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 - |
| $ | (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 - |
| $ | 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 - |
| $ | 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 - |
| $ | 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
| 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 |
|
| (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, |
| $ | 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 |
|
| 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 |
|
| (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 |
|
| 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, |
| $ | 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 |
|
| 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 |
|
| (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 |
|
| 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, |
| $ | 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 |
|
| 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 |
|
| (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 |
|
| 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, |
| $ | 0.27 |
|
| $ | — |
|
|
| $ | 0.27 |
|
| $ | 0.81 |
|
| $ | — |
|
|
| $ | 0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8
Exhibit 99.1
|
| Three Months Ended December 31, 2020 |
|
| Year Ended December 31, 2020 |
| ||||||||||||||||||||
Reconciliation of Consolidated Net Operating Loss |
| 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 |
|
| 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 |
| 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 |
|
| 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 |
| 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 |
|
| 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 |
| 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 |
|
| 2,961 |
|
|
| — |
|
|
|
| 2,961 |
|
|
| 10,025 |
|
|
| — |
|
|
|
| 10,025 |
|
NOI - Core Portfolio |
| $ | 31,879 |
|
| $ | — |
|
|
| $ | 31,879 |
|
| $ | 94,733 |
|
| $ | — |
|
|
| $ | 94,733 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
| 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 |
|
|
|
|
|
|
|
|
|
|
|
|
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