2011



(dollars in thousands)	Core Portfolio		Opportunity Funds		Self-Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	57,994	$	55,888	$	23,189	$	11,429	$	25,782	$	(24,121	)	$	150,161
Property operating expenses and real estate taxes	17,087		18,952		14,435		—		—		(2,417		)	48,057
General and administrative expenses	24,226		16,678		—		—		—		(17,818		)	23,086
Income before depreciation and amortization	$	16,681	$	20,258	$	8,754	$	11,429	$	25,782	$	(3,886	)	$	79,018
Depreciation and amortization	$	14,206	$	15,454	$	4,221	$	—	$	—	$	(895	)	$	32,986
Interest and other finance expense	$	15,967	$	16,546	$	3,603	$	—	$	—	$	993		$	37,109
Real estate at cost	$	499,872	$	773,562	$	213,743	$	—	$	—	$	(15,432	)	$	1,471,745
Total assets	$	633,345	$	901,758	$	192,154	$	59,989	$	—	$	(133,927	)	$	1,653,319
Expenditures for real estate and improvements	$	72,571	$	107,231	$	3,779	$	—	$	—	$	(2,083	)	$	181,498
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	79,018
Other interest income														276
Depreciation and amortization														(32,986		)
Equity in earnings of unconsolidated affiliates														1,555
Interest and other finance expense														(37,109		)
Gain on debt extinguishment														1,268
Income tax provision														474
Impairment of asset														(6,925		)
Gain on sale of property														46,830
Income from discontinued operations														2,262
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		Self-Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	57,084	$	42,062	$	21,314	$	19,161	$	22,479	$	(21,055	)	$	141,045
Property operating expenses and real estate taxes	17,236		17,671		13,107		—		—		(1,536		)	46,478
General and administrative expenses	22,439		13,588		—		—		—		(15,807		)	20,220
Income before depreciation and amortization	$	17,409	$	10,803	$	8,207	$	19,161	$	22,479	$	(3,712	)	$	74,347
Depreciation and amortization	$	13,798	$	10,898	$	4,552	$	—	$	—	$	(440	)	$	28,808
Interest and other finance expense	$	18,036	$	18,244	$	4,660	$	—	$	—	$	(442	)	$	40,498
Real estate at cost	$	441,714	$	667,179	$	210,017	$	—	$	—	$	(13,349	)	$	1,305,561
Total assets	$	574,497	$	772,715	$	194,003	$	89,202	$	—	$	(105,611	)	$	1,524,806
Expenditures for real estate and improvements	$	4,137	$	77,309	$	1,376	$	—	$	—	$	(2,302	)	$	80,520
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	74,347
Other interest income														408
Depreciation and amortization														(28,808		)
Equity in earnings of unconsolidated affiliates														10,971
Interest and other finance expense														(40,498		)
Income tax provision														2,890
Gain from bargain purchase														33,805
Income from discontinued operations														3,332
Net income														50,667
Net (income) attributable to noncontrolling interests														(20,610		)
Net income attributable to Common Shareholders														$	30,057

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2009



(dollars in thousands)	Core Portfolio		Opportunity Funds		Self-Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	64,249	$	37,375	$	11,166	$	19,698	$	23,265	$	(21,308	)	$	134,445
Property operating expenses and real estate taxes	19,282		14,874		10,985		—		—		(1,150		)	43,991
Reserve for notes receivable	—		—		—		1,734		—		—			1,734
Abandonment of project costs	12		2,475		—		—		—		—			2,487
General and administrative expenses	23,983		13,593		—		—		—		(15,570		)	22,006
Income before depreciation and amortization	$	20,972	$	6,433	$	181	$	17,964	$	23,265	$	(4,588	)	$	64,227
Depreciation and amortization	$	14,595	$	10,480	$	3,762	$	—	$	—	$	(1,225	)	$	27,612
Interest and other finance expense	$	19,539	$	10,657	$	5,681	$	—	$	—	$	(245	)	$	35,632
Real estate at cost	$	436,071	$	486,032	$	208,702	$	—	$	—	$	(11,047	)	$	1,119,758
Total assets	$	558,240	$	607,706	$	196,658	$	125,221	$	—	$	(105,361	)	$	1,382,464
Expenditures for real estate and improvements	$	3,161	$	116,734	$	10,996	$	—	$	—	$	(3,569	)	$	127,322
Reconciliation to net income and net income attributable to Common Shareholders
Income before depreciation and amortization														$	64,227
Other interest income														642
Depreciation and amortization														(27,612		)
Equity in (losses) of unconsolidated affiliates														(1,529		)
Impairment of investment in unconsolidated affiliate														(3,768		)
Interest and other finance expense														(35,632		)
Gain on debt extinguishment														7,057
Income tax provision														1,541
Gain on sale of property														7,143
Income from discontinued operations														3,719
Net income														12,706
Net loss attributable to noncontrolling interests														18,427
Net income attributable to Common Shareholders														$	31,133