Quarterly Financial Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2021

Quarterly Financial Information Disclosure [Abstract]

Schedule Of quarterly financial information

	March 31, 2020
(dollars in thousands, except per share amounts, unaudited)	As Reported			Adjustments				As Restated
ASSETS
Investments in real estate, at cost
Operating real estate, net	$	3,331,043		$	(67,995	)	(a,b)	$	3,263,048
Real estate under development		237,831			(6	)	(a)		237,825
Net investments in real estate		3,568,874			(68,001	)			3,500,873
Notes receivable, net		173,159			—				173,159
Investments in and advances to unconsolidated affiliates		294,195			14,814		(a,b)		309,009
Other assets, net		179,043			(1,978	)	(a)		177,065
Right-of-use assets - operating leases, net		—			—				—
Cash and cash equivalents		23,404			(1,089	)	(a)		22,315
Restricted cash		14,212			(479	)	(a)		13,733
Rents receivable, net		52,251			1,431		(a,b)		53,682
Total assets	$	4,305,138		$	(55,302	)		$	4,249,836
LIABILITIES
Mortgage and other notes payable, net	$	1,170,622		$	(57,592	)	(a,b)	$	1,113,030
Unsecured notes payable, net		480,658			—				480,658
Unsecured line of credit		174,700			—				174,700
Accounts payable and other liabilities		425,330			(1,643	)	(a)		423,687
Lease liability - operating leases, net		—			—				—
Dividends and distributions payable		26,811			—				26,811
Distributions in excess of income from, and investments in, unconsolidated affiliates		15,457			—				15,457
Total liabilities		2,293,578			(59,235	)			2,234,343
Commitments and contingencies
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 85,989,836 shares		86			—				86
Additional paid-in capital		1,686,794			—				1,686,794
Accumulated other comprehensive loss		(85,715	)		(299	)	(b)		(86,014	)
Distributions in excess of accumulated earnings		(166,701	)		(49	)	(b)		(166,750	)
Total Acadia shareholders’ equity		1,434,464			(348	)			1,434,116
Noncontrolling interests		577,096			4,281		(a,b)		581,377
Total equity		2,011,560			3,933				2,015,493
Total liabilities and equity	$	4,305,138		$	(55,302	)		$	4,249,836

	Three Months Ended March 31, 2020
(in thousands except per share amounts, unaudited)	As Reported			Adjustments				As Restated
Revenues
Rental income	$	70,457		$	676		(a,b)	$	71,133
Other		963			(1	)	(a)		962
Total revenues		71,420			675				72,095
Operating expenses
Depreciation and amortization		33,377			(729	)	(a)		32,648
General and administrative		9,070			(9	)	(a)		9,061
Real estate taxes		10,447			(252	)	(a)		10,195
Property operating		13,320			(283	)	(a)		13,037
Impairment charges		51,549			—				51,549
Total operating expenses		117,763			(1,273	)			116,490
Gain on disposition of properties		—			—				—
Operating loss		(46,343	)		1,948				(44,395	)
Equity in earnings of unconsolidated affiliates		1,255			(368	)	(a)		887
Interest and other income		2,929			—				2,929
Realized and unrealized holding gains on investments and other		(530	)		—				(530	)
Interest expense		(18,302	)		702		(a,b)		(17,600	)
Loss from continuing operations before income taxes		(60,991	)		2,282				(58,709	)
Income tax benefit		952			2		(a)		954
Net loss		(60,039	)		2,284				(57,755	)
Net loss attributable to noncontrolling interests		51,625			(2,275	)	(a,b)		49,350
Net loss attributable to Acadia	$	(8,414	)	$	9			$	(8,405	)
Net income attributable to participating securities	$	—		$	—			$	—
Shares for basic loss per share		86,972			—				86,972
Basic loss per share	$	(0.10	)	$	—			$	(0.10	)

	Three Months Ended March 31, 2020
(in thousands, unaudited)	As Reported			Adjustments				As Restated
Net loss	$	(60,039	)	$	2,284			$	(57,755	)
Other comprehensive loss
Unrealized loss on valuation of swap agreements		(74,774	)		239		(a)		(74,535	)
Reclassification of realized interest on swap agreements		977			(15	)	(a)		962
Other comprehensive loss		(73,797	)		224				(73,573	)
Comprehensive loss		(133,836	)		2,508				(131,328	)
Comprehensive loss attributable to noncontrolling interests		70,882			(2,499	)			68,383
Comprehensive Loss attributable to Acadia	$	(62,954	)	$	9			$	(62,945	)

Statement of Changes in Shareholders' Equity - Three Months Ended March 31, 2020
As Previously Reported	Acadia Shareholders
(in thousands, except per share amounts, unaudited)	Common Shares			Share Amount			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Accumulated Earnings			Total Common Shareholders’ Equity			Noncontrolling Interests				Total Equity
Balance at January 1, 2020		87,050		$	87		$	1,706,357		$	(31,175	)	$	(132,961	)	$	1,542,308		$	644,657			$	2,186,965
Cumulative effect of change in accounting principle		—			—			—			—			(389	)		(389	)		(11	)			(400	)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		148			—			2,472			—			—			2,472			(2,472	)			—
Repurchase of Common Shares		(1,219	)		(1	)		(22,351	)		—			—			(22,352	)		—				(22,352	)
Dividends/distributions declared ($0.29 per Common Share/OP Unit)		—			—			—			—			(24,937	)		(24,937	)		(1,849	)			(26,786	)
Employee and trustee stock compensation, net		11			—			171			—			—			171			3,648				3,819
Noncontrolling interest distributions		—			—			—			—			—			—			(3,118	)			(3,118	)
Noncontrolling interest contributions		—			—			—			—			—			—			7,268				7,268
Comprehensive loss		—			—			—			(54,540	)		(8,414	)		(62,954	)		(70,882	)			(133,836	)
Reallocation of noncontrolling interests		—			—			145			—			—			145			(145	)			—
Balance at March 31, 2020		85,990		$	86		$	1,686,794		$	(85,715	)	$	(166,701	)	$	1,434,464		$	577,096			$	2,011,560
Adjustments
Balance at January 1, 2020		—		$	—		$	—		$	(299	)	$	(58	)	$	(357	)	$	1,782			$	1,425
Comprehensive loss		—			—			—			—			9			9			2,499		(a,b)		2,508
Total Adjustments		—		$	—		$	—		$	(299	)	$	(49	)	$	(348	)	$	4,281			$	3,933
As Restated
Balance at January 1, 2020 - As Restated		87,050		$	87		$	1,706,357		$	(31,474	)	$	(133,019	)	$	1,541,951		$	646,439			$	2,188,390
Cumulative effect of change in accounting principle		—			—			—			—			(389	)		(389	)		(11	)			(400	)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		148			—			2,472			—			—			2,472			(2,472	)			—
Repurchase of Common Shares		(1,219	)		(1	)		(22,351	)		—			—			(22,352	)		—				(22,352	)
Dividends/distributions declared ($0.29 per Common Share/OP Unit)		—			—			—			—			(24,937	)		(24,937	)		(1,849	)			(26,786	)
Employee and trustee stock compensation, net		11			—			171			—			—			171			3,648				3,819
Noncontrolling interest distributions		—			—			—			—			—			—			(3,118	)			(3,118	)
Noncontrolling interest contributions		—			—			—			—			—			—			7,268				7,268
Comprehensive loss		—			—			—			(54,540	)		(8,405	)		(62,945	)		(68,383	)			(131,328	)
Reallocation of noncontrolling interests		—			—			145			—			—			145			(145	)			—
Balance at March 31, 2020 - As Restated		85,990		$	86		$	1,686,794		$	(86,014	)	$	(166,750	)	$	1,434,116		$	581,377			$	2,015,493

	Three Months Ended March 31, 2020
(in thousands, unaudited)	As Reported			Adjustments				As Restated
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(60,039	)		2,284			$	(57,755	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		33,377			(729	)	(a,b)		32,648
Straight-line rents		—			(1,094	)	(a,c)		(1,094	)
Non-cash lease expense		—			619		(c)		619
Distributions of operating income from unconsolidated affiliates		1,898			—				1,898
Equity in (earnings) losses of unconsolidated affiliates		(1,255	)		368		(a)		(887	)
Stock compensation expense		3,819			—				3,819
Amortization of financing costs		1,763			(42	)	(a,b)		1,721
Impairment charges		51,549			—				51,549
Credit loss reserves		4,770			(4,770	)	(c)		—
Allowance for credit loss		—			1,238		(a,c)		1,238
Adjustments to straight-line rent reserves		—			967		(b,c)		967
Other, net		(1,107	)		1		(a)		(1,106	)
Changes in assets and liabilities:
Other liabilities		(6,844	)		122		(a)		(6,722	)
Lease liability - operating leases		—			(376	)	(c)		(376	)
Prepaid expenses and other assets		2,107			(177	)	(a)		1,930
Rents receivable		24			2,457		(a,c)		2,481
Accounts payable and accrued expenses		(2,327	)		24		(a)		(2,303	)
Net cash provided by operating activities		27,735			892				28,627
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate		(19,088	)		—				(19,088	)
Development, construction and property improvement costs		(13,333	)		489		(a,c)		(12,844	)
Proceeds from the disposition of properties, net		—			—				—
Investments in and advances to unconsolidated affiliates and other		(1,525	)		(951	)	(b)		(2,476	)
Return of capital from unconsolidated affiliates and other		5,024			—				5,024
Issuance of notes receivable		(59,000	)		—				(59,000	)
Return of deposits for properties under contract		200			—				200
Payment of deferred leasing costs		(2,763	)		(17	)	(a)		(2,780	)
Change in control of previously unconsolidated affiliate		—			—				—
Net cash used in investing activities		(90,485	)		(479	)			(90,964	)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes		(1,488	)		—				(1,488	)
Principal payments on unsecured debt		(5,000	)		—				(5,000	)
Proceeds received on mortgage and other notes		689			—				689
Proceeds from unsecured debt		122,245			—				122,245
Payments of finance lease obligations		(625	)		—				(625	)
Proceeds from the sale (repurchase) of Common Shares		(22,352	)		—				(22,352	)
Capital contributions from noncontrolling interests		7,268			—				7,268
Distributions to noncontrolling interests		(4,914	)		—				(4,914	)
Dividends paid to Common Shareholders		(25,245	)		—				(25,245	)
Deferred financing and other costs		(222	)		—				(222	)
Net cash provided by financing activities		70,356			—				70,356
Increase in cash and restricted cash		7,606			413				8,019
Cash of $14,149 and restricted cash of $13,880 beginning of period		30,010			(1,981	)			28,029
Cash of $22,315 and restricted cash of $13,733 end of period	$	37,616		$	(1,568	)		$	36,048

