<SEC-DOCUMENT>0001144204-13-026026.txt : 20130717
<SEC-HEADER>0001144204-13-026026.hdr.sgml : 20130717
<ACCEPTANCE-DATETIME>20130502164600
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-13-026026
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20130502

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

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    <TD ROWSPAN="7" STYLE="width: 45%"><IMG SRC="tlogo.jpg" ALT=""></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font-size: 8pt">Mark Schonberger</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 8pt">Goodwin Procter LLP</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">212.813.8842</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">Counselors at Law</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">MSchonberger@goodwinprocter.com</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">The New York Times Building</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">620 Eighth Avenue</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">New York, NY 10018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">T: 212.813.8800</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">F: 212.355.3333</FONT></TD></TR>
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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; text-align: left">May 2, 2013</P>

<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; text-align: justify">Robert F. Telewicz Jr., Senior Staff Accountant</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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Re:</FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Acadia Realty Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 10-K for the Fiscal Year Ended December 31, 2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed February 27, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">File No. 1-12002</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Dear Mr. Telewicz:</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">On behalf of our client, Acadia Realty Trust (the &ldquo;Company&rdquo;
or &ldquo;Management&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 28, 2013. Please note that pursuant to a telephone
call we had with Mr. Howard Efron, the Company was granted an extension to respond to May 9, 2013. 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. Note that all dollar amounts discussed below are in thousands.</P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-style: normal"><B><U>Form 10-K For
The Fiscal Year Ended December 31, 2012</U></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Item 2. Properties, pages 18 to 24</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>1. We note that certain properties in your table had occupancy
rates below 50% as of December 31, 2012. Please tell us how you applied your impairment testing procedures to these properties.</I></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">The Company performs property impairment analyses in accordance
with ASC Subtopic 360-10-35. Management reviews and assesses the quantitative and qualitative risks for each of the properties
as prescribed therein to determine if indicators of impairment exist. These risks include, among others, an evaluation of significant
declines in property net operating income and occupancy rates and their potential impact on the property&rsquo;s market value.
The following are the facts and conclusions as it relates to Management&rsquo;s analysis of those properties with occupancy rates
below 50% as of December 31, 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"><U>West 54<SUP>th</SUP> Street</U> &ndash; This property was
52% vacant as of December 31, 2012. This level of vacancy was the result of tenant rotation in the ordinary course of business
and, as such, Management does not believe that the occupancy rate was an indicator of impairment. As of December 31, 2012, projected
property cash flows based on a replacement lease that was being negotiated for 91% of the vacant space at a rental rate in excess
of that paid by the former tenant indicated to Management that the carrying value of the property was recoverable. This lease was
executed subsequent to December 31, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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"><U>Lincoln Road</U> &ndash; This is a portfolio of three
properties acquired by the Company&rsquo;s Strategic Opportunity Fund III LLC (&ldquo;Fund III&rdquo;) during 2011. The
portfolio is located on or adjacent to Lincoln Road, a highly-trafficked, pedestrian only retail corridor considered one of
the premier shopping areas in south Miami Beach, Florida. The portfolio was approximately 40% vacant at the time of
acquisition and contains both retail and office space. Fund III&rsquo;s plan is to redevelop one of the locations, comprising
18,857 square feet which represents all of the retail vacancy in the portfolio. The retail space at the other two locations
is 100% occupied. The remaining vacancy represents 11,465 square feet of second-story office space located above one of the
operating retail locations which was vacant at the time of acquisition and to which Management ascribed a minimal value. The
current condition and occupancy of the portfolio is consistent with the Company&rsquo;s original underwriting at the time of
acquisition for this investment, including redevelopment plans. Accordingly, Management believes that the occupancy level at
these properties is not an indicator of impairment.</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"><I><U>Item 7. Management&rsquo;s Discussion and Analysis of
Financial Condition and Results of</U></I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Same Store Net Operating Income &ndash; Core Portfolio,
page 38</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>2. We note your response to comment 7 in your letter to the
Staff dated April 4, 2012.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Please expand your discussion of the properties included
within the caption &ldquo;Less properties excluded from Same Store NOI&rdquo; by addressing your policies related to how you define
properties which you expect to sell and those which you deem subject to redevelopment. In your response, please quantify the number
of properties and the related reason such properties were removed from Same Store NOI and tell us how you determine that properties
previously removed from Same Store NOI should once again be included in the calculation. Finally, discuss the relative impact of
occupancy and rent rate changes on your same store performance.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Properties that are excluded from Same Store NOI are consistent
with those properties included as discontinued operations in Note 2 to the Consolidated Financial Statements. The Company defines
a redevelopment property as an asset that is being repositioned in its market or undergoing significant renovation. Redevelopment
activities involve taking a substantial portion of leasable space temporarily out of service and typically include structural work,
demising of existing space and/or fa&ccedil;ade renovation.</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">There were three properties for which redevelopment activities
were ongoing and 15 properties acquired during the fiscal years ended December 31, 2012 (&ldquo;Fiscal 2012&rdquo;) and 2011 that
were excluded from Same Store NOI. Properties are added back to Same Store NOI during the second full fiscal year following the
completion of redevelopment or acquisition.</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">The initial line in the Same Store Net Operating Income &ndash;
Core Portfolio table labeled &ldquo;NOI&rdquo; represents NOI from continuing operations and does not include NOI from discontinued
operations. The Company will clarify this line item to read &ldquo;NOI from continuing operations&rdquo; in future periodic filings.</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">The 3.7% increase in Same Store NOI was primarily attributable
to occupancy gains within the Core Portfolio. The Company will also identify material factor(s) impacting same store performance
in future periodic filings.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Consolidated Statements of Income, page F-4</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>3. We note that approximately 56% of net income for the year
ended December 31, 2012 was allocated to non-controlling interests. Please provide us with more detail regarding the manner in
which net income is allocated to non-controlling interests. In your response provide us with an analysis detailing the amount of
net income allocated to non-controlling interests related to the core portfolio and each fund. In addition, to the extent significant
preferences or infrequent distributions are made to non-controlling interests in any given year, please expand your MD&amp;A disclosure
