XML 52 R13.htm IDEA: XBRL DOCUMENT
v2.4.0.6

ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS | 3 Months Ended
--- | ---
Mar. 31, 2013
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT |
ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS | ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Acquisitions 2013 Core Portfolio Acquisitions During March 2013, the Company acquired 664 North Michigan Avenue, an 18,141 square foot retail condominium in Chicago, Illinois for $86.6 million. 2013 Fund III Acquisitions Fund III had previously acquired a $23.0 million maturing note receivable at a discounted price of $18.5 million during April 2012. The note receivable was collateralized by a 79,526 square foot shopping center located in Brooklyn, New York ("Nostrand Place"). The Company commenced foreclosure proceedings, but ultimately agreed to a settlement with the unaffiliated borrower. Pursuant to the settlement, in February 2013, Fund III and the borrower formed a joint venture whereby Fund III contributed its interest in the note for a 99% controlling interest in the joint venture, and the borrower contributed the deed to Nostrand Place in exchange for a 1% interest in the joint venture. Purchase Price Allocation The above 2013 Core Portfolio and Fund III acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and liabilities based on the estimated fair value of the acquired assets at the dates of acquisition. The preliminary measurements at fair value reflected below are subject to change. The Company expects to finalize the valuations and complete the purchase price allocations within one year from the dates of acquisition. The following table summarizes the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2013:
(dollars in thousands) | Preliminary Purchase Price Allocations (1)
Land | $ | 22,182 |
Buildings and improvements | 83,865 |
Total consideration | $ | 106,047 |
Note: (1) Represents preliminary allocations for 2013 acquisitions where purchase price allocations have not been finalized.
4. | ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)
Acquisitions (continued) During 2012, the Company acquired properties and recorded the preliminary allocations of the purchase prices to the assets acquired based on provisional measurements of fair value. During 2013, the Company finalized the allocations of the purchase prices and made certain measurement period adjustments. The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2012, and the finalized allocations of the purchase prices as adjusted as of March 31, 2013:
(dollars in thousands) | Finalized Purchase Price Allocations | Preliminary Purchase Price Allocations
Land | $ | 4,933 |  | $ | 5,175 |
Buildings and improvements | 14,587 |  | 15,525 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 1,180 |  | — |
Total consideration | $ | 20,700 |  | $ | 20,700 |
Discontinued Operations The Company reports properties held-for-sale and properties sold during the periods as discontinued operations. The results of operations of discontinued operations are reflected as a separate component within the accompanying Consolidated Statements of Income for all periods presented. As of March 31, 2013, two of the properties within the Opportunity Funds were under contract for sale. The combined assets and liabilities as of March 31, 2013 and December 31, 2012, and the results of operations of the properties classified as discontinued operations for the three months ended March 31, 2013 and March 31, 2012, respectively, are summarized as follows:
BALANCE SHEET |  |  |  |
ASSETS |  | March 31, 2013 | December 31, 2012
(dollars in thousands) |  |  |  |
Net real estate |  | $ | 19,468 |  | $ | 19,400 |
Rents receivable, net |  | 875 |  | 917 |
Deferred charges, net |  | 360 |  | 612 |
Prepaid expenses and other assets |  | 311 |  | 1,132 |
Total assets of discontinued operations |  | $ | 21,014 |  | $ | 22,061 |
LIABILITIES |  |  |  |
Mortgage notes payable |  | $ | 9,178 |  | $ | 9,208 |
Accounts payable and accrued expenses |  | 2,124 |  | 3,125 |
Other liabilities |  | 609 |  | 765 |
Total liabilities of discontinued operations |  | $ | 11,911 |  | $ | 13,098 |
4. | ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)
Discontinued Operations (continued)
|  | Three Months Ended
STATEMENTS OF OPERATIONS |  | March 31,
(dollars in thousands) |  | 2013 |  | 2012
Total revenues |  | $ | 1,170 |  |  | $ | 9,713 |
Total expenses |  | 773 |  |  | 7,386 |
Income from discontinued operations |  | 397 |  |  | 2,327 |
Income from discontinued operations attributable to noncontrolling interests |  | (348 | ) |  | (1,805 | )
Income from discontinued operations attributable to Common Shareholders |  | $ | 49 |  |  | $ | 522 |

X
- Details
Name: | akr_AcquisitionAndDispositionOfRealEstateAndDiscontinuedOperationsAbstract
Namespace Prefix: | akr_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
Name: | us-gaap_MergersAcquisitionsAndDispositionsDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration