Sec Form 4 Filing - BRAUN JOEL L @ ACADIA REALTY TRUST - 2012-12-05

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 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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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) Executive Vice President (Last) (First) (Middle) C/O ACADIA REALTY TRUST, 1311 MAMARONECK AVENUE, SUITE 260 3. Date of Earliest Transaction (MM/DD/YY) 12/05/2012 (Street) WHITE PLAINS, NY10605 4. If Amendment, Date Original Filed (MM/DD/YY) 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 12/05/2012 C 54,844 ( 1 ) A 101,856 D Common Shares of Beneficial Interest - $.001 Par Value 12/06/2012 S 11,000 ( 6 ) D $ 24.84 ( 5 ) 90,856 ( 7 ) D

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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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 Limited Partnership Un its ( 1 ) 12/05/2012 C 54,844 ( 1 ) ( 1 ) ( 1 ) Operating Partnership Units 54,844 ( 1 ) 101,152 ( 2 ) D Operating Partnership Units ( 1 ) 12/05/2012 C 54,844 ( 1 ) ( 1 ) Common Shares 54,844 ( 1 ) 54,844 ( 3 ) D Operating Partnership Units ( 1 ) 12/05/2012 C 54,844 ( 1 ) ( 1 ) Common Shares 54,844 ( 1 ) 0 ( 4 ) 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, NY10605 Executive Vice President Signatures Joel Braun 12/07/2012 Signature of Reporting Person Date

Explanation of Responses:

( 1 )These limited partnership units ("LTIP Units") in Acadia Realty Limited Partnership ("ARLP") represent a portion of the LTIPs that were granted to Mr. Braun in 2007, 2008, 2009, 2010 and 2011, which vested in accordance with the terms of each grant. The LTIPs are exchangeable on a 1:1 basis for common operating partnership units of ARLP ("OP Units") which, in turn, are exchangeable on a 1:1 basis for common shares of beneficial interest of Acadia Realty Trust. There is no expiration date for the conversion of LTIP Units or OP Units. ( 2 )This number represents the total number of LTIP Units held by Mr. Braun following the conversion of 54,844 LTIP Units into an equal number of OP Units, as reported in this Form 4. ( 3 )This number represents the total number of OP Units held by Mr. Braun following the conversion of 54,844 LTIP Units into an equal number of OP Units, as reported in this Form 4. ( 4 )This number represents the total number of OP Units held by Mr. Braun following the conversion of 54,844 OP Units into an equal number of Common Shares reported, as reported in this Form 4. ( 5 )These shares were sold in 23 separate sales transactions at a weighted average sales price of $24.84. The actual price at which these shares were sold range from $24.70 to $24.95 per share. Mr. Braun will provide, upon request by the Securities and Exchange Commission staff, the issuer, or a security holder of the issuer, full, detailed information regarding the number of shares sold at each separate price. ( 6 )Mr. Braun sold these shares in connection with his year-end tax planning. ( 7 )This number represents the total number of common shares held by Mr. Braun.

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* 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).

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