ACADIA REALTY TRUST AND SUBSIDIARIES
UNAUDITED PRO FORMA FINANCIAL INFORMATION
As previously disclosed, on December 14, 2012, subsidiaries of Acadia Strategic Opportunity Fund II, LLC ("Fund II") and Acadia Strategic Opportunity Fund III LLC ("Fund III" and collectively with Fund II, the "Funds"), which are subsidiaries of Acadia Realty Trust (the "Company"), entered into a purchase and sale agreement (the "Agreement"), to sell 14 self-storage properties (the "Portfolio") for an aggregate sales price of approximately $293.9 million to SP Holdings I LLC ("SP Holdings"), an unaffiliated entity. Prior to the closing of the transaction, SP Holdings assigned the contract to the ultimate acquiring entity, in which Fund III has a less than 0.5% interest. On December 20, 2012, the Funds completed the sale of 12 of the 14 properties for approximately $261.6 million. The sale of the remaining two properties is expected to be completed within the next 60 days, although this remains subject to customary closing conditions and, accordingly, no assurance can be given as to the timing or successful completion of the sale of all or a portion of the remaining two properties. Fund III has retained an ownership interest in the self-storage management company that it previously acquired in connection with its ownership of the self-storage portfolio that will continue as manager of the Portfolio.
The accompanying Unaudited Pro Forma Consolidated Financial Statements are presented as if the entire Portfolio had been sold as of December 20, 2012. The Unaudited Pro Forma Consolidated Balance Sheet as of September 30, 2012 is presented as if the sale of the Portfolio occurred on September 30, 2012. The Unaudited Pro Forma Consolidated Statements of Income for each of the nine months ended September 30, 2012 and 2011, and for each of the fiscal years ended December 31, 2011, 2010, and 2009 are presented assuming the transaction occurred on January 1, 2009. The accompanying Unaudited Pro Forma Consolidated Financial Statements should be read in conjunction with the Company's 2011 Annual Report on Form 10-K and the Company's Quarterly Report on Form 10-Q for the nine months ended September 30, 2012.
Pro forma information is intended to provide investors with information about the continuing impact of a transaction by showing how a specific transaction might have affected historical financial statements, illustrating the scope of the change in the historical financial position and results of operations. The adjustments made to historical financial information give effect to events that are directly attributable to the sale, are factually supportable, and expected to have a continuing impact. The Unaudited Pro Forma Consolidated Financial Statements are prepared in accordance with Article 11 of Regulation S-X.
The Unaudited Pro Forma Consolidated Financial Statements set forth below are not fact and there can be no assurance that the Company's results will not differ significantly from those set forth below or that the impact of the sale will not differ significantly from those presented below. Accordingly, the Unaudited Pro Forma Consolidated Financial Statements are presented for illustrative purposes only and do not purport to represent, and are not necessarily indicative of, what our actual financial position and results of operations would have been had the sale occurred on the dates indicated, nor are they indicative of our future financial position or results of operations. Readers are cautioned not to place undue reliance on such information and the Company makes no representations regarding the information set forth below or its ultimate performance compared to it.
