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Restatement
 12 Months Ended
Dec. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Restatement

2. Restatement of Previously Issued Consolidated 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

 

$

—

 

 

$

—

 

 

 

$

—