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
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(Print or Type Responses)
1. Name and Address of Reporting Person *
BERNSTEIN KENNETH F
   2. Issuer Name and Ticker or Trading Symbol
ACADIA REALTY TRUST [AKR] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President and CEO
(Last)
(First)
(Middle)
C/O ACADIA REALTY TRUST, 1311 MAMARONECK AVENUE, SUITE 260		 3. Date of Earliest Transaction (Month/Day/Year)
08/12/2014
(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)
Code V Amount (A) or (D) Price
Common Shares of Beneficial Interest - $.001 Par Value 08/12/2014   C   25,000 (1) A (1) 415,327 D  
Common Shares of Beneficial Interest - $.001 Par Value 08/12/2014   S   51,300 D $ 28.41 (2) 364,027 D  
Common Shares of Beneficial Interest - $.001 Par Value 08/13/2014   C   25,000 (1) A (1) 389,027 D  
Common Shares of Beneficial Interest - $.001 Par Value 08/13/2014   S   48,700 D $ 28.39 (3) 340,327 (4) D  

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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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Limited Partnership Units (1) 08/12/2014   C     25,000   (1)   (1) Operating Partnership Units 25,000 (1) 801,335 (5) D  
Operating Partnership Units (1) 08/12/2014   C   25,000     (1)   (1) Common Shares 25,000 (1) 168,639 (6) D  
Operating Partnership Units (1) 08/12/2014   C     25,000 (1)   (1)   (1) Common Shares 25,000 (1) 143,639 (7) D  
Limited Partnership Units (1) 08/13/2014   C     25,000 (1)   (1)   (1) Operating Partnership Units 25,000 (1) 776,335 (5) D  
Operating Partnership Units (1) 08/13/2014   C   25,000     (1)   (1) Common Shares 25,000 (1) 168,639 (6) D  
Operating Partnership Units (1) 08/13/2014   C     25,000   (1)   (1) Common Shares 25,000 (1) 143,639 (7) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BERNSTEIN KENNETH F
C/O ACADIA REALTY TRUST
1311 MAMARONECK AVENUE, SUITE 260
WHITE PLAINS, NY 10605		   X     President and CEO  

Signatures

 Kenneth F. Bernstein   08/13/2014
**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) These limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP") represent a portion of the LTIPs that were granted to Mr. Bernstein which vested in accordance with the terms of each grant. The LTIPs are exchangeable on a 1:1 basis for common operating partnership units of ARLP ("OP Units") which, in turn, are exchangeable on a 1:1 basis for common shares of beneficial interest of Acadia Realty Trust. There is no expiration date for the conversion of LTIP Units or OP Units.
(2) These shares were sold in 16 separate sales transactions at a weighted average sales price of $28.41. The actual price at which these shares were sold range from $28.32 to $28.50 per share. Mr. Bernstein will provide, upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full, detailed information regarding the number of shares sold at each separate price.
(3) These shares were sold in 11 separate sales transactions at a weighted average sales price of $28.39. The actual price at which these shares were sold range from $28.36 to $28.42 per share. Mr. Bernstein will provide, upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full, detailed information regarding the number of shares sold at each separate price.
(4) This number represents the total number of vested, common shares held by Mr. Bernstein.
(5) This number represents the total number of LTIPs held by Mr. Bernstein after the conversion of LTIPs to OP Units.
(6) This number represents the total number of OP Units held by Mr. Bernstein after the conversion of LTIPs to OP Units.
(7) This number represents the number of OP Units held by Mr. Bernstein after the converstion of OP Units to common shares.

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