ACADIA REALTY TRUST AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
As of September 30, 2012
|
| | | | | | | | | | | |
| (Amount in thousands, except share and per share data) | Company Historical (a) | | Disposition of Portfolio (b) | | Company Pro Forma |
| | | | | | |
| ASSETS | | | | | |
| Operating real estate | | | | | |
| Land | $ | 355,586 |
| | $ | (61,484 | ) | | $ | 294,102 |
|
| Building and improvements | 1,107,680 |
| | (159,467 | ) | | 948,213 |
|
| Construction in progress | 10,244 |
| | (3,386 | ) | | 6,858 |
|
| | 1,473,510 |
| | (224,337 | ) | | 1,249,173 |
|
| Less: accumulated depreciation | 203,404 |
| | (19,388 | ) | | 184,016 |
|
| Net operating real estate | 1,270,106 |
| | (204,949 | ) | | 1,065,157 |
|
| Real estate under development | 229,808 |
| | (53 | ) | | 229,755 |
|
| Notes receivable, net | 78,826 |
| | — |
| | 78,826 |
|
| Investments in and advances to unconsolidated affiliates | 88,572 |
| | — |
| | 88,572 |
|
| Cash and cash equivalents | 85,297 |
| | — |
| | 85,297 |
|
| Cash in escrow | 19,030 |
| | (683 | ) | | 18,347 |
|
| Rents receivable, net | 30,549 |
| | (1,403 | ) | | 29,146 |
|
| Deferred charges, net | 30,326 |
| | (1,696 | ) | | 28,630 |
|
| Acquired lease intangibles, net | 29,066 |
| | — |
| | 29,066 |
|
| Prepaid expenses and other assets | 38,003 |
| | (1,253 | ) | | 36,750 |
|
| Total assets | $ | 1,899,583 |
| | $ | (210,037 | ) | | $ | 1,689,546 |
|
| | | | | | |
| LIABILITIES | | | | | |
| Mortgage notes payable | $ | 871,243 |
| | $ | (61,838 | ) | | $ | 809,405 |
|
| Convertible notes payable | 930 |
| | — |
| | 930 |
|
| Distributions in excess of income from, and investments in, unconsolidated affiliates | 22,409 |
| | — |
| | 22,409 |
|
| Accounts payable and accrued expenses | 34,691 |
| | (1,495 | ) | | 33,196 |
|
| Dividends and distributions payable | 8,757 |
| | — |
| | 8,757 |
|
| Acquired lease and other intangibles, net | 9,420 |
| | — |
| | 9,420 |
|
| Other liabilities | 23,514 |
| | (828 | ) | | 22,686 |
|
| Total liabilities | 970,964 |
| | (64,161 | ) | | 906,803 |
|
| EQUITY | | | | | |
Shareholders' equity Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 47,138,544 | 47 |
| | — |
| | 47 |
|
| Additional paid-in capital | 450,163 |
| | — |
| | 450,163 |
|
| Accumulated other comprehensive loss | (4,763 | ) | | — |
| | (4,763 | ) |
| Retained earnings | 33,269 |
| | (27,804 | ) | | 5,465 |
|
| Total shareholders' equity | 478,716 |
| | (27,804 | ) | | 450,912 |
|
| Noncontrolling interests | 449,903 |
| | (118,072 | ) | | 331,831 |
|
| Total equity | 928,619 |
| | (145,876 | ) | | 782,743 |
|
| Total liabilities and equity | $ | 1,899,583 |
| | $ | (210,037 | ) | | $ | 1,689,546 |
|
The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.
ACADIA REALTY TRUST AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
For the Nine Months Ended September 30, 2012
|
| | | | | | | | | | | |
| (dollars in thousands, except per share amounts) | Company Historical (aa) | | Disposition of Portfolio (bb) | | Company Pro Forma |
| Revenues | | | | | |
| Rental income | $ | 97,237 |
| | $ | (18,100 | ) | | $ | 79,137 |
|
| Interest income | 5,996 |
| | — |
| | 5,996 |
|
| Expense reimbursements | 17,973 |
| | (164 | ) | | 17,809 |
|
| Other | 3,536 |
| | (1,603 | ) | | 1,933 |
|
| Total revenues | 124,742 |
| | (19,867 | ) | | 104,875 |
|
| Operating Expenses | | | | | |
| Property operating | 21,462 |
| | (8,685 | ) | | 12,777 |
|
| Other operating | 2,929 |
| | — |
| | 2,929 |
|
| Real estate taxes | 15,903 |
| | (1,579 | ) | | 14,324 |
|
| General and administrative | 18,154 |
| | (14 | ) | | 18,140 |
|
| Depreciation and amortization | 29,326 |
| | (3,585 | ) | | 25,741 |
|
| Total operating expenses | 87,774 |
| | (13,863 | ) | | 73,911 |
|
| Operating income | 36,968 |
| | (6,004 | ) | | 30,964 |
|
| Equity in earnings of unconsolidated affiliates | 1,997 |
| | — |
| | 1,997 |
|
| Other interest income | 131 |
| | — |
| | 131 |
|
| Interest and other finance expense | (26,675 | ) | | 2,689 |
| | (23,986 | ) |
| Income from continuing operations before income taxes | 12,421 |
| | (3,315 | ) | | 9,106 |
|
| Income tax provision | 1,137 |
| | (6 | ) | | 1,131 |
|
