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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)
03/09/2006
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 03/09/2006 S 46,190(1) D $22.4014(2) 2,329,270(3) 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 3,810 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 3/09/2006. See Exhibit 1 attached hereto for details of sales on 3/09/2006.
2. Represents the average per share sale price of shares sold on 3/09/2006. See Exhibit 1 attached hereto for details of sales on 3/09/2006.
3. Excludes 116,168 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 03/10/2006
** 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.
rrd96657_108509.html 
Exhibit 1
Sales of Acadia Realty Trust (AKR) by Yale University on 3/09/2006:
Number of Common Shares of
Beneficial Interest Sold					Price Per Share
	647							22.21
	185							22.22
	277							22.23
	185							22.24
	4,527							22.25
	277							22.26
	4,157							22.27
	462							22.28
	92							22.29
	3,141							22.30
	1,201							22.31
	554							22.32
	277							22.33
	92							22.34
	1,016							22.35
	647							22.36
	1,109							22.37
	1,109							22.38
	739							22.39
	5,079							22.40
	185							22.41
	2,310							22.42
	1,016							22.43
	739							22.44
	2,032							22.45
	185							22.46
	370							22.47
	370							22.48
	185							22.49
	739							22.50
	1,848							22.51
	370							22.52
	3,972							22.53
	185							22.54
	277							22.55
	554							22.56
	554							22.57
	1,755							22.58
	92							22.59
	2,679							22.60
Total:	46,190 shares sold





Sales of Acadia Realty Trust (AKR) by The Yale University Retirement Plan for Staff
Employees ("YURPSE") on 3/09/2006
Number of Common Shares of
Beneficial Interest Sold					Price Per Share
	53							22.21
	15							22.22
	23							22.23
	15							22.24
	373							22.25
	23							22.26
	343							22.27
	38							22.28
	8							22.29
	259							22.30
	99							22.31
	46							22.32
	23							22.33
	8							22.34
	84							22.35
	53							22.36
	91							22.37
	91							22.38
	61							22.39
	421							22.40
	15							22.41
	190							22.42
	84							22.43
	61							22.44
	168							22.45
	15							22.46
	30							22.47
	30							22.48
	15							22.49
	61							22.50
	152							22.51
	30							22.52
	328							22.53
	15							22.54
	23							22.55
	46							22.56
	46							22.57
	145							22.58
	8							22.59
	221							22.60
Total:	3810 shares sold




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