Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | ACADIA REALTY TRUST | |
Entity Central Index Key | 0000899629 | |
Current Fiscal Year End Date | --12-31 | |
Trading Symbol | AKR | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 94,885,148 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-12002 | |
Entity Tax Identification Number | 23-2715194 | |
Entity Address, Address Line One | 411 THEODORE FREMD AVENUE | |
Entity Address, Address Line Two | SUITE 300 | |
Entity Address, City or Town | RYE | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10580 | |
City Area Code | 914 | |
Local Phone Number | 288-8100 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common shares of beneficial interest, par value $0.001 per share | |
Security Exchange Name | NYSE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | MD |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Operating real estate, net | $ 3,406,577 | $ 3,219,373 | |
Real estate under development | 192,115 | 203,773 | |
Net investments in real estate | 3,598,692 | 3,423,146 | |
Notes receivable, net | 153,161 | 153,886 | |
Investments in and advances to unconsolidated affiliates | 413,141 | 322,326 | |
Other assets, net | 198,767 | 186,509 | |
Right-of-use assets - operating leases, net | 39,885 | 40,743 | |
Cash and cash equivalents | 36,151 | 17,746 | |
Restricted cash | 11,875 | 9,813 | |
Rents receivable, net | 44,509 | 43,625 | |
Assets of properties held for sale | 0 | 63,952 | |
Total assets | 4,496,181 | [1] | 4,261,746 |
LIABILITIES | |||
Mortgage and other notes payable, net | 1,095,445 | 1,140,293 | |
Unsecured notes payable, net | 529,796 | 559,040 | |
Unsecured line of credit | 194,405 | 112,905 | |
Accounts payable and other liabilities | 202,526 | 236,415 | |
Lease liability - operating leases, net | 37,936 | 38,759 | |
Dividends and distributions payable | 18,320 | 14,460 | |
Distributions in excess of income from, and investments in, unconsolidated affiliates | 9,547 | 9,939 | |
Total liabilities | 2,087,975 | 2,111,811 | |
Commitments and contingencies | |||
Acadia Shareholders' Equity | |||
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 94,507,864 and 89,303,545 shares, respectively | 95 | 89 | |
Additional paid-in capital | 1,864,060 | 1,754,383 | |
Accumulated other comprehensive loss | (5,724) | (36,214) | |
Distributions in excess of accumulated earnings | (196,818) | (196,645) | |
Total Acadia shareholders’ equity | 1,661,613 | 1,521,613 | |
Noncontrolling interests | 746,593 | 628,322 | |
Total equity | 2,408,206 | 2,149,935 | |
Total liabilities and equity | $ 4,496,181 | $ 4,261,746 | |
[1] | Real estate at cost and total assets for the Funds segment include $ 657.9 million and $ 643.0 million, or $ 191.1 million and $ 186.9 million net of non-controlling interests, related to Fund II’s City Point property at March 31, 2022 and 2021 , respectively. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common shares, authorized (in shares) | 200,000,000 | 200,000,000 |
Common shares, issued (in shares) | 94,507,864 | 89,303,545 |
Common shares, outstanding (in shares) | 94,507,864 | 89,303,545 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 81,507 | $ 68,187 |
Operating expenses | ||
Depreciation and amortization | 33,713 | 30,640 |
General and administrative | 11,937 | 8,992 |
Real estate taxes | 11,280 | 11,206 |
Property operating | 13,350 | 13,209 |
Total operating expenses | 70,280 | 64,047 |
Gain on disposition of properties | 28,815 | 4,612 |
Operating income | 40,042 | 8,752 |
Equity in earnings of unconsolidated affiliates | 3,130 | 1,882 |
Interest and other income | 2,935 | 1,700 |
Realized and unrealized holding gains (losses) on investments and other | 15,730 | 5,125 |
Interest expense | (17,925) | (16,614) |
Income from continuing operations before income taxes | 43,912 | 845 |
Income tax benefit (provision) | 185 | (148) |
Net income | 44,097 | 697 |
Net (income) loss attributable to noncontrolling interests | 27,259 | 4,120 |
Net income attributable to Acadia | $ 16,838 | $ 4,817 |
Basic and diluted earnings per share | $ 0.18 | $ 0.05 |
Rental Income | ||
Revenues | $ 79,467 | $ 65,998 |
Other | ||
Revenues | $ 2,040 | $ 2,189 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 44,097 | $ 697 |
Other comprehensive income (loss): | ||
Unrealized gain on valuation of swap agreements | 35,734 | 33,556 |
Reclassification of realized interest on swap agreements | 5,049 | 5,268 |
Other comprehensive income (loss) | 40,783 | 38,824 |
Comprehensive income (loss) | 84,880 | 39,521 |
Comprehensive (income) loss attributable to noncontrolling interests | (37,552) | (1,775) |
Comprehensive income (loss) attributable to Acadia | $ 47,328 | $ 37,746 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Accumulated Earnings | Total Common Shareholders' Equity | Noncontrolling Interests |
Balance at Dec. 31, 2020 | $ 2,050,204 | $ 86 | $ 1,683,165 | $ (74,891) | $ (167,321) | $ 1,441,039 | $ 609,165 |
Balance (in Shares) at Dec. 31, 2020 | 86,269 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 294 | 294 | (294) | ||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 19 | ||||||
Dividends/distributions declared | (13,993) | (12,945) | (12,945) | (1,048) | |||
Employee and trustee stock compensation, net | 4,511 | 462 | 462 | 4,049 | |||
Employee and trustee stock compensation, net (in Shares) | 14 | ||||||
Noncontrolling interest distributions | (5,676) | (5,676) | |||||
Noncontrolling interest contributions | 11,241 | 11,241 | |||||
Comprehensive income | 39,521 | 32,929 | 4,817 | 37,746 | 1,775 | ||
Reallocation of noncontrolling interests | (369) | (369) | 369 | ||||
Balance at Mar. 31, 2021 | 2,085,808 | $ 86 | 1,683,552 | (41,962) | (175,449) | 1,466,227 | 619,581 |
Balance (in Shares) at Mar. 31, 2021 | 86,302 | ||||||
Balance at Dec. 31, 2020 | 2,050,204 | $ 86 | 1,683,165 | (74,891) | (167,321) | 1,441,039 | 609,165 |
Balance (in Shares) at Dec. 31, 2020 | 86,269 | ||||||
Balance at Dec. 31, 2021 | $ 2,149,935 | $ 89 | 1,754,383 | (36,214) | (196,645) | 1,521,613 | 628,322 |
Balance (in Shares) at Dec. 31, 2021 | 89,303,545 | 89,304 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 572 | 572 | (572) | ||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 36 | ||||||
Issuance of Common Shares | $ 111,516 | $ 5 | 111,511 | 111,516 | |||
Issuance of Common Shares (in Shares) | 5,151 | ||||||
Dividends/distributions declared | (18,294) | (17,011) | (17,011) | (1,283) | |||
Employee and trustee stock compensation, net | 3,820 | $ 1 | 430 | 431 | 3,389 | ||
Employee and trustee stock compensation, net (in Shares) | 17 | ||||||
Noncontrolling interest distributions | (22,780) | (22,780) | |||||
Noncontrolling interest contributions | 99,129 | 99,129 | |||||
Comprehensive income | 84,880 | 30,490 | 16,838 | 47,328 | 37,552 | ||
Reallocation of noncontrolling interests | (2,836) | (2,836) | 2,836 | ||||
Balance at Mar. 31, 2022 | $ 2,408,206 | $ 95 | $ 1,864,060 | $ (5,724) | $ (196,818) | $ 1,661,613 | $ 746,593 |
Balance (in Shares) at Mar. 31, 2022 | 94,507,864 | 94,508 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared per common share (in dollars per share) | $ 0.18 | $ 0.15 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 44,097 | $ 697 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 33,713 | 30,640 |
Gain on disposition of properties and other investments | (30,288) | (4,612) |
Net unrealized holding gains on investments | (13,763) | (6,135) |
Stock compensation expense | 3,820 | 4,511 |
Straight-line rents | (3,076) | (1,092) |
Equity in earnings of unconsolidated affiliates | (3,130) | (1,882) |
Distributions of operating income from unconsolidated affiliates | 2,655 | 390 |
Adjustments to straight-line rent reserves | (1,350) | 896 |
Amortization of financing costs | 1,386 | 1,251 |
Non-cash lease expense | 858 | 1,041 |
Allowance for credit loss | (1,134) | 2,942 |
Other, net | (1,432) | (926) |
Changes in assets and liabilities: | ||
Rents receivable | 3,283 | (2,318) |
Other liabilities | (1,567) | 3,799 |
Accounts payable and accrued expenses | (8,564) | 512 |
Prepaid expenses and other assets | 1,858 | 1,754 |
Lease liability - operating leases | (823) | (494) |
Net cash provided by operating activities | 26,543 | 30,974 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Acquisition of real estate | (159,599) | 0 |
Proceeds from the disposition of properties and other investments, net | 116,619 | 15,703 |
Investments in and advances to unconsolidated affiliates and other | (95,898) | (2,061) |
Development, construction and property improvement costs | (7,931) | (5,379) |
Payment of deposits for properties under contract | (3,650) | 0 |
Change in control of previously unconsolidated affiliate | 3,592 | 0 |
Return of capital from unconsolidated affiliates and other | 2,602 | 5,377 |
Payment of deferred leasing costs | (1,264) | (1,028) |
Acquisition of investment interests | (4,527) | 0 |
Net cash (used in) provided by investing activities | (150,056) | 12,612 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from unsecured debt | 279,139 | 536 |
Principal payments on unsecured debt | (227,140) | (33,250) |
Proceeds from the sale of Common Shares | 111,516 | 0 |
Capital contributions from noncontrolling interests | 99,129 | 11,241 |
Principal payments on mortgage and other notes | (81,743) | (20,406) |
Distributions to noncontrolling interests | (23,819) | (5,800) |
Dividends paid to Common Shareholders | (13,396) | 0 |
Proceeds received on mortgage and other notes | 307 | 819 |
Deferred financing and other costs | (13) | (333) |
Net cash provided by financing activities | 143,980 | (47,193) |
Increase (decrease) in cash and restricted cash | 20,467 | (3,607) |
Cash of $17,746 and $18,699 and restricted cash of $9,813 and $11,096, respectively, beginning of period | 27,559 | 29,795 |
Cash of $36,151 and $14,085 and restricted cash of $11,875 and $12,103, respectively, end of period | 48,026 | 26,188 |
Supplemental disclosure of cash flow information | ||
Cash paid during the period for interest, net of capitalized interest of $623 and $902 respectively | 11,882 | 11,432 |
Cash paid for income taxes, net of (refunds) | (185) | 100 |
Supplemental disclosure of non-cash investing and financing activities | ||
Distribution declared and payable on October April 14, 2022, and April 15, 2021, respectively | 18,172 | 13,993 |
Assumption of accounts payable and accrued expenses through acquisition of real estate | 1,904 | 0 |
Right-of-use assets, operating leases exchanged for operating lease liabilities | 0 | 412 |
Change in control of previously unconsolidated (consolidated) investment | ||
Increase in real estate | (55,791) | 0 |
Increase in Mortgage Notes Payable | 35,970 | 0 |
Decrease in investments in and advances to unconsolidated affiliates | 17,822 | 0 |
Decrease in notes receivable | 5,306 | |
Decrease in reserve on note receivable | 4,582 | |
Decrease in accrued interest on notes receivable | 4,691 | |
Change in other assets and liabilities | 176 | 0 |
Increase in cash and restricted cash upon change of control | $ 3,592 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents, beginning balance | $ 17,746 | $ 18,699 |
Cash and cash equivalents, ending balance | 36,151 | 14,085 |
Restricted cash, beginning balance | 9,813 | 11,096 |
Restricted cash, ending balance | 11,875 | 12,103 |
Cash paid for capitalized interest | $ 623 | $ 902 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Basis of Presentation and Summary of Significant Accounting Policies | 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization The Company is a fully-integrated equity REIT focused on the ownership, acquisition, development, and management of retail properties located primarily in high-barrier-to-entry, supply-constrained, densely-populated metropolitan areas in the United States. All of the Company’s assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the “Operating Partnership”) and entities in which the Operating Partnership owns an interest. As of March 31, 2022 and December 31, 2021, the Company controlled approximately 95 % and 95 % , respectively, of the Operating Partnership as the sole general partner and is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units”) and employees who have been awarded restricted Common OP Units (“LTIP Units”) as long-term incentive compensation ( Note 13 ). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one -for-one basis for common shares of beneficial interest, par value $ 0.001 per share, of the Company (“Common Shares”). This structure is referred to as an umbrella partnership REIT or “UPREIT.” As of March 31, 2022, the Company has ownership interests in 136 properties within its core portfolio, which consist of those properties either 100 % owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through its funds (“Core Portfolio”). The Company also has ownership interests in 52 properties within its opportunity funds, Acadia Strategic Opportunity Fund II, LLC (“Fund II”), Acadia Strategic Opportunity Fund III LLC (“Fund III”), Acadia Strategic Opportunity Fund IV LLC (“Fund IV”), and Acadia Strategic Opportunity Fund V LLC (“Fund V” and, collectively with Fund II, Fund III and Fund IV, the “Funds”). The 188 Core Portfolio and Fund properties primarily consist of street and urban retail and suburban shopping centers. In addition, the Company, together with the investors in the Funds, invested in operating companies through Acadia Mervyn Investors I, LLC (“Mervyns I,” which was liquidated in 2018) and Acadia Mervyn Investors II, LLC (“Mervyns II”), all on a non-recourse basis. The Company consolidates the Funds as it has (i) the power to direct the activities that most significantly impact the Funds’ economic performance, (ii) is obligated to absorb the Funds’ losses and (iii) has the right to receive benefits from the Funds that could potentially be significant. The Operating Partnership is the sole general partner or managing member of the Funds and Mervyns II and earns fees or priority distributions for asset management, property management, construction, development, leasing, and legal services. Cash flows from the Funds and Mervyns II are distributed pro-rata to their respective partners and members (including the Operating Partnership) until each receives a certain cumulative return (“Preferred Return”) and the return of all capital contributions. Thereafter, remaining cash flow is distributed 20 % to the Operating Partnership (“Promote”) and 80 % to the partners or members (including the Operating Partnership). All transactions between the Funds and the Operating Partnership have been eliminated in consolidation. The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions): Entity Formation Operating Capital Called (b) Unfunded (b, c) Equity Interest (a) Preferred Total (b, c) Fund II and Mervyns II (c) 6/2004 28.33 % $ 384.1 $ 1.2 28.33 % 8 % $ 169.8 Fund III 5/2007 24.54 % 448.1 1.9 24.54 % 6 % 601.5 Fund IV 5/2012 23.12 % 488.1 41.9 23.12 % 6 % 193.1 Fund V (d) 8/2016 20.10 % 347.9 172.1 20.10 % 6 % 61.0 (a) Amount represents the current economic ownership at March 31, 2022, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund. (b) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. (c) During August 2020, a recallable distribution of $ 15.7 million was made by Mervyn’s II to its investors, of which $ 4.5 million was the Company’s share. During 2021 and 2022, Mervyn’s II recalled $ 11.9 million and $ 2.6 million, respectively, of the $15.7 million, of which the Company's share is $ 3.4 million and $ 0.7 million, respectively. (d) As of April 8, 2021, Fund V's investment period was extended to August 25, 2022 . Basis of Presentation Restatement of Prior Year Amounts As discussed in the Company's 2021 consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report"), the Company restated each of the quarterly and year-to-date periods ended March 31, 2021, June 30, 2021 and September 30, 2021. Amounts as of or for the period ended March 31, 2021 depicted in these interim consolidated financial statements as "As Restated" are taken from the Company's restatement disclosures in the Annual Report. See the 2021 consolidated financial statements included in the Annual Report for details of the restatement adjustments. Segments At March 31, 2022 , the Company had three reportable operating segments: Core Portfolio, Funds and Structured Financing. The Company’s chief operating decision maker may review operational and financial data on a property-level basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital. Principles of Consolidation The interim consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income or loss. The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items. These interim consolidated financial statements should be read in conjunction with the Company’s 2021 consolidated financial statements included in the Annual Report. Use of Estimates GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the interim consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Recently Adopted Accounting and Reporting Guidance In August 2020, the FASB issued ASU 2020-06— Debt with conversion and other options (Subtopic 470-20) and derivatives and hedging—contracts in entity's own equity (Subtopic 815-40)—accounting for convertible instruments and contracts in an entity's own equity . This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU simplifies accounting for convertible instruments and simplifies the diluted earnings per share (EPS) calculation in certain areas. This ASU is effective for fiscal years beginning after December 15, 2021. Currently, the Company does not have any such debt instruments and, as a result, the implementation of this guidance did not have an effect on the Company’s consolidated financial statements. In May 2021, the FASB issued ASU 2021-04 Modification of Equity-Classified Written Call Options — Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) : Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options — to codify how an issuer should account for modifications made to equity-classified written call options (a warrant to purchase the issuer’s common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause the warrant to become liability-classified as an exchange whether structured as an amendment or reissuance and is effective for all periods beginning after December 15, 2021 with early application permitted. The Company does not currently have any outstanding equity awards with written call options. As a result, the implementation of this guidance did not have an effect on the Company’s consolidated financial statements. In July 2021, the FASB issued ASU 2021-05 Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments . This Update requires a lessor to classify a lease with entirely or partially variable payments that do not depend on an index or rate as an operating lease if another classification (i.e. sales-type or direct financing) would trigger a commencement date selling loss. The guidance in the ASU is effective for all periods beginning after December 15, 2021 with early application permitted and may be applied either retrospectively or prospectively. The Company does not currently have any sales-type or direct financing leases as lessor. As a result, the implementation of this guidance did not have an effect on the Company’s consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 Reference Rate Reform (Topic 848) which modifies ASC 848, which was intended to provide relief related to “contracts and transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform.” ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give reporting entities the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. ASU 2021-01 also adds implementation guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that is expected to be discontinued, but that are being modified as a result of the discounting transition. Currently, the Company does not anticipate the need to modify any existing debt agreements as a result of reference rate reform in the current year. If any modification is executed as a result of reference rate reform, the Company will elect the optional practical expedient under ASU 2020-04 and 2021-01, which allows entities to account for the modification as if the modification was not substantial. As a result, the implementation of this guidance is not expected to have an effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In March 2022, the FASB issued ASU 2022-01 Derivatives and Hedging (Topic 815) Fair Value Hedging—Portfolio Layer Method . The amendments in this Update allow non-prepayable financial assets also to be included in a closed portfolio hedged using the portfolio layer method. That expanded scope permits an entity to apply the same portfolio hedging method to both prepayable and non-prepayable financial assets, thereby allowing consistent accounting for similar hedges. The guidance in the ASU is effective for all periods beginning after December 15, 2022 with early application permitted and may be applied prospectively. The Company does not currently utilize the portfolio layer method. As a result, the implementation of this guidance is not expected to have a material effect on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU 2022-02 Financial Instruments—Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures . Rather than applying the recognition and measurement guidance for Troubled Debt Restructurings ("TDRs"), an entity must apply the loan refinancing and restructuring guidance in ASC 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. In addition, this Update requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost . The guidance in the ASU is effective for all periods beginning after December 15, 2022 with early application permitted and may be applied prospectively. The Company does not currently have any financial instruments that meet the definition of a TDR. As a result, the implementation of this guidance is not expected to have a material effect on the Company’s consolidated financial statements. |
Real Estate
Real Estate | 3 Months Ended |
Mar. 31, 2022 | |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | |
Real Estate | 2. Rea l Estate The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands): March 31, December 31, 2022 2021 Land $ 821,841 $ 739,641 Buildings and improvements 3,014,853 2,892,051 Tenant improvements 206,755 199,925 Construction in progress 7,825 11,131 Right-of-use assets - finance leases (Note 11) 25,086 25,086 Total 4,076,360 3,867,834 Less: Accumulated depreciation and amortization ( 669,783 ) ( 648,461 ) Operating real estate, net 3,406,577 3,219,373 Real estate under development 192,115 203,773 Net investments in real estate $ 3,598,692 $ 3,423,146 Acquisitions and Foreclosure During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company acquired (through purchase, investment or foreclosure) the following consolidated retail properties and other real estate investments (dollars in thousands): Property and Location Percent Date of Purchase 2022 Acquisitions and Foreclosure Core 121 Spring Street - New York, NY 100 % Jan 12, 2022 $ 39,637 Williamsburg Collection - Brooklyn, NY (a) (a) Feb 18, 2022 97,750 8833 Beverly Boulevard - West Hollywood, CA 100 % Mar 2, 2022 24,117 Subtotal Core 161,504 Fund III 640 Broadway - New York, NY (Foreclosure) (b) 100 % Jan 26, 2022 59,207 Subtotal Fund III 59,207 Total 2022 Acquisitions and Foreclosure $ 220,711 2021 Acquisitions Core 14th Street Portfolio - Washington, DC 100 % Dec 23, 2021 $ 26,320 Subtotal Core 26,320 Fund V Canton Marketplace - Canton, GA 100 % Aug 20, 2021 50,954 Monroe Marketplace - Selinsgrove, PA 100 % Sept 9, 2021 44,796 Monroe Marketplace (Parcel) - Selinsgrove, PA 100 % Nov 12, 2021 1,029 Midstate - East Brunswick, NJ 100 % Nov 12, 2021 71,867 Subtotal Fund V 168,646 Total 2021 Acquisitions $ 194,966 a) The Williamsburg Collection entity is a variable interest entity and the Company consolidates the entity because it is the entity's primary beneficiary. The Company invested $ 2.8 million in its 49.99 % equity interest and, through a separate lending subsidiary, provided a $ 64.1 million first mortgage loan and a $ 30.9 million mezzanine loan to subsidiaries of the venture (such equity and loans have been eliminated in consolidation). Pursuant to the entity’s operating agreement, the venture partner has a one-time right to put its 50.01 % interest in the entity (the "Williamsburg NCI", which is further described in Note 8 ) to the Company for fair value at a future date. Given the preferred rate of return of the Company embedded in its equity interests and the accruing debt senior to the equity, the Company did not attribute any initial redemption value to the Williamsburg NCI and recognized a gain on bargain purchase, which is included in Realized and unrealized holding gains on investments and other in the consolidated statements of income. b) The entity was previously accounted for as an equity method investment until an affiliate of Fund III acquired the venture partner's interest in a foreclosure action. Fund III now indirectly owns 100% of the entity and consolidates it ( Note 4 ). For the three months ended March 31, 2022 and the year ended December 31, 2021, the Company capitalized $ 0.3 million and $ 3.6 million of acquisition costs in connection with the 2022 Acquisitions and Foreclosure and the 2021 Acquisitions, respectively. In addition, during the three months ended March 31, 2022 , the Company expensed $ 2.0 million of acquisition costs (including a $ 1.5 million acquisition fee paid to an affiliate of a joint venture partner). Acquisition costs that were expensed are included in general administrative expense in the consolidated statements of income. During the three months ended March 31, 2022, the Company assumed a $ 36.0 million mortgage with the consolidation of 640 Broadway and during the year ended December 31, 2021, the Company assumed a $ 31.8 million mortgage with the acquisition of Canton Marketplace ( Note 7 ) . Purchase Price Allocations The purchase prices for the 2022 Acquisitions and Foreclosure and 2021 Acquisitions were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the periods presented (in thousands): Three Months Ended March 31, Year Ended December 31, 2022 2021 Net Assets Acquired Land $ 79,135 $ 37,290 Buildings and improvements 127,997 134,065 Acquisition-related intangible assets (Note 6) 21,404 39,953 Accounts receivable, prepaids and other assets 4,077 — Accounts payable and other liabilities ( 661 ) — Acquisition-related intangible liabilities (Note 6) ( 10,078 ) ( 16,342 ) Net assets acquired $ 221,874 $ 194,966 Consideration Cash $ 159,599 $ 161,846 Carrying value of note receivable exchanged in foreclosure 5,416 — Existing interest in previously unconsolidated investment 17,822 — Debt assumed 35,970 31,801 Liabilities assumed 1,904 1,319 Total consideration 220,711 194,966 Gain on bargain purchase 1,163 — $ 221,874 $ 194,966 Dispositions During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company disposed of the following consolidated properties and other real estate investments (in thousands): Property and Location Owner Date Sold Sale Price Gain 2022 Dispositions NE Grocer Portfolio (Selected Assets) - Pennsylvania Fund IV Jan 26, 2022 Mar 4, 2022 $ 45,350 $ 13,784 New Towne (Parcel) - Canton, MI Fund V Feb 1, 2022 2,231 1,776 Cortlandt Crossing - Westchester County, New York Fund III Feb 9, 2022 65,533 13,255 Total 2022 Dispositions $ 113,114 $ 28,815 2021 Dispositions 60 Orange St - Bloomfield, NJ Core Jan 29, 2021 $ 16,400 $ 4,612 654 Broadway - New York, NY Fund III May 19, 2021 10,000 111 NE Grocer Portfolio (Selected Assets) - Maine Fund IV Jun 18, 2021 39,925 5,064 Total 2021 Dispositions (a) $ 66,325 $ 9,787 a) Does not include the g ain on lease termination of $ 0.7 million related to the Fund IV lease at 110 University Place ( Note 11 ). The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold as well as the lease that was terminated ( Note 11 ) during the three months ended March 31, 2022 and year ended December 31, 2021 were as follows (in thousands): Three Months Ended March 31, 2022 2021 Revenues $ 1,057 $ 4,010 Expenses ( 676 ) ( 4,028 ) Gain on disposition of properties 28,815 4,612 Net (income) loss attributable to noncontrolling interests ( 22,308 ) 6 Net income attributable to Acadia $ 6,888 $ 4,600 Real Estate Under Development and Construction in Progress Real estate under development represents the Company’s consolidated properties that have not yet been placed into service while undergoing substantial development or construction. Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands): January 1, 2022 Three Months Ended March 31, 2022 March 31, 2022 Number of Carrying Transfers In Capitalized Transfers Out Number of Carrying Core — $ 42,517 $ — $ 458 $ — — $ 42,975 Fund II — 35,125 — 377 — — 35,502 Fund III 1 24,296 — 282 — 1 24,578 Fund IV (a) 1 101,835 — 76 12,851 1 89,060 Total 2 $ 203,773 $ — $ 1,193 $ 12,851 2 $ 192,115 a) Transfers out include $ 12.9 million related to a portion of one Fund IV property that was transferred out of development. January 1, 2021 Year Ended December 31, 2021 December 31, 2021 Number of Carrying Transfers In Capitalized Transfers Out Number of Carrying Core — $ 63,875 $ — $ 1,855 $ 23,213 — $ 42,517 Fund II — 74,657 — 3,921 43,453 — 35,125 Fund III 1 23,104 — 1,192 — 1 24,296 Fund IV (a) 2 85,565 29,758 2,026 15,514 1 101,835 Total 3 $ 247,201 $ 29,758 $ 8,994 $ 82,180 2 $ 203,773 a) Transfers in include $ 29.8 million related to the remaining portion of one Fund IV property that was placed in development. The number of properties in the tables above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. At March 31, 2022, consolidated development projects included: a portion of City Center for Core, portions of City Point Phase I and II at Fund II, Broad Hollow Commons at Fund III, and a portion of 717 N. Michigan Avenue at Fund IV. In addition, at March 31, 2022, the Company had one Core unconsolidated development project, 1238 Wisconsin Avenue. During the three months ended March 31, 2022, the Company: • placed a portion of one Fund IV property, 717 N. Michigan Avenue, into service At December 31, 2021, consolidated development projects included: a portion of City Center for Core, portions of City Point Phase I and II at Fund II, Broad Hollow Commons at Fund III and 717 N. Michigan Avenue at Fund IV. In addition, at December 31, 2021, the Company had one Core unconsolidated development project, 1238 Wisconsin Avenue. During the year ended December 31, 2021, the Company: • placed portions of one Core project, City Center, into service in the first and second quarter of 2021 • disposed of building improvements related to one Fund IV project, 110 University Place, in connection with a lease termination in the second quarter of 2021 ( Note 11 ) • placed the remaining portion of one Fund IV property, 717 N. Michigan Avenue, into development in the fourth quarter of 2021 • placed a portion of Fund II’s City Point Phase III into service in the fourth quarter of 2021 Construction in progress pertains to construction activity at the Company’s operating properties that are in service and continue to operate during the construction period. |
