Livingston Reginald 4

What Happened Reginald Livingston, EVP and CIO of Acadia Realty Trust (AKR), was awarded 41,111 long-term incentive partnership units (LTIP Units) in Acadia Realty Limited Partnership on February 18, 2026. The grant was recorded at $0 (a restricted award rather than an open-market purchase or sale). These LTIP Units are derivative interests exchangeable into the company’s common shares (see Key Details).

Key Details

• Transaction date: February 18, 2026; Form 4 filed February 20, 2026 (appears timely).
• Instrument: 41,111 LTIP Units (derivative award) — acquisition code A; reported price $0, total reported value $0.
• Vesting:
  • 9,926 units vest in equal amounts on January 6, 2027 and on each of the first through fourth anniversaries thereafter.
  • 31,185 units vest in equal amounts on January 6, 2027 and on each of the first and second anniversaries thereafter, and those units are subject to a two‑year post‑vesting hold period.
  • Vesting is conditioned on continued employment and customary exceptions.
• Conversion mechanics: LTIP Units are exchangeable 1:1 for ARLP common partnership units, which are in turn exchangeable 1:1 for Acadia common shares; there is no expiration date for these conversions (Footnote F1).
• Other: The filing excludes LTIP Units granted under the company’s outperformance plan, which vest based on performance metrics rather than time (Footnote F3).
• Shares owned after transaction: not specified in the filing.

Context This filing reflects a restricted, time- and condition-based equity award (not a market purchase or sale). Part of the award carry multi-year vesting and an additional post-vesting hold for a portion, so these units are not immediately liquid. Such grants are common for aligning executive incentives with long-term shareholder outcomes and do not by themselves indicate trading intent.