ACADIA REALTY TRUST — Director's Dealing 2010

May 11, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: Spitz William T. (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	A	2809	$18.32	Acquired	16103	Direct

Footnotes

F1: This grant was awarded in connection with the payment of annual Trustee fees. 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: This number represents 5,333 unvested, restricted Shares and 10,770 vested Shares.