EX-99.1 2 akr-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

 

 

The following unaudited tables illustrate the adjustments to the financial tables previously reported in the Company's first quarter 2021, second quarter 2021, third quarter 2021 and fourth quarter 2020 earnings releases, some of from which the restated amounts will be presented in the Company's fourth quarter 2021 earnings release or supplemental report (amounts in thousands, except per share data):

 

 

 

Three Months Ended December 31, 2020

 

 

Year Ended December 31, 2020

 

Statements of Operations ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

67,606

 

 

$

(1,134

)

(a)

 

$

66,472

 

 

$

251,002

 

 

$

(4,570

)

(a)

 

$

246,432

 

 Other

 

 

1,404

 

 

 

6

 

(a)

 

 

1,410

 

 

 

4,482

 

 

 

(6

)

(a)

 

 

4,476

 

Total revenues

 

 

69,010

 

 

 

(1,128

)

 

 

 

67,882

 

 

 

255,484

 

 

 

(4,576

)

 

 

 

250,908

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

48,166

 

 

 

(722

)

(a)

 

 

47,444

 

 

 

149,793

 

 

 

(2,564

)

(a,b)

 

 

147,229

 

General and administrative

 

 

9,640

 

 

 

30

 

(a)

 

 

9,670

 

 

 

36,055

 

 

 

(257

)

(a)

 

 

35,798

 

Real estate taxes

 

 

11,672

 

 

 

(263

)

(a)

 

 

11,409

 

 

 

43,505

 

 

 

(1,028

)

(a)

 

 

42,477

 

Property operating

 

 

14,910

 

 

 

(306

)

(a)

 

 

14,604

 

 

 

56,595

 

 

 

(1,044

)

(a)

 

 

55,551

 

Impairment charges

 

 

34,049

 

 

 

—

 

 

 

 

34,049

 

 

 

85,598

 

 

 

—

 

 

 

 

85,598

 

Total operating expenses

 

 

118,437

 

 

 

(1,261

)

 

 

 

117,176

 

 

 

371,546

 

 

 

(4,893

)

 

 

 

366,653

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

174

 

 

 

—

 

 

 

 

174

 

 

 

683

 

 

 

—

 

 

 

 

683

 

Operating (loss) income

 

 

(49,253

)

 

 

133

 

 

 

 

(49,120

)

 

 

(115,379

)

 

 

317

 

 

 

 

(115,062

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in (losses) earnings of unconsolidated affiliates

 

 

(1,082

)

 

 

(421

)

(a)

 

 

(1,503

)

 

 

(1,237

)

 

 

(1,820

)

(a)

 

 

(3,057

)

Interest and other income

 

 

1,823

 

 

 

—

 

 

 

 

1,823

 

 

 

8,979

 

 

 

—

 

 

 

 

8,979

 

Realized and unrealized holding gains on investments and other

 

 

34,595

 

 

 

(568

)

(b)

 

 

34,027

 

 

 

113,930

 

 

 

(568

)

(b)

 

 

113,362

 

Interest expense

 

 

(17,687

)

 

 

569

 

(a)

 

 

(17,118

)

 

 

(72,060

)

 

 

2,479

 

(a)

 

 

(69,581

)

(Loss) income from continuing operations before income taxes

 

 

(31,604

)

 

 

(287

)

 

 

 

(31,891

)

 

 

(65,767

)

 

 

408

 

 

 

 

(65,359

)

Income tax (provision) benefit

 

 

(1,012

)

 

 

—

 

 

 

 

(1,012

)

 

 

(271

)

 

 

2

 

(a)

 

 

(269

)

Net (loss) income

 

 

(32,616

)

 

 

(287

)

 

 

 

(32,903

)

 

 

(66,038

)

 

 

410

 

 

 

 

(65,628

)

Net loss attributable to noncontrolling interests

 

 

21,891

 

 

 

155

 

(a,b)

 

 

22,046

 

 

 

57,279

 

 

 

(604

)

(a,b)

 

 

56,675

 

Net (loss) income attributable to Acadia

 

$

(10,725

)

 

$

(132

)

 

 

$

(10,857

)

 

$

(8,759

)

 

$

(194

)

 

 

$

(8,953

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

(233

)

 

 

—

 

 

 

 

(233

)

Net (loss) income attributable to Common Shareholders -
   basic and diluted earnings per share

 

$

(10,725

)

 

$

(132

)

 

 

$

(10,857

)

 

$

(8,992

)

 

$

(194

)

 

 

$

(9,186

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic loss and basic and diluted earnings per share

 

 

86,311

 

 

 

—

 

 

 

 

86,311

 

 

 

86,442

 

 

 

—

 

 

 

 

86,442

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share - basic, Net earnings per share - basic and diluted

 

$

(0.12

)

 

$

(0.01

)

 

 

$

(0.13

)

 

$

(0.10

)

 

$

(0.01

)

 

 

$

(0.11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

Exhibit 99.1

 

 

 

 

Three Months Ended March 31, 2021

 

Statement of Operations ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

Revenues

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

67,205

 

 

$

(1,207

)

(a)

 

$

65,998

 

 Other

 

 

2,189

 

 

 

—

 

 

 

 

2,189

 

Total revenues

 

 

69,394

 

 

 

(1,207

)

 

 

 

68,187

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

31,390

 

 

 

(750

)

(a)

 

 

30,640

 

General and administrative

 

 

8,996

 

 

 

(4

)

(a)

 

 

8,992

 

Real estate taxes

 

 

11,462

 

 

 

(256

)

(a)

 

 

11,206

 

Property operating

 

 

13,477

 

 

 

(268

)

(a)

 

 

13,209

 

Total operating expenses

 

 

65,325

 

 

 

(1,278

)

 

 

 

64,047

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

4,612

 

 

 

—

 

 

 

 

4,612

 

Operating income

 

 

8,681

 

 

 

71

 

 

 

 

8,752

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

2,263

 

 

 

(381

)

(a)

 

 

1,882

 

Interest and other income

 

 

1,700

 

 

 

—

 

 

 

 

1,700

 

Realized and unrealized holding gains on investments and other

 

 

6,507

 

 

 

(1,382

)

(b)

 

 

5,125

 

Interest expense

 

 

(17,141

)

 

 

550

 

(a)

 

 

(16,591

)

Income from continuing operations before income taxes

 

 

2,010

 

 

 

(1,142

)

 

 

 

868

 

Income tax provision

 

 

(150

)

 

 

2

 

(a)

 

 

(148

)

Net income

 

 

1,860

 

 

 

(1,140

)

 

 

 

720

 

Net loss attributable to noncontrolling interests

 

 

3,302

 

 

 

801

 

(a,b)

 

 

4,103

 

Net income attributable to Acadia

 

$

5,162

 

 

$

(339

)

 

 

$

4,823

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

(156

)

 

 

—

 

 

 

 

(156

)

Net income attributable to Common Shareholders -
   basic and diluted earnings per share

 

$

5,006

 

 

$

(339

)

 

 

$

4,667

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic and diluted earnings per share

 

 

86,346

 

 

 

—

 

 

 

 

86,346

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share - basic and diluted

 

$

0.06

 

 

$

(0.01

)

 

 

$

0.05

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2021

 

 

Six Months Ended June 30, 2021

 

Statements of Operations ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

73,666

 

 

$

(1,597

)

(a)

 

$

72,069

 

 

$

140,871

 

 

$

(2,804

)

(a)

 

$

138,067

 

 Other

 

 

994

 

 

 

(6

)

(a)

 

 

988

 

 

 

3,183

 

 

 

(6

)

(a)

 

 

3,177

 

Total revenues

 

 

74,660

 

 

 

(1,603

)

 

 

 

73,057

 

 

 

144,054

 

 

 

(2,810

)

 

 

 

141,244

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

31,345

 

 

 

(805

)

(a)

 

 

30,540

 

 

 

62,735

 

 

 

(1,555

)

(a)

 

 

61,180

 

General and administrative

 

 

10,671

 

 

 

(18

)

(a)

 

 

10,653

 

 

 

19,667

 

 

 

(22

)

(a)

 

 

19,645

 

Real estate taxes

 

 

12,504

 

 

 

(290

)

(a)

 

 

12,214

 

 

 

23,966

 

 

 

(546

)

(a)

 

 

23,420

 

Property operating

 

 

12,890

 

 

 

(254

)

(a)

 

 

12,636

 

 

 

26,367

 

 

 

(522

)

(a)

 

 

25,845

 

Total operating expenses

 

 

67,410

 

 

 

(1,367

)

 

 

 

66,043

 

 

 

132,735

 

 

 

(2,645

)

 

 

 

130,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

5,909

 

 

 

—

 

 

 

 

5,909

 

 

 

10,521

 

 

 

—

 

 

 

 

10,521

 

Operating income

 

 

13,159

 

 

 

(236

)

 

 

 

12,923

 

 

 

21,840

 

 

 

(165

)

 

 

 

21,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

1,106

 

 

 

(207

)

(a)

 

 

899

 

 

 

3,369

 

 

 

(588

)

(a)

 

 

2,781

 

Interest and other income

 

 

2,054

 

 

 

—

 

 

 

 

2,054

 

 

 

3,754

 

 

 

—

 

 

 

 

3,754

 

Realized and unrealized holding gains on investments and other

 

 

2,711

 

 

 

(869

)

(b)

 

 

1,842

 

 

 

9,218

 

 

 

(2,251

)

(b)

 

 

6,967

 

Interest expense

 

 

(17,605

)

 

 

554

 

(a)

 

 

(17,051

)

 

 

(34,746

)

 

 

1,104

 

(a)

 

 

(33,642

)

Income from continuing operations before income taxes

 

 

1,425

 

 

 

(758

)

 

 

 

667

 

 

 

3,435

 

 

 

(1,900

)

 

 

 

1,535

 

Income tax provision

 

 

(194

)

 

 

2

 

(a)

 

 

(192

)

 

 

(344

)

 

 

4

 

(a)

 

 

(340

)

 

2

Exhibit 99.1

 

 

Net income

 

 

1,231

 

 

 

(756

)

 

 

 

475

 

 

 

3,091

 

 

 

(1,896

)

 

 

 

1,195

 

Net loss attributable to noncontrolling interests

 

 

2,687

 

 

 

555

 

(a,b)

 

 

3,242

 

 

 

