<SEC-DOCUMENT>0001144204-14-054693.txt : 20141028
<SEC-HEADER>0001144204-14-054693.hdr.sgml : 20141028
<ACCEPTANCE-DATETIME>20140908111522
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-14-054693
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20140908

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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<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"><img src="image_001.jpg" alt="1line_bw" style="height: 33px; width: 256px"></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>
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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-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">September 8, 2014</FONT> &nbsp;</P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="width: 5%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Re:</FONT></TD>
    <TD STYLE="width: 95%; padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Acadia Realty Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 10-K for the Fiscal Year Ended December 31, 2013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed February 26, 2014</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">File No. 1-12002</FONT></TD></TR>
</TABLE>


<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">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: justify; text-indent: 0in">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 August 29, 2014. 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: 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, 2013</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><U>Note 1. Organization, Basis of Presentation and Summary
of Significant Accounting Policies Principles of Consolidation, page F-12</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 the Company owns a 22.22% interest in an approximately
one million square foot retail portfolio where certain changes in the financial and operating controls of the joint venture agreement
caused you to now account for the investment on a consolidated basis. Please tell us and describe the pre-existing terms and the
changes that were made to these joint venture agreements. In addition, please cite the specific authoritative guidance within Topic
810 of the Financial Accounting Standards Codification relied upon that resulted in the change to consolidation treatment.</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">Prior to the change in the above-referenced joint venture agreement,
all &ldquo;Major Decisions&rdquo; of the joint venture required the consent of &ldquo;Members holding a Super Majority of the Interest
Percentages&rdquo; of the joint venture. Super Majority is defined as the Members holding more than 66.67% of the joint venture.
Although the Company is the Managing Member of the joint venture (owning 22.22%), 77.78% of the equity and voting interests in
the joint venture are not owned by the Company and are held by parties unaffiliated with the Company but related to each other
(the &ldquo;Partners&rdquo;). Major Decisions, include, but are not limited to: (i) making any capital expenditure in any one case
that exceeds $25,000 or which in the aggregate exceed $100,000 during any fiscal year, (ii) entering into any service or supply
contract having a term of more than one year, (iii) financing or refinancing the property, (iv) entering into any &ldquo;Major
Leases,&rdquo; (v) approving the annual &ldquo;Operating Budget&rdquo; and any modification thereto and (vi) incurring any expenses
in excess of specified thresholds of the &ldquo;Operating Budget&rdquo;. The Partners also had the right to submit a bona fide
offer from a third-party lender to which the other Members were required to accept or obtain an offer of equal or better terms
from an alternative lender.</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>

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<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">&nbsp;&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-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_003.jpg" ALT="1line_bw" STYLE="height: 33px; width: 256px"> &nbsp; &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">&nbsp;&nbsp;&nbsp;&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">The Major Decisions and rights as discussed above constitute
substantive participating rights in accordance with ASC 810-20-25, and accordingly, under the pre-existing terms, the Partners
were determined to have control of the entity and therefore the Company did not consolidate the joint venture.</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 conjunction with loans made by the Company to members of
the Partners, which are collateralized by their interests in the cash flows of the joint venture, the operating agreement was amended
wherein the Partners waived most of the significant participating rights as prescribed 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">As a result of the change to the operating agreement, the Company
obtained operating control of the entity and therefore consolidated the joint venture.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>Note 4. Investments In and Advances to Unconsolidated
Affiliates, pages F-24 to 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>2. Given the significance of your equity in earnings of unconsolidated
affiliates in comparison to income from continuing operations before income taxes, please clarify how you have considered the need
for separate financial statements for significant equity method investments pursuant to Rule 3-09 of Regulation S-X.</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">During each of the three years ended December 31, 2013, our
unconsolidated investments consisted of several investments with unaffiliated joint venture partners. In analyzing both the income
and investment tests in Rule 1-02(w), none of these investments individually exceeded 20 percent as prescribed in Rule 3-09 of
Regulation S-X. As such, none of these investments require separate annual financial statements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I><U>FORM 10-Q FOR THE PERIODS ENDED MARCH 31, 2014 &amp; JUNE
30, 2014</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. Please revise future periodic filings to include a statement
of whether all adjustments are of a normal recurring nature. If not, there shall be furnished information describing in appropriate
detail the nature and amount of any adjustments other than normal recurring adjustments. Reference is made to Rule 10-01(b)(8)
of Regulation S-X. Financial Statements</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">The Company confirms it will revise future periodic filings
to include a statement of whether all adjustments are of a normal recurring nature. To the extent these adjustments are not of
a normal recurring nature, additional information will be furnished describing in appropriate detail the nature and amount of any
adjustments other than those which are normal and recurring. To the extent they are of a normal recurring nature, the disclosure
in Footnote 1, &ldquo;Organization and Basis of Presentation&rdquo; will be modified prospectively to read as follows:</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>

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<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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><img src="image_003.jpg" alt="1line_bw" style="height: 33px; width: 256px">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The consolidated financial statements have been prepared in
accordance with accounting principles generally accepted in the United States (&ldquo;GAAP&rdquo;) for interim financial information
and with the rules and regulations of the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;). Accordingly, they do not
include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated
financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported
in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Operating results
for the three months ended xxxx xx, 2014 are not necessarily indicative of the results that may be expected for the fiscal year
ending December 31, 2014. The information furnished in the accompanying consolidated financial statements reflects all adjustments
that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements
for the interim periods presented. Such adjustments consisted of normal recurring items. These consolidated financial statements
should be read in conjunction with the Company's 2013 Annual Report on Form 10-K, as filed with the SEC on February 26, 2014.</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">*&#9;*&#9;*</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">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"><U>/s/ Mark Schonberger</U></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="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">cc:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 95%; padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Jonathan Grisham, Acadia Realty Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Richard Hartmann, Acadia Realty Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Robert Masters, Esq., Acadia Realty Trust</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="padding: 0; text-indent: 0"><FONT STYLE="font-size: 10pt">Jason Blacksberg, Esq., Acadia Realty Trust</FONT></TD></TR>
</TABLE>


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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">&nbsp;</P>

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