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Real Estate (Tables) | 6 Months Ended
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Jun. 30, 2017
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):
|  | June 30, |  | December 31,
|  | 2017 |  | 2016
Land |  | $ | 647,087 |  |  | $ | 693,252 |
Buildings and improvements |  | 2,390,081 |  |  | 1,916,288 |
Tenant improvements |  | 138,998 |  |  | 132,220 |
Construction in progress |  | 23,910 |  |  | 19,789 |
Properties under capital lease |  | 76,965 |  |  | 76,965 |
Total |  | 3,277,041 |  |  | 2,838,514 |
Less: Accumulated depreciation |  | (319,497 | ) |  | (287,066 | )
Operating real estate, net |  | 2,957,544 |  |  | 2,551,448 |
Real estate under development, at cost |  | 208,966 |  |  | 543,486 |
Net investments in real estate |  | $ | 3,166,510 |  |  | $ | 3,094,934 |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the allocation of the purchase price of properties acquired during the six months ended June 30, 2017 and the year ended December 31, 2016 (in thousands):
| Six Months Ended June 30, |  | Year Ended December 31,
| 2017 |  | 2016
Net Assets Acquired: |  |  |
Land | $ | 9,025 |  |  | $ | 225,729 |
Buildings and improvements | 57,111 |  |  | 458,525 |
Other assets | — |  |  | 3,481 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 18,371 |  |  | 63,606 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | (4,795 | ) |  | (72,985 | )
Above and below market debt assumed (included in Mortgages and other notes payable, net) | — |  |  | (119,601 | )
Net assets acquired | $ | 79,712 |  |  | $ | 558,755 |
Consideration: |  |  |
Cash | $ | 80,939 |  |  | $ | 677,964 |
Debt assumed | — |  |  | (119,209 | )
Liabilities assumed | (1,227 | ) |  | — |
Total Consideration | $ | 79,712 |  |  | $ | 558,755 |
During the six months ended June 30, 2017 and the year ended December 31, 2016, the Company acquired the following consolidated retail properties (dollars in thousands):
Property and Location | Percent Acquired | Date of Acquisition | Purchase Price |  | Debt Assumed
2017 Acquisitions |  |  |  |  |
Fund IV: |  |  |  |  |
Lincoln Place - Fairview Heights, IL | 100% | Mar 13, 2017 | $ | 35,350 |  |  | $ | — |
Shaw's Plaza - Windham, ME | 100% | Jun 30, 2017 | 9,142 |  |  | — |
Subtotal Fund IV |  |  | 44,492 |  |  | — |
Fund V: |  |  |  |  |
Plaza Santa Fe - Santa Fe, NM | 100% | Jun 5, 2017 | 35,220 |  |  | — |
Subtotal Fund V |  |  | 35,220 |  |  | — |
Total 2017 Acquisitions |  |  | $ | 79,712 |  |  | $ | — |
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 (a) | 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 |
__________
(a) | These acquisitions were accounted for as asset acquisitions as the underlying properties did not meet the definition of a business.
Schedule of Property Dispositions | During the year ended December 31, 2016, the Company disposed of the following consolidated properties (in thousands):
Property and Location | Owner | Date Sold | Sale Price |  | Gain on Sale
2016 Dispositions: |  |  |  |  |
Cortlandt Town Center (65%) - Mohegan Lake, NY (Note 4) | Fund III | Jan 28, 2016 | $ | 107,250 |  |  | $ | 65,393 |
Heritage Shops - Chicago, IL | Fund III | Apr 26, 2016 | 46,500 |  |  | 16,572 |
Total 2016 Dispositions |  |  | $ | 153,750 |  |  | $ | 81,965 |
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 the year ended December 31, 2016 were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2016 |  | 2016
Rental revenues | $ | 1,442 |  |  | $ | 3,752 |
Expenses | (82 | ) |  | (666 | )
Gain on disposition of properties | 16,572 |  |  | 81,965 |
Loss on extinguishment of debt | (15 | ) |  | (15 | )
Income from continuing operations of disposed properties, net of income taxes | 17,917 |  |  | 85,036 |
Amounts attributable to noncontrolling interests | (14,117 | ) |  | (64,949 | )
Net income attributable to Acadia | $ | 3,800 |  |  | $ | 20,087 |
Business Acquisition, Pro Forma Information |
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Pro forma revenues | $ | 60,543 |  |  | $ | 53,579 |  |  | $ | 124,516 |  |  | $ | 108,785 |
Pro forma income from continuing operations | 5,969 |  |  | 24,624 |  |  | 24,886 |  |  | 96,979 |
Pro forma net income attributable to Acadia | 11,948 |  |  | 16,738 |  |  | 26,763 |  |  | 44,374 |
Pro forma basic and diluted earnings per share | 0.14 |  |  | 0.22 |  |  | 0.32 |  |  | 0.60 |

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