Acadia Realty Trust (AKR) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Exhibit 99.1

Acadia Realty Trust Reports Fourth Quarter and Full Year 2008 Operating Results

NEW YORK--(BUSINESS WIRE)--February 11, 2009--Acadia Realty Trust (NYSE: AKR – “Acadia” or the “Company”), a real estate investment trust (“REIT”), today reported operating results for the quarter and year ended December 31, 2008. All per share amounts discussed below are on a fully diluted basis.

Fourth Quarter 2008 Highlights

Earnings – 2008 fourth quarter FFO of $0.12 and EPS of $(0.12)

• Funds from operations (“FFO”) per share of $0.12 for the fourth quarter 2008 compared to $0.29 for fourth quarter 2007, as adjusted, and FFO of $1.16 for the year ended December 31, 2008 compared to $1.26 for the year ended December 31, 2007, as adjusted
• Adjusting to disregard the shares issued in connection with the payment of a special dividend in January 2009, 2008 FFO of $1.20 was in the upper half of previous guidance
• (Loss) earnings per share (“EPS”) from continuing operations for fourth quarter 2008 of $(0.12) compared to $0.09 for fourth quarter 2007 and EPS of $0.58 for the year ended December 31, 2008 compared to $0.50 for the year ended December 31, 2007

Balance sheet – Strong liquidity and limited exposure to maturities

• Cash on hand and availability under current facilities totaling $117 million at December 31, 2008
• No loan maturities (including extension options) in core portfolio until December 2011
• Purchased $8.0 million in principal amount of the Company’s outstanding convertible debt at a 25% discount
• Continued regular $0.21 quarterly cash dividend
• Declared a $0.55 special dividend payable 90% in shares and 10% in cash as a result of non-core property dispositions