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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss (Tables) | 9 Months Ended
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Sep. 30, 2022
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] |
Schedule of Dividends Declared and Paid | The following table sets forth the distributions declared and/or paid during the periods presented:
Date Declared |  | Amount Per Share |  |  | Record Date |  | Payment Date
March 15, 2021 |  | $ | 0.15 |  |  | March 31, 2021 |  | April 15, 2021
May 5, 2021 |  | $ | 0.15 |  |  | June 30, 2021 |  | July 15, 2021
August 5, 2021 |  | $ | 0.15 |  |  | September 30, 2021 |  | October 15, 2021
November 3, 2021 |  | $ | 0.15 |  |  | December 31, 2021 |  | January 14, 2022
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
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 nine months ended September 30, 2022 and 2021 (in thousands):
|  | Gains or Losses on Derivative Instruments |
Balance at July 1, 2022 |  | $ | 11,240 |
Other comprehensive income before reclassifications - swap agreements |  |  | 44,114 |
Reclassification of realized interest on swap agreements |  |  | 1,518 |
Net current period other comprehensive income |  |  | 45,632 |
Net current period other comprehensive loss attributable to redeemable noncontrolling interests |  |  | — |
Net current period other comprehensive income attributable to noncontrolling interests |  |  | (7,188 | )
Balance at September 30, 2022 |  | $ | 49,684 |
Balance at July 1, 2021 |  | $ | (47,909 | )
Other comprehensive income before reclassifications - swap agreements |  |  | 1,048 |
Reclassification of realized interest on swap agreements |  |  | 5,476 |
Net current period other comprehensive income |  |  | 6,524 |
Net current period other comprehensive income attributable to noncontrolling interests |  |  | (1,784 | )
Balance at September 30, 2021 |  | $ | (43,169 | )
|  | Acadia's Share |
Balance at January 1, 2022 |  | $ | (36,214 | )
Other comprehensive income before reclassifications - swap agreements |  |  | 96,899 |
Reclassification of realized interest on swap agreements |  |  | 10,778 |
Net current period other comprehensive income |  |  | 107,677 |
Net current period other comprehensive loss attributable to redeemable noncontrolling interests |  |  | — |
Net current period other comprehensive income attributable to noncontrolling interests |  |  | (21,779 | )
Balance at September 30, 2022 |  | $ | 49,684 |
Balance at January 1, 2021 |  | $ | (74,891 | )
Other comprehensive income before reclassifications - swap agreements |  |  | 24,535 |
Reclassification of realized interest on swap agreements |  |  | 16,016 |
Net current period other comprehensive income |  |  | 40,551 |
Net current period other comprehensive income attributable to noncontrolling interests |  |  | (8,829 | )
Balance at September 30, 2021 |  | $ | (43,169 | )
Summary of Change in Noncontrolling Interest | The following tables summarize the change in the noncontrolling interests for the three and nine months ended September 30, 2022 and 2021 (dollars in thousands):
|  | Noncontrolling Interests in Operating Partnership (a) |  |  | Noncontrolling Interests in Partially-Owned Affiliates (b) |  |  | Total |  |  | Redeemable Noncontrolling Interests (c) |
Balance at July 1, 2022 |  | $ | 103,068 |  |  | $ | 567,538 |  |  | $ | 670,606 |  |  | $ | - |
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units |  |  | (1,276 | ) |  |  | — |  |  |  | (1,276 | ) |  |  |
Net loss for the three months ended September 30, 2022 |  |  | (2,958 | ) |  |  | (27,503 | ) |  |  | (30,461 | ) |  |  | (3,193 | )
