XML 80 R11.htm IDEA: XBRL DOCUMENT
v2.4.0.8

ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS | 12 Months Ended
--- | ---
Dec. 31, 2013
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT |
Acquisitions And Disposition Of Properties And Discontinued Operations | Acquisition and Disposition of Properties and Discontinued Operations A. Acquisition and Disposition of Properties Acquisitions During 2013, the Company acquired the following properties through its Core Portfolio and Funds as follows: Core Portfolio
(dollars in millions) |  |  |  |  |  |
Property | GLA | Percent Owned | Type | Month of Acquisition | Purchase Price | Location
664 N Michigan Avenue | 18,141 |  | 100% | Street Retail | March | $ | 86.6 |  | Chicago, IL
8-12 East Walton | 8,244 |  | 100% | Street Retail | June | 22.5 |  | Chicago, IL
3200-3204 M Street | 7,000 |  | 100% | Street Retail | July | 11.8 |  | Washington, D.C.
868 Broadway | 2,031 |  | 100% | Street Retail | December | 13.5 |  | New York, NY
313-315 Bowery | 6,600 |  | 100% | Street Retail | December | 5.5 |  | New York, NY
120 West Broadway (1) | 13,988 |  | 100% | Street Retail | December | 37.0 |  | New York, NY
Total | 56,004 |  |  |  |  | $ | 176.9 |  |
Note: (1) This acquisition was primarily funded with the issuance of 1.2 million OP Units. The Company expensed $2.7 million of acquisition costs for the year ended December 31, 2013 related to the Core Portfolio. Fund III Fund III had previously acquired a $23.0 million note receivable at a discounted price of $18.5 million during April 2012. The note receivable, which was scheduled to mature in May 2012, 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. As a result, Fund III consolidates its investment in Nostrand Place. The Company expensed $0.8 million of acquisition costs for the year ended December 31, 2013 related to Fund III. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties and Discontinued Operations, continued Fund IV
(dollars in millions) |  |  |  |  |  |
Property | GLA | Percent Owned | Type | Month of Acquisition | Purchase Price | Location
2819 Kennedy Boulevard (1) | 53,680 |  | 90 | % | Shopping Center | June | $ | 9.0 |  | North Bergen, NJ
Promenade at Manassas (1) | 265,442 |  | 90 | % | Shopping Center | July | 38.0 |  | Manassas, VA
Paramus Plaza | 152,118 |  | 50 | % | Shopping Center | September | 18.9 |  | Paramus, NJ
1151 Third Avenue | 12,288 |  | 100 | % | Street Retail | October | 18.0 |  | New York, NY
Lake Montclair | 105,850 |  | 100 | % | Shopping Center | October | 19.3 |  | Dumfries, VA
938 W North Avenue | 35,000 |  | 80 | % | Street Retail | November | 20.0 |  | Chicago, IL
Total | 624,378 |  |  |  |  | $ | 123.2 |  |
Note: (1) As the joint venture partners to these investments maintain operating control over the investments, these are accounted for under the equity method. The Company expensed $2.0 million of acquisition costs for the year ended December 31, 2013 related to Fund IV. The above acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on the Company's current best estimate of fair value of these acquired assets and assumed liabilities at the dates of acquisition. The preliminary measurements of 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 both the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2013:
(dollars in thousands) | Preliminary Purchase Price Allocation
Land | $ | 65,829 |
Buildings and Improvements | 253,724 |
Total Consideration | $ | 319,553 |