5,989

 

 

 

1,356

 

(a,b)

 

 

7,345

 

Net income attributable to Acadia

 

$

3,918

 

 

$

(201

)

 

 

$

3,717

 

 

$

9,080

 

 

$

(540

)

 

 

$

8,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

(156

)

 

 

—

 

 

 

 

(156

)

 

 

(312

)

 

 

—

 

 

 

 

(312

)

Net income attributable to Common Shareholders -
   basic and diluted earnings per share

 

$

3,762

 

 

$

(201

)

 

 

$

3,561

 

 

$

8,768

 

 

$

(540

)

 

 

$

8,228

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic and diluted earnings per share

 

 

86,824

 

 

 

—

 

 

 

 

86,824

 

 

 

86,575

 

 

 

—

 

 

 

 

86,575

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share - basic and diluted

 

$

0.04

 

 

$

—

 

 

 

$

0.04

 

 

$

0.10

 

 

$

—

 

 

 

$

0.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

Exhibit 99.1

 

 

 

 

Three Months Ended September 30, 2021

 

 

Nine Months Ended September 30, 2021

 

Statements of Operations ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

Revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

71,852

 

 

$

(1,550

)

(a)

 

$

70,302

 

 

$

212,723

 

 

$

(4,354

)

(a)

 

$

208,369

 

 Other

 

 

1,594

 

 

 

—

 

 

 

 

1,594

 

 

 

4,777

 

 

 

(6

)

(a)

 

 

4,771

 

Total revenues

 

 

73,446

 

 

 

(1,550

)

 

 

 

71,896

 

 

 

217,500

 

 

 

(4,360

)

 

 

 

213,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

30,866

 

 

 

(802

)

(a)

 

 

30,064

 

 

 

93,601

 

 

 

(2,357

)

(a)

 

 

91,244

 

General and administrative

 

 

9,978

 

 

 

(68

)

(a)

 

 

9,910

 

 

 

29,645

 

 

 

(90

)

(a)

 

 

29,555

 

Real estate taxes

 

 

11,320

 

 

 

(292

)

(a)

 

 

11,028

 

 

 

35,286

 

 

 

(838

)

(a)

 

 

34,448

 

Property operating

 

 

12,698

 

 

 

(255

)

(a)

 

 

12,443

 

 

 

39,065

 

 

 

(777

)

(a)

 

 

38,288

 

Impairment charges

 

 

9,925

 

 

 

—

 

 

 

 

9,925

 

 

 

9,925

 

 

 

—

 

 

 

 

9,925

 

Total operating expenses

 

 

74,787

 

 

 

(1,417

)

 

 

 

73,370

 

 

 

207,522

 

 

 

(4,062

)

 

 

 

203,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on disposition of properties

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

10,521

 

 

 

—

 

 

 

 

10,521

 

Operating (loss) income

 

 

(1,341

)

 

 

(133

)

 

 

 

(1,474

)

 

 

20,499

 

 

 

(298

)

 

 

 

20,201

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in earnings of unconsolidated affiliates

 

 

644

 

 

 

(272

)

(a)

 

 

372

 

 

 

4,013

 

 

 

(860

)

(a)

 

 

3,153

 

Interest and other income

 

 

2,354

 

 

 

—

 

 

 

 

2,354

 

 

 

6,108

 

 

 

—

 

 

 

 

6,108

 

Realized and unrealized holding gains on investments and other

 

 

47,293

 

 

 

(800

)

(b)

 

 

46,493

 

 

 

56,511

 

 

 

(3,051

)

(b)

 

 

53,460

 

Interest expense

 

 

(17,334

)

 

 

559

 

(a)

 

 

(16,775

)

 

 

(52,080

)

 

 

1,663

 

(a)

 

 

(50,417

)

Income from continuing operations before income taxes

 

 

31,616

 

 

 

(646

)

 

 

 

30,970

 

 

 

35,051

 

 

 

(2,546

)

 

 

 

32,505

 

Income tax provision

 

 

(59

)

 

 

—

 

 

 

 

(59

)

 

 

(403

)

 

 

4

 

 

 

 

(399

)

Net income

 

 

31,557

 

 

 

(646

)

 

 

 

30,911

 

 

 

34,648

 

 

 

(2,542

)

 

 

 

32,106

 

Net income attributable to noncontrolling interests

 

 

(19,488

)

 

 

460

 

(a,b)

 

 

(19,028

)

 

 

(13,499

)

 

 

1,816

 

(a,b)

 

 

(11,683

)

Net income attributable to Acadia

 

$

12,069

 

 

$

(186

)

 

 

$

11,883

 

 

$

21,149

 

 

$

(726

)

 

 

$

20,423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: net income attributable to participating securities

 

 

(156

)

 

 

—

 

 

 

 

(156

)

 

 

(468

)

 

 

—

 

 

 

 

(468

)

Net income attributable to Common Shareholders -
   basic and diluted earnings per share

 

$

11,913

 

 

$

(186

)

 

 

$

11,727

 

 

$

20,681

 

 

$

(726

)

 

 

$

19,955

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares for basic and diluted earnings per share

 

 

88,481

 

 

 

—

 

 

 

 

88,481

 

 

 

87,217

 

 

 

—

 

 

 

