ACADIA REALTY TRUST — Director's Dealing 2009

Mar 9, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2009-03-05

Reporting Person: Grisham Jonathan William (Senior Vice President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2009-03-05	Limited Partnership Units	$10.45	A	8612	Acquired		Common Shares of Beneficial Interest (8612)	Direct
2009-03-05	Limited Partnership Units	$10.45	A	9569	Acquired		Common Shares of Beneficial Interest (9569)	Direct

Footnotes

F1: On March 5, 2009 ("Grant Date"), Mr. Grisham was awarded these restricted limited partnership units in Acadia Realty Limited Partnership ("LTIP Units"). 50% of these LTIP Units shall vest subject to the following schedule: equal amounts shall vest on January 6, 2010 (the "First Vesting Date") and on each of the first, second, third and fourth anniversaries thereof, provided that Mr. Grisham continues to be employed by the Company through the vesting date in question (each a "Vesting Date"). The remaining 50% will vest subject to Mr. Grisham's continued employment and subject further to the achievement by Acadia Realty Trust (the "Company") of certain annual and cumulative benchmarks established by the Company's Board of Trustees.

F2: On the Grant Date, Mr. Grisham was additionally awarded these special LTIP Units for which vesting shall occur in equal amounts on January 6, 2010 and on each of the first, second, third and fourth anniversaries thereof, provided Mr. Grisham continues to be employed by the Company through the Vesting Date in question.

F3: This represents the total number of LTIP Units owned by Mr. Grisham at this time (it includes the 2007 and 2008 grants).