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): March 22, 2005


                               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)





Item 8.01         Other Events

On March 22, 2005, the Registrant  completed a transaction with Klaff Realty, LP
and Klaff Realty Limited (collectively "Klaff") pursuant to which the Registrant
acquired  the balance of Klaff's  retail  management  business  which it had not
previously  purchased on January 27, 2004. The consideration for the acquisition
was the sum of $4  million in the form of 250,000  restricted  common  operating
partnership units ($16 per unit) which are convertible into Registrant's  common
shares on a one-for one basis  (subject  to  anti-dilution  protections).  These
units may not be sold for five  years,  subject  to a  carveout  for a change of
control,  including a change in the chief executive officer.  The effective date
of the purchase and issuance of the units is February 15, 2005.


                                   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: March 28, 2005          By: /s/ Michael Nelsen

                                  Name:  Michael Nelsen
                                  Title: Sr. Vice President and Chief Financial
                                         Officer


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