 

87,217

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings per share - basic and diluted

 

$

0.13

 

 

$

—

 

 

 

$

0.13

 

 

$

0.24

 

 

$

(0.01

)

 

 

$

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)
Relates to the correction to adjust the earnings (losses) of two consolidated Fund investments that are less-than-wholly-owned investments through the Company's opportunity funds (the "Fund Investments") to "equity in earnings of unconsolidated affiliates", which had no impact on net income (loss) for the periods presented.
b)
Relates to immaterial previously unrecorded adjustments, which, in the aggregate, increased or (decreased) net income attributable to Common Shareholders by: ($0.1) million or ($0.01) per share, and ($0.2) million or ($0.01) per share, for the three months and year ended December 31, 2020, respectively; ($0.3) million or ($0.01) per share, for the three months ended March 31, 2021; ($0.2) million or $0.00 per share, and ($0.5) million or $0.00 per share, for the three and six months ended June 30, 2021, respectively; and ($0.2) million or $0.00 per share, and ($0.7) million or ($0.01) per share, for the three and nine months ended September 30, 2021, respectively.

 

 

4

Exhibit 99.1

 

 

 

 

 

Three Months Ended December 31, 2020

 

 

Year Ended December 31, 2020

 

Funds from Operations ($ in thousands) (a)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income attributable to Acadia

 

$

(10,725

)

 

$

(132

)

(b)

 

$

(10,857

)

 

$

(8,759

)

 

$

(194

)

(b)

 

$

(8,953

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of
   noncontrolling interests' share)

 

 

32,574

 

 

 

—

 

 

 

 

32,574

 

 

 

106,158

 

 

 

62

 

(b)

 

 

106,220

 

Impairment charges (net of noncontrolling interests' share)

 

 

4,923

 

 

 

—

 

 

 

 

4,923

 

 

 

17,323

 

 

 

—

 

 

 

 

17,323

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

(174

)

 

 

—

 

 

 

 

(174

)

 

 

(291

)

 

 

—

 

 

 

 

(291

)

(Loss) income attributable to Common OP Unit holders

 

 

(569

)

 

 

—

 

 

 

 

(569

)

 

 

(370

)

 

 

—

 

 

 

 

(370

)

Distributions - Preferred OP Units

 

 

123

 

 

 

—

 

 

 

 

123

 

 

 

495

 

 

 

—

 

 

 

 

495

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders

 

$

26,152

 

 

$

(132

)

 

 

$

26,020

 

 

$

114,556

 

 

$

(132

)

 

 

$

114,424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for Special Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Unrealized holding gain and other
(net of noncontrolling interest share)

 

 

(4,468

)

 

 

132

 

(b)

 

 

(4,336

)

 

 

(20,625

)

 

 

132

 

(b)

 

 

(20,493

)

Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders

 

$

21,684

 

 

$

—

 

 

 

$

21,684

 

 

$

93,931

 

 

$

—

 

 

 

$

93,931

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

86,311

 

 

 

—

 

 

 

 

86,311

 

 

 

86,442

 

 

 

—

 

 

 

 

86,442

 

Weighted-average OP Units outstanding

 

 

4,890

 

 

 

—

 

 

 

 

4,890

 

 

 

4,992

 

 

 

—

 

 

 

 

4,992

 

Assumed conversion of Preferred OP Units to common shares

 

 

465

 

 

 

—

 

 

 

 

465

 

 

 

465

 

 

 

—

 

 

 

 

465

 

Weighted average number of Common Shares and Common OP Units

 

 

91,666

 

 

 

—

 

 

 

 

91,666

 

 

 

91,899

 

 

 

—

 

 

 

 

91,899

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.29

 

 

$

(0.01

)

 

 

$

0.28

 

 

$

1.25

 

 

$

—

 

 

 

$

1.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items,
per Common Share and Common OP Unit

 

$

0.24

 

 

$

—

 

 

 

$

0.24

 

 

$

1.02

 

 

$

—

 

 

 

$

1.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

Exhibit 99.1

 

 

 

 

Three Months Ended March 31, 2021

 

Funds from Operations ($ in thousands) (a)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Acadia

 

$

5,162

 

 

$

(339

)

(b)

 

$

4,823

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of
   noncontrolling interests' share)

 

 

23,807

 

 

 

—

 

 

 

 

23,807

 

Impairment charges (net of noncontrolling interests' share)

 

 

—

 

 

 

—

 

 

 

 

—

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

(5,096

)

 

 

—

 

 

 

 

(5,096

)

Income attributable to Common OP Unit holders

 

 

347

 

 

 

—

 

 

 

 

347

 

Distributions - Preferred OP Units

 

 

123

 

 

 

—

 

 

 

 

123

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders

 

$

24,343

 

 

$

(339

)

 

 

$

24,004

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for Special Items:

 

 

 

 

 

 

 

 

 

 

Less: Unrealized holding gain and other
(net of noncontrolling interest share)

 

 

(1,738

)

 

 

339

 

(b)

 

 

(1,399

)

Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders

 

$

22,605

 

 

$

—

 

 

 

$

22,605

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

86,323

 

 

 

—

 

 

 

 

86,323

 

Weighted-average OP Units outstanding

 

 

5,120

 

 

 

