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[Form 4] ACADIA REALTY TRUST Insider Trading Activity

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

ACADIA REALTY TRUST director Mark A. Denien received equity-based compensation in the form of LTIP Units. On May 13, 2026, he was granted 5,592 LTIP Units and a separate grant of 5,436 LTIP Units in Acadia Realty Limited Partnership.

The first grant reflects annual Trustee fees that Denien elected to receive in LTIP Units at a 10% discount to the preceding 20-day average share price and will vest on May 9, 2027. The second grant, also tied to annual Trustee fees, vests in three equal installments on May 9, 2027, May 9, 2028 and May 9, 2029.

Each LTIP Unit is ultimately exchangeable on a 1:1 basis into common shares of beneficial interest of Acadia Realty Trust, with no expiration date for conversion. These are compensation-related awards, not open-market purchases or sales of the company’s stock.

Positive

  • None.

Negative

  • None.
Insider Denien Mark A
Role null
Type Security Shares Price Value
Grant/Award LTIP Units 5,436 $0.00 --
Grant/Award LTIP Units 5,592 $0.00 --
Holdings After Transaction: LTIP Units — 51,760 shares (Direct, null)
Footnotes (1)
  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. This grant was awarded in connection with the payment of annual Trustee fees. Trustees have the option to convert all or part of any cash payment due to them to LTIP Units with a vesting period of one year at a 10% discount to the preceding 20-day average share price from the date of issuance. These LTIP Units reflect the portion of Mr. Denien's cash compensation that he elected to receive in LTIP Units and represent the number of LTIP Units he was entitled to receive after giving effect to the 10% discount. These LTIP Units shall vest on May 9, 2027. There is no expiration date for the conversion of LTIP Units. This grant was awarded in connection with the payment of annual Trustee fees. These LTIP Units shall vest according to the following schedule: one-third shall vest on May 9, 2027, one-third shall vest on May 9, 2028 and the remaining third shall vest on May 9, 2029. There is no expiration date for the conversion of LTIP Units.
First LTIP grant 5,592 LTIP Units Grant on May 13, 2026; vests May 9, 2027
Second LTIP grant 5,436 LTIP Units Grant on May 13, 2026; vests 2027–2029 in thirds
Post‑grant holdings (entry 1) 57,352 LTIP Units Total LTIP Units following first reported grant
Post‑grant holdings (entry 2) 51,760 LTIP Units Total LTIP Units following second reported grant
Trustee fee discount 10% discount Applied to preceding 20‑day average share price for elected LTIP fees
Exchange ratio 1:1 LTIP Units to Common Units, and Common Units to common shares
LTIP Units financial
"Represents long-term incentive partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP")."
LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.
Acadia Realty Limited Partnership financial
"Represents long-term incentive partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP")."
Common Units financial
"The LTIPs are exchangeable on a 1:1 basis for common partnership units of ARLP ("Common Units")."
Common units are the basic ownership stakes in a company, limited partnership, or trust that function like common stock: they give holders a claim on profits and often voting rights. Think of them as the ordinary seats at a table—the most directly affected by the business’s success or failure, so they typically offer higher upside but carry greater risk than preferred claims or creditors, which matters to investors evaluating potential return and safety.
common shares of beneficial interest financial
"Common Units which in turn, are exchangeable on a 1:1 basis for common shares of beneficial interest of Acadia Realty Trust."
Common Shares of Beneficial Interest are units that represent ownership in a company or organization, like owning a piece of a pie. They give investors voting rights and a chance to share in profits, making them important for those looking to invest and have a say in how the organization is run.
annual Trustee fees financial
"This grant was awarded in connection with the payment of annual Trustee fees."
vesting period financial
"Trustees have the option to convert all or part of any cash payment due to them to LTIP Units with a vesting period of one year."
A vesting period is the set amount of time someone must wait before they fully own granted shares, stock options, or other equity tied to their work or an agreement; ownership increases gradually or in steps during that time. Investors care because vesting determines when insiders or employees can sell shares, which affects future supply of stock, company incentives and executive retention—think of it like unlocking ownership over installments rather than receiving it all at once.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
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*
Denien Mark A
(Last)(First)(Middle)
C/O ACADIA REALTY TRUST
411 THEODORE FREMD AVE
(Street)
RYE NEW YORK 10580
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
ACADIA REALTY TRUST [ AKR ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/13/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

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)
CodeVAmount(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
LTIP Units(1)$005/13/202605/13/2026A5,436 (2) (2)Common Shares of Beneficial Interests5,436$051,760D
LTIP Units(1)$005/13/202605/13/2026A5,592 (3) (3)Common Shares of Beneficial Interests5,592$057,352D
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. This grant was awarded in connection with the payment of annual Trustee fees. Trustees have the option to convert all or part of any cash payment due to them to LTIP Units with a vesting period of one year at a 10% discount to the preceding 20-day average share price from the date of issuance. These LTIP Units reflect the portion of Mr. Denien's cash compensation that he elected to receive in LTIP Units and represent the number of LTIP Units he was entitled to receive after giving effect to the 10% discount. These LTIP Units shall vest on May 9, 2027. There is no expiration date for the conversion of LTIP Units.
3. This grant was awarded in connection with the payment of annual Trustee fees. These LTIP Units shall vest according to the following schedule: one-third shall vest on May 9, 2027, one-third shall vest on May 9, 2028 and the remaining third shall vest on May 9, 2029. There is no expiration date for the conversion of LTIP Units.
/s/ Mark Denien05/13/2026
** Signature of Reporting PersonDate
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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did ACADIA REALTY TRUST (AKR) director Mark A. Denien report on this Form 4?

Mark A. Denien reported receiving two grants of LTIP Units as part of his annual Trustee fees. One grant covers 5,592 LTIP Units and another 5,436 LTIP Units, both representing equity-based compensation rather than open-market stock purchases or sales.

How many LTIP Units did Mark A. Denien receive from ACADIA REALTY TRUST (AKR)?

Denien received 5,592 LTIP Units in one grant and 5,436 LTIP Units in a second grant. Together, these awards provide additional equity exposure through Acadia Realty Limited Partnership as part of his compensation for Board service as a Trustee.

How do the LTIP Units granted to ACADIA REALTY TRUST (AKR) director vest?

One LTIP Unit grant to Denien vests fully on May 9, 2027. The second grant vests in three equal installments on May 9, 2027, May 9, 2028, and May 9, 2029, aligning compensation with multi‑year Board service.

Can the LTIP Units reported by ACADIA REALTY TRUST (AKR) be converted into common shares?

Yes. The LTIP Units are exchangeable 1:1 for Common Units of Acadia Realty Limited Partnership, which are then exchangeable 1:1 for common shares of beneficial interest of Acadia Realty Trust. There is no expiration date on these conversions.

Were ACADIA REALTY TRUST (AKR) shares bought or sold on the market in this Form 4?

No open-market trades were reported. The Form 4 reflects grant or award acquisitions of LTIP Units as compensation. These awards are structured equity incentives, not discretionary purchases or sales of Acadia Realty Trust common shares in the market.

How were ACADIA REALTY TRUST (AKR) Trustee fees structured in this Form 4?

Trustees could elect to convert cash fees into LTIP Units at a 10% discount to the preceding 20‑day average share price. Denien chose this option for part of his compensation, leading to one of the reported LTIP Unit grants.