EX-12.1 9 c56919_ex12-1.htm

Acadia Realty Trust
Computation of Ratio of Earnings to Fixed Charges
(numbers in thousands, except ratio amounts)

Exhibit 12.1

		Year Ended December 31,
		2008			2007			2006			2005			2004
Pretax Income from continuing operations		23,262			17,448			14,360			20,574			9,412
Add
Minority interest attributable to continuing operations
and fixed charges		12,217			(9,082	)		(5,242	)		13,928			1,444
Fixed charges (See interest expense below)		36,231			28,265			22,343			18,561			15,586
Distribution of operating income from unconsolidated investments		14,420			36,666			3,277			21,498			720
Subtract
Capitalized interest		(6,779	)		(3,031	)		(454	)		(260	)		(304	)
Preferred distributions of consolidated subsidiaries		(35	)		(29	)		(249	)		(334	)		(335	)
Equity in earnings of unconsolidated investments		(19,906	)		(6,619	)		(2,559	)		(21,280	)		(513	)
Adjusted earnings		59,410			63,618			31,476			52,687			26,010
Interest expense		26,890			22,775			20,134			16,555			14,245
Capitalized interest		6,779			3,031			454			260			304
Amortization of deferred financing costs		2,527			2,430			1,506			1,412			702
Amortization of discounts or premiums related to indebtedness		-			-			-			-			-
Preferred distributions of consolidated subsidiaries		35			29			249			334			335
Fixed Charges		36,231			28,265			22,343			18,561			15,586
Ratio		1.64			2.25			1.41			2.84			1.67