8-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


        Date of Report (Date of Earliest Event Reported): March 31, 2004


                               ACADIA REALTY TRUST
             (Exact name of registrant as specified in its charter)


         Maryland                      1-12002                   23-2715194
      (State or other                (Commission              (I.R.S. Employer
jurisdiction of incorporation)       File Number)            Identification No.)



              1311 Mamaroneck Avenue, Suite 260
                  White Plains, New York                   10605
          (Address of principal executive offices)       (Zip Code)


                                 (914) 288-8100
              (Registrant's telephone number, including area code)



          (Former name or former address, if changed since last report)




ITEM 5. Other Events

On March 31, 2004, the Registrant issued a press release announcing the closing
of the previously announced secondary public offering by certain of its
shareholders of 5,750,000 common shares of beneficial interest ("Common
Shares"), including 750,000 Common Shares purchased pursuant to the full
exercise by the underwriters of their over-allotment option.

A copy of the press release dated March 31, 2004 is attached hereto as exhibit
99.1.

ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits

(c) Exhibits

99.1     Press release dated March 31, 2004


                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                        ACADIA REALTY TRUST
                                           (Registrant)


Date: March 31, 2004                    By: /s/ Michael Nelsen

                                            Name:  Michael Nelsen
                                            Title: Sr. Vice President and
                                                   Chief Financial Officer




                                        2

EX-99.1

                                                                    Exhibit 99.1

  Acadia Realty Trust Announces Exercise of over-Allotment Option to Purchase
                Additional Common Shares of Selling Shareholders

     NEW YORK--(BUSINESS WIRE)--March 31, 2004--Acadia Realty Trust (NYSE: AKR -
"Acadia" or the "Company"), a real estate investment trust and owner and
operator of shopping centers anchored by necessity-based and value-oriented
retail, today announced the settlement of the previously announced secondary
public offering by certain of its shareholders of 5,750,000 common shares of
beneficial interest ("Common Shares"), including 750,000 Common Shares purchased
pursuant to the full exercise by the underwriters of their over-allotment
option. The selling shareholders, Yale and its affiliates and Mr. Ross Dworman,
beneficially own approximately 4.6 million and 2,300 Common Shares,
respectively. The Company did not sell any Common Shares in the offering and did
not receive any proceeds from the offering.

     Citigroup Global Markets served as the sole book-running manager for the
offering and RBC Capital Markets served as a co-manager. Copies of the final
prospectus supplement and accompanying prospectuses for the offering may be
obtained from Citigroup Global Markets Inc., 388 Greenwich Street, New York, New
York 10013.

     This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale or an offer to buy
these securities in any state or other jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state or other jurisdiction.

     Acadia Realty Trust, headquartered in White Plains, NY, is a fully
integrated and self-managed real estate investment trust which specializes in
the acquisition, redevelopment and operation of shopping centers which are
anchored by necessity-based and value-oriented retail. Acadia currently owns, or
has interests in, and operates 62 properties totaling approximately nine million
square feet, located primarily in the Northeast, Mid-Atlantic and Midwest United
States.

     Certain matters in this press release may constitute forward-looking
statements within the meaning of federal securities law 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 press release. 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. The Company also refers you
to the documents filed by the Company, from time to time, with the Securities
and Exchange Commission, including without limitation the Company's Annual
Report on Form 10-K, for a discussion of such risks and uncertainties.

     For more information on Acadia Realty Trust, visit the Company's Web site
at www.acadiarealty.com

    CONTACT: Acadia Realty Trust
             Jon Grisham, 914-288-8142