| Income from continuing operations | 11,284 |
| | (3,309 | ) | | 7,975 |
|
| Discontinued Operations | | | | | |
| Operating income from discontinued operations | 783 |
| | — |
| | 783 |
|
| Gain on sale of property | 8,585 |
| | — |
| | 8,585 |
|
| Income from discontinued operations | 9,368 |
| | — |
| | 9,368 |
|
| Net income | 20,652 |
| | (3,309 | ) | | 17,343 |
|
| Noncontrolling interests | | | | | |
| Continuing operations | 5,381 |
| | 2,678 |
| | 8,059 |
|
| Discontinued operations | (7,604 | ) | | — |
| | (7,604 | ) |
| Net (income) loss attributable to noncontrolling interests | (2,223 | ) | | 2,678 |
| | 455 |
|
| Net income attributable to Common Shareholders | $ | 18,429 |
| | $ | (631 | ) | | $ | 17,798 |
|
| Basic Earnings per Share | | | | | |
| Income from continuing operations | $ | 0.37 |
| | $ | (0.01 | ) | | $ | 0.36 |
|
| Income from discontinued operations | 0.04 |
| | — |
| | 0.04 |
|
| Basic earnings per share | $ | 0.41 |
| | $ | (0.01 | ) | | $ | 0.40 |
|
| | | | | | |
| Diluted Earnings per Share | | | | | |
| Income from continuing operations | $ | 0.37 |
| | $ | (0.01 | ) | | $ | 0.36 |
|
| Income from discontinued operations | 0.04 |
| | — |
| | 0.04 |
|
| Diluted earnings per share | $ | 0.41 |
| | $ | (0.01 | ) | | $ | 0.40 |
|
The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.
ACADIA REALTY TRUST AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
For the Nine Months Ended September 30, 2011
|
| | | | | | | | | | | |
| (dollars in thousands, except per share amounts) | Company Historical (aa) | | Disposition of Portfolio (bb) | | Company Pro Forma |
| Revenues | | | | | |
| Rental income | $ | 81,741 |
| | $ | (16,360 | ) | | $ | 65,381 |
|
| Interest income | 9,493 |
| | — |
| | 9,493 |
|
| Expense reimbursements | 16,049 |
| | (205 | ) | | 15,844 |
|
| Other | 3,018 |
| | (1,261 | ) | | 1,757 |
|
| Total revenues | 110,301 |
| | (17,826 | ) | | 92,475 |
|
| Operating Expenses | | | | | |
| Property operating | 20,888 |
| | (8,705 | ) | | 12,183 |
|
| Other operating | 665 |
| | — |
| | 665 |
|
| Real estate taxes | 13,683 |
| | (2,114 | ) | | 11,569 |
|
| General and administrative | 17,149 |
| | (11 | ) | | 17,138 |
|
| Depreciation and amortization | 23,960 |
| | (3,355 | ) | | 20,605 |
|
| Total operating expenses | 76,345 |
| | (14,185 | ) | | 62,160 |
|
| Operating income | 33,956 |
| | (3,641 | ) | | 30,315 |
|
| Equity in earnings of unconsolidated affiliates | 3,025 |
| | — |
| | 3,025 |
|
| Other interest income | 219 |
| | — |
| | 219 |
|
| Gain on debt extinguishment | 1,268 |
| | — |
| | 1,268 |
|
| Interest and other finance expense | (27,450 | ) | | 2,825 |
| | (24,625 | ) |
| Income from continuing operations before income taxes | 11,018 |
| | (816 | ) | | 10,202 |
|
| Income tax provision | (4 | ) | | (3 | ) | | (7 | ) |
| Income from continuing operations | 11,022 |
| | (813 | ) | | 10,209 |
|
| Discontinued Operations | | | | | |
| Operating income from discontinued operations | 2,745 |
| | — |
| | 2,745 |
|
| Loss on impairment of asset | (6,925 | ) | | — |
| | (6,925 | ) |
| Gain on sale of property | 32,498 |
| | — |
| | 32,498 |
|
| Income from discontinued operations | 28,318 |
| | — |
| | 28,318 |
|
| Net income | 39,340 |
| | (813 | ) | | 38,527 |
|
| Noncontrolling interests | | | | | |
| Continuing operations | 5,035 |
| | 658 |
| | 5,693 |
|
| Discontinued operations | (707 | ) | | — |
| | (707 | ) |
| Net (income) loss attributable to noncontrolling interests | 4,328 |
| | 658 |
| | 4,986 |
|
| Net income attributable to Common Shareholders | $ | 43,668 |
| | $ | (155 | ) | | $ | 43,513 |
|
| Basic Earnings per Share | | | | | |
| Income from continuing operations | $ | 0.40 |
| | $ | — |
| | $ | 0.40 |
|
| Income from discontinued operations | 0.68 |
| | — |
| | 0.68 |
|
| Basic earnings per share | $ | 1.08 |
| | $ | — |
| | $ | 1.08 |
|
| | | | | | |
| Diluted Earnings per Share | | | | | |
| Income from continuing operations | $ | 0.40 |
| | $ | — |
| | $ | 0.40 |
|
| Income from discontinued operations | 0.68 |
| | — |
| | 0.68 |
|
| Diluted earnings per share | $ | 1.08 |
| | $ | — |
| | $ | 1.08 |
|
The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.
