XML 46 R36.htm IDEA: XBRL DOCUMENT
v3.23.3

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
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
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
November 9, 2022 |  | $ | 0.18 |  |  | December 30, 2022 |  | January 13, 2023
January 17, 2023 |  | $ | 0.18 |  |  | March 31, 2023 |  | April 14, 2023
May 3, 2023 |  | $ | 0.18 |  |  | June 30, 2023 |  | July 14, 2023
August 9, 2023 |  | $ | 0.18 |  |  | September 29, 2023 |  | October 13, 2023
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, 2023 and 2022 (in thousands):
|  | Acadia's Share |
Balance at July 1, 2023 |  | $ | 49,855 |
Other comprehensive income before reclassifications - swap agreements |  |  | 26,763 |
Reclassification of realized interest on swap agreements |  |  | (9,478 | )
Net current period other comprehensive income |  |  | 17,285 |
Net current period other comprehensive income attributable to noncontrolling interests |  |  | (1,580 | )
Balance at September 30, 2023 |  | $ | 65,560 |
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 income attributable to noncontrolling interests |  |  | (7,188 | )
Balance at September 30, 2022 |  | $ | 49,684 |
|  | Acadia's Share |
Balance at January 1, 2023 |  | $ | 46,817 |
Other comprehensive income before reclassifications - swap agreements |  |  | 45,034 |
Reclassification of realized interest on swap agreements |  |  | (24,293 | )
Net current period other comprehensive income |  |  | 20,741 |
Net current period other comprehensive income attributable to noncontrolling interests |  |  | (1,998 | )
Balance at September 30, 2023 |  | $ | 65,560 |
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 income attributable to noncontrolling interests |  |  | (21,779 | )
Balance at September 30, 2022 |  | $ | 49,684 |
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, 2023 and 2022 (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, 2023 |  | $ | 103,813 |  |  | $ | 348,624 |  |  | $ | 452,437 |  |  | $ | 59,833 |
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units |  |  | (1,338 | ) |  |  | — |  |  |  | (1,338 | ) |  |  |
Net income (loss) for the three months ended September 30, 2023 |  |  | 79 |  |  |  | (12,426 | ) |  |  | (12,347 | ) |  |  | (2,495 | )
Conversion of 10,828 Common OP Units to Common Shares by limited partners of the Operating Partnership |  |  | (182 | ) |  |  | — |  |  |  | (182 | ) |  |  | — |
Other comprehensive income - unrealized gain on valuation of swap agreements |  |  | 950 |  |  |  | 4,212 |  |  |  | 5,162 |  |  |  | — |
Reclassification of realized interest expense on swap agreements |  |  | (56 | ) |  |  | (3,526 | ) |  |  | (3,582 | ) |  |  | — |
City Point Loan accrued interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,332 | )
Capital call receivable |  |  | — |  |  |  | (16,300 | ) |  |  | (16,300 | ) |  |  | — |
Noncontrolling interest contributions |  |  | — |  |  |  | 16,600 |  |  |  | 16,600 |  |  |  | 315 |
Noncontrolling interest distributions |  |  | — |  |  |  | (1,754 | ) |  |  | (1,754 | ) |  |  | (37 | )
Employee Long-term Incentive Plan Unit Awards |  |  | 2,353 |  |  |  | — |  |  |  | 2,353 |  |  |  | — |
Reallocation of noncontrolling interests (d) |  |  | (2,039 | ) |  |  | — |  |  |  | (2,039 | ) |  |  | — |
Balance at September 30, 2023 |  | $ | 103,580 |  |  | $ | 335,430 |  |  | $ | 439,010 |  |  | $ | 55,284 |
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 (e) |  |  | — |  |  |  | (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(f) |  |  | - |  |  |  | (76,569 | ) |  |  | (76,569 | ) |  |  | 76,569 |
Reallocation of noncontrolling interests (d) |  |  | 644 |  |  |  | — |  |  |  | 644 |  |  |  | — |
Balance at September 30, 2022 |  | $ | 103,292 |  |  | $ | 403,009 |  |  | $ | 506,301 |  |  | $ | 72,352 |
