<SEC-DOCUMENT>0001144204-16-127461.txt : 20161208
<SEC-HEADER>0001144204-16-127461.hdr.sgml : 20161208
<ACCEPTANCE-DATETIME>20161011060853
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-16-127461
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20161011

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:		411 THEODORE FREMD AVENUE
		STREET 2:		SUITE 300
		CITY:			RYE
		STATE:			NY
		ZIP:			10580
		BUSINESS PHONE:		914-288-8100

	MAIL ADDRESS:	
		STREET 1:		411 THEODORE FREMD AVENUE
		STREET 2:		SUITE 300
		CITY:			RYE
		STATE:			NY
		ZIP:			10580

	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"><IMG SRC="image_001.jpg" ALT="">&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">October 11, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&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">Jennifer Monick, Assistant Chief Accountant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Office of Real Estate &amp; Commodities</P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify">Acadia Realty Trust</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in">Form
10-K for the Fiscal Year Ended December 31, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in">Filed
February 19, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in">File
No. 1-12002</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in">Filed
July 26, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.5in; text-indent: 0in">File
No. 1-12002</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.75pt 0pt 0; text-align: justify; text-indent: 0in">Dear Ms. Monick:</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">Acadia Realty Trust (the &ldquo;Company&rdquo;, &ldquo;we&rdquo;
or &ldquo;our&rdquo;) hereby responds to the comments of the staff of the Office of Real Estate &amp; Commodities (the &ldquo;Staff&rdquo;)
of the U.S. Securities and Exchange Commission conveyed by letter dated September 12, 2016. 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Form 10-K for the Fiscal Year Ended December 31, 2015</U></B></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; text-align: justify"><B><U>Item 7. Management&rsquo;s Discussion and Analysis of
Financial Condition and Results of Operations</U></B></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; text-align: justify"><B><U>Reconciliation of Consolidated Operating Income to Net
Operating Income &ndash; Core Portfolio, page 40</U></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-align: justify"><I>1. We note your adjustment of $34.7 million to allocate the
non-controlling interest portion of consolidated NOI to such interests and that the adjustment represents approximately 26% of
consolidated NOI. We also note on page F-4 that you have allocated approximately 56% of net income to non-controlling interests.
Please summarize for us why the percentage allocation to non-controlling interests is so much lower in the allocation of consolidated
NOI versus the corresponding result related to net income.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s Consolidated NOI of
$132.4 million does not include items such as equity in earnings of unconsolidated affiliates, interest and other finance expenses,
depreciation expense, general and administrative costs, or gains on dispositions of properties, which are also subject to non-controlling
interests. Our Consolidated NOI includes both NOI of consolidated assets within our Core Portfolio, which are primarily 100% owned,
and our Opportunity Funds (&ldquo;Funds&rdquo;), in which the Company owns interests ranging from approximately 20% - 25%. During
2015, the Company recognized $89.1 million of gains on dispositions of properties and $24.0 million of gains on dispositions of
properties of unconsolidated affiliates, which represented 75% of consolidated net income. All of these dispositions were within
the Funds. As the Company has a controlling interest in its Funds, non-controlling interests in these gains on dispositions range
from 75% - 80%. Accordingly, the non-controlling interest percentage associated with net income was substantially higher than that
of Consolidated NOI.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="image_001.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><U>Financial Statements</U></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-align: justify"><B><U>1. Organization, Basis of Presentation and Summary of
Significant Accounting Policies</U></B></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; text-align: justify"><B><U>Investments in and Advances to Unconsolidated Joint Ventures,
page F-12</U></B></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; text-align: justify"><I>2. We note you do not record the equity in earnings for your
investment in Albertson&rsquo;s until you receive the audited financial statements. Please tell us your basis for this policy.
Within your response, please (1) clarify for us what period of Albertson&rsquo;s earnings have been recorded in your financial
statements for the year ended December 31, 2015, (2) tell us the amount of equity in earnings related to Albertson&rsquo;s for
all periods presented, and (3) clarify if you record any equity in earnings related to Albertson&rsquo;s in your interim periods.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon receipt of this comment from the staff,
we have determined that while we have been applying the appropriate accounting treatment to our investment in Albertsons (the &ldquo;Investment&rdquo;),
we have inadvertently been using the wrong disclosure to explain the accounting measures that we have used.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company acquired an effective 5% ownership
in the Investment upon its initial acquisition in July 2006, which was subsequently reduced to 2.5% in 2013 and 1% in 2015. The
Company&rsquo;s Investment is held through KLA A Markets, LLC (&ldquo;KLA&rdquo;), which has no other assets or liabilities other
than its investment in Albertsons. The Company is one of three members in KLA and has no decision making, managerial roles or board
of director rights with respect to either the Investment or KLA.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon its acquisition, the Company initially
considered that it might be required to account for the Investment under the equity method but ultimately determined that the cost
method of accounting was instead appropriate. It appears that despite using the cost method since its acquisition, the disclosure
of accounting methods used with respect to the Investment continued to refer to the equity method.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In applying the cost method pursuant to
