Denien Mark A 4

What Happened
Mark A. Denien, a director of Acadia Realty Trust (AKR), received two LTIP (long-term incentive partnership) awards on 2026-05-13 totaling 11,028 LTIP Units (5,436 + 5,592). Each grant was recorded at $0 (derivative award). These LTIP Units are exchangeable 1:1 for ARLP common units and ultimately 1:1 for Acadia common shares (see footnote F1). This is an award of compensation (not an open‑market purchase or sale).

Key Details

• Transaction date: 2026-05-13; transaction type: Award/Grant (code A); reported price: $0 (derivative).
• Total LTIP Units granted: 11,028 (5,436 and 5,592).
• Vesting: one grant vests in one year (vesting on May 9, 2027) and the other vests in three equal annual installments (May 9, 2027; May 9, 2028; May 9, 2029) per filing (see F2, F3).
• Compensation detail: one portion reflects conversion of trustee cash fees into LTIP Units at a 10% discount to the prior 20‑day average price (trustee election) (F2).
• Conversion mechanics: LTIP Units convert 1:1 to ARLP common units, which convert 1:1 to Acadia common shares; there is no expiration on conversion (F1).
• Shares owned after transaction: not specified in the reported excerpt.
• Filing timeliness: report filed and dated 2026-05-13 (no late filing indicated).

Context
These are compensatory derivative awards to a director (routine for trustees/directors) rather than open-market purchases or sales. LTIP grants reflect deferred/alternate compensation and will convert to common shares over time as they vest; they do not immediately increase freely tradable common shares until converted and/or vested.