ACADIA REALTY TRUST — Director's Dealing 2010

Sep 15, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2010-09-13

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-09-13	Common Shares of Beneficial Interest - $.001 Par Value	S	50000	$19.11	Disposed	358391	Direct
2010-09-14	Common Shares of Beneficial Interest - $.001 Par Value	S	50000	$19.06	Disposed	308391	Direct
2010-09-14	Common Shares of Beneficial Interest - $.001 Par Value	C	100000	—	Acquired	408391	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-09-14	Limited Partnership Units	$	C	12303	Disposed		Operating Partnership Units (12303)	Direct
2010-09-14	Operating Partnership Units	$	C	12303	Acquired		Common Shares (12303)	Direct
2010-09-14	Operating Partnership Units	$	C	100000	Disposed		Common Shares (100000)	Direct

Footnotes

F1: These limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP") represent a portion of the LTIPs that were granted to Mr. Bernstein 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 ARLP ("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.

F2: This number represents the total number of LTIP Units held by Mr. Bernstein following the conversion of 12,303 LTIP Units into an equal number of OP Units reported in this Form 4.

F3: This number represents the total number of OP Units held by Mr. Bernstein following the conversion of 12,303 LTIP Units into an equal number of OP Units reported in this Form 4.

F4: This number represents the total number of OP Units held by Mr. Bernstein following the conversion of 100,000 OP Units into an equal number of Common Shares reported in this Form 4.

F5: These shares were sold in 12 separate sales transactions at a weighted average sales price of $19.11145. The actual price at which these shares were sold range from $19.07 to $19.21 per share. Mr. Bernstein 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.

F6: These shares were sold in 5 separate sales transactions at a weighted average sales price of $19.06448. The actual price at which these shares were sold range from $19.05 to $19.09 per share. Mr. Bernstein 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.

F7: Mr. Bernstein sold these shares in order to satisfy his tax obligation arising from the conversion of OP Units to Common Shares, as shown on this Form 4.