	June 30, 2020
(dollars in thousands, except per share amounts, unaudited)	As Reported			Adjustments				As Restated
ASSETS
Investments in real estate, at cost
Operating real estate, net	$	3,368,557		$	(69,895	)	(a)	$	3,298,662
Real estate under development		264,684			(183	)	(a)		264,501
Net investments in real estate		3,633,241			(70,078	)			3,563,163
Notes receivable, net		134,692			—				134,692
Investments in and advances to unconsolidated affiliates		250,825			15,074		(a)		265,899
Other assets, net		196,741			(3,353	)	(a)		193,388
Right-of-use assets - operating leases, net		—			—				—
Cash and cash equivalents		34,273			(1,739	)	(a)		32,534
Restricted cash		14,074			(609	)	(a)		13,465
Rents receivable, net		64,902			(756	)	(a)		64,146
Total assets	$	4,328,748		$	(61,461	)		$	4,267,287
LIABILITIES
Mortgage and other notes payable, net	$	1,161,577		$	(58,622	)	(a,b)	$	1,102,955
Unsecured notes payable, net		472,507			—				472,507
Unsecured line of credit		177,400			—				177,400
Accounts payable and other liabilities		408,266			(4,953	)	(a)		403,313
Lease liability - operating leases, net		—			—				—
Dividends and distributions payable		147			—				147
Distributions in excess of income from, and investments in, unconsolidated affiliates		15,520			—				15,520
Total liabilities		2,235,417			(63,575	)			2,171,842
Commitments and contingencies
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 86,264,641 shares		86			—				86
Additional paid-in capital		1,693,006							1,693,006
Accumulated other comprehensive loss		(90,209	)		—				(90,209	)
Distributions in excess of accumulated earnings		(147,291	)		(133	)			(147,424	)
Total Acadia shareholders’ equity		1,455,592			(133	)			1,455,459
Noncontrolling interests		637,739			2,247		(a)		639,986
Total equity		2,093,331			2,114				2,095,445
Total liabilities and equity	$	4,328,748		$	(61,461	)		$	4,267,287

	Three Months Ended June 30, 2020										Six Months Ended June 30, 2020
(in thousands except per share amounts, unaudited)	As Reported			Adjustments				As Restated			As Reported			Adjustments				As Restated
Revenues
Rental income	$	62,639		$	(3,218	)	(a,b)	$	59,421		$	133,096		$	(2,542	)	(a,b)	$	130,554
Other		1,134			(11	)	(a)		1,123			2,097			(12	)	(a)		2,085
Total revenues		63,773			(3,229	)			60,544			135,193			(2,554	)			132,639
Operating expenses
Depreciation and amortization		33,793			(416	)	(a,b)		33,377			67,170			(1,145	)	(a,b)		66,025
General and administrative		8,720			(38	)	(a)		8,682			17,790			(47	)	(a)		17,743
Real estate taxes		10,697			(252	)	(a)		10,445			21,144			(504	)	(a)		20,640
Property operating		16,806			(245	)	(a)		16,561			30,126			(528	)	(a)		29,598
Impairment charges		—			—				—			51,549			—				51,549
Total operating expenses		70,016			(951	)			69,065			187,779			(2,224	)			185,555
Gain on disposition of properties		485			—				485			485			—				485
Operating loss		(5,758	)		(2,278	)			(8,036	)		(52,101	)		(330	)			(52,431	)
Equity in losses of unconsolidated affiliates		(786	)		(394	)	(a)		(1,180	)		469			(762	)	(a)		(293	)
Interest and other income		2,095			—				2,095			5,024			—				5,024
Realized and unrealized holding gains on investments and other		87,811			—				87,811			87,281			—				87,281
Interest expense		(18,319	)		571		(a,b)		(17,748	)		(36,621	)		1,273		(a,b)		(35,348	)
Income from continuing operations before income taxes		65,043			(2,101	)			62,942			4,052			181				4,233
Income tax (provision) benefit		(137	)		—		(a)		(137	)		815			2		(a)		817
Net income		64,906			(2,101	)			62,805			4,867			183				5,050
Net (income) loss attributable to noncontrolling interests		(45,496	)		2,017		(a,b)		(43,479	)		6,129			(258	)	(a,b)		5,871
Net income attributable to Acadia	$	19,410		$	(84	)		$	19,326		$	10,996		$	(75	)		$	10,921
Net income attributable to participating securities	$	244		$	—			$	244		$	233		$	—			$	233
Shares for basic and diluted income per share		86,180			—				86,180			86,576			—				86,576
Basic and diluted income per share	$	0.22		$	—			$	0.22		$	0.12		$	—			$	0.12

	Three Months Ended June 30, 2020										Six Months Ended June 30, 2020
(in thousands, unaudited)	As Reported			Adjustments				As Restated			As Reported			Adjustments				As Restated
Net income	$	64,906		$	(2,101	)		$	62,805		$	4,867		$	183			$	5,050
Other comprehensive loss
Unrealized loss on valuation of swap agreements		(8,621	)		312		(a,b)		(8,309	)		(83,395	)		551		(a,b)		(82,844	)
Reclassification of realized interest on swap agreements		3,115			(30	)	(a)		3,085			4,092			(45	)	(a)		4,047
Other comprehensive loss		(5,506	)		282				(5,224	)		(79,303	)		506				(78,797	)
Comprehensive income (loss)		59,400			(1,819	)			57,581			(74,436	)		689				(73,747	)
Comprehensive (income) loss attributable to noncontrolling interests		(44,484	)		2,034				(42,450	)		26,398			(465	)			25,933
Comprehensive income (loss) attributable to Acadia	$	14,916		$	215			$	15,131		$	(48,038	)	$	224			$	(47,814	)

Statement of Changes in Shareholders' Equity - Three Months Ended June 30, 2020
As Previously Reported	Acadia Shareholders
(in thousands, except per share amounts, unaudited)	Common Shares		Share Amount		Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Accumulated Earnings			Total Common Shareholders’ Equity			Noncontrolling Interests				Total Equity
Balance at April 1, 2020		85,990	$	86	$	1,686,794		$	(85,715	)	$	(166,701	)	$	1,434,464		$	577,096			$	2,011,560
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		260		—		4,072			—			—			4,072			(4,072	)			—
Repurchase of Common Shares		—		—		(34	)		—			—			(34	)		—				(34	)
Acquisition of noncontrolling interest		—		—		—			—			—			—			588				588
Dividends/distributions declared ($0.00 Share per Common Share/OP Unit)		—		—		—			—			—			—			(123	)			(123	)
Employee and trustee stock compensation, net		15		—		175			—			—			175			2,142				2,317
Noncontrolling interest distributions		—		—		—			—			—			—			(1,418	)			(1,418	)
Noncontrolling interest contributions		—		—		—			—			—			—			21,041				21,041
Comprehensive (loss) income		—		—		—			(4,494	)		19,410			14,916			44,484				59,400
Reallocation of noncontrolling interests		—		—		1,999			—			—			1,999			(1,999	)			—
Balance at June 30, 2020		86,265	$	86	$	1,693,006		$	(90,209	)	$	(147,291	)	$	1,455,592		$	637,739			$	2,093,331
Adjustments
Balance at April 1, 2020		—	$	—	$	—		$	(299	)	$	(49	)	$	(348	)	$	4,281			$	3,933
Comprehensive income (loss)		—		—		—			299			(84	)		215			(2,034	)	(a,b)		(1,819	)
Total Adjustments		—	$	—	$	—		$	—		$	(133	)	$	(133	)	$	2,247			$	2,114
As Restated
Balance at April 1, 2020 - As Restated		85,990	$	86	$	1,686,794		$	(86,014	)	$	(166,750	)	$	1,434,116		$	581,377			$	2,015,493
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		260		—		4,072			—			—			4,072			(4,072	)			—
Repurchase of Common Shares		—		—		(34	)		—			—			(34	)		—				(34	)
Acquisition of noncontrolling interest		—		—		—			—			—			—			588				588
Dividends/distributions declared ($0.00 Share per Common Share/OP Unit)		—		—		—			—			—			—			(123	)			(123	)
Employee and trustee stock compensation, net		15		—		175			—			—			175			2,142				2,317
Noncontrolling interest distributions		—		—		—			—			—			—			(1,418	)			(1,418	)
Noncontrolling interest contributions		—		—		—			—			—			—			21,041				21,041
Comprehensive (loss) income		—		—		—			(4,195	)		19,326			15,131			42,450				57,581
Reallocation of noncontrolling interests		—		—		1,999			—			—			1,999			(1,999	)			—
Balance at June 30, 2020 - As Restated		86,265	$	86	$	1,693,006		$	(90,209	)	$	(147,424	)	$	1,455,459		$	639,986			$	2,095,445

