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<SEC-DOCUMENT>0000950123-10-098125.txt : 20110218
<SEC-HEADER>0000950123-10-098125.hdr.sgml : 20110218
<ACCEPTANCE-DATETIME>20101029154155
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-098125
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20101029

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACADIA REALTY TRUST
		CENTRAL INDEX KEY:			0000899629
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				232715194
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1311 MAMARONECK AVENUE
		STREET 2:		SUITE 260
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10605
		BUSINESS PHONE:		914-288-8100

	MAIL ADDRESS:	
		STREET 1:		1311 MAMARONECK AVENUE
		STREET 2:		SUITE 260
		CITY:			WHITE PLAINS
		STATE:			NY
		ZIP:			10605

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MARK CENTERS TRUST
		DATE OF NAME CHANGE:	19930329
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>Correspondence</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#091;PAUL, HASTINGS, JANOFSKY &#038; WALKER LETTERHEAD&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">October&nbsp;29, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>VIA EDGAR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">U.S. Securities and Exchange Commission<BR>
100 F Street, N.E.<BR>
Washington, DC 20549-3628<BR>
Attention: Michael Pokorny

</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD><u>Acadia Realty Trust</u><br>
Form&nbsp;10-K for the year ended December&nbsp;31, 2009, filed March&nbsp;1, 2010<br>
Definitive Proxy Statement Schedule&nbsp;14A, filed April&nbsp;9, 2010<br>
File No.&nbsp;001-12002</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On behalf of our client, Acadia Realty Trust (the &#147;Company&#148; or &#147;Acadia&#148;), we hereby respond to the
comments of the staff of Division of Corporation Finance (the &#147;Staff&#148;) of the U.S. Securities and
Exchange Commission conveyed by letter dated October&nbsp;12, 2010. We have incorporated the Staff&#146;s
comments into this response letter in italics and have provided the Company&#146;s responses below each
comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><I>FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2009</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><I>Financial Statements and Notes</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><I>Note 4 &#151; Investments In and Advances to Unconsolidated Partnerships</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><I>Retailer Controlled Property Venture (&#147;RCP Venture&#148;), page F-20</I></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We have reviewed your response to comment 5. Please further clarify how you determined that
your indirect ownership interests in excess of 5% gave you virtually no influence over the
entities operating and financial policies especially in light of the guidance in ASC
323-30-S99. In your response, please also address the role of your company in forming the RCP
investment group and how that was evaluated in determining your participation, if any, in the
operational and financial policies of the entities holding these investments</I>.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">U.S. Securities and Exchange Commission<BR>
Attention: Michael Pokorny<BR>
October&nbsp;29, 2010<BR>
Page 2

