2012



(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	70,599	$	54,286	$	7,973	$	22,947	$	(21,380	)	$	134,425
Property operating expenses, other operating and real estate taxes	21,699		26,001		—		—		(3,000		)	44,700
General and administrative expenses	22,817		14,373		—		—		(15,658		)	21,532
Income before depreciation and amortization	$	26,083	$	13,912	$	7,973	$	22,947	$	(2,722	)	$	68,193
Depreciation and amortization	$	18,316	$	15,594	$	—	$	—	$	(979	)	$	32,931
Interest and other finance expense	$	15,229	$	12,910	$	—	$	—	$	629		$	28,768
Real estate at cost	$	744,880	$	764,471	$	—	$	—	$	(13,609	)	$	1,495,742
Total assets	$	877,926	$	1,017,870	$	129,278	$	—	$	(138,695	)	$	1,886,379
Acquisition of real estate	$	175,556	$	66,338	$	—	$	—	$	—		$	241,894
Redevelopment and property improvement costs	$	5,381	$	78,265	$	—	$	—	$	(1,519	)	$	82,127
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization												$	68,193
Other interest income												148
Depreciation and amortization												(32,931		)
Equity in earnings of unconsolidated affiliates												1,579
Interest and other finance expense												(28,768		)
Loss on debt extinguishment												(198		)
Income tax benefit												568
Reserve for notes receivable												(405		)
Gain on involuntary conversion of asset												2,368
Operating income from discontinued operations												10,720
Loss on debt extinguishment from discontinued operations												(2,541		)
Gain on sale of property												71,203
Net income												89,936
Net income attributable to noncontrolling interests												(50,230		)
Net income attributable to Common Shareholders												$	39,706

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2011



(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	57,994	$	43,994	$	11,429	$	25,782	$	(24,121	)	$	115,078
Property operating expenses, other operating and real estate taxes	17,087		19,618		—		—		(2,417		)	34,288
General and administrative expenses	24,226		16,658		—		—		(17,818		)	23,066
Income before depreciation and amortization	$	16,681	$	7,718	$	11,429	$	25,782	$	(3,886	)	$	57,724
Depreciation and amortization	$	14,206	$	12,361	$	—	$	—	$	(895	)	$	25,672
Interest and other finance expense	$	15,967	$	12,672	$	—	$	—	$	993		$	29,632
Real estate at cost	$	499,872	$	614,321	$	—	$	—	$	(15,432	)	$	1,098,761
Total assets	$	633,345	$	730,029	$	59,989	$	—	$	(133,927	)	$	1,289,436
Acquisition of real estate	$	60,305	$	56,103	$	—	$	—	$	—		$	116,408
Redevelopment and property improvement costs	$	12,266	$	51,128	$	—	$	—	$	(2,083	)	$	61,311
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization												$	57,724
Other interest income												276
Depreciation and amortization												(25,672		)
Equity in earnings of unconsolidated affiliates												1,555
Interest and other finance expense												(29,632		)
Gain on debt extinguishment												1,268
Income tax provision												(461		)
Operating income from discontinued operations												8,752
Impairment of asset												(6,925		)
Gain on sale of property												46,830
Net income												53,715
Net income attributable to noncontrolling interests												(2,160		)
Net income attributable to Common Shareholders												$	51,555

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2010



(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	57,084	$	38,721	$	19,161	$	22,479	$	(21,055	)	$	116,390
Property operating expenses, other operating and real estate taxes	17,236		17,814		—		—		(1,536		)	33,514
General and administrative expenses	22,439		13,577		—		—		(15,807		)	20,209
Income before depreciation and amortization	$	17,409	$	7,330	$	19,161	$	22,479	$	(3,712	)	$	62,667
Depreciation and amortization	$	13,798	$	10,061	$	—	$	—	$	(440	)	$	23,419
Interest and other finance expense	$	18,036	$	16,820	$	—	$	—	$	(442	)	$	34,414
Real estate at cost	$	441,714	$	522,345	$	—	$	—	$	(13,349	)	$	950,710
Total assets	$	574,497	$	629,292	$	89,202	$	—	$	(105,611	)	$	1,187,380
Acquisition of real estate	$	—	$	2,849	$	—	$	—	$	—		$	2,849
Redevelopment and property improvement costs	$	4,137	$	74,460	$	—	$	—	$	(2,302	)	$	76,295
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization												$	62,667
Other interest income												406
Depreciation and amortization												(23,419		)
Equity in earnings of unconsolidated affiliates												10,971
Interest and other finance expense												(34,414		)
Income tax provision												(2,869		)
Gain from bargain purchase												33,805
Operating income from discontinued operations												3,520
Net income												50,667
Net income attributable to noncontrolling interests												(20,610		)
Net income attributable to Common Shareholders												$	30,057