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Real Estate | 12 Months Ended
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Dec. 31, 2017
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, 2017 |  | December 31, 2016
Land |  | $ | 658,835 |  |  | $ | 693,252 |
Buildings and improvements |  | 2,406,488 |  |  | 1,916,288 |
Tenant improvements |  | 131,850 |  |  | 132,220 |
Construction in progress |  | 18,642 |  |  | 19,789 |
Properties under capital lease |  | 76,965 |  |  | 76,965 |
Total |  | 3,292,780 |  |  | 2,838,514 |
Less: Accumulated depreciation |  | (339,862 | ) |  | (287,066 | )
Operating real estate, net |  | 2,952,918 |  |  | 2,551,448 |
Real estate under development, at cost |  | 173,702 |  |  | 543,486 |
Net investments in real estate |  | $ | 3,126,620 |  |  | $ | 3,094,934 |
Acquisitions and Conversions During the years ended December 31, 2017 and 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 and Conversions |  |  |  |  |
Core |  |  |  |  |
Market Square Shopping Center - Wilmington, DE (Conversion) (Note 4) | 100% | Nov 16, 2017 | $ | 42,800 |  |  | $ | — |
Subtotal Core |  |  | 42,800 |  |  | — |
Fund IV |  |  |  |  |
Lincoln Place - Fairview Heights, IL | 100% | Mar 13, 2017 | 35,350 |  |  | — |
Shaw's Plaza - Windham, ME (Conversion) (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 |  |  | — |
Fairlane Green - Allen Park, MI | 100% | Dec 20, 2017 | 62,000 |  |  | — |
Subtotal Fund V |  |  | 167,240 |  |  | — |
Total 2017 Acquisitions and Conversions |  |  | $ | 254,532 |  |  | $ | — |
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.
All of the above acquisitions and conversions were deemed to be business combinations except 991 Madison Avenue and 1964 Union Street. The Company expensed $2.1 million of acquisition costs for the year ended December 31, 2017, of which $1.2 million related to the Core Portfolio and $0.9 million related to the Funds and $8.2 million of acquisition costs for the year ended December 31, 2016, of which $5.5 million related to the Core Portfolio and $2.7 million related to the Funds. Revenues, net loss and loss per share from the Company’s consolidated 2017 acquisitions and conversions totaled $10.2 million, $3.5 million and $0.04, respectively for the year ended December 31, 2017. Revenues, net loss and loss per share from the Company’s consolidated 2016 acquisitions totaled $15.3 million, $4.7 million and $0.06, respectively for the year ended December 31, 2016. Purchase Price Allocations 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 following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2017 and December 31, 2016 (in thousands):
| Year Ended December 31, 2017 |  | Year Ended December 31, 2016
Net Assets Acquired |  |  |
Land | $ | 48,138 |  |  | $ | 225,729 |
Buildings and improvements | 173,576 |  |  | 458,525 |
Other assets | 84 |  |  | 3,481 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 44,269 |  |  | 63,606 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | (11,535 | ) |  | (72,985 | )
Above and below market debt assumed (included in Mortgages and other notes payable, net) | — |  |  | (119,601 | )
Net assets acquired | $ | 254,532 |  |  | $ | 558,755 |
Consideration |  |  |
Cash | $ | 200,429 |  |  | $ | 439,546 |
Conversion of note receivable | 41,010 |  |  | — |
Debt assumed | — |  |  | 119,209 |
Liabilities assumed | 3,363 |  |  | — |
Existing interest in previously unconsolidated investment | 4,159 |  |  | — |
Change in control of previously unconsolidated investment | 5,571 |  |  | — |
Total Consideration | $ | 254,532 |  |  | $ | 558,755 |
Dispositions During the years ended December 31, 2017 and December 31, 2016, the Company disposed of the following consolidated properties (in thousands):
Property and Location | Owner | Date Sold | Sale Price |  | Gain/(Loss) 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 |  |  | 6,543 |
City Point Condominium Tower I - Brooklyn, NY | Fund II | Oct 13, 2017 | 96,000 |  |  | (810 | )
1151 Third Avenue - New York, NY | Fund IV | Nov 16, 2017 | 27,000 |  |  | 5,183 |
260 E 161st Street - Bronx, NY | Fund II | Dec 13, 2017 | 105,684 |  |  | 31,537 |
Total 2017 Dispositions |  |  | $ | 281,338 |  |  | $ | 48,886 |
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 |
The Company has recognized impairment charges during the periods presented related to certain properties classified as held for sale and or sold (Note 8). The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during the years ended December 31, 2017, 2016 and 2015 were as follows (in thousands):
|  | Year Ended December 31,
|  | 2017 |  | 2016 |  | 2015