Statement of Changes in Shareholders' Equity - Six Months Ended June 30, 2020
As Previously Reported	Acadia Shareholders
(in thousands, except per share amounts, unaudited)	Common Shares			Share Amount			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Accumulated Earnings			Total Common Shareholders’ Equity			Noncontrolling Interests				Total Equity
Balance at January 1, 2020		87,050			87			1,706,357			(31,175	)		(132,961	)	$	1,542,308			644,657			$	2,186,965
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		408			—			6,544			—			—			6,544			(6,544	)			—
Repurchase of Common Shares		(1,219	)		(1	)		(22,385	)		—			—			(22,386	)		—				(22,386	)
Cumulative effect of change in accounting principle		—			—			—			—			(389	)		(389	)		(11	)			(400	)
Acquisition of noncontrolling interest		—			—			—			—			—			—			588				588
Dividends/distributions declared ($0.29 per Common Share/OP Unit)		—			—			—			—			(24,937	)		(24,937	)		(1,972	)			(26,909	)
Employee and trustee stock compensation, net		26			—			346			—			—			346			5,790				6,136
Noncontrolling interest distributions		—			—			—			—			—			—			(4,536	)			(4,536	)
Noncontrolling interest contributions		—			—			—			—			—			—			28,309				28,309
Comprehensive (loss) income		—			—			—			(59,034	)		10,996			(48,038	)		(26,398	)			(74,436	)
Reallocation of noncontrolling interests		—			—			2,144			—			—			2,144			(2,144	)			—
Balance at June 30, 2020		86,265		$	86		$	1,693,006		$	(90,209	)	$	(147,291	)	$	1,455,592		$	637,739			$	2,093,331
Adjustments
Balance at January 1, 2020		—		$	—		$	—		$	(299	)	$	(58	)	$	(357	)	$	1,782			$	1,425
Comprehensive (loss) income		—			—			—			299			(75	)		224			465		(a,b)		689
Total Adjustments		—		$	—		$	—		$	—		$	(133	)	$	(133	)	$	2,247			$	2,114
As Restated
Balance at January 1, 2020 - As Restated		87,050			87			1,706,357			(31,474	)		(133,019	)	$	1,541,951			646,439			$	2,188,390
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		408			—			6,544			—			—			6,544			(6,544	)			—
Repurchase of Common Shares		(1,219	)		(1	)		(22,385	)		—			—			(22,386	)		—				(22,386	)
Cumulative effect of change in accounting principle		—			—			—			—			(389	)		(389	)		(11	)			(400	)
Acquisition of noncontrolling interest		—			—			—			—			—			—			588				588
Dividends/distributions declared ($0.29 per Common Share/OP Unit)		—			—			—			—			(24,937	)		(24,937	)		(1,972	)			(26,909	)
Employee and trustee stock compensation, net		26			—			346			—			—			346			5,790				6,136
Noncontrolling interest distributions		—			—			—			—			—			—			(4,536	)			(4,536	)
Noncontrolling interest contributions		—			—			—			—			—			—			28,309				28,309
Comprehensive (loss) income		—			—			—			(58,735	)		10,921			(47,814	)		(25,933	)			(73,747	)
Reallocation of noncontrolling interests		—			—			2,144			—			—			2,144			(2,144	)			—
Balance at June 30, 2020 - As Restated		86,265		$	86		$	1,693,006		$	(90,209	)	$	(147,424	)	$	1,455,459		$	639,986			$	2,095,445

	Six Months Ended June 30, 2020
(in thousands, unaudited)	As Reported			Adjustments				As Restated
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	4,867			183			$	5,050
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		67,170			(1,145	)	(a,b)		66,025
Straight-line rents		—			(2,807	)	(a,c)		(2,807	)
Non-cash lease expense		—			1,368		(c)		1,368
Net unrealized holding gains on investments		(64,937	)		—				(64,937	)
Distributions of operating income from unconsolidated affiliates		2,206			—				2,206
Equity in (earnings) losses of unconsolidated affiliates		(469	)		762		(a)		293
Stock compensation expense		6,136			—				6,136
Amortization of financing costs		2,920			(71	)	(a,b)		2,849
Impairment charges		51,549			—				51,549
Gain on disposition of properties		(485	)		—				(485	)
Credit loss reserves		16,175			(16,175	)	(c)		—
Allowance for credit loss		—			9,620		(a,c)		9,620
Adjustments to straight-line rent reserves		—			6,404		(a,c)		6,404
Other, net		(2,780	)		3		(a)		(2,777	)
Changes in assets and liabilities:
Other liabilities		(6,684	)		175		(a)		(6,509	)
Lease liability - operating leases		—			(807	)	(c)		(807	)
Prepaid expenses and other assets		(4,213	)		(343	)	(a)		(4,556	)
Rents receivable		(25,177	)		3,943		(a,c)		(21,234	)
Accounts payable and accrued expenses		12,222			(2,375	)	(a)		9,847
Net cash provided by operating activities		58,500			(1,265	)			57,235
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate		(21,208	)		—				(21,208	)
Development, construction and property improvement costs		(20,533	)		1,555		(a,c)		(18,978	)
Proceeds from the disposition of properties, net		13,925			—				13,925
Investments in and advances to unconsolidated affiliates and other		(3,270	)		(1,289	)	(a)		(4,559	)
Return of capital from unconsolidated affiliates and other		7,151			—				7,151
Issuance of notes receivable		(59,000	)		—				(59,000	)
Return of deposits for properties under contract		187			—				187
Payment of deferred leasing costs		(4,885	)		1,631		(a)		(3,254	)
Change in control of previously unconsolidated affiliate		950			—				950
Net cash used in investing activities		(86,683	)		1,897				(84,786	)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes		(14,360	)		—				(14,360	)
Principal payments on unsecured debt		(69,930	)		—				(69,930	)
Proceeds received on mortgage and other notes		3,340			(1,000	)	(a)		2,340
Proceeds from unsecured debt		181,700			—				181,700
Payments of finance lease obligations		(833	)		—				(833	)
Proceeds from the sale (repurchase) of Common Shares		(22,386	)		—				(22,386	)
Capital contributions from noncontrolling interests		28,309			—				28,309
Distributions to noncontrolling interests		(8,178	)		—				(8,178	)
Dividends paid to Common Shareholders		(50,182	)		—				(50,182	)
Deferred financing and other costs		(960	)		—				(960	)
Net cash provided by financing activities		46,520			(1,000	)			45,520
Increase in cash and restricted cash		18,337			(368	)			17,969
Cash of $14,149 and restricted cash of $13,880 beginning of period		30,010			(1,981	)			28,029
Cash of $32,534 and restricted cash of $13,465 end of period	$	48,347		$	(2,349	)		$	45,998

	September 30, 2020
(dollars in thousands, except per share amounts, unaudited)	As Reported			Adjustments				As Restated
ASSETS
Investments in real estate, at cost
Operating real estate, net	$	3,347,431		$	(69,825	)	(a)	$	3,277,606
Real estate under development		268,298			(55	)	(a)		268,243
Net investments in real estate		3,615,729			(69,880	)			3,545,849
Notes receivable, net		134,798			—				134,798
Investments in and advances to unconsolidated affiliates		240,414			15,248		(a)		255,662
Other assets, net		183,170			(3,466	)	(a)		179,704
Right-of-use assets - operating leases, net		—			—				—
Cash and cash equivalents		16,108			(763	)	(a)		15,345
Restricted cash		13,673			(389	)	(a)		13,284
Rents receivable, net		47,516			(322	)	(a)		47,194
Total assets	$	4,251,408		$	(59,572	)		$	4,191,836
LIABILITIES
Mortgage and other notes payable, net	$	1,159,688		$	(59,560	)	(a,b)	$	1,100,128
Unsecured notes payable, net		502,500			—				502,500
Unsecured line of credit		127,400			—				127,400
Accounts payable and other liabilities		394,111			(2,519	)	(a)		391,592
Lease liability - operating leases, net		—			—				—
Dividends and distributions payable		147			—				147
Distributions in excess of income from, and investments in, unconsolidated affiliates		15,462			—				15,462
Total liabilities		2,199,308			(62,079	)			2,137,229
Commitments and contingencies
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 86,266,122 shares		86			—				86
Additional paid-in capital		1,695,338			—				1,695,338
Accumulated other comprehensive loss		(85,873	)		—				(85,873	)
Distributions in excess of accumulated earnings		(156,321	)		(138	)			(156,459	)
Total Acadia shareholders’ equity		1,453,230			(138	)			1,453,092
Noncontrolling interests		598,870			2,645		(a)		601,515
Total equity		2,052,100			2,507				2,054,607
Total liabilities and equity	$	4,251,408		$	(59,572	)		$	4,191,836

	Three Months Ended September 30, 2020										Nine Months Ended September 30, 2020
(in thousands except per share amounts, unaudited)	As Reported			Adjustments				As Restated			As Reported			Adjustments				As Restated
Revenues
Rental income	$	50,300		$	(890	)	(a)	$	49,410		$	183,396		$	(3,432	)	(a,b)	$	179,964
Other		981			—				981			3,078			(12	)	(a)		3,066
Total revenues		51,281			(890	)			50,391			186,474			(3,444	)			183,030
Operating expenses
Depreciation and amortization		34,457			(697	)	(a)		33,760			101,627			(1,842	)	(a,b)		99,785
General and administrative		8,625			(210	)	(a)		8,415			26,415			(257	)	(a)		26,158
Real estate taxes		10,689			(261	)	(a)		10,428			31,833			(765	)	(a)		31,068
Property operating		11,559			(210	)	(a)		11,349			41,685			(738	)	(a)		40,947
Impairment charges		—			—				—			51,549			—				51,549
Total operating expenses		65,330			(1,378	)			63,952			253,109			(3,602	)			249,507
Gain on disposition of properties		24			—				24			509			—				509
Operating loss		(14,025	)		488				(13,537	)		(66,126	)		158				(65,968	)
Equity in losses of unconsolidated affiliates		(624	)		(612	)	(a)		(1,236	)		(155	)		(1,374	)	(a)		(1,529	)
Interest and other income		2,132			—				2,132			7,156			—				7,156
Realized and unrealized holding gains on investments and other		(7,946	)		—				(7,946	)		79,335			—				79,335
Interest expense		(17,752	)		570		(a,b)		(17,182	)		(54,373	)		1,843		(a,b)		(52,530	)
Loss from continuing operations before income taxes		(38,215	)		446				(37,769	)		(34,163	)		627				(33,536	)
Income tax (provision) benefit		(74	)		—		(a)		(74	)		741			2		(a)		743
Net loss		(38,289	)		446				(37,843	)		(33,422	)		629				(32,793	)
Net loss attributable to noncontrolling interests		29,259			(451	)	(a)		28,808			35,388			(709	)	(a,b)		34,679
Net (loss) income attributable to Acadia	$	(9,030	)	$	(5	)		$	(9,035	)	$	1,966		$	(80	)		$	1,886
Net income attributable to participating securities	$	—		$	—			$	—		$	233		$	—			$	233
Shares for basic (loss) and diluted income per share		86,309			—				86,309			86,486			—				86,486
Basic (loss) diluted income per share	$	(0.10	)	$	—			$	(0.10	)	$	0.02		$	—			$	0.02

