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: KELLAR LORRENCE T (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-10	Common Shares of Beneficial Interest - $.001 Par Value	A	2750	$20.89	Acquired	32145	Direct
2011-05-10	Common Shares of Beneficial Interest - $.001 Par Value	A	3889	$20.89	Acquired	36034	Direct

Footnotes

F1: This grant was awarded in connection with the payment of annual Trustee fees. The Shares shall vest one year from the date of issuance.

F2: This grant was awarded in connection with the payment of annual Trustee fees. 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.