SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2015

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Shareholders' Equity and Noncontrolling Interests

Shareholders’ Equity and Noncontrolling Interests

Common Shares

During 2015, 2,481 Restricted Shares were canceled to pay the employees’ income taxes due on the value of the portion of their Restricted Shares that vested. During 2015, the Company recognized accrued Common Share and Common OP Unit-based compensation totaling $6.8 million in connection with the vesting of Restricted Shares and Units (Note 15).

During 2015, the Company issued approximately 2.0 million Common Shares from the ATM program generating net proceeds of approximately $64.4 million.

During 2014, the Company issued approximately 4.7 million Common Shares from the ATM program generating net proceeds of approximately $127.1 million and completed two public share offerings aggregating approximately 7.6 million Common Shares generating net proceeds of approximately $230.7 million.

During 2014, the Company issued approximately 1.6 million OP units to acquire real estate.

During 2013, the Company issued approximately 3.0 million Common Shares from the ATM program generating net proceeds of approximately $80.7 million.

During 2013, the Company issued approximately 1.2 million OP units to acquire real estate.

Noncontrolling Interests

The following table summarizes the change in the noncontrolling interests since December 31, 2014:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11. Shareholders’ Equity and Noncontrolling Interests, continued

	Noncontrolling Interests in Operating Partnership			Noncontrolling Interests in Partially-Owned Affiliates
(dollars in thousands)
Balance at December 31, 2014	$	94,235		$	286,181
Distributions declared of $1.22 per Common OP Unit	(5,983		)	—
Net income for the period January 1 through December 31, 2015	3,836			80,426
Conversion of 100,620 OP Units to Common Shares by limited partners of the Operating Partnership	(2,451		)	—
Other comprehensive income - unrealized loss on valuation of swap agreements	(117		)	(897		)
Reclassification of realized interest expense on swap agreements	97			1,838
Noncontrolling interest contributions	—			35,489
Noncontrolling interest distributions and other reductions	—			(78,511		)
Employee Long-term Incentive Plan Unit Awards	6,723			—
Balance at December 31, 2015	$	96,340		$	324,526

Noncontrolling interests in the Operating Partnership represents (i) the limited partners’ 2,931,198 and 2,988,277 Common OP Units at December 31, 2015 and 2014, respectively, (ii) 188 Series A Preferred OP Units at both December 31, 2015 and 2014, with a stated value of $1,000 per unit, which are entitled to a preferred quarterly distribution of the greater of (a) $22.50 (9% annually) per Series A Preferred OP Unit or (b) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit and (iii) 1,922,623 and 1,719,206 LTIP units as of December 31, 2015 and 2014, respectively, as discussed in Share Incentive Plan (Note 15).

Noncontrolling interests in partially-owned affiliates include third-party interests in Fund I, II, III and IV, and Mervyns I and II, and five other entities.

The Series A Preferred OP Units were issued in 1999 in connection with the acquisition of a property. Through December 31, 2015, 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $7.50. Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date.