Acadia Realty Trust Announces Quarterly Dividend.

NEW YORK -- Acadia Realty Trust (NYSE: AKR) today announced the dividend for the third quarter ending September 30, 2006.

Acadia's Board of Trustees has declared a dividend of $0.185 per Common Share and Common Operating Partnership ("OP") Unit payable on October 13, 2006 to holders of record as of September 30, 2006. Holders of Series A and B Preferred Op Units are also entitled to receive this distribution based on the number of Common OP Units that these holders would receive if they were to convert their Preferred OP Units.

Acadia Realty Trust (NYSE:AKR) is a fully integrated, self-managed and self-administered equity real estate Investment trust focused primarily on the ownership, acquisition, redevelopment and management of retail properties, including neighborhood and community shopping centers and mixed-use properties which include retail components. The Company currently owns and operates properties totaling 10 million square feet located primarily in the Northeast, Mid-Atlantic and Midwestern regions of the United States.

Certain matters in this press release may constitute forward-looking statements within the meaning of federal securities law and as such may involve known and unknown risk, uncertainties and other factors which may cause the actual results, performances or achievements of Acadia to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in the Company's most recent annual report on Form 10-K filed with the SEC on March 16, 2006 (the "Form 10-K") and other periodic reports filed with the SEC, including risks related to: (i) the Company's reliance on revenues derived from major tenants; (ii) the Company's limited control over joint venture investments; (iii) the Company's partnership structure; (iv) real estate and the geographic concentration of our properties; (v) market interest rates; (vi) leverage; (vii) liability for environmental matters;(viii) the Company's growth strategy; (ix) the Company's status as a REIT (x) uninsured losses and (xi) the loss of key executives. Copies of the Form 10-K and the other periodic reports Acadia files with the SEC are available on the Company's website at www.acadiarealty.com. Any forward-looking statements in this press release speak only as of the date hereof. Acadia expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Acadia's expectations with regard thereto or change in events, conditions or circumstances on which any such statement is based.

For more information visit Acadia Realty Trust's Web site at www.acadiarealty.com, which is not to be deemed a part of this press release