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Restatement | 12 Months Ended
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Dec. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract] |
Restatement | 2. Restatement of Previously Issued Con solidated Financial Statements As announced on February 15, 2022, the Company has restated its (i) audited consolidated financial statements as of and for the years ended December 31, 2020 and 2019 as illustrated in this note to the consolidated financial statements; and (ii) its unaudited interim financial statements for the three months ended March 31, 2021 and 2020, the three and six months ended June 30, 2021 and 2020, the three and nine months ended September 30, 2021 and 2020, and the three months ended December 31, 2020 as illustrated in Note 17; collectively referred to as the "Restatement". Amounts depicted as "As Restated" throughout the accompanying consolidated financial statements and footnotes include the impact of the Restatement. As part of the Company’s normal annual reporting process prior to releasing its 2021 fourth quarter and year-to-date December 31, 2021 results and prior to completion of the related audit, the Company identified two areas of restatement errors. All adjustments depicted in the tables below relate to one of the following categories: (a) an error in accounting treatment at the time of formation related to the improper consolidation of two Fund investments that are less-than-wholly-owned through the Company's opportunity funds (the "Fund Investments"). These two Fund Investments, 640 Broadway and Paramus Plaza, which were formed in 2012 and 2013, respectively, have been adjusted from consolidated investments to investments in unconsolidated affiliates (Note 5) with no impact on net income (loss) or distributions in excess of accumulated earnings. It should also be noted that during the Restatement periods, the Fund Investments did not have any significant transactions (new borrowings, acquisitions, or dispositions) other than their ongoing rental operations in the normal course of business. (b) errors related to other immaterial previously unrecorded adjustments, which were also recorded as part of the Restatement. These adjustments were primarily adjustments which the Company deemed immaterial in prior periods. The total impact of these adjustments for the years ended December 31, 2020 and 2019 was a reduction in net income (loss) attributable to Acadia of ($0.2) million or ($0.01) per share, and $0.7 million, or $0.01 per share, respectively. These adjustments include the recognition of additional reserves for one of the Company's notes receivable, 640 Broadway (Note 4) of $0.6 million. or $0.1 million at the Company's share, for the year ended December 31, 2020. (c) reclassifications of certain prior period amounts to conform to the current period presentation. Reclassifications have no impact on net income (loss), do not relate to the Restatement errors and are included here in order to conform the presentation across the periods presented. i. On the balance sheet at December 31, 2020, Unsecured notes payable, net of $79.2 million were reclassified to mortgage and other notes payable, net. On the balance sheet at December 31, 2019, $60.0 million was reclassified from Operating real estate, net to Right-of-use assets - operating leases, net and the corresponding Lease liability - operating leases, net of $58.0 million was reclassified from Accounts payable and other liabilities. ii. On the statement of cash flows for the year ended December 31, 2019, Straight-line rents of ($5.2) million, Allowance for credit loss of $2.7 million and Adjustments to straight-line rent reserves of $1.8 million were all reclassified from the change in Rents receivable.
|  | December 31, 2020 |
(dollars in thousands, except per share amounts) |  | As Reported |  |  | Adjustments |  |  |  | As Restated |
ASSETS |  |  |  |  |  |  |  |  |  |
Investments in real estate, at cost |  |  |  |  |  |  |  |  |  |
Operating real estate, net |  | $ | 3,260,139 |  |  | $ | (69,378 | ) | (a) |  | $ | 3,190,761 |
Real estate under development |  |  | 247,349 |  |  |  | (148 | ) | (a) |  |  | 247,201 |
Net investments in real estate |  |  | 3,507,488 |  |  |  | (69,526 | ) |  |  |  | 3,437,962 |
Notes receivable, net |  |  | 101,450 |  |  |  | (568 | ) | (b) |  |  | 100,882 |
Investments in and advances to unconsolidated affiliates |  |  | 249,807 |  |  |  | 23,022 |  | (a,b) |  |  | 272,829 |
Other assets, net |  |  | 173,809 |  |  |  | (3,528 | ) | (a) |  |  | 170,281 |
Right-of-use assets - operating leases, net |  |  | 76,268 |  |  |  | — |  |  |  |  | 76,268 |
Cash and cash equivalents |  |  | 19,232 |  |  |  | (533 | ) | (a) |  |  | 18,699 |
Restricted cash |  |  | 14,692 |  |  |  | (3,596 | ) | (a) |  |  | 11,096 |
Rents receivable, net |  |  | 44,136 |  |  |  | (1,084 | ) | (a) |  |  | 43,052 |
Total assets |  | $ | 4,186,882 |  |  | $ | (55,813 | ) |  |  | $ | 4,131,069 |
LIABILITIES |  |  |  |  |  |  |  |  |  |
