EXHIBIT 99.1

William T. Spitz Elected to the Board of Trustees of Acadia Realty Trust

    NEW YORK--(BUSINESS WIRE)--Aug. 27, 2007--Acadia Realty Trust
(NYSE: AKR - "Acadia" or the "Company"), a real estate investment
trust ("REIT"), today announced that William T. Spitz, former Vice
Chancellor for Investments and Treasurer of Vanderbilt University, has
been elected to the Company's Board of Trustees.

    "We are extremely pleased to have Bill join our Board", stated Lee
S. Wielansky, Lead Trustee of Acadia's Board of Trustees. "Bill's
depth of expertise in the investment community and extensive history
with Acadia will certainly complement the diverse strength and
experience of our current Board."

    As Vice Chancellor for Investments at Vanderbilt, Mr. Spitz was
responsible for managing the University's $3.3 billion endowment. He
was also a member of the Senior Management Group of the University,
which is responsible for the day-to-day operations of the institution.
Mr. Spitz is also on the faculty of Vanderbilt University as Clinical
Professor of Management-Owen Graduate School of Management.

    Throughout his career, Mr. Spitz has held various high-level
positions with successful asset management companies. He has served on
the Board of several companies including the Cambium Global Timber
Fund, The Common Fund, Diversified Trust Company, and the Bradford
Fund. He has also served on multiple advisory committees, including
Acadia's Opportunity Funds Advisory Board, which he has served on
since 2001. In addition, Mr. Spitz is a published author and frequent
speaker at industry conferences and seminars.

    Acadia Realty Trust, headquartered in White Plains, NY, is a fully
integrated, self-managed and self-administered equity REIT focused
primarily on the ownership, acquisition, redevelopment and management
of retail properties, including neighborhood and community shopping
centers and mixed-use properties with retail components.

    Certain matters in this press release may constitute
forward-looking statements within the meaning of the federal
securities laws and as such may involve known and unknown risks,
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. Factors that could cause or
contribute to such differences include, but are not limited to, those
discussed under the headings "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and "Risk Factors" in
the Company's most recent annual report on Form 10-K filed with the
SEC on March 1, 2007 (the "Form 10-K") and other periodic reports
filed with the SEC, including risks related to: (i) the Company's
reliance on revenues derived from major tenants; (ii) the Company's
limited control over joint venture investments; (iii) the Company's
partnership structure; (iv) real estate and the geographic
concentration of our properties; (v) market interest rates; (vi)
leverage; (vii) liability for environmental matters;(viii) the
Company's growth strategy; (ix) the Company's status as a REIT (x)
uninsured losses and (xi) the loss of key executives. Copies of the
Form 10-K and the other periodic reports Acadia files with the SEC are
available on the Company's website at www.acadiarealty.com. Any
forward-looking statements in this press release speak only as of the
date hereof. 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.

    CONTACT: Media Relations:
             Debra Miley, 914-288-8148