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ACADIA REALTY TRUST Director's Dealing 2010

May 11, 2010

31420_dirs_2010-05-11_8e957344-2331-43b0-9f90-e78b1f2beb49.zip

Director's Dealing

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SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2010-05-10

Reporting Person: LUSCOMBE WENDY W (Director)

Non-Derivative Transactions

Date Security Code Shares Price A/D Holdings After Ownership
2010-05-10 Common Shares of Beneficial Interest - $.001 Par Value M 1000 $12.55 Acquired 7314 Direct
2010-05-10 Common Shares of Beneficial Interest - $.001 Par Value S 1000 $18.14 Disposed 6314 Direct

Derivative Transactions

Date Security Exercise Price Code Shares A/D Expiration Underlying Ownership
2010-05-10 Options to Purchase Common Shares $12.55 M 1000 Disposed 2014-05-06 Common Shares (1000) Direct
2010-05-10 Common Shares of Beneficial Interest - Equivalent $ I 2809 Acquired Common Shares of Beneficial Interest (2809) Direct
2009-05-14 Common Shares of Beneficial Interest - Equivalent $ I 68 Acquired Common Shares of Beneficial Interest (68) Direct
2009-10-15 Common Shares of Beneficial Interest - Equivalent $ I 30 Acquired Common Shares of Beneficial Interest (30) Direct
2010-02-01 Common Shares of Beneficial Interest - Equivalent $ I 27 Acquired Common Shares of Beneficial Interest (27) Direct

Footnotes

F1: 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 2,809 Shares, 809 are vested, unrestricted Shares and 2,000 are restricted Shares that shall vest according to the following schedule: 667 shall vest on May 10, 2011, 667 shall vest on May 10, 2012 and 666 shall vest on May 10, 2013.

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

F3: On May 10, 2010, Ms. Luscombe exercised 1,000 Options to purchase Common Shares of Beneficial Interest.

F4: This number represents only vested, unrestricted Shares owned by Ms. Luscombe.

F5: This number represent only the total number of Options owned by Ms. Luscombe.

F6: This number represents only the Deferred Shares owned by Ms. Luscombe.