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Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2022

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

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

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 six months ended June 30, 2022 and 2021 (in thousands):


	Gains or Losses on Derivative Instruments
Balance at April 1, 2022	$	(5,724	)

Other comprehensive income before reclassifications - swap agreements		17,050
Reclassification of realized interest on swap agreements		4,211
Net current period other comprehensive income		21,261
Net current period other comprehensive income attributable to noncontrolling interests		(4,297	)
Balance at June 30, 2022	$	11,240

Balance at April 1, 2021	$	(41,962	)

Other comprehensive loss before reclassifications - swap agreements		(10,069	)
Reclassification of realized interest on swap agreements		5,272
Net current period other comprehensive loss		(4,797	)
Net current period other comprehensive income attributable to noncontrolling interests		(1,150	)
Balance at June 30, 2021	$	(47,909	)


	Acadia's Share
Balance at January 1, 2022	$	(36,214	)

Other comprehensive income before reclassifications - swap agreements		52,784
Reclassification of realized interest on swap agreements		9,261
Net current period other comprehensive income		62,045
Net current period other comprehensive income attributable to noncontrolling interests		(14,591	)
Balance at June 30, 2022	$	11,240

Balance at January 1, 2021	$	(74,891	)

Other comprehensive income before reclassifications - swap agreements		23,487
Reclassification of realized interest on swap agreements		10,540
Net current period other comprehensive income		34,027
Net current period other comprehensive income attributable to noncontrolling interests		(7,045	)
Balance at June 30, 2021	$	(47,909	)

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three and six months ended June 30, 2022 and 2021 (dollars in thousands):


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total
Balance at April 1, 2022	$	101,355		$	645,238		$	746,593
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,286	)		—			(1,286	)
Net income (loss) for the three months ended June 30, 2022		151			(15,602	)		(15,451	)
Conversion of 15,701 Common OP Units to Common Shares by limited partners of the Operating Partnership		(243	)		—			(243	)
Other comprehensive income - unrealized gain on valuation of swap agreements		937			2,033			2,970
Reclassification of realized interest expense on swap agreements		29			1,298			1,327
Acquisition of noncontrolling interest (c)		—			(41,376	)		(41,376	)
Noncontrolling interest contributions		—			723			723
Noncontrolling interest distributions		—			(24,776	)		(24,776	)
Employee Long-term Incentive Plan Unit Awards		2,283			—			2,283
Reallocation of noncontrolling interests (d)		(158	)		—			(158	)
Balance at June 30, 2022	$	103,068		$	567,538		$	670,606

Balance at April 1, 2021	$	94,930		$	524,651		$	619,581
Distributions declared of $0.15 per Common OP Unit and distributions on Preferred OP Units		(1,052	)		—			(1,052	)
Net income (loss) for the three months ended June 30, 2021		398			(3,657	)		(3,259	)
Conversion of 7,173 Common OP Units to Common Shares by limited partners of the Operating Partnership		(115	)		—			(115	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(406	)		(253	)		(659	)
Reclassification of realized interest expense on swap agreements		53			1,756			1,809
Noncontrolling interest contributions		—			5,868			5,868
Noncontrolling interest distributions		—			(4,355	)		(4,355	)
Employee Long-term Incentive Plan Unit Awards		2,399			—			2,399
Reallocation of noncontrolling interests (d)		(1,119	)		—			(1,119	)
Balance at June 30, 2021	$	95,088		$	524,010		$	619,098


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total
Balance at January 1, 2022	$	94,120		$	534,202		$	628,322
Distributions declared of $0.36 per Common OP Unit and distributions on Preferred OP Units		(2,569	)		—			(2,569	)
Net income for the six months ended June 30, 2022		1,274			10,534			11,808
Conversion of 51,307 Common OP Units to Common Shares by limited partners of the Operating Partnership		(815	)		—			(815	)
Other comprehensive income - unrealized gain on valuation of swap agreements		2,635			8,963			11,598
Reclassification of realized interest expense on swap agreements		74			2,919			2,993
Acquisition of noncontrolling interest (c)		—			(41,376	)		(41,376	)
Noncontrolling interest contributions		—			99,852			99,852
Noncontrolling interest distributions		—			(47,556	)		(47,556	)
Employee Long-term Incentive Plan Unit Awards		5,671			—			5,671
Reallocation of noncontrolling interests (d)		2,678			—			2,678
Balance at June 30, 2022	$	103,068		$	567,538		$	670,606

Balance at January 1, 2021	$	89,431		$	519,734		$	609,165
Distributions declared of $0.30 per Common OP Unit		(2,100	)		—			(2,100	)
Net income (loss) for the six months ended June 30, 2021		868			(8,247	)		(7,379	)
Conversion of 25,973 Common OP Units to Common Shares by limited partners of the Operating Partnership		(409	)		—			(409	)
Other comprehensive income - unrealized gain on valuation of swap agreements		1,494			1,890			3,384
Reclassification of realized interest expense on swap agreements		106			3,555			3,661
Noncontrolling interest contributions		—			17,109			17,109
Noncontrolling interest distributions		—			(10,031	)		(10,031	)
Employee Long-term Incentive Plan Unit Awards		6,448			—			6,448
Reallocation of noncontrolling interests (d)		(750	)		—			(750	)
Balance at June 30, 2021	$	95,088		$	524,010		$	619,098

(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 June 30, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at each of June 30, 2022 and 2021; (iii) 126,593 Series C Preferred OP Units at each of June 30, 2022 and 2021; and (iv) 3,732,125 and 3,434,894 LTIP units at June 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, and six other subsidiaries.

(c)

Represents the acquisition of the 11.67% noncontrolling interest in Fund II and Mervyns II acquired on June 27, 2022 (Note 1) for $18.5 million.

(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.