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FEDERAL INCOME TAXES | 12 Months Ended
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Dec. 31, 2012
Income Tax Disclosure [Abstract] |
Federal Income Taxes | Federal Income Taxes The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and intends at all times to qualify as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to corporate Federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. As the Company distributed sufficient taxable income for the years ended December 31, 2012, 2011 and 2010, no U.S. Federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to Federal income taxes at the regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and Federal income and excise taxes on any undistributed taxable income. In addition, taxable income from non-REIT activities managed through the Company’s Taxable REIT Subsidiaries (“TRS”) is subject to Federal, state and local income taxes. Characterization of Distributions: The Company has determined that the cash distributed to the shareholders is characterized as follows for Federal income tax purposes:
|  | For the years ended December 31,
|  | 2012 |  | 2011 |  | 2010
Ordinary income |  | 63 | % |  | 75 | % |  | 100 | %
Qualified dividend |  | — | % |  | 22 | % |  | — | %
Capital gain |  | 37 | % |  | 3 | % |  | — | %
|  | 100 | % |  | 100 | % |  | 100 | %
Taxable REIT Subsidiaries Income taxes have been provided for using the liability method as required by ASC Topic 740, “Income Taxes.” The Company’s TRS income and provision for income taxes for the years ended December 31, 2012, 2011 and 2010 are summarized as follows:
(dollars in thousands) |  | 2012 |  | 2011 |  | 2010
TRS (loss) income before income taxes |  | $ | (2,056 | ) |  | $ | 376 |  |  | $ | 5,716 |
(Benefit) provision for income taxes: |  |  |  |  |  |  |  |  |
Federal |  | (592 | ) |  | 222 |  |  | 2,164 |
State and local |  | (147 | ) |  | 59 |  |  | 543 |
TRS net (loss) income before noncontrolling interests |  | (1,317 | ) |  | 95 |  |  | 3,009 |
Noncontrolling interests |  | 702 |  |  | 1,245 |  |  | (545 | )
TRS net (loss) income |  | $ | (615 | ) |  | $ | 1,340 |  |  | $ | 2,464 |
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 19. Federal Income Taxes, continued The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):
(dollars in thousands) |  | 2012 |  | 2011 |  | 2010
Federal (benefit) provision at statutory tax rate |  | $ | (699 | ) |  | $ | 128 |  |  | $ | 1,943 |
TRS state and local taxes, net of federal benefit |  | (109 | ) |  | 20 |  |  | 358 |
Tax effect of: |  |  |  |  |  |  |  |  |
Permanent differences, net |  | 809 |  |  | (279 | ) |  | 406 |
Prior year overaccrual, net |  | (553 | ) |  | — |  |  | — |
Restricted stock vesting |  | (159 | ) |  | 266 |  |  | — |
Other |  | (35 | ) |  | 133 |  |  | (21 | )
REIT state and local income and franchise taxes |  | 178 |  |  | 193 |  |  | 183 |
Total (benefit) provision for income taxes |  | $ | (568 | ) |  | $ | 461 |  |  | $ | 2,869 |

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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