SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* BRAUN JOEL L (Last) (First) (Middle) C/O ACADIA REALTY TRUST 1311 MAMARONECK AVENUE, SUITE 260 (Street) WHITE PLAINS NY 10605 (City) (State) (Zip)	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. Vice President
	3. Date of Earliest Transaction (Month/Day/Year) 12/17/2004
	4. If Amendment, Date of 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

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	12/17/2004		M		21,019(1)	D	$15.51	13,342(1)(2)(5)	D
Common Shares of Beneficial Interest-$.001 Par Value	12/17/2004		M		21,019(1)	A	$15.51	34,361(1)(2)(5)	D
Common Shares of Beneficial Interest- $.001	12/17/2004		M		30,205(1)(3)	A	$5.75	64,566(2)(4)(5)	D
Common Shares of Beneficial Interest- $.001	12/17/2004		M		6,776(1)(3)	A	$5	71,342(2)(4)(5)	D

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 Securities Underlying Derivative Security (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: 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
Options to Purchase Common Shares	$5.75	12/17/2004	12/17/2004	M		48,000(1)		08/11/2000	06/15/2009	Common Shares	48,000(1)	$5.75	10,000	D
Options to Purchase Common Shares	$5	12/17/2004	12/17/2004	M		10,000(1)		01/17/2000	01/16/2010	Common Shares	10,000(1)	$5	0	D

Explanation of Responses:

1. On December17, 2004 Mr. Braun exercised 58,000 Options to purchase Common Shares. He used 21,019 of his existing Common Shares to pay the exercise price of $326,000. The Common Shares were then distributed as follows: 21,019 were issued to Mr. Braun replacing those used to pay the exercise price and the balance of 36,981 Common Shares (the "Deferred Shares") were placed in a deferred account pursuant to an Agreement with the Company. Thus, Mr. Braun's aggregate number of Common Shares was increased from 34,361to 71,342. The Deferred Shares will not be received by Mr. Braun until termination of employment with the Company or a change in control of the Company. Mr. Braun will not be entitled to vote the Deferred Shares. Any dividends which accrue on such Deferred Shares will be payable in cash.

2. Includes 7,361 vested Restricted Shares of a total of 35,876 Restricted Shares issued to Mr. Braun in 2000 through 2004. In addition, Mr. Braun owns 6,667 Operating Partnership Units.

3. Represents the Deferred Shares.

4. Includes the Deferred Shares.

5. This filing corrects the previously reported filing of March 24, 2004 which overstated Mr. Braun's holding of Common Shares by 26,980.

	/s/ Joel Braun	12/17/2004
	** Signature of Reporting Person	Date
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