Acadia Realty (NYSE: AKR) EVP granted 41,111 LTIP units

Rhea-AI Filing Summary

ACADIA REALTY TRUST executive vice president and chief investment officer Reginald Livingston received a grant of 41,111 LTIP Units in Acadia Realty Limited Partnership. These long-term incentive partnership units are exchangeable 1:1 into common partnership units and then 1:1 into common shares, with no expiration on conversion.

Of the award, 9,926 LTIP Units will vest in equal amounts on January 6, 2027 and on each of the first, second, third and fourth anniversaries of that date, while 31,185 LTIP Units will vest in equal amounts on January 6, 2027 and on each of the first and second anniversaries, followed by a two-year post-vesting holding period, in each case conditioned on continued employment and customary exceptions.

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^*

Livingston Reginald

(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)
	EVP and CIO

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		41,111		(2)(3)	(2)(3)	Common Shares of Beneficial Interests	41,111	$0	142,863	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. Livingston was awarded these restricted LTIP Units in ARLP. Of the 41,111 LTIP Units granted to Mr. Livingston, (i) 9,926 will vest in equal amounts on January 6, 2027 and on each of the first, second, third and fourth anniversaries thereof, and (ii) 31,185 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. Livingston 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/ Reginald Livingston	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).
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FAQ

What did ACADIA REALTY TRUST (AKR) report in Reginald Livingston’s Form 4?

ACADIA REALTY TRUST reported that EVP and CIO Reginald Livingston was granted 41,111 LTIP Units in Acadia Realty Limited Partnership. These long-term incentive partnership units can ultimately be exchanged 1:1 into common shares of Acadia Realty Trust, aligning his compensation with shareholder performance over time.

How many LTIP Units were granted to ACADIA REALTY TRUST EVP Livingston and what are they?

Reginald Livingston received 41,111 LTIP Units, or long-term incentive partnership units, in Acadia Realty Limited Partnership. Each LTIP Unit is exchangeable 1:1 into a common partnership unit, which is then exchangeable 1:1 into a common share of beneficial interest of Acadia Realty Trust, with no conversion expiration.

What is the vesting schedule for Livingston’s 41,111 LTIP Units at ACADIA REALTY TRUST (AKR)?

Of the 41,111 LTIP Units, 9,926 vest in equal amounts on January 6, 2027 and each of the first four anniversaries. The remaining 31,185 vest in equal amounts on January 6, 2027 and each of the first two anniversaries, subject to continued employment and customary exceptions.

Is there a holding period on some of the LTIP Units granted to ACADIA REALTY TRUST’s EVP?

Yes. The 31,185 LTIP Units granted to Reginald Livingston are subject to a post-vesting two-year hold period. This means that even after these units vest, they generally must be held for an additional two years, reinforcing longer-term alignment with Acadia Realty Trust’s performance.

Do Livingston’s reported LTIP holdings at ACADIA REALTY TRUST include outperformance plan awards?

The reported figure excludes LTIP Units granted under the company’s outperformance plan. Those separate LTIP Units vest based on shareholder return relative to a peer group and same-property income performance, rather than solely on time and continued employment, so they are not part of this Form 4 total.

Can the LTIP Units granted to ACADIA REALTY TRUST EVP expire or lose conversion rights?

The LTIP Units and the related common partnership units have no expiration date for conversion into common shares. Each LTIP Unit can be exchanged for a common partnership unit and then into a common share of Acadia Realty Trust without a stated time limit on that conversion right.