UNITED STATES

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

         Date of Report (Date of Earliest Event Reported): June 30, 2008

                               ACADIA REALTY TRUST
             (Exact name of registrant as specified in its charter)

         Maryland                        1-12002                 23-2715194
      (State or other                  (Commission            (I.R.S. Employer
jurisdiction of incorporation)         File Number)          Identification No.)


                             1311 Mamaroneck Avenue
                                    Suite 260
                          White Plains, New York 10605
               (Address of principal executive offices) (Zip Code)

                                 (914) 288-8100
              (Registrant's telephone number, including area code)

          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425 )

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))



Item 8.01 Other Events.

On June 30, 2008,  Canarsie  Plaza LLC, a subsidiary of Acadia Realty Trust (the
"Registrant"),  entered into a Termination  of Sublease (the  "Agreement")  with
Home Depot U.S.A.,  Inc.  ("Home  Depot")  terminating  the Home Depot  sublease
agreement at the Canarsie Plaza project in the Canarsie section of Brooklyn, New
York (the "Sublease"). The project is being developed by the Registrant, through
its  Acadia  Strategic   Opportunity  Fund  II,  LLC  in  partnership  with  P/A
Associates, LLC and additional joint venture partners.

Pursuant to the terms of the Agreement,  Home Depot made a Sublease  termination
payment, of which the Registrant's share, net of minority interests, amounted to
approximately $4.1 million.




                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.



                                    ACADIA REALTY TRUST
                                        (Registrant)

        Date: July 7, 2008              By: /s/ Michael Nelsen
                                            ------------------

                                        Name:  Michael Nelsen
                                        Title: Chief Financial Officer and
                                               Senior Vice President