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SEC FORM 4 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*
YALE UNIVERSITY
(Last) (First) (Middle)
YALE UNIVERSITY INVESTMENTS OFFICE
55 WHITNEY AVENUE
(Street)
NEW HAVEN CT 06510-1300
(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)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
11/09/2005
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 11/09/2005 S 61,917(1) D $19.2171(2) 2,762,821(3) D
Common Shares of Beneficial Interest 11/10/2005 S 146,838(4) D $19.1165(5) 2,615,983(6) 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
Explanation of Responses:
1. Excludes 2,383 Common Shares of Beneficial Interest sold by The Yale University Retirement Plan for Staff Employees ("YURPSE") at the same average per share sale price on 11/9/2005. See Exhibit 1 attached hereto for details of sales on 11/9/2005.
2. Represents the average per share sale price of shares sold on 11/9/2005. See Exhibit 1 attached hereto for details of sales on 11/9/2005.
3. Excludes 163,978 Common Shares of Beneficial Interest held by YURPSE. The Reporting Person has no pecuniary interest in the shares held by YURPSE and disclaims beneficial ownership of all shares held by YURPSE.
4. Excludes 25,123 Common Shares of Beneficial Interest sold by YURPSE at the same average per share sale price on 11/10/2005. See Exhibit 2 attached hereto for details of sales on 11/10/2005.
5. Represents the average per share sale price of shares sold on 11/10/2005. See Exhibit 2 attached hereto for details of sales on 11/10/2005.
6. Excludes 138,855 Common Shares of Beneficial Interest held by YURPSE. The Reporting Person has no pecuniary interest in the shares held by YURPSE and disclaims beneficial ownership of all shares held by YURPSE.
Remarks:
An employee of Reporting Person serves on the Issuer's Board of Trustees. Because of his position on the Trust's Board, it is possible that Reporting Person's investment in the Issuer could be viewed as having the purpose or affect of changing or influencing the control of Issuer or that the employee could be viewed as serving on the Board as the deputy of Reporting Person. In order to avoid any question as to whether Reporting Person's beneficial ownership is being reported on the proper form, Reporting Person has decided to file this Statement of Changes in Beneficial Ownership on Form 4. This Form 4 shall not be deemed an admission that Reporting Person is required to file beneficial ownership reports under Section 16(a) of the Securities Exchange Act of 1934, as amended, or that the employee is serving on the Board of Trustees of Issuer as the deputy of Reporting Person or in any capacity other than his personal capacity.
Yale University By: David F. Swensen, Chief Investment Officer 11/14/2005
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
rrd83813_94346.html 
Exhibit 1
Sales of Acadia Realty Trust (AKR) by Yale University on 11/9/2005:
Number of Common Shares of
Beneficial Interest Sold					Price Per Share
	1,000							19.15
	83							19.16
	2,367							19.17
	2,500							19.18
	13,134							19.19
	7,167							19.20
	500							19.21
	20,200							19.22
	900							19.23
	2,200							19.24
	7,700							19.25
	583							19.27
	1,750							19.28
	83							19.29
	333							19.30
	167							19.31
	1,250							19.34
Total:	61,917
Sales of Acadia Realty Trust (AKR) by The Yale University Retirement Plan for Staff
Employees ("YURPSE") on 11/9/2005
Number of Common Shares of
Beneficial Interest Sold					Price Per Share
	200							19.15
	17							19.16
	33							19.17
	866							19.19
	33							19.20
	400							19.24
	117							19.27
	350							19.28
	17							19.29
	67							19.30
	33							19.31
	250							19.34
Total:	2,383



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rrd83813_94347.html 
Exhibit 2
Sales of Acadia Realty Trust (AKR) by Yale University on 11/10/2005:
Number of Common Shares of
Beneficial Interest Sold					Price Per Share
	4439							19.00
	768							19.01
	85							19.02
	85							19.04
	939							19.05
	2,219							19.06
	85,359							19.10
	50,000							19.15
	2944							19.30
Total:	146,838
Sales of Acadia Realty Trust (AKR) by The Yale University Retirement Plan for Staff
Employees ("YURPSE") on 11/10/2005
Number of Common Shares of
Beneficial Interest Sold					Price Per Share
	761							19.00
	132							19.01
	15							19.02
	15							19.04
	161							19.05
	381							19.06
	14,641							19.10
	8,500							19.15
	517							19.30
Total:	25,123



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