<SUBMISSION>
<ACCESSION-NUMBER>0001116679-07-001276
<TYPE>424B7
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20070423
<DATE-OF-FILING-DATE-CHANGE>20070423
<FILER>
<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>
<FILING-VALUES>
<FORM-TYPE>424B7
<ACT>33
<FILE-NUMBER>333-139950
<FILM-NUMBER>07781807
</FILING-VALUES>
<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>
</FILER>
<DOCUMENT>
<TYPE>424B7
<SEQUENCE>1
<FILENAME>acad424b7-042307.htm
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            <p  align=right style='text-align:right;line-height:94%'><font size=1>&nbsp;</font></p> </td>
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            <p  align=right style='text-align:right;line-height:94%'><b><font size=1>Filed Pursuant to Rule 424(b)(7)</font></b></p> </td> </tr></table>
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            <p  align=right style='text-align:right;line-height:94%'><b><font size=1>Registration Statement No. 333-139950</font></b></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:right;line-height:94.16666%;'><font size=1>&nbsp;</font></p>

<p style=' margin-bottom:5pt; margin-top:0pt;text-align:left;'><b><font size=1>PROSPECTUS SUPPLEMENT No. 2</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>(To Prospectus dated January 12, 2007,</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>as supplemented by the Prospectus </font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><b><font size=2>Supplement dated April 2, 2007)</font></b></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:center;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:8pt; margin-top:0pt;text-align:center;'><b><font size=2>$115,000,000</font></b></p>

<p style=' margin-bottom:5pt; margin-top:5pt;text-align:center;'><b><font size=5>Acadia Realty Trust</font></b></p>

<p style=' margin-bottom:0pt; margin-top:5pt;text-align:center;'><b><font size=2>3.75% Convertible Notes due 2026 and</font></b></p>

<p style=' margin-bottom:5pt; margin-top:0pt;text-align:center;'><b><font size=2>Common Shares Issuable Upon Conversion of the Notes </font></b></p>

<p style=' margin-bottom:5pt; margin-top:5pt; text-indent:0.55in;text-align:left;'><font size=2>This prospectus supplement no. 2 supplements and amends the prospectus dated January 12, 2007 (as amended by the prospectus supplement dated April 2, 2007) relating to the sale from time to time by the selling security holders named in the prospectus supplement dated April 2, 2007 and in this prospectus supplement of up to $115,000,000 aggregate principal amount of our 3.75% Convertible Notes due 2026 and our common shares issuable upon conversion of the notes.</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt; text-indent:0.55in;text-align:left;'><font size=2>This prospectus supplement should be read in conjunction with and accompanied by, and is qualified by reference to, the prospectus and the prospectus supplement dated April 2, 2007, except to the extent that the information in this prospectus supplement supersedes any information contained in those documents.</font></p>

<p style=' margin-bottom:5pt; margin-top:5pt; text-indent:0.55in;text-align:left;'><font size=2>Our common shares are listed on the New York Stock Exchange under the symbol &#147;AKR.&#148; On April 20, 2007, the last reported sales price for our common shares on the New York Stock Exchange was $27.81 per share.</font></p>

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<p style=' margin-bottom:8pt; margin-top:0pt; text-indent:0.53in;text-align:left;'><b><font size=2>Investing in the notes and our common shares involves risks.  See &#147;Risk Factors&#148; beginning on page S-7 of the prospectus supplement dated April 2, 2007, as well as in the documents incorporated by reference in the prospectus supplement.</font></b></p>

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<p style=' margin-bottom:5pt; margin-top:0pt; text-indent:0.55in;text-align:left;'><b><font size=2>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.</font></b></p>

<p style=' margin-bottom:0pt; margin-top:9pt;text-align:center;'><font size=2>The date of this prospectus supplement is April 23, 2007</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=1>&nbsp;</font></p>
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<p style=' margin-bottom:12pt; margin-top:12pt;text-align:center;'><b><font size=2>SELLING SECURITY HOLDERS</font></b></p>

<p style=' margin-bottom:8pt; margin-top:0pt; text-indent:0.67in;text-align:left;'><font size=2>The information appearing in the table below supplements and supersedes the information with respect to such selling security holders in the table appearing under the heading &#147;Selling Security Holders&#148; in the prospectus supplement dated April 2, 2007. The information is based solely on information provided to us by or on behalf of the selling security holders on or prior to April&nbsp;20, 2007. The number of common shares issuable upon conversion of the notes shown in the table below assume conversion of the full amount of notes held by each holder at the initial conversion rate of 32.4002 common shares per $1,000 principal amounts of the notes. This conversion rate is subject to adjustments in certain circumstances. Because the selling security holders may offer all or some portion of the notes or common shares issuable upon conversion of the notes, we have assumed for purposes
of the table below that the named selling security holders will sell all of the notes or convert all of the notes and sell all of the common shares issuable upon conversion of the notes offered pursuant to this prospectus supplement and the prospectus supplement dated April 2, 2007. In addition, the selling security holders identified below may have sold, transferred or otherwise disposed of all or a portion of their notes since the date on which they provided the information regarding their notes in transactions exempt from the registration requirements of the Securities Act. </font></p>