ACADIA REALTY TRUST AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
For the Year Ended December 31, 2011
|
| | | | | | | | | | | |
| (dollars in thousands, except per share amounts) | Company Historical (aa) | | Disposition of Portfolio (bb) | | Company Pro Forma |
| Revenues | | | | | |
| Rental income | $ | 112,223 |
| | (22,051 | ) | | $ | 90,172 |
|
| Interest income | 11,429 |
| | — |
| | 11,429 |
|
| Expense reimbursements | 22,388 |
| | (258 | ) | | 22,130 |
|
| Lease termination income | 96 |
| | — |
| | 96 |
|
| Management fee income | 1,677 |
| | (2 | ) | | 1,675 |
|
| Other | 2,348 |
| | (1,747 | ) | | 601 |
|
| Total revenues | 150,161 |
| | (24,058 | ) | | 126,103 |
|
| Operating Expenses | | | | | |
| Property operating | 29,371 |
| | (12,154 | ) | | 17,217 |
|
| Real estate taxes | 18,686 |
| | (2,765 | ) | | 15,921 |
|
| General and administrative | 23,086 |
| | (12 | ) | | 23,074 |
|
| Depreciation and amortization | 32,986 |
| | (4,547 | ) | | 28,439 |
|
| Total operating expenses | 104,129 |
| | (19,478 | ) | | 84,651 |
|
| Operating income | 46,032 |
| | (4,580 | ) | | 41,452 |
|
| Equity in earnings of unconsolidated affiliates | 1,555 |
| | — |
| | 1,555 |
|
| Other interest income | 276 |
| | — |
| | 276 |
|
| Gain on debt extinguishment | 1,268 |
| | — |
| | 1,268 |
|
| Interest and other finance expense | (37,109 | ) | | 3,736 |
| | (33,373 | ) |
| Income from continuing operations before income taxes | 12,022 |
| | (844 | ) | | 11,178 |
|
| Income tax provision | 474 |
| | (3 | ) | | 471 |
|
| Income from continuing operations | 11,548 |
| | (841 | ) | | 10,707 |
|
| Discontinued Operations | | | | | |
| Operating income from discontinued operations | 2,262 |
| | — |
| | 2,262 |
|
| Loss on impairment of asset | (6,925 | ) | | — |
| | (6,925 | ) |
| Gain on sale of property | 46,830 |
| | — |
| | 46,830 |
|
| Income from discontinued operations | 42,167 |
| | — |
| | 42,167 |
|
| Net income | 53,715 |
| | (841 | ) | | 52,874 |
|
| Noncontrolling interests | | | | | |
| Continuing operations | 8,514 |
| | 678 |
| | 9,192 |
|
| Discontinued operations | (10,674 | ) | | — |
| | (10,674 | ) |
| Net (income) loss attributable to noncontrolling interests | (2,160 | ) | | 678 |
| | (1,482 | ) |
| Net income attributable to Common Shareholders | $ | 51,555 |
| | $ | (163 | ) | | $ | 51,392 |
|
| Basic Earnings per Share | | | | | |
| Income from continuing operations | $ | 0.50 |
| | $ | — |
| | $ | 0.50 |
|
| Income from discontinued operations | 0.77 |
| | — |
| | 0.77 |
|
| Basic earnings per share | $ | 1.27 |
| | $ | — |
| | $ | 1.27 |
|
| Diluted Earnings per Share | | | | | |
| Income from continuing operations | $ | 0.49 |
| | $ | — |
| | $ | 0.49 |
|
| Income from discontinued operations | 0.77 |
| | — |
| | 0.77 |
|
| Diluted earnings per share | $ | 1.26 |
| | $ | — |
| | $ | 1.26 |
|
The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.
