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SEGMENT REPORTING
12 Months Ended
Dec. 31, 2013
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Investments in the Core Portfolio are typically held long-term. Given the contemplated finite life of the Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements. The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2013, 2012 and 2011 (does not include unconsolidated affiliates or discontinued operations):
ACADIA REALTY TRUST AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued
2013
(dollars in thousands)
 
Core Portfolio
 
Funds
 
Structured Financing
 
Total
Revenues
 
$
110,355

 
$
46,131

 
$
11,800

 
$
168,286

Property operating expenses, other operating and real estate taxes
 
(29,040
)
 
(17,513
)
 

 
(46,553
)
General and administrative expenses
 
(23,611
)
 
(1,944
)
 

 
(25,555
)
Depreciation and amortization
 
(28,989
)
 
(11,310
)
 

 
(40,299
)
Operating Income
 
28,715

 
15,364

 
11,800

 
55,879

Equity in (losses) earnings of unconsolidated affiliates
 
(99
)
 
12,481

 

 
12,382

Impairment of asset
 
(1,500
)
 

 

 
(1,500
)
Loss on debt extinguishment
 
(309
)
 
(456
)
 

 
(765
)
Interest and other finance expense
 
(26,158
)
 
(13,316
)
 

 
(39,474
)
Income tax benefit (provision)
 
131

 
(150
)
 

 
(19
)
Income from continuing operations
 
780

 
13,923

 
11,800

 
26,503

Discontinued operations
 
 
 
 
 
 
 
 
Operating income from discontinued operations
 
535

 
6,283

 

 
6,818

Impairment of asset
 

 
(6,683
)
 

 
(6,683
)
Loss on debt extinguishment
 
(145
)
 
(655
)
 

 
(800
)
Gain on sale of properties
 
6,488

 
12,314

 

 
18,802

Income from discontinued operations
 
6,878

 
11,259

 

 
18,137

Net income
 
7,658

 
25,182

 
11,800

 
44,640

Noncontrolling interests
 
 
 
 
 
 
 
 
(Income) loss from continuing operations
 
(1,002
)
 
8,525

 

 
7,523

Income from discontinued operations
 
(2,406
)
 
(9,642
)
 

 
(12,048
)
Net income attributable to noncontrolling interests
 
(3,408
)
 
(1,117
)
 

 
(4,525
)
Net income attributable to Common Shareholders
 
$
4,250

 
$
24,065

 
$
11,800

 
$
40,115

 
 
 
 
 
 
 
 
 
Real Estate at Cost
 
$
1,059,257

 
$
759,796

 
$

 
$
1,819,053

Total Assets
 
$
1,012,553

 
$
1,105,264

 
$
126,706

 
$
2,244,523

Acquisition of Real Estate
 
$
143,616

 
$
76,425

 
$

 
$
220,041

Investment in Redevelopment and Improvements
 
$
10,611

 
$
96,272

 
$

 
$
106,883




ACADIA REALTY TRUST AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued
2012
(dollars in thousands)
 
Core Portfolio
 
Funds
 
Structured Financing
 
Total
Revenues
 
$
70,400

 
$
36,560

 
$
8,027

 
$
114,987

Property operating expenses, other operating and real estate taxes
 
(21,817
)
 
(15,899
)
 

 
(37,716
)
General and administrative expenses
 
(19,573
)
 
(1,650
)
 

 
(21,223
)
Reserve for notes receivable
 

 

 
(405
)
 
(405
)
Depreciation and amortization
 
(17,065
)
 
(10,823
)
 

 
(27,888
)
Operating Income
 
11,945

 
8,188

 
7,622

 
27,755

Equity in earnings of unconsolidated affiliates
 
262

 
288

 

 
550

Gain on sale of unconsolidated affiliates
 

 
3,061

 

 
3,061

Impairment of unconsolidated affiliates
 

 
(2,032
)
 

 
(2,032
)
Loss on debt extinguishment
 

 
(198
)
 

 
(198
)
Gain on involuntary conversion of asset
 
2,368

 

 

