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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2016
Acquisition and Disposition of Properties and Discontinued Operations [Abstract] |
Schedule of Consolidated Real Estate | The Company's consolidated real estate is comprised of the following (in thousands):
|  | December 31,
|  | 2016 |  | 2015
Land |  | $ | 693,252 |  |  | $ | 514,120 |
Buildings and improvements |  | 1,916,288 |  |  | 1,457,351 |
Tenant improvements |  | 132,220 |  |  | 135,999 |
Construction in progress |  | 19,789 |  |  | 19,239 |
Properties under capital lease |  | 76,965 |  |  | — |
Total |  | 2,838,514 |  |  | 2,126,709 |
Less: Accumulated depreciation |  | (287,066 | ) |  | (298,703 | )
Operating real estate, net |  | 2,551,448 |  |  | 1,828,006 |
Real estate under development at cost |  | 543,486 |  |  | 609,574 |
Net investment in real estate |  | $ | 3,094,934 |  |  | $ | 2,437,580 |
Schedule of Business Acquisitions, by Acquisition | During 2016 and 2015, the Company acquired the following consolidated retail properties (dollars in thousands):
Property | Percent Acquired | Date of Acquisition | Purchase Price |  | Debt Assumed
2016 Acquisitions |  |  |  |  |
Core Portfolio: |  |  |  |  |
991 Madison Avenue - New York, NY (a) | 100% | Mar 26, 2016 | $ | 76,628 |  |  | $ | — |
165 Newbury Street - Boston, MA | 100% | May 13, 2016 | 6,250 |  |  | — |
Concord & Milwaukee - Chicago, IL | 100% | Jul 28, 2016 | 6,000 |  |  | 2,902 |
151 North State Street - Chicago, IL | 100% | Aug 10, 2016 | 30,500 |  |  | 14,556 |
State & Washington - Chicago, IL | 100% | Aug 22, 2016 | 70,250 |  |  | 25,650 |
North & Kingsbury - Chicago, IL | 100% | Aug 29, 2016 | 34,000 |  |  | 13,409 |
Sullivan Center - Chicago, IL | 100% | Aug 31, 2016 | 146,939 |  |  | — |
California & Armitage - Chicago, IL | 100% | Sep 12, 2016 | 9,250 |  |  | 2,692 |
555 9th Street - San Francisco, CA | 100% | Nov 2, 2016 | 139,775 |  |  | 60,000 |
Subtotal Core Portfolio |  |  | 519,592 |  |  | 119,209 |
Fund IV: |  |  |  |  |
Restaurants at Fort Point - Boston, MA | 100% | Jan 14, 2016 | 11,500 |  |  | — |
1964 Union Street - San Francisco, CA | 90% | Jan 28, 2016 | 2,250 |  |  | 1,463 |
Wake Forest Crossing - Wake Forest, NC | 100% | Sep 27, 2016 | 36,600 |  |  | — |
Airport Mall - Bangor, ME | 100% | Oct 28, 2016 | 10,250 |  |  | — |
Colonie Plaza - Albany, NY | 100% | Oct 28, 2016 | 15,000 |  |  | — |
Dauphin Plaza - Harrisburg, PA | 100% | Oct 28, 2016 | 16,000 |  |  | — |
JFK Plaza - Waterville, ME | 100% | Oct 28, 2016 | 6,500 |  |  | — |
Mayfair Shopping Center - Philadelphia, PA | 100% | Oct 28, 2016 | 16,600 |  |  | — |
Shaw's Plaza - Waterville, ME | 100% | Oct 28, 2016 | 13,800 |  |  | — |
Wells Plaza - Wells, ME | 100% | Oct 28, 2016 | 5,250 |  |  | — |
717 N Michigan - Chicago, IL | 100% | Dec 1, 2016 | 103,500 |  |  | — |
Subtotal Fund IV |  |  | 237,250 |  |  | 1,463 |
Total 2016 Acquisitions |  |  | $ | 756,842 |  |  | $ | 120,672 |
Property | Percent Acquired | Date of Acquisition | Purchase Price |  | Debt Assumed
2015 Acquisitions |  |  |  |  |  |  |
Core Portfolio: |  |  |  |  |
City Center - San Francisco, CA | 100% | Mar 13, 2015 | $ | 155,000 |  |  | $ | — |
163 Highland Avenue - Needham, MA | 100% | Mar 26, 2015 | 24,000 |  |  | 9,765 |
Route 202 Shopping Center - Wilmington, DE | 100% | Apr 1, 2015 | 5,643 |  |  | — |
Roosevelt Galleria - Chicago, IL | 100% | Sep 11, 2015 | 19,600 |  |  | — |
Subtotal Core Portfolio |  |  | 204,243 |  |  | 9,765 |
Fund II: |  |  |  |  |
City Point Tower I - Brooklyn, NY (a) | 95% |  | 100,800 |  |  | 81,000 |
Fund IV: |  |  |  |  |
1035 Third Avenue - New York, NY | 100% | Jan 28, 2015 | 51,036 |  |  | — |
801 Madison Avenue - New York, NY | 100% | Apr 1, 2015 | 33,000 |  |  | — |
650 Bald Hill Road - Warwick, RI (a) | 90% | Sep 30, 2015 | 9,216 |  |  | — |
2208-2216 Fillmore Street - San Francisco, CA | 90% | Oct 22, 2015 | 8,625 |  |  | — |
146 Geary Street - San Francisco, CA | 100% | Nov 12, 2015 | 38,000 |  |  | — |
2207 Fillmore Street - San Francisco, CA | 90% | Nov 19, 2015 | 2,800 |  |  | 1,120 |
1861 Union Street - San Francisco, CA | 90% | Dec 2, 2015 | 3,500 |  |  | — |
Subtotal Fund IV |  |  | 146,177 |  |  | 1,120 |
Total 2015 Acquisitions |  |  | $ | 451,220 |  |  | $ | 91,885 |
__________
(a) | These acquisitions were accounted for as asset acquisitions.