Conversion of 20,000 Common OP Units to Common Shares by limited partners of the Operating Partnership |  |  | (333 | ) |  |  | — |  |  |  | (333 | ) |  |  | — |
Other comprehensive income - unrealized gain on valuation of swap agreements |  |  | 2,145 |  |  |  | 4,877 |  |  |  | 7,022 |  |  |  | — |
Reclassification of realized interest expense on swap agreements |  |  | 5 |  |  |  | 161 |  |  |  | 166 |  |  |  | — |
Acquisition of noncontrolling interest (d) |  |  | — |  |  |  | (50,435 | ) |  |  | (50,435 | ) |  |  | — |
City Point Loan |  |  | — |  |  |  | — |  |  |  | - |  |  |  | (65,405 | )
City Point Loan accrued interest |  |  | — |  |  |  | — |  |  |  | - |  |  |  | (1,564 | )
Noncontrolling interest contributions |  |  | — |  |  |  | 9,572 |  |  |  | 9,572 |  |  |  | 65,945 |
Noncontrolling interest distributions |  |  | — |  |  |  | (24,632 | ) |  |  | (24,632 | ) |  |  | — |
Employee Long-term Incentive Plan Unit Awards |  |  | 1,997 |  |  |  | — |  |  |  | 1,997 |  |  |  | — |
Reclassification of redeemable noncontrolling interests(e) |  |  | — |  |  |  | (76,569 | ) |  |  | (76,569 | ) |  |  | 76,569 |
Reallocation of noncontrolling interests (f) |  |  | 644 |  |  |  | — |  |  |  | 644 |  |  |  | — |
Balance at September 30, 2022 |  | $ | 103,292 |  |  | $ | 403,009 |  |  | $ | 506,301 |  |  | $ | 72,352 |
Balance at July 1, 2021 |  | $ | 95,088 |  |  | $ | 524,010 |  |  | $ | 619,098 |  |  | $ | — |
Distributions declared of $0.15 per Common OP Unit and distributions on Preferred OP Units |  |  | (1,046 | ) |  |  | — |  |  |  | (1,046 | ) |  |  | — |
Net income for the three months ended September 30, 2021 |  |  | 872 |  |  |  | 18,193 |  |  |  | 19,065 |  |  |  | — |
Conversion of 18,000 Common OP Units to Common Shares by limited partners of the Operating Partnership |  |  | (288 | ) |  |  | — |  |  |  | (288 | ) |  |  | — |
Cancellation of OP units(g) |  |  | (479 | ) |  |  | — |  |  |  | (479 | ) |  |  | — |
Other comprehensive loss - unrealized gain (loss) on valuation of swap agreements |  |  | 227 |  |  |  | (258 | ) |  |  | (31 | ) |  |  | — |
Reclassification of realized interest expense on swap agreements |  |  | 53 |  |  |  | 1,762 |  |  |  | 1,815 |  |  |  | — |
Noncontrolling interest contributions |  |  | — |  |  |  | 9,518 |  |  |  | 9,518 |  |  |  | — |
Noncontrolling interest distributions |  |  | — |  |  |  | (10,127 | ) |  |  | (10,127 | ) |  |  | — |
Employee Long-term Incentive Plan Unit Awards |  |  | 2,419 |  |  |  | — |  |  |  | 2,419 |  |  |  | — |
Reallocation of noncontrolling interests (f) |  |  | (2,060 | ) |  |  | — |  |  |  | (2,060 | ) |  |  | — |
Balance at September 30, 2021 |  | $ | 94,786 |  |  | $ | 543,098 |  |  | $ | 637,884 |  |  | $ | — |
|  | Noncontrolling Interests in Operating Partnership (a) |  |  | Noncontrolling Interests in Partially-Owned Affiliates (b) |  |  | Total |  |  | Redeemable Noncontrolling Interests (c) |
Balance at January 1, 2022 |  | $ | 94,120 |  |  | $ | 534,202 |  |  | $ | 628,322 |  |  | $ | — |
Distributions declared of $0.54 per Common OP Unit and distributions on Preferred OP Units |  |  | (3,846 | ) |  |  | — |  |  |  | (3,846 | ) |  |  | — |
Net loss for the nine months ended September 30, 2022 |  |  | (1,686 | ) |  |  | (16,967 | ) |  |  | (18,653 | ) |  |  | (3,193 | )
Conversion of 71,307 Common OP Units to Common Shares by limited partners of the Operating Partnership |  |  | (1,147 | ) |  |  | — |  |  |  | (1,147 | ) |  |  | — |
