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Real Estate | 12 Months Ended
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Dec. 31, 2016
Acquisition and Disposition of Properties and Discontinued Operations [Abstract] |
Real Estate | 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 |
Acquisitions 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.
All of the above acquisitions were deemed to be business combinations except 991 Madison Avenue, 1964 Union Street, City Point Tower I, and 650 Bald Hill Road. The Company expensed $5.5 million, $1.3 million and $4.8 million of acquisition costs for the years ended December 31, 2016, 2015 and 2014, respectively, related to the Core Portfolio; $0.2 million of acquisition costs for the year ended December 31, 2014 related to Fund III; and $2.7 million, $3.5 million and $2.7 million of acquisition costs for the years ended December 31, 2016, 2015 and 2014, respectively, related to Fund IV. Purchase Price Allocations With the exception of the asset acquisitions noted above, the above acquisitions have been accounted for as business combinations. The purchase prices for the business combinations were allocated to the acquired assets and assumed liabilities based on their estimated fair values 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. During 2016 and 2015, 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 2016, the Company made certain measurement period adjustments related to its 2015 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 |
Dispositions and Discontinued Operations 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 |
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 | ) |  | $ | — |
In addition, during the year ended December 31, 2014, the Company reported one consolidated property sold within discontinued operations, comprised of a net gain on the disposition of properties of $1.2 million of which $1.0 million was attributable to noncontrolling interests. Properties Held For Sale At December 31, 2016, the Company had one property in Fund II classified as held-for-sale with net assets of $21.5 million and subject to a mortgage of $25.5 million, which will be repaid prior to the sale. The property held for sale had net income (loss) of $0.4 million, ($0.3 million) and $0.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. At December 31, 2015 the Company had no properties classified as held for sale. Pro Forma Financial Information (Unaudited) The following unaudited pro forma operating data is presented for the year ended December 31, 2016, as if the acquisition of the properties acquired in 2016 were completed on January 1, 2015 and as if the acquisition of the properties acquired in 2015 were completed on January 1, 2014, including recognition of the related acquisition expenses of $8.2 million and $4.8 million, respectively. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations of the Company would have been, assuming the transactions had been completed as set forth above, nor do they purport to represent the Company's results of operations for future periods.
| 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 |
Real Estate Under Development and Construction in Progress Real estate under development represents the Company's consolidated properties which have not yet been placed into service while undergoing substantial development or construction. At December 31, 2015, the Company had two properties in Fund II, two properties in Fund III and four properties in Fund IV aggregating $609.6 million under development. During 2016, the Company acquired two properties in Fund IV that were under development. Also during 2016, the Company placed a portion of its City Point property in Fund II aggregating $187.4 million into service and capitalized $98.4 million related to City Point and $22.9 million relating to its other projects. At December 31, 2016, the Company had one Core property, two properties in Fund II, three properties in Fund III and four properties in Fund IV classified as real estate under development with accumulated costs aggregating $543.5 million. Construction in progress pertains to the Company's operating properties which have already been placed into service.

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- 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
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