Accounting Standards Codification (&ldquo;ASC&rdquo;) 325-20, the Company considered the following factors:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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">1.</TD><TD STYLE="text-align: justify"><U>The nature and significance of the investor&rsquo;s investment in the investee</U>: As discussed
above, the Company has effective ownership ranging from 1-5% in the Investment. This Investment is passive in nature with all key
decisions made by the management team and the board of directors, of which the Company does not have any contractual role, formal
or informal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&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">2.</TD><TD STYLE="text-align: justify"><U>The capitalization structure of the investee</U>: Cerberus Capital Management (&ldquo;Cerberus&rdquo;)
is the largest investor in the Investment, with an expertise in private equity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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">3.</TD><TD STYLE="text-align: justify"><U>Voting rights, veto rights and other protective and participating rights that are held by the
investor</U>: There are no special voting rights relative to the other investors. There are no veto rights, protective rights or
other participating rights that would suggest that the Company has significant influence over the Investment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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">4.</TD><TD STYLE="text-align: justify"><FONT STYLE="color: windowtext"><U>Participation on the investee&rsquo;s board of directors, regardless
of whether the right is contractual or by another means</U>: The Company does not have any board seats and does not have influence
(not even a contractual informal role) over the members of the board. 50% of the board is represented by Cerberus.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&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">5.</TD><TD STYLE="text-align: justify"><U>Other relevant factors</U>: There are no Company employees involved in the day-to-day management
of the Investment or that have significant influence over any members of the Investment&rsquo;s management team. Furthermore, the
Company does not anticipate any significant transactions occurring between the Investment and the Company. Accordingly, no other
factors indicate that the Company has significant influence over the Investment.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><IMG SRC="image_001.jpg" ALT=""></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In summary, as no factors are present that
would suggest that the Company has significant influence over the Investment, and its effective ownership is less than 5% as discussed
in ASC 323-30-S99-1 (formerly Emerging Issues Task Force Topic D-46), the Company believes that the cost method of accounting provides
the most faithful representation of the Investment. In that regard, the reference to a policy of waiting for the audited financials
with respect to the Investment, which would have been the case if we were using the equity method, was erroneous and unnecessary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company also considered the current
disclosure and determined that the inaccurate description of the accounting methodology has not had any impact on our previously
reported financial statements or on a financial statement user&rsquo;s understanding or evaluation of the operations or performance
of the Company. The investment has been carried at zero since 2007 and involves an ownership interest in an investment that is
not part of our core real estate operations. We do not believe the disclosure inaccuracy would have materially influenced the readers
of the footnotes to our financial statements. Further, we do not believe that the disclosure (or actual accounting policy) of cost
vs equity method would have impacted the usefulness of our financial statements given the unique nature of the Investment (as compared
to our core real estate operations).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In summary, and as noted above, we have
actually reported based on the cost accounting method. Accordingly, in terms of our reported earnings, given our recorded investment
value of zero (as further described below), we have recognized income upon receipt of distributions from the Investment rather
than waiting for audited financial statements for the Investment. Since 2007 (approximately six months following our initial investment),
we have had a zero basis in the Investment given that we received cash resulting from the sale of assets and refinancings within
the Investment in excess of our initial investment, which was recorded as a reduction of cost pursuant to the cost method of accounting.
Furthermore, we have no obligation to provide any additional financial support, nor have we made any incremental investments.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will revise its disclosures
in its prospective filings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Form 8-K filed July 26, 2016</U></B></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><U>Exhibit 99.2</U></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-align: justify"><I>3. AFFO and AFFO before transaction costs appear to be liquidity
measures and may be inconsistent with the updated Compliance and Disclosure Interpretations issued on May 17, 2016 (specifically
Questions 102.02 and 102.05). Please review this guidance when preparing your next Financial and Operating Reporting Supplement.</I></P>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-style: normal">The
Company acknowledges the Staff&rsquo;s comment and has reviewed the updated Compliance and Disclosure Interpretations issued on
May 17, 2016. We will revise such measures when preparing our next Financial and Operating Reporting Supplement.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 below.</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"><U>/s/ John Gottfried</U></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">914-288-3380</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left">Cc:</TD><TD STYLE="text-align: justify">Richard Hartmann, Acadia Realty Trust</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt; margin-left: 0.25in">Jason Blacksberg, Esq., Acadia Realty Trust</P>



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

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


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.. !XQ_5O_ $(T44 ?_]D!

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