—

 

 

 

 

5,120

 

Assumed conversion of Preferred OP Units to common shares

 

 

465

 

 

 

—

 

 

 

 

465

 

Assumed conversion of LTIP units and restricted share units to
   common shares

 

 

23

 

 

 

—

 

 

 

 

23

 

Weighted average number of Common Shares and Common OP Units

 

 

91,931

 

 

 

—

 

 

 

 

91,931

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.26

 

 

$

—

 

 

 

$

0.26

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items,
per Common Share and Common OP Unit

 

$

0.25

 

 

$

—

 

 

 

$

0.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6

Exhibit 99.1

 

 

 

 

Three Months Ended June 30, 2021

 

 

Six Months Ended June 30, 2021

 

Funds from Operations ($ in thousands) (a)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Acadia

 

$

3,918

 

 

$

(201

)

(b)

 

$

3,717

 

 

$

9,080

 

 

$

(540

)

(b)

 

$

8,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of
   noncontrolling interests' share)

 

 

23,077

 

 

 

—

 

 

 

 

23,077

 

 

 

46,884

 

 

 

—

 

 

 

 

46,884

 

Impairment charges (net of noncontrolling interests' share)

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

933

 

 

 

—

 

 

 

 

933

 

 

 

(4,163

)

 

 

—

 

 

 

 

(4,163

)

Income attributable to Common OP Unit holders

 

 

275

 

 

 

—

 

 

 

 

275

 

 

 

622

 

 

 

—

 

 

 

 

622

 

Distributions - Preferred OP Units

 

 

123

 

 

 

—

 

 

 

 

123

 

 

 

246

 

 

 

—

 

 

 

 

246

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders

 

$

28,326

 

 

$

(201

)

 

 

$

28,125

 

 

$

52,669

 

 

$

(540

)

 

 

$

52,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for Special Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Unrealized holding gain and other
(net of noncontrolling interest share)

 

 

(688

)

 

 

201

 

(b)

 

 

(487

)

 

 

(2,426

)

 

 

540

 

(b)

 

 

(1,886

)

Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders

 

$

27,638

 

 

$

—

 

 

 

$

27,638

 

 

$

50,243

 

 

$

—

 

 

 

$

50,243

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

86,824

 

 

 

—

 

 

 

 

86,824

 

 

 

86,575

 

 

 

—

 

 

 

 

86,575

 

Weighted-average OP Units outstanding

 

 

5,135

 

 

 

—

 

 

 

 

5,135

 

 

 

5,127

 

 

 

—

 

 

 

 

5,127

 

Assumed conversion of Preferred OP Units to common shares

 

 

465

 

 

 

—

 

 

 

 

465

 

 

 

465

 

 

 

—

 

 

 

 

465

 

Assumed conversion of LTIP units and restricted share units to
   common shares

 

 

203

 

 

 

—

 

 

 

 

203

 

 

 

87

 

 

 

—

 

 

 

 

87

 

Weighted average number of Common Shares and Common OP Units

 

 

92,627

 

 

 

—

 

 

 

 

92,627

 

 

 

92,254

 

 

 

—

 

 

 

 

92,254

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.31

 

 

$

(0.01

)

 

 

$

0.30

 

 

$

0.57

 

 

$

—

 

 

 

$

0.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items,
per Common Share and Common OP Unit

 

$

0.30

 

 

$

—

 

 

 

$

0.30

 

 

$

0.54

 

 

$

—

 

 

 

$

0.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7

Exhibit 99.1

 

 

 

 

Three Months September 30, 2021

 

 

Nine Months Ended September 30, 2021

 

Funds from Operations ($ in thousands) (a)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Acadia

 

$

12,069

 

 

$

(186

)

(b)

 

$

11,883

 

 

$

21,149

 

 

$

(726

)

(b)

 

$

20,423

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation of real estate and amortization of leasing costs (net of
   noncontrolling interests' share)

 

 

23,111

 

 

 

—

 

 

 

 

23,111

 

 

 

69,995

 

 

 

—

 

 

 

 

69,995

 

Impairment charges (net of noncontrolling interests' share)

 

 

2,294

 

 

 

—

 

 

 

 

2,294

 

 

 

2,294

 

 

 

—

 

 

 

 

2,294

 

Gain on disposition of properties (net of noncontrolling interests' share)

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

(4,163

)

 

 

—

 

 

 

 

(4,163

)

Income attributable to Common OP Unit holders

 

 

749

 

 

 

—

 

 

 

 

749

 

 

 

1,371

 

 

 

—

 

 

 

 

1,371

 

Distributions - Preferred OP Units

 

 

123

 

 

 

—

 

 

 

 

123

 

 

 

369

 

 

 

—

 

 

 

 

369

 

Funds from operations attributable to Common Shareholders and Common OP Unit holders

 

$

38,346

 

 

$

(186

)

 

 

$

38,160

 

 

$

91,015

 

 

$

(726

)

 

 

$

90,289

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments for Special Items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Unrealized holding gain and other
(net of noncontrolling interest share)

 

 

(13,384

)

 

 

186

 

(b)

 

 

(13,198

)

 

 

(15,810

)

 

 

726

 

(b)

 

 

(15,084

)

Funds from operations before Special Items attributable to Common Shareholders and Common OP Unit holders

