-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 LpdodkCcFc+B5NOL7uS70Q/90rCljwhGOxbp21KKItN/+K/vyhn2TiBXa5ixUilU
 WoI9dlXSl04o3Ogu6b4wqw==

<SEC-DOCUMENT>0001005477-03-003592.txt : 20030827
<SEC-HEADER>0001005477-03-003592.hdr.sgml : 20030827
<ACCEPTANCE-DATETIME>20030827144621
ACCESSION NUMBER:		0001005477-03-003592
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030625
FILED AS OF DATE:		20030827

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BERNSTEIN KENNETH F
		CENTRAL INDEX KEY:			0001219735

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12002
		FILM NUMBER:		03868322

	MAIL ADDRESS:	
		STREET 1:		C/O ACADIA REALTY TRUST
		STREET 2:		20 SOUNDVIEW MARKETPLACE
		CITY:			PORTWASHINGTON
		STATE:			NY
		ZIP:			11050

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACADIA REALTY TRUST
		CENTRAL INDEX KEY:			0000899629
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232715194
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		20 SOUNDVIEW MARKETPLACE
		STREET 2:		PO BOX 1679
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5167678830

	MAIL ADDRESS:	
		STREET 1:		600 THIRD AVE
		STREET 2:		PO BOX 1679
		CITY:			KINGSTON
		STATE:			PA
		ZIP:			18704

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARK CENTERS TRUST
		DATE OF NAME CHANGE:	19930329
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
    <periodOfReport>2003-06-25</periodOfReport>
    <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000899629</issuerCik>
        <issuerName>ACADIA REALTY TRUST</issuerName>
        <issuerTradingSymbol>AKR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0001219735</rptOwnerCik>
            <rptOwnerName>BERNSTEIN KENNETH F</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ACADIA REALTY TRUST</rptOwnerStreet1>
            <rptOwnerStreet2>1311 MAMARONECK AVENUE, SUITE 260</rptOwnerStreet2>
            <rptOwnerCity>WHITE PLAINS</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10605</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>1</isDirector>
        <isOfficer>1</isOfficer>
        <isTenPercentOwner>0</isTenPercentOwner>
        <isOther>0</isOther>
        <officerTitle>President and CEO</officerTitle>
    </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>

        <securityTitle>
            <value>Common Shares of Beneficial Interest - $.001 Par Value</value>
            <footnoteId id="F1"/>
        </securityTitle>

        <transactionDate>
            <value>2003-06-25</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>A</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>65000</value>
                <footnoteId id="F1"/>
            </transactionShares>

            <transactionPricePerShare>
                <footnoteId id="F2"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>108078</value>
                <footnoteId id="F3"/>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
        </nonDerivativeTransaction>

    </nonDerivativeTable>
    <footnotes>
        <footnote id="F1">These common shares of beneficial interest ("Restricted Shares") generally carry all the rights of unrestricted shares including voting and dividend rights, but may not be transferred, assigned or pledged until Mr. Bernstein has a vested, non-forfeitable right to these shares. Vesting, which is subject to Mr. Bernstein's continued employment with the Company through the applicable vesting dates, is as follows: (i) 25,000 Restricted Shares; 20% vested on January 2, 2003 and vest 20% thereafter on each of the next four anniversaries of such date, (ii) 20,000 Restricted Shares; 20% vest on January 2, 2004 and on each of the next four anniversaries of such date and (iii) 20,000 Restricted Shares; 20% vest on January 2, 2004 and on each of the next four anniversaries of such date, providing the Company's shareholder return is 12% or more either for such fiscal year or, on average, for such fiscal year and each other fiscal year occurring after January 2, 2003.</footnote>
        <footnote id="F2">25,000 of these Restricted Shares were purchased by Mr. Bernstein from the Company at a price of $6.00 per share. The remainder were granted to Mr. Bernstein for no cash consideration.</footnote>
        <footnote id="F3">Represents 46,732 common shares of beneficial interest and 61,346 vested Restricted Shares of a total of 141,284 Restricted Shares issued to Mr. Bernstein in 2003, 2002, 2001 and 2000.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Kenneth Bernstein</signatureName>
        <signatureDate>2003-08-27</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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