|  | Noncontrolling Interests in Operating Partnership (a) |  |  | Noncontrolling Interests in Partially-Owned Affiliates (b) |  |  | Total |  |  | Redeemable Noncontrolling Interests (c) |
Balance at January 1, 2023 |  | $ | 99,554 |  |  | $ | 389,810 |  |  | $ | 489,364 |  |  | $ | 67,664 |
Distributions declared of $0.54 per Common OP Unit and distributions on Preferred OP Units |  |  | (4,022 | ) |  |  | — |  |  |  | (4,022 | ) |  |  | — |
Net income (loss) for the nine months ended September 30, 2023 |  |  | 1,693 |  |  |  | (8,756 | ) |  |  | (7,063 | ) |  |  | (5,661 | )
Conversion of 102,261 Common OP Units to Common Shares by limited partners of the Operating Partnership |  |  | (1,715 | ) |  |  | — |  |  |  | (1,715 | ) |  |  | — |
Other comprehensive income - unrealized gain on valuation of swap agreements |  |  | 1,205 |  |  |  | 10,732 |  |  |  | 11,937 |  |  |  | — |
Reclassification of realized interest expense on swap agreements |  |  | (155 | ) |  |  | (9,784 | ) |  |  | (9,939 | ) |  |  | — |
City Point Loan |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (796 | )
City Point Loan accrued interest |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,995 | )
Capital call receivable |  |  | — |  |  |  | (16,300 | ) |  |  | (16,300 | ) |  |  | — |
Noncontrolling interest contributions |  |  | — |  |  |  | 47,842 |  |  |  | 47,842 |  |  |  | 1,110 |
Noncontrolling interest distributions |  |  | — |  |  |  | (78,114 | ) |  |  | (78,114 | ) |  |  | (38 | )
Employee Long-term Incentive Plan Unit Awards |  |  | 8,719 |  |  |  | — |  |  |  | 8,719 |  |  |  | — |
Reallocation of noncontrolling interests (d) |  |  | (1,699 | ) |  |  | — |  |  |  | (1,699 | ) |  |  | — |
Balance at September 30, 2023 |  | $ | 103,580 |  |  | $ | 335,430 |  |  | $ | 439,010 |  |  | $ | 55,284 |
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 (e) |  |  | — |  |  |  | (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(f) |  |  | — |  |  |  | (76,569 | ) |  |  | (76,569 | ) |  |  | 76,569 |
Reallocation of noncontrolling interests (d) |  |  | 3,322 |  |  |  | — |  |  |  | 3,322 |  |  |  | — |
Balance at September 30, 2022 |  | $ | 103,292 |  |  | $ | 403,009 |  |  | $ | 506,301 |  |  | $ | 72,352 |
(a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,864,074 and 3,062,108 Common OP Units at September 30, 2023 and 2022, respectively; (ii) 188 Series A Preferred OP Units at each of September 30, 2023 and 2022; (iii) 126,384 and 126,593 Series C Preferred OP Units at September 30, 2023 and 2022, respectively; and (iv) 4,287,550 and 3,666,989 LTIP units at September 30, 2023 and 2022, respectively, as discussed in the Amended and Restated 2020 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, and seven other subsidiaries. (c) Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below. (d) 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. (e) 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 of a 21.67% interest in Fund II on August 1, 2022 for $5.8 million (Note 1). (f) Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022.

X
- Definition Change in noncontrolling interests. + References No definition available. + Details
Name: | akr_ChangeInNoncontrollingInterestsTableTextBlock
Namespace Prefix: | akr_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to dividends declared, including paid and unpaid dividends. + References No definition available. + Details
Name: | us-gaap_DividendsDeclaredTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information about items reclassified out of accumulated other comprehensive income (loss). + References No definition available. + Details
Name: | us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration