Exhibit 99.1



[GRAPHIC OMITTED]

Investor Relations:
Jon Grisham, VP
914-288-8142


          ACADIA REALTY TRUST AND SELLING SHAREHOLDERS ANNOUNCE SALE OF
                            3.0 MILLION COMMON SHARES

New York, NY - November 4, 2004 - Acadia Realty Trust (NYSE: AKR), Yale
University and its affiliates, and Kenneth F. Bernstein, the Company's Chief
Executive Officer, announced today that they have entered into an underwriting
agreement with Citigroup Global Markets Inc., under which they have agreed to
sell to Citigroup an aggregate of 3,000,000 Common Shares. The Company, Yale and
Mr. Bernstein have agreed to sell 1,890,000, 1,000,000, and 110,000 Common
Shares, respectively. Pursuant to the underwriting agreement, Citigroup has been
granted a 30-day over-allotment option to purchase up to an additional 450,000
Common Shares (300,000 granted by the Company and 150,000 by Yale). Acadia's net
proceeds from this offering will be used for acquisitions of properties, funding
of ongoing development projects and the repayment of outstanding indebtedness.
In connection with the offering, the Company and all insiders, including Yale,
have agreed to a 90-day lockup period.

Kenneth F. Bernstein, the Company's Chief Executive Officer, has agreed to sell
110,000 Common Shares in connection with his exercise of options to purchase
150,000 Common Shares. Mr. Bernstein is selling only those shares necessary to
provide sufficient proceeds to pay certain income tax obligations and the cost
of the exercise of the options. After the sale of these shares, Mr. Bernstein
will increase his common share ownership by 40,000 shares and will own in the
aggregate 1,122,168 Common Shares, Operating Partnership Units and options. In
March 2004, the secondary offering by certain shareholders of the Company
necessitated the conversion into Common Shares of Operating Partnership Units of
Acadia Realty Limited Partnership owned by entities in which Mr. Bernstein had
an interest. Although Mr. Bernstein did not participate in the offering, this
conversion resulted in the acceleration of personal income taxes to Mr.
Bernstein.

Upon completion of the offering, assuming exercise of the over-allotment, Yale
will own over 3.4 million Common Shares. Yale was a major participant in the
reverse merger of Mark Centers Trust and RD Capital in August 1998 owning, at
one time, approximately one-third of all outstanding Common Shares.

The offering will be made under shelf registration statements filed under the
Securities Act of 1933, as amended, and previously declared effective by the
Securities and Exchange Commission on March 29, 2000, May 14, 2003 and March 19,
2004. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these securities
in any state in which such offer, solicitation or sale would be unlawful. Copies
of the prospectus supplement and related prospectus may be obtained from
Citigroup Global Markets Inc.

Acadia Realty Trust, headquartered in White Plains, N.Y., 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. The
Company currently owns, or has interests in, and operates 70 properties totaling
approximately 9 million square feet, located in the Northeast, Mid-Atlantic and
Mid-West United States.

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 Realty Trust's
                        Web site at www.acadiarealty.com