr. Napolitano in January, 2008, and March, 2009, 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.
( 2 )These shares were sold in 38 separate sales transactions at a weighted average sales price of $26.32. The actual price at which these shares were sold range from $26.25 to $26.52 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.
( 3 )This number represents the total number of Common Shares (all vested) held by Mr. Napolitano at this time.
( 4 )This number represents the total number of LTIP Units (33,979 vested and 39,711 unvested) held by Mr. Napolitano following the conversion of 12,000 LTIP Units into an equal number of OP Units, as reported in this Form 4.
( 5 )This number represents the total number of OP Units held by Mr. Napolitano following the conversion of 12,000 LTIP Units into an equal number of OP Units, as reported in this Form 4.
( 6 )This number represents the total number of OP Units held by Mr. Napolitano following the conversion of 12,000 OP Units into an equal number of Common Shares, as reported in this Form 4.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.