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">ASC 323-30-S99 provides that the use of the equity method is required unless the investor&#146;s
interest &#147;is so minor that the limited partner may have virtually no influence over partnership
operating and financial policies.&#148; We understand that the SEC staff has generally viewed
investments of more than 3 to 5&nbsp;percent to be more than minor. As discussed in the response to
Item&nbsp;4 of the original comments, the Company, together with two other entities, formed an
investment group referred to as the Retailer Controlled Property Venture (&#147;RCP Venture&#148;). The RCP
Venture is an affiliation of companies designed to invest in real estate opportunities associated
with properties owned by retail entities. The RCP Venture is led by the non-Acadia members and the
Company&#146;s participation is on a non-controlling basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Pursuant to the terms of the operating agreements, Acadia&#146;s interest is as a passive investor in
any transaction in which Acadia chooses to invest. Generally, the operating agreements provide for
the non-Acadia members to appoint the managers of the investment vehicle (i.e. the entity formed
through which a specific investment is made). The control and operation of the investment vehicle,
and the formulation and execution of business and investment policies, is vested exclusively in the
managers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The investment vehicles formed by the RCP Venture members make direct investments into the entities
formed to own and operate properties. These investments are generally made through limited
liability companies, in which the investment vehicle holds a non-managing membership interest.
These interests give the investment vehicles certain rights, but limited influence over the
investment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">With regard to the investment in the Rex Stores, Acadia was not an original investing member and
purchased its interest from an unrelated investor. The terms of the purchase agreement provide that
the interest purchased does not include a transfer of voting or management rights, which were
retained by the seller.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Based on the foregoing described investment structures and the immaterial size of the investment
and earnings to Acadia&#146;s financial statements, the Company believes that the use of the cost method
is appropriate.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">U.S. Securities and Exchange Commission<BR>
Attention: Michael Pokorny<BR>
October&nbsp;29, 2010<BR>
Page 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><I>DEFINITIVE PROXY ON SCHEDULE 14A FILED APRIL 9, 2010</I></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Where you have provided supplemental responses to our comments, please confirm that you will
include similar information in future filings, as applicable</I>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company confirms that it will include similar information to that provided with respect to its
supplemental responses in future filings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><I>B. Performance Incentive Compensation</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><I>Performance and Time-Based Incentive Awards, page 20</I></U>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>We note your response to comment 14 in our letter dated July&nbsp;22, 2010. Please tell us how
your management outperformed the performance categories disclosed. In providing such
disclosure, please refer to instruction 5 to </I><I>Item 402(b)</I><I> of Regulation&nbsp;S-K. Also, please tell
us the percentage of the pool assigned to and describe the consideration of the
&#147;accomplishment of subjective goals&#148; associated with each officer</I>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Company Performance Metrics</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The objective metrics chosen for determining Company performance (which we detailed in our response
to comment 14 in your letter dated July&nbsp;22, 2010) and the actual Company results are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Bonus Level</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Measurement</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Minimal</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Target</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Outperform</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Achieved</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>FFO Growth (1)</B>:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Absolute $1.00 - $1.10</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bottom 25%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25% - 74%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">75% &#043;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">$1.28 (AKR)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Outperform</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Relative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25% - 49%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50% - 74%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">75% - 100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A<B>(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>NOI Growth (Same
Store)(2)</B>:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Absolute -2% to -5%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bottom 25%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25% - 74%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">75% &#043;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">-2.6% (AKR)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Outperform</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Relative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25% - 49%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">50% - 74%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">75% - 100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A<B>(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Shareholder Return</B>:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Absolute</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1.5% - 2.5%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2.6% - 7.5%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">7.5% &#043;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">23.5 % (AKR)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Outperform</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Relative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Bottom 25%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">25% - 74%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">75% &#043;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">N/A<B>(3)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>See <U>Exhibit&nbsp;1</U> to this letter for a reconciliation of Net Income (GAAP)&nbsp;to FFO.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Same store NOI excludes various items included in operating income (GAAP)&nbsp;that are not
indicative of the operating performance of a store. NOI is calculated by starting with operating
income and (i)&nbsp;adding back general and administrative, depreciation and amortization, abandonment
of project costs, reserve for notes receivable; and (ii)&nbsp;deducting management fee income; interest
income; other income; lease termination income; and straight line rent and other adjustments.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Criteria are met if one of the two performance standards for each measurement is achieved.
&#147;Relative&#148; performance of peers was not applicable as the Company met the &#147;Absolute&#148; standards.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">





<DIV align="left" style="font-size: 10pt; margin-top: 10pt">U.S. Securities and Exchange Commission<BR>
Attention: Michael Pokorny<BR>
October&nbsp;29, 2010<BR>
Page 4

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The final measure of Company performance is subjective and includes the following aspects of
executing the Company&#146;s strategic plan:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintain a high-quality core portfolio of retail assets</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintain a healthy balance sheet with strong liquidity</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Maintain a disciplined growth strategy that enables opportunistic investing</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Based on the results noted in the chart above, the Company achieved the upper end (&#147;Outperform&#148;) of
the three objective metrics. With regard to the subjective Company metric, the Compensation
Committee and the full Board of Trustees agreed that the Company &#147;Outperformed&#148; based on the
following:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Same store net operating income decline of 2.6% at the favorable end of expectation</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Same store net operating income in the upper quartile of peer group</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Strong occupancy of the core portfolio of 92.6%</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Balance sheet liquidity of $130&nbsp;million including cash of $72&nbsp;million and availability
under lines of credit of $58&nbsp;million</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No debt maturities at the core until December 2011 including extension options</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fixed-charge coverage of 3.2:1</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>100% fixed rate debt at the core at an average rate of 5.8%</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Including the Company&#146;s share of Fund debt 86% is fixed at average rate of 5.3%</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>$406&nbsp;million of available investor capital, of which the Company&#146;s share is $81
million, to fund future opportunistic investments</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Individual/Business Unit Performance Metrics</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">With regard to the individual/business unit performance metrics, each NEO had four goals which were
established at the beginning of the year. These goals were different for each NEO based on the
different company disciplines for which each of the NEOs was responsible and, while some could be
objectively measured, overall they were more subjective in nature than the Company performance
metrics. For example, some of the objective measures were as follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CFO &#151; maintain floating rate to fixed rate debt ratio of no more than 10%</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CIO &#151; expand the pool of individual contacts for potential transactions by 25 contacts</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GC &#151; achieve legal billings of $1.5&nbsp;million received by AKR legal department from the
Funds and joint ventures.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV style="margin-top: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">U.S. Securities and Exchange Commission<BR>
Attention: Michael Pokorny<BR>
October&nbsp;29, 2010<BR>
Page 5

