ACADIA REALTY TRUST — Director's Dealing 2011

May 12, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ACADIA REALTY TRUST (AKR)
CIK: 0000899629
Period of Report: 2011-05-10

Reporting Person: LUSCOMBE WENDY W (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-10	Common Shares of Beneficial Interest - Equivalent	$	I	2750	Acquired		Common Shares of Beneficial Interest (2750)	Direct

Footnotes

F1: These shares represent the stock equivalent for trustee fees credited to Ms. Luscombe's deferred account pursuant to the Issuer's Deferred Compensation Plan. These Shares shall vest according to the following schedule: one-third shall vest on May 10, 2012, one-third shall vest on May 10, 2013 and the remaining third shall vest on May 10, 2014.

F2: This number represents only the Deferred Shares owned by Ms. Luscombe.