Notes Receivable, Net
Notes Receivable, Net | 3 Months Ended |
Mar. 31, 2022 | |
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | |
Notes Receivable, Net | 3. Notes Re ceivable, Net The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands): March 31, December 31, March 31, 2022 Description 2022 2021 Number Maturity Date Interest Rate Core Portfolio (a) $ 154,331 $ 154,332 7 Apr 2020 - Dec 2027 4.65 % - 12.00 % Fund III — 5,306 — — — Total notes receivable 154,331 159,638 Allowance for credit loss ( 1,170 ) ( 5,752 ) Notes receivable, net $ 153,161 $ 153,886 7 a) Includes one note receivable from an OP Unit holder, with a balance of $ 6.0 million at March 31, 2022 and December 31, 2021 . During the three months ended March 31, 2022, the Company: • in January 2022, Fund III obtained the remaining venture partner's interest in exchange for its note with a balance of $ 5.3 million, accrued interest of $ 4.7 million less credit loss reserve of $ 4.6 million, via a foreclosure auction. The entity was previously accounted for as an equity method investment until Fund III acquired the venture partner's interest in a foreclosure auction. Fund III now owns 100 % of the entity and consolidates it ( Note 4 ). During the year ended December 31, 2021, the Company: • originated a new Core Portfolio note for $ 16.0 million with a stated interest rate of 9 % and a maturity date of October 20, 2022 collateralized by a single tenant property in Silver Spring, Maryland on April 20, 2021; • exchanged 21,109 OP Units in settlement of a note receivable in the amount of $ 0.5 million on July 12, 2021 ( Note 10 ); • originated a new Core Portfolio note for $ 43.0 million, of which $ 42.0 million was funded, with three tranches with stated interest rates ranging from 5 % to 12 % and a maturity date of September 17, 2024 collateralized by a retail condominium in Soho, New York on September 17, 2021; • extended the maturity date of one Core note receivable of $ 13.5 million from October 28, 2021 to June 1, 2022 ; and • recorded an increase in its allowance for credit loss of approximately $ 4.5 million primarily attributable to the Fund III note that matured in July 2020 . Default One Core Portfolio note aggregating $ 21.6 million including accrued interest (exclusive of default interest and other amounts due on the loan that have not been recognized) was in default at March 31, 2022 and December 31, 2021 . On April 1, 2020, the loan matured and was not repaid. The Company expects to take appropriate actions to recover the amounts due under the loan, and has issued a reservation of rights letter to the borrowers and guarantor, reserving all of its rights and remedies under the applicable loan documents and otherwise. The Company has determined that the collateral for this loan is sufficient to cover the loan’s carrying value at March 31, 2022 and December 31, 2021. Allowance for Credit Losses The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral and the prospects of the borrower. Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment ( Note 12 ). The Company’s estimated allowance for credit losses related to its Structured Financing segment has been computed for its amortized cost basis in the portfolio, including accrued interest ( Note 5 ), factoring historical loss experience in the United States for similar loans, as adjusted for current conditions, as well as the Company’s expectations related to future economic conditions. Due to the lack of comparability across the Structured Financing portfolio, each loan was evaluated separately. As a result, there were five non-collateral-dependent loans with a total amortized cost of $ 144.8 million, inclusive of accrued interest of $ 14.3 million, for which an allowance for credit losses has been recorded aggregating $ 1.2 million at March 31, 2022. For two loans in this portfolio, aggregating $ 27.9 million, inclusive of accrued interest of $ 4.1 million at March 31, 2022 , the Company has elected to apply a practical expedient in accordance with ASC 326 and did no t establish an allowance for credit losses because (i) these loans are collateral-dependent loans, which due to their settlement terms are not expected to be settled in cash but rather by the Company’s possession of the real estate collateral; and (ii) at March 31, 2022 , the Company determined that the estimated fair value of the collateral at the expected realization date for these loans was sufficient to cover the carrying value of its investments in these notes receivable. Impairment charges may be required if and when such amounts are estimated to be nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold; however, non-recoverability may also be concluded if it is reasonably certain that all amounts due will not be collected. |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | 4. Investments in and Advance s to Unconsolidated Affiliates The Company accounts for its investments in and advances to unconsolidated affiliates primarily under the equity method of accounting as it has the ability to exercise significant influence, but does not have financial or operating control over the investment, which is maintained by each of the unaffiliated partners who co-invest with the Company. The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Ownership Interest March 31, December 31, Portfolio Property March 31, 2022 2022 2021 Core: 840 N. Michigan (a) 88.43 % $ 51,858 $ 51,513 Renaissance Portfolio 20 % 28,985 28,466 Gotham Plaza 49 % 29,202 29,187 Georgetown Portfolio 50 % 4,103 4,089 1238 Wisconsin Avenue (b) 80 % 6,954 5,895 121,102 119,150 Mervyns II: KLA/ABS (c) 36.7 % 136,916 124,316 Fund III: Self Storage Management (b) 0 % — 207 640 Broadway (d) 63.13 % — 17,825 — 18,032 Fund IV: Fund IV Other Portfolio 98.57 % 12,243 12,675 650 Bald Hill Road 90 % 10,819 11,677 Paramus Plaza 50 % 1,716 1,975 24,778 26,327 Fund V: Family Center at Riverdale (a) 89.42 % 12,032 12,449 Tri-City Plaza 90 % 7,888 6,827 Frederick County Acquisitions 90 % 12,445 10,748 Wood Ridge Plaza 90 % 15,746 — La Frontera Village (e) 90 % 78,281 — 126,392 30,024 Various: Due from (to) Related Parties 142 666 Other (f) 3,811 3,811 Investments in and advances to $ 413,141 $ 322,326 Core: Crossroads (g) 49 % $ 9,547 $ 9,939 Distributions in excess of income from, $ 9,547 $ 9,939 a) Represents a tenancy-in-common interest. b) Represents a variable interest entity for which the Company was determined not to be the primary beneficiary. c) Includes an interest in Albertsons at fair value, as described below ("Investment in Albertsons") ( Note 8 ). d) In January 2022, the Company foreclosed on partner's interest and now owns 100% and consolidates the entity ( Note 2 ). e) Includes $ 52.0 million in bridge financing to the entity from the Company at 10.0 % d ue on October 1, 2022. f) Includes cost-method investments in Storage Post, Fifth Wall and other investments. g) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to return distributions to fund future obligations of the entity. During the three months ended March 31, 2022, the Company: • through Fund V, acquired a 90% interest in a venture for $ 26.5 million, which acquired La Frontera Village, a shopping center located in Round Rock, Texas for $ 81.4 million. In addition, Fund V made a bridge loan to the entity for $ 52.0 million. • through Fund V, acquired a 90% interest in a venture for $ 15.3 million, which acquired Wood Ridge Plaza, a shopping center located in Houston, Texas for $ 49.3 million. In addition, on March 21, 2022 the Wood Ridge Plaza venture entered into a $ 36.6 million mortgage loan, of which $ 32.3 million was funded at closing. • through Fund III, foreclosed on the remaining 37% interest in 640 Broadway. Accordingly, the Company now consolidates this property ( Note 2 ) • through Fund III, sold its investment in Self Storage Management for $ 6.0 million and recognized its proportionate gain of approximately $ 1.5 million, which is included in Realized and unrealized holding gains on investments and other in the consolidated statements of income. • received a cash dividend in the amount of $ 0.5 million at Mervyns II related to distributions from its Investment in Albertsons and recorded a net unrealized holding gain of $ 12.6 million reflecting the change in fair value of its Investment in Albertsons. During the year ended December 31, 2021, the Company: • received dividends of $ 1.7 million at Mervyns II related to distributions from its Investment in Albertsons and recorded a net unrealized holding gain of $ 51.9 million reflecting the change in fair value of its Investment in Albertsons • on January 4, 2021, Fund V sold two land parcels at its unconsolidated Family Center at Riverdale property for a total of $ 10.5 million, repaid $ 7.9 million of the related mortgage and the venture recognized a gain of $ 3.2 million, of which the Company's share was $ 0.6 million; • called capital for its Crossroads investment of $ 7.5 million, of which the venture partner's share was $ 5.4 million; and • made a capital contribution to its Fifth Wall investment in the amount of $ 1.9 million. Fees from Unconsolidated Affiliates The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $ 0.1 million for each of the three months ended March 31, 2022 and 2021, which are included in other revenues in the consolidated statements of income. In addition, the Company's joint ventures paid to certain unaffiliated partners of its joint ventures, $ 0.3 million and $ 0.4 million for the three months ended March 31, 2022 and 2021, respectively, for leasing commissions, development, management, construction and overhead fees. Summarized Financial Information of Unconsolidated Affiliates The following combined and condensed Balance Sheets and Statements of income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates that were held as of March 31, 2022, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands): March 31, December 31, 2022 2021 Combined and Condensed Balance Sheets Assets: Rental property, net $ 698,314 $ 631,661 Real estate under development 9,389 8,112 Other assets 116,690 78,300 Total assets $ 824,393 $ 718,073 Liabilities and partners’ equity: Mortgage notes payable $ 618,824 $ 571,461 Other liabilities 82,688 69,166 Partners’ equity 122,881 77,446 Total liabilities and partners’ equity $ 824,393 $ 718,073 Company's share of accumulated equity $ 205,579 $ 113,285 Basis differential 53,559 66,031 Deferred fees, net of portion related to the Company's interest 3,587 4,071 Amounts receivable/payable by the Company 142 666 Investments in and advances to unconsolidated affiliates, net of Company's 262,867 184,053 Investments carried at fair value or cost 140,727 128,334 Company's share of distributions in excess of income from and 9,547 9,939 Investments in and advances to unconsolidated affiliates $ 413,141 $ 322,326 Three Months Ended March 31, 2022 2021 Combined and Condensed Statements of Operations Total revenues $ 23,118 $ 18,060 Operating and other expenses ( 7,258 ) ( 6,451 ) Interest expense ( 4,739 ) ( 5,061 ) Depreciation and amortization ( 5,911 ) ( 9,211 ) Gain on disposition of properties (a) — 3,206 Net income attributable to unconsolidated affiliates $ 5,210 $ 543 Company’s share of equity in net income of unconsolidated affiliates $ 3,383 $ 2,646 Income attributable to unconsolidated affiliates recently sold or consolidated — ( 328 ) Basis differential amortization ( 253 ) ( 436 ) Company’s equity in earnings of unconsolidated affiliates $ 3,130 $ 1,882 a) Represents the gain on the sale of two land parcels by the Family Center at Riverdale on January 4, 2021. |
Other Assets, Net and Accounts
Other Assets, Net and Accounts Payable and Other Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets, Net and Accounts Payable and Other Liabilities | 5. Other Assets, Net and Accou nts Payable and Other Liabilities Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented: March 31, December 31, (in thousands) 2022 2021 Other Assets, Net: Lease intangibles, net (Note 6) $ 121,448 $ 108,918 Deferred charges, net (a) 26,319 28,438 Accrued interest receivable 18,559 21,148 Prepaid expenses 13,591 17,230 Due from seller 3,364 3,364 Income taxes receivable 2,643 2,279 Other receivables 1,484 1,830 Deposits 4,519 1,647 Corporate assets, net 1,561 1,648 Derivative financial instruments (Note 8) 5,279 7 $ 198,767 $ 186,509 (a) Deferred Charges, Net: Deferred leasing and other costs $ 57,658 $ 58,281 Deferred financing costs related to line of credit 9,159 9,953 66,817 68,234 Accumulated amortization ( 40,498 ) ( 39,796 ) Deferred charges, net $ 26,319 $ 28,438 Accounts Payable and Other Liabilities: Lease intangibles, net (Note 6) $ 83,794 $ 76,778 Accounts payable and accrued expenses 49,657 56,580 Derivative financial instruments (Note 8) 12,750 45,027 Deferred income 35,714 38,373 Tenant security deposits, escrow and other 13,899 13,045 Lease liability - finance leases, net (Note 11) 6,712 6,612 $ 202,526 $ 236,415 |
Lease Intangibles
Lease Intangibles | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Lease Intangibles | 6. Lease Intangibles Upon acquisitions of real estate ( Note 2 ), the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable. Intangible assets and liabilities are included in Other assets, net and Accounts payable and other liabilities ( Note 5 ) on the consolidated balance sheet and summarized as follows (in thousands): March 31, 2022 December 31, 2021 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amortizable Intangible Assets In-place lease intangible assets $ 307,162 $ ( 193,941 ) $ 113,221 $ 290,819 $ ( 189,981 ) $ 100,838 Above-market rent 24,584 ( 16,357 ) 8,227 24,191 ( 16,111 ) 8,080 $ 331,746 $ ( 210,298 ) $ 121,448 $ 315,010 $ ( 206,092 ) $ 108,918 Amortizable Intangible Liabilities Below-market rent $ ( 179,108 ) $ 95,703 $ ( 83,405 ) $ ( 171,245 ) $ 94,871 $ ( 76,374 ) Above-market ground lease ( 671 ) 282 ( 389 ) ( 671 ) 267 ( 404 ) $ ( 179,779 ) $ 95,985 $ ( 83,794 ) $ ( 171,916 ) $ 95,138 $ ( 76,778 ) During the three months ended March 31, 2022, the Company: • acquired in-place lease intangible assets of $ 20.7 million, above-market rents of $ 0.7 million, and below-market rents of $ 10.1 million with weighted-average useful lives of 6.8 , 7.4 , and 14.0 years, respectively ( Note 2 ). During the year ended December 31, 2021, the Company: • acquired in-place lease intangible assets of $ 34.7 million, above-market rents of $ 5.3 million, and below-market rents of $ 16.3 million with weighted-average useful lives of 5.8 , 5.4 , and 27.7 years, respectively ( Note 2 ); and • derecognized in-place lease intangible assets of $ 2.2 million and below-market rent of $ 4.4 million, of which the Company's share was $ 1.7 million and $ 3.0 million, respectively, related to disposed properties ( Note 2 ). In addition, the Company recorded accelerated amortization related to in-place lease intangible assets of $ 1.6 million and below-market rents of $ 3.6 million, of which the Company's share was $ 1.1 million and $ 3.1 million, respectively, related to notification of tenant non-renewals and early tenant lease terminations. Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental income, respectively, in the consolidated statements of income. Amortization of above-market ground leases are recorded as a reduction to rent expense in the consolidated statements of income. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of March 31, 2022 is as follows (in thousands): Years Ending December 31, Net Increase in Increase to Reduction of Net (Expense) Income 2022 (Remainder) $ 4,294 $ ( 21,928 ) $ 44 $ ( 17,590 ) 2023 5,427 ( 23,144 ) 58 ( 17,659 ) 2024 5,359 ( 17,123 ) 58 ( 11,706 ) 2025 4,937 ( 12,372 ) 58 ( 7,377 ) 2026 4,831 ( 9,839 ) 58 ( 4,950 ) Thereafter 50,330 ( 28,815 ) 113 21,628 Total $ 75,178 $ ( 113,221 ) $ 389 $ ( 37,654 ) |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands): Interest Rate at Carrying Value at March 31, December 31, Maturity Date at March 31, December 31, 2022 2021 March 31, 2022 2022 2021 Mortgages Payable Core Fixed Rate 3.88 %- 5.89 % 3.88 %- 5.89 % Feb 2024 - Apr 2035 $ 144,867 $ 145,464 Core Variable Rate - Swapped (a) 3.41 %- 4.54 % 3.41 %- 4.54 % Jun 2026 - Nov 2028 60,530 72,957 Total Core Mortgages Payable 205,397 218,421 Fund II Variable Rate LIBOR+ 2.75 % - PRIME+ 2.00 % LIBOR+ 2.75 % - PRIME+ 2.00 % Aug 2022 - Mar 2023 256,212 255,978 Fund III Variable Rate LIBOR+ 3.10 % LIBOR+ 2.75 % Jul 2022 35,970 34,728 Fund IV Fixed Rate 4.50 % 4.50 % Oct 2025 1,120 1,120 Fund IV Variable Rate LIBOR+ 1.75 %-LIBOR+ 3.65 % LIBOR+ 1.60 %-LIBOR+ 3.65 % Jun 2022 - Jun 2026 212,988 221,832 Fund IV Variable Rate - Swapped (a) 3.48 %- 4.61 % — 23,316 Total Fund IV Mortgages and Other Notes Payable 214,108 246,268 Fund V Fixed Rate 3.35 % 3.35 % May 2023 31,801 31,801 Fund V Variable Rate LIBOR + 1.85 % - SOFR + 2.76 % LIBOR + 1.85 % - SOFR + 2.76 % Jun 2022 - Nov 2026 58,583 58,878 Fund V Variable Rate - Swapped (a) 2.43 %- 4.78 % 2.95 %- 4.78 % Jun 2022 - Dec 2024 296,269 297,731 Total Fund V Mortgages Payable 386,653 388,410 Net unamortized debt issuance costs ( 3,315 ) ( 3,958 ) Unamortized premium 420 446 Total Mortgages Payable $ 1,095,445 $ 1,140,293 Unsecured Notes Payable Core Variable Rate Unsecured (a) 3.65 %- 5.32 % 3.65 %- 5.32 % Jun 2026 $ 400,000 $ 400,000 Fund II Unsecured Notes Payable LIBOR+ 2.25 % LIBOR+ 2.25 % Sep 2022 40,000 40,000 Fund IV Subscription Facility SOFR+ 2.01 % SOFR+ 2.01 % Dec 2022 — 5,000 Fund V Subscription Facility LIBOR+ 1.90 % LIBOR+ 1.90 % May 2022 93,526 118,028 Net unamortized debt issuance costs ( 3,730 ) ( 3,988 ) Total Unsecured Notes Payable $ 529,796 $ 559,040 Unsecured Line of Credit Core Unsecured Line of Credit - Variable Rate LIBOR + 1.40 % LIBOR + 1.40 % Jun 2025 $ 153,051 $ 46,491 Core Unsecured Line of Credit -Swapped (a) 3.65 %- 5.32 % 3.65 %- 5.32 % Jun 2025 41,354 66,414 Total Unsecured Line of Credit $ 194,405 $ 112,905 Total Debt - Fixed Rate (b, c) $ 975,941 $ 1,038,803 Total Debt - Variable Rate (d) 850,330 780,935 Total Debt 1,826,271 1,819,738 Net unamortized debt issuance costs ( 7,045 ) ( 7,946 ) Unamortized premium 420 446 Total Indebtedness $ 1,819,646 $ 1,812,238 a) At March 31, 2022, the stated rates ranged from LIBOR + 1.50 % to LIBOR + 1.70 % for Core variable-rate debt; LIBOR + 2.75 % to PRIME + 2.00 % for Fund II variable-rate debt; LIBOR + 3.10 % for Fund III variable-rate debt; LIBOR 1.75 % to LIBOR + 3.65 % for Fund IV variable-rate debt; LIBOR + 1.50 % to LIBOR + 2.20 % for Fund V variable-rate debt; LIBOR + 1.55 % for Core variable-rate unsecured term loans; and LIBOR + 1.40 % for Core variable-rate unsecured lines of credit. b) Includes $ 798.2 million and $ 860.4 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. c) Fixed-rate debt at March 31, 2022 and December 31, 2021 includes $ 0.0 million and $ 0.0 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds. d) Includes $ 107.3 million and $ 110.5 million, respectively, of variable-rate debt that is subject to interest cap agreements. Credit Facility The Company has a $ 700.0 million senior unsecured credit facility, as amended (the “Credit Facility”), comprised of a $ 300.0 million senior unsecured revolving credit facility (the “Revolver”) which bears interest at LIBOR + 1.40 %, and a $ 400.0 million senior unsecured term loan (the “Term Loan”) which bears interest at LIBOR + 1.55 %. The Revolver matures on June 29, 2025 , subject to two six-month extension options, and the Term Loan matures on June 29, 2026 . The Credit Facility provides for an accordion feature, which allows for one or more increases in the revolving credit facility or term loan facility, for a maximum aggregate principal amount not to exceed $ 900.0 million. The Revolver and Term Loan were swapped to fixed rates at March 31, 2022. Mortgages and Other Notes Payable During the three months ended March 31, 2022, the Company: • extended three Fund mortgages during the first quarter totaling $ 78.2 million (excluding principal reductions of $ 1.1 million); • modified the terms of one mortgage during the first quarter which had an outstanding balance of $ 20.8 million prior to modification. The maturity date was extended from February 14, 2022 to February 14, 2023 , and the interest rate was changed from LIBOR plus 1.60 % to SOFR plus 1.75 %; • entered into a swap agreement during the first quarter with a notional value of $ 15.1 million, for its New Towne Center mortgage replacing the existing swap that expired ( Note 8 ); • repaid one Core mortgage of $ 12.3 million during the first quarter and repaid three Fund mortgages in the aggregate amount of $ 57.8 million in connection with the sale of properties during the first quarter ( Note 2 ); and • made scheduled principal payments totaling $ 2.2 million and repaid $ 8.4 million on the Fund IV secured bridge facility. During the year ended December 31, 2021, the Company: • assumed a $ 31.8 million mortgage upon the acquisition of Canton Marketplace ( Note 2 ) with an interest rate of 3.35 % and a maturity date of May 1, 2023 ; Entered into a $ 29.2 million mortgage collateralized by Monroe Marketplace ( Note 2 ) with an interest rate of SOFR plus 2.76 % and a maturity date of November 12, 2026 ; • extended 11 Fund mortgages, two of which were extended during the first quarter totaling $ 37.7 million (after principal reductions of $ 1.7 million), five of which were extended during the second quarter totaling $ 125.7 million (after principal reductions of $ 6.5 million), two of which were extended during the third quarter totaling $ 53.1 million (after principal reductions of $ 10.2 million), and two of which were extended during the fourth quarter totaling $ 14.8 million (after principal reductions of $ 3.0 million); • modified the terms of the Fund IV Bridge facility during the fourth quarter reflecting an extension of maturity to June 30, 2022 which had an outstanding balance of $ 64.2 million prior to modification. The facility had an outstanding balance of $ 59.2 million and $ 79.2 million at December 31, 2021 and 2020, respectively, reflecting repayments during 2021. In addition, during the first quarter of 2021, the interest rate was changed from LIBOR plus 2.00 % to LIBOR plus 2.50 % with a floor of 0.25 %; • refinanced a Fund II loan for $ 18.5 million with a new loan of $ 16.8 million at an interest rate of LIBOR + 2.75 % maturing August 11, 2022 ; • entered into a swap agreement during the first quarter with a notional value of $ 16.7 million, for its New Towne Plaza mortgage replacing the existing swap which expired. In addition, the Company terminated two forward-starting interest rate swaps resulting in cash proceeds of approximately $ 3.4 million during the first quarter ( Note 8 ); • repaid one Core mortgage of $ 6.7 million in connection with the sale of 60 Orange Street during the first quarter and four Fund mortgages in the aggregate amount of $ 23.5 million in connection with the sale of the properties during the second quarter ( Note 2 ); and • made scheduled principal payments of $ 8.6 million. At March 31, 2022 and December 31, 2021, the Company’s mortgages were collateralized by 38 and 37 properties, respectively, and the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. The Company was not in default on any of its loan agreements at March 31, 2022. A portion of the Company’s variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions ( Note 8 ). Unsecured Notes Payable Unsecured notes payable for which total availability was $ 56.4 million and $ 16.3 million at March 31, 2022 and December 31, 2021, respectively, are comprised of the following: • The outstanding balance of the Term Loan was $ 400.0 million at each of March 31, 2022 and December 31, 2021. The Company previously entered into swap agreements fixing the rates of the Term Loan balance. • Fund II has a $ 40.0 million term loan secured by the real estate assets of City Point Phase II and guaranteed by the Operating Partnership. The outstanding balance of the Fund II term loan was $ 40.0 million at each of March 31, 2022 and December 31, 2021 . There was no availability at each of March 31, 2022 and December 31, 2021. • Fund IV has a $ 5.0 million subscription line with an outstanding balance and total available credit of $ 0.0 million and $ 5.0 million, respectively at March 31, 2022. The outstanding balance and total availability at December 31, 2021 were $ 5.0 million and $ 0.0 million, respectively. At March 31, 2022 and December 31, 2021 , Fund IV also has $ 8.4 million and $ 0.0 million, respectively, available on its secured bridge facility. • Fund V has a $ 150.0 million subscription line collateralized by Fund V’s unfunded capital commitments, and, to the extent of Acadia’s capital commitments, is guaranteed by the Operating Partnership. The outstanding balance and total available credit of the Fund V subscription line was $ 93.5 million and $ 43.0 million, respectively at March 31, 2022 reflecting outstanding letters of credit of $ 13.5 million. The outstanding balance and total available credit were $ 118.0 million and $ 16.3 million at December 31, 2021 , respectively, reflecting outstanding letters of credit of $ 15.7 million. Unsecured Revolving Line of Credit At March 31, 2022 and December 31, 2021, the Company had a total of $ 101.6 million and $ 183.1 million available under its Revolver, reflecting borrowings of $ 194.4 million and $ 112.9 million and letters of credit of $ 4.0 million and $ 4.0 million, respectively. At each of March 31, 2022 and December 31, 2021, all of the Revolver was swapped to a fixed rate. Scheduled Debt Principal Payments The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of March 31, 2022 are as follows (in thousands): Year Ending December 31, 2022 (Remainder) $ 619,311 2023 173,451 2024 212,020 2025 259,737 2026 445,971 Thereafter 115,781 1,826,271 Unamortized premium 420 Net unamortized debt issuance costs ( 7,045 ) Total indebtedness $ 1,819,646 The table above does not reflect available extension options (subject to customary conditions) on consolidated debt with balances as of March 31, 2022 of $ 156.2 million contractually due in the remainder of 2022, $ 80.8 million contractually due in 2023; most for which the Company has available options to extend by up to 12 months and for some an additional 12 months thereafter. However, there can be no assurance that the Company will be able to successfully execute any or all of its available extension options. Of the debt maturing in 2022 and 2023, $ 256.7 million and $ 39.5 million, respectively, relates to Fund II's City Point property. Fund II is actively pursuing refinancing of these obligations. See Note 4 for information about liabilities of the Company’s unconsolidated affiliates. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 8. Financial Instruments and Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and interest rate swaps; and Level 3, for financial instruments or other assets/liabilities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring the Company to develop its own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, the Company has also provided the unobservable inputs along with their weighted-average ranges. Money Market Funds — The Company has money market funds, which at times have zero balances and are included in Cash and cash equivalents in the consolidated balance sheets, and are comprised of government securities and/or U.S. Treasury bills. These funds were classified as Level 1 as we used quoted prices from active markets to determine their fair values. Equity Investments –Albertsons became publicly traded during 2020 ( Note 4 ). Upon Albertsons’ IPO, the Company’s Investment in Albertsons has a readily determinable market value (traded on an exchange) and is being accounted for as a Level 1 investment. Derivative Assets — The Company has derivative assets, which are included in Other assets, net on the consolidated balance sheets, and are comprised of interest rate swaps and caps. The derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below. Derivative Liabilities — The Company has derivative liabilities, which are included in Accounts payable and other liabilities on the consolidated balance sheets, and are comprised of interest rate swaps. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below. The Company did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the three months ended March 31, 2022 or 2021. The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands): March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Money market funds $ — $ — $ — $ — $ — $ — Derivative financial instruments — 5,279 — — 7 — Investment in Albertsons (Note 4) 136,916 — — 124,316 — — Liabilities Derivative financial instruments — 12,750 — — 45,027 — In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Items Measured at Fair Value on a Nonrecurring Basis Impairment Charges During 2021, the Company was impacted by the COVID-19 Pandemic, which caused the Company to reduce its holding periods and forecasted operating income at certain properties. As a result, several impairments were recorded. Impairment charges for the periods presented are as follows (in thousands): Impairment Charge Property and Location Owner Triggering Event Level 3 Inputs Effective Date Total Acadia's Share 2022 Impairment Charges None 2021 Impairment Charges 210 Bowery commercial unit, Fund IV Reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Sept 30, 2021 $ 3,016 $ 697 27 E. 61st Street Fund IV Reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Sept 30, 2021 6,909 1,597 Total 2021 Impairment Charges $ 9,925 $ 2,294 Redeemable Noncontrolling Interest In connection with the Williamsburg Portfolio acquisition in February 2022 ( Note 2 ), the Company evaluated the Williamsburg NCI, which represents the venture partner's one-time right to put its 50.01% interest in the property to the Company for fair value at a future date. As it was unlikely as of the acquisition date that the venture partner would receive any consideration on redemption due to the Company’s preferential returns, the amount of the senior debt that would accrue and the estimated fair value of the property, the initial fair value of the Williamsburg NCI was determined to be zero. The Company is required to periodically evaluate the noncontrolling interest and adjust it to fair value, should it become likely that the venture partner would receive consideration for exercising its put right. At March 31, 2022 , the Company determined that the fair value of the Williamsburg NCI was zero . Derivative Financial Instruments The Company had the following interest rate swaps and caps for the periods presented (dollars in thousands): Strike Rate Fair Value Derivative Aggregate Notional Amount Effective Date Maturity Date Low High Balance Sheet March 31, December 31, Core Interest Rate Swaps $ 385,354 Dec 2012 - Jul 2020 Dec 2022 - Jul 2030 2.11 % — 3.77 % Other Liabilities $ ( 12,040 ) $ ( 40,650 ) Interest Rate Swap 116,530 Mar 2015 - Jun 2019 Mar 2025 - Jun 2029 1.71 % — 2.40 % Other Assets 1,054 — $ 501,884 $ ( 10,986 ) $ ( 40,650 ) Fund III Interest Rate Caps $ 35,970 Jan 2021 Jul 2022 3.00 % — 3.00 % Other Assets $ — $ — Fund IV Interest Rate Swaps $ 11,937 Mar 2017 - Jan 2019 Apr 2022 1.97 % — 2.61 % Other Assets $ — $ — Interest Rate Swaps — Other Liabilities — $ ( 167 ) Interest Rate Caps 71,338 Dec 2020 - Jul 2021 Dec 2022 - Jul 2023 3.00 % — 3.50 % Other Assets 54 7 $ 83,275 $ 54 $ ( 160 ) Fund V Interest Rate Swaps $ 192,995 Mar 2019 - Feb 2022 Feb 2023 - Oct 2024 0.91 % — 1.28 % Other Assets $ 4,171 $ — Interest Rate Swaps 103,274 Jun 2018 - Oct 2019 Oct 2022 - Jun 2023 1.45 % — 2.88 % Other Liabilities ( 710 ) $ ( 4,210 ) $ 296,269 $ 3,461 $ ( 4,210 ) Total asset derivatives $ 5,279 $ 7 Total liability derivatives $ ( 12,750 ) $ ( 45,027 ) All of the Company’s derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable-rate debt ( Note 7 ). It is estimated that approximately $ 4.4 million included in Accumulated other comprehensive loss related to derivatives will be reclassified to interest expense within the next twelve months. As of March 31, 2022 and December 31, 2021 , no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated hedges. During the first quarter of 2021, the Company terminated two interest rate swaps with forward effective dates with an aggregate notional value of $ 100.0 million for cash pr oceeds of $ 3.4 million. As the hedged forecasted transaction is still expected, amounts deferred in Accumulated other comprehensive loss will be amortized into earnings as a reduction of interest expense over the original term of the swaps beginning in 2022. Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and, from time to time, through the use of derivative financial instruments. The Company enters into derivative financial instruments to manage exposures that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. The Company is exposed to credit risk in the event of non-performance by the counterparties to the swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions. Credit Risk-Related Contingent Features The Company has agreements with each of its swap counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its swaps, resulting in an acceleration of payment under the swaps. Other Financial Instruments The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable): March 31, 2022 December 31, 2021 Level Carrying Estimated Carrying Estimated Notes Receivable (a) 3 $ 153,161 $ 150,696 $ 153,886 $ 154,093 Mortgage and Other Notes Payable (a) 3 1,098,340 1,070,756 1,143,805 1,125,571 Investment in non-traded equity securities (b) 3 3,656 5,831 3,656 4,062 Unsecured notes payable and Unsecured line of credit (c) 2 727,931 727,727 675,933 680,171 (a) The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. Amounts exclude discounts and loan costs. (b) Represents the Operating Partnership’s cost-method investment in Fifth Wall ( Note 4 ) . (c) The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. The Company’s cash and cash equivalents, restricted cash, rents receivable, accounts payable and certain financial instruments included in other assets and other liabilities had fair values that approximated their carrying values due to their short maturity profiles at March 31, 2022 . |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies The Company is involved in various matters of litigation arising out of, or incident to, its business. While the Company is unable to predict with certainty the outcome of any particular matter, management does not expect, when such litigation is resolved, that the Company’s resulting exposure to loss contingencies, if any, will have a material adverse effect on its consolidated financial position. Commitments and Guaranties In conjunction with the development and expansion of various properties, the Company has entered into agreements with general contractors for the construction or development of properties aggregating approximately $ 36.8 million and $ 38.1 million as of March 31, 2022 and December 31, 2021, respectively. At March 31, 2022 and December 31, 2021, the Company had Core and Fund letters of credit outstanding of $ 17.5 million and $ 19.7 million, respectively ( Note 7 ). The Company has not recorded any obligation associated with these letters of credit. The majority of the letters of credit are collateral for existing indebtedness and other obligations of the Company. |
Shareholders' Equity, Noncontro
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss | 10. Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Loss Common Shares and Units In addition to the ATM Program activity discussed below, the Company completed the following transactions in its Common Shares during the three months ended March 31, 2022: • The Company withheld 3,235 restricted shares of its Common Shares (“Restricted Shares”) to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. • The Company recognized Common Share and Common OP Unit-based compensation expense in connection with Restricted Shares and Units ( Note 13 ) totaling $ 1.4 million and $ 2.7 million for the three months ended March 31, 2022 and 2021, respectively. In addition to the ATM Program activity discussed below, the Company completed the following transactions in its Common Shares during the year ended December 31, 2021: • The Company withheld 3,050 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. • The Company recognized Common Share and Common OP Unit-based compensation expense totaling $ 9.4 million in connection with Restricted Shares and Units ( Note 13 ). ATM Program The Company has an at-the-market equity issuance program (“ATM Program”) that provides the Company an efficient and low-cost vehicle for raising public equity capital to fund its needs. The Company entered into its current $ 250.0 million ATM Program, which includes an optional “forward purchase” component, in the first quarter of 2022. The Company sold 5,150,832 Common Shares under its ATM Program during the three months ended March 31, 2022 generating $ 115.6 million of gross proceeds and $ 111.5 million of net proceeds after related issuance costs at a weighted-average price per share of $ 22.44 and $ 21.65 , respectively. The Company did no t sell or issue any Common Shares on a forward basis for the three months ended March 31, 2022 or the year ended December 31, 2021 and at March 31, 2022 had approximately $ 230.7 million of availability under the ATM program. Share Repurchase Program During 2018, the Company’s board of trustees (the “Board”) approved a new share repurchase program, which authorizes management, at its discretion, to repurchase up to $ 200.0 million of its outstanding Common Shares. The program does not obligate the Company to repurchase any specific number of Common Shares and may be discontinued or extended at any time. The Company did no t repurchase any shares during the three months ended March 31, 2022 or 2021. Under the share repurchase program $ 122.6 million remains available as of March 31, 2022. Dividends and Distributions 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 Accumulated Other Comprehensive Loss The following tables set forth the activity in accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021 (in thousands): Gains or Losses Balance at January 1, 2022 $ ( 36,214 ) Other comprehensive income before reclassifications - swap agreements 35,734 Reclassification of realized interest on swap agreements 5,049 Net current period other comprehensive income 40,783 Net current period other comprehensive income attributable to noncontrolling ( 10,293 ) Balance at March 31, 2022 $ ( 5,724 ) Balance at January 1, 2021 $ ( 74,891 ) Other comprehensive income before reclassifications - swap agreements 33,556 Reclassification of realized interest on swap agreements 5,268 Net current period other comprehensive income 38,824 Net current period other comprehensive income attributable to noncontrolling ( 5,895 ) Balance at March 31, 2021 $ ( 41,962 ) Noncontrolling Interests The following tables summarize the change in the noncontrolling interests for the three months ended March 31, 2022 and 2021 (dollars in thousands): Noncontrolling (a) Noncontrolling (b) Total Balance at January 1, 2022 $ 94,120 $ 534,202 $ 628,322 Distributions declared of $ 0.18 per Common OP Unit and distributions on Preferred OP Units ( 1,283 ) — ( 1,283 ) Net income for the three months ended March 31, 2022 1,121 26,138 27,259 Conversion of 35,606 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 572 ) — ( 572 ) Other comprehensive loss - unrealized gain (loss) on valuation of swap agreements 1,698 6,929 8,627 Reclassification of realized interest expense on swap agreements 46 1,620 1,666 Noncontrolling interest contributions — 99,129 99,129 Noncontrolling interest distributions — ( 22,780 ) ( 22,780 ) Employee Long-term Incentive Plan Unit Awards 3,389 — 3,389 Reallocation of noncontrolling interests (c) 2,836 — 2,836 Balance at March 31, 2022 $ 101,355 $ 645,238 $ 746,593 Balance at January 1, 2021 $ 89,431 $ 519,734 $ 609,165 Distributions on Preferred OP Units ( 1,048 ) — ( 1,048 ) Net income (loss) for the three months ended March 31, 2021 470 ( 4,590 ) ( 4,120 ) Conversion of 18,800 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 294 ) — ( 294 ) Other comprehensive income - unrealized gain (loss) on valuation of swap agreements 1,900 2,143 4,043 Reclassification of realized interest expense on swap agreements 53 1,799 1,852 Noncontrolling interest contributions — 11,241 11,241 Noncontrolling interest distributions — ( 5,676 ) ( 5,676 ) Employee Long-term Incentive Plan Unit Awards 4,049 — 4,049 Reallocation of noncontrolling interests (c) 369 — 369 Balance at March 31, 2021 $ 94,930 $ 524,651 $ 619,581 (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,076,849 and 3,076,849 Common OP Units at March 31, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at each of March 31, 2022 and 2021; (iii) 126,593 Series C Preferred OP Units at each of March 31, 2022 and 2021; and (iv) 3,705,353 and 3,409,232 LTIP units at March 31, 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) 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. Preferred OP Units There were no issuances of Preferred OP Units during the three months ended March 31, 2022 or the year ended December 31, 2021. In 1999, the Operating Partnership issued 1,580 Series A Preferred OP Units in connection with the acquisition of a property, which have a stated value of $ 1,000 per unit, and are entitled to a preferred quarterly distribution of the greater of (i) $ 22.50 ( 9 % annually) per Series A Preferred OP Unit or (ii) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit. Through March 31, 2022 , 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $ 7.50 . Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date. During 2016, the Operating Partnership issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to a third party to acquire Gotham Plaza ( Note 4 ). The Series C Preferred OP Units have a value of $ 100.00 per unit and are entitled to a preferred quarterly distribution of $ 0.9375 per unit and are convertible into Common OP Units at a rate based on the share price at the time of conversion. If the share price is below $28.80 on the conversion date, each Series C Preferred OP Unit will be convertible into 3.4722 Common OP Units. If the share price is between $ 28.80 and $ 35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into a number of Common OP Units equal to $100.00 divided by the closing share price. If the share price is above $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into 2.8409 Common OP Units. The Series C Preferred OP Units have a mandatory conversion date of December 31, 2025, at which time all units that have not been converted will automatically be converted into Common OP Units based on the same calculations. Through March 31, 2022 , 15,000 Series C Preferred OP Units were converted into 51,887 Common OP Units and then into Common Shares. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 11. Leases As Lessor The Company is engaged in the operation of shopping centers and other retail properties that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through June 20, 2066, with renewal options (as discussed further below). Space in the shopping centers is leased to tenants pursuant to agreements that provide for terms ranging generally from one month to sixty years and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volumes. During the three months ended March 31, 2022 and 2021, the Company earned $ 14.7 million and $ 14.8 million, respectively in variable lease revenues, primarily for real estate taxes and common area maintenance charges, which are included in rental income in the consolidated statements of income. Reserve Analysis The activity for the reserves related to billed rents and straight-line rents (including those under specific operating leases where the collection of rents is assessed to be not probable) is as follows: Three Months Ended March 31, 2022 Balance at Provision (Recovery), Net Adjustments Write-Offs Balance at Allowance for credit loss - billed rents $ 23,586 $ ( 1,134 ) $ — $ ( 2,371 ) $ 20,081 Straight-line rent reserves 14,885 ( 1,350 ) — ( 853 ) 12,682 Total - rents receivable $ 38,471 $ ( 2,484 ) $ — $ ( 3,224 ) $ 32,763 Tenant Settlement On September 24, 2021, the Company entered into a conditional settlement agreement with its former tenant ("Former Tenant") and lease guarantor at one of its Core properties for the payment by Former Tenant and guarantor of a minimum of $ 5.4 million in accordance with a payment schedule set forth and subject to the terms in the conditional settlement agreement. The payments relate to the Former Tenant’s default under the lease and its subsequent termination by the Company. Given the inherent uncertainties involving collectability, the Company has deferred any amounts not received in its consolidated financial statements and such amounts will be recognized when realized. Through March 31, 2022 the Company had received a total of $ 2.4 million, of which $ 0.6 million was recognized as credit loss recoveries during the three months ended March 31, 2022. As Lessee During the three months ended March 31, 2022 , there were no leasing transactions where the Company acted as lessee. During the year ended December 31, 2021, the Company: • modified its Rye, New York corporate office lease during the first quarter of 2021. As a result of the modification, the lease was remeasured, and the lease liability and right-of-use asset were each reduced by $ 0.4 million. • terminated its Fund IV lease at 110 University Place in New York City during the second quarter of 2021 (which was previously impaired in 2020) for $ 3.6 million, and de-recognized the related right-of-use asset of $ 31.4 million, lease liability of $ 46.0 million and building improvements and other assets totaling $ 10.3 million, resulting in a gain on lease termination of $ 0.7 million, or $ 0.2 million at the Company's share, which is reflected within Gain on disposition of properties in the consolidated statements of income. Additional disclosures regarding the Company’s leases as lessee are as follows: Three Months Ended March 31, 2022 2021 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 226 $ 226 Interest on lease liabilities 100 95 Subtotal 326 321 Operating lease cost 1,375 2,286 Variable lease cost 208 101 Total lease cost $ 1,909 $ 2,708 Other Information Weighted-average remaining lease term - finance leases (years) 32.5 33.2 Weighted-average remaining lease term - operating leases (years) 13.9 24.5 Weighted-average discount rate - finance leases 6.3 % 6.3 % Weighted-average discount rate - operating leases 5.1 % 5.6 % Right-of-use assets – finance leases are included in Operating real estate ( Note 2 ) in the consolidated balance sheets. Lease liabilities – finance leases are included in Accounts payable and other liabilities in the consolidated balance sheets ( Note 5 ). Operating lease cost comprises amortization of right-of-use assets for operating properties (related to ground rents) or amortization of right-of-use assets for office and corporate assets and is included in Property operating expense or General and administrative expense, respectively, in the consolidated statements of income. Finance lease cost comprises amortization of right-of-use assets for certain ground leases, which is included in Property operating expense, as well as interest on lease liabilities, which is included in Interest expense in the consolidated statements of income. Lease Obligations The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of March 31, 2022, are summarized as follows (in thousands): Minimum Rental Payments Year Ending December 31, Minimum Rental (a) Operating Leases (b) Finance (b) 2022 (Remainder) $ 160,893 $ 4,026 $ 34 2023 218,442 5,389 — 2024 197,364 5,414 — 2025 164,754 5,329 — 2026 136,346 5,173 — Thereafter 562,643 24,474 12,515 1,440,442 49,805 12,549 Interest — ( 11,869 ) ( 5,837 ) Total $ 1,440,442 $ 37,936 $ 6,712 a) Amount represents contractual lease maturities at March 31, 2022 including any extension options that management determined were reasonably certain of exercise. b) Minimum rental payments exclude options or renewals not reasonably certain of exercise. During the three months ended March 31, 2022 and 2021 , no single tenant or property collectively comprised more than 10 % of the Company’s consolidated total revenues. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. Segmen t Reporting The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The Company’s Core Portfolio consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon. The Company’s Funds hold primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company’s Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable which are held within the Core Portfolio or the Funds ( Note 3 ). Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements and are not presented in the Company’s segments. The following tables set forth certain segment information for the Company (in thousands): As of or for the Three Months Ended March 31, 2022 Core Funds Structured Unallocated Total Revenues $ 48,350 $ 33,157 $ — $ — $ 81,507 Depreciation and amortization ( 17,675 ) ( 16,038 ) — — ( 33,713 ) Property operating expenses, other operating and real estate taxes ( 14,639 ) ( 9,991 ) — — ( 24,630 ) General and administrative expenses — — — ( 11,937 ) ( 11,937 ) Gain on disposition of properties — 28,815 — — 28,815 Operating income 16,036 35,943 — ( 11,937 ) 40,042 Interest and other income — — 2,935 — 2,935 Realized and unrealized holding gains on investments and other 1,163 14,567 — — 15,730 Equity in earnings of unconsolidated affiliates 1,617 1,513 — — 3,130 Interest expense ( 7,597 ) ( 10,328 ) — — ( 17,925 ) Income tax benefit — — — 185 185 Net income 11,219 41,695 2,935 ( 11,752 ) 44,097 Net income attributable to noncontrolling interests ( 1,121 ) ( 26,138 ) — — ( 27,259 ) Net income attributable to Acadia $ 10,098 $ 15,557 $ 2,935 $ ( 11,752 ) $ 16,838 Real estate at cost (a) $ 2,511,417 $ 1,757,058 $ — $ — $ 4,268,475 Total assets (a) $ 2,398,426 $ 1,944,594 $ 153,161 $ — $ 4,496,181 Cash paid for acquisition of real estate $ 159,599 $ — $ — $ — $ 159,599 Cash paid for development and property improvement costs $ 3,752 $ 4,179 $ — $ — $ 7,931 As of or for the Three Months Ended March 31, 2021 As Restated Core Funds Structured Unallocated Total Revenues $ 42,349 $ 25,838 $ — $ — $ 68,187 Depreciation and amortization ( 16,887 ) ( 13,753 ) — — ( 30,640 ) Property operating expenses, other operating and real estate taxes ( 13,657 ) ( 10,758 ) — — ( 24,415 ) General and administrative expenses — — — ( 8,992 ) ( 8,992 ) Gain on disposition of properties 4,612 — — — 4,612 Operating income 16,417 1,327 — ( 8,992 ) 8,752 Interest and other income — — 1,700 — 1,700 Realized and unrealized holding gains on investments and other — 6,547 ( 1,422 ) — 5,125 Equity in (losses) earnings of unconsolidated affiliates ( 1,129 ) 3,011 — — 1,882 Interest expense ( 7,214 ) ( 9,400 ) — — ( 16,614 ) Income tax provision — — — ( 148 ) ( 148 ) Net income 8,074 1,485 278 ( 9,140 ) 697 Net (income) loss attributable to noncontrolling interests ( 470 ) 3,547 1,043 — 4,120 Net income attributable to Acadia $ 7,604 $ 5,032 $ 1,321 $ ( 9,140 ) $ 4,817 Real estate at cost (a) $ 2,319,584 $ 1,674,261 $ — $ — $ 3,993,845 Total assets (a) $ 2,222,886 $ 1,771,411 $ 99,460 $ — $ 4,093,757 Cash paid for acquisition of real estate $ — $ — $ — $ — $ - Cash paid for development and property improvement costs $ 2,843 $ 2,536 $ — $ — $ 5,379 a) Real estate at cost and total assets for the Funds segment include $ 657.9 million and $ 643.0 million, or $ 191.1 million and $ 186.9 million net of non-controlling interests, related to Fund II’s City Point property at March 31, 2022 and 2021 , respectively. |
Share Incentive and Other Compe
