-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 I6BzYw41u9dp7ZD8eKKQ7iyxP2c+iYklVGM9Cgm/pTLkZRvN1wAVC6NZ2pThorhI
 dg1LlWJyxb6hOlE+FpNVgg==

<SEC-DOCUMENT>0001181431-04-051903.txt : 20041110
<SEC-HEADER>0001181431-04-051903.hdr.sgml : 20041110
<ACCEPTANCE-DATETIME>20041110164410
ACCESSION NUMBER:		0001181431-04-051903
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20041110
FILED AS OF DATE:		20041110
DATE AS OF CHANGE:		20041110

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:			YALE UNIVERSITY
		CENTRAL INDEX KEY:			0000938582
		STATE OF INCORPORATION:			CT
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12002
		FILM NUMBER:		041133622

	BUSINESS ADDRESS:	
		STREET 1:		230 PROSPECT STREET
		CITY:			NEW HAVEN
		STATE:			CT
		ZIP:			06511-2107
		BUSINESS PHONE:		2034325761

	MAIL ADDRESS:	
		STREET 1:		YALE UNIVERSITY INVESTMENT OFFICE
		STREET 2:		230 PROSPECT STREET
		CITY:			NEW HAVEN
		STATE:			CT
		ZIP:			06511-2107
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd57194.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2004-11-10</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000899629</issuerCik>
        <issuerName>ACADIA REALTY TRUST</issuerName>
        <issuerTradingSymbol>AKR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000938582</rptOwnerCik>
            <rptOwnerName>YALE UNIVERSITY</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>YALE UNIVERSITY INVESTMENTS OFFICE</rptOwnerStreet1>
            <rptOwnerStreet2>55 WHITNEY AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW HAVEN</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06510-1300</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2004-11-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>954225</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>15.08</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>3468006</value>
                    <footnoteId id="F4"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">On November 4, 2004, the Reporting Person, The Yale University Retirement Plan for Staff Employees (&quot;YURPSE&quot;) and Kenneth E. Bernstein (&quot;Bernstein,&quot; and together with the Reporting Person and YURPSE, the &quot;Selling Stockholders&quot;) and Citigroup Global Markets Inc. (the &quot;Underwriter&quot;), entered into an underwriting agreement (the &quot;Underwriting Agreement&quot;) in connection with the Selling Stockholders planned disposition of up to 1,260,000 Common Shares pursuant to an effective registration statement on file with the Securities and Exchange Commission (including up to 150,000 Common Shares subject to the Underwriter's overallotment option).</footnote>
        <footnote id="F2">On November 10, 2004, pursuant to the Underwriting Agreement, the Underwriter acquired 954,225 Common Shares (excluding 143,134 Common Shares subject to the Underwriter's overallotment option) held by the Reporting Person at a price of $15.35 per share, less Underwriter's discounts and commissions of $0.27 per share, in connection with the public resale of the Common Shares.</footnote>
        <footnote id="F3">Excludes 45,775 Common Shares sold by YURPSE pursuant to the Underwriting Agreement.  The Reporting Person has no pecuniary interest in the shares held by YURPSE.  The Reporting Person disclaims beneficial ownership of all shares held by YURPSE.</footnote>
        <footnote id="F4">Excludes 166,361 Common Shares (including 6,866 Common Shares subject to the Underwriters' overallotment option) held by YURPSE.  The Reporting Person has no pecuniary interest in the shares held by YURPSE.  The Reporting Person disclaims beneficial ownership of all shares held by YURPSE.</footnote>
    </footnotes>

    <remarks>An employee of Reporting Person serves on the Issuer's Board of Trustees.  Because of his position on the Trust's Board,

it is possible that Reporting Person's investment in the Issuer could be viewed as having the purpose or affect of changing or

influencing the control of Issuer or that the employee could be viewed as serving on the Board as the deputy of Reporting

Person.  In order to avoid any question as to whether Reporting Person's beneficial ownership is being reported on the

proper form, Reporting Person has decided to file this Statement of Changes in Beneficial Ownership on Form 4.  This Form 4

shall not be deemed an admission that Reporting Person is required to file beneficial ownership reports under Section 16(a)

of the Securities Exchange Act of 1934, as amended, or that the employee is serving on the Board of Trustees of Issuer as

the deputy of Reporting Person or in any capacity other than his personal capacity.</remarks>

    <ownerSignature>
        <signatureName>Yale University By:  David Swensen</signatureName>
        <signatureDate>2004-11-10</signatureDate>
    </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----