<SUBMISSION>
<ACCESSION-NUMBER>0001181431-05-062043
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20051115
<FILING-DATE>20051117
<DATE-OF-FILING-DATE-CHANGE>20051117
<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>051213062
</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>rrd97437.xml
<DESCRIPTION>4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-11-15</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>2005-11-15</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>30000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>19.5447</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>2569738</value>
                    <footnoteId id="F2"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Represents the average per share sale price of shares sold on 11/15/2005.  See Exhibit 1 attached hereto for details of sales on 11/15/2005.</footnote>
        <footnote id="F2">Excludes 136,000 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>2005-11-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>rrd84133_94680.htm
<DESCRIPTION>SALES ON NOVEMBER 15, 2005
<TEXT>
<HTML>
<HEAD>
<TITLE>
rrd84133_94680.html
</TITLE>
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<BODY>
<PRE>
Exhibit 1
Sales of Acadia Realty Trust (AKR) by Yale University on 11/15/2005:
Number of Common Shares of
Beneficial Interest Sold					Price Per Share
	15,800							19.50
	600							19.51
	1,200							19.52
	400							19.53
	900							19.54
	1,600							19.55
	1,200							19.56
	800							19.57
	200							19.58
	200							19.59
	3,300							19.60
	600							19.62
	200							19.63
	600							19.69
	2,400							19.70

Total:	30,000



2






</PRE>
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</DOCUMENT>
</SUBMISSION>