Share Incentive and Other Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share Incentive and Other Compensation | 13. Share Incentive a nd Other Compensation Share Incentive Plan The 2020 Share Incentive Plan (the “Share Incentive Plan”) authorizes the Company to issue options, Restricted Shares, LTIP Units and other securities (collectively “Awards”) to, among others, the Company’s officers, trustees and employees. At March 31, 2022 a total of 1,542,818 shares remained available to be issued under the Share Incentive Plan. Restricted Shares and LTIP Units - Employees During the three months ended March 31, 2022, and the year ended December 31, 2021 , the Company issued 600,672 and 636,646 LTIP Units and 13,178 and 11,244 restricted share units (“Restricted Share Units”), respectively, to employees of the Company pursuant to the Share Incentive Plan. These awards were measured at their fair value on the grant date, incorporating the following factors: • A portion of these annual equity awards is granted in performance-based Restricted Share Units or LTIP Units that may be earned based on the Company’s attainment of specified relative total shareholder returns (“Relative TSR”) hurdles. • In the event the Relative TSR percentile falls between the 25th percentile and the 50th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 50 % and 100 % and in the event that the Relative TSR percentile falls between the 50th percentile and 75th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 100 % and 200 %. • Two-thirds (2/3) of the performance-based LTIP Units will vest based on the Company’s total shareholder return (“TSR”) for the three-year forward-looking performance period relative to the constituents of the Nareit Shopping Center Property Subsector and one-third (1/3) on the Company’s TSR for the three-year forward-looking performance period as compared to the constituents of the Nareit Retail Property Sector (both on a non-weighted basis). • If the Company’s performance fails to achieve the aforementioned hurdles at the culmination of the three-year performance period, all performance-based shares will be forfeited. Any earned performance-based shares vest 60 % at the end of the performance period, with the remaining 40 % of shares vesting ratably over the next two years . For valuation of the 2022 and 2021 Performance Shares, a Monte Carlo simulation was used to estimate the fair values based on probability of satisfying the market conditions and the projected share prices at the time of payments, discounted to the valuation dates over the three-year performance periods. The assumptions include volatility ( 49.0 % and 48.0 %) and risk-free interest rates of ( 1.7 % and 0.2 %) for 2022 and 2021, respectively. The total value of the 2022 and 2021 Performance Shares will be expensed over the vesting period regardless of the Company’s performance. The total value of the above Restricted Share Units and LTIP Units as of the grant date was $ 13.0 million during the three months ended March 31, 2022 and $ 12.6 million during the year ended December 31, 2021 . Total long-term incentive compensation expense, including the expense related to the Share Incentive Plan, was $ 1.4 million and $ 2.7 million for the three months end ed March 31, 2022 and 2021, respectively and is recorded in General and administrative expense in the consolidated statements of income. Restricted Shares and LTIP Units - Board of Trustees In addition, members of the Board have been issued shares and units under the Share Incentive Plan. During the three months ended March 31, 2022 , there were no LTIP Units or Restricted Shares issued to Trustees of the Company. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares, but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Total trustee fee expense, including the expense related to the Share Incentive Plan, was $ 0.4 million for each of the three months ended March 31, 2022 and 2021, respectively, and is recorded in General and Administrative expense in the consolidated statements of income. Long-Term Incentive Alignment Program In 2009, the Company adopted the Long-Term Incentive Alignment Program (the “Program”) pursuant to which the Company may grant awards to employees, entitling them to receive up to 25 % of any potential future payments of Promote to the Operating Partnership from Funds III, IV and V. The Company has granted such awards to employees representing 25 % of the potential Promote payments from Fund III to the Operating Partnership, 23.1 % of the potential Promote payments from Fund IV to the Operating Partnership and 10.9 % of the potential Promote payments from Fund V to the Operating Partnership. Payments to senior executives under the Program require further Board approval at the time any potential payments are due pursuant to these grants. Compensation relating to these awards will be recognized in each reporting period in which Board approval is granted. As payments to other employees are not subject to further Board approval, compensation relating to these awards will be recorded based on the estimated fair value at each reporting period in accordance with ASC Topic 718, Compensation– Stock Compensation. The awards in connection with Fund IV were determined to have no intrinsic value as of March 31, 2022 or December 31, 2021. The Company recognized $ 0.4 million and $ 0.1 million of compensation expense for Funds III and V, respectively for the three months ended March 31, 2022 related to the Program in connection with the resignation of an employee. No compensation expense was recognized for the year ended December 31, 2021 related to the Program. A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below: Unvested Restricted Shares and LTIP Units Common Weighted LTIP Units Weighted Unvested at December 31, 2020 89,911 $ 15.42 1,122,889 $ 24.38 Granted 43,078 19.94 666,967 19.48 Vested ( 43,084 ) 16.85 ( 283,024 ) 26.66 Forfeited ( 159 ) 36.22 ( 91,637 ) 36.22 Unvested at December 31, 2021 89,746 16.87 1,415,195 20.85 Granted 13,178 21.25 600,672 21.14 Vested ( 9,777 ) 23.63 ( 278,740 ) 23.27 Forfeited ( 920 ) 43.76 ( 232,931 ) 32.76 Unvested at March 31, 2022 92,227 $ 16.51 1,504,196 $ 18.68 The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the three months ended March 31, 2022 and the year ended December 31, 2021 were $ 21.15 and $ 19.51 , respectively. As of March 31, 2022 , there was $ 22.8 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Share Incentive Plan. That cost is expected to be recognized over a weighted-average period of 1.7 years. The total fair value of Restricted Shares that vested during the three months ended March 31, 2022 and the year ended December 31, 2021 , was $ 0.2 million and $ 0.8 million, respectively. The total fair value of LTIP Units that vested (LTIP units vest primarily during the first quarter) during the three months ended March 31, 2022 and the year ended December 31, 2021 , was $ 6.5 million and $ 7.5 million, respectively. Other Plans On a combined basis, the Company incurred a total of $ 0.1 million of compensation expense related to the following employee benefit plans for each of the three months ended March 31, 2022 and 2021. Employee Share Purchase Plan The Acadia Realty Trust Employee Share Purchase Plan (the “Purchase Plan”), allows eligible employees of the Company to purchase Common Shares through payroll deductions. The Purchase Plan provides for employees to purchase Common Shares on a quarterly basis at a 15 % discount to the closing price of the Company’s Common Shares on either the first day or the last day of the quarter, whichever is lower. A participant may not purchase more than $ 25,000 in Common Shares per year. Compensation expense will be recognized by the Company to the extent of the above discount to the closing price of the Common Shares with respect to the applicable quarter. A total of 1,460 and 2,428 Common Shares were purchased by employees under the Purchase Plan for the three months ended March 31, 2022 and 2021, respectively. Deferred Share Plan The Company maintains a Trustee Deferral and Distribution Election program, under which the participating Trustees earn deferred compensation. Employee 401(k) Plan The Company maintains a 401(k) plan for employees under which the Company currently matches 50 % of a plan participant’s contribution up to 6 % of the employee’s annual salary. A plan participant may contribute up to a maximum of 15 % of their compensation, up to $ 20,500 , for the year ending December 31, 2022. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 14. Earnings P er Common Share Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted-average Common Shares outstanding ( Note 10 ). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of Restricted Share Units issued under the Company’s Share Incentive Plans ( Note 13 ). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one -for-one basis . The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. Three Months Ended March 31, (dollars in thousands) 2022 2021 Numerator: (As Restated) Net income attributable to Acadia $ 16,838 $ 4,817 Less: net income attributable to participating securities ( 204 ) ( 156 ) Income from continuing operations net of income attributable to participating securities $ 16,634 $ 4,661 Denominator: Weighted average shares for basic earnings per share 93,285,565 86,323,267 Effect of dilutive securities: Series A Preferred OP Units 25,067 — Employee unvested restricted shares 24,468 23,093 Denominator for diluted earnings per share 93,335,100 86,346,360 Basic and diluted earnings per Common Share from continuing operations attributable to Acadia $ 0.18 $ 0.05 Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units — 188 Series A Preferred OP Units - Common share equivalent — 25,067 Series C Preferred OP Units 126,593 126,593 Series C Preferred OP Units - Common share equivalent 439,556 439,556 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 15. Subsequent Events Acquisitions On April 18, 2022, the Company, in its Core Portfolio, acquired a retail portfolio of 15 properties referred to as the Henderson Portfolio in Dallas, Texas for approximately $ 85.4 million inclusive of transaction costs. Financing Activities On April 6, 2022, the Company entered into an additional term loan (the "$175.0 Million Term Loan"). The $ 175.0 Million Term Loan bears interest at SOFR plus 1.5 % and matures on April 6, 2027 . In addition, during April 2022, the Company entered into swaps totaling $100.0 million to fix SOFR at an average rate of 2.5 % for borrowings under the $175.0 Million Term Loan. The proceeds of the $ 175.0 Million Term Loan were used to repay the Revolver. On April 26, 2022, Fund V obtained a new loan for its Midstate property ( Note 2 ) for up to $ 50.2 million of which $ 42.4 million was funded at closing. The loan bears interest at SOFR plus 2.5 %, but is swapped to a fixed rate of 5.1 %, and matures on April 28, 2025 , subject to two 12-month extension options. On May 2, 2022, Fund V modified its subscription line and extended the maturity date to May 1, 2023 . In addition, the commitment was reduced to $ 135.0 million. Lending Activities On April 1, 2022, the Company funded $ 1.2 million to its unconsolidated 1238 Wisconsin subsidiary ( Note 4 ) under a $ 12.8 million construction loan commitment, which bears interest at Prime plus 1.0 % and matures on December 28, 2023 . |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Restatement of Prior Year Amounts As discussed in the Company's 2021 consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report"), the Company restated each of the quarterly and year-to-date periods ended March 31, 2021, June 30, 2021 and September 30, 2021. Amounts as of or for the period ended March 31, 2021 depicted in these interim consolidated financial statements as "As Restated" are taken from the Company's restatement disclosures in the Annual Report. See the 2021 consolidated financial statements included in the Annual Report for details of the restatement adjustments. |
Segments | Segments At March 31, 2022 , the Company had three reportable operating segments: Core Portfolio, Funds and Structured Financing. The Company’s chief operating decision maker may review operational and financial data on a property-level basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital. |
Principles of Consolidation | Principles of Consolidation The interim consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income or loss. The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items. These interim consolidated financial statements should be read in conjunction with the Company’s 2021 consolidated financial statements included in the Annual Report. |
Use of Estimates | Use of Estimates GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the interim consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. |
Recently Adopted Accounting and Reporting Guidance | Recently Adopted Accounting and Reporting Guidance In August 2020, the FASB issued ASU 2020-06— Debt with conversion and other options (Subtopic 470-20) and derivatives and hedging—contracts in entity's own equity (Subtopic 815-40)—accounting for convertible instruments and contracts in an entity's own equity . This ASU simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The ASU simplifies accounting for convertible instruments and simplifies the diluted earnings per share (EPS) calculation in certain areas. This ASU is effective for fiscal years beginning after December 15, 2021. Currently, the Company does not have any such debt instruments and, as a result, the implementation of this guidance did not have an effect on the Company’s consolidated financial statements. In May 2021, the FASB issued ASU 2021-04 Modification of Equity-Classified Written Call Options — Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40) : Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options — to codify how an issuer should account for modifications made to equity-classified written call options (a warrant to purchase the issuer’s common stock). The guidance in the ASU requires the issuer to treat a modification of an equity-classified warrant that does not cause the warrant to become liability-classified as an exchange whether structured as an amendment or reissuance and is effective for all periods beginning after December 15, 2021 with early application permitted. The Company does not currently have any outstanding equity awards with written call options. As a result, the implementation of this guidance did not have an effect on the Company’s consolidated financial statements. In July 2021, the FASB issued ASU 2021-05 Leases (Topic 842): Lessors—Certain Leases with Variable Lease Payments . This Update requires a lessor to classify a lease with entirely or partially variable payments that do not depend on an index or rate as an operating lease if another classification (i.e. sales-type or direct financing) would trigger a commencement date selling loss. The guidance in the ASU is effective for all periods beginning after December 15, 2021 with early application permitted and may be applied either retrospectively or prospectively. The Company does not currently have any sales-type or direct financing leases as lessor. As a result, the implementation of this guidance did not have an effect on the Company’s consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 Reference Rate Reform (Topic 848) which modifies ASC 848, which was intended to provide relief related to “contracts and transactions that reference LIBOR or a reference rate that is expected to be discontinued as a result of reference rate reform.” ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give reporting entities the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. ASU 2021-01 also adds implementation guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that is expected to be discontinued, but that are being modified as a result of the discounting transition. Currently, the Company does not anticipate the need to modify any existing debt agreements as a result of reference rate reform in the current year. If any modification is executed as a result of reference rate reform, the Company will elect the optional practical expedient under ASU 2020-04 and 2021-01, which allows entities to account for the modification as if the modification was not substantial. As a result, the implementation of this guidance is not expected to have an effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In March 2022, the FASB issued ASU 2022-01 Derivatives and Hedging (Topic 815) Fair Value Hedging—Portfolio Layer Method . The amendments in this Update allow non-prepayable financial assets also to be included in a closed portfolio hedged using the portfolio layer method. That expanded scope permits an entity to apply the same portfolio hedging method to both prepayable and non-prepayable financial assets, thereby allowing consistent accounting for similar hedges. The guidance in the ASU is effective for all periods beginning after December 15, 2022 with early application permitted and may be applied prospectively. The Company does not currently utilize the portfolio layer method. As a result, the implementation of this guidance is not expected to have a material effect on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU 2022-02 Financial Instruments—Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures . Rather than applying the recognition and measurement guidance for Troubled Debt Restructurings ("TDRs"), an entity must apply the loan refinancing and restructuring guidance in ASC 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. In addition, this Update requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost . The guidance in the ASU is effective for all periods beginning after December 15, 2022 with early application permitted and may be applied prospectively. The Company does not currently have any financial instruments that meet the definition of a TDR. As a result, the implementation of this guidance is not expected to have a material effect on the Company’s consolidated financial statements. |
Lease Intangibles | Upon acquisitions of real estate ( Note 2 ), the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable. |
Earnings Per Common Share | Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted-average Common Shares outstanding ( Note 10 ). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of Restricted Share Units issued under the Company’s Share Incentive Plans ( Note 13 ). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one -for-one basis . The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Operating Partnership's Equity Interest | The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions): Entity Formation Operating Capital Called (b) Unfunded (b, c) Equity Interest (a) Preferred Total (b, c) Fund II and Mervyns II (c) 6/2004 28.33 % $ 384.1 $ 1.2 28.33 % 8 % $ 169.8 Fund III 5/2007 24.54 % 448.1 1.9 24.54 % 6 % 601.5 Fund IV 5/2012 23.12 % 488.1 41.9 23.12 % 6 % 193.1 Fund V (d) 8/2016 20.10 % 347.9 172.1 20.10 % 6 % 61.0 (a) Amount represents the current economic ownership at March 31, 2022, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund. (b) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. (c) During August 2020, a recallable distribution of $ 15.7 million was made by Mervyn’s II to its investors, of which $ 4.5 million was the Company’s share. During 2021 and 2022, Mervyn’s II recalled $ 11.9 million and $ 2.6 million, respectively, of the $15.7 million, of which the Company's share is $ 3.4 million and $ 0.7 million, respectively. (d) As of April 8, 2021, Fund V's investment period was extended to August 25, 2022 . |
Real Estate (Tables)
Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | |
Schedule of Consolidated Real Estate | The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands): March 31, December 31, 2022 2021 Land $ 821,841 $ 739,641 Buildings and improvements 3,014,853 2,892,051 Tenant improvements 206,755 199,925 Construction in progress 7,825 11,131 Right-of-use assets - finance leases (Note 11) 25,086 25,086 Total 4,076,360 3,867,834 Less: Accumulated depreciation and amortization ( 669,783 ) ( 648,461 ) Operating real estate, net 3,406,577 3,219,373 Real estate under development 192,115 203,773 Net investments in real estate $ 3,598,692 $ 3,423,146 |
Schedule of Business Acquisitions, by Acquisition | During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company acquired (through purchase, investment or foreclosure) the following consolidated retail properties and other real estate investments (dollars in thousands): Property and Location Percent Date of Purchase 2022 Acquisitions and Foreclosure Core 121 Spring Street - New York, NY 100 % Jan 12, 2022 $ 39,637 Williamsburg Collection - Brooklyn, NY (a) (a) Feb 18, 2022 97,750 8833 Beverly Boulevard - West Hollywood, CA 100 % Mar 2, 2022 24,117 Subtotal Core 161,504 Fund III 640 Broadway - New York, NY (Foreclosure) (b) 100 % Jan 26, 2022 59,207 Subtotal Fund III 59,207 Total 2022 Acquisitions and Foreclosure $ 220,711 2021 Acquisitions Core 14th Street Portfolio - Washington, DC 100 % Dec 23, 2021 $ 26,320 Subtotal Core 26,320 Fund V Canton Marketplace - Canton, GA 100 % Aug 20, 2021 50,954 Monroe Marketplace - Selinsgrove, PA 100 % Sept 9, 2021 44,796 Monroe Marketplace (Parcel) - Selinsgrove, PA 100 % Nov 12, 2021 1,029 Midstate - East Brunswick, NJ 100 % Nov 12, 2021 71,867 Subtotal Fund V 168,646 Total 2021 Acquisitions $ 194,966 a) The Williamsburg Collection entity is a variable interest entity and the Company consolidates the entity because it is the entity's primary beneficiary. The Company invested $ 2.8 million in its 49.99 % equity interest and, through a separate lending subsidiary, provided a $ 64.1 million first mortgage loan and a $ 30.9 million mezzanine loan to subsidiaries of the venture (such equity and loans have been eliminated in consolidation). Pursuant to the entity’s operating agreement, the venture partner has a one-time right to put its 50.01 % interest in the entity (the "Williamsburg NCI", which is further described in Note 8 ) to the Company for fair value at a future date. Given the preferred rate of return of the Company embedded in its equity interests and the accruing debt senior to the equity, the Company did not attribute any initial redemption value to the Williamsburg NCI and recognized a gain on bargain purchase, which is included in Realized and unrealized holding gains on investments and other in the consolidated statements of income. b) The entity was previously accounted for as an equity method investment until an affiliate of Fund III acquired the venture partner's interest in a foreclosure action. Fund III now indirectly owns 100% of the entity and consolidates it ( Note 4 ). |
Schedule of Purchase Price Allocations | The purchase prices for the 2022 Acquisitions and Foreclosure and 2021 Acquisitions were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the periods presented (in thousands): Three Months Ended March 31, Year Ended December 31, 2022 2021 Net Assets Acquired Land $ 79,135 $ 37,290 Buildings and improvements 127,997 134,065 Acquisition-related intangible assets (Note 6) 21,404 39,953 Accounts receivable, prepaids and other assets 4,077 — Accounts payable and other liabilities ( 661 ) — Acquisition-related intangible liabilities (Note 6) ( 10,078 ) ( 16,342 ) Net assets acquired $ 221,874 $ 194,966 Consideration Cash $ 159,599 $ 161,846 Carrying value of note receivable exchanged in foreclosure 5,416 — Existing interest in previously unconsolidated investment 17,822 — Debt assumed 35,970 31,801 Liabilities assumed 1,904 1,319 Total consideration 220,711 194,966 Gain on bargain purchase 1,163 — $ 221,874 $ 194,966 |
Schedule of Property Dispositions | During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company disposed of the following consolidated properties and other real estate investments (in thousands): Property and Location Owner Date Sold Sale Price Gain 2022 Dispositions NE Grocer Portfolio (Selected Assets) - Pennsylvania Fund IV Jan 26, 2022 Mar 4, 2022 $ 45,350 $ 13,784 New Towne (Parcel) - Canton, MI Fund V Feb 1, 2022 2,231 1,776 Cortlandt Crossing - Westchester County, New York Fund III Feb 9, 2022 65,533 13,255 Total 2022 Dispositions $ 113,114 $ 28,815 2021 Dispositions 60 Orange St - Bloomfield, NJ Core Jan 29, 2021 $ 16,400 $ 4,612 654 Broadway - New York, NY Fund III May 19, 2021 10,000 111 NE Grocer Portfolio (Selected Assets) - Maine Fund IV Jun 18, 2021 39,925 5,064 Total 2021 Dispositions (a) $ 66,325 $ 9,787 Does not include the g ain on lease termination of $ 0.7 million related to the Fund IV lease at 110 University Place ( Note 11 ). |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold as well as the lease that was terminated ( Note 11 ) during the three months ended March 31, 2022 and year ended December 31, 2021 were as follows (in thousands): Three Months Ended March 31, 2022 2021 Revenues $ 1,057 $ 4,010 Expenses ( 676 ) ( 4,028 ) Gain on disposition of properties 28,815 4,612 Net (income) loss attributable to noncontrolling interests ( 22,308 ) 6 Net income attributable to Acadia $ 6,888 $ 4,600 |
Schedule Of Development In Process Activities | Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands): January 1, 2022 Three Months Ended March 31, 2022 March 31, 2022 Number of Carrying Transfers In Capitalized Transfers Out Number of Carrying Core — $ 42,517 $ — $ 458 $ — — $ 42,975 Fund II — 35,125 — 377 — — 35,502 Fund III 1 24,296 — 282 — 1 24,578 Fund IV (a) 1 101,835 — 76 12,851 1 89,060 Total 2 $ 203,773 $ — $ 1,193 $ 12,851 2 $ 192,115 a) Transfers out include $ 12.9 million related to a portion of one Fund IV property that was transferred out of development. January 1, 2021 Year Ended December 31, 2021 December 31, 2021 Number of Carrying Transfers In Capitalized Transfers Out Number of Carrying Core — $ 63,875 $ — $ 1,855 $ 23,213 — $ 42,517 Fund II — 74,657 — 3,921 43,453 — 35,125 Fund III 1 23,104 — 1,192 — 1 24,296 Fund IV (a) 2 85,565 29,758 2,026 15,514 1 101,835 Total 3 $ 247,201 $ 29,758 $ 8,994 $ 82,180 2 $ 203,773 a) Transfers in include $ 29.8 million related to the remaining portion of one Fund IV property that was placed in development. |
Notes Receivable, Net (Tables)
Notes Receivable, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule of Notes Receivable | The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands): March 31, December 31, March 31, 2022 Description 2022 2021 Number Maturity Date Interest Rate Core Portfolio (a) $ 154,331 $ 154,332 7 Apr 2020 - Dec 2027 4.65 % - 12.00 % Fund III — 5,306 — — — Total notes receivable 154,331 159,638 Allowance for credit loss ( 1,170 ) ( 5,752 ) Notes receivable, net $ 153,161 $ 153,886 7 Includes one note receivable from an OP Unit holder, with a balance of $ 6.0 million at March 31, 2022 and December 31, 2021 . |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Affiliates (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Ownership Interest March 31, December 31, Portfolio Property March 31, 2022 2022 2021 Core: 840 N. Michigan (a) 88.43 % $ 51,858 $ 51,513 Renaissance Portfolio 20 % 28,985 28,466 Gotham Plaza 49 % 29,202 29,187 Georgetown Portfolio 50 % 4,103 4,089 1238 Wisconsin Avenue (b) 80 % 6,954 5,895 121,102 119,150 Mervyns II: KLA/ABS (c) 36.7 % 136,916 124,316 Fund III: Self Storage Management (b) 0 % — 207 640 Broadway (d) 63.13 % — 17,825 — 18,032 Fund IV: Fund IV Other Portfolio 98.57 % 12,243 12,675 650 Bald Hill Road 90 % 10,819 11,677 Paramus Plaza 50 % 1,716 1,975 24,778 26,327 Fund V: Family Center at Riverdale (a) 89.42 % 12,032 12,449 Tri-City Plaza 90 % 7,888 6,827 Frederick County Acquisitions 90 % 12,445 10,748 Wood Ridge Plaza 90 % 15,746 — La Frontera Village (e) 90 % 78,281 — 126,392 30,024 Various: Due from (to) Related Parties 142 666 Other (f) 3,811 3,811 Investments in and advances to $ 413,141 $ 322,326 Core: Crossroads (g) 49 % $ 9,547 $ 9,939 Distributions in excess of income from, $ 9,547 $ 9,939 a) Represents a tenancy-in-common interest. b) Represents a variable interest entity for which the Company was determined not to be the primary beneficiary. c) Includes an interest in Albertsons at fair value, as described below ("Investment in Albertsons") ( Note 8 ). d) In January 2022, the Company foreclosed on partner's interest and now owns 100% and consolidates the entity ( Note 2 ). e) Includes $ 52.0 million in bridge financing to the entity from the Company at 10.0 % d ue on October 1, 2022. f) Includes cost-method investments in Storage Post, Fifth Wall and other investments. g) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to return distributions to fund future obligations of the entity. |
Schedule of Condensed Balance Sheet | The following combined and condensed Balance Sheets and Statements of income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates that were held as of March 31, 2022, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands): March 31, December 31, 2022 2021 Combined and Condensed Balance Sheets Assets: Rental property, net $ 698,314 $ 631,661 Real estate under development 9,389 8,112 Other assets 116,690 78,300 Total assets $ 824,393 $ 718,073 Liabilities and partners’ equity: Mortgage notes payable $ 618,824 $ 571,461 Other liabilities 82,688 69,166 Partners’ equity 122,881 77,446 Total liabilities and partners’ equity $ 824,393 $ 718,073 Company's share of accumulated equity $ 205,579 $ 113,285 Basis differential 53,559 66,031 Deferred fees, net of portion related to the Company's interest 3,587 4,071 Amounts receivable/payable by the Company 142 666 Investments in and advances to unconsolidated affiliates, net of Company's 262,867 184,053 Investments carried at fair value or cost 140,727 128,334 Company's share of distributions in excess of income from and 9,547 9,939 Investments in and advances to unconsolidated affiliates $ 413,141 $ 322,326 |
Schedule of Condensed Income Statement | Three Months Ended March 31, 2022 2021 Combined and Condensed Statements of Operations Total revenues $ 23,118 $ 18,060 Operating and other expenses ( 7,258 ) ( 6,451 ) Interest expense ( 4,739 ) ( 5,061 ) Depreciation and amortization ( 5,911 ) ( 9,211 ) Gain on disposition of properties (a) — 3,206 Net income attributable to unconsolidated affiliates $ 5,210 $ 543 Company’s share of equity in net income of unconsolidated affiliates $ 3,383 $ 2,646 Income attributable to unconsolidated affiliates recently sold or consolidated — ( 328 ) Basis differential amortization ( 253 ) ( 436 ) Company’s equity in earnings of unconsolidated affiliates $ 3,130 $ 1,882 a) Represents the gain on the sale of two land parcels by the Family Center at Riverdale on January 4, 2021. |
Other Assets, Net and Account_2
Other Assets, Net and Accounts Payable and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets and Other Liabilities | Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented: March 31, December 31, (in thousands) 2022 2021 Other Assets, Net: Lease intangibles, net (Note 6) $ 121,448 $ 108,918 Deferred charges, net (a) 26,319 28,438 Accrued interest receivable 18,559 21,148 Prepaid expenses 13,591 17,230 Due from seller 3,364 3,364 Income taxes receivable 2,643 2,279 Other receivables 1,484 1,830 Deposits 4,519 1,647 Corporate assets, net 1,561 1,648 Derivative financial instruments (Note 8) 5,279 7 $ 198,767 $ 186,509 (a) Deferred Charges, Net: Deferred leasing and other costs $ 57,658 $ 58,281 Deferred financing costs related to line of credit 9,159 9,953 66,817 68,234 Accumulated amortization ( 40,498 ) ( 39,796 ) Deferred charges, net $ 26,319 $ 28,438 Accounts Payable and Other Liabilities: Lease intangibles, net (Note 6) $ 83,794 $ 76,778 Accounts payable and accrued expenses 49,657 56,580 Derivative financial instruments (Note 8) 12,750 45,027 Deferred income 35,714 38,373 Tenant security deposits, escrow and other 13,899 13,045 Lease liability - finance leases, net (Note 11) 6,712 6,612 $ 202,526 $ 236,415 |
