<SEC-DOCUMENT>0001157523-11-001484.txt : 20110309
<SEC-HEADER>0001157523-11-001484.hdr.sgml : 20110309
<ACCEPTANCE-DATETIME>20110309172342
ACCESSION NUMBER:		0001157523-11-001484
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110303
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20110309
DATE AS OF CHANGE:		20110309

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:		11676013

	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>a6641685.htm
<DESCRIPTION>ACADIA REALTY TRUST 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
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  </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): March 3, 2011</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 style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Maryland</b></u>
          </p>
        </td>
        <td style="padding-right: 0.0px; width: 34%; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>1-12002</b></u>
          </p>
        </td>
        <td style="padding-right: 0.0px; width: 33%; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>23-2715194</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (State or other jurisdiction of
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            incorporation)
          </p>
        </td>
        <td style="width: 34%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (Commission File Number)
          </p>
        </td>
        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            (I.R.S. Employer Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt; margin-left:auto;margin-right:auto" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>1311 Mamaroneck Avenue</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Suite 260</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>White Plains, New York 10605</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 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">
      <br>
      <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><br><b>N/A</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; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

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

    </p>
    <p>
      <b>Item 1.01 Entry Into a Material Definitive Agreement</b>
    </p>
    <p style="white-space: nowrap; text-align: justify">
      <i>Amendment to Kenneth F. Bernstein Employment Agreement&#160;&#160;</i>
    </p>
    <p style="text-align: justify">
      On March 7, 2011, Acadia Realty Trust (the &#8220;Company&#8221;) executed the Sixth
      Amendment to the Employee Agreement (the &#8220;Agreement&#8221;) between the
      Company and Kenneth F. Bernstein, Chief Executive Officer and President.
      The Agreement extends Mr. Bernstein&#8217;s employment period for three years,
      increases his minimum annual base salary from $460,000 to $476,100 and
      deletes the excise tax gross-up clause from the contract. A copy of the
      Agreement is attached to this report on Form 8-K as Exhibit 99.1 and
      incorporated herein by reference.
    </p>
    <p>
      <br>
      <b>Item 5.02 Departure of Directors or Certain Officers; Election of
      Directors; Appointment of Certain Officers; Compensatory Arrangements of
      Certain Officers.</b>
    </p>
    <p>
      <i>Compensatory Arrangements of Certain Officers</i>
    </p>
    <p style="text-align: justify">
      On March 3, 2011, upon the recommendation of the Compensation Committee
      (the &#8220;Committee&#8221;) of the Board of Trustees (the &#8220;Board&#8221;) of the Company
      and pursuant to the Acadia Realty Trust 2003 and 2006 Incentive Plans,
      the Board approved (a) long-term incentive awards for 2010, (b) elective
      Long Term Incentive Plan Unit (&#8220;LTIP Units&#8221;) awards and (c) an
      additional retention award.&#160;&#160;The awards were made as grants of
      non-vested LTIP Units for the following named executive officers of the
      Company:
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Name and Position</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2010</b><br>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Long Term</b><br><b>Incentive </b><br><b>Award</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Elective </b><br><b>LTIP Unit</b><br>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Award</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Additional</b><br><b>Retention</b><br><b>Award</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="2" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Total</b><br><b>LTIP Unit</b><br><b>Awards in</b><br><b>Dollars</b>
          </p>
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Awards</b><br><b>Reflected as</b><br><b>Number of</b><br><b>LTIP
            Units</b>
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr style="background-color: #CCEEFF">
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Kenneth F. Bernstein, Chief Executive Officer and President
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          800,000
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            1,600,000
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          2,000,000
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          4,400,000
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            230,971
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr style="background-color: #CCEEFF">
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Michael Nelsen, Chief Financial Officer and Senior Vice President
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          118,000
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            236,000
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          -
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          354,000
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            18,583
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr style="background-color: #CCEEFF">
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Joel Braun, Chief Investment Officer and Executive Vice President
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          260,000
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            518,667
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          -
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          778,667
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            40,875
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr style="background-color: #CCEEFF">
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Robert Masters, General Counsel, Chief Compliance Officer and
            Senior Vice President
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            118,000
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            237,333
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            355,333
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            18,653
          </p>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr style="background-color: #CCEEFF">
        <td style="padding-left: 0.0px; text-align: left" valign="bottom">
          Joseph Napolitano, Chief Administrative Officer and Senior Vice
          President
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            103,000
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            206,667
          </p>
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            -
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            $
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            309,667
          </p>
        </td>
        <td style="padding-right: 0.0px; padding-left: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            16,255
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: justify">
      <br>
      <br>
      In recommending these actions to the Board, the Committee considered
      several factors, including the scope of the individual&#8217;s
      responsibilities, the individual&#8217;s performance relative to the
      benchmarks established by the Committee, competitive payment practices
      in the industry, the historical financial results and the anticipated
      financial performance of the Company. The benchmarks established by the
      Committee relate to corporate performance goals, team/unit performance
      goals and individual performance goals such as earnings growth, stock
      performance, internal and external growth, balance sheet metrics, asset
      performance and other individual performance measurements. The Committee
      also considered compensation studies provided by compensation
      consultants and surveys with respect to other comparable publicly-traded
      real estate investment trusts regarding executive compensation and
      performance benchmarks.
    </p>
    <p style="text-align: justify">
      <i>2010 long-term incentive awards to executives other than Mr. Bernstein</i>.&#160;&#160;The
      total 2010 long-term incentive awards approved by the Board to certain
      executive officers were allocated 83% as time-based awards and 17% as
      performance-based awards.&#160;&#160;The awards consist of non-vested LTIP Units
      for which the number was determined based on the trailing 20-day average
      price of the Company&#8217;s Common Shares from the date of grant of $19.05.
      The LTIP Units will vest in five equal annual installments commencing on
      January 6, 2012 provided that the executive continues to be employed by
      the Company through the applicable vesting date.&#160;&#160;Long-term incentive
      awards are intended to develop and retain strong management through
      share ownership and incentive awards that recognize future
      performance.&#160;&#160;These ownership opportunities and awards also provide a
      retention benefit by vesting over future periods.
    </p>
    <p>
      <br>
      <br>

