Ownership Submission
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 *
YALE UNIVERSITY
   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 __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
YALE UNIVERSITY INVESTMENTS OFFICE, 55 WHITNEY AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
11/10/2004
(Street)

NEW HAVEN, CT 06510-1300		 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 11/10/2004   S   954,225 (1) (2) (3) D $ 15.08 (1) (2) (3) 3,468,006 (4) 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

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
YALE UNIVERSITY
YALE UNIVERSITY INVESTMENTS OFFICE
55 WHITNEY AVENUE
NEW HAVEN, CT 06510-1300		   X   X    

Signatures

 Yale University By: David Swensen   11/10/2004
**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 November 4, 2004, the Reporting Person, The Yale University Retirement Plan for Staff Employees ("YURPSE") and Kenneth E. Bernstein ("Bernstein," and together with the Reporting Person and YURPSE, the "Selling Stockholders") and Citigroup Global Markets Inc. (the "Underwriter"), entered into an underwriting agreement (the "Underwriting Agreement") in connection with the Selling Stockholders planned disposition of up to 1,260,000 Common Shares pursuant to an effective registration statement on file with the Securities and Exchange Commission (including up to 150,000 Common Shares subject to the Underwriter's overallotment option).
(2) On November 10, 2004, pursuant to the Underwriting Agreement, the Underwriter acquired 954,225 Common Shares (excluding 143,134 Common Shares subject to the Underwriter's overallotment option) held by the Reporting Person at a price of $15.35 per share, less Underwriter's discounts and commissions of $0.27 per share, in connection with the public resale of the Common Shares.
(3) Excludes 45,775 Common Shares sold by YURPSE pursuant to the Underwriting Agreement. The Reporting Person has no pecuniary interest in the shares held by YURPSE. The Reporting Person disclaims beneficial ownership of all shares held by YURPSE.
(4) Excludes 166,361 Common Shares (including 6,866 Common Shares subject to the Underwriters' overallotment option) held by YURPSE. The Reporting Person has no pecuniary interest in the shares held by YURPSE. The Reporting Person 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.

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