Acadia Realty Trust Prices $68M Share Offering

Acadia Realty Trust (NYSE: AKR – “Acadia” or the “Company”), a real estate investment trust (“REIT”) announced today the pricing of its public offering of 5.0 million common shares of beneficial interest (“Common Shares”) at $11.95 per share.

The offering was increased in size from the originally contemplated 4.5 million Common Shares. The Company has granted the underwriters an option to purchase up to an additional 750,000 Common Shares during the next 30 days. The Company estimates that the net proceeds from this offering, before offering expenses, will be approximately $59.8 million or approximately $68.7 million if the underwriter’s option to purchase additional shares is exercised in full. The offering is expected to close on April 17, 2009, subject to customary closing conditions.

The book-running manager for this offering is Merrill Lynch & Co. The Co-Managers are J.P.Morgan, Barclays Capital, RBC Capital Markets and UBS Investment Bank.

The Company plans to use a portion of the net proceeds from the offering to reduce its indebtedness and the remaining net proceeds for general corporate purposes, which may include, among other things, further repayment of the Company’s debt, future acquisitions and redevelopments of, and capital improvements to, the Company’s properties.