Mortgage and other notes payable, net |  | $ | 1,125,356 |  |  | $ | 23,230 |  | (a,b,c) |  | $ | 1,148,586 |
Unsecured notes payable, net |  |  | 500,083 |  |  |  | (79,225 | ) | (c) |  |  | 420,858 |
Unsecured line of credit |  |  | 138,400 |  |  |  | — |  |  |  |  | 138,400 |
Accounts payable and other liabilities |  |  | 269,911 |  |  |  | (1,469 | ) | (a) |  |  | 268,442 |
Lease liability - operating leases, net |  |  | 88,816 |  |  |  | — |  |  |  |  | 88,816 |
Dividends and distributions payable |  |  | 147 |  |  |  | — |  |  |  |  | 147 |
Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  | 15,616 |  |  |  | — |  |  |  |  | 15,616 |
Total liabilities |  |  | 2,138,329 |  |  |  | (57,464 | ) |  |  |  | 2,080,865 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |
EQUITY |  |  |  |  |  |  |  |  |  |
Acadia Shareholders' Equity |  |  |  |  |  |  |  |  |  |
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 86,268,303 shares |  |  | 86 |  |  |  | — |  |  |  |  | 86 |
Additional paid-in capital |  |  | 1,683,165 |  |  |  | — |  |  |  |  | 1,683,165 |
Accumulated other comprehensive loss |  |  | (74,891 | ) |  |  | — |  |  |  |  | (74,891 | )
Distributions in excess of accumulated earnings |  |  | (167,046 | ) |  |  | (275 | ) | (b) |  |  | (167,321 | )
Total Acadia shareholders’ equity |  |  | 1,441,314 |  |  |  | (275 | ) |  |  |  | 1,441,039 |
Noncontrolling interests |  |  | 607,239 |  |  |  | 1,926 |  | (a,b) |  |  | 609,165 |
Total equity |  |  | 2,048,553 |  |  |  | 1,651 |  |  |  |  | 2,050,204 |
Total liabilities and equity |  | $ | 4,186,882 |  |  | $ | (55,813 | ) |  |  | $ | 4,131,069 |
|  | Year Ended December 31, 2020 |
(in thousands except per share amounts) |  | As Reported |  |  | Adjustments |  |  |  | As Restated |
Revenues |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 251,002 |  |  | $ | (4,570 | ) | (a) |  | $ | 246,432 |
Other |  |  | 4,482 |  |  |  | (6 | ) | (a) |  |  | 4,476 |
Total revenues |  |  | 255,484 |  |  |  | (4,576 | ) |  |  |  | 250,908 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 149,793 |  |  |  | (2,564 | ) | (a) |  |  | 147,229 |
General and administrative |  |  | 36,055 |  |  |  | (257 | ) | (a) |  |  | 35,798 |
Real estate taxes |  |  | 43,505 |  |  |  | (1,028 | ) | (a) |  |  | 42,477 |
Property operating |  |  | 56,595 |  |  |  | (1,044 | ) | (a) |  |  | 55,551 |
Impairment charges |  |  | 85,598 |  |  |  | — |  |  |  |  | 85,598 |
Total operating expenses |  |  | 371,546 |  |  |  | (4,893 | ) |  |  |  | 366,653 |
Gain on disposition of properties |  |  | 683 |  |  |  | — |  |  |  |  | 683 |
Operating loss |  |  | (115,379 | ) |  |  | 317 |  |  |  |  | (115,062 | )
Equity in losses of unconsolidated affiliates |  |  | (1,237 | ) |  |  | (1,820 | ) | (a) |  |  | (3,057 | )
Interest and other income |  |  | 8,979 |  |  |  | — |  |  |  |  | 8,979 |
Realized and unrealized holding gains on investments and other |  |  | 113,930 |  |  |  | (568 | ) | (b) |  |  | 113,362 |
Interest expense |  |  | (72,060 | ) |  |  | 2,389 |  | (a,b) |  |  | (69,671 | )
Loss from continuing operations before income taxes |  |  | (65,767 | ) |  |  | 318 |  |  |  |  | (65,449 | )
Income tax provision |  |  | (271 | ) |  |  | 2 |  | (a) |  |  | (269 | )
Net loss |  |  | (66,038 | ) |  |  | 320 |  |  |  |  | (65,718 | )
Net loss attributable to noncontrolling interests |  |  | 57,279 |  |  |  | (537 | ) | (a,b) |  |  | 56,742 |
Net loss attributable to Acadia |  | $ | (8,759 | ) |  | $ | (217 | ) |  |  | $ | (8,976 | )
Net income attributable to participating securities |  | $ | 233 |  |  | $ | — |  |  |  | $ | 233 |
Shares for basic loss per share |  |  | 86,442 |  |  |  | — |  |  |  |  | 86,442 |
Basic loss per share |  | $ | (0.10 | ) |  | $ | (0.01 | ) |  |  | $ | (0.11 | )
|  | Year Ended December 31, 2020 |
(in thousands) |  | As Reported |  |  | Adjustments |  |  |  | As Restated |
Net loss |  | $ | (66,038 | ) |  | $ | 320 |  |  |  | $ | (65,718 | )
Other comprehensive loss |  |  |  |  |  |  |  |  |  |
Unrealized loss on valuation of swap agreements |  |  | (74,236 | ) |  |  | 550 |  | (a) |  |  | (73,686 | )
Reclassification of realized interest on swap agreements |  |  | 15,203 |  |  |  | (144 | ) | (a) |  |  | 15,059 |
Other comprehensive loss |  |  | (59,033 | ) |  |  | 406 |  |  |  |  | (58,627 | )
Comprehensive loss |  |  | (125,071 | ) |  |  | 726 |  |  |  |  | (124,345 | )
Comprehensive loss attributable to noncontrolling interests |  |  | 72,596 |  |  |  | (644 | ) |  |  |  | 71,952 |
Loss attributable to Acadia |  | $ | (52,475 | ) |  | $ | 82 |  |  |  | $ | (52,393 | )
Statement of Changes in Shareholders' Equity - Year Ended December 31, 2020 |
As Previously Reported |  | Acadia Shareholders |  |  |  |  |  |  |
(in thousands, except per share amounts) |  | Common Shares |  |  | Share Amount |  |  | Additional Paid-in Capital |  |  | Accumulated Other Comprehensive Income (Loss) |  |  | Distributions in Excess of Accumulated Earnings |  |  | Total Common Shareholders’ Equity |  |  | Noncontrolling Interests |  |  | Total Equity |
