<SUBMISSION>
<ACCESSION-NUMBER>0001181431-04-018252
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20040331
<FILING-DATE>20040331
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>ACADIA REALTY TRUST
<CIK>0000899629
<ASSIGNED-SIC>6798
<IRS-NUMBER>232715194
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>20 SOUNDVIEW MARKETPLACE
<STREET2>PO BOX 1679
<CITY>PORT WASHINGTON
<STATE>NY
<ZIP>11050
<PHONE>5167678830
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>600 THIRD AVE
<STREET2>PO BOX 1679
<CITY>KINGSTON
<STATE>PA
<ZIP>18704
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MARK CENTERS TRUST
<DATE-CHANGED>19930329
</FORMER-COMPANY>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>YALE UNIVERSITY
<CIK>0000938582
<STATE-OF-INCORPORATION>CT
<FISCAL-YEAR-END>0630
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>001-12002
<FILM-NUMBER>04705910
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>230 PROSPECT STREET
<CITY>NEW HAVEN
<STATE>CT
<ZIP>06511-2107
<PHONE>2034325761
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>YALE UNIVERSITY INVESTMENT OFFICE
<STREET2>230 PROSPECT STREET
<CITY>NEW HAVEN
<STATE>CT
<ZIP>06511-2107
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd37257.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-03-31</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000899629</issuerCik>
        <issuerName>ACADIA REALTY TRUST</issuerName>
        <issuerTradingSymbol>AKR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000938582</rptOwnerCik>
            <rptOwnerName>YALE UNIVERSITY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>YALE UNIVERSITY INVESTMENTS OFFICE</rptOwnerStreet1>
            <rptOwnerStreet2>55 WHITNEY AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW HAVEN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06510-1300</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2004-03-31</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>3999528</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>13.0625</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>4422231</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">On March 25, 2004, the Reporting Person, The Yale University Retirement Plan for Staff Employees (&quot;YURPSE&quot;) and Ross Dworman (&quot;Dworman,&quot; and together with the Reporting Person and YURPSE, the &quot;Selling Stockholders&quot;) and Citigroup Global Markets Inc. (&quot;Citigroup&quot;) and RBC Dain Rauscher, Inc. (&quot;RBC,&quot; and together with Citigroup, the &quot;Underwriters&quot;), as representatives of the several underwriters, entered into an underwriting agreement (the &quot;Underwriting Agreement&quot;) in connection with the Selling Stockholders planned disposition of up to 5,750,000 Common Shares pursuant to an effective registration statement on file with the Securities and Exchange Commission (including up to 750,000 Common Shares subject to the Underwriters' overallotment option).  On March 26, 2004, Citigroup notified the Selling Stockholders that it was exercising the overallotment option in full.</footnote>
        <footnote id="F2">On March 31, 2004, pursuant to the Underwriting Agreement, the Underwriters acquired 3,999,528 Common Shares (including 564,316 Common Shares subject to the Underwriters' overallotment option) held by the Reporting Person at a price of $13.75 per share, less underwriters discounts and commissions of $0.6875 per share in connection with the public resale of the Common Shares.</footnote>
        <footnote id="F3">Excludes 191,858 Common Shares (including 27,070 Common Shares subject to the Underwriters' overallotment option) sold by YURPSE pursuant to the Underwriting Agreement.  The Reporting Person has no pecuniary interest in the shares held by YURPSE.  The Reporting Person disclaims beneficial ownership of all shares held by YURPSE.</footnote>
        <footnote id="F4">Excludes 212,136 Common Shares held by YURPSE.  The Reporting Person has no pecuniary interest in the shares held by YURPSE.  The Reporting Person disclaims beneficial ownership of all shares held by YURPSE.</footnote>
    </footnotes>

    <remarks>An employee of Reporting Person serves on the Issuer's Board of Trustees.  Because of his position on the Trust's Board,

it is possible that Reporting Person's investment in the Issuer could be viewed as having the purpose or affect of changing or

influencing the control of Issuer or that the employee could be viewed as serving on the Board as the deputy of Reporting

Person.  In order to avoid any question as to whether Reporting Person's beneficial ownership is being reported on the

proper form, Reporting Person has decided to file this Statement of Changes in Beneficial Ownership on Form 4.  This Form 4

shall not be deemed an admission that Reporting Person is required to file beneficial ownership reports under Section 16(a)

of the Securities Exchange Act of 1934, as amended, or that the employee is serving on the Board of Trustees of Issuer as

the deputy of Reporting Person or in any capacity other than his personal capacity.</remarks>

    <ownerSignature>
        <signatureName>Yale University By:  /s/ David Swensen</signatureName>
        <signatureDate>2004-03-31</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