ACADIA REALTY TRUST AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
For the Year Ended December 31, 2010
|
| | | | | | | | | | | |
| (dollars in thousands, except per share amounts) | Company Historical (aa) | | Disposition of Portfolio (bb) | | Company Pro Forma |
| Revenues | | | | | |
| Rental income | $ | 97,475 |
| | (20,405 | ) | | $ | 77,070 |
|
| Interest income | 19,161 |
| | (2 | ) | | 19,159 |
|
| Expense reimbursements | 20,499 |
| | (220 | ) | | 20,279 |
|
| Lease termination income | 290 |
| | — |
| | 290 |
|
| Management fee income | 1,424 |
| | — |
| | 1,424 |
|
| Other | 2,196 |
| | (1,645 | ) | | 551 |
|
| Total revenues | 141,045 |
| | (22,272 | ) | | 118,773 |
|
| Operating Expenses | | | | | |
| Property operating | 29,223 |
| | (10,608 | ) | | 18,615 |
|
| Real estate taxes | 17,255 |
| | (3,065 | ) | | 14,190 |
|
| General and administrative | 20,220 |
| | (9 | ) | | 20,211 |
|
| Depreciation and amortization | 28,808 |
| | (4,765 | ) | | 24,043 |
|
| Total operating expenses | 95,506 |
| | (18,447 | ) | | 77,059 |
|
| Operating income | 45,539 |
| | (3,825 | ) | | 41,714 |
|
| Equity in earnings of unconsolidated affiliates | 10,971 |
| | — |
| | 10,971 |
|
| Other interest income | 408 |
| | — |
| | 408 |
|
| Gain on bargain purchase | 33,805 |
| | — |
| | 33,805 |
|
| Interest and other finance expense | (40,498 | ) | | 9,511 |
| | (30,987 | ) |
| Income from continuing operations before income taxes | 50,225 |
| | 5,686 |
| | 55,911 |
|
| Income tax provision | 2,890 |
| | — |
| | 2,890 |
|
| Income from continuing operations | 47,335 |
| | 5,686 |
| | 53,021 |
|
| Discontinued Operations | | | | | |
| Operating income from discontinued operations | 3,332 |
| | — |
| | 3,332 |
|
| Income from discontinued operations | 3,332 |
| | — |
| | 3,332 |
|
| Net income | 50,667 |
| | 5,686 |
| | 56,353 |
|
| Noncontrolling interests | | | | | |
| Continuing operations | (19,075 | ) | | (4,563 | ) | | (23,638 | ) |
| Discontinued operations | (1,535 | ) | | — |
| | (1,535 | ) |
| Net income attributable to noncontrolling interests | (20,610 | ) | | (4,563 | ) | | (25,173 | ) |
| Net income attributable to Common Shareholders | $ | 30,057 |
| | $ | 1,123 |
| | $ | 31,180 |
|
| Basic Earnings per Share | | | | | |
| Income from continuing operations | $ | 0.70 |
| | $ | 0.03 |
| | $ | 0.73 |
|
| Income from discontinued operations | 0.05 |
| | — |
| | 0.05 |
|
| Basic earnings per share | $ | 0.75 |
| | $ | 0.03 |
| | $ | 0.78 |
|
| Diluted Earnings per Share | | | | | |
| Income from continuing operations | $ | 0.70 |
| | $ | 0.03 |
| | $ | 0.73 |
|
| Income from discontinued operations | 0.04 |
| | — |
| | 0.04 |
|
| Diluted earnings per share | $ | 0.74 |
| | $ | 0.03 |
| | $ | 0.77 |
|
The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.
