Edgar Filing: MASTERS ROBERT

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:

3235-0287

Expires:

January 31, 2005

Estimated average burden hours per response...

0.5

(Print or Type Responses)

1. Name and Address of Reporting Person ^*

MASTERS ROBERT

2. Issuer Name and Ticker or Trading Symbol
ACADIA REALTY TRUST [AKR]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Sr. VP and General Counsel

(Last)

(First)

(Middle)

C/O ACADIA REALTY TRUST, 1311 MAMARONECK AVENUE, SUITE 260

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2005

(Street)

WHITE PLAINS, NY 10605

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares of Beneficial Interest - $.001 Par Value	03/17/2005		D		100 ⁽¹⁾	D	$ 16.26	73,834 ⁽³⁾	D
Common Shares of Beneficial Interest - $.001 Par Value	03/17/2005		D		100 ⁽¹⁾	D	$ 16.2	73,734 ⁽³⁾	D
Common Shares of Beneficial Interest - $.001 Par Value	03/17/2005		D		200 ⁽¹⁾	D	$ 16.15	73,534 ⁽³⁾	D
Common Shares of Beneficial Interest - $.001 Par Value	03/17/2005		D		1,000 ⁽¹⁾	D	$ 16.1	72,534 ⁽³⁾	D
Common Shares of Beneficial Interest - $.001 Par Value	03/17/2005		D		1,967 ⁽¹⁾	D	$ 16.05	70,567 ⁽³⁾	D
Common Shares of Beneficial Interest - $.001 Par Value	03/17/2005		D		600 ⁽¹⁾	D	$ 16.04	69,967 ⁽³⁾	D
Common Shares of Beneficial Interest - $.001 Par Value	03/17/2005		D		200 ⁽¹⁾	D	$ 16.03	69,767 ⁽³⁾	D
Common Shares of Beneficial Interest - $.001 Par Value	03/17/2005		D		300 ⁽¹⁾	D	$ 16.02	69,467 ⁽³⁾	D
Common Shares of Beneficial Interest - $.001 Par Value	03/17/2005		D		200 ⁽¹⁾	D	$ 16.01	69,267 ⁽³⁾	D
Common Shares of Beneficial Interest - $.001 Par Value	03/17/2005		D		400 ⁽¹⁾	D	$ 16	68,867 ⁽³⁾	D
Common Shares of Beneficial Interest - $.001 Par Value	03/18/2005		D		200 ⁽²⁾	D	$ 16.2	68,667 ⁽³⁾	D
Common Shares of Beneficial Interest - $.001 Par Value	03/18/2005		D		500 ⁽²⁾	D	$ 16.1	68,167 ⁽³⁾	D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
MASTERS ROBERT C/O ACADIA REALTY TRUST 1311 MAMARONECK AVENUE, SUITE 260 WHITE PLAINS, NY 10605			Sr. VP and General Counsel

Signatures

/s/ Robert Masters		03/18/2005
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	On March 17, 2005 Mr. Masters sold 5,067 of his shares to generate funds to cover certain tax obligations arising from the vesting of previously granted restricted shares.
(2)	On March 18, 2005 Mr. Masters sold 700 of his shares to generate funds to cover certain tax obligations arising from the vesting of previously granted restricted shares.
(3)	Includes 14,871 vested Restricted Shares of a total of 39,882 Restricted Shares issued to Mr. Masters in 2000 through 2005.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.