<SEC-DOCUMENT>0001144204-12-020164.txt : 20120606
<SEC-HEADER>0001144204-12-020164.hdr.sgml : 20120606
<ACCEPTANCE-DATETIME>20120404171133
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-12-020164
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20120404

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
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Acadia Realty Trust</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1311 Mamaroneck Avenue, Suite 260</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">White Plains, NY 10605</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 4, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>VIA EDGAR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549-3628</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attn: Kevin Woody, Accounting Branch Chief</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 5%"><FONT STYLE="font-size: 10pt">Re:</FONT></TD>
    <TD STYLE="width: 95%; text-decoration: underline"><FONT STYLE="font-size: 10pt">Acadia Realty Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Form 10-K for the year ended December 31, 2011</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Filed February 28, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">File No. 001-12002</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Woody,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with responding to comments of the staff of the
Division of Corporation Finance of the U.S. Securities and Exchange Commission (the &quot;Commission&quot;) relating to the above-referenced
filings, Acadia Realty Trust (the &quot;Company&quot;) hereby acknowledges that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the Company is responsible for the adequacy and accuracy of the disclosure
in the filings; </FONT></TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">staff comments or changes to disclosure in response to staff comments
do not foreclose the Commission from taking any action with respect to the filings; and </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">the Company may not assert staff comments as a defense in any proceeding
initiated by the Commission or any person under the federal securities laws of the United States. </FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please direct any questions with respect to the foregoing to
Mark Schonberger of Goodwin Procter LLP at (212)&nbsp;813-8842.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Jonathan Grisham</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Jonathan Grisham</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Senior Vice President and Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">cc: Mark Schonberger, Esq., Goodwin Procter LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">Goodwin Procter LLP</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">620 Eighth Avenue</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">New York, NY 10018</P>

<P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 61%; padding-right: 0; padding-left: 0; font-size: 10pt">April 4, 2012</TD>
    <TD STYLE="width: 39%; padding-right: 0; padding-left: 0; text-align: right; font-size: 10pt">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">VIA EDGAR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kevin Woody, Accounting Branch Chief</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporate Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, DC 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 4%; padding-right: 0; padding-left: 0">Re:</TD>
    <TD STYLE="width: 96%; padding-right: 0; padding-left: 0; text-decoration: underline">Acadia Realty Trust</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Form 10-K for the year ended December 31, 2011</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Filed February 28, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">File No. 001-12002</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0.5in; text-indent: -0.5in">Dear Mr. Woody:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On behalf of our client, Acadia Realty Trust
(the &ldquo;Company&rdquo;), we hereby respond to the comments of the staff of Division of Corporation Finance (the &ldquo;Staff&rdquo;)
of the U.S. Securities and Exchange Commission conveyed by letter dated March 15, 2012. Please note that pursuant to a telephone
call we had with Mr. Telewicz, the Company was granted an extension to respond to April 9, 2012. For your convenience, we have
incorporated the Staff&rsquo;s comments into this response letter in italics and have provided the Company&rsquo;s responses below
each comment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2011</U></B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>Item 1. Business,
page 4 </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>1. &#9;We
note that you intend to commence Fund IV. Please ensure that you provide disclosure regarding this entity in future Exchange Act
periodic reports. </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To date, the entities constituting Fund
IV have not yet been established. Once formed, the Company confirms it will provide disclosure regarding these entities in its
future periodic filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Kevin Woody</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 4, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;2</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>Capital Strategy
.... , page 6 </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>2. &#9;In
future periodic filings, with respect to your ATM program, please disclose the amount of shares sold, gross proceeds, net proceeds
or offering expenses/commissions, and use of proceeds for sales in the reporting period. In addition, please disclose the amount
still available under the program. </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Through February 28, 2012, the filing date
of the Form 10-K, the Company had not sold any Common Shares pursuant to its ATM program which was established on January 27, 2012.
The Company confirms it will provide the disclosure as noted in your comment in its future periodic filings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>Item 2. Properties,
page 22 </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="text-underline-style: none"><B>3.
