NEW YORK--(BUSINESS WIRE)--March 14, 2006--Acadia Realty Trust (NYSE: AKR) today announced the dividend for the first quarter ending March 31, 2006.

Acadia's Board of Trustees has declared a dividend of $0.185 per Common Share and Common Operating Partnership ("OP") Unit payable on April 14, 2006 to holders of record as of March 31, 2006. Holders of Series A and B Preferred Op Units are also entitled to receive this distribution based on the number of Common OP Units that these holders would receive if they were to convert their Preferred OP Units.

The Company also announced details for its upcoming Annual Shareholders Meeting. Acadia's Board of Trustees has scheduled the Annual Shareholders Meeting for Monday, May 15, 2006 at 10:00 AM, local time, to be held at the offices of Paul, Hastings, Janofsky & Walker, LLP, Park Avenue Tower, 75 East 55th Street, New York, NY 10022. The record date for determination of shareholders entitled to vote is March 31, 2006.

Acadia Realty Trust (NYSE:AKR) is a fully integrated, self-managed and self-administered equity real estate Investment trust focused primarily on the ownership, acquisition, redevelopment and management of retail properties, including neighborhood and community shopping centers and mixed-use properties which include retail components. We currently own and operate properties totaling 10 million square feet located primarily in the Northeast, Mid-Atlantic and Midwestern regions of the 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
             Investor Relations:
             Jon Grisham, 914-288-8142

    SOURCE: Acadia Realty Trust