FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * BRAUN JOEL L   2. Issuer Name and Ticker or Trading Symbol ACADIA REALTY TRUST [AKR] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Sr. Vice President (Last) (First) (Middle) C/O ACADIA REALTY TRUST, 1311 MAMARONECK AVENUE, SUITE 260 3. Date of Earliest Transaction (Month/Day/Year) 12/17/2004 (Street) WHITE PLAINS, NY 10605 4. If Amendment, Date 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 (City) (State) (Zip) 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 - $.001 Par Value 12/17/2004   M   21,019 (1) D $ 15.51 13,342 (1) (2) (5) D   Common Shares of Beneficial Interest-$.001 Par Value 12/17/2004   M   21,019 (1) A $ 15.51 34,361 (1) (2) (5) D   Common Shares of Beneficial Interest- $.001 12/17/2004   M   30,205 (1) (3) A $ 5.75 64,566 (2) (4) (5) D   Common Shares of Beneficial Interest- $.001 12/17/2004   M   6,776 (1) (3) A $ 5 71,342 (2) (4) (5) D

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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 Underlying Securities (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 of Derivative Security: 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

Options to Purchase Common Shares

$ 5.75

12/17/2004

12/17/2004

M

48,000 (1)

08/11/2000

06/15/2009

Common Shares

48,000 (1)

$ 5.75

10,000

D

Options to Purchase Common Shares

$ 5

12/17/2004

12/17/2004

M

10,000 (1)

01/17/2000

01/16/2010

Common Shares

10,000 (1)

$ 5

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
BRAUN JOEL L C/O ACADIA REALTY TRUST 1311 MAMARONECK AVENUE, SUITE 260 WHITE PLAINS, NY 10605			Sr. Vice President

Signatures

/s/ Joel Braun		12/17/2004
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	On December17, 2004 Mr. Braun exercised 58,000 Options to purchase Common Shares. He used 21,019 of his existing Common Shares to pay the exercise price of $326,000. The Common Shares were then distributed as follows: 21,019 were issued to Mr. Braun replacing those used to pay the exercise price and the balance of 36,981 Common Shares (the "Deferred Shares") were placed in a deferred account pursuant to an Agreement with the Company. Thus, Mr. Braun's aggregate number of Common Shares was increased from 34,361to 71,342. The Deferred Shares will not be received by Mr. Braun until termination of employment with the Company or a change in control of the Company. Mr. Braun will not be entitled to vote the Deferred Shares. Any dividends which accrue on such Deferred Shares will be payable in cash.
(2)	Includes 7,361 vested Restricted Shares of a total of 35,876 Restricted Shares issued to Mr. Braun in 2000 through 2004. In addition, Mr. Braun owns 6,667 Operating Partnership Units.
(3)	Represents the Deferred Shares.
(4)	Includes the Deferred Shares.
(5)	This filing corrects the previously reported filing of March 24, 2004 which overstated Mr. Braun's holding of Common Shares by 26,980.

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