SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


       Date of Report (Date of Earliest Event Reported): February 28, 2005


                               ACADIA REALTY TRUST
             (Exact name of registrant as specified in its charter)


           Maryland                  1-12002             23-2715194
      (State or other              (Commission        (I.R.S. Employer
jurisdiction of incorporation)     File Number)      Identification No.)



                    1311 Mamaroneck Avenue
                          Suite 260
                    White Plains, New York                10605
          (Address of principal executive offices)      (Zip Code)


                                 (914) 288-8100
              (Registrant's telephone number, including area code)



          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425 )

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR  
    240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))
 
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))










Section 2 -- Financial Information  

Item 2.02    Results of Operations and Financial Condition
 
On February  28, 2005,  the  Registrant  announced  its  consolidated  financial
results  for the  quarter  and  year  ended  December  31,  2004.  A copy of the
Registrant's  earnings press release is furnished as Exhibit 99.1 to this report
on Form 8-K. The information  contained in Item 2.02 of this report on Form 8-K,
including  Exhibit 99.1,  shall not be deemed  "filed" with the  Securities  and
Exchange Commission nor incorporated by reference in any registration  statement
filed by the Registrant under the Securities Act of 1933, as amended.
        
Item 7.01    Regulation FD Disclosure
 
On February 28, 2005,  the  Registrant,  Acadia  Realty  Trust,  made  available
supplemental  information concerning the ownership,  operations and portfolio of
the  Registrant  as of and for the quarter and year ended  December  31, 2004. A
copy of this  supplemental  information  is  furnished  as Exhibit  99.2 to this
report on Form 8-K.  The  information  contained  in Item 7.01 of this report on
Form  8-K,  including  Exhibit  99.2,  shall  not be  deemed  "filed"  with  the
Securities  and  Exchange  Commission  nor  incorporated  by  reference  in  any
registration statement filed by the Registrant under the Securities Act of 1933,
as amended.
          
Item 9.01(c) Exhibits


(c) Exhibits


Exhibit Number       Description
--------------       --------------------------------
99.1                 Press release dated February 28, 2005
99.2                 Financial and Operating Reporting Supplement for the 
                      Quarter and Year Ended December 31, 2004




                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                           ACADIA REALTY TRUST
                             (Registrant)


Date: February 28, 2005    By: /s/ Michael Nelsen

                           Name:  Michael Nelsen
                           Title: Sr. Vice President and Chief Financial Officer




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