<SEC-DOCUMENT>0001144204-13-033462.txt : 20130717
<SEC-HEADER>0001144204-13-033462.hdr.sgml : 20130717
<ACCEPTANCE-DATETIME>20130605174359
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-13-033462
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130605

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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 42%; padding-top: 6pt; padding-right: 5.75pt; padding-left: 5.75pt; font-size: 10pt"><FONT STYLE="font: 9pt Sans-Serif; color: Red"><B><IMG SRC="v347107.jpg" ALT=""></B></FONT></TD>
    <TD STYLE="width: 30%; padding-right: 5.75pt; padding-left: 5.75pt">
        <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">212.813.8842<BR>
        MSchonberger@goodwinprocter.com</P></TD>
    <TD STYLE="width: 28%; padding-right: 5.75pt; padding-left: 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goodwin Procter<FONT STYLE="font-size: 10pt"> LLP</FONT><BR>
        Counselors at Law</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The New York Times Building<BR>
        620 Eighth Avenue<BR>
        New York, NY 10018</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">T: 212.813.8800</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F: 212.355.3333</P></TD></TR>
</TABLE>


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

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    <TD STYLE="width: 61%; padding: 0; font-size: 10pt; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">June 5, 2013</FONT></TD>
    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt; 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: 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"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>VIA EDGAR</B></FONT></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 0pt 0.5in; text-indent: -0.5in">&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"></TD><TD STYLE="width: 0.5in">Re:</TD><TD>Acadia Realty Trust<BR>
Form 10-K for the Fiscal Year Ended December 31, 2012</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Filed February 27, 2013</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"></TD><TD STYLE="width: 0.5in"></TD><TD>File No. 1-12002</TD></TR></TABLE>

<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 5.75pt 0pt 0.5in; text-indent: -0.5in">Dear Mr. Telewicz:</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; 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 May 23, 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.</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"><I><U>Form 10-K for the Fiscal Year Ended December 31, 2012
</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>General </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>1. We note your indication that the Registrant provided the
specified acknowledgements. We are unable to locate those acknowledgements and request that you have the Registrant upload them
to EDGAR. </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; text-indent: 0.5in">We checked with the printer that submitted
the prior response on EDGAR and they have confirmed that the acknowledgement letter from the Company was included. The confusion
may be that it was not filed separately but rather follows at the end of our response letter. The acknowledgement letter is located
at the bottom of the document.</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>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>2. We note your response to prior comment 3 and your confirmation
that you will provide additional disclosure related to significant preferences or infrequent distributions to noncontrolling interests,
to the extent material, within future filings. Please show us such draft disclosure for the years ended December 31, 2012, 2011
and 2010 or tell us why such disclosure is unwarranted based on materiality. In your response, please specifically address the
income allocation of $50,546 to noncontrolling interests held in Fund III. </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; text-indent: 0.5in">By way of example, the following is a draft
of what the disclosure would have been under Results of Operations for the above-referenced periods related to net income attributable
to noncontrolling interests:</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="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"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><U>Comparison of the year ended December
31, 2012 to the year ended December 31, 2011</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&ldquo;Variances to net income attributable to noncontrolling
interests &ndash; Continuing operations and Discontinued operations represent the noncontrolling interests&rsquo; share of all
the Opportunity Funds variances discussed above. $53.8 million of the variance from 2012 to 2011 was attributable to the allocation
of net income to noncontrolling interests in Fund III. For the year ended December 31, 2012, $50.5 million of net income was allocated
to noncontrolling interests in Fund III, which was primarily attributable to the noncontrolling interests&rsquo; share of gains
from the sale of properties.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><U>Comparison of the year ended December 31, 2011 to
the year ended December 31, 2010</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&ldquo;Variances for net income attributable to noncontrolling
interests &ndash; Continuing operations and Discontinued operations represent the noncontrolling interests&rsquo; share of all
the Opportunity Funds variances discussed above. $26.6 million of the variance from 2011 to 2010 was attributable to the allocation
of net income to noncontrolling interests in Fund II. For the year ended December 31, 2010, $26.3 million of net income was allocated
to noncontrolling interests in Fund II, which was primarily attributable to the noncontrolling interests&rsquo; share of the gain
from a bargain purchase.&rdquo;</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">By way of example, the following is a draft
of what the disclosure would have been under Liquidity and Capital Resources - Distributions of MD&amp;A for the year ended 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 0pt 1in"><FONT STYLE="color: windowtext">&ldquo;Distributions
of $161.8 million to noncontrolling interests were primarily attributable to the distribution of </FONT>proceeds from the sale
of properties<FONT STYLE="color: windowtext"> within our Opportunity Funds.&rdquo;</FONT></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 advised that it will include
similar disclosures modeled on the draft language above in MD&amp;A in future periodic filings to the extent such activity is material.</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 respectfully advises the Staff
that distributions to noncontrolling interests of $8.6 million and $1.6 million for the years ended December 31, 2011 and 2010,
respectively, were not material, and as such, additional disclosure would not have been included for these years.</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><U>Notes Receivable and Other Real Estate Related Investments,
page F-27 </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 have read your response to our prior comment 5 and
are unable to agree with your conclusions that the disclosures required by ASC Topic 310-10-50 are not applicable. Please revise
your disclosure future filings to include all of the disclosures required by ASC Topic 310-10-50. </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; text-indent: 0.5in">The Company has advised that it will provide
further disclosure in future filings as required by ASC Topic 310-10-50. Specifically, by way of example, the following is a draft
of the additional disclosure that would have been added to the existing disclosure in Notes 1 and 5 to the consolidated financial
statements to address these requirements as of December 31, 2012:</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 0pt 0.5in; text-indent: 0.5in"><U>Note 1 - Organization, Basis
of Presentation and Summary of Significant Accounting Policies</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&ldquo;The Company monitors the credit quality of its
notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair
value of the underlying collateral, the seniority of the Company&rsquo;s loan in relation to other debt secured by the collateral
and the prospects of the borrower. If Management determines it is probable that all amounts contractually due will not be collected,
a reserve is established to the extent the outstanding loan balance, accrued interest, and other contractual amounts due exceed
the expected future cash flows. Additionally, Management performs a similar assessment for loans that are non-performing (<I>i.e.</I>
loans for which contractual payments are not being made) and places them on non-accrual status when it becomes probable that all
amounts contractually due will not be collected. These reserves reflect Management&rsquo;s judgment of the probability and severity
of losses based on Level 3 data, including projections of future economic events, which are inherently subjective, and as such,
the amounts ultimately realized from these loans may differ materially from their carrying values at the balance sheet date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><U>Note 5 - Notes Receivable and
Other Real Estate Related Investments</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">As of December 31, 2012, the Company held two non-performing
notes aggregating $5.4 million for which payment was delinquent. Based on the estimated fair value of the underlying collateral,
the amount and status of the senior debt and the prospects for the borrower, the Company has established a reserve of $3.7 million
related to these notes.&rdquo;</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: center">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*</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 response to the Staff&rsquo;s request,
the Company has filed a letter on EDGAR containing the specified acknowledgements. 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">&nbsp;</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">&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 GOODWIN PROCTER LLP</P>

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







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

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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify">Jonathan Grisham, Acadia Realty Trust</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">Richard</TD><TD STYLE="text-align: justify">&nbsp;Hartmann, Acadia Realty Trust</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">Michael</TD><TD STYLE="text-align: justify">&nbsp;Nelsen, Acadia Realty Trust</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">Robert</TD><TD STYLE="text-align: justify">&nbsp;Masters, Esq., Acadia Realty Trust</TD>
</TR></TABLE>



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<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>

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