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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) | |
| Kamerman, Perry ---------------------------------------------- | | 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, | 01/10/03 | Chief Financial Officer |
| 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 | ###-##-#### | | |_| 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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|Options to |$5.75 |1/10/ | | X | | |140,0|Note 2 |8/11/ |Common |140,000 |$7.62 |50,000 |D | |
|purchase | |2003 | | | | |00 | |2008 |Shares | | | | | |
|Common | | | |Note | | | | | | | | |Note 4 | | |
|Shares | | | | 1 | | | | | | | | | | | |
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|Options to |$5.00 |1/10/ | | X | | |10,00|1/3/ |1/2/ |Common |10,000 |$7.62 |50,000 |D | |
|purchase | |2003 | | | | |0 |2000 |2010 |Shares | | | | | |
|Common | | | |Note | | | | | | | | |Note 4 | | |
|Shares | | | | 1 | | | | | | | | | | | |
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|Options to |$6.00 |1/10/ | | X | | |25,00|Note 3 |1/1/ |Common |25,000 |$7.62 |50,000 |D | |
|purchase | |2003 | | | | |0 | |2011 |Shares | | | | | |
|Common | | | |Note | | | | | | | | |Note 4 | | |
|Shares | | | | 1 | | | | | | | | | | | |
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Explanation of Responses:
/s/ Perry Kamerman
** 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: Perry Kamerman
c/o Acadia Realty Trust
20 Soundview Marketplace
Port Washington, NY 11050
ISSUER NAME AND
TRADING SYMBOL: Acadia Realty Trust (AKR)
STATEMENT FOR: January 2003
NOTE 1: On January 10, 2003, Mr. Kamerman exercised 175,000 options to purchase common shares of beneficial
interest ("Common Shares"). In lieu of purchasing shares at the option exercise price, the Company's 1999 Share
Option Plan provides the alternative to all employees to receive an amount in cash equal to the difference between
the exercise price of the option and the average daily trading price of the Common Shares upon the exercise of
their options. As a result of electing this alternative, Mr. Kamerman received $328,500 upon the exercise of the
above options.
NOTE 2: One third of the options were exercisable as of the grant date, August 12, 1998, with a third of the remaining
options vesting on each of the next two anniversaries of the grant date.
NOTE 3: One third of the options were exercisable as of the grant date, January 2, 2001, with a third of the remaining
options vesting on each of the next two anniversaries of the grant date.
NOTE 4: Post-exercise direct derivative security holdings consist of 50,000 Operating Partnership Units, which are
exchangeable into a like number of Common Shares.
Page 3 of 3 Pages
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