	Three Months September 30, 2020										Nine Months Ended September 30, 2020
(in thousands, unaudited)	As Reported			Adjustments				As Restated			As Reported			Adjustments				As Restated
Net loss	$	(38,289	)	$	446			$	(37,843	)	$	(33,422	)	$	629			$	(32,793	)
Other comprehensive income (loss)
Unrealized gain (loss) on valuation of swap agreements		952			(3	)	(a)		949			(82,444	)		548		(a,b)		(81,896	)
Reclassification of realized interest on swap agreements		5,506			(50	)	(a)		5,456			9,598			(95	)	(a)		9,503
Other comprehensive income (loss)		6,458			(53	)			6,405			(72,846	)		453				(72,393	)
Comprehensive loss		(31,831	)		393				(31,438	)		(106,268	)		1,082				(105,186	)
Comprehensive loss attributable to noncontrolling interests		27,137			(398	)			26,739			53,536			(863	)			52,673
Comprehensive loss attributable to Acadia	$	(4,694	)	$	(5	)		$	(4,699	)	$	(52,732	)	$	219			$	(52,513	)

Statement of Changes in Shareholders' Equity - Three Months Ended September 30, 2020
As Previously Reported	Acadia Shareholders
(in thousands, except per share amounts, unaudited)	Common Shares		Share Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Accumulated Earnings			Total Common Shareholders’ Equity			Noncontrolling Interests				Total Equity
Balance at July 1, 2020		86,265	$	86	$	1,693,006	$	(90,209	)	$	(147,291	)	$	1,455,592		$	637,739			$	2,093,331
Dividends/distributions declared ($0.00 per Common Share/OP Unit)		—		—		—		—			—			—			(123	)			(123	)
Employee and trustee stock compensation, net		1		—		232		—			—			232			2,181				2,413
Noncontrolling interest distributions		—		—		—		—			—			—			(20,117	)			(20,117	)
Noncontrolling interest contributions		—		—		—		—			—			—			8,427				8,427
Comprehensive income (loss)		—		—		—		4,336			(9,030	)		(4,694	)		(27,137	)			(31,831	)
Reallocation of noncontrolling interests		—		—		2,100		—			—			2,100			(2,100	)			—
Balance at September 30, 2020		86,266	$	86	$	1,695,338	$	(85,873	)	$	(156,321	)	$	1,453,230		$	598,870			$	2,052,100
Adjustments
Balance at July 1, 2020		—	$	—	$	—	$	—		$	(133	)	$	(133	)	$	2,247			$	2,114
Comprehensive income (loss)		—		—		—		—			(5	)		(5	)		398		(a,b)		393
Total Adjustments		—	$	—	$	—	$	—		$	(138	)	$	(138	)	$	2,645			$	2,507
As Restated
Balance at July 1, 2020 - As Restated		86,265	$	86	$	1,693,006	$	(90,209	)	$	(147,424	)	$	1,455,459		$	639,986			$	2,095,445
Dividends/distributions declared ($0.00 per Common Share/OP Unit)		—		—		—		—			—			—			(123	)			(123	)
Employee and trustee stock compensation, net		1		—		232		—			—			232			2,181				2,413
Noncontrolling interest distributions		—		—		—		—			—			—			(20,117	)			(20,117	)
Noncontrolling interest contributions		—		—		—		—			—			—			8,427				8,427
Comprehensive income (loss)		—		—		—		4,336			(9,035	)		(4,699	)		(26,739	)			(31,438	)
Reallocation of noncontrolling interests		—		—		2,100		—			—			2,100			(2,100	)			—
Balance at September 30, 2020		86,266	$	86	$	1,695,338	$	(85,873	)	$	(156,459	)	$	1,453,092		$	601,515			$	2,054,607

Statement of Changes in Shareholders' Equity - Nine Months Ended September 30, 2020
As Previously Reported	Acadia Shareholders
(in thousands, except per share amounts)	Common Shares			Share Amount			Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Accumulated Earnings			Total Common Shareholders’ Equity			Noncontrolling Interests				Total Equity
Balance at January 1, 2020		87,050		$	87		$	1,706,357		$	(31,175	)	$	(132,961	)	$	1,542,308		$	644,657			$	2,186,965
Cumulative effect of change in accounting principle		—			—			—			—			(389	)		(389	)		(11	)			(400	)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		408			—			6,544			—			—			6,544			(6,544	)			—
Repurchase of Common Shares		(1,219	)		(1	)		(22,385	)		—			—			(22,386	)		—				(22,386	)
Issuance of Common Shares		—			—			—			—			—			—			—				—
Acquisition of noncontrolling interest		—			—			—			—			—			—			588				588
Dividends/distributions declared ($0.29 per Common Share/OP Unit)		—			—			—			—			(24,937	)		(24,937	)		(2,095	)			(27,032	)
Employee and trustee stock compensation, net		27			—			578			—			—			578			7,973				8,551
Noncontrolling interest distributions		—			—			—			—			—			—			(24,654	)			(24,654	)
Noncontrolling interest contributions		—			—			—			—			—			—			36,736				36,736
Comprehensive income (loss)		—			—			—			(54,698	)		1,966			(52,732	)		(53,536	)			(106,268	)
Reallocation of noncontrolling interests		—			—			4,244			—			—			4,244			(4,244	)			-
Balance at September 30, 2020		86,266		$	86		$	1,695,338		$	(85,873	)	$	(156,321	)	$	1,453,230		$	598,870			$	2,052,100
Adjustments
Balance at January 1, 2020		—		$	—		$	—		$	(299	)	$	(58	)	$	(357	)	$	1,782			$	1,425
Comprehensive income (loss)		—			—			—			299			(80	)		219			863		(a,b)		1,082
Total Adjustments		—		$	—		$	—		$	—		$	(138	)	$	(138	)	$	2,645			$	2,507
As Restated
Balance at January 1, 2020 - As Restated		87,050		$	87		$	1,706,357		$	(31,474	)	$	(133,019	)	$	1,541,951		$	646,439			$	2,188,390
Cumulative effect of change in accounting principle		—			—			—			—			(389	)		(389	)		(11	)			(400	)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		408			—			6,544			—			—			6,544			(6,544	)			—
Repurchase of Common Shares		(1,219	)		(1	)		(22,385	)		—			—			(22,386	)		—				(22,386	)
Acquisition of noncontrolling interest		—			—			—			—			—			—			588				588
Dividends/distributions declared ($0.29 per Common Share/OP Unit)		—			—			—			—			(24,937	)		(24,937	)		(2,095	)			(27,032	)
Employee and trustee stock compensation, net		27			—			578			—			—			578			7,973				8,551
Noncontrolling interest distributions		—			—			—			—			—			—			(24,654	)			(24,654	)
Noncontrolling interest contributions		—			—			—			—			—			—			36,736				36,736
Comprehensive income (loss)		—			—			—			(54,399	)		1,886			(52,513	)		(52,673	)			(105,186	)
Reallocation of noncontrolling interests		—			—			4,244			—			—			4,244			(4,244	)			—
Balance at September 30, 2020 - As Restated		86,266		$	86		$	1,695,338		$	(85,873	)	$	(156,459	)	$	1,453,092		$	601,515			$	2,054,607

	Nine Months Ended September 30, 2020
(in thousands, unaudited)	As Reported			Adjustments				As Restated
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(33,422	)		629			$	(32,793	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		101,627			(1,842	)	(a,b)		99,785
Straight-line rents		—			(3,861	)	(a,c)		(3,861	)
Non-cash lease expense		—			2,382		(c)		2,382
Net unrealized holding gains on investments		(57,031	)		—				(57,031	)
Distributions of operating income from unconsolidated affiliates		2,829			—				2,829
Equity in (earnings) losses of unconsolidated affiliates		155			1,374		(a)		1,529
Stock compensation expense		8,551			—				8,551
Amortization of financing costs		4,040			(99	)	(a,b)		3,941
Impairment charges		51,549			—				51,549
Gain on disposition of properties		(509	)		—				(509	)
Credit loss and straight-line rent reserves		39,882			(39,882	)	(c)		—
Allowance for credit loss		—			20,381		(a,c)		20,381
Adjustments to straight-line rent reserves		—			19,483		(a,c)		19,483
Other, net		(2,923	)		(306	)	(a,c)		(3,229	)
Changes in assets and liabilities:
Other liabilities		(7,736	)		153		(a)		(7,583	)
Lease liability - operating leases		—			(957	)	(c)		(957	)
Prepaid expenses and other assets		(1,435	)		(164	)	(a)		(1,599	)
Rents receivable		(31,511	)		4,735		(a,c)		(26,776	)
Accounts payable and accrued expenses		7,015			53		(a)		7,068
Net cash provided by operating activities		81,081			2,079				83,160
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate		(21,208	)		—				(21,208	)
Development, construction and property improvement costs		(27,949	)		1,064		(a,c)		(26,885	)
Proceeds from the disposition of properties, net		14,182			—				14,182
Investments in and advances to unconsolidated affiliates and other		(3,662	)		(2,023	)	(a)		(5,685	)
Return of capital from unconsolidated affiliates and other		9,054			—				9,054
Issuance of notes receivable		(59,000	)		—				(59,000	)
Return of deposits for properties under contract		187			—				187
Payment of deferred leasing costs		(5,422	)		1,620		(a)		(3,802	)
Change in control of previously unconsolidated affiliate		950			—				950
Net cash used in investing activities		(92,868	)		661				(92,207	)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes		(18,981	)		—				(18,981	)
Principal payments on unsecured debt		(123,750	)		—				(123,750	)
Proceeds received on mortgage and other notes		5,523			(1,910	)	(a)		3,613
Proceeds from unsecured debt		215,554			—				215,554
Payments of finance lease obligations		(903	)		—				(903	)
Proceeds from the sale (repurchase) of Common Shares		(22,386	)		—				(22,386	)
Capital contributions from noncontrolling interests		36,736			—				36,736
Distributions to noncontrolling interests		(28,418	)		—				(28,418	)
Dividends paid to Common Shareholders		(50,182	)		—				(50,182	)
Deferred financing and other costs		(1,635	)		—				(1,635	)
Net cash provided by financing activities		11,558			(1,910	)			9,648
(Decrease) increase in cash and restricted cash		(229	)		830				601
Cash of $14,149 and restricted cash of $13,880 beginning of period		30,010			(1,981	)			28,029
Cash of $15,345 and restricted cash of $13,284 end of period	$	29,781		$	(1,151	)		$	28,630