Lease Intangibles (Tables)
Lease Intangibles (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities | Intangible assets and liabilities are included in Other assets, net and Accounts payable and other liabilities ( Note 5 ) on the consolidated balance sheet and summarized as follows (in thousands): March 31, 2022 December 31, 2021 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amortizable Intangible Assets In-place lease intangible assets $ 307,162 $ ( 193,941 ) $ 113,221 $ 290,819 $ ( 189,981 ) $ 100,838 Above-market rent 24,584 ( 16,357 ) 8,227 24,191 ( 16,111 ) 8,080 $ 331,746 $ ( 210,298 ) $ 121,448 $ 315,010 $ ( 206,092 ) $ 108,918 Amortizable Intangible Liabilities Below-market rent $ ( 179,108 ) $ 95,703 $ ( 83,405 ) $ ( 171,245 ) $ 94,871 $ ( 76,374 ) Above-market ground lease ( 671 ) 282 ( 389 ) ( 671 ) 267 ( 404 ) $ ( 179,779 ) $ 95,985 $ ( 83,794 ) $ ( 171,916 ) $ 95,138 $ ( 76,778 ) |
Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities | The scheduled amortization of acquired lease intangible assets and assumed liabilities as of March 31, 2022 is as follows (in thousands): Years Ending December 31, Net Increase in Increase to Reduction of Net (Expense) Income 2022 (Remainder) $ 4,294 $ ( 21,928 ) $ 44 $ ( 17,590 ) 2023 5,427 ( 23,144 ) 58 ( 17,659 ) 2024 5,359 ( 17,123 ) 58 ( 11,706 ) 2025 4,937 ( 12,372 ) 58 ( 7,377 ) 2026 4,831 ( 9,839 ) 58 ( 4,950 ) Thereafter 50,330 ( 28,815 ) 113 21,628 Total $ 75,178 $ ( 113,221 ) $ 389 $ ( 37,654 ) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Consolidated Indebtedness | A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands): Interest Rate at Carrying Value at March 31, December 31, Maturity Date at March 31, December 31, 2022 2021 March 31, 2022 2022 2021 Mortgages Payable Core Fixed Rate 3.88 %- 5.89 % 3.88 %- 5.89 % Feb 2024 - Apr 2035 $ 144,867 $ 145,464 Core Variable Rate - Swapped (a) 3.41 %- 4.54 % 3.41 %- 4.54 % Jun 2026 - Nov 2028 60,530 72,957 Total Core Mortgages Payable 205,397 218,421 Fund II Variable Rate LIBOR+ 2.75 % - PRIME+ 2.00 % LIBOR+ 2.75 % - PRIME+ 2.00 % Aug 2022 - Mar 2023 256,212 255,978 Fund III Variable Rate LIBOR+ 3.10 % LIBOR+ 2.75 % Jul 2022 35,970 34,728 Fund IV Fixed Rate 4.50 % 4.50 % Oct 2025 1,120 1,120 Fund IV Variable Rate LIBOR+ 1.75 %-LIBOR+ 3.65 % LIBOR+ 1.60 %-LIBOR+ 3.65 % Jun 2022 - Jun 2026 212,988 221,832 Fund IV Variable Rate - Swapped (a) 3.48 %- 4.61 % — 23,316 Total Fund IV Mortgages and Other Notes Payable 214,108 246,268 Fund V Fixed Rate 3.35 % 3.35 % May 2023 31,801 31,801 Fund V Variable Rate LIBOR + 1.85 % - SOFR + 2.76 % LIBOR + 1.85 % - SOFR + 2.76 % Jun 2022 - Nov 2026 58,583 58,878 Fund V Variable Rate - Swapped (a) 2.43 %- 4.78 % 2.95 %- 4.78 % Jun 2022 - Dec 2024 296,269 297,731 Total Fund V Mortgages Payable 386,653 388,410 Net unamortized debt issuance costs ( 3,315 ) ( 3,958 ) Unamortized premium 420 446 Total Mortgages Payable $ 1,095,445 $ 1,140,293 Unsecured Notes Payable Core Variable Rate Unsecured (a) 3.65 %- 5.32 % 3.65 %- 5.32 % Jun 2026 $ 400,000 $ 400,000 Fund II Unsecured Notes Payable LIBOR+ 2.25 % LIBOR+ 2.25 % Sep 2022 40,000 40,000 Fund IV Subscription Facility SOFR+ 2.01 % SOFR+ 2.01 % Dec 2022 — 5,000 Fund V Subscription Facility LIBOR+ 1.90 % LIBOR+ 1.90 % May 2022 93,526 118,028 Net unamortized debt issuance costs ( 3,730 ) ( 3,988 ) Total Unsecured Notes Payable $ 529,796 $ 559,040 Unsecured Line of Credit Core Unsecured Line of Credit - Variable Rate LIBOR + 1.40 % LIBOR + 1.40 % Jun 2025 $ 153,051 $ 46,491 Core Unsecured Line of Credit -Swapped (a) 3.65 %- 5.32 % 3.65 %- 5.32 % Jun 2025 41,354 66,414 Total Unsecured Line of Credit $ 194,405 $ 112,905 Total Debt - Fixed Rate (b, c) $ 975,941 $ 1,038,803 Total Debt - Variable Rate (d) 850,330 780,935 Total Debt 1,826,271 1,819,738 Net unamortized debt issuance costs ( 7,045 ) ( 7,946 ) Unamortized premium 420 446 Total Indebtedness $ 1,819,646 $ 1,812,238 a) At March 31, 2022, the stated rates ranged from LIBOR + 1.50 % to LIBOR + 1.70 % for Core variable-rate debt; LIBOR + 2.75 % to PRIME + 2.00 % for Fund II variable-rate debt; LIBOR + 3.10 % for Fund III variable-rate debt; LIBOR 1.75 % to LIBOR + 3.65 % for Fund IV variable-rate debt; LIBOR + 1.50 % to LIBOR + 2.20 % for Fund V variable-rate debt; LIBOR + 1.55 % for Core variable-rate unsecured term loans; and LIBOR + 1.40 % for Core variable-rate unsecured lines of credit. b) Includes $ 798.2 million and $ 860.4 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. c) Fixed-rate debt at March 31, 2022 and December 31, 2021 includes $ 0.0 million and $ 0.0 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds. d) Includes $ 107.3 million and $ 110.5 million, respectively, of variable-rate debt that is subject to interest cap agreements. |
Scheduled Principal Repayments | The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of March 31, 2022 are as follows (in thousands): Year Ending December 31, 2022 (Remainder) $ 619,311 2023 173,451 2024 212,020 2025 259,737 2026 445,971 Thereafter 115,781 1,826,271 Unamortized premium 420 Net unamortized debt issuance costs ( 7,045 ) Total indebtedness $ 1,819,646 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands): March 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Money market funds $ — $ — $ — $ — $ — $ — Derivative financial instruments — 5,279 — — 7 — Investment in Albertsons (Note 4) 136,916 — — 124,316 — — Liabilities Derivative financial instruments — 12,750 — — 45,027 — |
Schedule of Items Measured at Fair Value on Nonrecurring Basis | During 2021, the Company was impacted by the COVID-19 Pandemic, which caused the Company to reduce its holding periods and forecasted operating income at certain properties. As a result, several impairments were recorded. Impairment charges for the periods presented are as follows (in thousands): Impairment Charge Property and Location Owner Triggering Event Level 3 Inputs Effective Date Total Acadia's Share 2022 Impairment Charges None 2021 Impairment Charges 210 Bowery commercial unit, Fund IV Reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Sept 30, 2021 $ 3,016 $ 697 27 E. 61st Street Fund IV Reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Sept 30, 2021 6,909 1,597 Total 2021 Impairment Charges $ 9,925 $ 2,294 |
Schedule of Derivative Financial Instruments | The Company had the following interest rate swaps and caps for the periods presented (dollars in thousands): Strike Rate Fair Value Derivative Aggregate Notional Amount Effective Date Maturity Date Low High Balance Sheet March 31, December 31, Core Interest Rate Swaps $ 385,354 Dec 2012 - Jul 2020 Dec 2022 - Jul 2030 2.11 % — 3.77 % Other Liabilities $ ( 12,040 ) $ ( 40,650 ) Interest Rate Swap 116,530 Mar 2015 - Jun 2019 Mar 2025 - Jun 2029 1.71 % — 2.40 % Other Assets 1,054 — $ 501,884 $ ( 10,986 ) $ ( 40,650 ) Fund III Interest Rate Caps $ 35,970 Jan 2021 Jul 2022 3.00 % — 3.00 % Other Assets $ — $ — Fund IV Interest Rate Swaps $ 11,937 Mar 2017 - Jan 2019 Apr 2022 1.97 % — 2.61 % Other Assets $ — $ — Interest Rate Swaps — Other Liabilities — $ ( 167 ) Interest Rate Caps 71,338 Dec 2020 - Jul 2021 Dec 2022 - Jul 2023 3.00 % — 3.50 % Other Assets 54 7 $ 83,275 $ 54 $ ( 160 ) Fund V Interest Rate Swaps $ 192,995 Mar 2019 - Feb 2022 Feb 2023 - Oct 2024 0.91 % — 1.28 % Other Assets $ 4,171 $ — Interest Rate Swaps 103,274 Jun 2018 - Oct 2019 Oct 2022 - Jun 2023 1.45 % — 2.88 % Other Liabilities ( 710 ) $ ( 4,210 ) $ 296,269 $ 3,461 $ ( 4,210 ) Total asset derivatives $ 5,279 $ 7 Total liability derivatives $ ( 12,750 ) $ ( 45,027 ) |
Schedule of Other Financial Instruments Carrying Values and Fair values | The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable): March 31, 2022 December 31, 2021 Level Carrying Estimated Carrying Estimated Notes Receivable (a) 3 $ 153,161 $ 150,696 $ 153,886 $ 154,093 Mortgage and Other Notes Payable (a) 3 1,098,340 1,070,756 1,143,805 1,125,571 Investment in non-traded equity securities (b) 3 3,656 5,831 3,656 4,062 Unsecured notes payable and Unsecured line of credit (c) 2 727,931 727,727 675,933 680,171 (a) The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. Amounts exclude discounts and loan costs. (b) Represents the Operating Partnership’s cost-method investment in Fifth Wall ( Note 4 ) . (c) The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. |
Shareholders' Equity, Noncont_2
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |
Schedule of Dividends Declared and Paid | 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 |
Summary of Activity in Accumulated Other Comprehensive Loss | The following tables set forth the activity in accumulated other comprehensive loss for the three months ended March 31, 2022 and 2021 (in thousands): Gains or Losses Balance at January 1, 2022 $ ( 36,214 ) Other comprehensive income before reclassifications - swap agreements 35,734 Reclassification of realized interest on swap agreements 5,049 Net current period other comprehensive income 40,783 Net current period other comprehensive income attributable to noncontrolling ( 10,293 ) Balance at March 31, 2022 $ ( 5,724 ) Balance at January 1, 2021 $ ( 74,891 ) Other comprehensive income before reclassifications - swap agreements 33,556 Reclassification of realized interest on swap agreements 5,268 Net current period other comprehensive income 38,824 Net current period other comprehensive income attributable to noncontrolling ( 5,895 ) Balance at March 31, 2021 $ ( 41,962 ) |
Summary of Change in Noncontrolling Interest | The following tables summarize the change in the noncontrolling interests for the three months ended March 31, 2022 and 2021 (dollars in thousands): Noncontrolling (a) Noncontrolling (b) Total Balance at January 1, 2022 $ 94,120 $ 534,202 $ 628,322 Distributions declared of $ 0.18 per Common OP Unit and distributions on Preferred OP Units ( 1,283 ) — ( 1,283 ) Net income for the three months ended March 31, 2022 1,121 26,138 27,259 Conversion of 35,606 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 572 ) — ( 572 ) Other comprehensive loss - unrealized gain (loss) on valuation of swap agreements 1,698 6,929 8,627 Reclassification of realized interest expense on swap agreements 46 1,620 1,666 Noncontrolling interest contributions — 99,129 99,129 Noncontrolling interest distributions — ( 22,780 ) ( 22,780 ) Employee Long-term Incentive Plan Unit Awards 3,389 — 3,389 Reallocation of noncontrolling interests (c) 2,836 — 2,836 Balance at March 31, 2022 $ 101,355 $ 645,238 $ 746,593 Balance at January 1, 2021 $ 89,431 $ 519,734 $ 609,165 Distributions on Preferred OP Units ( 1,048 ) — ( 1,048 ) Net income (loss) for the three months ended March 31, 2021 470 ( 4,590 ) ( 4,120 ) Conversion of 18,800 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 294 ) — ( 294 ) Other comprehensive income - unrealized gain (loss) on valuation of swap agreements 1,900 2,143 4,043 Reclassification of realized interest expense on swap agreements 53 1,799 1,852 Noncontrolling interest contributions — 11,241 11,241 Noncontrolling interest distributions — ( 5,676 ) ( 5,676 ) Employee Long-term Incentive Plan Unit Awards 4,049 — 4,049 Reallocation of noncontrolling interests (c) 369 — 369 Balance at March 31, 2021 $ 94,930 $ 524,651 $ 619,581 (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,076,849 and 3,076,849 Common OP Units at March 31, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at each of March 31, 2022 and 2021; (iii) 126,593 Series C Preferred OP Units at each of March 31, 2022 and 2021; and (iv) 3,705,353 and 3,409,232 LTIP units at March 31, 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) 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. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Activity for Reserves Related to Billed Rents and Straight-line Rents | The activity for the reserves related to billed rents and straight-line rents (including those under specific operating leases where the collection of rents is assessed to be not probable) is as follows: Three Months Ended March 31, 2022 Balance at Provision (Recovery), Net Adjustments Write-Offs Balance at Allowance for credit loss - billed rents $ 23,586 $ ( 1,134 ) $ — $ ( 2,371 ) $ 20,081 Straight-line rent reserves 14,885 ( 1,350 ) — ( 853 ) 12,682 Total - rents receivable $ 38,471 $ ( 2,484 ) $ — $ ( 3,224 ) $ 32,763 |
Schedule of Lease Cost | Additional disclosures regarding the Company’s leases as lessee are as follows: Three Months Ended March 31, 2022 2021 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 226 $ 226 Interest on lease liabilities 100 95 Subtotal 326 321 Operating lease cost 1,375 2,286 Variable lease cost 208 101 Total lease cost $ 1,909 $ 2,708 Other Information Weighted-average remaining lease term - finance leases (years) 32.5 33.2 Weighted-average remaining lease term - operating leases (years) 13.9 24.5 Weighted-average discount rate - finance leases 6.3 % 6.3 % Weighted-average discount rate - operating leases 5.1 % 5.6 % |
Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases | The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of March 31, 2022, are summarized as follows (in thousands): Minimum Rental Payments Year Ending December 31, Minimum Rental (a) Operating Leases (b) Finance (b) 2022 (Remainder) $ 160,893 $ 4,026 $ 34 2023 218,442 5,389 — 2024 197,364 5,414 — 2025 164,754 5,329 — 2026 136,346 5,173 — Thereafter 562,643 24,474 12,515 1,440,442 49,805 12,549 Interest — ( 11,869 ) ( 5,837 ) Total $ 1,440,442 $ 37,936 $ 6,712 a) Amount represents contractual lease maturities at March 31, 2022 including any extension options that management determined were reasonably certain of exercise. b) Minimum rental payments exclude options or renewals not reasonably certain of exercise. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following tables set forth certain segment information for the Company (in thousands): As of or for the Three Months Ended March 31, 2022 Core Funds Structured Unallocated Total Revenues $ 48,350 $ 33,157 $ — $ — $ 81,507 Depreciation and amortization ( 17,675 ) ( 16,038 ) — — ( 33,713 ) Property operating expenses, other operating and real estate taxes ( 14,639 ) ( 9,991 ) — — ( 24,630 ) General and administrative expenses — — — ( 11,937 ) ( 11,937 ) Gain on disposition of properties — 28,815 — — 28,815 Operating income 16,036 35,943 — ( 11,937 ) 40,042 Interest and other income — — 2,935 — 2,935 Realized and unrealized holding gains on investments and other 1,163 14,567 — — 15,730 Equity in earnings of unconsolidated affiliates 1,617 1,513 — — 3,130 Interest expense ( 7,597 ) ( 10,328 ) — — ( 17,925 ) Income tax benefit — — — 185 185 Net income 11,219 41,695 2,935 ( 11,752 ) 44,097 Net income attributable to noncontrolling interests ( 1,121 ) ( 26,138 ) — — ( 27,259 ) Net income attributable to Acadia $ 10,098 $ 15,557 $ 2,935 $ ( 11,752 ) $ 16,838 Real estate at cost (a) $ 2,511,417 $ 1,757,058 $ — $ — $ 4,268,475 Total assets (a) $ 2,398,426 $ 1,944,594 $ 153,161 $ — $ 4,496,181 Cash paid for acquisition of real estate $ 159,599 $ — $ — $ — $ 159,599 Cash paid for development and property improvement costs $ 3,752 $ 4,179 $ — $ — $ 7,931 As of or for the Three Months Ended March 31, 2021 As Restated Core Funds Structured Unallocated Total Revenues $ 42,349 $ 25,838 $ — $ — $ 68,187 Depreciation and amortization ( 16,887 ) ( 13,753 ) — — ( 30,640 ) Property operating expenses, other operating and real estate taxes ( 13,657 ) ( 10,758 ) — — ( 24,415 ) General and administrative expenses — — — ( 8,992 ) ( 8,992 ) Gain on disposition of properties 4,612 — — — 4,612 Operating income 16,417 1,327 — ( 8,992 ) 8,752 Interest and other income — — 1,700 — 1,700 Realized and unrealized holding gains on investments and other — 6,547 ( 1,422 ) — 5,125 Equity in (losses) earnings of unconsolidated affiliates ( 1,129 ) 3,011 — — 1,882 Interest expense ( 7,214 ) ( 9,400 ) — — ( 16,614 ) Income tax provision — — — ( 148 ) ( 148 ) Net income 8,074 1,485 278 ( 9,140 ) 697 Net (income) loss attributable to noncontrolling interests ( 470 ) 3,547 1,043 — 4,120 Net income attributable to Acadia $ 7,604 $ 5,032 $ 1,321 $ ( 9,140 ) $ 4,817 Real estate at cost (a) $ 2,319,584 $ 1,674,261 $ — $ — $ 3,993,845 Total assets (a) $ 2,222,886 $ 1,771,411 $ 99,460 $ — $ 4,093,757 Cash paid for acquisition of real estate $ — $ — $ — $ — $ - Cash paid for development and property improvement costs $ 2,843 $ 2,536 $ — $ — $ 5,379 a) Real estate at cost and total assets for the Funds segment include $ 657.9 million and $ 643.0 million, or $ 191.1 million and $ 186.9 million net of non-controlling interests, related to Fund II’s City Point property at March 31, 2022 and 2021 , respectively. |
Share Incentive and Other Com_2
Share Incentive and Other Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Unvested Restricted Shares and LTIP Units | A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below: Unvested Restricted Shares and LTIP Units Common Weighted LTIP Units Weighted Unvested at December 31, 2020 89,911 $ 15.42 1,122,889 $ 24.38 Granted 43,078 19.94 666,967 19.48 Vested ( 43,084 ) 16.85 ( 283,024 ) 26.66 Forfeited ( 159 ) 36.22 ( 91,637 ) 36.22 Unvested at December 31, 2021 89,746 16.87 1,415,195 20.85 Granted 13,178 21.25 600,672 21.14 Vested ( 9,777 ) 23.63 ( 278,740 ) 23.27 Forfeited ( 920 ) 43.76 ( 232,931 ) 32.76 Unvested at March 31, 2022 92,227 $ 16.51 1,504,196 $ 18.68 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended March 31, (dollars in thousands) 2022 2021 Numerator: (As Restated) Net income attributable to Acadia $ 16,838 $ 4,817 Less: net income attributable to participating securities ( 204 ) ( 156 ) Income from continuing operations net of income attributable to participating securities $ 16,634 $ 4,661 Denominator: Weighted average shares for basic earnings per share 93,285,565 86,323,267 Effect of dilutive securities: Series A Preferred OP Units 25,067 — Employee unvested restricted shares 24,468 23,093 Denominator for diluted earnings per share 93,335,100 86,346,360 Basic and diluted earnings per Common Share from continuing operations attributable to Acadia $ 0.18 $ 0.05 Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units — 188 Series A Preferred OP Units - Common share equivalent — 25,067 Series C Preferred OP Units 126,593 126,593 Series C Preferred OP Units - Common share equivalent 439,556 439,556 |
Organization, Basis of Presen_4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022PropertySegment$ / shares | Dec. 31, 2021$ / shares | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Limited partnership to common stock conversion ratio | 100.00% | |
Common shares of beneficial interest, par value | $ / shares | $ 0.001 | $ 0.001 |
Number of retail properties | 188 | |
Number of reportable segments | Segment | 3 | |
Core Portfolio | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Number of retail properties | 136 | |
Properties owned percentage | 100.00% | |
Opportunity Funds | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Number of retail properties | 52 | |
Operating Partnership, as General Partner or Managing Member | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Remaining funds rate of distribution to operating partnership (in percent) | 20.00% | |
Operating Partnership, as General Partner or Managing Member | Acadia's OP Ownership | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Equity interest held by Operating Partnership | 95.00% | 95.00% |
Institutional Investors | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Remaining funds rate of distribution to all partners (in percent) | 80.00% |
Organization, Basis of Presen_5
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Fund II and Mervyns II | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Operating Partnership Share of Capital | 28.33% |
Capital Called | $ 384.1 |
Unfunded Commitment | $ 1.2 |
Equity interest held by Operating Partnership | 28.33% |
Preferred Return | 8.00% |
Total Distributions | $ 169.8 |
Fund III | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Operating Partnership Share of Capital | 24.54% |
Capital Called | $ 448.1 |
Unfunded Commitment | $ 1.9 |
Equity interest held by Operating Partnership | 24.54% |
Preferred Return | 6.00% |
Total Distributions | $ 601.5 |
Fund IV | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Operating Partnership Share of Capital | 23.12% |
Capital Called | $ 488.1 |
Unfunded Commitment | $ 41.9 |
Equity interest held by Operating Partnership | 23.12% |
Preferred Return | 6.00% |
Total Distributions | $ 193.1 |
Fund V | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Operating Partnership Share of Capital | 20.10% |
Capital Called | $ 347.9 |
Unfunded Commitment | $ 172.1 |
Equity interest held by Operating Partnership | 20.10% |
Preferred Return | 6.00% |
Total Distributions | $ 61 |
Organization, Basis of Presen_6
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Parenthetical) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Aug. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Apr. 08, 2021 | |
Mervyns II | ||||
Variable Interest Entity [Line Items] | ||||
Recallable distributions | $ 15.7 | |||
Distribution recalled during period | $ 2.6 | $ 11.9 | ||
Mervyns II | Acadia | ||||
Variable Interest Entity [Line Items] | ||||
Recallable distributions | $ 4.5 | |||
Distribution recalled during period | $ 0.7 | $ 3.4 | ||
Fund V | ||||
Variable Interest Entity [Line Items] | ||||
Investment, maturity date | Aug. 25, 2022 |
Real Estate - Schedule of Real
Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | |||||
Land | $ 821,841 | $ 739,641 | |||
Buildings and improvements | $ 3,014,853 | $ 2,892,051 | |||
Tenant improvements | 206,755 | 199,925 | |||
Construction in progress | 7,825 | 11,131 | |||
Right-of-use assets - finance leases | 25,086 | 25,086 | |||
Total | 4,076,360 | 3,867,834 | |||
Less: Accumulated depreciation and amortization | 669,783 | 648,461 | |||
Operating real estate, net | 3,406,577 | 3,219,373 | $ 3,406,577 | 3,219,373 | |
Real estate under development | 192,115 | 203,773 | $ 203,773 | $ 247,201 | |
Net investments in real estate | $ 3,598,692 | $ 3,423,146 | $ 3,423,146 |
Real Estate - Schedule of Acqui
Real Estate - Schedule of Acquisitions and Conversions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Business Acquisition [Line Items] | ||||
Purchase Price | $ 220,711 | $ 194,966 | ||
New York, NY | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | [1] | 59,207 | ||
Fund V | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | $ 168,646 | |||
Fund V | Canton Marketplace | Canton GA | ||||
Business Acquisition [Line Items] | ||||
Percent Acquired | 100.00% | |||
Purchase Price | $ 50,954 | |||
Fund V | Monroe Marketplace | PA | ||||
Business Acquisition [Line Items] | ||||
Percent Acquired | 100.00% | |||
Purchase Price | $ 44,796 | |||
Fund V | Monroe Marketplace Parcel | PA | ||||
Business Acquisition [Line Items] | ||||
Percent Acquired | 100.00% | |||
Purchase Price | $ 1,029 | |||
Fund V | Midstate | NJ | ||||
Business Acquisition [Line Items] | ||||
Percent Acquired | 100.00% | |||
Purchase Price | $ 71,867 | |||
Core Portfolio | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | 161,504 | 26,320 | ||
Core Portfolio | 121 Spring Street - New York, NY | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | $ 39,637 | |||
Core Portfolio | 121 Spring Street | New York, NY | ||||
Business Acquisition [Line Items] | ||||
Percent Acquired | 100.00% | |||
Core Portfolio | 8833 Beverly Boulevard | West Hollywood | ||||
Business Acquisition [Line Items] | ||||
Percent Acquired | 100.00% | |||
Purchase Price | $ 24,117 | |||
Core Portfolio | Williamsburg Collection | Brooklyn, NY | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | [2] | 97,750 | ||
Core Portfolio | Fourteen Street Portfolio | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | $ 26,320 | |||
Core Portfolio | Fourteen Street Portfolio | Washington DC | ||||
Business Acquisition [Line Items] | ||||
Percent Acquired | 100.00% | |||
Fund III | ||||
Business Acquisition [Line Items] | ||||
Purchase Price | $ 59,207 | |||
Fund III | 640 Broadway | New York, NY | ||||
Business Acquisition [Line Items] | ||||
Percent Acquired | [1] | 100.00% | ||
[1] | The entity was previously accounted for as an equity method investment until an affiliate of Fund III acquired the venture partner's interest in a foreclosure action. Fund III now indirectly owns 100% of the entity and consolidates it ( Note 4 ). | |||
[2] | The Williamsburg Collection entity is a variable interest entity and the Company consolidates the entity because it is the entity's primary beneficiary. The Company invested $ 2.8 million in its 49.99 % equity interest and, through a separate lending subsidiary, provided a $ 64.1 million first mortgage loan and a $ 30.9 million mezzanine loan to subsidiaries of the venture (such equity and loans have been eliminated in consolidation). Pursuant to the entity’s operating agreement, the venture partner has a one-time right to put its 50.01 % interest in the entity (the "Williamsburg NCI", which is further described in Note 8 ) to the Company for fair value at a future date. Given the preferred rate of return of the Company embedded in its equity interests and the accruing debt senior to the equity, the Company did not attribute any initial redemption value to the Williamsburg NCI and recognized a gain on bargain purchase, which is included in Realized and unrealized holding gains on investments and other in the consolidated statements of income. |
Real Estate - Schedule of Acq_2
Real Estate - Schedule of Acquisitions and Conversions (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | |||
Net investments in real estate | $ 3,598,692 | $ 3,423,146 | $ 3,423,146 |
Investments in and advances to unconsolidated affiliates | $ 413,141 | $ 322,326 | |
Williamsburg Collection [Member] | |||
Business Acquisition [Line Items] | |||
Equity interest held by Operating Partnership | 49.99% | ||
Investments in and advances to unconsolidated affiliates | $ 30,900 | ||
Equity Method Investments | $ 2,800 | ||
Equity method investment, ownership percentage by third party | 50.01% | ||
Williamsburg Collection [Member] | First Mortgage Loan [Member] | |||
Business Acquisition [Line Items] | |||
Investments in and advances to unconsolidated affiliates | $ 64,100 |
Real Estate - Acquisitions and
Real Estate - Acquisitions and Conversions - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||
Capitalized acquisition costs | $ 300,000 | $ 3,600,000 |
Debt assumed | 35,970,000 | 31,801,000 |
Canton Marketplace [Member] | ||
Business Acquisition [Line Items] | ||
Mortgage assumed | $ 31,800,000 | |
640 Broadway | ||
Business Acquisition [Line Items] | ||
Mortgage assumed | 36,000 | |
Williamsburg Collection | ||
Business Acquisition [Line Items] | ||
Capitalized acquisition costs | 2,000,000 | |
Acquisition Fees Paid | $ 1,500,000 |
Real Estate - Schedule of Purch
Real Estate - Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Purchase Price Allocation | |||
Land | $ 79,135 | $ 37,290 | |
Buildings and improvements | 127,997 | $ 134,065 | |
Accounts receivable, prepaids and other assets | 4,077 | 0 | |
Acquisition-related intangible assets | 21,404 | $ 39,953 | |
Acquisition-related intangible liabilities | 10,078 | (16,342) | |
Accounts payable and other liabilities | 661 | 0 | |
Net assets acquired | 221,874 | 194,966 | |
Consideration | |||
Cash | 159,599 | 161,846 | |
Carrying value of note receivable exchanged in foreclosure | 5,416 | 0 | |
Debt assumed | 35,970 | 31,801 | |
Liabilities assumed | 1,904 | 1,319 | |
Existing interest in previously unconsolidated investment | 17,822 | 0 | |
Total consideration | 220,711 | 194,966 | |
Gain on Bargain Purchase | 1,163 | 0 | |
Total consideration including gain on bargain purchase | $ 221,874 | $ 194,966 |
Real Estate - Schedule of Prope
Real Estate - Schedule of Property Dispositions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on Sale | $ 28,815 | $ 4,612 | ||
Disposed of by sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale Price | [1] | 113,114 | $ 66,325 | |
Gain on Sale | [1] | $ 28,815 | $ 9,787 | |
Core Portfolio | Disposed of by sale | 60 Orange St - Bloomfield, NJ. | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | Jan. 29, 2021 | |||
Sale Price | $ 16,400 | |||
Gain on Sale | $ 4,612 | |||
Fund IV | Disposed of by sale | NE Grocer Portfolio (Selected Assets) - Pennsylvania | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | Jan. 26, 2022 | |||
Sale Price | $ 45,350 | |||
Gain on Sale | $ 13,784 | |||