Balance at January 1, 2020 |  |  | 87,050 |  |  | $ | 87 |  |  | $ | 1,706,357 |  |  | $ | (31,175 | ) |  | $ | (132,961 | ) |  | $ | 1,542,308 |  |  | $ | 644,657 |  |  | $ | 2,186,965 |
Cumulative effect of change in accounting principle |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (389 | ) |  |  | (389 | ) |  |  | (11 | ) |  |  | (400 | )
Acquisition of noncontrolling interest |  |  | — |  |  |  | — |  |  |  | (15,330 | ) |  |  | — |  |  |  | — |  |  |  | (15,330 | ) |  |  | 15,918 |  |  |  | 588 |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership |  |  | 408 |  |  |  | — |  |  |  | 6,544 |  |  |  | — |  |  |  | — |  |  |  | 6,544 |  |  |  | (6,544 | ) |  |  | — |
Repurchase of Common Shares |  |  | (1,219 | ) |  |  | (1 | ) |  |  | (22,385 | ) |  |  | — |  |  |  | — |  |  |  | (22,386 | ) |  |  | — |  |  |  | (22,386 | )
Dividends/distributions declared ($0.29 per Common Share/OP Unit) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (24,937 | ) |  |  | (24,937 | ) |  |  | (2,218 | ) |  |  | (27,155 | )
Employee and trustee stock compensation, net |  |  | 30 |  |  |  | — |  |  |  | 782 |  |  |  | — |  |  |  | — |  |  |  | 782 |  |  |  | 10,130 |  |  |  | 10,912 |
Noncontrolling interest distributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (27,574 | ) |  |  | (27,574 | )
Noncontrolling interest contributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 52,674 |  |  |  | 52,674 |
Comprehensive loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (43,716 | ) |  |  | (8,759 | ) |  |  | (52,475 | ) |  |  | (72,596 | ) |  |  | (125,071 | )
Reallocation of noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 7,197 |  |  |  | — |  |  |  | — |  |  |  | 7,197 |  |  |  | (7,197 | ) |  |  | — |
Balance at December 31, 2020 |  |  | 86,269 |  |  | $ | 86 |  |  | $ | 1,683,165 |  |  | $ | (74,891 | ) |  | $ | (167,046 | ) |  | $ | 1,441,314 |  |  | $ | 607,239 |  |  | $ | 2,048,553 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2020 |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | (299 | ) |  | $ | (58 | ) |  | $ | (357 | ) |  | $ | 1,782 |  |  | $ | 1,425 |
Noncontrolling interest contributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (500 | ) | (a) |  | (500 | )
Comprehensive loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 299 |  |  |  | (217 | ) |  |  | 82 |  |  |  | 644 |  |  |  | 726 |
Total Adjustments |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (275 | ) |  |  | (275 | ) |  |  | 1,926 |  |  |  | 1,651 |
As Restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2020 - As Restated |  |  | 87,050 |  |  | $ | 87 |  |  | $ | 1,706,357 |  |  | $ | (31,474 | ) |  | $ | (133,019 | ) |  | $ | 1,541,951 |  |  | $ | 646,439 |  |  | $ | 2,188,390 |
Cumulative effect of change in accounting principle |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (389 | ) |  |  | (389 | ) |  |  | (11 | ) |  |  | (400 | )
Acquisition of noncontrolling interest |  |  | — |  |  |  | — |  |  |  | (15,330 | ) |  |  | — |  |  |  | — |  |  |  | (15,330 | ) |  |  | 15,918 |  |  |  | 588 |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership |  |  | 408 |  |  |  | — |  |  |  | 6,544 |  |  |  | — |  |  |  | — |  |  |  | 6,544 |  |  |  | (6,544 | ) |  |  | — |
Repurchase of Common Shares |  |  | (1,219 | ) |  |  | (1 | ) |  |  | (22,385 | ) |  |  | — |  |  |  | — |  |  |  | (22,386 | ) |  |  | — |  |  |  | (22,386 | )
Dividends/distributions declared ($0.29 per Common Share/OP Unit) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (24,937 | ) |  |  | (24,937 | ) |  |  | (2,218 | ) |  |  | (27,155 | )
Employee and trustee stock compensation, net |  |  | 30 |  |  |  | — |  |  |  | 782 |  |  |  | — |  |  |  | — |  |  |  | 782 |  |  |  | 10,130 |  |  |  | 10,912 |
Noncontrolling interest distributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (27,574 | ) |  |  | (27,574 | )
Noncontrolling interest contributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 52,174 |  |  |  | 52,174 |
Comprehensive loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (43,417 | ) |  |  | (8,976 | ) |  |  | (52,393 | ) |  |  | (71,952 | ) |  |  | (124,345 | )
Reallocation of noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 7,197 |  |  |  | — |  |  |  | — |  |  |  | 7,197 |  |  |  | (7,197 | ) |  |  | — |
Balance at December 31, 2020 -As Restated |  |  | 86,269 |  |  | $ | 86 |  |  | $ | 1,683,165 |  |  | $ | (74,891 | ) |  | $ | (167,321 | ) |  | $ | 1,441,039 |  |  | $ | 609,165 |  |  | $ | 2,050,204 |
|  | Year Ended December 31, 2020 |
(in thousands) |  | As Reported |  |  | Adjustments |  |  |  | As Restated |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (66,038 | ) |  |  | 320 |  |  |  | $ | (65,718 | )
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 149,793 |  |  |  | (2,564 | ) | (a,b) |  |  | 147,229 |
Straight-line rents |  |  | (5,096 | ) |  |  | 227 |  | (a) |  |  | (4,869 | )
Non-cash lease expense |  |  | 3,392 |  |  |  | — |  |  |  |  | 3,392 |
Net unrealized holding gains on investments |  |  | (72,391 | ) |  |  | — |  |  |  |  | (72,391 | )
