-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 GpyJEoFuRLEj1J0kDP9Yph7oOw1g4QYpsVDUTuqs2UBRvqMI8CagmIrE1ky03wfP
 b4xAOVHY4phwRP3LPcem9Q==

<SEC-DOCUMENT>0001005477-03-004529.txt : 20031125
<SEC-HEADER>0001005477-03-004529.hdr.sgml : 20031125
<ACCEPTANCE-DATETIME>20031125093710
ACCESSION NUMBER:		0001005477-03-004529
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031121
FILED AS OF DATE:		20031125

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACADIA REALTY TRUST
		CENTRAL INDEX KEY:			0000899629
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232715194
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		20 SOUNDVIEW MARKETPLACE
		STREET 2:		PO BOX 1679
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5167678830

	MAIL ADDRESS:	
		STREET 1:		600 THIRD AVE
		STREET 2:		PO BOX 1679
		CITY:			KINGSTON
		STATE:			PA
		ZIP:			18704

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARK CENTERS TRUST
		DATE OF NAME CHANGE:	19930329

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NAPOLITANO JOSEPH
		CENTRAL INDEX KEY:			0001218913

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12002
		FILM NUMBER:		031022022

	BUSINESS ADDRESS:	
		STREET 1:		PAUL HASTINGS
		STREET 2:		75 EAST 55TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2123186500

	MAIL ADDRESS:	
		STREET 1:		PAUL HASTINGS
		STREET 2:		75 EAST 55TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar123.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
    <periodOfReport>2003-11-21</periodOfReport>
    <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0000899629</issuerCik>
        <issuerName>ACADIA REALTY TRUST</issuerName>
        <issuerTradingSymbol>AKR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>

        <reportingOwnerId>
            <rptOwnerCik>0001218913</rptOwnerCik>
            <rptOwnerName>NAPOLITANO JOSEPH</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O ACADIA REALTY TRUST</rptOwnerStreet1>
            <rptOwnerStreet2>1311 MAMARONECK AVENUE, SUITE 260</rptOwnerStreet2>
            <rptOwnerCity>WHITE PLAINS</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10605</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
        <isDirector>0</isDirector>
        <isOfficer>1</isOfficer>
        <isTenPercentOwner>0</isTenPercentOwner>
        <isOther>0</isOther>
        <officerTitle>Sr. Vice President</officerTitle>
    </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>

        <securityTitle>
            <value>Common Shares of Beneficial Interest - $.001 Par Value</value>
        </securityTitle>

        <transactionDate>
            <value>2003-11-21</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>M</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
        <footnoteId id="F1"/>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>10000</value>
            </transactionShares>

            <transactionPricePerShare>
                <value>6.00</value>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>A</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>10333</value>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
        </nonDerivativeTransaction>

        <nonDerivativeTransaction>

        <securityTitle>
            <value>Common Shares of Beneficial Interest - $.001 Par Value</value>
        </securityTitle>

        <transactionDate>
            <value>2003-11-21</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>D</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
        <footnoteId id="F1"/>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>10000</value>
            </transactionShares>

            <transactionPricePerShare>
                <value>12.04</value>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>D</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>333</value>
                <footnoteId id="F3"/>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
        </nonDerivativeTransaction>

    </nonDerivativeTable>
    <derivativeTable>
        <derivativeTransaction>

        <securityTitle>
            <value>Options to purchase Common Shares of Beneficial Interest</value>
        </securityTitle>

        <conversionOrExercisePrice>
            <value>6.00</value>
        </conversionOrExercisePrice>

        <transactionDate>
            <value>2003-11-21</value>
        </transactionDate>
    <transactionCoding>
        <transactionFormType>4</transactionFormType>
        <transactionCode>M</transactionCode>
        <equitySwapInvolved>0</equitySwapInvolved>
        <footnoteId id="F1"/>
    </transactionCoding>
        <transactionAmounts>

            <transactionShares>
                <value>10000</value>
            </transactionShares>

            <transactionPricePerShare>
                <footnoteId id="F1"/>
            </transactionPricePerShare>

            <transactionAcquiredDisposedCode>
                <value>D</value>
            </transactionAcquiredDisposedCode>
        </transactionAmounts>

        <exerciseDate>
            <value>2001-01-02</value>
        </exerciseDate>

        <expirationDate>
            <value>2011-01-01</value>
        </expirationDate>
        <underlyingSecurity>

            <underlyingSecurityTitle>
                <value>Common Shares of Beneficial Interest</value>
            </underlyingSecurityTitle>

            <underlyingSecurityShares>
                <value>10000</value>
            </underlyingSecurityShares>
        </underlyingSecurity>
        <postTransactionAmounts>

            <sharesOwnedFollowingTransaction>
                <value>25000</value>
                <footnoteId id="F2"/>
            </sharesOwnedFollowingTransaction>
        </postTransactionAmounts>
        <ownershipNature>

            <directOrIndirectOwnership>
                <value>D</value>
            </directOrIndirectOwnership>
        </ownershipNature>
        </derivativeTransaction>

    </derivativeTable>
    <footnotes>
        <footnote id="F1">On November 21, 2003, Mr. Napolitano exercised 10,000 options to purchase common shares of beneficial interest ("Common Shares"). At the request of Mr. Napolitano, in lieu of purchasing Common Shares at the option exercise price, the Company provided for a cashless exercise alternative whereby it paid Mr. Napolitano an amount in cash equal to the difference between the exercise price of the options and the average daily trading price of the Common Shares upon the exercise of the options. As a result of this, Mr. Napolitano received a cash payment of $60,400 from the Company upon the exercise of the above options.</footnote>
        <footnote id="F2">The excercise price for these fully vested options is $5.75 with an expiration date of August 11, 2008.</footnote>
        <footnote id="F3">Represents 333 vested Restricted Shares of a total of 5,000 Restricted Shares issued to Mr. Napolitano in 2003.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Joseph Napolitano</signatureName>
        <signatureDate>2003-11-24</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----