ACADIA REALTY TRUST AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENTS OF INCOME
For the Year Ended December 31, 2009
|
| | | | | | | | | | | |
| (dollars in thousands, except per share amounts) | Company Historical (aa) | | Disposition of Portfolio (bb) | | Company Pro Forma |
| Revenues | | | | | |
| Rental income | $ | 86,021 |
| | (10,855 | ) | | $ | 75,166 |
|
| Interest income | 19,698 |
| | (4 | ) | | 19,694 |
|
| Expense reimbursements | 19,435 |
| | (260 | ) | | 19,175 |
|
| Lease termination income | 2,751 |
| | — |
| | 2,751 |
|
| Management fee income | 1,961 |
| | — |
| | 1,961 |
|
| Other | 4,579 |
| | (1,310 | ) | | 3,269 |
|
| Total revenues | 134,445 |
| | (12,429 | ) | | 122,016 |
|
| Operating Expenses | | | | | |
| Property operating | 28,143 |
| | (9,323 | ) | | 18,820 |
|
| Real estate taxes | 15,848 |
| | (2,345 | ) | | 13,503 |
|
| General and administrative | 22,006 |
| | (2 | ) | | 22,004 |
|
| Depreciation and amortization | 27,612 |
| | (3,967 | ) | | 23,645 |
|
| Abandonment of project costs | 2,487 |
| | — |
| | 2,487 |
|
| Reserve for notes receivable | 1,734 |
| | — |
| | 1,734 |
|
| Total operating expenses | 97,830 |
| | (15,637 | ) | | 82,193 |
|
| Operating income | 36,615 |
| | 3,208 |
| | 39,823 |
|
| Equity in losses of unconsolidated affiliates | (1,529 | ) | | — |
| | (1,529 | ) |
| Impairment of investment in unconsolidated affiliate | (3,768 | ) | | — |
| | (3,768 | ) |
| Other interest income | 642 |
| | — |
| | 642 |
|
| Gain on debt extinguishment | 7,057 |
| | — |
| | 7,057 |
|
| Interest and other finance expense | (35,632 | ) | | 8,146 |
| | (27,486 | ) |
| Income from continuing operations before income taxes | 3,385 |
| | 11,354 |
| | 14,739 |
|
| Income tax provision | 1,541 |
| | (3 | ) | | 1,538 |
|
| Income from continuing operations | 1,844 |
| | 11,357 |
| | 13,201 |
|
| Discontinued Operations | | | | | |
| Operating income from discontinued operations | 3,719 |
| | — |
| | 3,719 |
|
| Gain on sale of property | 7,143 |
| | — |
| | 7,143 |
|
| Income from discontinued operations | 10,862 |
| | — |
| | 10,862 |
|
| Net income | 12,706 |
| | 11,357 |
| | 24,063 |
|
| Noncontrolling interests | | | | | |
| Continuing operations | 24,730 |
| | (9,203 | ) | | 15,527 |
|
| Discontinued operations | (6,303 | ) | | — |
| | (6,303 | ) |
| Net loss (income) attributable to noncontrolling interests | 18,427 |
| | (9,203 | ) | | 9,224 |
|
| Net income attributable to Common Shareholders | $ | 31,133 |
| | $ | 2,154 |
| | $ | 33,287 |
|
| Basic Earnings per Share | | | | | |
| Income from continuing operations | $ | 0.70 |
| | $ | 0.06 |
| | $ | 0.76 |
|
| Income from discontinued operations | 0.12 |
| | — |
| | 0.12 |
|
| Basic earnings per share | $ | 0.82 |
| | $ | 0.06 |
| | $ | 0.88 |
|
| Diluted Earnings per Share | | | | | |
| Income from continuing operations | $ | 0.70 |
| | $ | 0.06 |
| | $ | 0.76 |
|
| Income from discontinued operations | 0.12 |
| | — |
| | 0.12 |
|
| Diluted earnings per share | $ | 0.82 |
| | $ | 0.06 |
| | $ | 0.88 |
|
The accompanying notes are an integral part of these unaudited pro forma consolidated financial statements.
ACADIA REALTY TRUST AND SUBSIDIARIES
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
Note 1 - Adjustments to Unaudited Pro Forma Consolidated Balance Sheet
(a) Represents the historical consolidated balance sheet of the Company as of September 30, 2012.
(b) Reflects the disposition of the Portfolio and removal of the book value of the net assets and liabilities of the Portfolio.
Note 2 - Adjustments to Unaudited Pro Forma Consolidated Statements of Income
(aa) Represents the unaudited historical consolidated statement of income for the Company for each of the nine months ended September 30, 2012 and 2011, and the audited historical consolidated statements of income for the Company for each of the fiscal years ended December 31, 2011, 2010, and 2009.
(bb) Represents the unaudited historical statement of income for the Portfolio for each of the nine months ended September 30, 2012 and 2011, and the audited historical statements of income for the Portfolio for each of the fiscal years ended December 31, 2011, 2010, and 2009.