	Three Months Ended December 31, 2020
(in thousands except per share amounts, unaudited)	As Reported			Adjustments				As Restated
Revenues
Rental income	$	67,606		$	(1,138	)	(a)	$	66,468
Other		1,404			6		(a)		1,410
Total revenues		69,010			(1,132	)			67,878
Operating expenses
Depreciation and amortization		48,166			(722	)	(a)		47,444
General and administrative		9,640			—				9,640
Real estate taxes		11,672			(263	)	(a)		11,409
Property operating		14,910			(306	)	(a)		14,604
Impairment charges		34,049			—				34,049
Total operating expenses		118,437			(1,291	)			117,146
Gain on disposition of properties		174			—				174
Operating loss		(49,253	)		159				(49,094	)
Equity in losses of unconsolidated affiliates		(1,082	)		(446	)	(a)		(1,528	)
Interest and other income		1,823			—				1,823
Realized and unrealized holding gains on investments and other		34,595			(568	)	(b)		34,027
Interest expense		(17,687	)		546		(a,b)		(17,141	)
Loss from continuing operations before income taxes		(31,604	)		(309	)			(31,913	)
Income tax provision		(1,012	)		—				(1,012	)
Net (loss) income		(32,616	)		(309	)			(32,925	)
Net loss attributable to noncontrolling interests		21,891			172		(a,b)		22,063
Net loss attributable to Acadia	$	(10,725	)	$	(137	)		$	(10,862	)
Net income attributable to participating securities	$	—		$	—			$	—
Shares for basic loss per share		86,311			—				86,311
Basic loss per share	$	(0.12	)	$	(0.01	)		$	(0.13	)

	March 31, 2021
(dollars in thousands, except per share amounts, unaudited)	As Reported			Adjustments				As Restated
ASSETS
Investments in real estate, at cost
Operating real estate, net	$	3,238,031		$	(70,111	)	(a)	$	3,167,920
Real estate under development		234,338			—		(a)		234,338
Net investments in real estate		3,472,369			(70,111	)			3,402,258
Notes receivable, net		101,410			(1,950	)	(b)		99,460
Investments in and advances to unconsolidated affiliates		256,332			22,028		(a)		278,360
Other assets, net		162,596			(3,774	)	(a)		158,822
Right-of-use assets - operating leases, net		74,803			—				74,803
Cash and cash equivalents		15,424			(1,339	)	(a)		14,085
Restricted cash		15,723			(3,620	)	(a)		12,103
Rents receivable, net		46,356			(1,159	)	(a)		45,197
Assets of properties held for sale		8,669			—				8,669
Total assets	$	4,153,682		$	(59,925	)		$	4,093,757
LIABILITIES
Mortgage and other notes payable, net	$	1,188,695		$	(59,003	)	(a,b)	$	1,129,692
Unsecured notes payable, net		420,960			—				420,960
Unsecured line of credit		105,400			—				105,400
Accounts payable and other liabilities		237,058			(2,361	)	(a)		234,697
Lease liability - operating leases, net		87,910			—				87,910
Dividends and distributions payable		14,018			—				14,018
Distributions in excess of income from, and investments in, unconsolidated affiliates		15,272			—				15,272
Total liabilities		2,069,313			(61,364	)			2,007,949
Commitments and contingencies
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 86,302,352 shares		86			—				86
Additional paid-in capital		1,683,552			—				1,683,552
Accumulated other comprehensive loss		(41,962	)		—				(41,962	)
Distributions in excess of accumulated earnings		(174,829	)		(620	)	(b)		(175,449	)
Total Acadia shareholders’ equity		1,466,847			(620	)			1,466,227
Noncontrolling interests		617,522			2,059		(a,b)		619,581
Total equity		2,084,369			1,439				2,085,808
Total liabilities and equity	$	4,153,682		$	(59,925	)		$	4,093,757

	Three Months Ended March 31, 2021
(in thousands except per share amounts, unaudited)	As Reported			Adjustments				As Restated
Revenues
Rental income	$	67,205		$	(1,207	)	(a)	$	65,998
Other		2,189			—				2,189
Total revenues		69,394			(1,207	)			68,187
Operating expenses
Depreciation and amortization		31,390			(750	)	(a)		30,640
General and administrative		8,996			(4	)	(a)		8,992
Real estate taxes		11,462			(256	)	(a)		11,206
Property operating		13,477			(268	)	(a)		13,209
Impairment charges		—			—				—
Total operating expenses		65,325			(1,278	)			64,047
Gain on disposition of properties		4,612			—				4,612
Operating income		8,681			71				8,752
Equity in earnings of unconsolidated affiliates		2,263			(381	)	(a)		1,882
Interest and other income		1,700			—				1,700
Realized and unrealized holding gains on investments and other		6,507			(1,382	)	(b)		5,125
Interest expense		(17,141	)		527		(a,b)		(16,614	)
Income from continuing operations before income taxes		2,010			(1,165	)			845
Income tax provision		(150	)		2		(a)		(148	)
Net income		1,860			(1,163	)			697
Net loss attributable to noncontrolling interests		3,302			818		(a,b)		4,120
Net income attributable to Acadia	$	5,162		$	(345	)		$	4,817
Net income attributable to participating securities	$	156		$	—			$	156
Shares for basic and diluted income per share		86,346			—				86,346
Basic and diluted income per share	$	0.06		$	(0.01	)		$	0.05

	Three Months Ended March 31, 2021
(in thousands, unaudited)	As Reported			Adjustments				As Restated
Net income	$	1,860		$	(1,163	)		$	697
Other comprehensive income
Unrealized gain on valuation of swap agreements		33,556			—		(a)		33,556
Reclassification of realized interest on swap agreements		5,317			(49	)	(a)		5,268
Other comprehensive income		38,873			(49	)			38,824
Comprehensive income		40,733			(1,212	)			39,521
Comprehensive income attributable to noncontrolling interests		(2,642	)		867				(1,775	)
Comprehensive Income attributable to Acadia	$	38,091		$	(345	)		$	37,746

Statement of Changes in Shareholders' Equity - Three Months Ended March 31, 2021
As Previously Reported	Acadia Shareholders
(in thousands, except per share amounts, unaudited)	Common Shares		Share Amount		Additional Paid-in Capital			Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Accumulated Earnings			Total Common Shareholders’ Equity			Noncontrolling Interests				Total Equity
Balance at January 1, 2021		86,269	$	86	$	1,683,165		$	(74,891	)	$	(167,046	)	$	1,441,314		$	607,239			$	2,048,553
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		19		—		294			—			—			294			(294	)			—
Dividends/distributions declared ($0.15 per Common Share/OP Unit)		—		—		—			—			(12,945	)		(12,945	)		(1,048	)			(13,993	)
Employee and trustee stock compensation, net		14		—		462			—			—			462			4,049				4,511
Noncontrolling interest distributions		—		—		—			—			—			—			(6,676	)			(6,676	)
Noncontrolling interest contributions		—		—		—			—			—			—			11,241				11,241
Comprehensive income		—		—		—			32,929			5,162			38,091			2,642				40,733
Reallocation of noncontrolling interests		—		—		(369	)		—			—			(369	)		369				—
Balance at March 31, 2021		86,302	$	86	$	1,683,552		$	(41,962	)	$	(174,829	)	$	1,466,847		$	617,522			$	2,084,369
Adjustments
Balance at January 1, 2021		—	$	—	$	—		$	—		$	(275	)	$	(275	)	$	1,926			$	1,651
Noncontrolling interest distributions		—		—		—			—			—			—			1,000		(a)		1,000
Comprehensive income		—		—		—			—			(345	)		(345	)		(867	)	(a,b)		(1,212	)
Total Adjustments		—	$	—	$	—		$	—		$	(620	)	$	(620	)	$	2,059			$	1,439
As Restated
Balance at January 1, 2021 - As Restated		86,269	$	86	$	1,683,165		$	(74,891	)	$	(167,321	)	$	1,441,039		$	609,165			$	2,050,204
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		19		—		294			—			—			294			(294	)			—
Dividends/distributions declared ($0.15 per Common Share/OP Unit)		—		—		—			—			(12,945	)		(12,945	)		(1,048	)			(13,993	)
Employee and trustee stock compensation, net		14		—		462			—			—			462			4,049				4,511
Noncontrolling interest distributions		—		—		—			—			—			—			(5,676	)			(5,676	)
Noncontrolling interest contributions		—		—		—			—			—			—			11,241				11,241
Comprehensive income		—		—		—			32,929			4,817			37,746			1,775				39,521
Reallocation of noncontrolling interests		—		—		(369	)		—			—			(369	)		369				—
Balance at March 31, 2021 - As Restated		86,302	$	86	$	1,683,552		$	(41,962	)	$	(175,449	)	$	1,466,227		$	619,581			$	2,085,808

	Three Months Ended March 31, 2021
(in thousands)	As Reported			Adjustments				As Restated
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	1,860			(1,163	)		$	697
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		31,390			(750	)	(a)		30,640
Straight-line rents		(1,128	)		36		(a)		(1,092	)
Non-cash lease expense		1,041			—				1,041
Net unrealized holding gains on investments		(6,135	)		—				(6,135	)
Distributions of operating income from unconsolidated affiliates		390			—				390
Equity in (earnings) losses of unconsolidated affiliates		(2,263	)		381		(a)		(1,882	)
Stock compensation expense		4,511			—				4,511
Amortization of financing costs		1,269			(18	)	(a,b)		1,251
Gain on disposition of properties		(4,612	)		—				(4,612	)
Allowance for credit loss		3,065			(123	)	(a)		2,942
Adjustments to straight-line rent reserves		817			79		(a)		896
Other, net		(2,312	)		1,386		(a,b)		(926	)
Changes in assets and liabilities:
Other liabilities		3,847			(48	)	(a)		3,799
Lease liability - operating leases		(494	)		—				(494	)
Prepaid expenses and other assets		1,859			(105	)	(a)		1,754
Rents receivable		(2,408	)		90		(a)		(2,318	)
Accounts payable and accrued expenses		237			275		(a)		512
Net cash provided by operating activities		30,934			40				30,974
CASH FLOWS FROM INVESTING ACTIVITIES
Development, construction and property improvement costs		(5,425	)		46		(a)		(5,379	)
Proceeds from the disposition of properties, net		15,703			—				15,703
Investments in and advances to unconsolidated affiliates and other		(1,725	)		(336	)	(a)		(2,061	)
Return of capital from unconsolidated affiliates and other		4,377			1,000		(a)		5,377
Payment of deferred leasing costs		(1,438	)		410		(a)		(1,028	)
Net cash provided by investing activities		11,492			1,120				12,612
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes		(20,406	)		—				(20,406	)
Principal payments on unsecured debt		(33,250	)		—				(33,250	)
Proceeds received on mortgage and other notes		3,809			(2,990	)	(a)		819
Proceeds from unsecured debt		536			—				536
Capital contributions from noncontrolling interests		11,241			—				11,241
Distributions to noncontrolling interests		(6,800	)		1,000		(a)		(5,800	)
Deferred financing and other costs		(333	)		—				(333	)
Net cash used in financing activities		(45,203	)		(1,990	)			(47,193	)
Decrease in cash and restricted cash		(2,777	)		(830	)			(3,607	)
Cash of $18,699 and restricted cash of $11,096 beginning of period		33,924			(4,129	)			29,795
Cash of $14,085 and restricted cash of $12,103 end of period	$	31,147		$	(4,959	)		$	26,188

