ACADIA REALTY TRUST — Director's Dealing 2009

Oct 30, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2009-10-28

Reporting Person: BERNSTEIN KENNETH F (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-10-28	Common Shares of Beneficial Interest - $.001 Par Value	M	250000	$6	Acquired	601402	Direct
2009-10-28	Common Shares of Beneficial Interest - $.001 Par Value	F	168103	$16.11	Disposed	433299	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-10-28	Options to Purchase Common Shares	$6	M	250000	Disposed	2011-01-01	Common Shares (250000)	Direct

Footnotes

F1: On October 29, 2009, Mr. Bernstein exercised 250,000 Options to purchase Common Shares of Beneficial Interest.

F2: These shares were cancelled to satisfy Mr. Bernstein's tax and exercise price obligations.