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| FORM 4 | U.S. SECURITIES AND EXCHANGE COMMISSION | OMB APPROVAL |
----------------------------- Washington, D.C. 20549 |----------------------------
[_] Check this box | OMB Number: 3235-0287 |
if no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES | Expires: January 31, 2005 |
to Section 16. Form 4 | Estimated average burden |
or Form 5 obligations Filed pursuant to Section 16(a) of the Securities Exchange | hours per response....0.5 |
may continue. See Act of 1934, Section 17(a) of the Public Utility Holding -----------------------------
Instruction 1(b). Company Act of 1935 or Section 30(h) of the
Investment Company Act of 1940
(Print or Type Responses)
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| 1. Name and Address of | 2. Issuer Name and Ticker or Trading Symbol| 6. Relationship of Reporting Person(s) |
| Reporting Person* | | to Issuer (Check all applicable) |
| | Acadia Realty Trust (AKR) | |
| Bernstein, Kenneth F. ---------------------------------------------- |X| Director |_| 10% Owner |
| | 3. IRS | 4. Statement for | |X| Officer (give title |_| Other (specify |
-------------------------------------- Identification | Month/Day/Year| below) below) |
| (Last) (First) (Middle) | Number of | | |
| | Reporting Person, | 3/4/2003 | President and CEO |
| c/o Acadia Realty Trust | Person, if an ---------------------------------------------------------------------
| 20 Soundview Marketplace | entity | 5. If Amendment, | 7. Individual or Joint/Group Filing |
-------------------------------------- (voluntary) | Date of Orig- | (Check Applicable Line) |
| (Street) | | inal (Month/ | |
| | | Day/Year) | |X| Form filed by One Reporting Person |
| Port Washington, NY 11050 | 058-50-8200 | | |_| Form filed by More than One Reporting |
| | | | Person |
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| (City) (State) (Zip) | Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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| 1. | 2. | 2A. | 3. | 4. | 5. | 6. | 7. |
| Title of Security | Trans- | Deemed | Trans- | Securities Acquired (A) | Amount of | Owner- | Nature of|
| (Instr. 3) | action | Execu- | action | or Disposed of (D) | Securities | ship | Indirect |
| | Date | tion | Code | (Instr. 3, 4 and 5) | Beneficially | Form: | Bene- |
| | | Date, | Instr. 8) | | Owned Follow- | Direct | ficial |
| | (Month/ | if any --------------------------------------------------- ing Reported | (D) or | Owner- |
| | Day/ | (Month/ | | | |(A)| | Transaction(s)| Indirect | ship |
| | Year) | Day/ | | | |or | | (Instr. 3 | (I) | (Instr. |
| | | Year) | Code | V | Amount |(D)| Price | and 4) | (Instr.4) | 4) |
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Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
Page 1 of 3 Pages
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| FORM 4 (continued) Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned |
| (e.g., puts, calls, warrants, options, convertible securities) |
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|1. |2. |3. |3A. |4. |5. |6. |7. |8. |9. |10. |11. |
|Title of |Conver- |Trans- |Deemed |Trans- |Number of |Date Exer- |Title and Amount |Price |Number |Owner- |Nature |
|Derivative |sion |action |Execu- |action |Derivative |cisable and |of Underlying |of |of |ship |of |
|Security |or |Date |tion |Code |Securities |Expiration |Securities |Deriv- |Deriv- |Form |In- |
|(Instr. 3) |Exer- |(Month/ |Date, |(Instr.|Acquired (A)|Date |(Instr. 3 and 4) |ative |ative |of |direct |
| |cise |Day/ |if any | 8) |or Disposed |(Month/Day/ | |Secur- |Secur- |Deriv- |Bene- |
| |Price |Year) |(Month/ | |of(D) |Year) | |ity |ities |ative |ficial |
| |of | |Day/ | |(Instr. 3, | | |(Instr. |Bene- |Secur- |Owner- |
| |Deriv- | |Year) | | 4 and 5) | | | 5) |ficially |ity: |ship |
| |ative | | | | |-----------------------------------| |Owned |Direct |(Instr.|
| |Secur- | | | | | | | | | |Following|(D) or | 4) |
| |ity | | | | | | | |Amount | |Reported |In- | |
| | | | | | |Date |Expi- | |or | |Trans- |direct | |
| | | | ---------------------|Exer- |ra- | |Number | |action(s)|(I) | |
| | | | | | | | |cis- |tion | |of | |(Instr. |(Instr.| |
| | | | | Code|V| (A) | (D) |able |Date |Title |Shares | | 4) | 4) | |
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|Operating |1-for-1 |3/4/ |N/A | J | | |17,00|Immed. | N/A |Common |17,000 | |1,098,402|(Note 2)(Note 2)
|Partnership| |2003 | | | | |0 | | |Shares | | |(Note 2) | | |
|Units | | | |(Note| | | | | | | | | | | |
| | | | | 1) | | | | | | | | | | | |
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Explanation of Responses:
/s/ Kenneth F. Bernstein
** Intentional misstatements or omissions of facts ----------------------------------- -----------------------
constitute Federal Criminal Violations. See 18 U.S.C. **Signature of Reporting Person Date
1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be
manually signed. If space is insufficient, see
Instruction 6 for procedure.
Page 2 of 3 Pages
NAME AND ADDRESS: Kenneth F. Bernstein
c/o Acadia Realty Trust
20 Soundview Marketplace
Port Washington, NY 11050
ISSUER NAME AND
TRADING SYMBOL: Acadia Realty Trust (AKR)
STATEMENT FOR: March 4, 2003
NOTE 1: On March 4, 2003, Mr. Bernstein transferred 17,000 Operating Partnership Units ("OP Units") to Ross Dworman,
Chairman of the Board of Acadia Realty Trust, representing a partial settlement of a pre-existing partnership
agreement among them.
NOTE 2: Direct derivative security holdings include 750,000 vested options issued pursuant to the 1999 Share Incentive
Plan and 265,478 OP Units which are owned directly by Mr. Bernstein and exchangeable into a like number of common
shares of beneficial interest. Indirect derivative security holdings consists of 82,924 OP Units, which are
exchangeable into a like number of common shares of beneficial interest, beneficially owned by Mr. Bernstein
through his equity interests in various corporations, limited liability companies and limited partnerships which
are the record holders of such OP Units.