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Restatement (Tables) | 12 Months Ended
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Dec. 31, 2021
Schedule of Condensed Balance Sheet | The following combined and condensed Balance Sheets and Statements of Operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates that were held as of December 31, 2021, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Combined and Condensed Balance Sheets |  |  |  |  |  |
Assets: |  |  |  |  |  |
Rental property, net |  | $ | 631,661 |  |  | $ | 633,375 |
Real estate under development |  |  | 8,112 |  |  |  | 14,664 |
Other assets |  |  | 78,300 |  |  |  | 70,710 |
Total assets |  | $ | 718,073 |  |  | $ | 718,749 |
Liabilities and partners’ equity: |  |  |  |  |  |
Mortgage notes payable |  | $ | 571,461 |  |  | $ | 569,040 |
Other liabilities |  |  | 69,166 |  |  |  | 76,341 |
Partners’ equity |  |  | 77,446 |  |  |  | 73,368 |
Total liabilities and partners’ equity |  | $ | 718,073 |  |  | $ | 718,749 |
Company's share of accumulated equity |  | $ | 113,285 |  |  | $ | 112,088 |
Basis differential |  |  | 66,031 |  |  |  | 66,724 |
Deferred fees, net of portion related to the Company's interest |  |  | 4,071 |  |  |  | 3,559 |
Amounts receivable/payable by the Company |  |  | 666 |  |  |  | 363 |
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 184,053 |  |  |  | 182,734 |
Investments carried at fair value or cost |  |  | 128,334 |  |  |  | 74,479 |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates |  |  | 9,939 |  |  |  | 15,616 |
Investments in and advances to unconsolidated affiliates |  | $ | 322,326 |  |  | $ | 272,829 |
Schedule of Condensed Income Statement |
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Combined and Condensed Statements of Operations |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 80,823 |  |  | $ | 78,054 |  |  | $ | 77,507 |
Operating and other expenses |  |  | (28,572 | ) |  |  | (28,718 | ) |  |  | (24,894 | )
Interest expense |  |  | (21,228 | ) |  |  | (22,651 | ) |  |  | (25,660 | )
Depreciation and amortization |  |  | (30,518 | ) |  |  | (30,917 | ) |  |  | (25,012 | )
Loss on extinguishment of debt |  |  | (35 | ) |  |  | — |  |  |  | — |
Gain on disposition of properties (a) |  |  | 3,206 |  |  |  | — |  |  |  | — |
Net income (loss) attributable to unconsolidated affiliates |  | $ | 3,676 |  |  | $ | (4,232 | ) |  | $ | 1,941 |
Company’s share of equity in net income (loss) of unconsolidated affiliates |  | $ | 6,023 |  |  | $ | (2,503 | ) |  | $ | 1,118 |
Income attributable to unconsolidated affiliates recently sold or consolidated |  |  | — |  |  |  | 1,280 |  |  | $ | 6,155 |
Basis differential amortization |  |  | (693 | ) |  |  | (1,834 | ) |  |  | (1,374 | )
Company’s equity in earnings (losses) of unconsolidated affiliates |  | $ | 5,330 |  |  | $ | (3,057 | ) |  | $ | 5,899 |
a) Represents the gain on the sale of two land parcels by the Family Center at Riverdale on January 4, 2021.
Restatement |
Schedule of Condensed Balance Sheet |
|  | 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 |
Schedule of Condensed Income Statement |
|  | 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, 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 |
Schedule of Comprehensive Income |
|  | 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 | )
|  | 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 |
Schedule of Cash Flow Statement |
|  | 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 |
|  | 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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