Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Net Income to Taxable Income

Reconciliation of GAAP net income attributable to Acadia to taxable income is as follows:

	Year Ended December 31,
(in thousands)	2019			2018			2017
Net income attributable to Acadia	$	53,045		$	31,439		$	61,470
Deferred cancellation of indebtedness income		—			2,050			2,050
Deferred rental and other income (a)		1,203			1,222			(934	)
Book/tax difference - depreciation and amortization (a)		21,688			23,166			21,334
Straight-line rent and above- and below-market rent adjustments (a)		(10,949	)		(12,129	)		(10,559	)
Book/tax differences - equity-based compensation		7,177			6,042			5,325
Joint venture equity in earnings, net (a)		15,571			13,905			9,114
Acquisition costs (a)		63			326			1,135
Gain (loss) on disposition of properties		2,375			—			(5,181	)
Book/tax differences - miscellaneous		(1,473	)		(2,821	)		930
Taxable income	$	88,700		$	63,200		$	84,684
Distributions declared	$	96,310		$	89,122		$	87,848

(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.”

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,
	2019					2018					2017
	Per Share		%			Per Share		%			Per Share		%
Ordinary income - Non-Section 199A	$	—		—	%		—		—	%	$	0.820		78	%
Ordinary income - Section 199A		0.820		77	%		0.870		100	%		—		—	%
Qualified dividend		—		—	%		—		—	%		—		—	%
Capital gain		0.240		23	%		—		—	%		0.230		22	%
Total (b)	$	1.060		100	%		0.870		100	%	$	1.050		100	%

(b) The fourth quarter 2019 regular dividend was $0.29 per common share, all of which is allocable to 2020. The fourth quarter 2018 regular dividend was $0.28 per common share of which approximately $0.06 was allocable to 2018 and approximately $0.22 is allocable to 2019.

Schedule of TRS Income 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 and provision for income taxes associated with the TRS for the periods presented are summarized as follows (in thousands):

	Year Ended December 31,
	2019			2018			2017
TRS loss before income taxes	$	(3,117	)	$	(2,609	)	$	(3,604	)
(Provision) benefit for income taxes:
Federal		754			(377	)		(982	)
State and local		317			26			423
TRS net loss before noncontrolling interests		(2,046	)		(2,960	)		(4,163	)
Noncontrolling interests		(369	)		4			8
TRS net loss	$	(2,415	)	$	(2,956	)	$	(4,155	)

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 before income taxes as follows. Amounts are not adjusted for temporary book/tax differences (in thousands):

	Year Ended December 31,
	2019			2018			2017
Federal tax benefit at statutory tax rate	$	(655	)	$	(548	)	$	(1,225	)
TRS state and local taxes, net of Federal benefit		(197	)		(165	)		(190	)
Tax effect of:
Permanent differences, net		239			951			1,131
Prior year over-accrual, net		—			—			(1,541	)
Effect of Tax Cuts and Jobs Act		—			—			1,982
Adjustment to deferred tax reserve		1,748			(1,530	)		—
Other		(112	)		1,702			404
REIT state and local income and franchise taxes		445			524			443
Total provision (benefit) for income taxes	$	1,468		$	934		$	1,004