	June 30, 2021
(dollars in thousands, except per share amounts, unaudited)	As Reported			Adjustments				As Restated
ASSETS
Investments in real estate, at cost
Operating real estate, net	$	3,201,172		$	(69,819	)	(a)	$	3,131,353
Real estate under development		217,620			—		(a)		217,620
Net investments in real estate		3,418,792			(69,819	)			3,348,973
Notes receivable, net		117,280			(2,819	)	(b)		114,461
Investments in and advances to unconsolidated affiliates		258,063			22,177		(a)		280,240
Other assets, net		159,592			(3,798	)	(a)		155,794
Right-of-use assets - operating leases, net		42,398			—				42,398
Cash and cash equivalents		34,645			(1,566	)	(a)		33,079
Restricted cash		15,094			(3,432	)	(a)		11,662
Rents receivable, net		43,748			(1,062	)	(a)		42,686
Total assets	$	4,089,612		$	(60,319	)		$	4,029,293
LIABILITIES
Mortgage and other notes payable, net	$	1,162,617		$	(59,021	)	(a,b)	$	1,103,596
Unsecured notes payable, net		440,088			—				440,088
Unsecured line of credit		61,405			—				61,405
Accounts payable and other liabilities		239,056			(1,910	)	(a)		237,146
Lease liability - operating leases, net		40,861			—				40,861
Dividends and distributions payable		14,339			—				14,339
Distributions in excess of income from, and investments in, unconsolidated affiliates		14,896			—				14,896
Total liabilities		1,973,262			(60,931	)			1,912,331
Commitments and contingencies
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 88,419,303 shares		88			—				88
Additional paid-in capital		1,730,686			—				1,730,686
Accumulated other comprehensive loss		(47,909	)		—				(47,909	)
Distributions in excess of accumulated earnings		(184,174	)		(827	)	(b)		(185,001	)
Total Acadia shareholders’ equity		1,498,691			(827	)			1,497,864
Noncontrolling interests		617,659			1,439		(a,b)		619,098
Total equity		2,116,350			612				2,116,962
Total liabilities and equity	$	4,089,612		$	(60,319	)		$	4,029,293

	Three Months Ended June 30, 2021										Six Months Ended June 30, 2021
(in thousands except per share amounts, unaudited)	As Reported			Adjustments				As Restated			As Reported			Adjustments				As Restated
Revenues
Rental income	$	73,666		$	(1,597	)	(a)	$	72,069		$	140,871		$	(2,804	)	(a)	$	138,067
Other		994			(6	)	(a)		988			3,183			(6	)	(a)		3,177
Total revenues		74,660			(1,603	)			73,057			144,054			(2,810	)			141,244
Operating expenses
Depreciation and amortization		31,345			(805	)	(a)		30,540			62,735			(1,555	)	(a)		61,180
General and administrative		10,671			(18	)	(a)		10,653			19,667			(22	)	(a)		19,645
Real estate taxes		12,504			(290	)	(a)		12,214			23,966			(546	)	(a)		23,420
Property operating		12,890			(254	)	(a)		12,636			26,367			(522	)	(a)		25,845
Impairment charges		—			—				—			—			—				—
Total operating expenses		67,410			(1,367	)			66,043			132,735			(2,645	)			130,090
Gain on disposition of properties		5,909			—				5,909			10,521			—				10,521
Operating income		13,159			(236	)			12,923			21,840			(165	)			21,675
Equity in earnings of unconsolidated affiliates		1,106			(207	)	(a)		899			3,369			(588	)	(a)		2,781
Interest and other income		2,054			—				2,054			3,754			—				3,754
Realized and unrealized holding gains on investments and other		2,711			(869	)	(b)		1,842			9,218			(2,251	)	(b)		6,967
Interest expense		(17,605	)		531		(a,b)		(17,074	)		(34,746	)		1,058		(a,b)		(33,688	)
Income from continuing operations before income taxes		1,425			(781	)			644			3,435			(1,946	)			1,489
Income tax provision		(194	)		2		(a)		(192	)		(344	)		4		(a)		(340	)
Net income		1,231			(779	)			452			3,091			(1,942	)			1,149
Net loss attributable to noncontrolling interests		2,687			572		(a,b)		3,259			5,989			1,390		(a,b)		7,379
Net income attributable to Acadia	$	3,918		$	(207	)		$	3,711		$	9,080		$	(552	)		$	8,528
Net income attributable to participating securities	$	156		$	—			$	156		$	312		$	—			$	312
Shares for basic and diluted income per share		86,824			—				86,824			86,575			—				86,575
Basic and diluted income per share	$	0.04		$	—			$	0.04		$	0.10		$	(0.01	)		$	0.09

	Three Months Ended June 30, 2021										Six Months Ended June 30, 2021
(in thousands, unaudited)	As Reported			Adjustments				As Restated			As Reported			Adjustments				As Restated
Net income	$	1,231		$	(779	)		$	452		$	3,091		$	(1,942	)		$	1,149
Other comprehensive (loss) income
Unrealized (loss) gain on valuation of swap agreements		(10,073	)		4		(a)		(10,069	)		23,483			4		(a)		23,487
Reclassification of realized interest on swap agreements		5,324			(52	)	(a)		5,272			10,641			(101	)	(a)		10,540
Other comprehensive (loss) income		(4,749	)		(48	)			(4,797	)		34,124			(97	)			34,027
Comprehensive (loss) income		(3,518	)		(827	)			(4,345	)		37,215			(2,039	)			35,176
Comprehensive loss attributable to noncontrolling interests		1,489			620				2,109			(1,153	)		1,487				334
Comprehensive (loss) income attributable to Acadia	$	(2,029	)	$	(207	)		$	(2,236	)	$	36,062		$	(552	)		$	35,510

Statement of Changes in Shareholders' Equity - Three Months Ended June 30, 2021
As Previously Reported	Acadia Shareholders
(in thousands, except per share amounts, unaudited)	Common Shares		Share Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Accumulated Earnings			Total Common Shareholders’ Equity			Noncontrolling Interests				Total Equity
Balance at April 1, 2021		86,302		86		1,683,552		(41,962	)		(174,829	)		1,466,847			617,522				2,084,369
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		7		—		115		—			—			115			(115	)			—
Repurchase of Common Shares		2,072		2		45,675		—			—			45,677			—				45,677
Dividends/distributions declared ($0.15 per Common Share/OP Unit)		—		—		—		—			(13,263	)		(13,263	)		(1,052	)			(14,315	)
Employee and trustee stock compensation, net		38		—		225		—			—			225			2,399				2,624
Noncontrolling interest distributions		—		—		—		—			—			—			(4,355	)			(4,355	)
Noncontrolling interest contributions		—		—		—		—			—			—			5,868				5,868
Comprehensive loss		—		—		—		(5,947	)		3,918			(2,029	)		(1,489	)			(3,518	)
Reallocation of noncontrolling interests		—		—		1,119		—			—			1,119			(1,119	)			—
Balance at June 30, 2021		88,419	$	88	$	1,730,686	$	(47,909	)	$	(184,174	)	$	1,498,691		$	617,659			$	2,116,350
Adjustments
Balance at April 1, 2021		—	$	—	$	—	$	—		$	(620	)	$	(620	)	$	2,059			$	1,439
Comprehensive loss		—		—		—		—			(207	)		(207	)		(620	)	(a,b)		(827	)
Total Adjustments		—	$	—	$	—	$	—		$	(827	)	$	(827	)	$	1,439			$	612
As Restated
Balance at April 1, 2021 - As Restated		86,302	$	86	$	1,683,552	$	(41,962	)	$	(175,449	)	$	1,466,227		$	619,581			$	2,085,808
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		7		—		115		—			—			115			(115	)			—
Issuance of Common Shares		2,072		2		45,675		—			—			45,677			—				45,677
Dividends/distributions declared ($0.15 per Common Share/OP Unit)		—		—		—		—			(13,263	)		(13,263	)		(1,052	)			(14,315	)
Employee and trustee stock compensation, net		38		—		225		—			—			225			2,399				2,624
Noncontrolling interest distributions		—		—		—		—			—			—			(4,355	)			(4,355	)
Noncontrolling interest contributions		—		—		—		—			—			—			5,868				5,868
Comprehensive loss		—		—		—		(5,947	)		3,711			(2,236	)		(2,109	)			(4,345	)
Reallocation of noncontrolling interests		—		—		1,119		—			—			1,119			(1,119	)			—
Balance at June 30, 2021 -As Restated		88,419	$	88	$	1,730,686	$	(47,909	)	$	(185,001	)	$	1,497,864		$	619,098			$	2,116,962