    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

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

    </p>
    <p style="text-align: justify">
      <i>Elective LTIP Unit awards to executives other than Mr. Bernstein</i>.&#160;&#160;In
      addition to their base salaries and long-term incentive awards, certain
      executive officers of the Company received elective LTIP Unit awards
      tied both to the overall performance of the Company and to their
      individual performances.&#160;&#160;In this regard, the Committee established
      specific performance goals for the payment of elective LTIP Unit awards
      based on the per share growth in cash available for distributions and
      total annual shareholder return. The number of LTIP units granted in
      connection with this Elective LTIP Unit award were at a 25% discount to
      the trailing 20-day average price of the Company&#8217;s Common Shares.
    </p>
    <p style="text-align: justify">
      <i>2010 long-term incentive award, elective LTIP award and additional
      retention award to Mr. Bernstein</i>. The 2010 long-term incentive
      award, elective LTIP Unit award and the additional retention award
      approved by the Board to Mr. Bernstein amounted to 230,971 LTIP Units.
      The additional retention award was granted to retain Mr. Bernstein&#8217;s
      services with the Company and to compensate for the removal of the
      excise tax gross-up clause from his employment contract.&#160;&#160;These LTIP
      Units shall vest as follows:
    </p>
    <p style="text-indent: -30.0px; margin-left: 90.0px; text-align: justify">
      (i)&#160; &#160;&#160;83,989 LTIP Units will vest in five equal annual installments
      commencing on January 6, 2012, (the &#8220;First Vesting Date&#8221;) provided that
      Mr. Bernstein continues to be employed by the Company through the
      applicable vesting date,
    </p>
    <p style="text-indent: -30.0px; margin-left: 90.0px; text-align: justify">
      (ii)&#160;&#160;&#160;41,995 LTIP Units shall also vest subject to the same schedule
      and Mr. Bernstein's continued employment, however the vesting on 50% of
      these LTIP Units will also be subject to the Company achieving certain
      annual and cumulative benchmarks established by the Board, and
    </p>
    <p style="text-indent: -30.0px; margin-left: 90.0px; text-align: justify">
      (iii)&#160;&#160;104,987 LTIP Units will vest as follows: 5,250 on the 1st, 2nd,
      3rd and 4th anniversaries of the First Vesting Date and 83,987 on the
      5th anniversary of the First Vesting Date.
    </p>
    <p style="white-space: nowrap">
      <br>
      <b>Item 9.01.&#160;&#160;&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p>
      (d) Exhibits<br><br>
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 12%; padding-left: 0.0px; text-align: left" valign="top">
          Exhibit<br><u>Number</u>
        </td>
        <td style="width: 88%; padding-left: 0.0px; text-align: left" valign="bottom">
          <u>Description</u>
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; width: 12%; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="top">
          99.1
        </td>
        <td style="width: 88%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt">Sixth Amendment to Employee
            Agreement dated March 7, 2011.</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>
      <br>
      <br>
      <br>
      <br>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p style="text-align: justify">
      <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 style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 3%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 62%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>ACADIA REALTY TRUST</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 3%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 62%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="font-size: 10pt">(Registrant)</font>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 62%; padding-left: 0.0px; text-align: left" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 62%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 5%; padding-left: 0.0px; text-align: left" valign="top">
          Date:
        </td>
        <td style="width: 30%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            March 9, 2011
          </p>
        </td>
        <td style="width: 3%; padding-left: 0.0px; text-align: left" valign="top">
          By:
        </td>
        <td style="width: 62%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u>/s/ Michael Nelsen</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 62%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Name: Michael Nelsen
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 5%">

