The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2014, 2013 and 2012 (does not include unconsolidated affiliates or discontinued operations):

2014



(dollars in thousands)	Core Portfolio			Funds			Structured Financing			Total
Revenues	$	125,022		$	54,659		$	15,331		$	195,012
Property operating expenses, other operating and real estate taxes	(33,097		)	(18,574		)	—			(51,671		)
General and administrative expenses	(24,853		)	(1,665		)	(915		)	(27,433		)
Depreciation and amortization	(35,875		)	(13,770		)	—			(49,645		)
Operating income	31,197			20,650			14,416			66,263
Equity in (losses) earnings of unconsolidated affiliates	(77		)	8,800			—			8,723
Gain on disposition of properties of unconsolidated affiliates	—			102,855			—			102,855
Loss on debt extinguishment	(3		)	(332		)	—			(335		)
Interest and other finance expense	(27,021		)	(12,070		)	—			(39,091		)
Gain on disposition of property	12,577			561			—			13,138
Income tax provision	(176		)	(453		)	—			(629		)
Income from continuing operations	16,497			120,011			14,416			150,924
Discontinued operations
Gain on disposition of properties	—			1,222			—			1,222
Income from discontinued operations	—			1,222			—			1,222
Net income	16,497			121,233			14,416			152,146
Noncontrolling interests
Income from continuing operations	(3,213		)	(76,846		)	—			(80,059		)
Income from discontinued operations	(9		)	(1,014		)	—			(1,023		)
Net income attributable to noncontrolling interests	(3,222		)	(77,860		)	—			(81,082		)
Net income attributable to Common Shareholders	$	13,275		$	43,373		$	14,416		$	71,064

Real Estate at Cost	$	1,366,017		$	842,578		$	—		$	2,208,595
Total Assets	$	1,615,436		$	1,014,878		$	102,286		$	2,732,600
Acquisition of Real Estate	$	203,103		$	47,250		$	—		$	250,353
Redevelopment and Property Improvement Costs	$	5,432		$	134,686		$	—		$	140,118

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	(24,387		)	(1,168		)	—		(25,555		)
Depreciation and amortization	(28,989		)	(11,310		)	—		(40,299		)
Operating Income	27,939			16,140			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	4			14,699			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 disposition of properties	6,488			12,314			—		18,802
Income from discontinued operations	6,878			11,259			—		18,137
Net income	6,882			25,958			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	$	3,474		$	24,841		$	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
Redevelopment and Property Improvement Costs	$	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		)
Reserve for notes receivable	—			—			(405		)	(405		)
General and administrative expenses	(19,578		)	(1,645		)	—			(21,223		)
Depreciation and amortization	(17,065		)	(10,823		)	—			(27,888		)
Operating Income	11,940			8,193			7,622			27,755
Equity in earnings of unconsolidated affiliates	262			288			—			550
Gain on disposition of properties 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	(1,102		)	2,747			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 disposition of properties	—			71,203			—			71,203
Income from discontinued operations	319			80,350			—			80,669
Net (loss) income	(783		)	83,097			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	$	(851	)	$	32,935		$	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
Redevelopment and Property Improvement Costs	$	3,862		$	78,265		$	—		$	82,127