Rental revenues |  | $ | 13,021 |  |  | $ | 16,946 |  |  | $ | 31,935 |
Expenses |  | (18,964 | ) |  | (13,653 | ) |  | (27,265 | )
Loss on extinguishment of debt |  | (1,380 | ) |  | (81 | ) |  | (111 | )
(Loss) income from continuing operations of disposed properties before gain on disposition of properties |  | (7,323 | ) |  | 3,212 |  |  | 4,559 |
Gain on disposition of properties, net of tax |  | 48,886 |  |  | 81,965 |  |  | 89,063 |
Net income attributable to noncontrolling interests |  | (30,072 | ) |  | (70,850 | ) |  | (1,732 | )
Net income attributable to Acadia |  | $ | 11,491 |  |  | $ | 14,327 |  |  | $ | 91,890 |
Properties Held For Sale At December 31, 2017, the Company had one property in Fund II classified as held-for-sale, Sherman Avenue, with total assets of $25.4 million and recognized an impairment charge of $10.6 million inclusive of an amount attributable to a noncontrolling interest of $7.6 million (Note 8). This property had a net loss of $12.0 million and $0.8 million and $0.0 for the years ended December 31, 2017, 2016, and 2015, respectively. At December 31, 2015, the property was under development. At December 31, 2016, the Company had one property in Fund II classified as held-for-sale with total assets of $21.5 million and subject to a mortgage of $25.5 million. Pro Forma Financial Information (Unaudited) The following unaudited pro forma consolidated operating data is presented for the year ended December 31, 2017, as if the acquisitions of the properties acquired during that period were completed on January 1, 2016 and as if the acquisition of the properties acquired during the year ended December 31, 2016 were completed on January 1, 2015. The related acquisition expenses of $2.1 million and $8.2 million reported during the years ended December 31, 2017 and 2016, respectively have been reflected as pro forma charges at January 1, 2016 and January 1, 2015, 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,
| 2017 |  | 2016 |  | 2015
Pro forma revenues | $ | 266,485 |  |  | $ | 247,843 |  |  | $ | 243,237 |
Pro forma income from continuing operations | 21,878 |  |  | 63,681 |  |  | 52,442 |
Pro forma net income attributable to Acadia | 64,107 |  |  | 82,485 |  |  | 58,232 |
Pro forma basic and diluted earnings per share | 0.77 |  |  | 1.02 |  |  | 0.79 |
Real Estate Under Development and Construction in Progress Real estate under development represents the Company’s consolidated properties that have not yet been placed into service while undergoing substantial development or construction. Depreciation and amortization expense for the year ended December 31, 2017 includes $2.0 million of accelerated depreciation related to a building under development that was demolished. Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands):
| December 31, 2016 |  | Year Ended December 31, 2017 |  | December 31, 2017
| Number of Properties |  | Carrying Value |  | Transfers In |  | Capitalized Costs |  | Transfers Out |  | Number of Properties |  | Carrying Value
Core | 1 |  |  | $ | 3,499 |  |  | $ | 22,422 |  |  | $ | 819 |  |  | $ | 4,843 |  |  | 2 |  |  | $ | 21,897 |
Fund II | 2 |  |  | 443,012 |  |  | — |  |  | 6,851 |  |  | 444,955 |  |  | — |  |  | 4,908 |
Fund III | 3 |  |  | 50,452 |  |  | — |  |  | 22,572 |  |  | 9,085 |  |  | 2 |  |  | 63,939 |
Fund IV | 4 |  |  | 46,523 |  |  | 80,508 |  |  | 2,158 |  |  | 46,231 |  |  | 1 |  |  | 82,958 |
Total | 10 |  |  | $ | 543,486 |  |  | $ | 102,930 |  |  | $ | 32,400 |  |  | $ | 505,114 |  |  | 5 |  |  | $ | 173,702 |
During the year ended December 31, 2017, the Company placed substantially all of Fund II’s City Point project into service as well as three Fund IV properties, reclassified Fund II’s Sherman Avenue property as held for sale and placed one Core property into development. In addition to the consolidated projects noted above, the Company had one unconsolidated project remaining in development after placing three of its four unconsolidated Fund IV development properties into service during the year ended December 31, 2017. Construction in progress pertains to construction activity at the Company’s operating properties which are in service and continue to operate during the construction period.

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- Definition Acquisition and Disposition of Properties and Discontinued Operations [Abstract] + References No definition available. + Details
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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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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