 
2,368

Interest and other finance expense
 
(15,431
)
 
(7,380
)
 

 
(22,811
)
Income tax (provision) benefit
 
(241
)
 
815

 

 
574

(Loss) income from continuing operations
 
(1,097
)
 
2,742

 
7,622

 
9,267

Discontinued operations
 

 

 

 


Operating income from discontinued operations
 
319

 
11,688

 

 
12,007

Loss on debt extinguishment
 

 
(2,541
)
 

 
(2,541
)
Gain on sale of properties
 

 
71,203

 

 
71,203

Income from discontinued operations
 
319

 
80,350

 

 
80,669

Net (loss) income
 
(778
)
 
83,092

 
7,622

 
89,936

Noncontrolling interests
 

 

 

 


Loss from continuing operations
 
60

 
14,292

 

 
14,352

Income from discontinued operations
 
(128
)
 
(64,454
)
 

 
(64,582
)
Net income attributable to noncontrolling interests
 
(68
)
 
(50,162
)
 

 
(50,230
)
Net (loss) income attributable to Common Shareholders
 
$
(846
)
 
$
32,930

 
$
7,622

 
$
39,706

 
 
 
 
 
 
 
 
 
Real Estate at Cost
 
$
722,345

 
$
564,853

 
$

 
$
1,287,198

Total Assets
 
$
727,423

 
$
811,855

 
$
130,885

 
$
1,670,163

Acquisition of Real Estate
 
$
175,556

 
$
66,338

 
$

 
$
241,894

Investment in Redevelopment and Improvements
 
$
3,862

 
$
78,265

 
$

 
$
82,127





ACADIA REALTY TRUST AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued
2011
(dollars in thousands)
 
Core Portfolio
 
Funds
 
Structured Financing
 
Total
Revenues
 
$
58,162

 
$
27,990

 
$
11,705

 
$
97,857

Property operating expenses, other operating and real estate taxes
 
(16,433
)
 
(11,595
)
 

 
(28,028
)
General and administrative expenses
 
(20,950
)
 
(2,046
)
 

 
(22,996
)
Depreciation and amortization
 
(13,070
)
 
(7,905
)
 

 
(20,975
)
Operating Income
 
7,709

 
6,444

 
11,705

 
25,858

Equity in earnings of unconsolidated affiliates
 
644

 
911

 

 
1,555

Gain on debt extinguishment
 
1,268

 

 

 
1,268

Interest and other finance expense
 
(16,480
)
 
(6,863
)
 

 
(23,343
)
Income tax (provision) benefit
 
(1,073
)
 
612

 

 
(461
)
(Loss) income from continuing operations
 
(7,932
)
 
1,104

 
11,705

 
4,877

Discontinued operations
 
 
 
 
 
 
 
 
Operating income from discontinued operations
 
626

 
8,307

 

 
8,933

Impairment of asset
 

 
(6,925
)
 

 
(6,925
)
Gain on sale of properties
 
28,576

 
18,254

 

 
46,830

Income from discontinued operations
 
29,202

 
19,636

 

 
48,838

Net income
 
21,270

 
20,740

 
11,705

 
53,715

Noncontrolling interests
 
 
 
 
 
 
 
 
(Income) loss from continuing operations
 
(575
)
 
14,309

 

 
13,734

Income from discontinued operations
 
(49
)
 
(15,845
)
 

 
(15,894
)
Net income attributable to noncontrolling interests
 
(624
)
 
(1,536
)
 

 
(2,160
)
Net income attributable to Common Shareholders
 
$
20,646

 
$
19,204

 
$
11,705

 
$
51,555

 
 
 
 
 
 
 
 
 
Real Estate at Cost
 
$
475,685

 
$
421,685

 
$

 
$
897,370

Total Assets
 
$
487,469

 
$
530,236

 
$
59,989

 
$
1,077,694

Acquisition of Real Estate
 
$
56,103

 
$
60,305

 
$

 
$
116,408

Investment in Redevelopment and Improvements
 
$
12,266

 
$
49,045

 
$

 
$
61,311