Distributions of operating income from unconsolidated affiliates |  |  | 3,286 |  |  |  | — |  |  |  |  | 3,286 |
Equity in (earnings) losses of unconsolidated affiliates |  |  | 1,237 |  |  |  | 1,820 |  | (a) |  |  | 3,057 |
Stock compensation expense |  |  | 10,912 |  |  |  | — |  |  |  |  | 10,912 |
Amortization of financing costs |  |  | 5,169 |  |  |  | (131 | ) | (a,b) |  |  | 5,038 |
Impairment charges |  |  | 85,598 |  |  |  | — |  | (b) |  |  | 85,598 |
Gain on disposition of properties |  |  | (683 | ) |  |  | — |  |  |  |  | (683 | )
Allowance for credit loss |  |  | 24,770 |  |  |  | (201 | ) | (a) |  |  | 24,569 |
Adjustments to straight-line rent reserves |  |  | 22,074 |  |  |  | (203 | ) | (a) |  |  | 21,871 |
Gain on debt extinguishment |  |  | (18,339 | ) |  |  | — |  |  |  |  | (18,339 | )
Other, net |  |  | (8,753 | ) |  |  | 598 |  | (a,b) |  |  | (8,155 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |
Other liabilities |  |  | (4,208 | ) |  |  | 249 |  | (a) |  |  | (3,959 | )
Lease liability - operating leases |  |  | (1,579 | ) |  |  | — |  |  |  |  | (1,579 | )
Prepaid expenses and other assets |  |  | 32 |  |  |  | (28 | ) | (a) |  |  | 4 |
Rents receivable |  |  | (29,810 | ) |  |  | 1,489 |  | (a) |  |  | (28,321 | )
Accounts payable and accrued expenses |  |  | 3,199 |  |  |  | (194 | ) | (a) |  |  | 3,005 |
Net cash provided by operating activities |  |  | 102,565 |  |  |  | 1,382 |  |  |  |  | 103,947 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Acquisition of real estate |  |  | (21,208 | ) |  |  | — |  |  |  |  | (21,208 | )
Development, construction and property improvement costs |  |  | (40,483 | ) |  |  | 3,904 |  | (a) |  |  | (36,579 | )
Proceeds from the disposition of properties, net |  |  | 20,930 |  |  |  | — |  |  |  |  | 20,930 |
Investments in and advances to unconsolidated affiliates and other |  |  | (4,291 | ) |  |  | (10,192 | ) | (a) |  |  | (14,483 | )
Return of capital from unconsolidated affiliates and other |  |  | 14,686 |  |  |  | — |  |  |  |  | 14,686 |
Issuance of notes receivable |  |  | (59,000 | ) |  |  | — |  |  |  |  | (59,000 | )
Return of deposits for properties under contract |  |  | 187 |  |  |  | — |  |  |  |  | 187 |
Payment of deferred leasing costs |  |  | (7,979 | ) |  |  | 1,572 |  | (a) |  |  | (6,407 | )
Change in control of previously unconsolidated affiliate |  |  | 950 |  |  |  | — |  |  |  |  | 950 |
Net cash used in investing activities |  |  | (96,208 | ) |  |  | (4,716 | ) |  |  |  | (100,924 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Principal payments on mortgage and other notes |  |  | (55,449 | ) |  |  | 3,500 |  | (a) |  |  | (51,949 | )
Principal payments on unsecured debt |  |  | (136,490 | ) |  |  | — |  |  |  |  | (136,490 | )
Proceeds received on mortgage and other notes |  |  | 7,261 |  |  |  | (1,910 | ) | (a) |  |  | 5,351 |
Proceeds from unsecured debt |  |  | 236,804 |  |  |  | — |  |  |  |  | 236,804 |
Payments of finance lease obligations |  |  | (903 | ) |  |  | — |  |  |  |  | (903 | )
Proceeds from the sale (repurchase) of Common Shares |  |  | (22,386 | ) |  |  | — |  |  |  |  | (22,386 | )
Capital contributions from noncontrolling interests |  |  | 52,674 |  |  |  | (500 | ) | (a) |  |  | 52,174 |
Distributions to noncontrolling interests |  |  | (31,461 | ) |  |  | — |  |  |  |  | (31,461 | )
Dividends paid to Common Shareholders |  |  | (50,182 | ) |  |  | — |  |  |  |  | (50,182 | )
Deferred financing and other costs |  |  | (2,311 | ) |  |  | 96 |  | (a) |  |  | (2,215 | )
Net cash used in financing activities |  |  | (2,443 | ) |  |  | 1,186 |  |  |  |  | (1,257 | )
Increase in cash and restricted cash |  |  | 3,914 |  |  |  | (2,148 | ) |  |  |  | 1,766 |
Cash of $14,149 and restricted cash of $13,880 beginning of period |  |  | 30,010 |  |  |  | (1,981 | ) |  |  |  | 28,029 |
Cash of $18,699 and restricted cash of $11,096 end of period |  | $ | 33,924 |  |  | $ | (4,129 | ) |  |  | $ | 29,795 |
|  | Year Ended December 31, 2020 |
(in thousands) |  | As Reported |  |  | Adjustments |  |  |  | As Restated |
Supplemental disclosure of cash flow information |  |  |  |  |  |  |  |  |  |
Cash paid during the period for interest, net of capitalized interest of $7,110 |  | $ | 72,392 |  |  | $ | (2,009 | ) | (a) |  | $ | 70,383 |
Cash paid for income taxes, net of (refunds) |  | $ | (329 | ) |  | $ | — |  |  |  | $ | (329 | )
Supplemental disclosure of non-cash investing and financing activities |  |  |  |  |  |  |  |  |  |
Adjustment to equity as a result of the implementation of CECL |  | $ | 400 |  |  | $ | — |  |  |  | $ | 400 |
Assumption of accounts payable and accrued expenses through acquisition of real estate |  | $ | 116 |  |  | $ | — |  |  |  | $ | 116 |
Note receivable exchanged for real estate |  | $ | 72,430 |  |  | $ | — |  |  |  | $ | 72,430 |
Acquisition of real estate through assumption of debt |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Distribution declared and payable |  | $ | — |  |  | $ | 123 |  | (c) |  | $ | 123 |
