[Form 4] ACADIA REALTY TRUST Insider Trading Activity

Rhea-AI Filing Summary

ACADIA REALTY TRUST Executive VP and CFO John J. Gottfried received a grant of 64,480 LTIP Units in Acadia Realty Limited Partnership on February 18, 2026. These LTIP Units are exchangeable 1:1 into Common Units of the partnership and then 1:1 into common shares of Acadia Realty Trust, with no expiration on conversion.

Of the grant, 25,980 LTIP Units vest in equal amounts on January 6, 2027 and on each of the first, second, third and fourth anniversaries of that date, subject to continued employment and customary exceptions. The remaining 38,500 LTIP Units vest in equal amounts on January 6, 2027 and on each of the first and second anniversaries and are subject to a post-vesting two-year holding period. The total direct holdings after this award are reported as 484,828 LTIP Units, excluding separate LTIP Units granted under the company’s outperformance plan, which have additional performance-based vesting conditions.

SEC Form 4

FORM 4

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
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gottfried John J.

(Last) (First) (Middle)

C/O ACADIA REALTY TRUST

411 THEODORE FREMD AVE

(Street)

RYE NY 10580

(City) (State) (Zip)

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)
	Executive VP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
02/18/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	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

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 (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	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 (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: 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
LTIP Units(1)	$0	02/18/2026	02/18/2026	A		64,480		(2)(3)	(2)(3)	Common Shares of Beneficial Interests	64,480	$0	484,828	D

Explanation of Responses:

1. 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.

2. On February 18, 2026, Mr. Gottfried was awarded these restricted LTIP Units in ARLP. Of the 64,480 LTIP Units granted to Mr. Gottfried, (i) 25,980 will vest in equal amounts on January 6, 2027 and on each of the first, second, third and fourth anniversaries thereof, and (ii) 38,500 will vest in equal amounts on January 6, 2027 and on each of the first and second anniversaries thereof, and will be subject to a post-vesting two-year hold period; in each case, provided that Mr. Gottfried continues to be employed on the vesting date and subject to customary exceptions.

3. This figure excludes LTIP Units granted under the Company's outperformance plan, the vesting of which is subject to conditions, other than the passage of time and continued employment, which are not tied solely to the marked price of an equity security of the Company. The vesting conditions for the Company's outperformance plan relate to the Company's shareholder return relative to the total shareholder return of a basket of peer group companies and absolute performance of the Company's same-property income.

	/s/ John Gottfried	02/20/2026
	** Signature of Reporting Person	Date
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).
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FAQ

What equity award did ACADIA REALTY TRUST (AKR) grant to its CFO?

ACADIA REALTY TRUST granted its CFO, John J. Gottfried, 64,480 LTIP Units in Acadia Realty Limited Partnership. These represent long-term incentive partnership interests exchangeable into common units and ultimately into common shares, aligning his compensation with long-term shareholder value creation.

How do the 64,480 LTIP Units awarded to AKR’s CFO vest over time?

The award vests in two tranches. 25,980 LTIP Units vest in five annual installments starting January 6, 2027, while 38,500 LTIP Units vest in three annual installments starting the same date, all conditioned on continued employment and customary exceptions.

Are the AKR CFO’s LTIP Units convertible into common shares of ACADIA REALTY TRUST?

Yes. Each LTIP Unit is exchangeable 1:1 for a Common Unit of Acadia Realty Limited Partnership, which in turn is exchangeable 1:1 for a common share of beneficial interest of ACADIA REALTY TRUST, with no expiration date for these conversions.

What post-vesting restrictions apply to part of the AKR CFO’s LTIP grant?

For the 38,500 LTIP Units tranche, units vest in three equal annual installments beginning January 6, 2027 and are subject to a two-year post-vesting holding period, extending the time before potential conversion or sale of related equity interests.

How many LTIP Units does the AKR CFO hold after this grant?

Following this grant, John J. Gottfried is reported as directly holding 484,828 LTIP Units. This reported figure does not include separate LTIP Units issued under the company’s outperformance plan, which are subject to additional performance-based vesting conditions beyond time and employment.

What additional performance conditions exist for some of AKR’s LTIP Units?

Some LTIP Units, granted under the company’s outperformance plan, vest based on relative total shareholder return versus a peer group and the absolute performance of same-property income, rather than solely on time and continued employment, adding performance-linked incentives for management.