ACADIA REALTY TRUST — Director's Dealing 2009

May 14, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2009-01-15

Reporting Person: LUSCOMBE WENDY W (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-01-15	Common Shares of Beneficial Interest - Equivalent	$	I	32	Acquired		Common Shares of Beneficial Interest (32)	Direct
2009-04-15	Common Shares of Beneficial Interest - Equivalent	$	I	12	Acquired		Common Shares of Beneficial Interest (12)	Direct
2009-05-13	Common Shares of Beneficial Interest - Equivalent	$	I	3087	Acquired		Common Shares of Beneficial Interest (3087)	Direct

Footnotes

F1: These shares represent the stock equivalent equal to the value of dividends (4th quarter of 2008) which would have been payable had shares been issued pursuant to the Issuer's Deferred Compensation Plan.

F2: These shares represent the stock equivalent equal to the value of dividends (1st Quarter) which would have been payable had shares been issued pursuant to the Issuer's Deferred Compensation Plan.

F3: These shares represent the stock equivalent for annual trustee fees credited to Ms. Luscombe's deferred account pursuant to the Issuer's Deferred Compensation Plan. Of these 3,087 deferred Shares, 1,087 are vested, unrestricted Shares and 2,000 Shares shall vest according to the following schedule: 667 shall vest on May 13, 2010, 667 shall vest on May 13, 2011 and 666 shall vest on May 13, 2012.