NEW YORK--(BUSINESS WIRE)--May 20, 2005--Acadia Realty Trust (NYSE:AKR) today announced the dividend for the second quarter ending June 30, 2005.

Acadia's Board of Trustees has declared a dividend of $0.1725 per (i) Common Share, (ii) Common Operating Partnership ("OP") Unit, and (iii) Series A and Series B Preferred OP Units based on the equivalent Common OP Units as if converted. The dividend is payable on July 15, 2005 to holders of record as of June 30, 2005.

Acadia Realty Trust, headquartered in White Plains, N.Y., is a fully integrated and self-managed real estate investment trust which specializes in the acquisition, redevelopment and operation of shopping centers which are anchored by grocery and value-oriented retail. Acadia currently owns (or has interests in) and operates 70 properties totaling approximately nine million square feet, located primarily in the Eastern United States.

Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risk, uncertainties and other factors which may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Such forward-looking statements speak only as of the date of this press release. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia's expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based. The Company also refers you to the documents filed by the Company, from time to time, with the Securities and Exchange Commission, including without limitation the Company's Annual Report on Form 10-K, for a discussion of such risks and uncertainties.

For more information on Acadia Realty Trust, visit the Company's Web site at www.acadiarealty.com.

    CONTACT: Acadia Realty Trust
             Jon Grisham, 914-288-8142

    SOURCE: Acadia Realty Trust