8-K/A 1 eightka.txt 8-K/A SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported): April 26, 2002 ACADIA REALTY TRUST (Exact name of registrant as specified in its charter) Maryland 1-12002 23-2715194 (State or other (Commission (I.R.S. Employer jurisdiction of incorporation) File Number) Identification No.) 20 Soundview Marketplace Port Washington, New York 11050 (Address of principal executive offices) (Zip Code) (516) 767-8830 (Registrant's telephone number, including area code) (Former name or former address, if changed since last report) Registrant hereby amends Item 7 of its Current Report on Form 8-K dated April 26, 2002 as filed on May 7, 2002 with respect to the required financial statements and pro forma information. Capitalized terms used but not defined herein have the meaning given to each such term in the initial Form 8-K. ITEM 7. Financial Statements, Pro Forma Financial Information and Exhibits (a) Financial Statements of Business Acquired. Not applicable (b) Pro Forma Financial Information The following unaudited pro-forma consolidated financial statements are filed with this report: Page ---- Pro Forma Consolidated Balance Sheet as of March 31, 2002 F-1 Pro Forma Consolidated Statements of Income: Three months ended March 31, 2002 F-2 Year ended December 31, 2001 F-3 The Pro Forma Consolidated Balance Sheet as of March 31, 2002 reflects the financial position of the Registrant after giving effect to the disposition of the assets discussed in Item 2 and assumes the disposition took place on March 31, 2002. The Pro Forma Consolidated Statements of Income for the three months ended March 31, 2002 and year ended December 31, 2001 assume the disposition occurred on January 1, 2001. The Consolidated Statement of Income for the year ended December 31, 2001, prior to pro forma adjustments, has been reclassified to separately report as discontinued operations, those properties sold and held for sale as a result of the Registrant's adoption of the Statement of Financial Accounting Standard No. 144 (Accounting for the Impairment and Disposal of Long-Lived Assets). The Registrant adopted this statement, which was effective for fiscal years beginning after December 15, 2001, for the year commencing January 1, 2002. The unaudited pro forma consolidated financial statements have been prepared by the Registrant based upon assumptions deemed proper by it. The unaudited pro forma consolidated financial statements presented herein are shown for illustrative purposes only and are not necessarily indicative of the future financial position or future results of operations of the Registrant, or of the financial position or results of operations that would have actually occurred had the transaction been in effect as of the date or for the periods presented. In addition, it should be noted that Registrant's consolidated financial statements for future periods will reflect the disposition only from April 26, 2002, the date of disposition. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ACADIA REALTY TRUST (Registrant) Date: July 2, 2002 By: /s/ Perry Kamerman Name: Perry Kamerman Title: Senior Vice President and Chief Financial Officer 2 ACADIA REALTY TRUST AND SUBSIDIARIES PRO FORMA CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2002 (in thousands, except per share amounts)

Actual Pro forma (unaudited) adjustments Pro forma ----------- ----------- ----------- ASSETS Real estate............................................................................ Land................................................................................... $ 57,927 $ -- $ 57,927 Buildings and improvements............................................................. 367,128 -- 367,128 ----------- ----------- 425,055 -- 425,055 Less: accumulated depreciation......................................................... 81,981 -- 81,981 ----------- ----------- Net real estate........................................................................ 343,074 -- 343,074 Cash and cash equivalents.............................................................. 39,262 5,433 (1) 44,695 Cash in escrow......................................................................... 3,240 -- 3,240 Investments in unconsolidated partnerships............................................. 5,135 -- 5,135 Rents receivable, net.................................................................. 5,839 -- 5,839 Note receivable........................................................................ 3,563 6,262 (2) 9,825 Prepaid expenses....................................................................... 2,041 -- 2,041 Deferred charges, net.................................................................. 11,964 -- 11,964 Other assets........................................................................... 1,972 -- 1,972 Assets of discontinued operations...................................................... 47,755 (46,727) (3) 1,028 ----------- --------- ----------- $ 463,845 $(35,032) $ 428,813 =========== ========= =========== LIABILITIES AND SHAREHOLDERS' EQUITY Mortgage notes payable................................................................. $ 218,966 $ -- $ 218,966 Accounts payable and accrued expenses.................................................. 4,286 -- 4,286 Dividends and distributions payable.................................................... 3,745 -- 3,745 Due to related parties................................................................. 98 -- 98 Other liabilities...................................................................... 3,735 6,262 (4) 9,997 Liabilities of discontinued operations................................................. 43,351 (43,028) (3) 323 ----------- --------- ----------- Total liabilities...................................................................... 274,181 (36,766) 237,415 ----------- --------- ----------- Minority interest in Operating Partnership............................................. 27,146 304 (4) 27,450 Minority interests in majority-owned partnerships...................................... 1,996 -- 1,996 ----------- --------- ----------- Total minority interests............................................................... 29,142 304 29,446 ----------- --------- ----------- Shareholders' equity: Common shares, $.001 par value, authorized 100,000,000 shares, issued and outstanding 24,700,328 shares.................................................................... 25 -- 25 Additional paid-in capital............................................................. 166,834 -- 166,834 Accumulated other comprehensive income................................................. (489) -- (489) Retained deficit....................................................................... (5,848) 1,430 (4) (4,418) ----------- --------- ----------- Total shareholders' equity............................................................. 160,522 1,430 161,952 ----------- --------- ----------- $ 463,845 $(35,032) $ 428,813 =========== ========= ===========

