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Earnings (Loss) Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted

 

Year Ended December 31,

 

(dollars in thousands)

2023

 

 

2022

 

 

2021

 

Numerator:

 

 

 

 

 

 

 

 

Net income (loss) attributable to Acadia shareholders

$

19,873

 

 

$

(35,445

)

 

$

23,548

 

Less: earnings attributable to unvested participating securities

 

(978

)

 

 

(805

)

 

 

(624

)

Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share

 

18,895

 

 

 

(36,250

)

 

 

22,924

 

Impact of City Point Loan share conversion option (a)

 

—

 

 

 

(1,804

)

 

 

—

 

Income from continuing operations net of income attributable to participating securities for diluted earnings per share

$

18,895

 

 

$

(38,054

)

 

$

22,924

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Weighted average shares for basic earnings (loss) per share

 

95,283,752

 

 

 

94,575,251

 

 

 

87,653,818

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Series A Preferred OP Units

 

—

 

 

 

—

 

 

 

—

 

Employee unvested restricted shares

 

—

 

 

 

—

 

 

 

—

 

City Point Loan common stock conversion option (Note 10) (a)

 

—

 

 

 

68,215

 

 

 

—

 

Weighted average shares for diluted earnings per share

 

95,283,752

 

 

 

94,643,466

 

 

 

87,653,818

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per Common Share from continuing operations attributable to Acadia

$

0.20

 

 

$

(0.38

)

 

$

0.26

 

Diluted earnings (loss) per Common Share from continuing operations attributable to Acadia

$

0.20

 

 

$

(0.40

)

 

$

0.26

 

 

 

 

 

 

 

 

 

 

Anti-Dilutive Shares Excluded from Denominator:

 

 

 

 

 

 

 

 

Series A Preferred OP Units

 

188

 

 

 

188

 

 

 

188

 

Series A Preferred OP Units - Common share equivalent

 

25,067

 

 

 

25,067

 

 

 

25,067

 

 

 

 

 

 

 

 

 

 

Series C Preferred OP Units

 

126,384

 

 

 

126,384

 

 

 

126,593

 

Series C Preferred OP Units - Common share equivalent

 

438,831

 

 

 

438,831

 

 

 

439,556

 

Restricted shares

 

90,006

 

 

 

68,832

 

 

 

70,827

 

 

a)
The impact of the assumed conversion of dilutive convertible securities is related to the assumed conversion of potential common shares of the Company that could be subsequently issued in connection with the City Point Loan (Note 10) for the stub-period until the put rights were modified for a cash-only settlement option in the third quarter of 2022.