Exhibit 99.1

AT THE COMPANY:                                AT THE FINANCIAL RELATIONS BOARD:
Jon Grisham, Investor Relations                Susan Garland, General Inquiries
516-767-7550                                   212-445-8458


                          ACADIA REALTY TRUST ANNOUNCES
                      SALE OF 17 NON-CORE SHOPPING CENTERS

New York, NY (April 29, 2002) - Acadia Realty Trust (NYSE:AKR), a fully
integrated shopping center real estate investment trust, announced today that it
has completed the disposition of its non-core assets with the sale of a
multi-property portfolio to the Lightstone Group for $52.7 million. The
portfolio consists of 17 retail properties, which are cross-collateralized in a
securitized loan program and in the aggregate contain approximately 2.3 million
square feet; 10 located in Pennsylvania and 7 in various southeastern states
from Virginia to Florida. The properties represented approximately 25% of the
Company's total property square footage but only 4% of Acadia's total net asset
value. Acadia will be retaining a senior, preferred interest in the owning
entity.

The portfolio includes four Ames and three Kmart stores. As a result of this
sale, Acadia's remaining exposure to Ames and Kmart locations has been reduced
to only four and seven (includes one Kmart at a joint venture property)
locations, respectively, all of which are at or below market rents.

Kenneth F. Bernstein, Acadia's President and CEO, stated: "This brings us to the
successful conclusion of our non-core property disposition program and marks the
culmination of our three year turnaround program. This sale significantly
improves the strength and quality of our real estate portfolio, leaving us with
a solid core of properties located in predominantly high barrier-to-entry
markets and anchored by necessity-based, supermarket and discount retailers. The
sales price is consistent with both the upper end of our previously stated NAV
guidance and our previous earnings guidance for 2002, which we will be
discussing in greater detail in our upcoming conference call next week. In
addition to providing additional capital for recycling, this transaction also
strengthens an already healthy balance sheet by eliminating $42.4 million of
fixed-rate above-market debt (8.84%)."

Acadia Realty Trust, headquartered on Long Island, NY, is a self-administered
equity real estate investment trust structured as an UPREIT, which specializes
in the operation, management, leasing, renovation and acquisition of shopping
centers properties. The Company currently owns and operates 35 properties
totaling approximately 7 million square feet, primarily in the eastern half of
the United States. Acadia's principal executive offices are located in Port
Washington, New York. For more information on Acadia Realty Trust visit the
Company's Web site at www.acadiarealty.com.

Certain matters in this press release may constitute forward-looking statements
within the meaning of the Private Litigation Reform Act of 1995 and as such may
involve known and unknown risk, uncertainties and other factors which may cause
the actual results, performances or achievements of Acadia to be materially
different from any future results, performances or achievements expressed or
implied by such forward-looking statements. Such forward-looking statements
speak only as of the date of this document. Acadia expressly disclaims any
obligation or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in Acadia's
expectations with regard thereto or change in events, conditions or
circumstances on which any such statement is based.