Consent of Independent Auditors

We consent to the incorporation by reference in the Registration Statements
(Form S-8 Nos. 33-95966 and 333-87993) pertaining to the 1999 Share Incentive
Plan of Acadia Realty Trust; in the Registration Statement (Form S-3 No.
33-31630) of Acadia Realty Trust; in the Registration Statement (Form S-3 No.
333-104727) of Acadia Realty Trust; and in the Registration Statement (Form S-8
No. 333-106758) pertaining to the 2003 Employee Share Incentive Plan of Acadia
Realty Trust of our report dated March 12, 2004, with respect to the
consolidated financial statements and schedule of Acadia Realty Trust included
in this Annual Report on Form 10-K for the year ended December 31, 2003.



                 ........................               /s/ ERNST & YOUNG LLP

New York, New York
March 12, 2004