Fund IV | Disposed of by sale | NE Grocer Portfolio (Selected Assets) - Maine | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | Jun. 18, 2021 | |||
Sale Price | $ 39,925 | |||
Gain on Sale | $ 5,064 | |||
Fund III | Disposed of by sale | Cortlandt Crossing - Westchester County, New York | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | Feb. 9, 2022 | |||
Sale Price | $ 65,533 | |||
Gain on Sale | $ 13,255 | |||
Fund III | Disposed of by sale | 654 Broadway - New York, NY | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | May 19, 2021 | |||
Sale Price | $ 10,000 | |||
Gain on Sale | $ 111 | |||
Fund V | Disposed of by sale | New Towne (Parcel) - Canton, MI | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | Feb. 1, 2022 | |||
Sale Price | $ 2,231 | |||
Gain on Sale | $ 1,776 | |||
[1] | Does not include the g |
Real Estate - Schedule of Pro_2
Real Estate - Schedule of Property Dispositions (Details) (Parenthetical) $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Fund IV | 110 University Place | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Gain (loss) on termination of lease | $ 0.7 |
Real Estate - Schedule of Dispo
Real Estate - Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
STATEMENTS OF INCOME | ||
Gain on disposition of properties | $ 28,815 | $ 4,612 |
Disposal Group, Not Discontinued Operations | ||
STATEMENTS OF INCOME | ||
Revenues | 1,057 | 4,010 |
Expenses | 676 | 4,028 |
Gain on disposition of properties | 28,815 | 4,612 |
Net income attributable to noncontrolling interests | 22,308 | (6) |
Net income attributable to Acadia | $ 6,888 | $ 4,600 |
Real Estate - Schedule of Devel
Real Estate - Schedule of Development in Process Activities (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2022USD ($)Property | Dec. 31, 2021USD ($)Property | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)Property | |||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of properties under development | Property | 2 | 2 | 3 | |||||
Real estate under development, beginning balance | $ 192,115 | $ 203,773 | $ 203,773 | $ 247,201 | ||||
Transfers In | 0 | 29,758 | ||||||
Capitalized Costs | 1,193 | 8,994 | ||||||
Transfers Out | $ (12,851) | $ (82,180) | ||||||
Core Portfolio | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of properties under development | Property | 0 | 0 | 0 | |||||
Real estate under development, beginning balance | $ 42,975 | $ 42,517 | $ 63,875 | |||||
Transfers In | 0 | 0 | ||||||
Capitalized Costs | 458 | 1,855 | ||||||
Transfers Out | $ 0 | $ (23,213) | ||||||
Fund Portfolio | Fund II | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of properties under development | Property | 0 | 0 | 0 | |||||
Real estate under development, beginning balance | $ 35,502 | $ 35,125 | $ 74,657 | |||||
Transfers In | 0 | 0 | ||||||
Capitalized Costs | 377 | 3,921 | ||||||
Transfers Out | $ 0 | $ (43,453) | ||||||
Fund Portfolio | Fund III | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of properties under development | Property | 1 | 1 | 1 | |||||
Real estate under development, beginning balance | $ 24,578 | $ 24,296 | $ 23,104 | |||||
Transfers In | 0 | 0 | ||||||
Capitalized Costs | 282 | 1,192 | ||||||
Transfers Out | $ 0 | $ 0 | ||||||
Fund Portfolio | Fund IV | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Number of properties under development | Property | 1 | [1] | 1 | [1],[2] | 2 | [2] | ||
Real estate under development, beginning balance | $ 89,060 | [1] | $ 101,835 | [1],[2] | $ 85,565 | [2] | ||
Transfers In | [1] | 0 | 29,758 | |||||
Capitalized Costs | [1] | 76 | 2,026 | |||||
Transfers Out | $ (12,851) | [1] | $ (15,514) | [2] | ||||
[1] | Transfers out include $ 12.9 million related to a portion of one Fund IV property that was transferred out of development. | |||||||
[2] | Transfers in include $ 29.8 million related to the remaining portion of one Fund IV property that was placed in development. |
Real Estate - Schedule of Dev_2
Real Estate - Schedule of Development in Process Activities (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Notes receivable, net | $ 153,161 | $ 153,886 |
Fund IV | ||
Property, Plant and Equipment [Line Items] | ||
Notes receivable, net | 29,800 | |
Fund Portfolio | Fund IV | ||
Property, Plant and Equipment [Line Items] | ||
Impairment charge | $ 12,900 |
Real Estate - Real Estate Under
Real Estate - Real Estate Under Development and Construction in Progress - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)Property | Dec. 31, 2021USD ($)Property | |
Property, Plant and Equipment [Line Items] | ||
Notes receivable, net | $ 153,161 | $ 153,886 |
Fund IV | ||
Property, Plant and Equipment [Line Items] | ||
Notes receivable, net | $ 29,800 | |
Core Portfolio | ||
Property, Plant and Equipment [Line Items] | ||
Number of projects put into service during period | Property | 1 | |
Fund Portfolio | Fund IV | ||
Property, Plant and Equipment [Line Items] | ||
Number of projects put into service during period | Property | 1 | |
Impairment charge | $ 12,900 |
Notes Receivable, Net - Schedul
Notes Receivable, Net - Schedule of Notes Receivable (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022USD ($)NotesReceivable | Dec. 31, 2021USD ($) | |||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total notes receivable | $ 154,331 | $ 159,638 | ||
Allowance for credit loss | $ (1,170) | (5,752) | ||
Notes receivable, net | $ 153,886 | |||
Number | NotesReceivable | 7 | |||
Interest Rate | 9.00% | |||
Minimum | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Maturity Date | [1] | 2020-04 | ||
Interest Rate | 4.65% | [1] | 5.00% | |
Maximum | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Maturity Date | [1] | 2027-12 | ||
Interest Rate | 12.00% | [1] | 12.00% | |
Core Portfolio | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Total notes receivable | [1] | $ 154,331 | $ 154,332 | |
Notes receivable, net | $ 153,161 | |||
Number | NotesReceivable | [1] | 7 | ||
Fund III | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance for credit loss | $ (4,600) | |||
Maturity Date | 2020-07 | |||
Fund III | Fund Portfolio | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Allowance for credit loss | $ 0 | $ (5,306) | ||
[1] | Includes one note receivable from an OP Unit holder, with a balance of $ 6.0 million at March 31, 2022 and December 31, 2021 |
Notes Receivable, Net - Sched_2
Notes Receivable, Net - Schedule of Notes Receivable (Parenthetical) (Details) $ in Thousands | Mar. 31, 2022USD ($)NotesReceivable | Dec. 31, 2021USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Number of notes receivable | NotesReceivable | 7 | ||
Notes receivable | $ 154,331 | $ 159,638 | |
Core Portfolio | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of notes receivable | NotesReceivable | [1] | 7 | |
Notes receivable | [1] | $ 154,331 | 154,332 |
OP Unit Holders | Core Portfolio | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Notes receivable | $ 6,000 | $ 6,000 | |
[1] | Includes one note receivable from an OP Unit holder, with a balance of $ 6.0 million at March 31, 2022 and December 31, 2021 |
Notes Receivable, Net - Additio
Notes Receivable, Net - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Accounts Notes And Loans Receivable [Line Items] | |||||
Increase in allowance for credit loss | $ (2,484,000) | ||||
Notes receivable | 154,331,000 | $ 159,638,000 | |||
OP Units in settlement of note receivable | 21,109 | ||||
Settlement amount of note receivable in OP units | $ 500,000 | ||||
Note receivable accrued interest | 18,559,000 | 21,148,000 | |||
Notes Receivable | 153,161,000 | 153,886,000 | |||
Credit loss reserve | 1,170,000 | 5,752,000 | |||
Notes receivable, net | 153,161,000 | $ 153,886,000 | |||
Interest Rate | 9.00% | ||||
Aggregate loans | $ 153,886,000 | ||||
Core Note | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Notes receivable | $ 13,500,000 | ||||
Notes receivable maturity date | Jun. 1, 2022 | Oct. 28, 2021 | |||
Notes receivable modified, subsequent payment default | 21,600,000 | $ 21,600,000 | |||
Fund III | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Increase in allowance for credit loss | $ 4,500,000 | ||||
venture partner's interest obtained | 5,300,000 | ||||
Note receivable accrued interest | $ 4,700,000 | ||||
Equity method investment, ownership percentage | 100.00% | ||||
Maturity Date | 2020-07 | ||||
Credit loss reserve | $ 4,600,000 | ||||
Maximum | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Date | [1] | 2027-12 | |||
Interest Rate | 12.00% | [1] | 12.00% | ||
Minimum | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Maturity Date | [1] | 2020-04 | |||
Interest Rate | 4.65% | [1] | 5.00% | ||
Core Portfolio | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Notes receivable | [1] | $ 154,331,000 | $ 154,332,000 | ||
Aggregate loans | 153,161,000 | ||||
Core Portfolio | Silver Spring, Maryland | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Notes Receivable | 16,000,000 | ||||
Notes receivable, net | 16,000,000 | ||||
Core Portfolio | Soho, New York | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Notes Receivable | 43,000,000 | ||||
Notes receivable, net | 43,000,000 | ||||
Core Portfolio | Three Tranches | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Notes Receivable | 42,000,000 | ||||
Notes receivable, net | $ 42,000,000 | ||||
Structured Financing | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Note receivable accrued interest | 4,100,000 | ||||
Loans amortized cost | 0 | ||||
Aggregate loans | 27,900,000 | ||||
Structured Financing | Non-Collateral Dependent Loans | |||||
Accounts Notes And Loans Receivable [Line Items] | |||||
Note receivable accrued interest | 14,300,000 | ||||
Credit loss reserve | 1,200,000 | ||||
Loans amortized cost | $ 144,800,000 | ||||
[1] | Includes one note receivable from an OP Unit holder, with a balance of $ 6.0 million at March 31, 2022 and December 31, 2021 |
Investments in and Advances t_3
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Due from (to) Related Parties | $ 142 | $ 666 |
Other | 3,811 | 3,811 |
Investments in and advances to unconsolidated affiliates | 413,141 | 322,326 |
Distributions in excess of income from, and investments in, unconsolidated affiliates | $ 9,547 | 9,939 |
KLA/ABS | ||
Schedule of Equity Method Investments [Line Items] | ||
Cost method investment, ownership percentage | 36.70% | |
Cost Method Investment | $ 136,916 | 124,316 |
Self Storage Management | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 0.00% | |
Equity method investments | $ 0 | 207 |
640 Broadway | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 63.13% | |
Equity method investments | $ 0 | 17,825 |
Fund III | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 0 | 18,032 |
Fund IV Other Portfolio | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 98.57% | |
Equity method investments | $ 12,243 | 12,675 |
650 Bald Hill Road | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 90.00% | |
Equity method investments | $ 10,819 | 11,677 |
Fund IV | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 24,778 | 26,327 |
Paramus Plaza | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Equity method investments | $ 1,716 | 1,975 |
Fund V Family Center at Riverdale | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 89.42% | |
Equity method investments | $ 12,032 | 12,449 |
Tri City Plaza | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 90.00% | |
Equity method investments | $ 7,888 | 6,827 |
Frederick County Acquisitions | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 90.00% | |
Equity method investments | $ 12,445 | 10,748 |
Wood Ridge Plaza | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 90.00% | |
Equity method investments | $ 15,746 | 0 |
La Frontera Village | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 90.00% | |
Equity method investments | $ 78,281 | 0 |
Fund V | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | 126,392 | 30,024 |
Core Portfolio | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 121,102 | 119,150 |
Core Portfolio | 840 N. Michigan | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 88.43% | |
Equity method investments | $ 51,858 | 51,513 |
Core Portfolio | Renaissance Portfolio | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 20.00% | |
Equity method investments | $ 28,985 | 28,466 |
Core Portfolio | Gotham Plaza | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 49.00% | |
Equity method investments | $ 29,202 | 29,187 |
Core Portfolio | Georgetown Portfolio | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50.00% | |
Equity method investments | $ 4,103 | 4,089 |
Core Portfolio | 1238 Wisconsin Avenue | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 80.00% | |
Equity method investments | $ 6,954 | 5,895 |
Core Portfolio | Crossroads | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 49.00% | |
Distributions in excess of income from, and investments in, unconsolidated affiliates | $ 9,547 | $ 9,939 |
Investments in and Advances t_4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Parenthetical) (Details) - Bridge Loan - USD ($) $ in Millions | Oct. 20, 2022 | Mar. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Face amount | $ 52 | |
Forecast | ||
Schedule of Equity Method Investments [Line Items] | ||
Debt instrument rate | 10.00% |
Investments in and Advances t_5
Investments in and Advances to Unconsolidated Affiliates - Core Portfolio - Additional Information (Details) - USD ($) $ in Thousands | Jan. 04, 2021 | Dec. 31, 2021 | Mar. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | |||
Investments carried at fair value or cost | $ 3,811 | $ 3,811 | |
Subscription Agreement [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investments carried at fair value or cost | 7,500 | ||
General Partners' Contributed Capital | 5,400 | ||
Increase in Investment | 1,900 | ||
Riverdale | |||
Schedule of Equity Method Investments [Line Items] | |||
Repayment related to mortgage | $ 7,900 | ||
Recognized gain in shares amount | 600 | ||
Proceeds from sale of property | $ 10,500 | ||
Venture Capital Gain (Loss), Net | $ 3,200 |
Investments in and Advances t_6
Investments in and Advances to Unconsolidated Affiliates - Mervyns II - Additional Information (Details) - Mervyns II - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from Dividends Received | $ 0.5 | $ 1.7 |
Unrealized change in fair value of investment | $ 12.6 | $ 51.9 |
Investments in and Advances t_7
Investments in and Advances to Unconsolidated Affiliates - Fund Investments - Additional Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)Property | Mar. 31, 2021USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||
Number of retail properties | Property | 188 | |
Proceeds from the disposition of properties and other investments, net | $ 116,619 | $ 15,703 |
La Frontera Village | ||
Schedule of Equity Method Investments [Line Items] | ||
Purchase Price | 81,400 | |
Fund V | Bridge Loan | ||
Schedule of Equity Method Investments [Line Items] | ||
Long-term line of credit, noncurrent | 52,000 | |
Fund V Acquisition One | ||
Schedule of Equity Method Investments [Line Items] | ||
Purchase Price | 26,500 | |
Fund V Acquisition Two | ||
Schedule of Equity Method Investments [Line Items] | ||
Purchase Price | 15,300 | |
Wood Ridge Plaza | ||
Schedule of Equity Method Investments [Line Items] | ||
Purchase Price | 49,300 | |
Mortgage Loan | 36,600 | |
Mortgage Loan Funded at Closing | 32,300 | |
Self Storage Management | ||
Schedule of Equity Method Investments [Line Items] | ||
Proceeds from the disposition of properties and other investments, net | 6,000 | |
Gains (Losses) on Sales of Investment Real Estate | $ 1,500 |
Investments in and Advances t_8
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Additional Information (Details) - Equity Method Investee - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | ||
Related party revenue | $ 0.1 | $ 0.1 |
Expenses, related party | $ 0.3 | $ 0.4 |
Investments in and Advances t_9
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | [1] | |
Combined and Condensed Balance Sheets | |||||
Real estate under development | $ 192,115 | $ 203,773 | |||
Other assets | 198,767 | 186,509 | |||
Total assets | 4,496,181 | [1] | 4,261,746 | $ 4,093,757 | |
Total liabilities and equity | 4,496,181 | 4,261,746 | |||
Investments carried at fair value or cost | 3,811 | 3,811 | |||
Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 9,547 | 9,939 | |||
Investments in and advances to unconsolidated affiliates | 413,141 | 322,326 | |||
Unconsolidated Affiliates | |||||
Combined and Condensed Balance Sheets | |||||
Rental property, net | 698,314 | 631,661 | |||
Real estate under development | 9,389 | 8,112 | |||
Other assets | 116,690 | 78,300 | |||
Total assets | 824,393 | 718,073 | |||
Mortgage notes payable | 618,824 | 571,461 | |||
Other liabilities | 82,688 | 69,166 | |||
Partners’ equity | 122,881 | 77,446 | |||
Total liabilities and equity | 824,393 | 718,073 | |||
Company's share of accumulated equity | 205,579 | 113,285 | |||
Basis differential | 53,559 | 66,031 | |||
Deferred fees, net of portion related to the Company's interest | 3,587 | 4,071 | |||
Amounts receivable/payable by the Company | 142 | 666 | |||
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 262,867 | 184,053 | |||
Investments carried at fair value or cost | 140,727 | 128,334 | |||
Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 9,547 | 9,939 | |||
Investments in and advances to unconsolidated affiliates | $ 413,141 | $ 322,326 | |||
[1] | Real estate at cost and total assets for the Funds segment include $ 657.9 million and $ 643.0 million, or $ 191.1 million and $ 186.9 million net of non-controlling interests, related to Fund II’s City Point property at March 31, 2022 and 2021 , respectively. |
Investments in and Advances _10
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Combined and Condensed Statements of Operations | ||
Revenues | $ 81,507 | $ 68,187 |
Depreciation and amortization | (33,713) | (30,640) |
Company's equity in earnings (losses) of unconsolidated affiliates | 3,130 | 1,882 |
Unconsolidated Affiliates | ||
Combined and Condensed Statements of Operations | ||
Revenues | 23,118 | 18,060 |
Operating and other expenses | (7,258) | (6,451) |
Interest expense | (4,739) | (5,061) |
Depreciation and amortization | (5,911) | (9,211) |
Gain on disposition of properties | 0 | 3,206 |
Net income (loss) attributable to unconsolidated affiliates | 5,210 | (543) |
Operating Partnership, as General Partner or Managing Member | ||
Combined and Condensed Statements of Operations | ||
Company’s share of equity in net income of unconsolidated affiliates | 3,383 | 2,646 |
Income attributable to unconsolidated affiliated recently sold or consolidated | 0 | (328) |
Basis differential amortization | (253) | (436) |
Company's equity in earnings (losses) of unconsolidated affiliates | $ 3,130 | $ 1,882 |
Investments in and Advances _11
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Parenthetical) (Details) | Jan. 04, 2021LandParcel |
Equity Method Investments and Joint Ventures [Abstract] | |
Number of land parcels sold by the Family Center at Riverdale | 2 |
Other Assets, Net and Account_3
Other Assets, Net and Accounts Payable and Other Liabilities - Schedule of other assets and other liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Other Assets, Net: | ||
Lease intangibles, net (Note 6) | $ 121,448 | $ 108,918 |
Deferred charges, net | 26,319 | 28,438 |
Accrued interest receivable | 18,559 | 21,148 |
Prepaid expenses | 13,591 | 17,230 |
Due from seller | 3,364 | 3,364 |
Income taxes receivable | 2,643 | 2,279 |
Other receivables | 1,484 | 1,830 |
Deposits | 4,519 | 1,647 |
Corporate assets, net | 1,561 | 1,648 |
Derivative financial instruments (Note 8) | 5,279 | 7 |
Other assets, net | 198,767 | 186,509 |
Deferred Charges, Net: | ||
Deferred leasing and other costs | 57,658 | 58,281 |
Deferred financing costs related to line of credit | 9,159 | 9,953 |
Deferred costs, gross | 66,817 | 68,234 |
Accumulated amortization | 40,498 | 39,796 |
Deferred charges, net | 26,319 | 28,438 |
Accounts Payable and Other Liabilities: | ||
Lease intangibles, net (Note 6) | $ 83,794 | $ 76,778 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts payable and other liabilities | Accounts payable and other liabilities |
Accounts payable and accrued expenses | $ 49,657 | $ 56,580 |
Derivative financial instruments (Note 8) | 12,750 | 45,027 |
Deferred income | 35,714 | 38,373 |
Tenant security deposits, escrow and other | 13,899 | 13,045 |
Lease liability - finance leases, net (Note 11) | 6,712 | 6,612 |
Accounts payable and other liabilities | $ 202,526 | $ 236,415 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts payable and other liabilities | Accounts payable and other liabilities |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | $ 331,746 | $ 315,010 |
Amortizable Intangible Assets, Accumulated Amortization | (210,298) | (206,092) |
Amortizable Intangible Assets, Net Carrying Amount | 121,448 | 108,918 |
Amortizable Intangible Liabilities | ||
Amortizable Intangible Liabilities, Gross Carrying Amount | (179,108) | (171,245) |
Amortizable Intangible Liabilities, Accumulated Amortization | 95,703 | 94,871 |
Amortizable Intangible Liabilities, Net Carrying Amount | (83,405) | (76,374) |
Above-market Ground Lease, Gross | (671) | (671) |
Above-market Ground Lease, Accumulated Amortization | 282 | 267 |
Above-market Ground Lease, Net | (389) | (404) |
Finite-Lived Intangible Liabilities, Gross | (179,779) | (171,916) |
Finite-Lived Intangible Liabilities, Accumulated Amortization | 95,985 | 95,138 |
Finite-Lived Intangible Liabilities, Net | (83,794) | (76,778) |
In-place lease intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 307,162 | 290,819 |
Amortizable Intangible Assets, Accumulated Amortization | (193,941) | (189,981) |
Amortizable Intangible Assets, Net Carrying Amount | 113,221 | 100,838 |
Amortizable Intangible Liabilities | ||
Amortizable Intangible Liabilities, Net Carrying Amount | (75,178) | |
Above-market rent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 24,584 | 24,191 |
Amortizable Intangible Assets, Accumulated Amortization | (16,357) | (16,111) |
Amortizable Intangible Assets, Net Carrying Amount | $ 8,227 | $ 8,080 |
Lease Intangibles - Additional
Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
In-place lease intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 20.7 | $ 34.7 |
Lease intangible assets wrote-off | 1.7 | |
Amortization of intangible of assets | $ 1.6 | |
Acquired intangible assets, weighted average useful life | 6 years 9 months 18 days | 5 years 9 months 18 days |
Finite lived intangible assets derecognized | $ 2.2 | |
In-place lease intangible assets | Tenant Non Renewals Member | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible of assets | 1.1 | |
Above-market rent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 0.7 | $ 5.3 |
Acquired intangible assets, weighted average useful life | 7 years 4 months 24 days | 5 years 4 months 24 days |
Below Market Rents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below market rents, acquired | $ 10.1 | $ 16.3 |
Lease intangible assets wrote-off | 3 | |
Amortization of intangible of assets | $ 3.6 | |
Acquired intangible assets, weighted average useful life | 14 years | 27 years 8 months 12 days |
Finite lived intangible assets derecognized | $ 4.4 | |
Below Market Rents | Early Tenant Lease Terminations Member | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible of assets | $ 3.1 |
Lease Intangibles - Scheduled A
Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Acquired Lease Intangibles [Abstract] | ||
Net Increase In Lease Revenues, Total | $ 83,405 | $ 76,374 |
Amortizable Intangible Assets, Net Carrying Amount | (121,448) | (108,918) |
In-place lease intangible assets | ||
Acquired Lease Intangibles [Abstract] | ||
2022, Net Increase In Lease Revenues | 4,294 | |
2023, Net Increase In Lease Revenues | 5,427 | |
2024, Net Increase In Lease Revenues | 5,359 | |
2025, Net Increase In Lease Revenues | 4,937 | |
2026, Net Increase In Lease Revenues | 4,831 | |
Thereafter, Net Increase In Lease Revenues | 50,330 | |
Net Increase In Lease Revenues, Total | 75,178 | |
2022, Increase to Amortization | (21,928) | |
2023, Increase to Amortization | (23,144) | |
2024, Increase to Amortization | (17,123) | |
2025, Increase to Amortization | (12,372) | |
2026, Increase to Amortization | (9,839) | |
Thereafter, Increase to Amortization | (28,815) | |
Amortizable Intangible Assets, Net Carrying Amount | (113,221) | $ (100,838) |
2022, Reduction of Rent Expense | 44 | |
2023, Reduction of Rent Expense | 58 | |
2024, Reduction of Rent Expense | 58 | |
2025, Reduction of Rent Expense | 58 | |
2026, Reduction of Rent Expense | 58 | |
Thereafter, Reduction of Rent Expense | 113 | |
Reduction of Rent Expense, Total | 389 | |
2022, Net Income (Expense) | (17,590) | |
2023, Net Income (Expense) | (17,659) | |
2024, Net Income (Expense) | (11,706) | |
2025, Net Income (Expense) | (7,377) | |
2026, Net Income (Expense) | (4,950) | |
Thereafter, Net Income (Expense) | 21,628 | |
Total, Net Income (Expense) | $ (37,654) |
Debt - Summary of Consolidated
Debt - Summary of Consolidated Indebtedness (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | ||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 1,826,271 | $ 1,819,738 | |
Net unamortized debt issuance costs | (7,045) | (7,946) | |
Unamortized premium | 420 | 446 | |
Mortgage and other notes payable, net | 1,095,445 | 1,140,293 | |
Unsecured notes payable, net | 529,796 | 559,040 | |
Total Indebtedness | 1,819,646 | 1,812,238 | |
Fund Portfolio | Fund II | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 256,212 | 255,978 | |
Fund Portfolio | Fund III | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 35,970 | 34,728 | |
Variable Rate | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | [1] | 850,330 | 780,935 |
Mortgages | |||
Debt Instrument [Line Items] | |||
Net unamortized debt issuance costs | (3,315) | (3,958) | |
Unamortized premium | 420 | 446 | |
Mortgage and other notes payable, net | 1,095,445 | 1,140,293 | |
Mortgages | Core Portfolio | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 205,397 | 218,421 | |
Mortgages | Fund Portfolio | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 386,653 | 388,410 | |
Mortgages | Fund Portfolio | Fund IV | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | 214,108 | 246,268 | |
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Net unamortized debt issuance costs | (3,730) | (3,988) | |
Unsecured notes payable, net | 529,796 | 559,040 | |
Line of Credit | |||
Debt Instrument [Line Items] | |||
Unsecured notes payable, net | 194,405 | 112,905 | |
Fixed Rate | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | [2],[3] | 975,941 | 1,038,803 |
Fixed Rate | Mortgages | Core Portfolio | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 144,867 | $ 145,464 | |
Fixed Rate | Mortgages | Core Portfolio | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.89% | 5.89% | |
Maturity Date | 2035-04 | ||
Fixed Rate | Mortgages | Core Portfolio | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.88% | 3.88% | |
Maturity Date | 2024-02 | ||
Fixed Rate | Mortgages | Fund Portfolio | Fund IV | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 4.50% | 4.50% | |
Maturity Date | 2025-10 | ||
Long-term debt, gross | $ 1,120 | $ 1,120 | |
Fixed Rate | Mortgages | Fund Portfolio | Fund V | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.35% | 3.35% | |
Maturity Date | 2023-05 | ||
Long-term debt, gross | $ 31,801 | $ 31,801 | |
Variable Rate Debt | Core Portfolio | LIBOR | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.70% | ||
Variable Rate Debt | Core Portfolio | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
Variable Rate Debt | Fund Portfolio | Prime rate | Fund II | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.00% | ||
Variable Rate Debt | Fund Portfolio | LIBOR | Fund II | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.75% | ||
Variable Rate Debt | Fund Portfolio | LIBOR | Fund III | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.10% | ||
Variable Rate Debt | Fund Portfolio | LIBOR | Fund IV | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.65% | ||
Variable Rate Debt | Fund Portfolio | LIBOR | Fund IV | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Variable Rate Debt | Fund Portfolio | LIBOR | Fund V | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.20% | ||
Variable Rate Debt | Fund Portfolio | LIBOR | Fund V | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.50% | ||
Variable Rate Debt | Mortgages | Fund Portfolio | Fund II | |||
Debt Instrument [Line Items] | |||
Maturity Date | 2023-03 | ||
Variable Rate Debt | Mortgages | Fund Portfolio | Fund IV | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 212,988 | 221,832 | |