        </td>
        <td style="width: 30%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 62%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Title: Chief Financial Officer and<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Senior Vice
            President
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>EXHIBIT
      INDEX</b></font>
    </p>
    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 12%; padding-left: 0.0px; text-align: left" valign="top">
          Exhibit<br><u>Number</u>
        </td>
        <td style="width: 98%; padding-left: 0.0px; text-align: left" valign="bottom">
          <u>Description</u>
        </td>
      </tr>
      <tr>
        <td style="padding-right: 0.0px; width: 12%; padding-left: 0.0px; white-space: nowrap; text-align: left" valign="top">
          99.1
        </td>
        <td style="width: 98%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 10pt">Sixth Amendment to Employee
            Agreement dated March 7, 2011.</font>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6641685ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
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  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <p style="text-align: right">
      <u><font style="font-size: 10pt"><b>EXHIBIT 99.1</b></font></u>
    </p>
    <p style="text-align: center">
      <u><font style="font-size: 10pt"><b>SIXTH AMENDMENT TO EMPLOYMENT
      AGREEMENT</b></font></u><br><br>
    </p>
    <p style="text-align: left; text-indent: 60.0px">
      <font style="font-size: 10pt">This Sixth Amendment (the &#8220;Sixth
      Amendment&#8221;) executed March 7, 2011 to the Employment Agreement (the
      &#8220;Agreement&#8221;) between Acadia Realty Trust (the &#8220;Trust&#8221;) and Kenneth F.
      Bernstein (&#8220;Executive&#8221;).</font>
    </p>
    <p style="text-align: justify; text-indent: 60.0px">
      <font style="font-size: 10pt"><b>WHEREAS</b></font><font style="font-size: 10pt">,
      the Trust and Executive entered into an Employment Agreement dated as of
      October, 1998 (the &#8220;Employment Agreement&#8221;); and</font>
    </p>
    <p style="text-align: justify; text-indent: 60.0px">
      <font style="font-size: 10pt"><b>WHEREAS</b></font><font style="font-size: 10pt">,
      the Employment Agreement was amended by a First Amendment dated as of
      January 1, 2001, a Second Amendment dated as of January 1, 2004, a Third
      Amendment dated as of January 1, 2006, a Fourth Amendment dated as of
      January 19, 2007 and a Fifth Amendment dated as of August 5, 2008; and</font>
    </p>
    <p style="text-align: justify; text-indent: 60.0px">
      <font style="font-size: 10pt"><b>WHEREAS</b></font><font style="font-size: 10pt">,
      the Trust and Executive desire to amend the Employment Agreement,
      effective March 3, 2011 (the &#8220;Effective Date&#8221;).</font>
    </p>
    <p style="text-align: justify; text-indent: 60.0px">
      <font style="font-size: 10pt"><b>NOW, THEREFORE</b></font><font style="font-size: 10pt">,
      in consideration of the mutual covenants contained herein and for other
      good and valuable consideration including the continuation of employment
      by the Trust, the receipt and sufficiency of which is hereby
      acknowledged, the Trust and Executive hereby agree as follows:</font>
    </p>
    <p style="text-align: justify; text-indent: 60.0px">
      <font style="font-size: 10pt">1.&#160;&#160;</font><font style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b></font><b><u><font style="font-size: 10pt">Sub-Paragraph
      2(a)</font></u><font style="font-size: 10pt">.&#160;&#160;The second sentence of
      sub-paragraph 2(a) is hereby deleted and the following substituted
      therefor:</font></b>
    </p>
    <p style="text-align: justify; margin-left: 90.0px; text-indent: 30.0px">
      <font style="font-size: 10pt">&#8220;The Employment Period shall be for a
      minimum term of three (3) years commencing on the Effective Date and
      ending on the third anniversary thereof (the &#8220;Employment Term&#8221;).&#8221;</font>
    </p>
    <p style="text-align: justify; text-indent: 60.0px">
      <font style="font-size: 10pt">2.&#160;</font><font style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b></font><font style="font-size: 10pt">&#160;</font><u><font style="font-size: 10pt"><b>New
      Sub-Paragraph 4(a)</b></font></u><font style="font-size: 10pt">.&#160;&#160;The
      following shall be substituted for the first sentence of sub-paragraph
      4(a) of the Employment Agreement:</font>
    </p>
    <p style="text-align: left; margin-left: 90.0px; margin-right: 30.0px; text-indent: 30.0px">
      <font style="font-size: 10pt">&#8220;(a)&#160;&#160;&#160;&#160;&#160;&#160;</font><u><font style="font-size: 10pt">Salary</font></u><font style="font-size: 10pt">.&#160;&#160;From
      January 1, 2011 and thereafter during the Employment Period, the Trust
      shall pay the Executive a minimum annual base salary in the amount of
      $476,100 (the &#8220;Annual Base Salary&#8221;), payable in accordance with the
      Trust&#8217;s regular payroll practices.&#8221;</font>
    </p>
    <p style="text-indent: 60.0px">
      <font style="font-size: 10pt">3.&#160;</font><font style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b></font><font style="font-size: 10pt">&#160;</font><u><font style="font-size: 10pt"><b>Excise
      Tax Gross Up</b></font></u><font style="font-size: 10pt">.&#160;&#160;Sub-Paragraph
      9(c) is hereby deleted in its entirety.</font>
    </p>
    <p style="text-align: justify; text-indent: 60.0px">
      <font style="font-size: 10pt">4.</font><font style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b></font><font style="font-size: 10pt">&#160;&#160;</font><u><font style="font-size: 10pt"><b>Successors;
      Counterparts</b></font></u><font style="font-size: 10pt">.&#160;&#160;This Sixth
      Amendment (i) shall be binding on the executors, administrators,
      estates, heirs and legal successors of the parties and (ii) may be
      executed in several counterparts with the same effect as if the parties
      executing the several counterparts had all executed one counterpart.</font>
    </p>
    <p style="text-align: left; text-indent: 60.0px">
      <br>
      <br>
      <br>

