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Federal Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Reconciliation of Net Income to Taxable Income (Loss)

Reconciliation of GAAP net income attributable to Acadia shareholders to taxable income (loss) is as follows (unaudited):

 

 

 

Year Ended December 31,

 

(in thousands)

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Acadia shareholders

 

$

21,650

 

 

$

19,873

 

 

$

(35,445

)

Deferred rental and other income loss (a)

 

 

2,810

 

 

 

351

 

 

 

(1,854

)

Book/tax difference - depreciation and amortization (a)

 

 

43,081

 

 

 

22,353

 

 

 

28,337

 

Straight-line rent and above- and below-market rent adjustments (a)

 

 

(9,381

)

 

 

(12,484

)

 

 

(11,917

)

Book/tax differences - equity-based compensation

 

 

9,079

 

 

 

7,519

 

 

 

5,952

 

Joint venture equity in earnings, net and other investments (a)

 

 

12,369

 

 

 

33,522

 

 

 

22,493

 

Impairment charges and reserves

 

 

1,700

 

 

 

524

 

 

 

54,822

 

Acquisition costs (a)

 

 

10,220

 

 

 

9

 

 

 

2,048

 

Gain (loss) on disposition of properties and investments

 

 

3,925

 

 

 

1,800

 

 

 

(14,960

)

Book adjustment marketable securities

 

 

(18,512

)

 

 

(4,813

)

 

 

—

 

Book/tax differences - miscellaneous

 

 

(208

)

 

 

2,355

 

 

 

5,638

 

Taxable income

 

$

76,733

 

 

$

71,009

 

 

$

55,114

 

Dividends/Distributions declared (b)

 

$

81,892

 

 

$

68,612

 

 

$

68,312

 

 

 

(a)
Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.”
(b)
The entire fourth quarter 2024 dividend of $22.7 million (paid in January 2025) was attributed to 2025. Any additional distributions required for REIT qualification may be made through October 15, 2025. The entire fourth quarter 2023 dividend of $17.2 million (paid in January 2024) was attributed to 2024. The entire fourth quarter 2022 dividend of $17.1 million (paid in January 2023) was attributed to 2023 (Note 10).
Schedule of Tax Status of Dividends

The Company has determined that the cash distributed to the shareholders for the periods presented is characterized as follows for federal income tax purposes:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

Per Share

 

 

%

 

 

Per Share

 

 

%

 

 

Per Share

 

 

%

 

Ordinary income - Section 199A

 

$

0.679

 

 

 

93

%

 

$

0.583

 

 

 

81

%

 

$

0.650

 

 

 

90

%

Qualified dividend

 

 

0.007

 

 

 

1

%

 

 

0.115

 

 

 

16

%

 

 

0.010

 

 

 

1

%

Capital gain

 

 

0.044

 

 

 

6

%

 

 

0.022

 

 

 

3

%

 

 

0.060

 

 

 

9

%

Total (a)

 

$

0.730

 

 

 

100

%

 

$

0.720

 

 

 

100

%

 

$

0.720

 

 

 

100

%

 

(a)
The fourth quarter 2024 regular dividend was $0.19 per Common Share, all of which is allocable to 2025. The fourth quarter 2023 regular dividend was $0.18 per Common Share, all of which is allocable to 2024. The fourth quarter 2022 regular dividend was $0.18 per Common Share, all of which is allocable to 2023.
Schedule of TRS Income (Loss) and Provision for Income Taxes

Income taxes have been provided for using the liability method as required by ASC Topic 740, “Income Taxes.” The Company’s TRS income (loss) and provision for income taxes associated with the TRS for the periods presented are summarized as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

TRS loss before income taxes

 

$

(2,987

)

 

$

(3,768

)

 

$

(3,178

)

Provision for income taxes:

 

 

 

 

 

 

 

 

 

Federal

 

 

—

 

 

 

—

 

 

 

—

 

State and local

 

 

—

 

 

 

—

 

 

 

—

 

TRS net loss before noncontrolling interests

 

 

(2,987

)

 

 

(3,768

)

 

 

(3,178

)

Noncontrolling interests

 

 

—

 

 

 

—

 

 

 

-

 

TRS net loss

 

$

(2,987

)

 

$

(3,768

)

 

$

(3,178

)
Schedule of Effective Income Tax Rate Reconciliation

The income tax provision for the Company differs from the amount computed by applying the statutory Federal income tax rate to income (loss) before income taxes as follows. Amounts are not adjusted for temporary book/tax differences (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

Federal tax benefit at statutory tax rate

 

$

(577

)

 

$

(791

)

 

$

(667

)

TRS state and local taxes, net of Federal benefit

 

 

(239

)

 

 

(238

)

 

 

(201

)

Tax effect of:

 

 

 

 

 

 

 

 

 

Permanent differences, net

 

 

617

 

 

 

246

 

 

 

194

 

Adjustment to deferred tax reserve

 

 

633

 

 

 

(8

)

 

 

691

 

Other

 

 

(436

)

 

 

791

 

 

 

(16

)

REIT state and local income and franchise taxes

 

 

214

 

 

 

301

 

 

 

11

 

Total provision for income taxes

 

$

212

 

 

$

301

 

 

$

12