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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2022

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

The following table sets forth the distributions declared and/or paid during the periods presented:


Date Declared	Amount Per Share		Record Date	Payment Date

March 15, 2021	$	0.15	March 31, 2021	April 15, 2021
May 5, 2021	$	0.15	June 30, 2021	July 15, 2021
August 5, 2021	$	0.15	September 30, 2021	October 15, 2021
November 3, 2021	$	0.15	December 31, 2021	January 14, 2022
February 15, 2022	$	0.18	March 31, 2022	April 14, 2022
May 4, 2022	$	0.18	June 30, 2022	July 15, 2022
August 10, 2022	$	0.18	September 30, 2022	October 14, 2022

Summary of Activity in Accumulated Other Comprehensive Income (Loss)

The following tables set forth the activity in accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021 (in thousands):


	Gains or Losses on Derivative Instruments
Balance at July 1, 2022	$	11,240

Other comprehensive income before reclassifications - swap agreements		44,114
Reclassification of realized interest on swap agreements		1,518
Net current period other comprehensive income		45,632
Net current period other comprehensive loss attributable to redeemable noncontrolling interests		—
Net current period other comprehensive income attributable to noncontrolling interests		(7,188	)
Balance at September 30, 2022	$	49,684

Balance at July 1, 2021	$	(47,909	)

Other comprehensive income before reclassifications - swap agreements		1,048
Reclassification of realized interest on swap agreements		5,476
Net current period other comprehensive income		6,524
Net current period other comprehensive income attributable to noncontrolling interests		(1,784	)
Balance at September 30, 2021	$	(43,169	)


	Acadia's Share
Balance at January 1, 2022	$	(36,214	)

Other comprehensive income before reclassifications - swap agreements		96,899
Reclassification of realized interest on swap agreements		10,778
Net current period other comprehensive income		107,677
Net current period other comprehensive loss attributable to redeemable noncontrolling interests		—
Net current period other comprehensive income attributable to noncontrolling interests		(21,779	)
Balance at September 30, 2022	$	49,684

Balance at January 1, 2021	$	(74,891	)

Other comprehensive income before reclassifications - swap agreements		24,535
Reclassification of realized interest on swap agreements		16,016
Net current period other comprehensive income		40,551
Net current period other comprehensive income attributable to noncontrolling interests		(8,829	)
Balance at September 30, 2021	$	(43,169	)

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands):


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at July 1, 2022	$	103,068		$	567,538		$	670,606		$	-
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,276	)		—			(1,276	)
Net loss for the three months ended September 30, 2022		(2,958	)		(27,503	)		(30,461	)		(3,193	)
Conversion of 20,000 Common OP Units to Common Shares by limited partners of the Operating Partnership		(333	)		—			(333	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		2,145			4,877			7,022			—
Reclassification of realized interest expense on swap agreements		5			161			166			—
Acquisition of noncontrolling interest (d)		—			(50,435	)		(50,435	)		—
City Point Loan		—			—			-			(65,405	)
City Point Loan accrued interest		—			—			-			(1,564	)
Noncontrolling interest contributions		—			9,572			9,572			65,945
Noncontrolling interest distributions		—			(24,632	)		(24,632	)		—
Employee Long-term Incentive Plan Unit Awards		1,997			—			1,997			—
Reclassification of redeemable noncontrolling interests(e)		—			(76,569	)		(76,569	)		76,569
Reallocation of noncontrolling interests (f)		644			—			644			—
Balance at September 30, 2022	$	103,292		$	403,009		$	506,301		$	72,352

