BERNSTEIN KENNETH F 4

What Happened
Kenneth F. Bernstein, President & CEO and a director of Acadia Realty Trust (AKR), received a grant of 210,112 long‑term incentive partnership units (LTIP Units) on January 23, 2026. The reported transaction is coded as an award/grant (A) and shows an acquisition price of $0.00 (a compensation award rather than a cash purchase). The filing reports the units as derivative awards rather than open‑market stock purchases or sales.

Key Details

• Transaction date: 2026-01-23; Form 4 filed: 2026-01-26 (timely filed).
• Transaction type/code: Award/Grant (A). Price per unit reported: $0.00; units granted: 210,112.
• Instrument: LTIP Units in Acadia Realty Limited Partnership (ARLP), reported as derivative awards.
• Conversion: LTIP Units are exchangeable 1:1 for ARLP common partnership units, which are exchangeable 1:1 for Acadia Realty Trust common shares; there is no expiration date for conversion (see footnotes F1/F2).
• Reason/plan: These LTIP Units were earned under the Company’s 2023 outperformance plan and vested based on achieving specified performance criteria (footnote F2).
• Shares owned after transaction: Not disclosed in the provided filing excerpt.

Context
This was a compensation award tied to long‑term incentive performance rather than a market purchase or sale. Such grants are common for aligning executive pay with company performance; they do not by themselves indicate immediate buying or selling of shares by the insider. The award is a derivative equity interest that can be converted to partnership units and ultimately to common shares on a 1:1 basis, with no stated expiration.