-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Q6m4/QeFP8zX+9IB711xVgjijSJoEUNdzxi5cK69OfY9xlCWLj5hOd5uiDBSXt0n
 J6zvi7I5I5MsvNGZGMDD/Q==

<SEC-DOCUMENT>0001005477-03-004869.txt : 20031223
<SEC-HEADER>0001005477-03-004869.hdr.sgml : 20031223
<ACCEPTANCE-DATETIME>20031223113557
ACCESSION NUMBER:		0001005477-03-004869
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031219
FILED AS OF DATE:		20031223

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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HOGAN JOSEPH W
		CENTRAL INDEX KEY:			0001218908

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12002
		FILM NUMBER:		031069883

	BUSINESS ADDRESS:	
		STREET 1:		PAUL HASTINGS
		STREET 2:		75 EAST 55TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2123186500

	MAIL ADDRESS:	
		STREET 1:		PAUL HASTINGS
		STREET 2:		75 EAST 55TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</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>2003-12-19</periodOfReport>
    <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000899629</issuerCik>
        <issuerName>ACADIA REALTY TRUST</issuerName>
        <issuerTradingSymbol>AKR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0001218908</rptOwnerCik>
            <rptOwnerName>HOGAN JOSEPH W</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>0</isDirector>
        <isOfficer>1</isOfficer>
        <isTenPercentOwner>0</isTenPercentOwner>
        <isOther>0</isOther>
        <officerTitle>Sr. Vice President</officerTitle>
    </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>

        <securityTitle>
            <value>Common Shares of Beneficial Interest - $.001 Par Value</value>
        </securityTitle>

        <transactionDate>
            <value>2003-12-19</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>M</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
        <footnoteId id="F1"/>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>50000</value>
            </transactionShares>

            <transactionPricePerShare>
                <value>5.75</value>
            </transactionPricePerShare>

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

            <sharesOwnedFollowingTransaction>
                <value>53152</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

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

        <nonDerivativeTransaction>

        <securityTitle>
            <value>Common Shares of Beneficial Interest - $.001 Par Value</value>
        </securityTitle>

        <transactionDate>
            <value>2003-12-19</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>D</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
        <footnoteId id="F1"/>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>50000</value>
            </transactionShares>

            <transactionPricePerShare>
                <value>12.525</value>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>D</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>3152</value>
                <footnoteId id="F3"/>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

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

    </nonDerivativeTable>
    <derivativeTable>
        <derivativeTransaction>

        <securityTitle>
            <value>Options to purchase Common Shares of Beneficial Interest</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>5.75</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2003-12-19</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>M</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
        <footnoteId id="F1"/>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>50000</value>
            </transactionShares>

            <transactionPricePerShare>
                <footnoteId id="F1"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>D</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <footnoteId id="F4"/>
        </exerciseDate>

        <expirationDate>
            <value>2008-08-11</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Shares of Beneficial Interest</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>50000</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>25000</value>
                <footnoteId id="F2"/>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
        </derivativeTransaction>

    </derivativeTable>
    <footnotes>
        <footnote id="F1">On December 19, 2003, Mr. Hogan exercised 50,000 options to purchase common shares of beneficial interest ("Common Shares"). At the request of Mr. Hogan, in lieu of purchasing Common Shares at the option exercise price, the Company provided for a cashless exercise alternative whereby it paid Mr. Hogan an amount in cash equal to the difference between the exercise price of the options and the average daily trading price of the Common Shares upon the exercise of the options. As a result of this, Mr. Hogan received a cash payment of $338,750 from the Company upon the exercise of the above options.</footnote>
        <footnote id="F2">The excercise prices for these fully vested options range from $5.00 to $6.00 with expiration dates ranging from January 2, 2010 to January 1, 2011.</footnote>
        <footnote id="F3">Represents 3,152 vested Restricted Shares of a total of 9,500 Restricted Shares issued to Mr. Hogan in 2000 through 2003.</footnote>
        <footnote id="F4">One third of the options were excercisable as of the grant date, August 12, 1998, with a third of the remaining options vesting on each of the next two anniversaries of the grant date.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Joseph Hogan</signatureName>
        <signatureDate>2003-12-23</signatureDate>
    </ownerSignature>

</ownershipDocument>

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