Statement of Changes in Shareholders' Equity - Six Months Ended June 30, 2021
As Previously Reported	Acadia Shareholders
(in thousands, except per share amounts, unaudited)	Common Shares		Share Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Accumulated Earnings			Total Common Shareholders’ Equity			Noncontrolling Interests				Total Equity
Balance at January 1, 2021		86,269	$	86	$	1,683,165	$	(74,891	)	$	(167,046	)	$	1,441,314		$	607,239			$	2,048,553
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		26		—		409		—			—			409			(409	)			—
Issuance of Common Shares		2,072		2		45,675		—			—			45,677			—				45,677
Dividends/distributions declared ($0.30 per Common Share/OP Unit)		—		—		—		—			(26,208	)		(26,208	)		(2,100	)			(28,308	)
Employee and trustee stock compensation, net		52		—		687		—			—			687			6,448				7,135
Noncontrolling interest distributions		—		—		—		—			—			—			(11,031	)			(11,031	)
Noncontrolling interest contributions		—		—		—		—			—			—			17,109				17,109
Comprehensive (loss) income		—		—		—		26,982			9,080			36,062			1,153				37,215
Reallocation of noncontrolling interests		—		—		750		—			—			750			(750	)			—
Balance at June 30, 2021		88,419	$	88	$	1,730,686	$	(47,909	)	$	(184,174	)	$	1,498,691		$	617,659			$	2,116,350
Adjustments
Balance at January 1, 2021		—	$	—	$	—	$	—		$	(275	)	$	(275	)	$	1,926			$	1,651
Noncontrolling interest distributions		—		—		—		—			—			—			1,000		(a)		1,000
Comprehensive (loss) income		—		—		—		—			(552	)		(552	)		(1,487	)	(a,b)		(2,039	)
Total Adjustments		—	$	—	$	—	$	—		$	(827	)	$	(827	)	$	1,439			$	612
Balance at January 1, 2021 - Restated		86,269	$	86	$	1,683,165	$	(74,891	)	$	(167,321	)	$	1,441,039		$	609,165			$	2,050,204
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		26		—		409		—			—			409			(409	)			—
Issuance of Common Shares		2,072		2		45,675		—			—			45,677			—				45,677
Dividends/distributions declared ($0.30 per Common Share/OP Unit)		—		—		—		—			(26,208	)		(26,208	)		(2,100	)			(28,308	)
Employee and trustee stock compensation, net		52		—		687		—			—			687			6,448				7,135
Noncontrolling interest distributions		—		—		—		—			—			—			(10,031	)			(10,031	)
Noncontrolling interest contributions		—		—		—		—			—			—			17,109				17,109
Comprehensive (loss) income		—		—		—		26,982			8,528			35,510			(334	)			35,176
Reallocation of noncontrolling interests		—		—		750		—			—			750			(750	)			—
Balance at June 31, 2021 - Restated		88,419	$	88	$	1,730,686	$	(47,909	)	$	(185,001	)	$	1,497,864		$	619,098			$	2,116,962

	Six Months Ended June 30, 2021
(in thousands, unaudited)	As Reported			Adjustments				As Restated
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	3,091			(1,942	)		$	1,149
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		62,735			(1,555	)	(a)		61,180
Straight-line rents		(2,765	)		80		(a)		(2,685	)
Non-cash lease expense		2,066			—				2,066
Net unrealized holding gains on investments		(8,565	)		—				(8,565	)
Distributions of operating income from unconsolidated affiliates		1,387			—				1,387
Equity in (earnings) losses of unconsolidated affiliates		(3,369	)		588		(a)		(2,781	)
Stock compensation expense		7,135			—				7,135
Amortization of financing costs		2,546			(36	)	(a,b)		2,510
Gain on disposition of properties		(10,521	)		—				(10,521	)
Allowance for credit loss		1,238			(144	)	(a)		1,094
Termination of ground lease		(3,615	)		—				(3,615	)
Adjustments to straight-line rent reserves		511			73		(a)		584
Other, net		(4,127	)		2,258		(a,b)		(1,869	)
Changes in assets and liabilities:
Other liabilities		3,114			(74	)	(a)		3,040
Lease liability - operating leases		(1,533	)		—				(1,533	)
Prepaid expenses and other assets		(487	)		37		(a)		(450	)
Rents receivable		2,801			(24	)	(a)		2,777
Accounts payable and accrued expenses		(609	)		267		(a)		(342	)
Net cash provided by operating activities		51,033			(472	)			50,561
CASH FLOWS FROM INVESTING ACTIVITIES
Development, construction and property improvement costs		(16,620	)		880		(a)		(15,740	)
Proceeds from the disposition of properties, net		63,901			—				63,901
Investments in and advances to unconsolidated affiliates and other		(3,976	)		(647	)	(a)		(4,623	)
Return of capital from unconsolidated affiliates and other		7,717			1,000		(a)		8,717
Issuance of notes receivable		(15,995	)		—				(15,995	)
Return of deposits for properties under contract		(1,000	)		—				(1,000	)
Payment of deferred leasing costs		(3,080	)		360		(a)		(2,720	)
Net cash provided by investing activities		30,947			1,593				32,540
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes		(52,408	)		—				(52,408	)
Principal payments on unsecured debt		(102,800	)		—				(102,800	)
Proceeds received on mortgage and other notes		8,818			(2,990	)	(a)		5,828
Proceeds from unsecured debt		49,295			—				49,295
Proceeds from the sale (repurchase) of Common Shares		45,675			—				45,675
Capital contributions from noncontrolling interests		17,109			—				17,109
Distributions to noncontrolling interests		(12,202	)		1,000		(a)		(11,202	)
Dividends paid to Common Shareholders		(12,945	)		—				(12,945	)
Deferred financing and other costs		(6,707	)		—				(6,707	)
Net cash used in financing activities		(66,165	)		(1,990	)			(68,155	)
Increase in cash and restricted cash		15,815			(869	)			14,946
Cash of $18,699 and restricted cash of $11,096 beginning of period		33,924			(4,129	)			29,795
Cash of $33,079 and restricted cash of $11,662 end of period	$	49,739		$	(4,998	)		$	44,741

	September 30, 2021
(dollars in thousands, except per share amounts, unaudited)	As Reported			Adjustments				As Restated
ASSETS
Investments in real estate, at cost
Operating real estate, net	$	3,268,573		$	(69,334	)	(a)	$	3,199,239
Real estate under development		219,037			—		(a)		219,037
Net investments in real estate		3,487,610			(69,334	)			3,418,276
Notes receivable, net		158,468			(3,619	)	(b)		154,849
Investments in and advances to unconsolidated affiliates		305,668			21,828		(a)		327,496
Other assets, net		174,750			(3,477	)	(a)		171,273
Right-of-use assets - operating leases, net		41,577			—				41,577
Cash and cash equivalents		17,359			(1,201	)	(a)		16,158
Restricted cash		14,827			(3,463	)	(a)		11,364
Rents receivable, net		44,386			(1,094	)	(a)		43,292
Total assets	$	4,244,645		$	(60,360	)		$	4,184,285
LIABILITIES
Mortgage and other notes payable, net	$	1,181,028		$	(59,205	)	(a,b)	$	1,121,823
Unsecured notes payable, net		503,966			53		(b)		504,019
Unsecured line of credit		102,905			—				102,905
Accounts payable and other liabilities		245,697			(1,686	)	(a)		244,011
Lease liability - operating leases, net		39,743			—				39,743
Dividends and distributions payable		14,339			—				14,339
Distributions in excess of income from, and investments in, unconsolidated affiliates		15,456			—				15,456
Total liabilities		2,103,134			(60,838	)			2,042,296
Commitments and contingencies
EQUITY
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 88,451,668 shares		88			—				88
Additional paid-in capital		1,733,448			—				1,733,448
Accumulated other comprehensive loss		(43,169	)		—				(43,169	)
Distributions in excess of accumulated earnings		(185,373	)		(889	)	(b)		(186,262	)
Total Acadia shareholders’ equity		1,504,994			(889	)			1,504,105
Noncontrolling interests		636,517			1,367		(a,b)		637,884
Total equity		2,141,511			478				2,141,989
Total liabilities and equity	$	4,244,645		$	(60,360	)		$	4,184,285

	Three Months Ended September 30, 2021										Nine Months Ended September 30, 2021
(in thousands except per share amounts, unaudited)	As Reported			Adjustments				As Restated			As Reported			Adjustments				As Restated
Revenues
Rental income	$	71,852		$	(1,550	)	(a)	$	70,302		$	212,723		$	(4,354	)	(a)	$	208,369
Other		1,594			—				1,594			4,777			(6	)	(a)		4,771
Total revenues		73,446			(1,550	)			71,896			217,500			(4,360	)			213,140
Operating expenses
Depreciation and amortization		30,866			(802	)	(a)		30,064			93,601			(2,357	)	(a)		91,244
General and administrative		9,978			(68	)	(a)		9,910			29,645			(90	)	(a)		29,555
Real estate taxes		11,320			(292	)	(a)		11,028			35,286			(838	)	(a)		34,448
Property operating		12,698			(255	)	(a)		12,443			39,065			(777	)	(a)		38,288
Impairment charges		9,925			—				9,925			9,925			—				9,925
Total operating expenses		74,787			(1,417	)			73,370			207,522			(4,062	)			203,460
Gain on disposition of properties		—			—				—			10,521			—				10,521
Operating (loss) gain		(1,341	)		(133	)			(1,474	)		20,499			(298	)			20,201
Equity in earnings of unconsolidated affiliates		644			(272	)	(a)		372			4,013			(860	)	(a)		3,153
Interest and other income		2,354			—				2,354			6,108			—				6,108
Realized and unrealized holding gains on investments and other		47,293			(800	)	(b)		46,493			56,511			(3,051	)	(b)		53,460
Interest expense		(17,334	)		720		(a,b)		(16,614	)		(52,080	)		1,778		(a,b)		(50,302	)
Income from continuing operations before income taxes		31,616			(485	)			31,131			35,051			(2,431	)			32,620
Income tax provision		(59	)		—				(59	)		(403	)		4		(a)		(399	)
Net income		31,557			(485	)			31,072			34,648			(2,427	)			32,221
Net income attributable to noncontrolling interests		(19,488	)		423		(a,b)		(19,065	)		(13,499	)		1,813		(a,b)		(11,686	)
Net income attributable to Acadia		12,069		$	(62	)		$	12,007		$	21,149		$	(614	)		$	20,535
Net income attributable to participating securities	$	156		$	—			$	156		$	468		$	—			$	468
Shares for basic and diluted income per share		88,481			—				88,481			87,217			—				87,217
Basic and diluted income per share	$	0.13		$	—			$	0.13		$	0.24		$	(0.01	)		$	0.23