 

$

24,962

 

 

$

—

 

 

 

$

24,962

 

 

$

75,205

 

 

$

—

 

 

 

$

75,205

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds From Operations per Share - Diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding, GAAP earnings

 

 

88,481

 

 

 

—

 

 

 

 

88,481

 

 

 

87,217

 

 

 

—

 

 

 

 

87,217

 

Weighted-average OP Units outstanding

 

 

5,121

 

 

 

—

 

 

 

 

5,121

 

 

 

5,125

 

 

 

—

 

 

 

 

5,125

 

Assumed conversion of Preferred OP Units to common shares

 

 

465

 

 

 

—

 

 

 

 

465

 

 

 

465

 

 

 

—

 

 

 

 

465

 

Assumed conversion of LTIP units and restricted share units to
   common shares

 

 

16

 

 

 

—

 

 

 

 

16

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Weighted average number of Common Shares and Common OP Units

 

 

94,083

 

 

 

—

 

 

 

 

94,083

 

 

 

92,807

 

 

 

—

 

 

 

 

92,807

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations, per Common Share and Common OP Unit

 

$

0.41

 

 

$

—

 

 

 

$

0.41

 

 

$

0.98

 

 

$

(0.01

)

 

 

$

0.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Funds from operations before Special Items,
per Common Share and Common OP Unit

 

$

0.27

 

 

$

—

 

 

 

$

0.27

 

 

$

0.81

 

 

$

—

 

 

 

$

0.81

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)
Relates to the correction to adjust the assets and liabilities of the Fund Investments to "investments in and advances to unconsolidated affiliates", which had no impact on FFO for the periods presented.
b)
Relates to immaterial previously unrecorded adjustments, which, in the aggregate, increased or (decreased) FFO by: ($0.1) million or ($0.01) per share, and ($0.1) million or $0.00 per share, for the three months and year ended December 31, 2020, respectively; ($0.3) million or $0.00 per share, for the three months ended March 31, 2021; ($0.2) million or ($0.01) per share, and ($0.5) million or $0.00 per share, for the three and six months ended June 30, 2021, respectively; and ($0.2) million or $0.00 per share, and ($0.7) million or ($0.01) per share, for the three and nine months ended September 30, 2021, respectively. The timing differences had no impact on FFO before special items for all of the periods presented.

 

 

8

Exhibit 99.1

 

 

 

 

Three Months Ended December 31, 2020

 

 

Year Ended December 31, 2020

 

Reconciliation of Consolidated Net Operating Loss
   to Net Property Operating Income ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating (loss) income

 

$

(49,253

)

 

$

133

 

(a)

 

$

(49,120

)

 

$

(115,379

)

 

$

317

 

(a)

 

$

(115,062

)

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

9,640

 

 

 

30

 

(a)

 

 

9,670

 

 

 

36,055

 

 

 

(257

)

(a)

 

 

35,798

 

Depreciation and amortization

 

 

48,166

 

 

 

(722

)

(a)

 

 

47,444

 

 

 

149,793

 

 

 

(2,564

)

(a)

 

 

147,229

 

Impairment charges

 

 

34,049

 

 

 

—

 

 

 

 

34,049

 

 

 

85,598

 

 

 

—

 

 

 

 

85,598

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

166

 

 

 

30

 

(a)

 

 

196

 

 

 

13,624

 

 

 

(43

)

(a)

 

 

13,581

 

Gain on disposition of properties

 

 

(174

)

 

 

—

 

 

 

 

(174

)

 

 

(683

)

 

 

—

 

 

 

 

(683

)

Consolidated NOI

 

 

42,594

 

 

 

(529

)

 

 

 

42,065

 

 

 

169,008

 

 

 

(2,547

)

 

 

 

166,461

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(12,209

)

 

 

466

 

(a)

 

 

(11,743

)

 

 

(48,536

)

 

 

2,220

 

(a)

 

 

(46,316

)

Less: Operating Partnership's interest in Fund NOI included above

 

 

(3,135

)

 

 

63

 

(a)

 

 

(3,072

)

 

 

(11,845

)

 

 

327

 

(a)

 

 

(11,518

)

Add: Operating Partnership's share of unconsolidated
   joint ventures NOI

 

 

3,306

 

 

 

—

 

 

 

 

3,306

 

 

 

15,659

 

 

 

—

 

 

 

 

15,659

 

NOI - Core Portfolio

 

$

30,556

 

 

$

—

 

 

 

$

30,556

 

 

$

124,286

 

 

$

—

 

 

 

$

124,286

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31, 2021

 

Reconciliation of Consolidated Net Operating Loss
   to Net Property Operating Income ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 

$

8,681

 

 

$

71

 

(a)

 

$

8,752

 

Add back:

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

8,996

 

 

 

(4

)

(a)

 

 

8,992

 

Depreciation and amortization

 

 

31,390

 

 

 

(750

)

(a)

 

 

30,640

 

Impairment charges

 

 

—

 

 

 

—

 

 

 

 

—

 

Straight-line rent reserves

 

 

817

 

 

 

—

 

 

 

 

817

 

Less:

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

(5,284

)

 

 

11

 

(a)

 

 

(5,273

)

Gain on disposition of properties

 

