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<SEC-DOCUMENT>0001157523-09-002668.txt : 20090413
<SEC-HEADER>0001157523-09-002668.hdr.sgml : 20090413
<ACCEPTANCE-DATETIME>20090413162416
ACCESSION NUMBER:		0001157523-09-002668
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090413
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090413
DATE AS OF CHANGE:		20090413

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACADIA REALTY TRUST
		CENTRAL INDEX KEY:			0000899629
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232715194
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12002
		FILM NUMBER:		09746809

	BUSINESS ADDRESS:	
		STREET 1:		1311 MAMARONECK AVENUE
		STREET 2:		SUITE 260
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10605
		BUSINESS PHONE:		914-288-8100

	MAIL ADDRESS:	
		STREET 1:		1311 MAMARONECK AVENUE
		STREET 2:		SUITE 260
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARK CENTERS TRUST
		DATE OF NAME CHANGE:	19930329
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5938547.htm
<DESCRIPTION>ACADIA REALTY TRUST 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2008 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 18pt"><b>UNITED
      STATES</b></font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>SECURITIES
      AND EXCHANGE COMMISSION</b></font><br><br><font style="font-family: Times New Roman; font-size: 13pt">WASHINGTON,
      D.C. 20549</font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 10pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>
      </b></font><b><font style="font-family: Times New Roman; font-size: 10pt">Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></b><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of Earliest Event Reported): April 13, 2009</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><br><font style="font-family: Times New Roman; font-size: 18pt"><b>ACADIA
      REALTY TRUST</b></font><br><font style="font-family: Times New Roman; font-size: 10pt">(Exact
      name of registrant as specified in its charter)</font><br>
    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="margin-bottom: 10.0px; margin-left:auto;margin-right:auto; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>Maryland</b></u>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px; width: 34%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>1-12002</b></u>
          </p>
        </td>
        <td style="padding-right: 0.0px; text-align: center; white-space: nowrap; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u><b>23-2715194</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or other
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            jurisdiction of incorporation)
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 34%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            File Number)
          </p>
        </td>
        <td style="text-align: center; padding-left: 0.0px; width: 33%" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (I.R.S. Employer
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="margin-left:auto;margin-right:auto; margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>1311 Mamaroneck Avenue</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Suite 260</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            White Plains, New York 10605
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-family: Times New Roman; font-size: 10pt">(Address
            of principal executive offices) (Zip Code)</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      <b>(914) 288-8100</b><br>(<font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code)</font><br><br><b>NA</b><br><font style="font-family: Times New Roman; font-size: 10pt">(Former
      name or former address, if changed since last report)</font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Item
      7.01&#160;&#160;&#160;&#160;&#160;Regulation FD Disclosure</b></font><br>
    </p>
    <p>
      On April 13, 2009, Acadia Realty Trust (the &#8220;Company&#8221;) announced that it
      is commencing an underwritten public offering (the &#8220;Offering&#8221;) of its
      common shares of beneficial interest (&#8220;Common Shares&#8221;).
    </p>
    <p>

    </p>
    <p>
      Based solely on the announced size of the Offering, and certain current
      assumptions and estimates of the Company relating to the Offering, the
      Company expects that its updated guidance for diluted earnings per share
      will be $0.03 to $0.04 lower and diluted funds from operations
      (&#8220;FFO&#8221;)&#160;&#160;per share will be $0.07 to $0.08 lower than guidance previously
      issued in its press release, dated February 11, 2009, filed as Exhibit
      99.1 to the Company&#8217;s Current Report on Form 8-K as furnished to the
      Securities and Exchange Commission on February 13, 2009.
    </p>
    <p>

    </p>
    <p>
      The Company considers FFO as defined by the National Association of Real
      Estate Investment Trusts (&#8220;NAREIT&#8221;) to be an appropriate supplemental
      disclosure of operating performance for an equity real estate investment
      trust (&#8220;REIT&#8221;) due to its widespread acceptance and use within the REIT
      and analyst communities. FFO is presented to assist investors in
      analyzing the performance of the Company. It is helpful as it excludes
      various items included in net income that are not indicative of the
      operating performance, such as gains (losses)&#160;from sales of depreciated
      property and depreciation and amortization. However, the Company&#8217;s
      method of calculating FFO may be different from methods used by other
      REITs and, accordingly, may not be comparable to such other REIT&#8217;s. FFO
      does not represent cash generated from operations as defined by
      generally accepted accounting principles (&#8220;GAAP&#8221;) and is not indicative
      of cash available to fund all cash needs, including distributions. It
      should not be considered as an alternative to net income for the purpose
      of evaluating the Company&#8217;s performance or to cash flows as a measure of
      liquidity. Consistent with the NAREIT definition, the Company defines
      FFO as net income (computed in accordance with GAAP), excluding gains
      (losses)&#160;from sales of depreciated property, plus depreciation and
      amortization, and after adjustments for unconsolidated partnerships and
      joint ventures.
    </p>
    <p>

    </p>
    <p>
      The following is a reconciliation of the calculation of the Company&#8217;s
      guidance range for 2009 of diluted earnings per share and diluted FFO
      per share:
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Guidance Range for 2009</u>
          </p>
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="2" valign="bottom">
          Low
        </td>
        <td style="text-align: center; border-bottom: solid black 1.0pt; padding-left: 0.0px" colspan="2" valign="bottom">
          High
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Diluted earnings per share
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.48
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.61
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="bottom">
          Depreciation of real estate and amortization of leasing costs:
        </td>
        <td colspan="2">

        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Wholly owned and consolidated partnerships
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.45
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.45
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="bottom">
          Unconsolidated partnerships
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.04
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.04
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Minority interest in Operating Partnership
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.01
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; text-align: left; border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.01
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px" valign="bottom">
          Diluted FFO per share
        </td>
        <td style="padding-right: 0.0px; text-align: left; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: left; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          0.98
        </td>
        <td style="padding-right: 0.0px; text-align: left; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; text-align: left; border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px" valign="bottom">
          1.11
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      The information in this item shall not be deemed &#8220;filed&#8221; for purposes of
      Section 18 of the Securities Exchange Act of 1934, or otherwise subject
      to the liabilities of Section 18, nor shall it be deemed incorporated by
      reference into any disclosure document relating to the Company, except
      to the extent, if any, expressly set forth by specific reference in such
      filing.
    </p>
    <p>

    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Item
      8.01&#160;&#160;&#160;&#160;&#160;Other Events</b></font><br>
    </p>
    <p>
      Recent Developments
    </p>
    <p>

    </p>
    <p>
      <u>Note Repurchases</u>.&#160;&#160;During January and March of 2009, the Company
      purchased a total of $18.5 million in principal amount of its 3.75%
      Convertible Notes at a discount of approximately 25% resulting in a
      gain, net of the write-off of the associated deferred financing costs,
      of $3.1 million. From time to time, the Company may make additional
      purchases of its 3.75% Convertible Notes as market conditions permit.
    </p>
    <p>

    </p>
    <p>
      <u>Promote Income</u>.&#160;&#160;On February 29, 2009, the Kroger Co., which
      previously occupied various premises pursuant to long term, triple net
      ground leases, exercised its existing purchase options and acquired fee
      title to six stores in Acadia Strategic Opportunity Fund, L.P.&#8217;s (&#8220;Fund
      I&#8221;) Kroger/Safeway Portfolio for $14.6 million. Acadia Realty Limited
      Partnership (the &#8220;Operating Partnership&#8221;), which is the general partner
      of Fund I, recognized Promote income of approximately $0.7 million in
      connection with this transaction.
    </p>
    <p>

    </p>
    <p>
      <u>Receipt of Forfeited Deposit</u>.&#160;&#160;During the quarter ended March 31,
      2009, the purchaser of the Company&#8217;s Ledgewood Mall did not close on the
      transaction and, as a result, forfeited its $1.7 million deposit which
      the Company recognized as income.
    </p>
    <p>

    </p>
    <p>
      <u>Property Acquisition</u>. As previously announced during January of
      2009, the Company purchased the Cortlandt Towne Center through Acadia
      Strategic Opportunity Fund III, LLC (&#8220;Fund III&#8221;).
    </p>
    <p>

    </p>
    <p>
      <u>Impairment Charge</u>.&#160;&#160;The Company has an investment, through Acadia
      Mervyn Investors I, LLC (&#8220;Mervyns I&#8221;) and Acadia Mervyn Investors II,
      LLC (&#8220;Mervyns II&#8221;), in an entity (&#8220;REALCO&#8221;) which owns certain former
      Mervyns Department Store locations and leasehold interests. During the
      quarter ended March 31, 2009, REALCO recorded an impairment charge on
      its investment in certain of these assets of which Mervyns I and II
      recognized a combined loss of $3.1 million. The Operating Partnership&#8217;s
      share of this loss, net of taxes, was $0.4 million.
    </p>
    <p>

    </p>
    <p>
      <u>Staffing Reductions</u>.&#160;&#160;During the quarter ended March 31, 2009,
      the Company continued its initiative to reduce certain general and
      administrative expenses. As part of these measures, the Company
      implemented staff reductions for which it recognized severance and other
      related costs of approximately $0.9 million.
    </p>
    <p>