	Three Months September 30, 2021										Nine Months Ended September 30, 2021
(in thousands, unaudited)	As Reported			Adjustments				As Restated			As Reported			Adjustments				As Restated
Net income	$	31,557		$	(485	)		$	31,072		$	34,648		$	(2,427	)		$	32,221
Other comprehensive income
Unrealized gain on valuation of swap agreements		1,045			3		(a)		1,048			24,528			7		(a)		24,535
Reclassification of realized interest on swap agreements		5,528			(52	)	(a)		5,476			16,169			(153	)	(a)		16,016
Other comprehensive income		6,573			(49	)			6,524			40,697			(146	)			40,551
Comprehensive income		38,130			(534	)			37,596			75,345			(2,573	)			72,772
Comprehensive income attributable to noncontrolling interests		(21,321	)		472				(20,849	)		(22,474	)		1,959				(20,515	)
Comprehensive income attributable to Acadia	$	16,809		$	(62	)		$	16,747		$	52,871		$	(614	)		$	52,257

Statement of Changes in Shareholders' Equity - Three Months Ended September 30, 2021
As Previously Reported	Acadia Shareholders
(in thousands, except per share amounts, unaudited)	Common Shares		Share Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Accumulated Earnings			Total Common Shareholders’ Equity			Noncontrolling Interests				Total Equity
Balance at July 1, 2021		88,419	$	88	$	1,730,686	$	(47,909	)	$	(184,174	)	$	1,498,691		$	617,659			$	2,116,350
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		18		—		288		—			—			288			(288	)			—
Cancellation of OP Units		—		—		—		—			—			—			(479	)			(479	)
Issuance of Common Shares		13		—		189		—			—			189			—				189
Dividends/distributions declared ($0.15 per Common Share/OP Unit)		—		—		—		—			(13,268	)		(13,268	)		(1,046	)			(14,314	)
Employee and trustee stock compensation, net		2		—		225		—			—			225			2,419				2,644
Noncontrolling interest distributions		—		—		—		—			—			—			(10,527	)			(10,527	)
Noncontrolling interest contributions		—		—		—		—			—			—			9,518				9,518
Comprehensive income		—		—		—		4,740			12,069			16,809			21,321				38,130
Reallocation of noncontrolling interests		—		—		2,060		—			—			2,060			(2,060	)			—
Balance at September 30, 2021		88,452	$	88	$	1,733,448	$	(43,169	)	$	(185,373	)	$	1,504,994		$	636,517			$	2,141,511
Adjustments
Balance at July 1, 2021		—	$	—	$	—	$	—		$	(827	)	$	(827	)	$	1,439			$	612
Noncontrolling interest distributions		—		—		—		—			—			—			400		(a)		400
Comprehensive income		—		—		—		—			(62	)		(62	)		(472	)	(a,b)		(534	)
Total Adjustments		—	$	—	$	—	$	—		$	(889	)	$	(889	)	$	1,367			$	478
As Restated
Balance at July 1, 2021 - As Restated		88,419	$	88	$	1,730,686	$	(47,909	)	$	(185,001	)	$	1,497,864		$	619,098			$	2,116,962
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		18		—		288		—			—			288			(288	)			—
Cancellation of OP Units		—		—		-		—			—			—			(479	)			(479	)
Issuance of Common Shares		13		—		189		—			—			189			—				189
Dividends/distributions declared ($0.15 per Common Share/OP Unit)		—		—		—		—			(13,268	)		(13,268	)		(1,046	)			(14,314	)
Employee and trustee stock compensation, net		2		—		225		—			—			225			2,419				2,644
Noncontrolling interest distributions		—		—		—		—			—			—			(10,127	)			(10,127	)
Noncontrolling interest contributions		—		—		—		—			—			—			9,518				9,518
Comprehensive income		—		—		—		4,740			12,007			16,747			20,849				37,596
Reallocation of noncontrolling interests		—		—		2,060		—			—			2,060			(2,060	)			—
Balance at September 30, 2021 - As Restated		88,452	$	88	$	1,733,448	$	(43,169	)	$	(186,262	)	$	1,504,105		$	637,884			$	2,141,989

Statement of Changes in Shareholders' Equity - Nine Months Ended September 30, 2021
As Previously Reported	Acadia Shareholders
(in thousands, except per share amounts, unaudited)	Common Shares		Share Amount		Additional Paid-in Capital		Accumulated Other Comprehensive Income (Loss)			Distributions in Excess of Accumulated Earnings			Total Common Shareholders’ Equity			Noncontrolling Interests				Total Equity
Balance at January 1, 2021		86,269	$	86	$	1,683,165	$	(74,891	)	$	(167,046	)	$	1,441,314		$	607,239			$	2,048,553
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		44		—		697		—			—			697			(697	)			—
Cancellation of OP Units		—		—		—		—			—			—			(479	)			(479	)
Issuance of Common Shares		2,085		2		45,863		—			—			45,865			—				45,865
Dividends/distributions declared ($0.45 per Common Share/OP Unit)		—		—		—		—			(39,476	)		(39,476	)		(3,146	)			(42,622	)
Employee and trustee stock compensation, net		54		—		914		—			—			914			8,866				9,780
Noncontrolling interest distributions		—		—		—		—			—			—			(21,558	)			(21,558	)
Noncontrolling interest contributions		—		—		—		—			—			—			26,627				26,627
Comprehensive income		—		—		—		31,722			21,149			52,871			22,474				75,345
Reallocation of noncontrolling interests		—		—		2,809		—			—			2,809			(2,809	)			—
Balance at September 30, 2021		88,452	$	88	$	1,733,448	$	(43,169	)	$	(185,373	)	$	1,504,994		$	636,517			$	2,141,511
Adjustments
Balance at January 1, 2021		—	$	—	$	—	$	—		$	(275	)	$	(275	)	$	1,926			$	1,651
Noncontrolling interest distributions		—		—		—		—			—			—			1,400		(a)		1,400
Comprehensive loss		—		—		—		—			(614	)		(614	)		(1,959	)	(a,b)		(2,573	)
Total Adjustments		—	$	—	$	—	$	—		$	(889	)	$	(889	)	$	1,367			$	478
As Restated
Balance at January 1, 2021 Restated		86,269	$	86	$	1,683,165	$	(74,891	)	$	(167,321	)	$	1,441,039		$	609,165			$	2,050,204
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		44		—		697		—			—			697			(697	)			—
Cancellation of OP Units		—		—		—		—			—			—			(479	)			(479	)
Issuance of Common Shares		2,085		2		45,863		—			—			45,865			—				45,865
Dividends/distributions declared ($0.45 per Common Share/OP Unit)		—		—		—		—			(39,476	)		(39,476	)		(3,146	)			(42,622	)
Employee and trustee stock compensation, net		54		—		914		—			—			914			8,866				9,780
Noncontrolling interest distributions		—		—		—		—			—			—			(20,158	)			(20,158	)
Noncontrolling interest contributions		—		—		—		—			—			—			26,627				26,627
Comprehensive income		—		—		—		31,722			20,535			52,257			20,515				72,772
Reallocation of noncontrolling interests		—		—		2,809		—			—			2,809			(2,809	)			—
Balance at September 30, 2021 - Restated		88,452	$	88	$	1,733,448	$	(43,169	)	$	(186,262	)	$	1,504,105		$	637,884			$	2,141,989

	Nine Months Ended September 30, 2021
(in thousands, unaudited)	As Reported			Adjustments				As Restated
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	34,648			(2,427	)		$	32,221
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		93,601			(2,357	)	(a)		91,244
Straight-line rents		(4,244	)		137		(a)		(4,107	)
Non-cash lease expense		2,887			—				2,887
Net unrealized holding gains on investments		(55,796	)		—				(55,796	)
Distributions of operating income from unconsolidated affiliates		2,004			—				2,004
Equity in (earnings) losses of unconsolidated affiliates		(4,013	)		860		(a)		(3,153	)
Stock compensation expense		9,780			—				9,780
Amortization of financing costs		3,901			(239	)	(a,b)		3,662
Impairment charges		9,925			—				9,925
Gain on disposition of properties		(10,521	)		—				(10,521	)
Allowance for credit loss		973			(200	)	(a)		773
Termination of ground lease		(3,615	)		—				(3,615	)
Adjustments to straight-line rent reserves		254			66		(a)		320
Other, net		(5,319	)		3,060		(a,b)		(2,259	)
Changes in assets and liabilities:
Other liabilities		1,833			(85	)	(a)		1,748
Lease liability - operating leases		(2,653	)		—				(2,653	)
Prepaid expenses and other assets		(5,579	)		(102	)	(a)		(5,681	)
Rents receivable		4,104			14		(a)		4,118
Accounts payable and accrued expenses		220			269		(a)		489
Net cash provided by operating activities		72,390			(1,004	)			71,386
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate		(63,425	)		—				(63,425	)
Development, construction and property improvement costs		(27,197	)		1,262		(a)		(25,935	)
Proceeds from the disposition of properties, net		63,901			—				63,901
Investments in and advances to unconsolidated affiliates and other		(6,111	)		(921	)	(a)		(7,032	)
Return of capital from unconsolidated affiliates and other		10,671			1,400		(a)		12,071
Issuance of notes receivable		(57,957	)		—				(57,957	)
Payment of deferred leasing costs		(3,509	)		318		(a)		(3,191	)
Net cash used in investing activities		(83,627	)		2,059				(81,568	)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes		(69,766	)		—				(69,766	)
Principal payments on unsecured debt		(160,387	)		—				(160,387	)
Proceeds received on mortgage and other notes		12,654			(2,990	)	(a)		9,664
Proceeds from unsecured debt		211,854			—				211,854
Payments of finance lease obligations		(63	)		—				(63	)
Proceeds from the sale (repurchase) of Common Shares		45,865			—				45,865
Capital contributions from noncontrolling interests		26,627			—				26,627
Distributions to noncontrolling interests		(23,781	)		1,400		(a)		(22,381	)
Dividends paid to Common Shareholders		(26,208	)		—				(26,208	)
Deferred financing and other costs		(7,296	)		—				(7,296	)
Net cash provided by financing activities		9,499			(1,590	)			7,909
Decrease in cash and restricted cash		(1,738	)		(535	)			(2,273	)
Cash of $18,699 and restricted cash of $11,096 beginning of period		33,924			(4,129	)			29,795
Cash of $16,158 and restricted cash of $11,364 end of period	$	32,186		$	(4,664	)		$	27,522