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<SEC-DOCUMENT>0000950123-10-114372.txt : 20110218
<SEC-HEADER>0000950123-10-114372.hdr.sgml : 20110218
<ACCEPTANCE-DATETIME>20101216193456
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-114372
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20101216

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:		CORRESP

	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>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">&#091;Paul, Hastings, Janofsky &#038; Walker LLP Letterhead&#093;
</DIV>

<P>&nbsp;

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(212)&nbsp;318-6859<BR>
markschonberger@paulhastings.com

</DIV>
<DIV align="center">
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD align="left" valign="top">December&nbsp;16, 2010
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">41193.00083</TD>
</TR>


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</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>VIA EDGAR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">U.S. Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, D.C. 20549-3628<BR>
Attention: Michael Pokorny

</DIV>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Re:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><U>Acadia Realty Trust</U></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form&nbsp;10-K for the year ended December&nbsp;31, 2009, filed on March&nbsp;1, 2010</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Definitive Proxy Statement Schedule&nbsp;14A, filed on April&nbsp;9, 2010</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">File No.&nbsp;001-12002</TD>
</TR>
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</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On behalf of our client, Acadia Realty Trust (the &#147;Company&#148; or &#147;Acadia&#148;), we hereby respond to
the comments of the staff of Division of Corporation Finance (the &#147;Staff&#148;) of the U.S. Securities
and Exchange Commission conveyed by letter dated December&nbsp;7, 2010. We have incorporated the
Staff&#146;s comments into this response letter in italics and have provided the Company&#146;s responses
below each comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><I>FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2009</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><I>Note 4 &#151; Investments In and Advances to Unconsolidated Partnerships</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><I>Retailer Controlled Property Venture (&#147;RCP Venture&#148;), page F-20</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><I>1.&nbsp;In your response to comment one, we note the non-managing membership interests give the
investment vehicles certain rights but limited influence. Please specify what rights are held. In
addition, we note that the selling investor in the Rex Stores transaction retained voting and
management rights, please clarify what your 13.3% interest entitles you to as an investor. Lastly,
we note that you believe the size of the investments and earnings to Acadia&#146;s financial statements
is immaterial. Please tell us if there is a material difference between accounting for these
investments under the cost method versus the equity method.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Other than the minority investor rights which we are entitled to pursuant to statute, we have no
rights other than to receive our pro-rata share of cash distributions as declared by the managers.
We have no rights with respect to the control and operation of the investment vehicles, and the formulation and execution of business and investment policies. In
connection with our 13.3% interest in Rex Stores we have no rights other than those discussed
above.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Based on information made available to us by these investees, consisting primarily of internally
prepared financial information received on a periodic basis from the Managers of the investments,
we believe there is no material difference in the accounting for these investments on the cost
method versus the equity method.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><FONT style="font-variant: SMALL-CAPS">*</FONT> <FONT style="font-variant: SMALL-CAPS">*</FONT> <FONT style="font-variant: SMALL-CAPS">*</FONT>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">
In response to the Staff&#146;s request, the Company has filed a letter on EDGAR
containing the specified acknowledgements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">If you have any questions, or if it would expedite your review in any way, please do not
hesitate to contact the undersigned at the number above or Keith Pisani at (212)&nbsp;318-6053.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Sincerely,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">/s/ Mark Schonberger

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Mark Schonberger<BR>
of PAUL, HASTINGS, JANOFSKY &#038; WALKER LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Enclosures

</DIV>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">cc
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Michael Nelsen, Acadia Realty Trust</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert Masters, Esq., Acadia Realty Trust</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Keith D. Pisani, Esq., Paul, Hastings, Janofsky &#038; Walker LLP</TD>
</TR>
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</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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