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<table border="0" cellspacing=0 cellpadding=0 width="680" style='border-collapse:collapse'>
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        <td width="137" valign=top style='border-bottom: solid black 1.0pt; padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt;margin-left: 0pt'><font size=1>&nbsp;</font></p>
<p style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt;margin-left: 0pt'><font size=2>&nbsp;</font></p>
<p style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt;margin-left: 0pt'><font size=1>&nbsp;</font></p>
<p style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt;margin-left: 0pt'><b><font size=2>Name</font></b></p> </td>
        <td width="101" style='border-bottom:solid black 1.0pt; padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><b><font size=2>Principal</font></b><br> <b><font size=2>Amount</font></b><font size=2>&nbsp;</font><b><font size=2>of</font></b><font size=2>&nbsp;</font><b><font size=2>Notes</font></b><br> <b><font size=2>Beneficially</font></b><br> <b><font size=2>Owned and</font></b><br> <b><font size=2>Offered</font></b><br> <b><font size=2>Hereby</font></b><font size=2>&nbsp;</font><b><font size=2>(1)</font></b></p> </td>
        <td width="94" style='border-bottom:solid black 1.0pt; padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Percentage</font></b><font size=2>&nbsp;</font><b><font size=2>of</font></b><br> <b><font size=2>Outstanding</font></b><br> <b><font size=2>Notes</font></b><br> <b><font size=2>Beneficially</font></b><br> <b><font size=2>Owned</font></b><font size=2>&nbsp;</font><b><font size=2>Prior</font></b><font size=2>&nbsp;</font><b><font size=2>to</font></b><br> <b><font size=2>this Offering</font></b></p> </td>
        <td width="99" style='border-bottom:solid black 1.0pt; padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><br> <b><font size=2>Common</font></b><font size=2>&nbsp;</font><b><font size=2>Shares</font></b><br> <b><font size=2>Issuable Upon</font></b><br> <b><font size=2>Conversion of</font></b><br> <b><font size=2>the Notes and</font></b><br> <b><font size=2>Available for</font></b><br> <b><font size=2>Resale(1)(2)</font></b></p> </td>
        <td width="100" style='border-bottom:solid black 1.0pt; padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=2>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Other</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Common</font></b><font size=2>&nbsp;</font><b><font size=2>Shares</font></b><br> <b><font size=2>Beneficially</font></b><br> <b><font size=2>Owned</font></b></p> </td>
        <td width="106" style='border-bottom:solid black 1.0pt; padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>Percentage</font></b><font size=2>&nbsp;</font><b><font size=2>of</font></b><br> <b><font size=2>Outstanding</font></b><br> <b><font size=2>Common</font></b><font size=2>&nbsp;</font><b><font size=2>Shares</font></b><br> <b><font size=2>Beneficially</font></b><br> <b><font size=2>Owned Following</font></b></p>
<p style='margin-left:0pt;text-indent:0pt;text-align:center;margin-top:0pt;margin-bottom:0pt'><b><font size=2>the Offering (3)</font></b></p> </td> </tr>
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        <td width="337" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt;margin-left: 0pt'><font size=2>Silvercreek Limited Partnership (4)</font></p> </td>
        <td width="101" style=' padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=2>5,668,000</font></p> </td>
        <td width="94" style=' padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=2>4.9%</font></p> </td>
        <td width="99" style=' padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=2>183,644</font></p> </td>
        <td width="100" style=' padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=2>--</font></p> </td>
        <td width="106" style=' padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=2>*</font></p> </td> </tr>
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        <td width="437" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt;margin-left: 0pt'><font size=2>Silvercreek II Limited (4)</font></p> </td>
        <td width="101" style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=2>3,832,000</font></p> </td>
        <td width="94" style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=2>3.3%</font></p> </td>
        <td width="99" style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=2>124,157</font></p> </td>
        <td width="100" style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=2>--</font></p> </td>
        <td width="106" style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=2>*</font></p> </td> </tr>
    <tr >
        <td width="137" valign=top style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt;margin-left: 0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="101" style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="94" style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="99" style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="100" style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=1>&nbsp;</font></p> </td>
        <td width="106" style='padding:0pt 5.4pt 0pt 5.4pt'>
            <p align=center style='margin-top:8.0pt;margin-right:0pt;margin-bottom:0pt; margin-left:0pt;text-align:center'><font size=1>&nbsp;</font></p> </td> </tr></table>
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<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>______________</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>* Less than 1%</font></p>

<p style=' margin-bottom:0pt; margin-top:8pt;text-align:left;'><font size=2>&nbsp;</font></p>


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        <td width="31" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(1)</font></p> </td>
        <td width="593" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Amounts indicated may be in excess of the total amount registered due to sales or transfers exempt from the registration requirements of the Securities Act since the date upon which the selling security holders provided us with the information regarding their holdings of notes and common shares for inclusion herein. </font></p> </td> </tr>
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        <td width="31" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(2)</font></p> </td>
        <td width="593" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Consists of common shares issuable upon conversion of the notes, assuming the initial conversion rate of 32.4002 common shares per $1,000 principal amount of notes and a cash payment in lieu of any fractional share interests. The conversion price is subject to adjustment as described in the prospectus supplement dated April 2, 2007 under &#147;Description of Notes&#151;Conversion Rights.&#148; </font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(3)</font></p> </td>
        <td width="593" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>
Calculated based on Rule&nbsp;13d-3(d)(i)&nbsp;under the Securities Exchange Act
of 1934, as amended,  using 32,130,608 shares outstanding as of April&nbsp;20,
2007. In calculating this amount, we treated as outstanding the number of common
shares  issuable  upon  conversion  of all of the  convertible  notes  held by a
particular holder.  However, we did not assume the conversion of the convertible
notes held by any other holder.</font></p> </td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>(4)</font></p> </td>
        <td width="593" valign=top style='padding:0pt 0pt 0pt 0pt'>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Louise Morwick and Bryn Joynt exercise voting and/or dispositive powers with respect to these securities.</font></p> </td> </tr></table>
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