During 2012, the Company acquired properties and recorded the preliminary allocation of the purchase price to the assets acquired based on provisional measurements of fair value. During 2013, the Company finalized the allocation of the purchase price and made certain measurement period adjustments. The following table summarizes the preliminary allocation of the purchase price of properties as recorded as of December 31, 2012, and the finalized allocation of the purchase price as adjusted as of December 31, 2013: ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties and Discontinued Operations, continued
(dollars in thousands) | Preliminary Purchase Price Allocation | Adjustments | Finalized Purchase Price Allocation
Land | $ | 86,826 |  | $ | 30,312 |  | $ | 117,138 |
Buildings and Improvements | 226,650 |  | (32,440 | ) | 194,210 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | — |  | 31,965 |  | 31,965 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | — |  | (27,592 | ) | (27,592 | )
Above-below market debt assumed (included in Mortgages and other notes payable) | — |  | (2,245 | ) | (2,245 | )
Total Consideration | $ | 313,476 |  | $ | — |  | $ | 313,476 |
Dispositions During 2013, the Company disposed of the following properties: Core Portfolio During 2013, the Company sold the A&P Shopping Center, a 62,741 square foot center, anchored by an A&P supermarket, located in Boonton, New Jersey, for $18.4 million, which resulted in a gain of $6.5 million. Fund II
(dollars in thousands) Property |  | Month Sold |  | Sales Price |  | Gain/(Loss) |  | GLA
Pelham Storage |  | May |  | $ | 11,900 |  |  | $ | 4,226 |  |  | 490,900 |
Fordham Place |  | November |  | 133,900 |  |  | (806 | ) |  | 262,407 |
Pelham Plaza |  | November |  | 58,500 |  |  | 8,894 |  |  | 228,493 |
Total |  |  |  | $ | 204,300 |  |  | $ | 12,314 |  |  | 981,800 |
B. Discontinued Operations The Company reports properties sold and held-for-sale during the periods as discontinued operations. The assets and liabilities and results of operations of discontinued operations are reflected as a separate component within the accompanying consolidated financial statements for all periods presented. The combined assets and liabilities as of December 31, 2013 and 2012, and the results of operations of the properties classified as discontinued operations for the years ended December 31, 2013, 2012 and 2011, are summarized as follows: ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties and Discontinued Operations, continued
(dollars in thousands) |  |  |
BALANCE SHEETS |  | December 31, 2013 | December 31, 2012
ASSETS |  |  |  |  |
Net real estate |  | $ | 17,991 |  | $ | 210,633 |
Rents receivable, net |  | 565 |  | 10,484 |
Deferred charges, net |  | 38 |  | 8,531 |
Prepaid expenses and other assets |  | 1,840 |  | 8,629 |
Total assets of discontinued operations |  | $ | 20,434 |  | $ | 238,277 |
LIABILITIES |  |  |  |  |
Mortgages payable |  | $ | — |  | $ | 124,005 |
Accounts payable and accrued expenses |  | 1,473 |  | 4,735 |
Other liabilities |  | 1,034 |  | 7,416 |
Total liabilities of discontinued operations |  | $ | 2,507 |  | $ | 136,156 |
|  | Years ended December 31,
(dollars in thousands) |  | 2013 |  | 2012 |  | 2011
STATEMENTS OF INCOME |  |  |  |  |  |  |  |  |
Total revenues |  | $ | 20,920 |  |  | $ | 56,902 |  |  | $ | 57,613 |
Total expenses |  | 14,102 |  |  | 44,895 |  |  | 48,680 |
Operating income |  | 6,818 |  |  | 12,007 |  |  | 8,933 |
Impairment of assets |  | (6,683 | ) |  | — |  |  | (6,925 | )
Loss on debt extinguishment |  | (800 | ) |  | (2,541 | ) |  | — |
Gain on sale of properties |  | 18,802 |  |  | 71,203 |  |  | 46,830 |
Income from discontinued operations |  | 18,137 |  |  | 80,669 |  |  | 48,838 |
Income from discontinued operations attributable to noncontrolling interests |  | (12,048 | ) |  | (64,582 | ) |  | (15,894 | )
Income from discontinued operations attributable to Common Shareholders |  | $ | 6,089 |  |  | $ | 16,087 |  |  | $ | 32,944 |

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