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">With respect to the subjective measures, each of the NEOs (other than the CEO) was judged on
whether there was strong leadership of their departments. Other examples of the more subjective
measures are as follows:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CEO &#151; ensuring the Company&#146;s long-term financial stability by raising new sources of
capital and by preserving and expanding the Company&#146;s liquidity position</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CEO &#151; stewardship at the top of the organization and success in interfacing with major
institutional investors and JV partners</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GC &#151; communication; interfacing with JV partners; and support with investments</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CIO &#151; management over acquisition deal flow and dispositions, as well as other
investments</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CFO &#151; maximize operating cash flow to maintain cash balances to fund growth
opportunities as they arise</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chief Administrative Officer &#151;  implement a revised pay for performance program for the
senior team based on solid quantitative and qualitative measureables</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The compensation committee together with the independent compensation consultant evaluated the
individual NEO&#146;s performance and, based on the objective measures as well as their evaluation of
the more subjective measures, recommended to the full Board of Trustees which then determined that
each of the NEOs &#147;Outperformed&#148; in three of the four individual measures and performed on &#147;Target&#148;
for the fourth.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><U><B>Overall Allocation</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The compensation committee, in consultation with its independent compensation consultant,
recommended and the full Board of Trustees concurred that, based on its evaluation of each of the
NEO&#146;s contribution to attaining the corporate goals and to the performance of the Company, assigned
the following allocation of the base bonus pool of $4.3&nbsp;million:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CEO &#151; 41.55%</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CIO &#151; 14.87%</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GC &#151; 6.59%</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chief Administrative Officer &#151; 5.75%</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CFO &#151; 6.58%</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">* * *
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">U.S. Securities and Exchange Commission<BR>
Attention: Michael Pokorny<BR>
October&nbsp;29, 2010<BR>
Page 6

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In response to the Staff&#146;s request, the Company has filed a letter on EDGAR containing the specified acknowledgements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If you
have any questions, or if it would expedite your review in any way,
please do not hesitate to contact the undersigned at (212) 318-6859 or Keith Pisani at (212)&nbsp;318-6053.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Sincerely,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">/s/ Mark Schonberger
</DIV>

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 45%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</div>

<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Mark Schonberger<BR>
of PAUL, HASTINGS, JANOFSKY &#038; WALKER LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Enclosure

</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">cc:</TD>
    <TD>&nbsp;</TD>
    <TD>Michael Nelsen, Acadia Realty Trust<br>
Robert Masters, Esq., Acadia Realty Trust<br>
Keith D. Pisani, Esq., Paul Hastings, Janofsky &#038; Walker</TD>
</TR>
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.50in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>RECONCILIATION OF NET INCOME TO FUNDS FROM OPERATIONS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="86%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>For the Year</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;attributable to Common Shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation of real estate and amortization of leasing
costs
(net of noncontrolling interests&#146; share):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consolidated affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,847</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unconsolidated affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,603</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on sale (net of noncontrolling interests&#146; share):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consolidated affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,435</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unconsolidated affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><FONT style="font-family: Symbol">&#190;</FONT></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;attributable to noncontrolling interests&#146;
in Operating Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">465</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions &#151; Preferred OP Units</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Funds from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,632</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Funds from operations per share &#151; Diluted</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average Common Shares and OP Units</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,913</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Funds from operations, per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1.28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



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