ACADIA REALTY TRUST — Director's Dealing 2010

Nov 1, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2010-10-29

Reporting Person: NAPOLITANO JOSEPH (Sr. Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-10-29	Common Shares of Beneficial Interest - $.001 Par Value	C	5000	—	Acquired	10786	Direct
2010-10-29	Common Shares of Beneficial Interest - $.001 Par Value	S	5000	$19.04	Disposed	5786	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-10-29	Limited Partnership Units	$	C	5000	Disposed		Operating Partnership Units (5000)	Direct
2010-10-29	Operating Partnership Units	$	C	5000	Acquired		Common Shares (5000)	Direct
2010-10-29	Operating Partnership Units	$	C	5000	Disposed		Common Shares (5000)	Direct

Footnotes

F1: These shares were sold in 21 separate sales transactions at a weighted average sales price of $19.04. The actual price at which these shares were sold range from $19.02 to $19.05 per share. Mr. Napolitano will provide, upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full, detailed information regarding the number of shares sold at each separate price.

F2: This number represents a total of 122 vested Shares and 5,664 restricted, unvested Shares.

F3: These limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP") represent a portion of the LTIPs that were granted to Mr. Napolitano on January 15, 2007 and January 31, 2008, which vested as of January 6, 2008 and January 6, 2009 in accordance with the terms of the grant. The LTIPs are exchangeable on a 1:1 basis for common operating partnership units of Acadia Realty Operating Partnership ("OP Units") which, in turn, are exchangeable on a 1:1 basis for common shares of beneficial interest of Acadia Realty Trust. There is no expiration date for the conversion of LTIP Units or OP Units.

F4: This number represents the total number of LTIPs now held by Mr. Napolitano (6,687 vested LTIPs and 49,739 unvested LTIPs)following the conversion of 5,000 LTIP Units into an equal number of OP Units reported in this Form 4.

F5: This number represents the total number of OP Units held by Mr. Napolitano following the conversion of 5,000 LTIP Units into an equal number of OP Units reported in this Form 4.

F6: This number represents the total number of OP Units held by Mr. Napolitano following the conversion of 5,000 OP Units into an equal number of Common Shares reported in this Form 4.