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): April 25, 2005


                               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)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

[   ] Written communications pursuant to Rule 425 under the Securities Act
      (17 CFR 230.425 )

[   ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
      (17 CFR 240.14a-12)

[   ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
      Exchange Act (17 CFR 240.14d-2(b))

[   ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
      Exchange Act (17 CFR 240.13e-4(c))



Section 2 - Financial Information

Item 2.02   Results of Operations and Financial Condition

On April 25, 2005, the Registrant announced its consolidated financial results
for the quarter ended March 31, 2005. A copy of the Registrant's earnings press
release is furnished as Exhibit 99.1 to this report on Form 8-K. The information
contained in Item 2.02 of this report on Form 8-K, including Exhibit 99.1, shall
not be deemed "filed" with the Securities and Exchange Commission nor
incorporated by reference in any registration statement filed by the Registrant
under the Securities Act of 1933, as amended.

Item 7.01   Regulation FD Disclosure

On April 25, 2005, the Registrant, Acadia Realty Trust, made available
supplemental information concerning the ownership, operations and portfolio of
the Registrant as of and for the quarter ended March 31, 2005. A copy of this
supplemental information is furnished as Exhibit 99.2 to this report on Form
8-K. The information contained in Item 7.01 of this report on Form 8-K,
including Exhibit 99.2, shall not be deemed "filed" with the Securities and
Exchange Commission nor incorporated by reference in any registration statement
filed by the Registrant under the Securities Act of 1933, as amended.

Item 9.01(c) Exhibits


(c) Exhibits


Exhibit Number   Description
--------------   --------------------------------
99.1             Press release dated April 25, 2005
99.2             Financial and Operating Reporting Supplement for the Quarter
                 Ended March 31, 2005


                                   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: April 25, 2005                  By: /s/ Michael Nelsen
                                          ------------------
                                          Name:  Michael Nelsen
                                          Title: Sr. Vice President and Chief
                                                 Financial Officer