to discuss these items.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></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">Note 1 to the Consolidated Financial Statements details the
method of distributing cash flows to the Operating Partnership and noncontrolling interests and the respective equity interests
of the Operating Partnership in the opportunity funds. The remaining balance of equity interests relates to noncontrolling interests.
Net income is allocated as prescribed in the applicable operating agreements and generally is consistent with the distribution
of cash flows. The following is the detail of the $50,230 of Consolidated Net Income allocated to noncontrolling interests related
to the core portfolio and opportunity funds for Fiscal 2012:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid">Activity</TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Noncontrolling</FONT><BR>
    <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest Net</FONT><BR> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income
    (Loss)</FONT><BR> <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Allocation</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 85%">Core</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">597</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fund I</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,848</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">Fund II</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,824</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fund III</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,546</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Fund IV</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,585</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">50,230</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</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">The Company confirms it will provide additional disclosure related
to significant preferences or infrequent distributions to noncontrolling interests, to the extent they are material, in its future
periodic filings.</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"><I><U>Consolidated Statements of Cash Flows, page F-9</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>4. We note that the cash flows provided by operating activities
exceed the distributions made to common shareholders and non-controlling interests for the year ended December 31, 2012. Please
tell us, and expand the liquidity section of your MD&amp;A to discuss, the funding sources for these distributions.</I></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">As per our discussion with Mr. Efron, we understand that this
comment was to point out that distributions made to common shareholders and noncontrolling interests exceeded cash flows provided
by operating activities.</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">Dividends paid to common shareholders of $32,143 were primarily
funded from cash flows provided by operating activities of $59,672.</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">On the other hand, distributions to noncontrolling interests
of $161,765 were primarily funded from proceeds from the sale of properties of $419,372 as reflected in cash flows from investing
activities. The Company will expand the liquidity section of MD&amp;A to incorporate a discussion related to the funding sources
for material distributions to common shareholders and noncontrolling interests in future periodic filings.</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"><I><U>Notes to Consolidated Financial Statements</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Notes Receivable and Other Real Estate Related Investments,
page F-27</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>5. Explain to us how you have met all of the disclosure requirements
of ASC Topic 310-10-50 related to your financing receivables. Specifically, explain to us how you have met the disclosure requirements
related to non-accrual or past due loans and impaired loans, disclosures related to the allowance for credit losses related to
loans Additionally, explain to us how you have met the requirements to disclosure certain credit quality information or explain
to us why these disclosures are not applicable.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></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">In Note 1 to the Consolidated Financial Statements, the Company
discloses its policy for when it places notes receivable on non-accrual status, which is at the time Management determines that
a full recovery of income and principal becomes doubtful. As further described in this note, income recognition is resumed when
the non-accrual loan becomes contractually current and performance is demonstrated to be resumed.</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">As further described in Note 1, the Company discloses its methodology
and those factors considered in the determination of allowance for credit losses related to notes receivable. The Company underwrites
its investment in notes receivable based primarily on the underlying collateral and its ability to take control of the collateral
in the event of default. Based on this underwriting strategy, the primary consideration in determining allowance for credit losses
is an assessment of the value of the underlying collateral. Other factors, including historical losses and existing economic conditions,
are not significant factors in this evaluation. As the Company uses the same methodology for evaluating potential impairment for
all of its notes receivable, the disclosure of disaggregated balances is not applicable in the reconciliation of the activity in
the allowance for credit losses in Note 5. The Company held two non-accrual notes aggregating $5,444 at December 31, 2012 for which
a reserve of $3,681 was established. The net carrying value of $1,763 is reflected in Note 5 as &ldquo;individually less than 3%.&rdquo;
To the extent the Company has material non-accrual note balances, it will disclose the non-accrual status, face amount and net
carrying value of such loans in future filings.</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-align: left">As the Company underwrites its investment
in notes receivable based primarily on the underlying collateral as discussed above, credit quality of the borrower and disclosure
related thereto is not applicable.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As the Company would like to reflect its responses to the Staff&rsquo;s
comments in its upcoming Form 10-Q filing, I will reach out to Mr. Efron by phone to see if he has any further comments. In the
meantime, if you have any questions please call me at (212)&nbsp;813-8842.</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">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">Mark Schonberger</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">cc:&nbsp;</FONT></TD>
    <TD STYLE="width: 90%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Howard Efron, Staff Accountant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jonathan Grisham, Acadia Realty Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Michael Nelsen, Acadia Realty Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Robert Masters, Esq., Acadia Realty Trust</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>2
<FILENAME>filename2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

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

<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May 2, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></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; text-indent: 0.5in">&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: Robert F. Telewicz Jr., Senior Staff Accountant</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%">Re:</TD>
    <TD STYLE="width: 93%"><U>Acadia Realty Trust</U></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Form 10-K for the year ended December 31, 2012</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Filed February 27, 2013</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>File No. 001-12002</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Telewicz,</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">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 Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<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 is responsible for the adequacy and accuracy of the disclosure
in the filings;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<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">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>

<P STYLE="font: 10pt Symbol; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<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">Please direct any questions with respect to the foregoing to
Mark Schonberger of Goodwin Proctor LLP at (212)-813-8842.</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">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 Proctor LLP</P>

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


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