&#9;In future Exchange Act periodic reports please provide the average effective annual rent per square foot. Additionally, please
disclose the impact of tenant expense reimbursements and concessions, such as free rent, on annual rental income. </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">It should be noted that the Company currently
discloses annual base rents by property, both in terms of total dollar and per square foot amounts in Item 2. Properties of its
Form 10-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">However, the Company has not previously
disclosed or otherwise provided average portfolio effective annual rent per square foot information to investors in its press releases
or other communications with the investment community as it believes such disclosure is not relevant due to the diversity of its
properties in terms of geography and property type resulting in a wide variation in rental rates. The Company's portfolio is distributed
across 11 different states in over 30 cities. Further diversity as to rents exists within sub-markets of the same Metropolitan
Statistical Areas due to differing property types and specific location attributes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company includes an analysis of Tenant
Common Area Maintenance Reimbursement and Tenant Real Estate Tax Expense Reimbursement in the Management Discussion and Analysis
of Financial Condition and Results of Operations section of its periodic reports along with a discussion of the related property
operating expenses. The Company believes that additional disclosure of tenant expense reimbursements in Item 2. Properties outside
the context of a discussion of the related operating expenses would be potentially misleading as annual property operating expenses
can vary significantly from one year to the next which would also affect the amounts of tenant reimbursements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the Company respectfully submits
to the Staff that since the Company&rsquo;s lease incentives, including free rent and tenant concessions are amortized as a reduction
of rental revenue over the respective tenant lease terms, investors are provided with appropriate information as a result of the
Company&rsquo;s GAAP disclosure. The Company will expand its discussions under the heading &quot;Revenue Recognition&quot; as disclosed
on page F-14 for its accounting for rental income from leases with respect to tenant lease incentives. Specifically, the Company
will clarify that lease incentives are amortized as a reduction of rental revenue over the respective terms of the tenants' leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Kevin Woody</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 4, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;3</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Lease Expirations, page 29 </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>4. &#9;We note that you have a material amount of lease
expirations for each of 2012, 2013, 2014, 2015 and 2016. We also note your disclosure of the annualized rental revenue of expiring
leases. In future filings, to the extent known by management, please include disclosure that addresses the relationship between
rates on leases expiring in the current year and current market rents for this space.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company has not previously disclosed,
or otherwise provided to investors in its press releases or other communications with the investment community, information regarding
market rents within its portfolio. The quantification of market rents is an unreliable and potentially misleading metric due to
the inherent imprecision, incompleteness and variability in such data. Given the qualitative and competitive differences, not only
for individual properties within the same sub-markets, but even individual spaces within the same property, the comparability of
market rents at other properties is, in many instances, an unreliable basis of comparison for expiring rents at our properties.
Furthermore, determination of market rents are based on leasing information obtained from third parties, including brokers and
tenants, for which the Company can provide no assurance as to the accuracy or completeness of such information. In addition, the
Company&rsquo;s disclosure of estimated market rents may be harmful to the Company in future lease negotiations with prospective
tenants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>Item 7. Management's
Discussion and Analysis of Financial Condition and Results of Operations </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>Self-Storage
Portfolio, page 31 </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>5.&#9;In
future Exchange Act periodic reports, please quantify the number of same store move-ins and move-outs for the reporting period
and the average rent per unit.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">The
Company confirms it will provide disclosure as to same store move-ins and move-outs within its Self Storage Portfolio in future
periodic filings. Given the diversity of unit sizes within the Company's Self-Storage Portfolio, the Company believes a discussion
of average rent per square foot, rather than per unit, is more relevant to investors and will include disclosure of this in future
periodic filings.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Kevin Woody</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 4, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;4</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>6.&#9;In
future Exchange Act periodic reports please disclose the anticipated completion date of properties under development and budgeted
costs. For completed developments, please also disclose development costs per square foot, clarifying whether you have included
leasing costs. </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">The
Company respectfully states that it has disclosed significant costs related to  development projects under Item 1. &ndash;
Business, page 9 in the 2011 Form 10-K which includes costs incurred to date (inclusive of leasing costs), future projected
costs and the gross leasable area of its development projects. In future periodic filings, the Company will
include anticipated completion dates to the extent such dates are determinable, as well as clarify that costs incurred to
date include leasing costs.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">The
Company informs the Staff that redevelopment activities specifically within the Self-Storage Portfolio have not been significant
for the years ended December 31, 2011, 2010 and 2009. Costs capitalized related to the Self-Storage Portfolio aggregated only $0.4
million, $14,000 and $1.0 million, for each of these years, respectively. To the extent the Company engages in significant redevelopment
activities in the future, it will disclose redevelopment costs per square foot in future filings. Leasing costs are typically not
significant related to the redevelopment of self-storage properties, but to the extent they may be related to future potential
redevelopment activities within the Company's Self-Storage Portfolio, the Company will disclose such costs in future periodic filings.