Balance at July 1, 2021	$	95,088		$	524,010		$	619,098		$	—
Distributions declared of $0.15 per Common OP Unit and distributions on Preferred OP Units		(1,046	)		—			(1,046	)		—
Net income for the three months ended September 30, 2021		872			18,193			19,065			—
Conversion of 18,000 Common OP Units to Common Shares by limited partners of the Operating Partnership		(288	)		—			(288	)		—
Cancellation of OP units(g)		(479	)		—			(479	)		—
Other comprehensive loss - unrealized gain (loss) on valuation of swap agreements		227			(258	)		(31	)		—
Reclassification of realized interest expense on swap agreements		53			1,762			1,815			—
Noncontrolling interest contributions		—			9,518			9,518			—
Noncontrolling interest distributions		—			(10,127	)		(10,127	)		—
Employee Long-term Incentive Plan Unit Awards		2,419			—			2,419			—
Reallocation of noncontrolling interests (f)		(2,060	)		—			(2,060	)		—
Balance at September 30, 2021	$	94,786		$	543,098		$	637,884		$	—


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at January 1, 2022	$	94,120		$	534,202		$	628,322		$	—
Distributions declared of $0.54 per Common OP Unit and distributions on Preferred OP Units		(3,846	)		—			(3,846	)		—
Net loss for the nine months ended September 30, 2022		(1,686	)		(16,967	)		(18,653	)		(3,193	)
Conversion of 71,307 Common OP Units to Common Shares by limited partners of the Operating Partnership		(1,147	)		—			(1,147	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		4,780			13,840			18,620			—
Reclassification of realized interest expense on swap agreements		80			3,079			3,159			—
Acquisition of noncontrolling interest (d)		—			(91,811	)		(91,811	)		—
City Point Loan		—			—			—			(65,405	)
City Point Loan accrued interest		—			—			—			(1,564	)
Noncontrolling interest contributions		—			109,422			109,422			65,945
Noncontrolling interest distributions		—			(72,187	)		(72,187	)		—
Employee Long-term Incentive Plan Unit Awards		7,669			—			7,669			—
Reclassification of redeemable noncontrolling interests(e)		—			(76,569	)		(76,569	)		76,569
Reallocation of noncontrolling interests (f)		3,322			—			3,322			—
Balance at September 30, 2022	$	103,292		$	403,009		$	506,301		$	72,352

Balance at January 1, 2021	$	89,431		$	519,734		$	609,165		$	—
Distributions declared of $0.45 per Common OP Unit		(3,146	)		—			(3,146	)		—
Net income for the nine months ended September 30, 2021		1,738			9,948			11,686			—
Conversion of 43,973 Common OP Units to Common Shares by limited partners of the Operating Partnership		(697	)		—			(697	)		—
Cancellation of OP units(g)		(479	)		—			(479	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		1,723			1,630			3,353			—
Reclassification of realized interest expense on swap agreements		159			5,317			5,476			—
Noncontrolling interest contributions		—			26,627			26,627			—
Noncontrolling interest distributions		—			(20,158	)		(20,158	)		—
Employee Long-term Incentive Plan Unit Awards		8,866			—			8,866			—
Reallocation of noncontrolling interests (f)		(2,809	)		—			(2,809	)		—
Balance at September 30, 2021	$	94,786		$	543,098		$	637,884		$	—

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,062,108 and 3,101,958 Common OP Units at September 30, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at each of September 30, 2022 and 2021; (iii) 126,593 Series C Preferred OP Units at each of September 30, 2022 and 2021; and (iv) 3,666,989 and 3,434,894 LTIP units at September 30, 2022 and 2021, respectively, as discussed in Share Incentive Plan (Note 13). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above.

(b)

Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and seven other subsidiaries.

(c)

Redeemable noncontrolling interests comprise third-party interest in Fund II as limited partners in this Fund have been granted put rights.

(d)

Represents the acquisition of the 11.67% noncontrolling interest in Fund II and Mervyns II acquired on June 27, 2022 for $18.5 million and 21.67% in Fund II on August 1, 2022 for $5.8 million (Note 1).

(e)

Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022.

(f)

Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership.

(g)

The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $0.5 million on July 12, 2021 (Note 3)