NEW YORK, Jun 12, 2002 /PRNewswire-FirstCall via COMTEX/ -- Acadia Realty Trust (NYSE: AKR), a fully integrated shopping center real estate investment trust, has received recognition from the National Association of Real Estate Investment Trusts (NAREIT) for its 2001 Annual Report and corporate web site. Acadia received awards for Presentation and Design, Management Discussion & Analysis and Web Site; the only company to receive honors in all three categories evaluated by NAREIT. A copy of NAREIT's press release discussing Acadia's awards can be found at http://www.nareit.com .

Commenting on NAREIT's acknowledgements, Kenneth Bernstein, CEO, stated, "While we always appreciate recognition for design creativity, the awards with respect to financial reporting are even more satisfying since they reflect our ongoing commitment to transparency and full disclosure."

Acadia Realty Trust, headquartered on Long Island, NY, is a self- administered equity real estate investment trust structured as an UPREIT, which specializes in the operation, management, leasing, renovation and acquisition of shopping centers properties. The Company currently owns and operates 35 properties totaling approximately 7 million square feet, primarily in the eastern half of the United States. Acadia's principal executive offices are located in Port Washington, New York.

Certain matters in this press release may constitute forward-looking statements 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 document.

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

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SOURCE Acadia Realty Trust

CONTACT:          Jon Grisham, Investor Relations of Acadia Realty Trust,
                  +1-516-767-8830, or General Inquiries, Susan Garland of FRB Weber Shandwick,
                  +1-212-445-8458

URL:              http://www.acadiarealty.com 
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