 

(4,612

)

 

 

—

 

 

 

 

(4,612

)

Consolidated NOI

 

 

39,988

 

 

 

(672

)

 

 

 

39,316

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(10,861

)

 

 

589

 

(a)

 

 

(10,272

)

Less: Operating Partnership's interest in Fund NOI included above

 

 

(2,618

)

 

 

83

 

(a)

 

 

(2,535

)

Add: Operating Partnership's share of unconsolidated
   joint ventures NOI

 

 

3,300

 

 

 

—

 

 

 

 

3,300

 

NOI - Core Portfolio

 

$

29,809

 

 

$

—

 

 

 

$

29,809

 

 

 

 

 

 

 

 

 

 

 

 

 

9

Exhibit 99.1

 

 

 

 

Three Months Ended June 30, 2021

 

 

Six Months Ended June 30, 2021

 

Reconciliation of Consolidated Net Operating Loss
   to Net Property Operating Income ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 

$

13,159

 

 

$

(236

)

(a)

 

$

12,923

 

 

$

21,840

 

 

$

(165

)

(a)

 

$

21,675

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

10,671

 

 

 

(18

)

(a)

 

 

10,653

 

 

 

19,667

 

 

 

(22

)

(a)

 

 

19,645

 

Depreciation and amortization

 

 

31,345

 

 

 

(805

)

(a)

 

 

30,540

 

 

 

62,735

 

 

 

(1,555

)

(a)

 

 

61,180

 

Impairment charges

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

 

—

 

Straight-line rent reserves

 

 

(232

)

 

 

—

 

 

 

 

(232

)

 

 

585

 

 

 

—

 

 

 

 

585

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

(4,249

)

 

 

5

 

(a)

 

 

(4,244

)

 

 

(9,533

)

 

 

16

 

(a)

 

 

(9,517

)

Gain on disposition of properties

 

 

(5,909

)

 

 

—

 

 

 

 

(5,909

)

 

 

(10,521

)

 

 

—

 

 

 

 

(10,521

)

Consolidated NOI

 

 

44,785

 

 

 

(1,054

)

 

 

 

43,731

 

 

 

84,773

 

 

 

(1,726

)

 

 

 

83,047

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(12,373

)

 

 

922

 

(a)

 

 

(11,451

)

 

 

(23,234

)

 

 

1,511

 

(a)

 

 

(21,723

)

Less: Operating Partnership's interest in Fund NOI included above

 

 

(3,131

)

 

 

132

 

(a)

 

 

(2,999

)

 

 

(5,749

)

 

 

215

 

(a)

 

 

(5,534

)

Add: Operating Partnership's share of unconsolidated
   joint ventures NOI

 

 

3,764

 

 

 

—

 

 

 

 

3,764

 

 

 

7,064

 

 

 

—

 

 

 

 

7,064

 

NOI - Core Portfolio

 

$

33,045

 

 

$

—

 

 

 

$

33,045

 

 

$

62,854

 

 

$

—

 

 

 

$

62,854

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10

Exhibit 99.1

 

 

 

 

Three Months Ended September 30, 2021

 

 

Nine Months Ended September 30, 2021

 

Reconciliation of Consolidated Net Operating Loss
   to Net Property Operating Income ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating (loss) income

 

$

(1,341

)

 

$

(133

)

(a)

 

$

(1,474

)

 

$

20,499

 

 

$

(298

)

(a)

 

$

20,201

 

Add back:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

9,978

 

 

 

(68

)

(a)

 

 

9,910

 

 

 

29,645

 

 

 

(90

)

(a)

 

 

29,555

 

Depreciation and amortization

 

 

30,866

 

 

 

(802

)

(a)

 

 

30,064

 

 

 

93,601

 

 

 

(2,357

)

(a)

 

 

91,244

 

Impairment charges

 

 

9,925

 

 

 

—

 

 

 

 

9,925

 

 

 

9,925

 

 

 

—

 

 

 

 

9,925

 

Straight-line rent reserves

 

 

(258

)

 

 

—

 

 

 

 

(258

)

 

 

327

 

 

 

—

 

 

 

 

327

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Above/below market rent, straight-line rent and other adjustments

 

 

(4,572

)

 

 

20

 

(a)

 

 

(4,552

)

 

 

(14,105

)

 

 

36

 

(a)

 

 

(14,069

)

Gain on disposition of properties

 

 

—

 

 

 

—

 

 

 

 

—

 

 

 

(10,521

)

 

 

—

 

 

 

 

(10,521

)

Consolidated NOI

 

 

44,598

 

 

 

(983

)

 

 

 

43,615

 

 

 

129,371

 

 

 

(2,709

)

 

 

 

126,662

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noncontrolling interest in consolidated NOI

 

 

(12,576

)

 

 

862

 

(a)

 

 

(11,714

)

 

 

(35,810

)

 

 

2,373

 

(a)

 

 

(33,437

)

Less: Operating Partnership's interest in Fund NOI included above

 

 

(3,104

)

 

 

121

 

(a)

 

 

(2,983

)

 

 

(8,853

)

 

 

336

 

(a)

 

 

(8,517

)

Add: Operating Partnership's share of unconsolidated
   joint ventures NOI

 

 

2,961

 

 

 

—

 

 

 

 

2,961

 

 

 

10,025

 

 

 

—

 

 

 

 

10,025

 

NOI - Core Portfolio

 

$

31,879

 

 

$

—

 

 

 

$

31,879

 

 

$

94,733

 

 

$

—

 

 

 

$

94,733

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)
Relates to the correction to adjust the earnings of the Fund Investments to "equity in earnings of unconsolidated affiliates", which had no impact on NOI - Core Portfolio for any of the periods presented.

