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

6 Months Ended

Jun. 30, 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
May 3, 2023	$	0.18	June 30, 2023	July 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 and six months ended June 30, 2023 and 2022 (in thousands):


	Acadia's Share
Balance at April 1, 2023	$	30,003

Other comprehensive income before reclassifications - swap agreements		33,513
Reclassification of realized interest on swap agreements		(8,262	)
Net current period other comprehensive income		25,251
Net current period other comprehensive income attributable to noncontrolling interests		(5,399	)
Balance at June 30, 2023	$	49,855

Balance at April 1, 2022	$	(5,724	)

Other comprehensive income before reclassifications - swap agreements		17,050
Reclassification of realized interest on swap agreements		4,211
Net current period other comprehensive income		21,261
Net current period other comprehensive income attributable to noncontrolling interests		(4,297	)
Balance at June 30, 2022	$	11,240


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

Other comprehensive income before reclassifications - swap agreements		18,271
Reclassification of realized interest on swap agreements		(14,815	)
Net current period other comprehensive income		3,456
Net current period other comprehensive income attributable to noncontrolling interests		(418	)
Balance at June 30, 2023	$	49,855

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

Other comprehensive income before reclassifications - swap agreements		52,784
Reclassification of realized interest on swap agreements		9,261
Net current period other comprehensive income		62,045
Net current period other comprehensive income attributable to noncontrolling interests		(14,591	)
Balance at June 30, 2022	$	11,240

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three and six months ended June 30, 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 April 1, 2023	$	103,219		$	355,962		$	459,181		$	63,269
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,341	)		—			(1,341	)
Net income (loss) for the three months ended June 30, 2023		697			(6,130	)		(5,433	)		(1,091	)
Conversion of 54,040 Common OP Units to Common Shares by limited partners of the Operating Partnership		(901	)		—			(901	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		1,169			7,867			9,036			—
Reclassification of realized interest expense on swap agreements		(54	)		(3,583	)		(3,637	)		—
City Point Loan		—			—			—			(796	)
City Point Loan accrued interest		—			—			—			(2,345	)
Noncontrolling interest contributions		—						—			796
Noncontrolling interest distributions		—			(5,492	)		(5,492	)		—
Employee Long-term Incentive Plan Unit Awards		2,468			—			2,468			—
Reallocation of noncontrolling interests (c)		(1,444	)		—			(1,444	)		—
Balance at June 30, 2023	$	103,813		$	348,624		$	452,437		$	59,833

Balance at April 1, 2022	$	101,355		$	645,238		$	746,593		$	—
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,286	)		—			(1,286	)		—
Net income for the three months ended June 30, 2022		151			(15,602	)		(15,451	)		—
Conversion of 15,701 Common OP Units to Common Shares by limited partners of the Operating Partnership		(243	)		—			(243	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		937			2,033			2,970			—
Reclassification of realized interest expense on swap agreements		29			1,298			1,327			—
Acquisition of noncontrolling interest (d)		—			(41,376	)		(41,376	)		—
Noncontrolling interest contributions		—			723			723			—
Noncontrolling interest distributions		—			(24,776	)		(24,776	)		—
Employee Long-term Incentive Plan Unit Awards		2,283			—			2,283			—
Reallocation of noncontrolling interests (c)		(158	)		—			(158	)		—
Balance at June 30, 2022	$	103,068		$	567,538		$	670,606		$	—


	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 $0.36 per Common OP Unit and distributions on Preferred OP Units		(2,684	)		—			(2,684	)		—
Net income for the six months ended June 30, 2023		1,614			3,670			5,284			(3,166	)
Conversion of 91,433 Common OP Units to Common Shares by limited partners of the Operating Partnership		(1,533	)		—			(1,533	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		255			6,520			6,775			—
Reclassification of realized interest expense on swap agreements		(99	)		(6,258	)		(6,357	)		—
City Point Loan		—			—			—			(796	)
City Point Loan accrued interest		—			—			—			(4,665	)
Noncontrolling interest contributions		—			31,242			31,242			796
Noncontrolling interest distributions		—			(76,360	)		(76,360	)		—
Employee Long-term Incentive Plan Unit Awards		6,366			—			6,366			—
Reallocation of noncontrolling interests (c)		340			—			340			—
Balance at June 30, 2023	$	103,813		$	348,624		$	452,437		$	59,833

Balance at January 1, 2022	$	94,120		$	534,202		$	628,322		$	—
Distributions declared of $0.36 per Common OP Unit and distributions on Preferred OP Units		(2,569	)		—			(2,569	)		—
Net income for the six months ended June 30, 2022		1,274			10,534			11,808			—
Conversion of 51,307 Common OP Units to Common Shares by limited partners of the Operating Partnership		(815	)		—			(815	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		2,635			8,963			11,598			—
Reclassification of realized interest expense on swap agreements		74			2,919			2,993			—
Acquisition of noncontrolling interest		—			(41,376	)		(41,376	)
Noncontrolling interest contributions		—			99,852			99,852			—
Noncontrolling interest distributions		—			(47,556	)		(47,556	)		—
Employee Long-term Incentive Plan Unit Awards		5,671			—			5,671			—
Reallocation of noncontrolling interests (c)		2,678			—			2,678			—
Balance at June 30, 2022	$	103,068		$	567,538		$	670,606		$	—

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,864,074 and 3,062,108 Common OP Units at June 30, 2023 and 2022, respectively; (ii) 188 Series A Preferred OP Units at each of June 30, 2023 and 2022; (iii) 126,384 and 126,593 Series C Preferred OP Units at June 30, 2023 and 2022, respectively; and (iv) 4,298,378 and 3,732,125 LTIP units at June 30, 2023 and 2022, respectively, as discussed in the Amended and Restated 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)

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.

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.