</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>Results of
Operations, page 38 </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>7. &#9;We
note that acquisitions had a significant impact on the period to period comparisons. In future Exchange Act periodic reports, in
order to illustrate for investors your internal earnings growth, please expand your revenue and expense discussion to address period
to period same store performance and net operating income. Additionally, please disclose how you determine the properties that
fall within the &quot;same store&quot; pool, including also a discussion of any properties that were excluded from the pool that
were owned in all periods compared, and how you determined which revenues and expenses to include in determining NOI. For example,
please explain if you included items such as tenant improvement and leasing commissions, ground rent, lease termination fees and
marketing costs. </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Kevin Woody</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 4, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;5</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">The
Company has previously provided investors in its press releases and other communications with the investment community information
regarding portfolio same-store net operating income (&ldquo;NOI&rdquo;). Accordingly, it will expand its revenue and expense discussion
in the Management Discussion and Analysis of Financial Condition and Results of Operations section of its periodic reports to address
period-to-period portfolio same store NOI, including a discussion of the determination of properties included within and excluded
from the &quot;same store&quot; pool. Additionally, it will discuss which revenues and expenses are included in determining NOI
as well as a reconciliation of Operating Income to property NOI.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>8. &#9;In
future Exchange Act periodic filings, please expand your disclosure of your leasing activities for the most recent period, including
a discussion of the volume of new or renewed leases, average rents or yields, and, where applicable, average tenant improvement
costs, leasing commissions and tenant concessions. Please also include a discussion of rents on renewed leases in relation to the
prior rents on those leases.</B></FONT><B><U> </U></B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">The
Company has previously provided investors in its press releases and other communications with the investment community information
regarding its leasing activities. Accordingly, it will include in the Management Discussion and Analysis of Financial Condition
and Results of Operations section of its periodic reports a discussion of the volume of new or renewed leases, average rents, and,
where applicable, average tenant improvement costs, leasing commissions and tenant concessions. The Company will also include a
discussion of rents on renewed leases in relation to the prior rents on those leases in future periodic filings.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>Financial
Statements </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>Consolidated
Statement of Cash Flows, page F-9 </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>9. &#9;Please
disclose a breakdown of your investment in real estate between amounts paid to acquire real estate from development and redevelopment
activities. </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">To
the extent amounts paid to acquire real estate and amounts paid for development and redevelopment activities are significant in
the future, the Company will disclose these amounts separately in the Consolidated Statement of Cash Flows. As discussed with the
Staff, such disclosures will be made, as appropriate, in future periodic filings. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">In
response to the Staff&rsquo;s request for an historic breakdown between these activities, amounts
paid for the acquisition of real estate aggregated $116.4 million, $2.8 million and $78.0 million, for the years ended December
31, 2011, 2010 and 2009, respectively. Amounts paid related to development and redevelopment activities aggregated $65.1 million,
$77.7 million and $49.3 million, for the years ended December 31, 2011, 2010 and 2009, respectively.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Kevin Woody</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 4, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;6</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>Notes to
Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>1. Organization,
Basis of Presentation and Summary of Significant Accounting Policies </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>Real Estate,
page F-12 </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>10.&#9;Please
provide us and disclose in future filings more detail regarding your capitalization policies. Please discuss the types of indirect
costs that are capitalized as part of development and redevelopment activities, the amounts capitalized during the current period
and your methodology for determining the</B></FONT><B><U> </U><FONT STYLE="text-underline-style: none">amounts that are capitalizable.