Other comprehensive income - unrealized gain on valuation of swap agreements |  |  | 4,780 |  |  |  | 13,840 |  |  |  | 18,620 |  |  |  | — |
Reclassification of realized interest expense on swap agreements |  |  | 80 |  |  |  | 3,079 |  |  |  | 3,159 |  |  |  | — |
Acquisition of noncontrolling interest (d) |  |  | — |  |  |  | (91,811 | ) |  |  | (91,811 | ) |  |  | — |
City Point Loan |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (65,405 | )
City Point Loan accrued interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,564 | )
Noncontrolling interest contributions |  |  | — |  |  |  | 109,422 |  |  |  | 109,422 |  |  |  | 65,945 |
Noncontrolling interest distributions |  |  | — |  |  |  | (72,187 | ) |  |  | (72,187 | ) |  |  | — |
Employee Long-term Incentive Plan Unit Awards |  |  | 7,669 |  |  |  | — |  |  |  | 7,669 |  |  |  | — |
Reclassification of redeemable noncontrolling interests(e) |  |  | — |  |  |  | (76,569 | ) |  |  | (76,569 | ) |  |  | 76,569 |
Reallocation of noncontrolling interests (f) |  |  | 3,322 |  |  |  | — |  |  |  | 3,322 |  |  |  | — |
Balance at September 30, 2022 |  | $ | 103,292 |  |  | $ | 403,009 |  |  | $ | 506,301 |  |  | $ | 72,352 |
Balance at January 1, 2021 |  | $ | 89,431 |  |  | $ | 519,734 |  |  | $ | 609,165 |  |  | $ | — |
Distributions declared of $0.45 per Common OP Unit |  |  | (3,146 | ) |  |  | — |  |  |  | (3,146 | ) |  |  | — |
Net income for the nine months ended September 30, 2021 |  |  | 1,738 |  |  |  | 9,948 |  |  |  | 11,686 |  |  |  | — |
Conversion of 43,973 Common OP Units to Common Shares by limited partners of the Operating Partnership |  |  | (697 | ) |  |  | — |  |  |  | (697 | ) |  |  | — |
Cancellation of OP units(g) |  |  | (479 | ) |  |  | — |  |  |  | (479 | ) |  |  | — |
Other comprehensive income - unrealized gain on valuation of swap agreements |  |  | 1,723 |  |  |  | 1,630 |  |  |  | 3,353 |  |  |  | — |
Reclassification of realized interest expense on swap agreements |  |  | 159 |  |  |  | 5,317 |  |  |  | 5,476 |  |  |  | — |
Noncontrolling interest contributions |  |  | — |  |  |  | 26,627 |  |  |  | 26,627 |  |  |  | — |
Noncontrolling interest distributions |  |  | — |  |  |  | (20,158 | ) |  |  | (20,158 | ) |  |  | — |
Employee Long-term Incentive Plan Unit Awards |  |  | 8,866 |  |  |  | — |  |  |  | 8,866 |  |  |  | — |
Reallocation of noncontrolling interests (f) |  |  | (2,809 | ) |  |  | — |  |  |  | (2,809 | ) |  |  | — |
Balance at September 30, 2021 |  | $ | 94,786 |  |  | $ | 543,098 |  |  | $ | 637,884 |  |  | $ | — |
(a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,062,108 and 3,101,958 Common OP Units at September 30, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at each of September 30, 2022 and 2021; (iii) 126,593 Series C Preferred OP Units at each of September 30, 2022 and 2021; and (iv) 3,666,989 and 3,434,894 LTIP units at September 30, 2022 and 2021, respectively, as discussed in Share Incentive 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, an d seven ot her subsidiaries. (c) Redeemable noncontrolling interests comprise third-party interest in Fund II as limited partners in this Fund have been granted put rights. (d) Represents the acquisition of the 11.67% noncontrolling interest in Fund II and Mervyns II acquired on June 27, 2022 for $18.5 million and 21.67% in Fund II on August 1, 2022 for $5.8 million (Note 1). (e) Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022. (f) 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. (g) The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $0.5 million on July 12, 2021 (Note 3)

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