Right-of-use assets, finance leases (modified) obtained in exchange for finance lease liabilities |  | $ | (70,427 | ) |  | $ | — |  |  |  | $ | (70,427 | )
Right-of-use assets, finance leases obtained in exchange for assets under capital lease |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Right-of-use assets, operating leases exchanged for operating lease liabilities |  | $ | 33,189 |  |  | $ | — |  |  |  | $ | 33,189 |
Capital lease obligation exchanged for finance lease liability |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Other liabilities exchanged for operating lease liabilities |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Assumption of debt through investments in unconsolidated affiliates |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Debt exchanged for deferred gain on tax credits |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Other assets exchanged for deferred gain on tax credits |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Settlement of note receivable through cancellation of OP Units |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Right of use assets, operating leases terminated in exchange for finance lease liabilities |  | $ | (1,432 | ) |  | $ | — |  |  |  | $ | (1,432 | )
Change in control of previously unconsolidated (consolidated) investment |  |  |  |  |  |  |  |  |  |
Increase in real estate |  | $ | (135,190 | ) |  | $ | — |  |  |  | $ | (135,190 | )
Decrease in investments in and advances to unconsolidated affiliates |  |  | 96,816 |  |  |  | — |  |  |  |  | 96,816 |
Change in other assets and liabilities |  |  | 1,238 |  |  |  | — |  |  |  |  | 1,238 |
Acquisition of noncontrolling interest asset |  |  | (588 | ) |  |  | — |  |  |  |  | (588 | )
Decrease in notes receivable |  |  | 38,674 |  |  |  | — |  |  |  |  | 38,674 |
Decrease in right-of-use assets, finance leases |  |  | — |  |  |  | — |  |  |  |  | — |
Decrease in finance lease liability |  |  | — |  |  |  | — |  |  |  |  | — |
Increase in cash and restricted cash upon change of control |  | $ | 950 |  |  | $ | — |  |  |  | $ | 950 |
|  | December 31, 2019 |
(dollars in thousands, except per share amounts) |  | As Reported |  |  | Adjustments |  |  |  | As Restated |
ASSETS |  |  |  |  |  |  |  |  |  |
Investments in real estate, at cost |  |  |  |  |  |  |  |  |  |
Operating real estate, net |  | $ | 3,355,913 |  |  | $ | (127,888 | ) | (a,b,c) |  | $ | 3,228,025 |
Real estate under development |  |  | 253,402 |  |  |  | (6 | ) | (a) |  |  | 253,396 |
Net investments in real estate |  |  | 3,609,315 |  |  |  | (127,894 | ) |  |  |  | 3,481,421 |
Notes receivable, net |  |  | 114,943 |  |  |  | — |  | (b) |  |  | 114,943 |
Investments in and advances to unconsolidated affiliates |  |  | 305,097 |  |  |  | 14,453 |  | (a,b) |  |  | 319,550 |
Other assets, net |  |  | 190,658 |  |  |  | (2,225 | ) | (a) |  |  | 188,433 |
Right-of-use assets - operating leases, net |  |  | — |  |  |  | 60,006 |  | (c) |  |  | 60,006 |
Cash and cash equivalents |  |  | 15,845 |  |  |  | (1,696 | ) | (a) |  |  | 14,149 |
Restricted cash |  |  | 14,165 |  |  |  | (285 | ) | (a) |  |  | 13,880 |
Rents receivable, net |  |  | 59,091 |  |  |  | 222 |  | (a) |  |  | 59,313 |
Total assets |  | $ | 4,309,114 |  |  | $ | (57,419 | ) |  |  | $ | 4,251,695 |
LIABILITIES |  |  |  |  |  |  |  |  |  |
Mortgage and other notes payable, net |  | $ | 1,170,076 |  |  | $ | (57,551 | ) | (a,b) |  | $ | 1,112,525 |
Unsecured notes payable, net |  |  | 477,320 |  |  |  | — |  |  |  |  | 477,320 |
Unsecured line of credit |  |  | 60,800 |  |  |  | — |  |  |  |  | 60,800 |
Accounts payable and other liabilities |  |  | 371,516 |  |  |  | (58,055 | ) | (a,c) |  |  | 313,461 |
Lease liability - operating leases, net |  |  | — |  |  |  | 56,762 |  | (c) |  |  | 56,762 |
Dividends and distributions payable |  |  | 27,075 |  |  |  | — |  |  |  |  | 27,075 |
Distributions in excess of income from, and investments in, unconsolidated affiliates |  |  | 15,362 |  |  |  | — |  |  |  |  | 15,362 |
Total liabilities |  |  | 2,122,149 |  |  |  | (58,844 | ) |  |  |  | 2,063,305 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |
EQUITY |  |  |  |  |  |  |  |  |  |
Acadia Shareholders' Equity |  |  |  |  |  |  |  |  |  |
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 87,050,465 shares |  |  | 87 |  |  |  | — |  |  |  |  | 87 |
Additional paid-in capital |  |  | 1,706,357 |  |  |  | — |  |  |  |  | 1,706,357 |
Accumulated other comprehensive loss |  |  | (31,175 | ) |  |  | (299 | ) | (b) |  |  | (31,474 | )
Distributions in excess of accumulated earnings |  |  | (132,961 | ) |  |  | (58 | ) | (b) |  |  | (133,019 | )
Total Acadia shareholders’ equity |  |  | 1,542,308 |  |  |  | (357 | ) |  |  |  | 1,541,951 |
Noncontrolling interests |  |  | 644,657 |  |  |  | 1,782 |  | (a,b) |  |  | 646,439 |
Total equity |  |  | 2,186,965 |  |  |  | 1,425 |  |  |  |  | 2,188,390 |
Total liabilities and equity |  | $ | 4,309,114 |  |  | $ | (57,419 | ) |  |  | $ | 4,251,695 |
|  | Year Ended December 31, 2019 |
(in thousands except per share amounts) |  | As Reported |  |  | Adjustments |  |  |  | As Restated |