Variable Rate Debt | Mortgages | Fund Portfolio | Fund IV | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.65% | ||
Variable Rate Debt | Mortgages | Fund Portfolio | Fund IV | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Variable Rate Debt | Mortgages | Fund Portfolio | Fund V | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 58,583 | $ 58,878 | |
Variable Rate Debt | Mortgages | Fund Portfolio | Prime rate | Fund II | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.00% | 2.00% | |
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund II | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.75% | 2.75% | |
Maturity Date | 2022-08 | ||
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund III | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.10% | 2.75% | |
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund III | Minimum | |||
Debt Instrument [Line Items] | |||
Maturity Date | 2022-07 | ||
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund IV | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.65% | ||
Maturity Date | 2026-06 | ||
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund IV | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.60% | ||
Maturity Date | 2022-06 | ||
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund V | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.85% | ||
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund V | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.76% | ||
Maturity Date | 2026-11 | ||
Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund V | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.85% | ||
Maturity Date | 2022-06 | ||
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund V | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.76% | ||
Variable Rate - Swapped | Mortgages | Core Portfolio | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | [4] | $ 60,530 | $ 72,957 |
Variable Rate - Swapped | Mortgages | Core Portfolio | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | [4] | 4.54% | 4.54% |
Maturity Date | [4] | 2028-11 | |
Variable Rate - Swapped | Mortgages | Core Portfolio | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | [4] | 3.41% | 3.41% |
Maturity Date | [4] | 2026-06 | |
Variable Rate - Swapped | Mortgages | Fund Portfolio | Fund IV | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 23,316 | ||
Variable Rate - Swapped | Mortgages | Fund Portfolio | Fund IV | Maximum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 4.61% | ||
Variable Rate - Swapped | Mortgages | Fund Portfolio | Fund IV | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.48% | ||
Variable Rate - Swapped | Mortgages | Fund Portfolio | Fund V | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | [4] | $ 296,269 | $ 297,731 |
Variable Rate - Swapped | Mortgages | Fund Portfolio | Fund V | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | [4] | 4.78% | 4.78% |
Maturity Date | [4] | 2024-12 | |
Variable Rate - Swapped | Mortgages | Fund Portfolio | Fund V | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | [4] | 2.43% | 2.95% |
Maturity Date | [4] | 2022-06 | |
Variable Rate Unsecured Term Loans - Swapped | Unsecured Debt | Core Portfolio | |||
Debt Instrument [Line Items] | |||
Maturity Date | [4] | 2026-06 | |
Long-term debt, gross | [4] | $ 400,000 | $ 400,000 |
Variable Rate Unsecured Term Loans - Swapped | Unsecured Debt | Core Portfolio | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | [4] | 5.32% | 5.32% |
Variable Rate Unsecured Term Loans - Swapped | Unsecured Debt | Core Portfolio | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | [4] | 3.65% | 3.65% |
Variable Rate Unsecured Term Loans - Swapped | Line of Credit | Core Portfolio | |||
Debt Instrument [Line Items] | |||
Maturity Date | 2025-06 | ||
Long-term debt, gross | $ 153,051 | $ 46,491 | |
Variable Rate Unsecured Term Loans - Swapped | Line of Credit | Core Portfolio | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.40% | 1.40% | |
Unsecured Notes Payable | Core Portfolio | LIBOR | Minimum | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.55% | ||
Unsecured Notes Payable | Unsecured Debt | Fund Portfolio | Fund II | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 40,000 | $ 40,000 | |
Unsecured Notes Payable | Unsecured Debt | Fund Portfolio | LIBOR | Fund II | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.25% | 2.25% | |
Maturity Date | 2022-09 | ||
Term Loan Subscription Facility | Unsecured Debt | Fund Portfolio | Fund IV | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 0 | $ 5,000 | |
Term Loan Subscription Facility | Unsecured Debt | Fund Portfolio | SOFR | Fund IV | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.01% | 2.01% | |
Maturity Date | 2022-12 | ||
Subscription Line | Unsecured Debt | Fund Portfolio | Fund V | |||
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 93,526 | $ 118,028 | |
Subscription Line | Unsecured Debt | Fund Portfolio | LIBOR | Fund V | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.90% | 1.90% | |
Maturity Date | 2022-05 | ||
Unsecured Line of Credit - Swapped | Line of Credit | Core Portfolio | |||
Debt Instrument [Line Items] | |||
Maturity Date | [4] | 2025-06 | |
Long-term debt, gross | [4] | $ 41,354 | $ 66,414 |
Unsecured Line of Credit - Swapped | Line of Credit | Core Portfolio | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | [4] | 5.32% | 5.32% |
Unsecured Line of Credit - Swapped | Line of Credit | Core Portfolio | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | [4] | 3.65% | 3.65% |
[1] | Includes $ 107.3 million and $ 110.5 million, respectively, of variable-rate debt that is subject to interest cap agreements. | ||
[2] | Fixed-rate debt at March 31, 2022 and December 31, 2021 includes $ 0.0 million and $ 0.0 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds. | ||
[3] | Includes $ 798.2 million and $ 860.4 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. | ||
[4] | At March 31, 2022, the stated rates ranged from LIBOR + 1.50 % to LIBOR + 1.70 % for Core variable-rate debt; LIBOR + 2.75 % to PRIME + 2.00 % for Fund II variable-rate debt; LIBOR + 3.10 % for Fund III variable-rate debt; LIBOR 1.75 % to LIBOR + 3.65 % for Fund IV variable-rate debt; LIBOR + 1.50 % to LIBOR + 2.20 % for Fund V variable-rate debt; LIBOR + 1.55 % for Core variable-rate unsecured term loans; and LIBOR + 1.40 % for Core variable-rate unsecured lines of credit. |
Debt - Summary of Consolidate_2
Debt - Summary of Consolidated Indebtedness (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,826,271 | $ 1,819,738 |
Interest Rate Caps | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 107,300 | 110,500 |
Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 798,200 | 860,400 |
Core Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 205,397 | 218,421 |
Core Portfolio | Interest Rate Swaps | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 0 | 0 |
Fund Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 386,653 | 388,410 |
Minimum | Core Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Minimum | Core Portfolio | Unsecured Notes Payable | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.55% | |
Minimum | Core Portfolio | Unsecured Line of Credit [Member] | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.40% | |
Maximum | Core Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.70% | |
Fund II | Fund Portfolio | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 256,212 | $ 255,978 |
Fund II | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.75% | |
Fund II | Fund Portfolio | Variable Rate Debt | LIBOR | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.75% | 2.75% |
Fund II | Fund Portfolio | Variable Rate Debt | PRIME | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Fund II | Fund Portfolio | Variable Rate Debt | PRIME | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | 2.00% |
Fund III | Fund Portfolio | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 35,970 | $ 34,728 |
Fund III | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.10% | |
Fund III | Maximum | Fund Portfolio | Variable Rate Debt | LIBOR | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.10% | 2.75% |
Fund IV | Fund Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 214,108 | $ 246,268 |
Fund IV | Fund Portfolio | Variable Rate Debt | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 212,988 | $ 221,832 |
Fund IV | Minimum | Fund Portfolio | Variable Rate Debt | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Fund IV | Minimum | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Fund IV | Minimum | Fund Portfolio | Variable Rate Debt | LIBOR | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.60% | |
Fund IV | Maximum | Fund Portfolio | Variable Rate Debt | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.65% | |
Fund IV | Maximum | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.65% | |
Fund IV | Maximum | Fund Portfolio | Variable Rate Debt | LIBOR | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.65% | |
Fund V | Fund Portfolio | Variable Rate Debt | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 58,583 | $ 58,878 |
Fund V | Fund Portfolio | Variable Rate Debt | LIBOR | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.85% | |
Fund V | Minimum | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Fund V | Minimum | Fund Portfolio | Variable Rate Debt | LIBOR | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.85% | |
Fund V | Maximum | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.20% | |
Fund V | Maximum | Fund Portfolio | Variable Rate Debt | LIBOR | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.76% |
Debt - Credit Facility - Additi
Debt - Credit Facility - Additional Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 900 |
Unsecured Debt | |
Debt Instrument [Line Items] | |
Maturity date | Jun. 29, 2026 |
Unsecured Debt | Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 300 |
Basis spread on variable rate | 1.40% |
Maturity date | Jun. 29, 2025 |
Unsecured Debt | Senior Unsecured Credit Facility | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 700 |
Unsecured Debt | $400 Million Term Loan | |
Debt Instrument [Line Items] | |
Maximum borrowing capacity | $ 400 |
Basis spread on variable rate | 1.55% |
Debt - Mortgages and Other Note
Debt - Mortgages and Other Notes Payable - Additional Information (Details) $ in Thousands | Mar. 31, 2022USD ($)Mortgage | Mar. 31, 2022USD ($)Mortgage | Dec. 31, 2021USD ($)Mortgage | Dec. 31, 2020USD ($) | Dec. 30, 2021 | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) |
Debt Instrument [Line Items] | ||||||||
Notes receivable, net | $ 153,161 | $ 153,161 | $ 153,886 | |||||
Note receivable principal amount | $ 1,700 | |||||||
Maximum borrowing capacity | $ 900,000 | $ 900,000 | ||||||
Number of properties collateralized | Mortgage | 37 | |||||||
Short-term Debt, Refinanced, Amount | $ 18,500 | |||||||
Canton Marketplace | ||||||||
Debt Instrument [Line Items] | ||||||||
Mortgage | 31,800 | |||||||
Mortgages | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of properties collateralized | Mortgage | 38 | 38 | ||||||
Mortgages | Canton Marketplace | ||||||||
Debt Instrument [Line Items] | ||||||||
Mortgage | $ 31,800 | |||||||
Interest rate, stated percentage | 3.35% | |||||||
Debt instrument, maturity date | May 1, 2023 | |||||||
Mortgages | Monroe Marketplace | ||||||||
Debt Instrument [Line Items] | ||||||||
Mortgage | $ 29,200 | |||||||
Maturity date | Nov. 12, 2026 | |||||||
Mortgages | Subscription Line | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes receivable, net | $ 78,200 | $ 78,200 | $ 37,700 | |||||
Note receivable principal amount | 1,100 | 1,100 | ||||||
Mortgages | Subscription Line 1 | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes receivable, net | $ 14,800 | |||||||
Note receivable principal amount | 3,000 | $ 10,200 | ||||||
Notes Payable | 64,200 | |||||||
Repayments Of Debt | $ 59,200 | $ 79,200 | ||||||
Mortgages | Subscription Line 2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes receivable, net | $ 125,700 | |||||||
Note receivable principal amount | $ 6,500 | |||||||
Mortgages | Subscription Line 3 | ||||||||
Debt Instrument [Line Items] | ||||||||
Notes receivable, net | $ 53,100 | |||||||
Mortgages One | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | $ 20,800 | $ 20,800 | ||||||
Maturity date | Feb. 14, 2022 | Feb. 14, 2023 | ||||||
LIBOR plus | 1.60% | 1.60% | ||||||
SOFR Plus | 1.75% | 1.75% | ||||||
SOFR | Mortgages | Monroe Marketplace | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.76% | |||||||
Fund IV | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 8,400 | $ 23,500 | ||||||
Scheduled principal payment | $ 8,600 | |||||||
Fund IV | Bridge Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
LIBOR plus | 2.50% | 2.00% | ||||||
LIBOR floor | 0.25% | |||||||
Core Portfolio | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative, notional amount | $ 501,884 | 501,884 | ||||||
Core Portfolio | Disposed of by sale | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | 12,300 | $ 6,700 | ||||||
Scheduled principal payment | 2,200 | |||||||
Fund II | Mortgages | ||||||||
Debt Instrument [Line Items] | ||||||||
Maturity date | Aug. 11, 2022 | |||||||
Loans Payable | $ 16,800 | |||||||
Fund II | LIBOR | Mortgages | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 2.75% | |||||||
Fund III | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | 57,800 | |||||||
Interest Rate Swaps | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative, notional amount | $ 16,700 | |||||||
Cash proceeds from swaps | $ 3,400 | |||||||
Interest Rate Swaps | New Towne Plaza | ||||||||
Debt Instrument [Line Items] | ||||||||
Derivative, notional amount | $ 15,100 | $ 15,100 |
Debt - Unsecured Notes Payable
Debt - Unsecured Notes Payable - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt outstanding | $ 1,826,271 | $ 1,819,738 |
Maximum borrowing capacity | 900,000 | |
Letters of credit, outstanding amount | 17,500 | 19,700 |
Fund Portfolio | Fund II | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 256,212 | 255,978 |
Unsecured Notes Payable | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Debt available balance | 56,400 | 16,300 |
Unsecured Notes Payable | Unsecured Debt | Fund Portfolio | Fund II | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 40,000 | 40,000 |
Four Hundred Million Term Loan [Member] | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 400,000 | |
Maximum borrowing capacity | 400,000 | |
Four Hundred Million Term Loan [Member] | Unsecured Debt | Core Portfolio | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 400,000 | |
Term Loan Maturing In September 2020 | Secured Debt | Fund II | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 40,000 | |
Long-term line of credit, noncurrent | 40,000 | 40,000 |
Remaining borrowing capacity | 0 | 0 |
Subscription Line | Unsecured Debt | Fund IV | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 5,000 | |
Long-term line of credit, noncurrent | 0 | 5,000 |
Remaining borrowing capacity | 5,000 | 0 |
Subscription Line | Unsecured Debt | Fund V | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 150,000 | |
Subscription Line | Unsecured Debt | Fund V | Letter of Credit | ||
Debt Instrument [Line Items] | ||
Letters of credit, outstanding amount | 13,500 | 15,700 |
Subscription Line | Unsecured Debt | Fund Portfolio | Fund V | ||
Debt Instrument [Line Items] | ||
Long-term debt outstanding | 93,526 | 118,028 |
Remaining borrowing capacity | 43,000 | 16,300 |
Subscription Line | Secured Bridge Facility | Fund IV | ||
Debt Instrument [Line Items] | ||
Remaining borrowing capacity | $ 8,400 | $ 0 |
Debt - Unsecured Revolving Line
Debt - Unsecured Revolving Lines of Credit - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 900 | |
Letters of credit, outstanding amount | 17.5 | $ 19.7 |
Revolving Credit Facility | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Debt available balance | 101.6 | 183.1 |
Maximum borrowing capacity | 300 | |
Credit facility amount outstanding | 194.4 | 112.9 |
Letters of credit, outstanding amount | $ 4 | $ 4 |
Debt - Scheduled Principal Repa
Debt - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 (Remainder) | $ 619,311 | |
2023 | 173,451 | |
2024 | 212,020 | |
2025 | 259,737 | |
2026 | 445,971 | |
Thereafter | 115,781 | |
Long-term debt and convertible notes payable | 1,826,271 | $ 1,819,738 |
Unamortized premium | 420 | 446 |
Net unamortized debt issuance costs | (7,045) | (7,946) |
Total Indebtedness | $ 1,819,646 | $ 1,812,238 |
Debt - Scheduled Principal Re_2
Debt - Scheduled Principal Repayments - Additional Information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Debt Instrument [Line Items] | |
Contractual due 2022 | $ 619,311 |
Contractual due 2023 | 173,451 |
Contractual due 2023 | 212,020 |
Fund II | City Point Property Member | |
Debt Instrument [Line Items] | |
Contractual due 2022 | 256,700 |
Contractual due 2023 | 39,500 |
Debt With Extension Options | |
Debt Instrument [Line Items] | |
Contractual due 2022 | 156,200 |
Contractual due 2023 | $ 80,800 |
Consolidated debt, Extension Term | 12 months |
Consolidated debt, Extension Term (Thereafter) | 12 months |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Fair value, asset derivatives | $ 5,279 | $ 7 |
Liabilities | ||
Derivative financial instruments | 12,750 | 45,027 |
Recurring | Level 1 | ||
Assets | ||
Money market funds | 0 | 0 |
Fair value, asset derivatives | 0 | 0 |
Investment in Albertsons (Note 4) | 136,916 | 124,316 |
Liabilities | ||
Derivative financial instruments | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Money market funds | 0 | 0 |
Fair value, asset derivatives | 5,279 | 7 |
Investment in Albertsons (Note 4) | 0 | 0 |
Liabilities | ||
Derivative financial instruments | 12,750 | 45,027 |
Recurring | Level 3 | ||
Assets | ||
Money market funds | 0 | 0 |
Fair value, asset derivatives | 0 | 0 |
Investment in Albertsons (Note 4) | 0 | 0 |
Liabilities | ||
Derivative financial instruments | $ 0 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Schedule of Items Measured at Fair Value on Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Derivatives, Fair Value [Line Items] | |
Impairment charges | $ 9,925 |
Acadia Realty Trust | |
Derivatives, Fair Value [Line Items] | |
Impairment charges | $ 2,294 |
27 E. 61st Street Manhattan, NY | Fund IV | Level 3 Inputs Projections | |
Derivatives, Fair Value [Line Items] | |
Triggering Event | Reduced projected operating income |
Impairment charges | $ 6,909 |
27 E. 61st Street Manhattan, NY | Fund IV | Acadia Realty Trust | Level 3 Inputs Projections | |
Derivatives, Fair Value [Line Items] | |
Impairment charges | $ 1,597 |
210 Bowery Residential Units | Fund IV | Level 3 Inputs Projections | |
Derivatives, Fair Value [Line Items] | |
Triggering Event | Reduced projected operating income |
Impairment charges | $ 3,016 |
210 Bowery Residential Units | Fund IV | Acadia Realty Trust | Level 3 Inputs Projections | |
Derivatives, Fair Value [Line Items] | |
Impairment charges | $ 697 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | ||
Fair value, liability derivatives | $ (12,750) | $ (45,027) |
Derivative Asset | 5,279 | 7 |
Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 16,700 | |
Core Portfolio | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 501,884 | |
Fair value, derivatives, net | (10,986) | (40,650) |
Core Portfolio | Interest Rate Swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 385,354 | |
Fair value, liability derivatives | (12,040) | (40,650) |
Core Portfolio | Interest Rate Swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 116,530 | |
Derivative Asset | $ 1,054 | 0 |
Core Portfolio | Interest Rate Swaps | Minimum | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2012-12 | |
Derivative Maturity Date | 2022-12 | |
Strike Rate | 2.11% | |
Core Portfolio | Interest Rate Swaps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2015-03 | |
Derivative Maturity Date | 2025-03 | |
Strike Rate | 1.71% | |
Core Portfolio | Interest Rate Swaps | Maximum | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2020-07 | |
Derivative Maturity Date | 2030-07 | |
Strike Rate | 3.77% | |
Core Portfolio | Interest Rate Swaps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2019-06 | |
Derivative Maturity Date | 2029-06 | |
Strike Rate | 2.40% | |
Fund Portfolio | Fund III | Interest Rate Caps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 35,970 | |
Derivative Effective Date | 2021-01 | |
Derivative Maturity Date | 2022-07 | |
Derivative Asset | $ 0 | 0 |
Fund Portfolio | Fund III | Interest Rate Caps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 3.00% | |
Fund Portfolio | Fund III | Interest Rate Caps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 3.00% | |
Fund Portfolio | Fund IV | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 83,275 | |
Fair value, derivatives, net | 54 | (160) |
Fund Portfolio | Fund IV | Interest Rate Swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 0 | |
Derivative Asset | 0 | (167) |
Fund Portfolio | Fund IV | Interest Rate Swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 11,937 | |
Derivative Maturity Date | 2022-04 | |
Derivative Asset | $ 0 | 0 |
Fund Portfolio | Fund IV | Interest Rate Swaps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2017-03 | |
Strike Rate | 1.97% | |
Fund Portfolio | Fund IV | Interest Rate Swaps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2019-01 | |
Strike Rate | 2.61% | |
Fund Portfolio | Fund IV | Interest Rate Caps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 71,338 | |
Derivative Asset | $ 54 | 7 |
Fund Portfolio | Fund IV | Interest Rate Caps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2020-12 | |
Derivative Maturity Date | 2022-12 | |
Strike Rate | 3.00% | |
Fund Portfolio | Fund IV | Interest Rate Caps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2021-07 | |
Derivative Maturity Date | 2023-07 | |
Strike Rate | 3.50% | |
Fund Portfolio | Fund V | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 296,269 | |
Fair value, derivatives, net | 3,461 | (4,210) |
Fund Portfolio | Fund V | Interest Rate Swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 103,274 | |
Fair value, liability derivatives | (710) | (4,210) |
Fund Portfolio | Fund V | Interest Rate Swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 192,995 | |
Derivative Asset | $ 4,171 | $ 0 |
Fund Portfolio | Fund V | Interest Rate Swaps | Minimum | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2018-06 | |
Derivative Maturity Date | 2022-10 | |
Strike Rate | 1.45% | |
Fund Portfolio | Fund V | Interest Rate Swaps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2019-03 | |
Derivative Maturity Date | 2023-02 | |
Strike Rate | 0.91% | |
Fund Portfolio | Fund V | Interest Rate Swaps | Maximum | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2019-10 | |
Derivative Maturity Date | 2023-06 | |
Strike Rate | 2.88% | |
Fund Portfolio | Fund V | Interest Rate Swaps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2022-02 | |
Derivative Maturity Date | 2024-10 | |
Strike Rate | 1.28% |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($)SwapSwap | Dec. 31, 2021USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Reclassification adjustment related to derivatives from AOCI to interest expense | $ 4,400 | ||
Derivatives designated as fair value hedges | 0 | $ 0 | |
Derivative designated to hedges of net investments in foreign operations | 0 | $ 0 | |
Number of forward swaps terminated | SwapSwap | 2 | ||
Williamsburg Collection | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Redeemable Noncontrolling Interest, Fair Value | $ 0 | ||
Forward Swaps | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Derivative, notional amount | $ 100,000 | ||
Cash proceeds from swaps | $ 3,400 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | $ 153,161 | $ 153,886 | |
Mortgage and Other Notes Payable | 1,819,646 | 1,812,238 | |
Unsecured notes payable and Unsecured line of credit | 529,796 | 559,040 | |
Level 3 | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | [1] | 153,161 | 153,886 |
Mortgage and Other Notes Payable | [1] | 1,098,340 | 1,143,805 |
Investment in non-traded equity securities | [2] | 3,656 | 3,656 |
Level 3 | Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Notes Receivable | [1] | 150,696 | 154,093 |
Mortgage and Other Notes Payable | [1] | 1,070,756 | 1,125,571 |
Investment in non-traded equity securities | [2] | 5,831 | 4,062 |
Level 2 | Carrying Amount | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unsecured notes payable and Unsecured line of credit | [3] | 727,931 | 675,933 |
Level 2 | Estimated Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unsecured notes payable and Unsecured line of credit | [3] | $ 727,727 | $ 680,171 |
[1] | The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. Amounts exclude discounts and loan costs. | ||
[2] | Represents the Operating Partnership’s cost-method investment in Fifth Wall ( Note 4 ) | ||
[3] | The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Contractual obligation | $ 36.8 | $ 38.1 |
Letters of credit, outstanding amount | $ 17.5 | $ 19.7 |
Shareholders' Equity, Noncont_3
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Common Shares and Units - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Restricted shares | |||
Class of Stock [Line Items] | |||
Restricted stock, shares canceled for tax withholding for share based compensation (in shares) | 3,235 | 3,050 | |
LTIP Units and Restricted Stock | |||
Class of Stock [Line Items] | |||
Unit based compensation expense | $ 1.4 | $ 2.7 | $ 9.4 |
Shareholders' Equity, Noncont_4
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - ATM Program - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Net proceeds from sale of common stock | $ 111,516 | $ 0 | |
Purchase new program included an optional forward purchase component | $ 111,516 | ||
ATM Program | |||
Class of Stock [Line Items] | |||
Issuance of common shares, net of issuance costs (in Shares) | 0 | 0 | |
Gross proceeds | $ 111,500 | ||
Gross proceeds from issuance of common stock | 115,600 | ||
Purchase new program included an optional forward purchase component | 250,000 | ||
Value of shares available for issuance | $ 230,700 | ||
Weighted Average Share Price | $ 22.44 | $ 21.65 | |
Common Shares | |||
Class of Stock [Line Items] | |||
Issuance of common shares, net of issuance costs (in Shares) | 5,151 | ||
Purchase new program included an optional forward purchase component | $ 5 | ||
Common Shares | ATM Program | |||
Class of Stock [Line Items] | |||
Issuance of common shares, net of issuance costs (in Shares) | 5,150,832 |
Shareholders' Equity, Noncont_5
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Share Repurchases - Additional Information (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2018 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||
Authorized amount | $ 200,000,000 | ||
Number of shares repurchased during period (in shares) | 0 | ||
Remaining authorized repurchase amount | $ 122,600,000 |
Shareholders' Equity, Noncont_6
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Schedule of Distributions Declared and paid (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class of Stock [Line Items] | ||
Cash dividends declared per common share (in dollars per share) | $ 0.18 | $ 0.15 |
First Quarter Two Thousand Twenty One | ||
Class of Stock [Line Items] | ||
Cash dividends, declared date | Mar. 15, 2021 | |
Cash dividends declared per common share (in dollars per share) | $ 0.15 | |
Cash dividends, record date | Mar. 31, 2021 | |
Cash dividends, paid date | Apr. 15, 2021 | |
Second Quarter Two Thousand Twenty One | ||
Class of Stock [Line Items] | ||
Cash dividends, declared date | May 5, 2021 | |
Cash dividends declared per common share (in dollars per share) | $ 0.15 | |
Cash dividends, record date | Jun. 30, 2021 | |
Cash dividends, paid date | Jul. 15, 2021 | |
Third Quarter Two Thousand Twenty One | ||
Class of Stock [Line Items] | ||
Cash dividends, declared date | Aug. 5, 2021 | |
Cash dividends declared per common share (in dollars per share) | $ 0.15 | |
Cash dividends, record date | Sep. 30, 2021 | |
Cash dividends, paid date | Oct. 15, 2021 | |
Fourth Quarter Two Thousand Twenty One Member | ||
Class of Stock [Line Items] | ||
Cash dividends, declared date | Nov. 3, 2021 | |
Cash dividends declared per common share (in dollars per share) | $ 0.15 | |
Cash dividends, record date | Dec. 31, 2021 | |
Cash dividends, paid date | Jan. 14, 2022 | |
First Quarter Two Thousand Twenty Two Member | ||
Class of Stock [Line Items] | ||
