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): July 21, 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 July 21, 2004, the Registrant, Acadia Realty Trust, entered into a joint
venture agreement (the "Agreement") with six institutional investors (the
"Investors"). Under the terms of the Agreement, the Registrant and the Investors
will contribute $60 million and $240 million, respectively, for the purpose of
acquiring real estate assets. On July 21, 2004, the Registrant issued a press
release discussing this. A copy of the press release is included as an exhibit
to this filing.

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

(c) Exhibits

99.1     Press release dated July 21, 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: July 21, 2004                    By: /s/ Michael Nelsen
                                           -------------------------------------
                                          Name:  Michael Nelsen
                                          Title: Sr. Vice President and
                                                 Chief Financial Officer

EX-99.1

                                                                    EXHIBIT 99.1

 Acadia Realty Trust Announces Formation of Second Acquisition Fund;
           $300 Million of Discretionary Equity Commitments

    NEW YORK--(BUSINESS WIRE)--July 21, 2004--Acadia Realty Trust
(NYSE:AKR) today announced the formation of its second discretionary
acquisition fund, Acadia Strategic Opportunity Fund II, LLC ("Fund
II"), which includes all of the investors from its existing
acquisition fund as well as two new institutional investors.

    Fund II - Continuing Pipeline for External Growth

    With $300 million of committed discretionary capital, Fund II will
be able to acquire up to $900 million of real estate assets on a
leveraged basis. All of the current investors in Acadia's existing
acquisition fund ("Fund I") along with two additional institutional
investors will invest a total of $240 million of equity in Fund II and
Acadia will invest $60 million. The terms and structure of Fund II are
substantially the same as Fund I. Acadia will earn a pro rata return
on its invested equity in Fund II as well as fees for asset
management, property management, leasing and construction services.
Acadia also has the opportunity to earn additional amounts based on
certain investment return thresholds. Fund II's offering closed with
$275 million of committed capital with the remaining $25 million of
committed capital expected to close during this quarter.

    Fund II Follows Solid Performance of Fund I

    To date, approximately $70 million of the $90 million of the
equity committed to Fund I has now been invested or committed to
redevelopment of currently owned assets. The remaining $20 million has
been allocated for investment in the Retailer Controlled Property
Venture ("RCP Venture") formed earlier this year. Additionally, up to
$40 million of the Fund II equity has been allocated for investment in
the RCP Venture.
    Kenneth F. Bernstein, Acadia's President and CEO, stated, "We are
excited by the opportunity to continue our successful external growth
platform with sufficient discretionary capital to fund significant
multi-year growth for Acadia. We are gratified by the continued
support and confidence shown us by our existing investors as well as
the recognition from our new investors, all of which are preeminent
institutions within the investment community. Fund II is of a size and
structure that enables us to continue to invest opportunistically
while still maintaining our investment discipline. Most importantly,
with non-dilutive discretionary equity commitments, Fund II allows us
to accretively fuel our future growth independently of the
increasingly volatile public markets."
    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 grocery and value-oriented
retail. Acadia currently owns, or has interests in, and operates 67
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 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. 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 and the "Management's Discussion and Analysis of
Financial Condition and Results of Operations" incorporated by
reference therein, for a discussion of such risks and uncertainties.
    For more information on Acadia, visit our Web site at
www.acadiarealty.com

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