SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(Amendment No. 7)*
Acadia Realty Trust
(Name of Issuer)
Common Shares of Beneficial Interest, Par Value $.001 Per Share
(Title of Class of Securities)
004239 10 9
(CUSIP Number)
Mr. James E. Quigley 3rd
Rothschild Realty Inc
1251 Avenue of the Americas
New York, N.Y. 10020
Telephone (212) 403-3500
(Name, address and telephone number of person
authorized to receive notices and communications)
March 21, 2003
(Date of event which requires filing of this statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. SEE Rule 13d-7 for other
parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 10 Pages)
--------------
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for purposes of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
CUSIP No. 004239109 Schedule 13D Page 2 of 10 Pages
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(1) NAME OF REPORTING PERSON: Five Arrows Realty Securities L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) /x/
(b) / /
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(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) SOURCE OF FUNDS**: WC
------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): / /
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
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NUMBER OF (7) SOLE VOTING POWER: -0-
SHARES _______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER: 1,160,400 (fn1)
OWNED BY _______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER: -0-
REPORTING _______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER: 1,160,400 (fn1)
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
1,160,400 (fn1)
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(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.6% (fn1)
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(14) TYPE OF REPORTING PERSON **: OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
Fn1 Includes those shares that were originally reported in the statement on
Schedule 13D, filed on September 15, 1998, of RD Properties, L.P. VI, RD
Properties, L.P. VIA, RD Properties VIB, RD New York VI, LLC, Yale University,
Yale University Retirement Plan for Staff Employees, Carnegie Corporation, the
Vanderbilt University, TRW Master Trust, Harvard Private Capital Realty, Inc.,
Charlesbank Capital Partners, LLC, the Board of Trustees of the Leland Standard
Junior University, Howard Hughes Medical Institutes, Five Arrows Realty
Securities L.L.C., Rothschild Realty Investors II L.L.C., Ross Dworman and
Kenneth F. Bernstein (the "Group Schedule 13D").
CUSIP No. 004239109 Schedule 13D Page 3 of 10 Pages
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(1) NAME OF REPORTING PERSON: Rothschild Realty Investors II L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) /x/
(b) / /
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) SOURCE OF FUNDS**: WC
------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): / /
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION: Delaware
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NUMBER OF (7) SOLE VOTING POWER: -0-
SHARES _______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER: 1,160,400 (fn1)
OWNED BY _______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER: -0-
REPORTING _______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER: 1,160,400 (fn1)
------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
1,160,400 (fn1)
------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11): 4.6% (fn1)
------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **: OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 004239109 Schedule 13D Page 4 of 10 Pages
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(1) NAME OF REPORTING PERSON: Matthew W. Kaplan
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) /x/
(b) / /
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) SOURCE OF FUNDS**: WC
------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): / /
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION: United States of America
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NUMBER OF (7) SOLE VOTING POWER: -0-
SHARES _______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER: 1,160,400 (fn1)
OWNED BY _______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER: -0-
REPORTING _______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER: 1,160,400 (fn1)
------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON: 1,160,400 (fn1)
------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11): 4.6% (fn1)
------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **: OO
------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 004239109 Schedule 13D Page 5 of 10 Pages
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(1) NAME OF REPORTING PERSON: D. Pike Aloian
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) /x/
(b) / /
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) SOURCE OF FUNDS**: WC
------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): / /
------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION: United States of America
------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER: -0-
SHARES _______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER: 1,160,400 (fn1)
OWNED BY _______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER: -0-
REPORTING _______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER: 1,160,400 (fn1)
------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON: 1,160,400 (fn1)
------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT
IN ROW (11): 4.6% (fn1)
------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **: OO
------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 004239109 Schedule 13D Page 6 of 10 Pages
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(1) NAME OF REPORTING PERSON: James E. Quigley 3rd
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) /x/
(b) / /
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) SOURCE OF FUNDS**: WC
------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): / /
------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION: United States of America
------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER: -0-
SHARES _______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER: 1,160,400 (fn1)
OWNED BY _______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER: -0-
REPORTING _______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER: 1,160,400 (fn1)
------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON: 1,160,400 (fn1)
------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11): 4.6% (fn1)
------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **: OO
------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 004239109 Schedule 13D Page 7 of 10 Pages
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(1) NAME OF REPORTING PERSON: Paul H. Jenssen
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) /x/
(b) / /
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) SOURCE OF FUNDS**: WC
------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): / /
------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION: United States of America
------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER: -0-
SHARES _______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER: 1,160,400 (fn1)
OWNED BY _______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER: -0-
REPORTING _______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER: 1,160,400 (fn1)
------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON: 1,160,400 (fn1)
------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11): 4.6% (fn1)
------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **: OO
------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 004239109 Schedule 13D Page 8 of 10 Pages
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(1) NAME OF REPORTING PERSON: John D. McGurk
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON:
------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) /x/
(b) / /
------------------------------------------------------------------------------
(3) SEC USE ONLY
------------------------------------------------------------------------------
(4) SOURCE OF FUNDS**: WC
------------------------------------------------------------------------------
(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e): / /
------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION: United States of America
------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER: -0-
SHARES _______________________________________________________________
BENEFICIALLY (8) SHARED VOTING POWER: 1,160,400 (fn1)
OWNED BY _______________________________________________________________
EACH (9) SOLE DISPOSITIVE POWER: -0-
REPORTING _______________________________________________________________
PERSON WITH (10) SHARED DISPOSITIVE POWER: 1,160,400 (fn1)
------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON: 1,160,400 (fn1)
------------------------------------------------------------------------------
(12) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES ** / /
------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (11): 4.6% (fn1)
------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON **: OO
------------------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 004239109 Schedule 13D Page 9 of 10 Pages
This Amendment No. 7 (this "Amendment") amends the statement on
Schedule 13D ("Schedule 13D") filed by Five Arrows Realty Securities L.L.C., a
Delaware limited liability company ("Five Arrows"), and Rothschild Realty
Investors II L.L.C., a Delaware limited liability company and the sole Managing
Member of Five Arrows ("Rothschild"), on September 15, 1998 and as amended by
Amendment No. 1 on May 21, 1999, Amendment No. 2 on May 24, 1999, Amendment No.
