BERNSTEIN KENNETH F 4

What Happened
Kenneth F. Bernstein, President, CEO and Director of Acadia Realty Trust (AKR), was granted 223,146 long-term incentive partnership units (LTIP Units) in Acadia Realty Limited Partnership on February 18, 2026. The units were awarded at $0.00 in the filing (i.e., an equity compensation grant rather than a cash purchase or sale) and are derivative instruments exchangeable 1:1 into common partnership units and then 1:1 into common shares of the trust.

Key Details

• Transaction type: Award/Grant (code A) on 2026-02-18; Form 4 filed 2026-02-20 (appears timely).
• Amount: 223,146 LTIP Units; reported price $0.00 (no cash exchanged at grant).
• Vesting: Units vest in five equal installments — first on January 6, 2027, then on each of the first, second, third and fourth anniversaries thereafter — subject to continued employment; post-vesting two-year hold period applies.
• Conversion: LTIP Units are exchangeable 1:1 for ARLP common partnership units, which are exchangeable 1:1 for Acadia Realty Trust common shares; no expiration on conversions.
• Other: The grant figure excludes LTIP Units under an outperformance plan (those units have separate performance-based vesting conditions).
• Shares owned after transaction: Not specified in the provided filing.

Context
This is a standard equity-compensation grant for alignment of management with shareholders rather than an open-market purchase or sale. Because these LTIP Units vest over time and are subject to holding restrictions, they do not represent immediately liquid stock and do not by themselves indicate insider buying or selling sentiment.