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Federal Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Reconciliation of Net Income to Taxable Income (Loss) | Reconciliation of GAAP net income attributable to Acadia to taxable income (loss) is as follows:
|  | Year Ended December 31, |
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  | (As Restated) |  |  | (As Restated) |
Net income (loss) attributable to Acadia |  | $ | 23,548 |  |  | $ | (8,976 | ) |  | $ | 53,717 |
Deferred rental and other income (loss) (a) |  |  | 3,209 |  |  |  | (2,498 | ) |  |  | 1,203 |
Book/tax difference - depreciation and amortization (a) |  |  | 24,756 |  |  |  | 27,052 |  |  |  | 21,688 |
Straight-line rent and above- and below-market rent adjustments (a) |  |  | (8,588 | ) |  |  | 8,630 |  |  |  | (10,949 | )
Book/tax differences - equity-based compensation |  |  | 7,663 |  |  |  | 6,825 |  |  |  | 7,177 |
Joint venture equity in earnings, net (a) |  |  | 3,962 |  |  |  | (163 | ) |  |  | 15,571 |
Impairment charges and reserves |  |  | 2,657 |  |  |  | 18,734 |  |  |  | — |
Acquisition costs (a) |  |  | 22 |  |  |  | 14 |  |  |  | 63 |
Gain on disposition of properties |  |  | (2,170 | ) |  |  | 4,936 |  |  |  | 2,375 |
Book/tax differences - miscellaneous |  |  | (1,203 | ) |  |  | (36 | ) |  |  | (2,145 | )
Taxable income |  | $ | 53,856 |  |  | $ | 54,518 |  |  | $ | 88,700 |
Distributions declared (b) |  | $ | 52,872 |  |  | $ | 24,937 |  |  | $ | 96,310 |
a) Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.” b) The entire fourth quarter 2021 dividend of $14.4 million (paid in January 2022) was attributed to 2021. Any additional distributions required for REIT qualification may be made through October 15, 2022. The entire fourth quarter 2019 dividend of $25.2 million (paid in January 2020) was attributed to 2020.
Schedule of Tax Status of Dividends | The Company has determined that the cash distributed to the shareholders for the periods presented is characterized as follows for Federal income tax purposes:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  | Per Share |  |  | % |  |  | Per Share |  |  | % |  |  | Per Share |  |  | % |
Ordinary income - Non-Section 199A |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | % |  | $ | — |  |  |  | — | %
Ordinary income - Section 199A |  |  | 0.550 |  |  |  | 92 | % |  |  | 0.520 |  |  |  | 90 | % |  |  | 0.820 |  |  |  | 77 | %
Qualified dividend |  |  | 0.010 |  |  |  | 1 | % |  |  | — |  |  |  | — | % |  |  | — |  |  |  | — | %
Capital gain |  |  | 0.040 |  |  |  | 7 | % |  |  | 0.060 |  |  |  | 10 | % |  |  | 0.240 |  |  |  | 23 | %
Total (a) |  | $ | 0.600 |  |  |  | 100 | % |  | $ | 0.580 |  |  |  | 100 | % |  | $ | 1.060 |  |  |  | 100 | %
a) The fourth quarter 2021 regular dividend was $0.15 per common share, all of which is allocable to 2021. The fourth quarter 2019 regular dividend was $0.29 per common share, all of which is allocable to 2020.
Schedule of TRS Income (Loss) and Provision for Income Taxes | Income taxes have been provided for using the liability method as required by ASC Topic 740, “Income Taxes.” The Company’s TRS income (loss) and provision for income taxes associated with the TRS for the periods presented are summarized as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  | (As Restated) |  |  | (As Restated) |
TRS loss before income taxes |  | $ | (4,240 | ) |  | $ | (3,856 | ) |  | $ | (3,117 | )
(Provision) benefit for income taxes: |  |  |  |  |  |  |  |  |
Federal |  |  | — |  |  |  | 376 |  |  |  | 754 |
State and local |  |  | — |  |  |  | (268 | ) |  |  | 317 |
TRS net loss before noncontrolling interests |  |  | (4,240 | ) |  |  | (3,748 | ) |  |  | (2,046 | )
Noncontrolling interests |  |  | 9 |  |  |  | 746 |  |  |  | (369 | )
TRS net loss |  | $ | (4,231 | ) |  | $ | (3,002 | ) |  | $ | (2,415 | )
Schedule of Effective Income Tax Rate Reconciliation | The income tax provision for the Company differs from the amount computed by applying the statutory Federal income tax rate to income (loss) before income taxes as follows. Amounts are not adjusted for temporary book/tax differences (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
|  |  |  |  | (As Restated) |  |  | (As Restated) |
Federal tax benefit at statutory tax rate |  | $ | (890 | ) |  | $ | (810 | ) |  | $ | (655 | )
TRS state and local taxes, net of Federal benefit |  |  | (268 | ) |  |  | (244 | ) |  |  | (197 | )
Tax effect of: |  |  |  |  |  |  |  |  |
Permanent differences, net |  |  | 252 |  |  |  | 227 |  |  |  | 239 |
Adjustment to deferred tax reserve |  |  | 1,061 |  |  |  | 851 |  |  |  | 1,748 |
Other |  |  | (156 | ) |  |  | (132 | ) |  |  | (111 | )
REIT state and local income and franchise taxes |  |  | 94 |  |  |  | 377 |  |  |  | 441 |
Total provision for income taxes |  | $ | 93 |  |  | $ | 269 |  |  | $ | 1,465 |

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