3 on May 26, 2000, Amendment No. 4 on April 18, 2002, Amendment No. 5 on June
28, 2002 and Amendment No. 6 on March 12, 2003 with respect to the common shares
of beneficial interest, par value $.001 per share (the "Common Stock") of Acadia
Realty Trust, Inc. (formerly known as Mark Centers Trust) (the "Trust"), a
Maryland real estate investment trust, whose principal executive offices are
located at 20 Soundview Marketplace, P.O. Box 1679, Port Washington, NY 11050.
Except as specifically provided herein, this Amendment does not modify any of
the information previously reported on Schedule 13D.
Item 5. Interest in Securities of the Issuer
Item 5 is amended and restated in its entirety as set forth below.
(a) As of the close of business on March 21, 2003, Five Arrows owned,
within the meaning of Rule 13d-3 under the Exchange Act, 1,160,400 shares of
Common Stock, including those shares originally reported in the Group Schedule
13D. Five Arrows beneficially owns 4.6% of the issued and outstanding shares of
Common Stock (based on 25,090,572 shares of Common Stock outstanding as of
November 13, 2002 as reported in the quarterly report of the Trust for the
period ended September 30, 2002). Rothschild, as sole managing member of Five
Arrows, and the Managers of Rothschild, Mssrs. Kaplan, Aloian, Quigley, Jenssen
and McGurk, each may be deemed a beneficial owner of the 1,160,400 shares of
Common Stock held by Five Arrows.
(b) Five Arrows has the power to vote and dispose of the shares of
Common Stock owned by it reported herein, which power may be exercised by
Rothschild.
(c) On March 13, 2003, Five Arrows, in open market sales, sold 3,200
shares of Common Stock (representing <.01% of the shares of Common Stock
outstanding) at an average per share price of $8.05 for a total of $25,760.00.
On March 18, 2003, Five Arrows, in open market sales, sold 1,700
shares of Common Stock (representing <.01% of the shares of Common Stock
outstanding) at an average per share price of $8.05 for a total of $13,685.00.
On March 21, 2003, Five Arrows, in open market sales, sold 300,000
shares of Common Stock (representing 1.2% of the shares of Common Stock
outstanding) at an average per share price of $8.05 for a total of
$2,415,000.00.
(d) Not applicable.
(e) As of March 21, 2003, each of the reporting persons ceased to be
a beneficial owner of more than five percent of Common Stock.
CUSIP No. 004239109 Schedule 13D Page 10 of 10 Pages
SIGNATURE
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information set forth in this statement
is true, complete and correct.
Dated: March 26, 2003
FIVE ARROWS REALTY SECURITIES L.L.C.
By: /S/ JAMES E. QUIGLEY 3RD
------------------------------------
James E. Quigley 3rd
Manager
ROTHSCHILD REALTY INVESTORS II L.L.C.
By: /S/ JOHN D. MCGURK
-----------------------------------
John D. McGurk
Manager
MATTHEW W. KAPLAN
/S/ MATTHEW W. KAPLAN
----------------------------------------
D. PIKE ALOIAN
/S/ D. PIKE ALOIAN
----------------------------------------
\
JAMES E. QUIGLEY 3RD
/S/ JAMES E. QUIGLEY 3RD
----------------------------------------
PAUL H. JENSSEN
/S/ PAUL H. JENSSEN
----------------------------------------
JOHN D. MCGURK
/S/ JOHN D. MCGURK
----------------------------------------