Revenues |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 291,190 |  |  | $ | (5,720 | ) | (a,b) |  | $ | 285,470 |
Other |  |  | 4,137 |  |  |  | (22 | ) | (a) |  |  | 4,115 |
Total revenues |  |  | 295,327 |  |  |  | (5,742 | ) |  |  |  | 289,585 |
Operating expenses |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 125,443 |  |  |  | (2,863 | ) | (a,b) |  |  | 122,580 |
General and administrative |  |  | 35,416 |  |  |  | (1,117 | ) | (a,b) |  |  | 34,299 |
Real estate taxes |  |  | 39,315 |  |  |  | (982 | ) | (a) |  |  | 38,333 |
Property operating |  |  | 51,153 |  |  |  | (1,255 | ) | (a) |  |  | 49,898 |
Impairment charges |  |  | 1,721 |  |  |  | — |  |  |  |  | 1,721 |
Total operating expenses |  |  | 253,048 |  |  |  | (6,217 | ) |  |  |  | 246,831 |
Gain on disposition of properties |  |  | 30,324 |  |  |  | — |  |  |  |  | 30,324 |
Operating income |  |  | 72,603 |  |  |  | 475 |  |  |  |  | 73,078 |
Equity in earnings of unconsolidated affiliates |  |  | 8,922 |  |  |  | (3,023 | ) | (a) |  |  | 5,899 |
Interest and other income |  |  | 7,988 |  |  |  | — |  |  |  |  | 7,988 |
Realized and unrealized holding gains on investments and other |  |  | 6,947 |  |  |  | — |  | (b) |  |  | 6,947 |
Interest expense |  |  | (73,788 | ) |  |  | 4,575 |  | (a,b) |  |  | (69,213 | )
Income from continuing operations before income taxes |  |  | 22,672 |  |  |  | 2,027 |  |  |  |  | 24,699 |
Income tax provision |  |  | (1,468 | ) |  |  | 3 |  | (a) |  |  | (1,465 | )
Net income |  |  | 21,204 |  |  |  | 2,030 |  |  |  |  | 23,234 |
Net loss attributable to noncontrolling interests |  |  | 31,841 |  |  |  | (1,358 | ) | (a,b) |  |  | 30,483 |
Net income attributable to Acadia |  | $ | 53,045 |  |  | $ | 672 |  |  |  | $ | 53,717 |
Net income attributable to participating securities |  | $ | 413 |  |  | $ | — |  |  |  | $ | 413 |
Shares for basic and diluted income per share |  |  | 84,436 |  |  |  | — |  |  |  |  | 84,436 |
Basic and diluted income per share |  | $ | 0.62 |  |  | $ | 0.01 |  |  |  | $ | 0.63 |
|  | Year Ended December 31, 2019 |
(in thousands) |  | As Reported |  |  | Adjustments |  |  |  | As Restated |
Net income |  | $ | 21,204 |  |  | $ | 2,030 |  |  |  | $ | 23,234 |
Other comprehensive loss |  |  |  |  |  |  |  |  |  |
Unrealized loss on valuation of swap agreements |  |  | (35,674 | ) |  |  | (209 | ) | (a) |  |  | (35,883 | )
Reclassification of realized interest on swap agreements |  |  | (872 | ) |  |  | 2 |  | (a) |  |  | (870 | )
Other comprehensive loss |  |  | (36,546 | ) |  |  | (207 | ) |  |  |  | (36,753 | )
Comprehensive loss |  |  | (15,342 | ) |  |  | 1,823 |  |  |  |  | (13,519 | )
Comprehensive loss attributable to noncontrolling interests |  |  | 36,696 |  |  |  | (1,450 | ) |  |  |  | 35,246 |
Comprehensive Income attributable to Acadia |  | $ | 21,354 |  |  | $ | 373 |  |  |  | $ | 21,727 |
Statement of Changes in Shareholders' Equity - Year Ended December 31, 2019 |
As Previously Reported |  | Acadia Shareholders |  |  |  |  |  |  |
(in thousands, except per share amounts) |  | Common Shares |  |  | Share Amount |  |  | Additional Paid-in Capital |  |  | Accumulated Other Comprehensive Income (Loss) |  |  | Distributions in Excess of Accumulated Earnings |  |  | Total Common Shareholders’ Equity |  |  | Noncontrolling Interests |  |  | Total Equity |
Balance at January 1, 2019 |  |  | 81,557 |  |  | $ | 82 |  |  | $ | 1,548,603 |  |  | $ | 516 |  |  | $ | (89,696 | ) |  | $ | 1,459,505 |  |  | $ | 622,442 |  |  | $ | 2,081,947 |
Issuance of Common Shares |  |  | 5,164 |  |  |  | 5 |  |  |  | 145,493 |  |  |  | — |  |  |  | — |  |  |  | 145,498 |  |  |  | — |  |  |  | 145,498 |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership |  |  | 308 |  |  |  | — |  |  |  | 5,104 |  |  |  | — |  |  |  | — |  |  |  | 5,104 |  |  |  | (5,104 | ) |  |  | — |
Dividends/distributions declared ($1.13 per Common Share/OP Unit) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (96,310 | ) |  |  | (96,310 | ) |  |  | (7,124 | ) |  |  | (103,434 | )
Employee and trustee stock compensation, net |  |  | 21 |  |  |  | — |  |  |  | 546 |  |  |  | — |  |  |  | — |  |  |  | 546 |  |  |  | 10,411 |  |  |  | 10,957 |
Noncontrolling interest distributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (94,289 | ) |  |  | (94,289 | )
Noncontrolling interest contributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 161,628 |  |  |  | 161,628 |
Comprehensive loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (31,691 | ) |  |  | 53,045 |  |  |  | 21,354 |  |  |  | (36,696 | ) |  |  | (15,342 | )
Reallocation of noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 6,611 |  |  |  | — |  |  |  | — |  |  |  | 6,611 |  |  |  | (6,611 | ) |  |  | — |
Balance at December 31, 2019 |  |  | 87,050 |  |  | $ | 87 |  |  | $ | 1,706,357 |  |  | $ | (31,175 | ) |  | $ | (132,961 | ) |  | $ | 1,542,308 |  |  | $ | 644,657 |  |  | $ | 2,186,965 |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2019 |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (730 | ) |  | $ | (730 | ) |  | $ | 1,540 |  |  | $ | 810 |
