[Form 4] ACADIA REALTY TRUST Insider Trading Activity

Rhea-AI Filing Summary

Acadia Realty Trust executive Reginald Livingston reported an option-related sale and conversion of equity awards. He sold 25,000 Common Shares of Beneficial Interest in open-market transactions at a weighted average price of $22.12 per share, with individual prices ranging from $22.11 to $22.14.

On the same date, he converted 25,000 LTIP Units into 25,000 common shares, leaving him with 34,726 common shares held directly after the transactions. He also continues to hold 117,863 LTIP Units, which are long-term incentive partnership units exchangeable on a 1:1 basis into partnership units and then into common shares with no stated expiration date for conversion.

Insights

Equity compensation and insider-trading analyst

Executive combines LTIP conversion with a same‑day sale, net reducing common shares.

EVP and CIO Reginald Livingston converted 25,000 LTIP Units into common shares and sold 25,000 common shares at a weighted average of $22.12. This is a classic convert‑and‑sell pattern where equity awards are turned into cash while keeping a remaining equity position.

After these moves, he holds 34,726 common shares directly and 117,863 LTIP Units. The LTIP Units are exchangeable 1:1 into partnership units and then common shares with no expiration date, so they represent a continued long-term stake. The filing does not reference a pre-arranged trading plan; interpretations of timing therefore rely on broader context outside this disclosure.

Insider Trade Summary

Net Seller: 25,000 shares ($553,000)

Net Sell 3 txns

Insider Livingston Reginald

Role EVP and CIO

Sold 25,000 shs ($553K)

Type	Security	Shares	Price	Value
Conversion	LTIP Units	25,000	$0.00	--
Conversion	Common Shares of Beneficial Interest	25,000	$0.00	--
Sale	Common Shares of Beneficial Interest	25,000	$22.12	$553K

Holdings After Transaction: LTIP Units — 117,863 shares (Direct, null); Common Shares of Beneficial Interest — 34,726 shares (Direct, null)

Footnotes (1)

1. These shares were sold in several separate sales transactions at a weighted average price of $22.12. The actual price at which these shares were sold range from $22.11 to $22.14 per share. Mr. Livingston 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. 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. These LTIP Units in ARLP represent a portion of the LTIPs that were previously granted to Mr. Livingston, which vested in accordance with the terms of each grant.

Key Figures

Shares sold: 25,000 shares Sale price: $22.12 per share Shares converted: 25,000 LTIP Units +2 more

5 metrics

Shares sold 25,000 shares Open-market sale of common shares at weighted average price

Sale price $22.12 per share Weighted average sale price; individual trades $22.11–$22.14

Shares converted 25,000 LTIP Units Converted into 25,000 common shares via derivative conversion

Common shares after transactions 34,726 shares Directly held common shares following conversion and sale

Remaining LTIP Units 117,863 units LTIP Units in Acadia Realty Limited Partnership remaining after conversion

Key Terms

LTIP Units, long-term incentive partnership units, weighted average price, derivative conversion, +1 more

5 terms

LTIP Units financial

"Represents long-term incentive partnership units ("LTIP Units") in Acadia Realty Limited Partnership"

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.

long-term incentive partnership units financial

"Represents long-term incentive partnership units ("LTIP Units") in Acadia Realty Limited Partnership"

weighted average price financial

"These shares were sold in several separate sales transactions at a weighted average price of $22.12"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

derivative conversion financial

"transaction_action": "derivative conversion""

Common Shares of Beneficial Interest financial

"security_title": "Common Shares of Beneficial Interest""

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.

Form 4 Insider Transactions: What Each Field Means →

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

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^*

Livingston Reginald

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and CIO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/06/2026

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

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Common Shares of Beneficial Interest	05/06/2026	05/06/2026	C		25,000	A	$0	34,726	D
Common Shares of Beneficial Interest	05/06/2026	05/06/2026	S		25,000	D	$22.12(1)	9,426	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 (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(2)	$0	05/06/2026	05/06/2026	C			25,000	(3)	(3)	Common Shares of Beneficial Interests	25,000	$0	117,863	D

Explanation of Responses:

1. These shares were sold in several separate sales transactions at a weighted average price of $22.12. The actual price at which these shares were sold range from $22.11 to $22.14 per share. Mr. Livingston 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.

2. 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.

3. These LTIP Units in ARLP represent a portion of the LTIPs that were previously granted to Mr. Livingston, which vested in accordance with the terms of each grant.

	/s/ Reginald Livingston	05/07/2026
	** 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).
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)

FAQ

What insider transaction did ACADIA REALTY TRUST (AKR) report for Reginald Livingston?

ACADIA REALTY TRUST reported that EVP and CIO Reginald Livingston sold 25,000 common shares in open-market transactions and converted 25,000 LTIP Units into common shares, all on May 6, 2026, while retaining both common shares and additional LTIP Units afterward.

At what price did Reginald Livingston sell ACADIA REALTY TRUST (AKR) shares?

Reginald Livingston sold 25,000 ACADIA REALTY TRUST common shares at a weighted average price of $22.12 per share. Individual trade prices ranged from $22.11 to $22.14 per share, according to the Form 4 disclosure and its accompanying transaction footnote details.

How many ACADIA REALTY TRUST (AKR) shares does Reginald Livingston hold after this Form 4?

Following the reported transactions, Reginald Livingston holds 34,726 common shares directly. In addition, he owns 117,863 LTIP Units, which are long-term incentive partnership units that can later be exchanged into partnership units and then into common shares on a 1:1 basis.

What are LTIP Units mentioned in the ACADIA REALTY TRUST (AKR) Form 4?

The LTIP Units are long-term incentive partnership units in Acadia Realty Limited Partnership. Each LTIP Unit is exchangeable 1:1 into a common partnership unit, and each partnership unit is then exchangeable 1:1 for an ACADIA REALTY TRUST common share, with no stated expiration for these conversions.

Did Reginald Livingston’s ACADIA REALTY TRUST (AKR) transaction involve derivative conversions?

Yes. The Form 4 shows a derivative conversion of 25,000 LTIP Units into 25,000 common shares. This conversion is coded as a “C” transaction and reflects equity compensation turning into common shares, separate from the open-market sale of 25,000 common shares reported the same day.

Is the Reginald Livingston ACADIA REALTY TRUST (AKR) transaction a net sale or net purchase?

The transaction set results in a net sale. Although 25,000 LTIP Units were converted into 25,000 common shares, an equal 25,000 common shares were sold in open-market trades, and the transaction summary shows a net-sell direction based on total buy versus sell share counts.