Notes: (1) Reflects cash proceeds from the sale of the properties. (2) Reflects a preferred equity interest in the Buyer. (3) Reflects the elimination of property-related assets and liabilities associated with the sold properties. (4) Reflects the deferred and realized portions of gain from the sale of the properties. F-1 ACADIA REALTY TRUST AND SUBSIDIARIES PRO FORMA CONSOLIDATED STATEMENT OF INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2002 (in thousands, except per share amounts)

Pro forma Actual adjustments Pro forma ----------- ----------- ----------- (unaudited) Revenues Minimum rents.......................................................................... $ 12,344 $ -- $ 12,344 Percentage rents....................................................................... 319 -- 319 Expense reimbursements................................................................. 2,691 -- 2,691 Lease termination income............................................................... 3,800 -- 3,800 Other.................................................................................. 1,014 -- 1,014 ----------- -------- ----------- Total revenues......................................................................... 20,168 -- 20,168 ----------- -------- ----------- Operating expenses Property operating..................................................................... 3,689 -- 3,689 Real estate taxes...................................................................... 2,040 -- 2,040 General and administrative............................................................. 1,450 -- 1,450 Depreciation and amortization.......................................................... 3,745 -- 3,745 ----------- -------- ----------- Total operating expenses............................................................... 10,924 -- 10,924 ----------- -------- ----------- Operating income....................................................................... 9,244 -- 9,244 Equity in earnings of unconsolidated partnerships...................................... 118 -- 118 Interest expense....................................................................... (2,876) -- (2,876) Minority interest...................................................................... (1,030) -- (1,030) ----------- -------- ----------- Income from continuing operations...................................................... 5,456 -- 5,456 ----------- -------- ----------- Discontinued operations: Income from discontinued operations.................................................... 376 (332) (1) 44 Gain on sale of properties............................................................. 1,375 -- 1,375 Minority interest...................................................................... (741) 47 (1) (694) ----------- -------- ----------- Income from discontinued operations.................................................... 1,010 (285) 725 ----------- -------- ----------- Net income ............................................................................ $ 6,466 $ (285) $ 6,181 =========== ======== =========== Earnings per Common Share--basic and diluted: Income from continuing operations...................................................... $ .20 $ -- $ .20 Income from discontinued operations.................................................... .04 (.01) .03 ----------- -------- ----------- Net income per Common Share............................................................ $ .24 $ (.01) $ .23 =========== ======== =========== Weighted average outstanding Common Shares, basic and diluted.......................... 26,376,443 -- 26,376,443 =========== ======== ===========

Notes: (1) Reflects the elimination of activity related to the sold properties. F-2 ACADIA REALTY TRUST AND SUBSIDIARIES PRO FORMA CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2001 (in thousands, except per share amounts)

Pro forma Actual adjustments Pro forma ----------- ----------- ----------- Revenues Minimum rents.................................................................. $ 49,258 $ -- $ 49,258 Percentage rents............................................................... 1,213 -- 1,213 Expense reimbursements......................................................... 11,530 -- 11,530 Other.......................................................................... 2,056 -- 2,056 ----------- -------- ----------- Total revenues............................................................... 64,057 -- 64,057 ----------- -------- ----------- Operating Expenses Property operating............................................................. 15,374 -- 15,374 Real estate taxes.............................................................. 8,909 -- 8,909 General and administrative..................................................... 5,556 -- 5,556 Depreciation and amortization.................................................. 14,258 -- 14,258 Impairment of real estate...................................................... 1,130 -- 1,130 ----------- -------- ----------- Total operating expenses 45,227 -- 45,227 ----------- -------- ----------- Operating income................................................................ 18,830 -- 18,830 Equity in earnings of unconsolidated partnerships............................... 504 -- 504 Interest expense................................................................ (12,922) -- (12,922) Minority interests.............................................................. (1,408) -- (1,408) ----------- -------- ----------- Income from continuing operations............................................... 5,004 -- 5,004 ----------- -------- ----------- Discontinued operations: Income from discontinued operations............................................. 3,192 (1,294) (1) 1,898 Gain on sale of properties...................................................... 17,734 5,941 (2) 23,675 Impairment of real estate....................................................... (14,756) -- (14,756) Minority interest............................................................... (1,083) (815) (1),(2) (1,898) ----------- -------- ----------- Income from discontinued operations............................................. 5,087 3,832 8,919 ----------- -------- ----------- Income before extraordinary item and cumulative effect of change in accounting principle.......................................................... 10,091 3,832 13,923 Extraordinary item - Loss on early extinguishment of debt....................... (140) -- (140) Cumulative effect of a change in accounting principle........................... (149) -- (149) ----------- -------- ----------- Net income...................................................................... $ 9,802 $ 3,832 $ 13,634 =========== ======== =========== Earnings per Common Share--basic and diluted: Income from continuing operations............................................... $ .18 $ -- $ .18 Income from discontinued operations............................................. .19 .14 .33 ----------- -------- ----------- Income before extraordinary item and cumulative effect of change in accounting principle..................................................................... .37 .14 .51 Extraordinary item.............................................................. (.01) -- (.01) Cumulative effect of change in accounting principle............................. (.01) -- (.01) ----------- -------- ----------- Net income per Common Share..................................................... $ .35 $ .14 $ .49 =========== ======== =========== Weighted average outstanding Common Shares, basic and diluted................... 28,313,070 -- 28,313,070 =========== ======== ===========

Notes: (1) Reflects the elimination of activity related to the sold properties. (2) Reflects the realized gain on the sale of the properties. F-3