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

3 Months Ended

Mar. 31, 2023

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

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
November 9, 2022	$	0.18	December 30, 2022	January 13, 2023
January 17, 2023	$	0.18	March 31, 2023	April 14, 2023

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 months ended March 31, 2023 and 2022 (in thousands):


	Acadia's Share
Balance at January 1, 2023	$	46,817

Other comprehensive loss before reclassifications - swap agreements		(15,242	)
Reclassification of realized interest on swap agreements		(6,553	)
Net current period other comprehensive loss		(21,795	)
Net current period other comprehensive loss attributable to redeemable noncontrolling interests		—
Net current period other comprehensive loss attributable to noncontrolling interests		4,981
Balance at March 31, 2023	$	30,003

Balance at January 1, 2022	$	(36,214	)

Other comprehensive income before reclassifications - swap agreements		35,734
Reclassification of realized interest on swap agreements		5,049
Net current period other comprehensive income		40,783
Net current period other comprehensive income attributable to noncontrolling interests		(10,293	)
Balance at March 31, 2022	$	(5,724	)

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three months ended March 31, 2023 and 2022 (dollars in thousands):


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at January 1, 2023	$	99,554		$	389,810		$	489,364		$	67,664
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,343	)		—			(1,343	)
Net income (loss) for the three months ended March 31, 2023		917			9,800			10,717			(2,075	)
Conversion of 37,393 Common OP Units to Common Shares by limited partners of the Operating Partnership		(631	)		—			(631	)		—
Other comprehensive loss - unrealized gain on valuation of swap agreements		(914	)		(1,347	)		(2,261	)		—
Reclassification of realized interest expense on swap agreements		(45	)		(2,675	)		(2,720	)		—
City Point Loan accrued interest		—			—			—			(2,320	)
Noncontrolling interest contributions		—			31,242			31,242			—
Noncontrolling interest distributions		—			(70,868	)		(70,868	)		—
Employee Long-term Incentive Plan Unit Awards		3,897			—			3,897			—
Reallocation of noncontrolling interests (d)		1,784			—			1,784			—
Balance at March 31, 2023	$	103,219		$	355,962		$	459,181		$	63,269

Balance at January 1, 2022	$	94,120		$	534,202		$	628,322		$	—
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,283	)		—			(1,283	)		—
Net income for the three months ended March 31, 2022		1,121			26,138			27,259			—
Conversion of 35,606 Common OP Units to Common Shares by limited partners of the Operating Partnership		(572	)		—			(572	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		1,698			6,929			8,627			—
Reclassification of realized interest expense on swap agreements		46			1,620			1,666			—
Noncontrolling interest contributions		—			99,129			99,129			—
Noncontrolling interest distributions		—			(22,780	)		(22,780	)		—
Employee Long-term Incentive Plan Unit Awards		3,389			—			3,389			—
Reallocation of noncontrolling interests (d)		2,836			—			2,836			—
Balance at March 31, 2022	$	101,355		$	645,238		$	746,593		$	—

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,864,074 and 3,076,849 Common OP Units at March 31, 2023 and 2022, respectively; (ii) 188 Series A Preferred OP Units at each of March 31, 2023 and 2022; (iii) 126,384 and 126,593 Series C Preferred OP Units at March 31, 2023 and 2022, respectively; and (iv) 4,313,047 and 3,705,353 LTIP units at March 31, 2023 and 2022, respectively, as discussed in 2020 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, as further described below.

(d)

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.