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Real Estate (Tables) | 9 Months Ended
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Sep. 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):
|  | September 30, 2017 |  | December 31, 2016
Land |  | $ | 659,547 |  |  | $ | 693,252 |
Buildings and improvements |  | 2,344,370 |  |  | 1,916,288 |
Tenant improvements |  | 140,027 |  |  | 132,220 |
Construction in progress |  | 22,052 |  |  | 19,789 |
Properties under capital lease |  | 76,965 |  |  | 76,965 |
Total |  | 3,242,961 |  |  | 2,838,514 |
Less: Accumulated depreciation |  | (337,961 | ) |  | (287,066 | )
Operating real estate, net |  | 2,905,000 |  |  | 2,551,448 |
Real estate under development, at cost |  | 237,434 |  |  | 543,486 |
Net investments in real estate |  | $ | 3,142,434 |  |  | $ | 3,094,934 |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the allocation of the purchase price of properties acquired during the nine months ended September 30, 2017 and the year ended December 31, 2016 (in thousands):
| Nine Months Ended September 30, 2017 |  | Year Ended December 31, 2016
Net Assets Acquired: |  |  |
Land | $ | 21,917 |  |  | $ | 225,729 |
Buildings and improvements | 104,729 |  |  | 458,525 |
Other assets | — |  |  | 3,481 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 31,378 |  |  | 63,606 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | (8,292 | ) |  | (72,985 | )
Above and below market debt assumed (included in Mortgages and other notes payable, net) | — |  |  | (119,601 | )
Net assets acquired | $ | 149,732 |  |  | $ | 558,755 |
Consideration: |  |  |
Cash | $ | 138,429 |  |  | $ | 439,546 |
Conversion of note receivable | 9,142 |  |  | — |
Debt assumed | — |  |  | 119,209 |
Liabilities assumed | 2,161 |  |  | — |
Total Consideration | $ | 149,732 |  |  | $ | 558,755 |
During the nine months ended September 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 (Note 3) | 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 |  |  | — |
Hickory Ridge - Hickory, NC | 100% | Jul 27, 2017 | 44,020 |  |  | — |
New Towne Plaza - Canton, MI | 100% | Aug 4, 2017 | 26,000 |  |  | — |
Subtotal Fund V |  |  | 105,240 |  |  | — |
Total 2017 Acquisitions |  |  | $ | 149,732 |  |  | $ | — |
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 nine months ended September 30, 2017 and 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
2017 Dispositions: |  |  |  |  |
New Hyde Park Shopping Center - New Hyde Park, NY | Fund III | Jul 6, 2017 | $ | 22,075 |  |  | $ | 6,433 |
216th Street - New York, NY | Fund II | Sep 11, 2017 | 30,579 |  |  | 6,539 |
Total 2017 Dispositions |  |  | $ | 52,654 |  |  | $ | 12,972 |
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 nine months ended September 30, 2017 and year ended December 31, 2016 were as follows (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2017 |  | 2016 |  | 2017 |  | 2016
Rental revenues |  | $ | 503 |  |  | $ | 1,122 |  |  | $ | 2,136 |  |  | $ | 7,378 |
Expenses |  | (523 | ) |  | (1,095 | ) |  | (2,343 | ) |  | (4,745 | )
Loss on extinguishment of debt |  | (10 | ) |  | — |  |  | (10 | ) |  | (15 | )
Income from continuing operations of disposed properties before gain on disposition of properties |  | (30 | ) |  | 27 |  |  | (217 | ) |  | 2,618 |
Gain on disposition of properties, net of tax |  | 12,972 |  |  | — |  |  | 12,972 |  |  | 81,965 |
Net income attributable to noncontrolling interests |  | (9,166 | ) |  | (18 | ) |  | (9,034 | ) |  | (70,410 | )
Net income attributable to Acadia |  | $ | 3,776 |  |  | $ | 9 |  |  | $ | 3,721 |  |  | $ | 14,173 |
Business Acquisition, Pro Forma Information | 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.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Pro forma revenues | $ | 63,253 |  |  | $ | 51,871 |  |  | $ | 191,673 |  |  | $ | 164,410 |
Pro forma income from continuing operations | 368 |  |  | 1,092 |  |  | 26,439 |  |  | 19,504 |
Pro forma net income attributable to Acadia | 12,912 |  |  | 6,839 |  |  | 40,608 |  |  | 54,201 |
Pro forma basic and diluted earnings per share | 0.15 |  |  | 0.08 |  |  | 0.48 |  |  | 0.66 |
Schedule of Development in Process Activities | Development activity comprised the following during the periods presented (dollars in thousands):
| December 31, 2016 |  | Nine Months Ended September 30, 2017 |  | September 30, 2017
| Number of Properties |  | Carrying Value |  | Transfers In |  | Capitalized Costs |  | Transfers Out |  | Number of Properties |  | Carrying Value
Core | 1 |  |  | $ | 2,530 |  |  | $ | 7,258 |  |  | $ | 3,852 |  |  | $ | 5,441 |  |  | 2 |  |  | $ | 8,199 |
Fund II | 2 |  |  | 443,012 |  |  | — |  |  | 7,677 |  |  | 414,000 |  |  | 1 |  |  | 36,689 |
Fund III | 3 |  |  | 51,421 |  |  | — |  |  | 13,838 |  |  | 8,146 |  |  | 2 |  |  | 57,113 |
Fund IV | 8 |  |  | 46,523 |  |  | 79,624 |  |  | 13,883 |  |  | 4,597 |  |  | 8 |  |  | 135,433 |
Total | 14 |  |  | $ | 543,486 |  |  | $ | 86,882 |  |  | $ | 39,250 |  |  | $ | 432,184 |  |  | 13 |  |  | $ | 237,434 |

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