Cash dividends, declared date | Feb. 15, 2022 | |
Cash dividends declared per common share (in dollars per share) | $ 0.18 | |
Cash dividends, record date | Mar. 31, 2022 | |
Cash dividends, paid date | Apr. 14, 2022 |
Shareholders' Equity, Noncont_7
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Activity in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance | $ 2,149,935 | $ 2,050,204 |
Other comprehensive income before reclassifications - swap agreements | 35,734 | 33,556 |
Reclassification of realized interest on swap agreements | 5,049 | 5,268 |
Net current period other comprehensive income | 40,783 | 38,824 |
Balance | 2,408,206 | 2,085,808 |
AOCI Attributable to Parent | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Balance | (36,214) | (74,891) |
Balance | (5,724) | (41,962) |
AOCI Attributable to Noncontrolling Interest | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Net current period other comprehensive income | $ (10,293) | $ (5,895) |
Shareholders' Equity, Noncont_8
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Change in Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 628,322 | |||
Net income | 44,097 | $ 697 | ||
Unrealized gain on valuation of swap agreements | 35,734 | 33,556 | ||
Reclassification of realized interest on swap agreements | (5,049) | (5,268) | ||
Noncontrolling interest contributions | 99,129 | 11,241 | ||
Noncontrolling interest distributions | (22,780) | (5,676) | ||
Employee Long-term Incentive Plan Unit Awards | 3,820 | 4,511 | ||
Noncontrolling interest gain | (27,259) | (4,120) | ||
Ending Balance | 746,593 | |||
Noncontrolling Interests | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 628,322 | 609,165 | ||
Distributions declared of Common and Preferred OP Units | (1,283) | |||
Distributions declared per Preferred OP Unit | (1,048) | |||
Net income | 27,259 | (4,120) | ||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | (572) | (294) | ||
Unrealized gain on valuation of swap agreements | 8,627 | 4,043 | ||
Reclassification of realized interest on swap agreements | 1,666 | 1,852 | ||
Noncontrolling interest contributions | 99,129 | 11,241 | ||
Noncontrolling interest distributions | (22,780) | (5,676) | ||
Employee Long-term Incentive Plan Unit Awards | 3,389 | 4,049 | ||
Reallocation of noncontrolling interests | 2,836 | 369 | ||
Ending Balance | 746,593 | 619,581 | ||
Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | [1] | 534,202 | 519,734 | |
Distributions declared of Common and Preferred OP Units | [1] | 0 | ||
Distributions declared per Preferred OP Unit | ||||
Net income | [1] | 26,138 | (4,590) | |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 0 | [1] | ||
Unrealized gain on valuation of swap agreements | [1] | 6,929 | 2,143 | |
Reclassification of realized interest on swap agreements | [1] | (1,620) | 1,799 | |
Noncontrolling interest contributions | [1] | 99,129 | 11,241 | |
Noncontrolling interest distributions | [1] | (22,780) | (5,676) | |
Employee Long-term Incentive Plan Unit Awards | ||||
Reallocation of noncontrolling interests | ||||
Ending Balance | [1] | 645,238 | 524,651 | |
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | [2] | 94,120 | 89,431 | |
Distributions declared per Common OP Unit | [2] | 1,283 | ||
Distributions declared per Preferred OP Unit | [2] | (1,048) | ||
Net income | [2] | 1,121 | 470 | |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | [2] | (572) | (294) | |
Unrealized gain on valuation of swap agreements | [2] | 1,698 | 1,900 | |
Reclassification of realized interest on swap agreements | [2] | (46) | 53 | |
Noncontrolling interest contributions | ||||
Noncontrolling interest distributions | ||||
Employee Long-term Incentive Plan Unit Awards | [2] | 3,389 | 4,049 | |
Reallocation of noncontrolling interests | [2] | 2,836 | [3] | 369 |
Ending Balance | [2] | $ 101,355 | $ 94,930 | |
[1] | Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and six other subsidiaries. | |||
[2] | Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,076,849 and 3,076,849 Common OP Units at March 31, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at each of March 31, 2022 and 2021; (iii) 126,593 Series C Preferred OP Units at each of March 31, 2022 and 2021; and (iv) 3,705,353 and 3,409,232 LTIP units at March 31, 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. | |||
[3] | 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. |
Shareholders' Equity, Noncont_9
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Change in Noncontrolling Interest (Parenthetical) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Minority Interest [Line Items] | ||
Distributions declared (in dollars per share) | $ 0.18 | $ 0.15 |
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership (in shares) | 35,606 | 18,800 |
Series A Preferred Stock | ||
Minority Interest [Line Items] | ||
Series A Preferred OP Units (in shares) | 188 | 188 |
Operating Partnership, as General Partner or Managing Member | ||
Minority Interest [Line Items] | ||
Series A Preferred OP Units (in shares) | 3,076,849 | 3,076,849 |
Operating Partnership, as General Partner or Managing Member | Series C Preferred Stock | ||
Minority Interest [Line Items] | ||
Series A Preferred OP Units (in shares) | 126,593 | 126,593 |
LTIP Units | ||
Minority Interest [Line Items] | ||
LTIP units outstanding (in shares) | 3,705,353 | 3,409,232 |
Shareholders' Equity, Noncon_10
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Preferred OP Units - Additional Information (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2016 | Sep. 30, 2021 | Mar. 31, 2021 | |
Class of Stock [Line Items] | |||||
Denominator for Series A Preferred OP Unit conversion | $ 7.50 | ||||
Common Shares | |||||
Class of Stock [Line Items] | |||||
Issuance of common shares, net of issuance costs (in Shares) | 5,151 | ||||
Gotham Plaza | Common Shares | |||||
Class of Stock [Line Items] | |||||
Issuance of common shares, net of issuance costs (in Shares) | 442,478 | ||||
Preferred quarterly distribution per share price | $ 0.9375 | ||||
Number of convertible units if share price below $28.80 (in shares) | 3.4722 | ||||
Number of convertible units if share price above $35.20 (in shares) | 2.8409 | ||||
Operating Partnership, as General Partner or Managing Member | |||||
Class of Stock [Line Items] | |||||
Series A Preferred OP Units (in shares) | 3,076,849 | 3,076,849 | |||
Preferred OP Units | |||||
Class of Stock [Line Items] | |||||
Issuance of common shares, net of issuance costs (in Shares) | 0 | 0 | |||
Preferred OP Units | Gotham Plaza | |||||
Class of Stock [Line Items] | |||||
Issuance of common shares, net of issuance costs (in Shares) | 141,593 | ||||
Share price (in dollars per share) | $ 100 | ||||
Preferred OP Units | Gotham Plaza | Minimum | |||||
Class of Stock [Line Items] | |||||
Share price at conversion date | 28.80 | ||||
Preferred OP Units | Gotham Plaza | Maximum | |||||
Class of Stock [Line Items] | |||||
Share price at conversion date | $ 35.20 | ||||
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Issuance of common shares, net of issuance costs (in Shares) | 1,580 | ||||
Preferred stock, stated value per unit | $ 1 | ||||
Per unit conversion amount, Series A Preferred OP Units (in dollars per unit) | $ 22.50 | ||||
Per unit conversion annual rate, Preferred OP Units | 9.00% | ||||
Number of preferred OP Units converted (in shares) | 1,392 | ||||
Units converted from Preferred OP Units (in shares) | 185,600 | ||||
Series A Preferred OP Units (in shares) | 188 | 188 | |||
Series C Preferred Stock | Gotham Plaza | |||||
Class of Stock [Line Items] | |||||
Number of preferred OP Units converted (in shares) | 15,000 | ||||
Units converted from Preferred OP Units (in shares) | 51,887 | ||||
Series C Preferred Stock | Operating Partnership, as General Partner or Managing Member | |||||
Class of Stock [Line Items] | |||||
Series A Preferred OP Units (in shares) | 126,593 | 126,593 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | Sep. 24, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leased Assets [Line Items] | ||||||
Variable lease revenues | $ 14,700 | $ 14,800 | ||||
Payments to Tenant | $ 5,400 | |||||
Payment received from tenant | 2,400 | |||||
Credit loss recoveries recognized | 600 | |||||
Former Tenant owed | $ 206,755 | $ 199,925 | ||||
Leasing transactions | 0 | |||||
Operating lease right-of-use asset | 39,885 | $ 40,743 | ||||
Lease liability - operating lease | 37,936 | 38,759 | ||||
Gain on disposition of properties | $ 28,815 | $ 4,612 | ||||
Fund IV Property | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating lease right-of-use asset | 31,400 | |||||
Termination cost | 3,600 | |||||
Lease liability - operating lease | 46,000 | |||||
Building improvements and other assets | 10,300 | |||||
Gain (loss) on termination of lease | 700 | |||||
Gain on disposition of properties | 200 | |||||
Rye Corporate Office Lease | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating lease right-of-use asset | 400 | |||||
Operating lease liability | $ 400 | |||||
Minimum | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating lease term | 1 month | |||||
Minimum | Consolidated Total Revenues | Customer Concentration Risk | ||||||
Operating Leased Assets [Line Items] | ||||||
Concentration risk, percentage | 10.00% | 10.00% | ||||
Maximum | ||||||
Operating Leased Assets [Line Items] | ||||||
Operating lease term | 60 years |
Leases - Activity for Reserves
Leases - Activity for Reserves Related to Billed Rents and Straight-line Rents (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Operating Leased Assets [Line Items] | |
Balance at Beginning of Period | $ 38,471 |
Provision (Recovery), Net | (2,484) |
Adjustments to Valuation Accounts | 0 |
Write-Offs | (3,224) |
Balance at End of Period | 32,763 |
Allowance for Credit Loss - Billed Rents | |
Operating Leased Assets [Line Items] | |
Balance at Beginning of Period | 23,586 |
Provision (Recovery), Net | (1,134) |
Adjustments to Valuation Accounts | 0 |
Write-Offs | (2,371) |
Balance at End of Period | 20,081 |
Straight-line Rent Reserves | |
Operating Leased Assets [Line Items] | |
Balance at Beginning of Period | 14,885 |
Provision (Recovery), Net | (1,350) |
Adjustments to Valuation Accounts | 0 |
Write-Offs | (853) |
Balance at End of Period | $ 12,682 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Finance lease cost: | ||
Amortization of right-of-use assets | $ 226 | $ 226 |
Interest on lease liabilities | 100 | 95 |
Subtotal | 326 | 321 |
Operating lease cost | 1,375 | 2,286 |
Variable lease cost | 208 | 101 |
Total lease cost | $ 1,909 | $ 2,708 |
Weighted-average remaining lease term - finance leases (years) | 32 years 6 months | 33 years 2 months 12 days |
Weighted-average remaining lease term - operating leases (years) | 13 years 10 months 24 days | 24 years 6 months |
Weighted-average discount rate - finance leases | 6.30% | 6.30% |
Weighted-average discount rate - operating leases | 5.10% | 5.60% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Minimum Rental Revenues | |
2022 (Remainder) | $ 160,893 |
2023 | 218,442 |
2024 | 197,364 |
2025 | 164,754 |
2026 | 136,346 |
Thereafter | 562,643 |
Total | 1,440,442 |
Minimum Rental Payments, Operating Leases | |
2022 (Remainder) | 4,026 |
2023 | 5,389 |
2024 | 5,414 |
2025 | 5,329 |
2026 | 5,173 |
Thereafter | 24,474 |
Total before interest | 49,805 |
Interest | (11,869) |
Total | 37,936 |
Minimum Rental Payments, Finance Leases | |
2022 (Remainder) | 34 |
2023 | 0 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 12,515 |
Total before interest | 12,549 |
Interest | (5,837) |
Total | $ 6,712 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | $ 81,507 | $ 68,187 | ||||
Depreciation and amortization | (33,713) | (30,640) | ||||
Property operating expenses, other operating and real estate taxes | (24,630) | (24,415) | ||||
General and administrative expenses | (11,937) | (8,992) | ||||
Gain on disposition of properties | 28,815 | 4,612 | ||||
Operating income | 40,042 | 8,752 | ||||
Interest and other income | 2,935 | 1,700 | ||||
Realized and unrealized holding gains (losses) on investments and other | 15,730 | 5,125 | ||||
Equity in (losses) earnings of unconsolidated affiliates | 3,130 | 1,882 | ||||
Interest expense | (17,925) | (16,614) | ||||
Income tax benefit (provision) | 185 | (148) | ||||
Net income | 44,097 | 697 | ||||
Net (income) loss attributable to noncontrolling interests | 27,259 | 4,120 | ||||
Net income attributable to Acadia | 16,838 | 4,817 | ||||
Real estate at cost | [1] | 4,268,475 | 3,993,845 | |||
Total assets | 4,496,181 | [1] | 4,093,757 | [1] | $ 4,261,746 | |
Cash paid for acquisition of real estate | 159,599 | 0 | ||||
Cash paid for development and property improvement costs | 7,931 | 5,379 | ||||
Operating Segments | Core Portfolio | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 48,350 | 42,349 | ||||
Depreciation and amortization | (17,675) | (16,887) | ||||
Property operating expenses, other operating and real estate taxes | (14,639) | (13,657) | ||||
General and administrative expenses | 0 | 0 | ||||
Gain on disposition of properties | 0 | 4,612 | ||||
Operating income | 16,036 | 16,417 | ||||
Interest and other income | 0 | 0 | ||||
Realized and unrealized holding gains (losses) on investments and other | 1,163 | 0 | ||||
Equity in (losses) earnings of unconsolidated affiliates | 1,617 | (1,129) | ||||
Interest expense | (7,597) | (7,214) | ||||
Income tax benefit (provision) | 0 | 0 | ||||
Net income | 11,219 | 8,074 | ||||
Net (income) loss attributable to noncontrolling interests | (1,121) | (470) | ||||
Net income attributable to Acadia | 10,098 | 7,604 | ||||
Real estate at cost | [1] | 2,511,417 | 2,319,584 | |||
Total assets | [1] | 2,398,426 | 2,222,886 | |||
Cash paid for acquisition of real estate | 159,599 | 0 | ||||
Cash paid for development and property improvement costs | 3,752 | 2,843 | ||||
Operating Segments | Opportunity Funds | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 33,157 | 25,838 | ||||
Depreciation and amortization | (16,038) | (13,753) | ||||
Property operating expenses, other operating and real estate taxes | (9,991) | (10,758) | ||||
General and administrative expenses | 0 | 0 | ||||
Gain on disposition of properties | 28,815 | 0 | ||||
Operating income | 35,943 | 1,327 | ||||
Interest and other income | 0 | 0 | ||||
Realized and unrealized holding gains (losses) on investments and other | 14,567 | 6,547 | ||||
Equity in (losses) earnings of unconsolidated affiliates | 1,513 | 3,011 | ||||
Interest expense | (10,328) | (9,400) | ||||
Income tax benefit (provision) | 0 | 0 | ||||
Net income | 41,695 | 1,485 | ||||
Net (income) loss attributable to noncontrolling interests | (26,138) | 3,547 | ||||
Net income attributable to Acadia | 15,557 | 5,032 | ||||
Real estate at cost | [1] | 1,757,058 | 1,674,261 | |||
Total assets | [1] | 1,944,594 | 1,771,411 | |||
Cash paid for acquisition of real estate | 0 | 0 | ||||
Cash paid for development and property improvement costs | 4,179 | 2,536 | ||||
Operating Segments | Structured Financing | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | ||||
Property operating expenses, other operating and real estate taxes | 0 | 0 | ||||
General and administrative expenses | 0 | 0 | ||||
Gain on disposition of properties | 0 | 0 | ||||
Operating income | 0 | 0 | ||||
Interest and other income | 2,935 | 1,700 | ||||
Realized and unrealized holding gains (losses) on investments and other | 0 | (1,422) | ||||
Equity in (losses) earnings of unconsolidated affiliates | 0 | 0 | ||||
Interest expense | 0 | 0 | ||||
Income tax benefit (provision) | 0 | 0 | ||||
Net income | 2,935 | 278 | ||||
Net (income) loss attributable to noncontrolling interests | 0 | 1,043 | ||||
Net income attributable to Acadia | 2,935 | 1,321 | ||||
Real estate at cost | [1] | 0 | 0 | |||
Total assets | [1] | 153,161 | 99,460 | |||
Cash paid for acquisition of real estate | 0 | 0 | ||||
Cash paid for development and property improvement costs | 0 | 0 | ||||
Unallocated | ||||||
Segment Reporting Information [Line Items] | ||||||
Total revenues | 0 | 0 | ||||
Depreciation and amortization | 0 | 0 | ||||
Property operating expenses, other operating and real estate taxes | 0 | 0 | ||||
General and administrative expenses | (11,937) | (8,992) | ||||
Gain on disposition of properties | 0 | 0 | ||||
Operating income | (11,937) | (8,992) | ||||
Interest and other income | 0 | 0 | ||||
Realized and unrealized holding gains (losses) on investments and other | 0 | 0 | ||||
Equity in (losses) earnings of unconsolidated affiliates | 0 | 0 | ||||
Interest expense | 0 | 0 | ||||
Income tax benefit (provision) | 185 | (148) | ||||
Net income | (11,752) | (9,140) | ||||
Net (income) loss attributable to noncontrolling interests | 0 | 0 | ||||
Net income attributable to Acadia | (11,752) | (9,140) | ||||
Real estate at cost | [1] | 0 | 0 | |||
Total assets | [1] | 0 | 0 | |||
Cash paid for acquisition of real estate | 0 | 0 | ||||
Cash paid for development and property improvement costs | $ 0 | $ 0 | ||||
[1] | Real estate at cost and total assets for the Funds segment include $ 657.9 million and $ 643.0 million, or $ 191.1 million and $ 186.9 million net of non-controlling interests, related to Fund II’s City Point property at March 31, 2022 and 2021 , respectively. |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Segment Information (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||||
Segment Reporting Information [Line Items] | ||||||
Real estate at cost | [1] | $ 4,268,475 | $ 3,993,845 | |||
Total assets | 4,496,181 | [1] | 4,093,757 | [1] | $ 4,261,746 | |
Net (income) loss attributable to noncontrolling interests | 27,259 | 4,120 | ||||
Funds | Fund II's City Point Property | ||||||
Segment Reporting Information [Line Items] | ||||||
Real estate at cost | 657,900 | |||||
Total assets | 643,000 | |||||
Net (income) loss attributable to noncontrolling interests | $ 191,100 | $ 186,900 | ||||
[1] | Real estate at cost and total assets for the Funds segment include $ 657.9 million and $ 643.0 million, or $ 191.1 million and $ 186.9 million net of non-controlling interests, related to Fund II’s City Point property at March 31, 2022 and 2021 , respectively. |
Share Incentive and Other Com_3
Share Incentive and Other Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unit based compensation | $ 3,820,000 | $ 4,511,000 | |
Trustee fees | 400,000 | 400,000 | |
Total unrecognized compensation cost related to nonvested awards | $ 22,800,000 | ||
Weighted-average period over which cost is expected to be recognized | 1 year 8 months 12 days | ||
Fund V | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of promote awarded as share based compensation award | 10.90% | ||
Performance Period Ending December 31, 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total fair value of shares that vested | $ 6,500,000 | $ 7,500,000 | |
LTIP Units | Trustee | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued during period, share-based compensation, net of forfeitures | 0 | ||
LTIP Units | Performance Period Ending December 31, 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Restricted shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total fair value of shares that vested | $ 200,000 | 800,000 | |
LTIP Units and Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total value of restricted shares and LTIP units as of the grant date | $ 13,000,000 | $ 12,600,000 | |
Weighted average grant date fair value, grants (in dollars per share) | $ 21.15 | $ 19.51 | |
LTIP Units and Restricted Stock | General and Administrative Expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unit based compensation | $ 1,400,000 | 2,700,000 | |
LTIP Units and Restricted Stock | Performance Period Ending December 31, 2021 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
LTIP Units and Restricted Stock | Performance Fails To Achieve, Earned Performance-Based Shares Vest At End Of Performance Period | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 60.00% | ||
LTIP Units and Restricted Stock | Performance Fails To Achieve | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 40.00% | ||
Award vesting period | 2 years | ||
LTIP Units and Restricted Stock | Minimum | TSR percentile falls between the 25th percentile and the 50th percentile | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 50.00% | ||
LTIP Units and Restricted Stock | Minimum | TSR percentile falls between the 50th percentile and 75th percentile | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 100.00% | ||
LTIP Units and Restricted Stock | Maximum | TSR percentile falls between the 25th percentile and the 50th percentile | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 100.00% | ||
LTIP Units and Restricted Stock | Maximum | TSR percentile falls between the 50th percentile and 75th percentile | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting percentage | 200.00% | ||
Employee Benefit Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 100,000 | $ 100,000 | |
Share Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 1,542,818 | ||
Share Incentive Plan | LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued during period, share-based compensation, net of forfeitures | 600,672 | 636,646 | |
Share Incentive Plan | Restricted shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued during period, share-based compensation, net of forfeitures | 13,178 | 11,244 | |
Performance Shares2020 Member | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Performance Shares2021 Member | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Volatility rate | 49.00% | 48.00% | |
Risk-free interest rates | 1.70% | 0.20% | |
Long Term Investment Alignment Program | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Max percentage of future fund III promote that may be awarded to senior executives | 25.00% | ||
Long Term Investment Alignment Program | Fund III | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of promote awarded as share based compensation award | 25.00% | ||
Compensation expense | $ 400,000 | ||
Long Term Investment Alignment Program | Fund IV | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of promote awarded as share based compensation award | 23.10% | ||
Awards in connection with fund to have intrinsic value | $ 0 | $ 0 | |
Compensation expense | $ 0 | ||
Long Term Investment Alignment Program | Fund V | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 100,000 |
Share Incentive and Other Com_4
Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Restricted shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Shares unvested, Beginning of period (in shares) | 89,746 | 89,911 |
Shares granted (in shares) | 13,178 | 43,078 |
Shares vested (in shares) | (9,777) | (43,084) |
Shares forfeited (in shares) | (920) | (159) |
Shares unvested, End of period (in shares) | 92,227 | 89,746 |
Weighted Grant-Date Fair Value | ||
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 16.87 | $ 15.42 |
Shares granted, Weighted average grant date fair value (in dollars per share) | 21.25 | 19.94 |
Shares vested, Weighted average grant date fair value (in dollars per share) | 23.63 | 16.85 |
Shares forfeited, Weighted average grant date fair value (in dollars per share) | 43.76 | 36.22 |
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share) | $ 16.51 | $ 16.87 |
LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Shares unvested, Beginning of period (in shares) | 1,415,195 | 1,122,889 |
Shares granted (in shares) | 600,672 | 666,967 |
Shares vested (in shares) | (278,740) | (283,024) |
Shares forfeited (in shares) | (232,931) | (91,637) |
Shares unvested, End of period (in shares) | 1,504,196 | 1,415,195 |
Weighted Grant-Date Fair Value | ||
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 20.85 | $ 24.38 |
Shares granted, Weighted average grant date fair value (in dollars per share) | 21.14 | 19.48 |
Shares vested, Weighted average grant date fair value (in dollars per share) | 23.27 | 26.66 |
Shares forfeited, Weighted average grant date fair value (in dollars per share) | 32.76 | 36.22 |
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share) | $ 18.68 | $ 20.85 |
Share Incentive and Other Com_5
Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee share purchase discount rate | 15.00% | |
Employee share purchase maximum purchase amount | $ 25,000,000 | |
Common Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee share purchase (in shares) | 1,460 | 2,428 |
Share Incentive and Other Com_6
Share Incentive and Other Compensation - Employee 401 (k) Plan - Additional Information (Details) - Forecast $ in Thousands | 12 Months Ended |
Dec. 31, 2022USD ($) | |
Defined Contribution Plan Disclosure [Line Items] | |
Employer matching contribution | 50.00% |
Maximum annual contribution per employee | 6.00% |
Maximum employee annual salary contribution | 15.00% |
Maximum employee annual salary contribution amount | $ 20,500 |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Description of conversion of common OP units to common shares | The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis |
Conversion of common OP units to common shares | 100.00% |
Earnings Per Common Share - Sch
Earnings Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net income (loss) attributable to Acadia | $ 16,838 | $ 4,817 |
Less: net income attributable to participating securities | (204) | (156) |
Income (loss) from continuing operations net of income attributable to participating securities | $ 16,634 | $ 4,661 |
Denominator: | ||
Weighted average shares for basic earnings per share (in shares) | 93,285,565 | 86,323,267 |
Effect of dilutive securities: | ||
Series A Preferred OP Units | 25,067 | |
Employee unvested restricted shares (in shares) | 24,468 | 23,093 |
Denominator for diluted earnings per share (in shares) | 93,335,100 | 86,346,360 |
Basic and diluted earnings and basic loss per Common Share from continuing operations attributable to Acadia | $ 0.18 | $ 0.05 |
Series A Preferred OP Units | ||
Anti-Dilutive Shares Excluded from Denominator: | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 188 |
Series A Preferred OP Units - Common Share Equivalent | ||
Anti-Dilutive Shares Excluded from Denominator: | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 0 | 25,067 |
Series C Preferred OP Units | ||
Anti-Dilutive Shares Excluded from Denominator: | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 126,593 | 126,593 |
Series C Preferred OP Units - Common Share Equivalent | ||
Anti-Dilutive Shares Excluded from Denominator: | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 439,556 | 439,556 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | May 02, 2022 | Apr. 26, 2022 | Apr. 18, 2022 | Apr. 06, 2022 | Apr. 01, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2022 |
Subsequent Event [Line Items] | ||||||||
Purchase Price | $ 220,711,000 | $ 194,966,000 | ||||||
Amount of additional term loan | 900,000,000 | |||||||
Notes receivable, net | 153,161,000 | 153,886,000 | ||||||
Reduced commitment amount | 194,405,000 | 112,905,000 | ||||||
Fund IV | ||||||||
Subsequent Event [Line Items] | ||||||||
Notes receivable, net | 29,800,000 | |||||||
Core Portfolio | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase Price | $ 161,504,000 | $ 26,320,000 | ||||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Construction Loan Commitment | $ 12,800,000 | |||||||
Subsequent Event | SOFR | ||||||||
Subsequent Event [Line Items] | ||||||||
Amount of additional term loan | $ 175,000,000 | $ 175,000 | ||||||
Basis spread on variable rate | 1.50% | |||||||
Maturity date | Apr. 6, 2027 | |||||||
Interest rate, stated percentage | 2.50% | |||||||
Subsequent Event | Prime rate | ||||||||
Subsequent Event [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
Maturity date | Dec. 28, 2023 | |||||||
Subsequent Event | Fund V | ||||||||
Subsequent Event [Line Items] | ||||||||
Maturity date | May 1, 2023 | |||||||
Notes receivable, net | $ 42,400 | |||||||
Reduced commitment amount | $ 135,000,000 | |||||||
Subsequent Event | Fund V | SOFR | ||||||||
Subsequent Event [Line Items] | ||||||||
Basis spread on variable rate | 2.50% | |||||||
Maturity date | Apr. 28, 2025 | |||||||
Subsequent Event | 1238 Wisconsin Subsidiary | ||||||||
Subsequent Event [Line Items] | ||||||||
Amount of Unconsolidated Subsidiaries | $ 1,200,000 | |||||||
Subsequent Event | Midstate property [Member] | Fund V | ||||||||
Subsequent Event [Line Items] | ||||||||
Notes receivable, net | $ 50,200 | |||||||
Subsequent Event | Core Portfolio | Henderson Portfolio | ||||||||
Subsequent Event [Line Items] | ||||||||
Purchase Price | $ 85,400,000 | |||||||
Subsequent Event | Fixed Rate [Member] | Fund V | ||||||||
Subsequent Event [Line Items] | ||||||||
Interest rate, stated percentage | 5.10% |