SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    Form 8-K

                                 Current Report
                     Pursuant to Section 13 or 15(d) of the
                         Securities Exchange Act of 1934



        Date of Report (Date of earliest event reported): March 25, 2004
                                                          --------------


                               ACADIA REALTY TRUST
                               -------------------
             (Exact Name of Registrant as specified in its charter)


       Maryland                          1-12002                23-2715194
       --------                          -------                ----------
(State or other jurisdiction        (Commission File           (IRS Employer
   of incorporation)                     Number)            Identification No.)


                        1311 Mamaroneck Avenue, Suite 260
                          White Plains, New York 10605
                          ----------------------------
               (Address of Principal Executive Offices) (Zip Code)


                     Registrant's telephone number, including area code:
                                 (914) 288-8100
                                 --------------


                                 Not Applicable
                                 --------------
          (Former name or former address, if changed since last report)





Item 5.  Other Events.

        On March 25, 2004, the Registrant entered into an Underwriting
Agreement, dated as of March 25, 2004 (the "Underwriting Agreement"), with
Citigroup Global Markets Inc. (the "Underwriter"), Yale University, The Yale
University Retirement Plan for Staff Employees and Ross Dworman, with respect to
a secondary public offering by Yale University, The Yale University Retirement
Plan for Staff Employees and Ross Dworman (the "Offering") of 5,000,000 shares
of the Registrant's common shares of beneficial interest, par value $0.001 per
share ("Common Shares"), and up to an additional 750,000 Common Shares which may
be issued and sold pursuant to the Underwriter's over-allotment option, pursuant
to effectiive registration statements and supplemented by a prospectus
supplement dated March 25, 2004. The Underwriting Agreement is attached as
Exhibit 1.1 hereto and is incorporated herein by reference.

        On March 26, 2004, the Registrant issued a press release announcing the
pricing of the Offering (the "Press Release"). A copy of the Press Release is
attached as Exhibit 99.1 hereto and is incorporated herein by reference.

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits

        (a) not applicable

        (b) not applicable

        (c) Exhibits

            1.1    Underwriting Agreement

            99.1   Press Release





        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                          By: Acadia Realty Trust

March 26, 2004                            By:/s/ Michael Nelsen
                                             ----------------------------------
                                             Michael Nelsen
                                             Chief Financial Officer