Acadia Realty Trust has posted a 39.8% gain over the past 3 years, which puts the current US$19.03 share price under the spotlight. The key issue for you as a holder or potential buyer is whether that level now lines up with the cash the real estate investment trust can generate over time. A 39.8% return over 3 years sets expectations that Acadia Realty Trust’s cash flows can support a meaningfully higher equity value than three years ago. The business depends on its portfolio generating…