Employee and trustee stock compensation, net |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (951 | ) | (b) |  | (951 | )
Noncontrolling interest distributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6 |  | (a) |  | 6 |
Noncontrolling interest contributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (263 | ) | (a) |  | (263 | )
Comprehensive loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (299 | ) |  |  | 672 |  |  |  | 373 |  |  |  | 1,450 |  | (a,b) |  | 1,823 |
Total Adjustments |  |  | — |  |  | $ | — |  |  | $ | — |  |  | $ | (299 | ) |  | $ | (58 | ) |  | $ | (357 | ) |  | $ | 1,782 |  |  | $ | 1,425 |
As Restated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at January 1, 2019 - As Restated |  |  | 81,557 |  |  | $ | 82 |  |  | $ | 1,548,603 |  |  | $ | 516 |  |  | $ | (90,426 | ) |  | $ | 1,458,775 |  |  | $ | 623,982 |  |  | $ | 2,082,757 |
Issuance of Common Shares |  |  | 5,164 |  |  |  | 5 |  |  |  | 145,493 |  |  |  | — |  |  |  | — |  |  |  | 145,498 |  |  |  | — |  |  |  | 145,498 |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership |  |  | 308 |  |  |  | — |  |  |  | 5,104 |  |  |  | — |  |  |  | — |  |  |  | 5,104 |  |  |  | (5,104 | ) |  |  | — |
Dividends/distributions declared ($1.13 per Common Share/OP Unit) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (96,310 | ) |  |  | (96,310 | ) |  |  | (7,124 | ) |  |  | (103,434 | )
Employee and trustee stock compensation, net |  |  | 21 |  |  |  | — |  |  |  | 546 |  |  |  | — |  |  |  | — |  |  |  | 546 |  |  |  | 9,460 |  |  |  | 10,006 |
Noncontrolling interest distributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (94,283 | ) |  |  | (94,283 | )
Noncontrolling interest contributions |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 161,365 |  |  |  | 161,365 |
Comprehensive loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (31,990 | ) |  |  | 53,717 |  |  |  | 21,727 |  |  |  | (35,246 | ) |  |  | (13,519 | )
Reallocation of noncontrolling interests |  |  | — |  |  |  | — |  |  |  | 6,611 |  |  |  | — |  |  |  | — |  |  |  | 6,611 |  |  |  | (6,611 | ) |  |  | — |
Balance at December 31, 2019 -As Restated |  |  | 87,050 |  |  | $ | 87 |  |  | $ | 1,706,357 |  |  | $ | (31,474 | ) |  | $ | (133,019 | ) |  | $ | 1,541,951 |  |  | $ | 646,439 |  |  | $ | 2,188,390 |
|  | Year Ended December 31, 2019 |
(in thousands) |  | As Reported |  |  | Adjustments |  |  |  | As Restated |
CASH FLOWS FROM OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 21,204 |  |  |  | 2,030 |  |  |  | $ | 23,234 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 125,443 |  |  |  | (2,863 | ) | (a,b) |  |  | 122,580 |
Straight-line rents |  |  | — |  |  |  | (4,185 | ) | (c) |  |  | (4,185 | )
Distributions of operating income from unconsolidated affiliates |  |  | 11,273 |  |  |  | — |  |  |  |  | 11,273 |
Equity in (earnings) losses of unconsolidated affiliates |  |  | (8,922 | ) |  |  | 3,023 |  | (a) |  |  | (5,899 | )
Stock compensation expense |  |  | 10,957 |  |  |  | (951 | ) | (b) |  |  | 10,006 |
Amortization of financing costs |  |  | 7,577 |  |  |  | (859 | ) | (a,b) |  |  | 6,718 |
Impairment charges |  |  | 1,721 |  |  |  | — |  |  |  |  | 1,721 |
Gain on disposition of properties |  |  | (30,324 | ) |  |  | — |  |  |  |  | (30,324 | )
Allowance for credit loss |  |  | — |  |  |  | 2,742 |  | (a,c) |  |  | 2,742 |
Adjustments to straight-line rent reserves |  |  | — |  |  |  | 1,961 |  | (a,b,c) |  |  | 1,961 |
Deferred gain on tax credits |  |  | (5,034 | ) |  |  | — |  |  |  |  | (5,034 | )
Other, net |  |  | (11,627 | ) |  |  | 52 |  | (a) |  |  | (11,575 | )
Changes in assets and liabilities: |  |  |  |  |  |  |  |  |  |
Other liabilities |  |  | (4,466 | ) |  |  | (384 | ) | (a) |  |  | (4,850 | )
Lease liability - operating leases |  |  | — |  |  |  | 2,014 |  | (b) |  |  | 2,014 |
Prepaid expenses and other assets |  |  | 8,198 |  |  |  | 8 |  | (a) |  |  | 8,206 |
Rents receivable |  |  | (455 | ) |  |  | 1,544 |  | (c) |  |  | 1,089 |
Accounts payable and accrued expenses |  |  | 1,632 |  |  |  | 73 |  | (a) |  |  | 1,705 |
Net cash provided by operating activities |  |  | 127,177 |  |  |  | 4,205 |  |  |  |  | 131,382 |
CASH FLOWS FROM INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Acquisition of real estate |  |  | (319,673 | ) |  |  | — |  |  |  |  | (319,673 | )
Acquisition of leasehold interests |  |  | (39,031 | ) |  |  | — |  |  |  |  | (39,031 | )
Development, construction and property improvement costs |  |  | (89,270 | ) |  |  | (115 | ) | (a) |  |  | (89,385 | )
Proceeds from the disposition of properties, net |  |  | 88,738 |  |  |  | — |  |  |  |  | 88,738 |
Investments in and advances to unconsolidated affiliates and other |  |  | (151,281 | ) |  |  | (13,641 | ) | (a) |  |  | (164,922 | )
Return of capital from unconsolidated affiliates and other |  |  | 105,999 |  |  |  | 6 |  |  |  |  | 106,005 |
Issuance of notes receivable |  |  | (3,608 | ) |  |  | — |  |  |  |  | (3,608 | )
