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Earnings (Loss) Per Common Share (Tables)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted

 

Year Ended December 31,

 

(dollars in thousands)

2022

 

 

2021

 

 

2020

 

Numerator:

 

 

 

 

 

 

 

 

Net (loss) income attributable to Acadia

$

(35,445

)

 

$

23,548

 

 

$

(8,976

)

Less: net income attributable to participating securities

 

(805

)

 

 

(624

)

 

 

(233

)

(Loss) income from continuing operations net of income attributable to participating securities for basic (loss) earnings per share

 

(36,250

)

 

 

22,924

 

 

 

(9,209

)

Impact of City Point Loan share conversion option (a)

 

(1,804

)

 

 

—

 

 

 

—

 

(Loss) income from continuing operations net of income attributable to participating securities for diluted (loss) earnings per share

$

(38,054

)

 

$

22,924

 

 

$

(9,209

)

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Weighted average shares for basic earnings (loss) per share

 

94,575,251

 

 

 

87,653,818

 

 

 

86,441,922

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

Series A Preferred OP Units

 

—

 

 

 

—

 

 

 

—

 

Employee unvested restricted shares

 

—

 

 

 

—

 

 

 

—

 

City Point Loan common stock conversion option (Note 10) (a)

 

68,215

 

 

 

—

 

 

 

—

 

Denominator for diluted earnings per share

 

94,643,466

 

 

 

87,653,818

 

 

 

86,441,922

 

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per Common Share from continuing operations attributable to Acadia

$

(0.38

)

 

$

0.26

 

 

$

(0.11

)

Diluted (loss) earnings per Common Share from continuing operations attributable to Acadia

$

(0.40

)

 

$

0.26

 

 

$

(0.11

)

 

 

 

 

 

 

 

 

 

Anti-Dilutive Shares Excluded from Denominator:

 

 

 

 

 

 

 

 

Series A Preferred OP Units

 

188

 

 

 

188

 

 

 

188

 

Series A Preferred OP Units - Common share equivalent

 

25,067

 

 

 

25,067

 

 

 

25,067

 

 

 

 

 

 

 

 

 

 

Series C Preferred OP Units

 

126,384

 

 

 

126,593

 

 

 

126,593

 

Series C Preferred OP Units - Common share equivalent

 

438,831

 

 

 

439,556

 

 

 

439,556

 

Restricted shares

 

68,832

 

 

 

70,827

 

 

 

76,394

 

 

a)
The adjustment represents the impact of assumed conversion of dilutive convertible securities issued in connection with the City Point Loan in August 2022 that enabled the holder to convert its interest into the Company's common shares. The instrument was subsequently modified in the third quarter of 2022 to provide for a cash-only settlement option (Note 10).