    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-left: 0pt; margin-right: 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="height: 1.5pt; color: black">

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

        </div>
      </div>
    </div>
    <p style="text-indent: 60.0px; text-align: left">

    </p>
    <p style="text-indent: 60.0px; text-align: left">

    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <font style="font-size: 10pt">5.</font><font style="font-size: 10pt"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b></font><font style="font-size: 10pt">&#160;&#160;</font><u><font style="font-size: 10pt"><b>Governing
      Law</b></font></u><font style="font-size: 10pt">.&#160;&#160;This Sixth Amendment
      shall be governed by and construed in accordance with the laws of the
      State of New York without giving effect to the principles of conflict of
      laws thereof.</font>
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <font style="font-size: 10pt"><b>IN WITNESS WHEREOF</b></font><font style="font-size: 10pt">,
      the undersigned have hereto set their hands as of the day and year first
      above written.</font>
    </p>
    <p style="text-indent: 60.0px; text-align: justify">
      <br>
      <br>

    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
      <tr>
        <td style="width: 35%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Acadia Realty Trust</b>
          </p>
        </td>
        <td style="width: 26%">

        </td>
      </tr>
      <tr>
        <td style="width: 35%">

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

        </td>
        <td style="width: 26%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 35%">

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

        </td>
        <td style="width: 26%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 35%">

        </td>
        <td style="width: 4%; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          By:
        </td>
        <td style="width: 35%; padding-left: 0.0px; border-bottom: solid black 1.0pt" valign="top">
          /s/ Robert Masters
        </td>
        <td style="width: 26%">

        </td>
      </tr>
      <tr>
        <td style="width: 35%">

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

        </td>
        <td style="width: 35%; padding-left: 0.0px" valign="top">
          Robert Masters, Senior Vice President
        </td>
        <td style="width: 26%">

        </td>
      </tr>
      <tr>
        <td style="width: 35%">

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

        </td>
        <td style="width: 35%">

        </td>
        <td style="width: 26%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 35%">

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

        </td>
        <td style="width: 35%">

        </td>
        <td style="width: 26%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 35%">

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt" colspan="2" valign="top">
          /s/ Kenneth F. Bernstein
        </td>
        <td style="width: 26%">

        </td>
      </tr>
      <tr>
        <td style="width: 35%">

        </td>
        <td style="padding-left: 0.0px; text-align: left" colspan="2" valign="top">
          Kenneth F. Bernstein, Executive
        </td>
        <td style="width: 26%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-indent: 60.0px; text-align: justify">

    </p>
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