    </p>
    <p>
      <u>Financing Activities</u>.&#160;&#160;Subsequent to December 31, 2008, the
      Company completed the following financings:
    </p>
    <p>

    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Fund III drew an additional $81 million from its subscription line of
        credit to finance the acquisition of Cortlandt Towne Center and
        provide working capital.
      </li>
      <li style="margin-bottom: 10.0px">
        Acadia Strategic Opportunity Fund II, LLC (&#8220;Fund II&#8221;) extended the
        maturity of its subscription line of credit to March 1, 2010 and drew
        an additional $19 million from this facility in connection with the
        refinancing of maturing mortgage debt.
      </li>
      <li style="margin-bottom: 10.0px">
        Fund II exercised its second of three extension options on a $30
        million mortgage loan to April 2010.
      </li>
      <li style="margin-bottom: 10.0px">
        Fund II drew approximately $8 million from existing construction loan
        facilities.
      </li>
      <li style="margin-bottom: 10.0px">
        The Company drew $25 million from a $30 million existing line of
        credit collateralized by one of the Company&#8217;s properties which matures
        during March 2010.
      </li>
    </ul>
    <p>
      <u>Dividends</u>.&#160;&#160;After this Offering, the Company expects that its
      current cash dividend per share of $0.84, on an annualized basis, will
      be reduced based on the number of Common Shares ultimately issued in
      this Offering. The Company expects to maintain its current annualized
      cash dividend of approximately $28.6 million for 2009. Notwithstanding
      the foregoing, the decision to declare and pay dividends on our Common
      Shares in the future, as well as the timing, amount and composition of
      any such future dividends, will be at the sole discretion of our Board
      of Trustees
    </p>
    <p style="text-align: left">

    </p>
    <p style="text-align: center">
      *******
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      Certain matters in this item, including statements relating to our
      future operating results, may constitute forward-looking statements
      within the meaning of federal securities law and as such may involve
      known and unknown risk, uncertainties and other factors that may cause
      the actual results, performances or achievements of the Company to be
      materially different from any future results, performances or
      achievements expressed or implied by such forward-looking statements.
      These forward-looking statements include statements regarding the
      Company&#8217;s future financial results and its ability to capitalize on
      potential opportunities arising from the current economic turmoil.
      Factors that could cause its forward-looking statements to differ from
      its future results include, but are not limited to, those discussed
      under the headings &#8220;Risk Factors&#8221; and &quot;Management's Discussion and
      Analysis of Financial Condition and Results of Operations&quot; in the
      Company&#8217;s most recent annual report on Form 10-K filed with the SEC on
      February 27, 2009 (&#8220;Form 10-K&#8221;) and other periodic reports filed with
      the SEC and the preliminary prospectus supplement dated April 13, 2009,
      including risks related to: (i) dilution resulting from the Offering;
      (ii) the current global financial crisis and its effect on retail
      tenants, including several recent bankruptcies of major retailers; (iii)
      the Company&#8217;s reliance on revenues derived from major tenants; (iv) the
      Company&#8217;s limited control over joint venture investments; (v) the
      Company&#8217;s partnership structure; (vi) real estate and the geographic
      concentration of its properties; (vii) market interest rates; (viii)
      leverage; (ix) liability for environmental matters;(x) the Company&#8217;s
      growth strategy; (xi) the Company&#8217;s status as a REIT (xii) uninsured
      losses and (xiii) the loss of key executives. Copies of the Form 10-K
      and the other periodic reports the Company files with the SEC are
      available on the Company&#8217;s website at www.acadiarealty.com.&#160;&#160;&#160;Any
      forward-looking statements in this Form 8-K speak only as of the date
      hereof.<i> </i>The Company expressly disclaims any obligation or
      undertaking to release publicly any updates or revisions to any
      forward-looking statements contained herein to reflect any change in its
      expectations with regard thereto or change in events, conditions or
      circumstances on which any such statement is based.
    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Item
      9.01&#160;&#160;&#160;&#160;&#160;Financial Statements, </b></font><b>Pro
      Forma Financial Information and <font style="font-family: Times New Roman; font-size: 10pt">Exhibits.</font></b><br>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 16%" valign="top">
          (d) Exhibits
        </td>
        <td style="width: 84%">