 

 

 

 

 

11

Exhibit 99.1

 

 

 

 

December 31, 2020

 

Balance Sheet ($ in thousands)

 

As Previously Reported

 

 

Adjustments

 

 

 

As Restated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

Investments in real estate, at cost

 

 

 

 

 

 

 

 

 

 

Land

 

$

776,275

 

 

$

(23,554

)

(a)

 

$

752,721

 

Buildings and improvements

 

 

2,848,781

 

 

 

(46,528

)

(a)

 

 

2,802,253

 

Tenant improvements

 

 

191,046

 

 

 

(12,128

)

(a)

 

 

178,918

 

Construction in progress

 

 

5,751

 

 

 

(604

)

(a)

 

 

5,147

 

Right-of-use assets - finance leases

 

 

25,086

 

 

 

—

 

 

 

 

25,086

 

 

 

 

3,846,939

 

 

 

(82,814

)

 

 

 

3,764,125

 

Less: Accumulated depreciation and amortization

 

 

(586,800

)

 

 

13,436

 

(a)

 

 

(573,364

)

Operating real estate, net

 

 

3,260,139

 

 

 

(69,378

)

 

 

 

3,190,761

 

Real estate under development

 

 

247,349

 

 

 

(148

)

(a)

 

 

247,201

 

Net investments in real estate

 

 

3,507,488

 

 

 

(69,526

)

 

 

 

3,437,962

 

Notes receivable, net

 

 

101,450

 

 

 

(568

)

(b)

 

 

100,882

 

Investments in and advances to unconsolidated affiliates

 

 

249,807

 

 

 

23,022

 

(a,b)

 

 

272,829

 

Other assets, net

 

 

173,809

 

 

 

(3,528

)

(a)

 

 

170,281

 

Right-of-use assets - operating leases, net

 

 

76,268

 

 

 

—

 

 

 

 

76,268

 

Cash and cash equivalents

 

 

19,232

 

 

 

(533

)

(a)

 

 

18,699

 

Restricted cash

 

 

14,692

 

 

 

(3,596

)

(a)

 

 

11,096

 

Rents receivable

 

 

44,136

 

 

 

(1,084

)

(a)

 

 

43,052

 

Total assets

 

$

4,186,882

 

 

$

(55,813

)

 

 

$

4,131,069

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

 

 

Mortgage and other notes payable, net

 

$

1,125,356

 

 

$

(56,550

)

(a)

 

$

1,068,806

 

Unsecured notes payable, net

 

 

500,083

 

 

 

—

 

 

 

 

500,083

 

Unsecured line of credit

 

 

138,400

 

 

 

—

 

 

 

 

138,400

 

Accounts payable and other liabilities

 

 

269,911

 

 

 

(1,469

)

(a)

 

 

268,442

 

Lease liability - operating leases, net

 

 

88,816

 

 

 

—

 

 

 

 

88,816

 

Dividends and distributions payable

 

 

147

 

 

 

—

 

 

 

 

147

 

Distributions in excess of income from,
and investments in, unconsolidated affiliates

 

 

15,616

 

 

 

—

 

 

 

 

15,616

 

Total liabilities

 

 

2,138,329

 

 

 

(58,019

)

 

 

 

2,080,310

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

 

 

Acadia Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 86,268,303 and 87,050,465 shares, respectively

 

 

86

 

 

 

—

 

 

 

 

86

 

Additional paid-in capital

 

 

1,683,165

 

 

 

—

 

 

 

 

1,683,165

 

Accumulated other comprehensive loss

 

 

(74,891

)

 

 

—

 

 

 

 

(74,891

)

Distributions in excess of accumulated earnings

 

 

(167,046

)

 

 

(132

)

(b)

 

 

(167,178

)

Total Acadia shareholders’ equity

 

 

1,441,314

 

 

 

(132

)

 

 

 

1,441,182

 

Noncontrolling interests

 

 

607,239

 

 

 

2,338

 

(a,b)

 

 

609,577

 

Total equity

 

 

2,048,553

 

 

 

2,206

 

 

 

 

2,050,759

 

Total liabilities and equity

 

$

4,186,882

 

 

$

(55,813

)

 

 

$

4,131,069

 

 

 

 

 

 

 

 

 

 

 

 

 

a)
Relates to the correction to adjust the assets and liabilities of two consolidated subsidiaries to "investments in and advances to unconsolidated affiliates", which had no impact on net income (loss) for the year ended December 31, 2020.
b)
Relates to immaterial previously unrecorded adjustments, which, in the aggregate increased or (decreased) net income attributable to Common Shareholders by ($0.1) million through the year ended December 31, 2020.

 

The Company’s internal review is ongoing and the Company may identify further errors. There can be no assurance that the actual effects of the error corrections will be only as described above.


 

12