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: 2009-05-13

Reporting Person: KELLAR LORRENCE T (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2009-05-13	Common Shares of Beneficial Interest - $.001 Par Value	A	3087	$12.07	Acquired	26586	Direct

Footnotes

F1: This grant was awarded in connection with payment of annual Trustee fees. Of these 3,087 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.