        </td>
      </tr>
      <tr>
        <td style="width: 16%">

        </td>
        <td style="width: 84%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 16%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Exhibit Number</u>
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 84%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>Description</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; text-align: left; white-space: nowrap; padding-left: 0.0px; width: 16%" valign="top">
          99.1
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 84%" valign="top">
          Press Release dated April 13, 2009.
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Pursuant to
      the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.</font>
    </p>
    <div style="text-align:left">
    <table cellspacing="0" style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 4%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>ACADIA REALTY TRUST</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 4%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td colspan="2">

        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 4%">

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px; width: 5%" valign="top">
          Date:
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 40%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            April 13, 2009
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 4%" valign="top">
          By:
        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>/s/ Michael Nelsen</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 6%" valign="top">
          Name:
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Michael Nelsen
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 40%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 6%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Title:
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px; width: 45%" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President and Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5938547ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Acadia
      Realty Trust Announces Offering of 4.5 Million Common Shares</b></font>
    </p>
    <p>
      NEW YORK--(BUSINESS WIRE)--April 13, 2009--Acadia Realty Trust (NYSE:
      AKR &#8211; &#8220;Acadia&#8221; or the &#8220;Company&#8221;), a real estate investment trust
      (&#8220;REIT&#8221;) announced today that it plans to issue 4.5 million common
      shares of beneficial interest (&#8220;Common Shares&#8221;) in an underwritten
      public offering. The Common Shares will be issued pursuant to an
      effective shelf registration statement filed with the Securities and
      Exchange Commission.
    </p>
    <p>
      The underwriters will be granted a 30-day option to purchase up to an
      additional 675,000 Common Shares. The book-running manager for this
      offering is Merrill Lynch &amp; Co. The Co-Managers are J.P.Morgan, Barclays
      Capital, UBS Investment Bank and RBC Capital Markets.
    </p>
    <p>
      The Company plans to use a portion of the net proceeds from the offering
      to reduce its indebtedness and the remaining net proceeds for general
      corporate purposes, which may include, among other things, further
      repayment of the Company&#8217;s debt, future acquisitions and redevelopments
      of, and capital improvements to, the Company&#8217;s properties.
    </p>
    <p>
      Copies of the preliminary prospectus supplement and the accompanying
      prospectus relating to these securities may be obtained from Merrill
      Lynch &amp; Co., Attention: Prospectus Department, 4 World Financial Center,
      New York, New York 10080.
    </p>
    <p>
      This announcement shall not constitute an offer to sell or the
      solicitation of an offer to buy nor shall there be any sale of these
      securities in any state or other jurisdiction in which such offer,
      solicitation or sale would be unlawful prior to registration or
      qualification under the securities laws of any such state or other
      jurisdiction.
    </p>
    <p>
      Acadia Realty Trust, headquartered in White Plains, NY, is a fully
      integrated, self-managed and self-administered equity REIT focused
      primarily on the ownership, acquisition, redevelopment and management of
      retail and mixed-use properties including neighborhood and community
      shopping centers located in urban and suburban markets in major
      metropolitan areas.
    </p>
    <p>
      Factors that could cause its forward-looking statements to differ from
      its future results include, but are not limited to, those discussed
      under the headings &quot;Risk Factors&quot; and &quot;Management's Discussion and
      Analysis of Financial Condition and Results of Operations&quot; in the
      Company&#8217;s most recent annual report on Form 10-K filed with the SEC on
      February 27, 2009 (&quot;Form 10-K&quot;) and other periodic reports filed with
      the SEC and the preliminary prospectus supplement dated April 13, 2009,
      including risks related to: (i) dilution resulting from the Offering;
      (ii) the current global financial crisis and its effect on retail
      tenants, including several recent bankruptcies of major retailers; (iii)
      the Company&#8217;s reliance on revenues derived from major tenants; (iv) the
      Company&#8217;s limited control over joint venture investments; (v) the
      Company&#8217;s partnership structure; (vi) real estate and the geographic
      concentration of its properties; (vii) market interest rates; (viii)
      leverage; (ix) liability for environmental matters;(x) the Company&#8217;s
      growth strategy; (xi) the Company&#8217;s status as a REIT (xii) uninsured
      losses and (xiii) the loss of key executives. Copies of the Form 10-K
      and the other periodic reports the Company files with the SEC are
      available on the Company&#8217;s website at <u>www.acadiarealty.com</u>.
      Any forward-looking statements in this press release speak only as of
      the date hereof. The Company expressly disclaims any obligation or
      undertaking to release publicly any updates or revisions to any
      forward-looking statements contained herein to reflect any change in its
      expectations with regard thereto or change in events, conditions or
      circumstances on which any such statement is based.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br><i>Acadia Realty Trust</i><br><i>Jon Grisham, 914-288-8100</i>
    </p>
    <p>

    </p>
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