[LOGO OMITTED]                                                     Exhibit 99.1


Jon Grisham, VP
Investor Relations
914-288-8142


            ACADIA REALTY TRUST ANNOUNCES PRICING OF OFFERING OF FIVE
                  MILLION COMMON SHARES BY SELLING SHAREHOLDERS

NEW YORK--March 26, 2004--Acadia Realty Trust (NYSE: AKR - "Acadia" or the
"Company"), a real estate investment trust and owner and operator of shopping
centers anchored by necessity-based and value-oriented retailers, today
announced that last night it priced a secondary public offering by certain of
its shareholders of 5.0 million common shares of beneficial interest of Acadia
("Common Shares") to the public at $13.75 per Common Share. Yale University and
its affiliates are selling 3.6 million Common Shares and Ross Dworman, former
Chairman and Chief Executive Officer, is selling 1.4 million Common Shares. The
Company is not selling any Common Shares in the offering and will not receive
any proceeds from the offering.

Citigroup Global Markets is the sole book-running manager for the offering and
RBC Capital Markets is serving as a co-manager. The closing of the offering is
expected to occur on March 31, 2004, and is subject to customary closing
conditions. The selling shareholders have also granted the underwriters an
option to purchase up to an additional 750,000 Common Shares to cover any
over-allotments, if any, as follows: Yale and its affiliates--an additional
591,386 Common Shares and Mr. Dworman--an additional 158,614 Common Shares. Upon
completion of the offering, assuming exercise of the over-allotment option, Yale
and its affiliates will beneficially own approximately 4.6 million Common Shares
and Ross Dworman will own 2,300 Common Shares.

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 necessity-based and value-oriented retail. Acadia currently owns, or has
interests in, and operates 62 properties totaling approximately nine million
square feet, located primarily in the Northeast, Mid-Atlantic and Midwest United
States.

Copies of the final prospectus supplement and accompanying prospectuses for the
offering may be obtained from Citigroup Global Markets Inc., 388 Greenwich
Street, New York, New York 10013.

This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale or an offer to buy these securities
in any state in which such offer, solicitation or laws would be unlawful prior
to registration or qualification under the securities laws of any such state.





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, for a
discussion of such risks and uncertainties

  For more information on Acadia Realty Trust, visit the Company's Web site at
                              www.acadiarealty.com