Additionally, please explain to us what you consider to be a &quot;significant renovation&quot;.</FONT></B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">In
future filings, the Company will add the following disclosure to the Notes to Consolidated Financial Statements, Note 1. Organization,
Basis of Presentation and Summary of Significant Accounting Policies &ndash; Real Estate:</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">&ldquo;The
Company capitalizes certain costs related to the development and redevelopment of real estate including pre-construction costs,
real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved with the specific
project. Additionally, the Company capitalizes interest costs related to development and redevelopment activities. Capitalization
of these costs begin when the activities and related expenditures commence, and cease when the property is held available for occupancy
upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity
at which time the project is placed in service and depreciation commences.&rdquo;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">In
future filings, the Company will add the following disclosure to the Notes to Consolidated Financial Statements, Note 1. Organization,
Basis of Presentation and Summary of Significant Accounting Policies &ndash; Deferred Costs:</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">&ldquo;The
Company capitalizes salaries, commissions and benefits related to time spent by leasing and legal department personnel involved
in originating leases.&rdquo;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">In
response to the Staff&rsquo;s inquiry as to the types of indirect costs that are capitalized as part of development and redevelopment
activities, the Company advises the Staff that it does not currently capitalize any significant indirect development costs, including
salaries and benefits, travel and other related costs that are indirectly attributable to the development of property.</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Kevin Woody</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 4, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;7</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">The
term &ldquo;significant renovation&rdquo; is synonymous with redevelopment. In future periodic filings, the sentence using this
term will be deleted in its entirety and replaced in the Notes to Consolidated Financial Statements, Note 1. Organization, Basis
of Presentation and Summary of Significant Accounting Policies &ndash; Real Estate with the language as detailed above in this
response to comment 10. </FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>11.&#9; Please
tell us, and expand your disclosure to discuss, your policy for accounting for acquisition costs. </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">In
future filings, the Company will add the following disclosure to the Notes to Consolidated Financial Statements, Note 1. Organization,
Basis of Presentation and Summary of Significant Accounting Policies &ndash; Real Estate:</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">&ldquo;Transaction
costs related to the acquisition of real estate, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional
and consulting fees, are expensed as incurred and included in &ldquo;property operating expense&rdquo; in our consolidated statements
of operations.&rdquo;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>20. Earnings
Per Common Share, page F-40 </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: none"><B>12.&#9;We
note that certain of your unvested restricted Common Shares and restricted OP Units are entitled to receive dividend equivalent
payments. Please explain to us whether these instruments meet the definition of participating securities in accordance with ASC
Topic 260-10-40 and if so tell us whether you are required to calculate EPS using the two class method.</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-style: normal; text-underline-style: none">Dividends
are not paid currently on unvested Restricted Shares. Upon vesting of these Restricted Shares, the Company has agreed to pay the
recipient, as compensation, an amount that is equal to the accumulated dividends from the issuance date through the applicable
vesting date of such Restricted Shares (which, in future filings, we&nbsp;will refer to as &quot;Restricted Share Units&quot; in
order to avoid further confusion). If the recipient does not fulfill all conditions for vesting, all rights to any such payments
are forfeited. Accordingly, under ASC Topic 260-10-45 these securities do not meet the definition of a participating security and
are not to be included in the computation of basic earnings per share (EPS) using the two-class method. Distributions on unvested
restricted Operating Partnership Units are paid currently in an amount equal to the dividend paid per Common Share. As these are
unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, they meet the definition
of participating securities and are to be included in the computation of EPS pursuant to the two-class method under the requirements
of paragraph 260-10-45. Historically through the year ended December 31, 2011, the impact of the allocation of earnings to unvested
OP Units has not had a material impact on the calculation of EPS and, as such, the two-class earnings allocation method has not
been applied in presenting basic and diluted EPS in the Company&rsquo;s financial statements as included in its periodic filings.
Prospectively, the Company will continue to monitor the impact of the allocation of earnings to participating securities in future
calculations of basic and diluted EPS. The Company will include this allocation and presentation, if material, in future periodic
filings.<B> </B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: center">*&#9;*&#9;*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Kevin Woody</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 4, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Page&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In response to the Staff&rsquo;s request, the Company has filed
a letter on EDGAR containing the specified acknowledgements.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; font-variant: small-caps; text-align: left; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Mark Schonberger</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mark Schonberger</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">of<FONT STYLE="text-transform: uppercase"> GOODWIN PROCTeR LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 4%; padding-right: 0; padding-left: 0">cc:&nbsp;</TD>
    <TD STYLE="width: 96%; padding-right: 0; padding-left: 0">Robert Telewicz, Staff Accountant</TD></TR>
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    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Stacie Gorman, Staff Attorney</TD></TR>
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    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Sonia Barros, Special Counsel</TD></TR>
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    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Jonathan Grisham, Acadia Realty Trust</TD></TR>
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    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Michael Nelsen, Acadia Realty Trust</TD></TR>
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    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">Robert Masters, Esq., Acadia Realty Trust</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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