Exhibit 99.1

           Acadia Realty Trust Announces Change in Auditors

    NEW YORK--(BUSINESS WIRE)--Oct. 12, 2005--Acadia Realty Trust
(NYSE: AKR) announced today that it has engaged BDO Seidman, LLP as
its independent registered public accounting firm.
    The Audit Committee of Acadia's Board of Directors agreed, by
resolution, not to continue the engagement of the Company's
independent registered public accounting firm, Ernst and Young, LLP
("Ernst and Young"). The Audit committee further resolved to engage
the accounting firm, BDO Seidman, LLP effective immediately. The
decision was based primarily on the Audit Committee's efforts to
reduce Acadia's costs for accounting services. The Company has not had
any disagreements with Ernst and Young during the interim period from
January 1, 2005 through the date of disengagement, nor any
disagreements related to any prior years' audits.
    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.

    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, visit Acadia's Web site at
www.acadiarealty.com.


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