Summary of Quarterly Financial Information (unaudited)

The quarterly results of operations of the Company for the years ended December 31, 2016 and 2015 are as follows (in thousands, except per share amounts):



	Three Months Ended ^{(a, b, c, d)}
	March 31, 2016			June 30, 2016			September 30, 2016		December 31, 2016
Revenues	$	48,045		$	43,918		$	43,855	$	54,121
Net income	73,875			26,155			326		34,236
Net (income) loss attributable to noncontrolling interests	(44,950		)	(8,237		)	5,786		(14,415		)
Net income attributable to Acadia	28,925			17,918			6,112		19,821
Earnings per share attributable to Acadia:
Basic	$	0.40		$	0.24		$	0.08	$	0.24
Diluted	0.40			0.24			0.08		0.24

Weighted average number of shares:
Basic	70,756			72,896			78,449		82,728
Diluted	71,215			72,896			78,624		82,728

Cash dividends declared per Common Share	$	0.25		$	0.25		$	0.25	$	0.41

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(a)	The three months ended March 31, 2016 includes Fund III's $65.4 million gain on sale of its 65% consolidated interest in Cortlandt Town Center of which $49.4 million was attributable to noncontrolling interests (Note 2).


(b)	The three months ended June 30, 2016 includes a $16.6 million gain on sale of Fund III's consolidated Heritage Shops property of which $12.5 million was attributable to noncontrolling interests (Note 2).


(c)	The three months ended June 30, 2016, September 30, 2016 and December 31, 2016 reflect the impact of the de-consolidation of the Company's investment in the Brandywine portfolio, which was effective May 1, 2016 (Note 4).


(d)	The three months ended December 31, 2016 reflect the impact of an out-of-period adjustment resulting in a net decrease to net income of $4.2 million, of which $1.6 million was attributable to noncontrolling interests (Note 1).



	Three Months Ended ^{(a, b, c)}
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Revenues	$	49,073		$	49,176		$	51,124		$	51,286
Net income	38,537			85,458			18,104			7,871
Net (income) loss attributable to noncontrolling interests	(21,990		)	(58,963		)	(4,328		)	1,019
Net income attributable to Acadia	16,547			26,495			13,776			8,890

Earnings per share attributable to Acadia:
Basic	$	0.24		$	0.38		$	0.20		$	0.13
Diluted	0.24			0.38			0.20			0.13

Weighted average number of shares:
Basic	68,295			68,825			68,943			69,328
Diluted	68,360			68,870			68,957			69,330

Cash dividends declared per Common Share	$	0.24		$	0.24		$	0.24		$	0.50

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(a)	The three months ended March 31, 2015 includes a gain on the disposition of Fund III's consolidated Lincoln Park Centre property of $27.1 million of which $21.7 million was attributable to noncontrolling interests (Note 2).

(b)

The three months ended June 30, 2015 includes: Acadia's $17.1 million share of the gain on disposition of Fund III's unconsolidated White City Shopping Center (Note 4); a $12.0 million gain on disposition of Fund II's consolidated Liberty Avenue property and a $49.9 million gain on disposition of Fund II's consolidated City Point property's air rights, of which a total of $15.8 million was attributable to noncontrolling interests (Note 2); and a $5.0 million asset impairment charge within the Brandywine portfolio inclusive of $3.9 million attributable to noncontrolling interests (Note 8).


(c)	The three months ended September 30, 2015 includes Acadia's $6.9 million share of the gain on disposition of Fund III's unconsolidated Parkway Crossing property of which $5.6 million was attributable to noncontrolling interests.