Proceeds from notes receivable |  |  | 15,250 |  |  |  | — |  |  |  |  | 15,250 |
Return of deposits for properties under contract |  |  | 2,870 |  |  |  | — |  |  |  |  | 2,870 |
Payment of deferred leasing costs |  |  | (7,051 | ) |  |  | 269 |  | (a) |  |  | (6,782 | )
Net cash used in investing activities |  |  | (397,057 | ) |  |  | (13,481 | ) |  |  |  | (410,538 | )
CASH FLOWS FROM FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Principal payments on mortgage and other notes |  |  | (168,211 | ) |  |  | 27,627 |  | (a) |  |  | (140,584 | )
Principal payments on unsecured debt |  |  | (521,600 | ) |  |  | — |  |  |  |  | (521,600 | )
Proceeds received on mortgage and other notes |  |  | 326,268 |  |  |  | (18,900 | ) | (a) |  |  | 307,368 |
Proceeds from unsecured debt |  |  | 526,400 |  |  |  | — |  |  |  |  | 526,400 |
Payments of finance lease obligations |  |  | (2,749 | ) |  |  | — |  |  |  |  | (2,749 | )
Proceeds from the sale (repurchase) of Common Shares |  |  | 145,498 |  |  |  | — |  |  |  |  | 145,498 |
Capital contributions from noncontrolling interests |  |  | 161,628 |  |  |  | (263 | ) | (a) |  |  | 161,365 |
Distributions to noncontrolling interests |  |  | (101,370 | ) |  |  | 6 |  | (a) |  |  | (101,364 | )
Dividends paid to Common Shareholders |  |  | (93,902 | ) |  |  | — |  |  |  |  | (93,902 | )
Deferred financing and other costs |  |  | (6,920 | ) |  |  | 444 |  | (a) |  |  | (6,476 | )
Net cash provided by financing activities |  |  | 265,042 |  |  |  | 8,914 |  |  |  |  | 273,956 |
Decrease in cash and restricted cash |  |  | (4,838 | ) |  |  | (362 | ) |  |  |  | (5,200 | )
Cash of $20,074 and restricted cash of $13,155 beginning of period |  |  | 34,848 |  |  |  | (1,619 | ) |  |  |  | 33,229 |
Cash of $14,149 and restricted cash of $13,880 end of period |  | $ | 30,010 |  |  | $ | (1,981 | ) |  |  | $ | 28,029 |
|  | Year Ended December 31, 2019 |
(in thousands) |  | As Reported |  |  | Adjustments |  |  |  | As Restated |
Supplemental disclosure of cash flow information |  |  |  |  |  |  |  |  |  |
Cash paid during the period for interest, net of capitalized interest of $12,586 |  | $ | 53,586 |  |  | $ | 15,490 |  |  |  | $ | 69,076 |
Cash paid for income taxes, net of (refunds) |  | $ | 730 |  |  | $ | — |  |  |  | $ | 730 |
Supplemental disclosure of non-cash investing and financing activities |  |  |  |  |  |  |  |  |  |
Adjustment to equity as a result of the implementation of CECL |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Assumption of accounts payable and accrued expenses through acquisition of real estate |  | $ | 4,666 |  |  | $ | — |  |  |  | $ | 4,666 |
Note receivable exchanged for real estate |  | $ | 13,530 |  |  | $ | — |  |  |  | $ | 13,530 |
Acquisition of real estate through assumption of debt |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Distribution declared and payable |  | $ | — |  |  | $ | 26,914 |  | (c) |  | $ | 26,914 |
Right-of-use assets, finance leases (modified) obtained in exchange for finance lease liabilities |  | $ | 16,349 |  |  | $ | — |  |  |  | $ | 16,349 |
Right-of-use assets, finance leases obtained in exchange for assets under capital lease |  | $ | 76,965 |  |  | $ | — |  |  |  | $ | 76,965 |
Right-of-use assets, operating leases exchanged for operating lease liabilities |  | $ | 57,165 |  |  | $ | — |  |  |  | $ | 57,165 |
Capital lease obligation exchanged for finance lease liability |  | $ | 71,111 |  |  | $ | — |  |  |  | $ | 71,111 |
Other liabilities exchanged for operating lease liabilities |  | $ | 946 |  |  | $ | — |  |  |  | $ | 946 |
Assumption of debt through investments in unconsolidated affiliates |  | $ | 4,688 |  |  | $ | — |  |  |  | $ | 4,688 |
Debt exchanged for deferred gain on tax credits |  | $ | — |  |  | $ | (5,262 | ) | (c) |  | $ | (5,262 | )
Other assets exchanged for deferred gain on tax credits |  | $ | — |  |  | $ | 228 |  | (c) |  | $ | 228 |
Settlement of note receivable through cancellation of OP Units |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Right of use assets, operating leases terminated in exchange for finance lease liabilities |  | $ | — |  |  | $ | — |  |  |  | $ | — |
Change in control of previously unconsolidated (consolidated) investment |  |  |  |  |  |  |  |  |  |
Increase in real estate |  | $ | 828 |  |  | $ | — |  |  |  | $ | 828 |
Decrease in investments in and advances to unconsolidated affiliates |  |  | (1,189 | ) |  |  | — |  |  |  |  | (1,189 | )
Change in other assets and liabilities |  |  | 12 |  |  |  | — |  |  |  |  | 12 |
Acquisition of noncontrolling interest asset |  |  | — |  |  |  | — |  |  |  |  | — |
Decrease in notes receivable |  |  | — |  |  |  | — |  |  |  |  | — |
Decrease in right-of-use assets, finance leases |  |  | 11,051 |  |  |  | — |  |  |  |  | 11,051 |
Decrease in finance lease liability |  |  | (10,702 | ) |  |  | — |  |  |  |  | (10,702 | )
Increase in cash and restricted cash upon change of control |  | $ | — |  |  | $ | — |  |  |  | $ | — |

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