The following table summarizes the allocation of the purchase price of properties acquired during 2016 and 2015 (in thousands):
| Year Ended December 31,
| 2016 |  | 2015
| Purchase Price Allocation |  | Preliminary Purchase Price Allocation |  | Adjustments |  | Finalized Purchase Price Allocation
Net assets acquired: |  |  |  |  |  |  |
Land | $ | 225,729 |  |  | $ | 83,890 |  |  | $ | 4,178 |  |  | $ | 88,068 |
Buildings and improvements | 458,525 |  |  | 258,926 |  |  | (14,023 | ) |  | 244,903 |
Other assets | 3,481 |  |  | — |  |  | — |  |  | — |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 63,606 |  |  | — |  |  | 22,660 |  |  | 22,660 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | (72,985 | ) |  | — |  |  | (12,094 | ) |  | (12,094 | )
Above and below market debt assumed (included in Mortgages and other notes payable, net) | (119,601 | ) |  | (10,885 | ) |  | (721 | ) |  | (11,606 | )
Net assets acquired | $ | 558,755 |  |  | $ | 331,931 |  |  | $ | — |  |  | $ | 331,931 |
Consideration: |  |  |  |  |
Cash | $ | 677,964 |  |  |  |  | $ | 342,816 |
Debt assumed | (119,209 | ) |  |  |  | (10,885 | )
Total Consideration | $ | 558,755 |  |  |  |  | $ | 331,931 |
Schedule of Property Dispositions | During 2016 and 2015, the Company disposed of the following consolidated properties (in thousands):
| Owner | Date Sold | Sale Price |  | Gain on Sale
2016 Dispositions: |  |  |  |  |
Cortlandt Town Center - 65% (Note 4) | Fund III | Jan 28, 2016 | $ | 107,250 |  |  | $ | 65,393 |
Heritage Shops | Fund III | Apr 26, 2016 | 46,500 |  |  | 16,572 |
Total 2016 Dispositions |  |  | $ | 153,750 |  |  | $ | 81,965 |
2015 Dispositions: |  |  |  |  |
Lincoln Park Centre | Fund III | Jan 15, 2015 | $ | 64,000 |  |  | $ | 27,143 |
Liberty Avenue | Fund II | May 6, 2015 | 24,000 |  |  | 11,957 |
City Point - Air Rights | Fund II | May 29, 2015 | 115,600 |  |  | 49,884 |
Kroger-Safeway | Fund I | Aug 31, 2015 | 278 |  |  | 79 |
Total 2015 Dispositions |  |  | $ | 203,878 |  |  | $ | 89,063 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during 2016 and 2015 were as follows (in thousands):
|  | Year Ended December 31,
|  | 2016 |  | 2015 |  | 2014
Rental revenues |  | $ | 3,503 |  |  | $ | 21,987 |  |  | $ | 26,374 |
Expenses |  | (1,179 | ) |  | (16,246 | ) |  | (19,753 | )
Gain on disposition of properties |  | 81,965 |  |  | 89,063 |  |  | — |
Loss on extinguishment of debt |  | (15 | ) |  | (111 | ) |  | (181 | )
Provision for income taxes |  | — |  |  | (2 | ) |  | (2 | )
Income from continuing operations of disposed properties, net of income taxes |  | $ | 84,274 |  |  | $ | 94,691 |  |  | $ | 6,438 |
Amounts attributable to noncontrolling interests |  | $ | (64,374 | ) |  | $ | (76,277 | ) |  | $ | — |
Business Acquisition, Pro Forma Information |
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Pro forma revenues | $ | 252,702 |  |  | $ | 274,972 |  |  | $ | 215,991 |
Pro forma income from continuing operations | $ | 141,612 |  |  | $ | 150,498 |  |  | $ | 145,398 |
Pro forma net income attributable to Acadia | $ | 79,680 |  |  | $ | 67,788 |  |  | $ | 67,888 |
Pro forma basic and diluted earnings per share | $ | 0.94 |  |  | $ | 0.81 |  |  | $ | 1.03 |

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