Kenneth F. Bernstein - 18 Feb 2026 Form 4 Insider Report for ACADIA REALTY TRUST (AKR)

Role: President and CEO, Director
Signature: /s/ Kenneth Bernstein
Issuer symbol: AKR
Transactions as of: 18 Feb 2026
Net transactions value: $0
Form type: 4
Filing time: 20 Feb 2026, 16:15:04 UTC
Previous filing: 26 Jan 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
BERNSTEIN KENNETH F	President and CEO, Director	C/O ACADIA REALTY TRUST, 411 THEODORE FREMD AVE, RYE	/s/ Kenneth Bernstein	20 Feb 2026	0001219735

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AKR	LTIP Units	Award	$0	+223,146	+7.7%	$0.000000	3,133,252	18 Feb 2026	Common Shares of Beneficial Interests	223,146	$0.000000	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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.
F2	On February 18, 2026, Mr. Bernstein was awarded these restricted long-term incentive partnership units ("LTIP Units") in Acadia Realty Limited Partnership (the "Company"). 223,146 LTIP Units shall vest as follows: equal amounts shall vest on January 6, 2027 and on each of the first, second, third and fourth anniversaries thereof, provided that Mr. Bernstein continues to be employed on the vesting date in question and will be subject to a post-vesting two-year hold period. This figure excludes LTIP Units granted under the Company's outperformance plan, the vesting of which is subject to conditions, other than the passage of time and continued employment, which are not tied solely to the marked price of an equity security of the Company. The vesting conditions for the Company's outperformance plan relate to the Company's shareholder return relative to the total shareholder return of a basket of peer group companies and absolute performance of the Company's same-property income.

Content

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.

On February 18, 2026, Mr. Bernstein was awarded these restricted long-term incentive partnership units ("LTIP Units") in Acadia Realty Limited Partnership (the "Company"). 223,146 LTIP Units shall vest as follows: equal amounts shall vest on January 6, 2027 and on each of the first, second, third and fourth anniversaries thereof, provided that Mr. Bernstein continues to be employed on the vesting date in question and will be subject to a post-vesting two-year hold period. This figure excludes LTIP Units granted under the Company's outperformance plan, the vesting of which is subject to conditions, other than the passage of time and continued employment, which are not tied solely to the marked price of an equity security of the Company. The vesting conditions for the Company's outperformance plan relate to the Company's shareholder return relative to the total shareholder return of a basket of peer group companies and absolute performance of the Company's same-property income.