<SUBMISSION>
<ACCESSION-NUMBER>0001181431-05-061107
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20051109
<FILING-DATE>20051114
<DATE-OF-FILING-DATE-CHANGE>20051114
<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>051199545
</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>rrd97086.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-11-09</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>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares of Beneficial Interest</value>
            </securityTitle>
            <transactionDate>
                <value>2005-11-09</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>61917</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>19.2171</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2762821</value>
                    <footnoteId id="F3"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares of Beneficial Interest</value>
            </securityTitle>
            <transactionDate>
                <value>2005-11-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>146838</value>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>19.1165</value>
                    <footnoteId id="F5"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2615983</value>
                    <footnoteId id="F6"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Excludes 2,383 Common Shares of Beneficial Interest sold by The Yale University Retirement Plan for Staff Employees (&quot;YURPSE&quot;) at the same average per share sale price on 11/9/2005.  See Exhibit 1 attached hereto for details of sales on 11/9/2005.</footnote>
        <footnote id="F2">Represents the average per share sale price of shares sold on 11/9/2005.  See Exhibit 1 attached hereto for details of sales on 11/9/2005.</footnote>
        <footnote id="F3">Excludes 163,978 Common Shares of Beneficial Interest held by YURPSE.  The Reporting Person has no pecuniary interest in the shares held by YURPSE and disclaims beneficial ownership of all shares held by YURPSE.</footnote>
        <footnote id="F4">Excludes 25,123 Common Shares of Beneficial Interest sold by YURPSE at the same average per share sale price on 11/10/2005.  See Exhibit 2 attached hereto for details of sales on 11/10/2005.</footnote>
        <footnote id="F5">Represents the average per share sale price of shares sold on 11/10/2005.  See Exhibit 2 attached hereto for details of sales on 11/10/2005.</footnote>
        <footnote id="F6">Excludes 138,855 Common Shares of Beneficial Interest held by YURPSE.  The Reporting Person has no pecuniary interest in the shares held by YURPSE and 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: David F. Swensen, Chief Investment Officer</signatureName>
        <signatureDate>2005-11-14</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>rrd83813_94346.htm
<DESCRIPTION>SALES ON NOVEMBER 9, 2005
<TEXT>
<HTML>
<HEAD>
<TITLE>
rrd83813_94346.html
</TITLE>
</HEAD>
<BODY>
<PRE>
Exhibit 1
Sales of Acadia Realty Trust (AKR) by Yale University on 11/9/2005:
Number of Common Shares of
Beneficial Interest Sold					Price Per Share
	1,000							19.15
	83							19.16
	2,367							19.17
	2,500							19.18
	13,134							19.19
	7,167							19.20
	500							19.21
	20,200							19.22
	900							19.23
	2,200							19.24
	7,700							19.25
	583							19.27
	1,750							19.28
	83							19.29
	333							19.30
	167							19.31
	1,250							19.34
Total:	61,917
Sales of Acadia Realty Trust (AKR) by The Yale University Retirement Plan for Staff
Employees ("YURPSE") on 11/9/2005
Number of Common Shares of
Beneficial Interest Sold					Price Per Share
	200							19.15
	17							19.16
	33							19.17
	866							19.19
	33							19.20
	400							19.24
	117							19.27
	350							19.28
	17							19.29
	67							19.30
	33							19.31
	250							19.34
Total:	2,383



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</PRE>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>rrd83813_94347.htm
<DESCRIPTION>SALES ON NOVEMBER 10, 2005
<TEXT>
<HTML>
<HEAD>
<TITLE>
rrd83813_94347.html
</TITLE>
</HEAD>
<BODY>
<PRE>
Exhibit 2
Sales of Acadia Realty Trust (AKR) by Yale University on 11/10/2005:
Number of Common Shares of
Beneficial Interest Sold					Price Per Share
	4439							19.00
	768							19.01
	85							19.02
	85							19.04
	939							19.05
	2,219							19.06
	85,359							19.10
	50,000							19.15
	2944							19.30
Total:	146,838
Sales of Acadia Realty Trust (AKR) by The Yale University Retirement Plan for Staff
Employees ("YURPSE") on 11/10/2005
Number of Common Shares of
Beneficial Interest Sold					Price Per Share
	761							19.00
	132							19.01
	15							19.02
	15							19.04
	161							19.05
	381							19.06
	14,641							19.10
	8,500							19.15
	517							19.30
Total:	25,123



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</PRE>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
