ACADIA REALTY TRUST (AKR) CEO granted 223,146 LTIP incentive units

Rhea-AI Filing Summary

BERNSTEIN KENNETH F reported acquisition or exercise transactions in this Form 4 filing.

ACADIA REALTY TRUST President and CEO Kenneth F. Bernstein received a grant of 223,146 long-term incentive partnership units (LTIP Units) in Acadia Realty Limited Partnership at a price of $0.00 per unit. Following this award, his directly held derivative equity stake reported as LTIP Units totals 3,133,252 units.

The LTIP Units are exchangeable on a 1:1 basis into common partnership units of Acadia Realty Limited Partnership, which are in turn exchangeable on a 1:1 basis for common shares of beneficial interest of ACADIA REALTY TRUST, with no expiration date on these conversions.

The 223,146 LTIP Units vest in equal amounts on January 6, 2027 and on each of the first, second, third and fourth anniversaries of that date, so long as Mr. Bernstein remains employed on each vesting date, and are subject to a post-vesting two-year holding period. The figure does not include LTIP Units granted under the company’s outperformance plan, whose vesting depends on relative total shareholder return versus a peer group and on the company’s same-property income performance.

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^*

BERNSTEIN KENNETH F

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President and CEO

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		223,146		(2)	(2)	Common Shares of Beneficial Interests	223,146	$0	3,133,252	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. Bernstein was awarded these restricted long-term incentive partnership units ("LTIP Units") in Acadia Realty Limited Partnership (the "Company"). 223,146 LTIP Units shall vest as follows: equal amounts shall vest on January 6, 2027 and on each of the first, second, third and fourth anniversaries thereof, provided that Mr. Bernstein continues to be employed on the vesting date in question and will be subject to a post-vesting two-year hold period. 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/ Kenneth Bernstein	02/20/2026
	** Signature of Reporting Person	Date
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FAQ

What did ACADIA REALTY TRUST CEO Kenneth Bernstein receive in this Form 4?

Kenneth F. Bernstein received a grant of 223,146 long-term incentive partnership units (LTIP Units) in Acadia Realty Limited Partnership at $0.00 per unit, increasing his reported derivative LTIP holdings to 3,133,252 units, according to this insider transaction disclosure.

How do ACADIA REALTY TRUST LTIP Units reported for AKR convert into common shares?

The LTIP Units are exchangeable on a 1:1 basis for common partnership units, which are then exchangeable on a 1:1 basis for common shares of beneficial interest of ACADIA REALTY TRUST, with no expiration date on either conversion feature disclosed here.

What is the vesting schedule for Kenneth Bernstein’s 223,146 LTIP Units at ACADIA REALTY TRUST (AKR)?

The 223,146 LTIP Units vest in equal amounts on January 6, 2027 and on each of the first, second, third and fourth anniversaries, provided Kenneth Bernstein remains employed on each vesting date, and they are subject to an additional two-year holding period after vesting.

Are all of ACADIA REALTY TRUST CEO’s LTIP Units subject only to time-based vesting?

No. The reported 223,146 LTIP Units vest based on time and continued employment, but this figure excludes LTIP Units granted under the company’s outperformance plan, which vest based on relative total shareholder return and same-property income performance conditions.

Did Kenneth Bernstein pay anything for the 223,146 LTIP Units reported for ACADIA REALTY TRUST?

No cash payment was reported. The 223,146 LTIP Units were acquired as a grant or award at a stated transaction price of $0.00 per unit, indicating a compensatory equity award rather than an open-market purchase.

How many LTIP Units does ACADIA REALTY TRUST CEO Kenneth Bernstein hold after this award?

After this grant, Kenneth Bernstein is reported as directly holding 3,133,252 LTIP Units as derivative securities. These holdings reflect LTIP Units only and are disclosed as part of his equity-based compensation in this insider filing.