Form 4: Acadia Realty Trust EVP and CIO Sells Over $400,000 in Company Shares

Reginald Livingston, Executive Vice President and Chief Investment Officer of Acadia Realty Trust, reported the conversion of long-term incentive units into common shares and the subsequent sale of 20,000 common shares for approximately $400,600.

Summary

• Reginald Livingston, EVP and CIO of Acadia Realty Trust (AKR), filed a Form 4 disclosing recent transactions.
• On June 11, 2025, Mr. Livingston converted 15,678 Long-Term Incentive Partnership Units (LTIP Units) into an equal number of Common Shares of Beneficial Interest.
• On the same date, Mr. Livingston sold 20,000 Common Shares of Beneficial Interest.
• The shares were sold at a weighted average price of $20.03 per share, with individual sales ranging from $20.00 to $20.12 per share.
• Following these transactions, Mr. Livingston's direct beneficial ownership of Common Shares of Beneficial Interest is 0, while he retains 78,770 LTIP Units.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the sale of a significant number of shares by a key executive, which can sometimes be interpreted as a lack of confidence, although it is a routine disclosure for insider transactions.

Negatives

• The sale of 20,000 common shares by a key executive (EVP and CIO) could be perceived negatively by investors, potentially signaling a lack of confidence or a move to diversify holdings.

Future Outlook

The document, an SEC Form 4, is a disclosure of insider transactions and does not contain forward-looking statements or guidance regarding the company's future outlook.

Management Comments

• "These shares were sold in several separate sales transactions at a weighted average price of $20.03. The actual price at which these shares were sold range from $20.00 to $20.12 per share. Mr. Livingston will provide, upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full, detailed information regarding the number of shares sold at each separate price."
• "These LTIP Units in ARLP represent a portion of the LTIPs that were previously granted to Mr. Livingston, which vested in accordance with the terms of each grant."

Industry Context

This Form 4 filing details an individual executive's stock transactions and does not provide broader industry context or trends. It is specific to Acadia Realty Trust and its insider activity.

Stakeholder Impact

• Shareholders: May interpret the executive's share sale as a signal, potentially influencing sentiment and investment decisions.
• Employees: No direct impact mentioned, but general market perception could indirectly affect morale.

Next Steps

• Mr. Livingston is obligated to provide full, detailed information regarding the number of shares sold at each separate price upon request by the SEC staff, the issuer, or a security holder.

Key Dates

Keywords

Acadia Realty Trust, AKR, SEC Form 4, Insider Trading, Share Sale, Executive Compensation, LTIP Units, Real Estate Investment Trust, REIT