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Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2018
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):
|  | March 31, 2018 |  | December 31, 2017
Land |  | $ | 667,847 |  |  | $ | 658,835 |
Buildings and improvements |  | 2,444,871 |  |  | 2,406,488 |
Tenant improvements |  | 136,682 |  |  | 131,850 |
Construction in progress |  | 21,060 |  |  | 18,642 |
Properties under capital lease |  | 76,965 |  |  | 76,965 |
Total |  | 3,347,425 |  |  | 3,292,780 |
Less: Accumulated depreciation |  | (359,048 | ) |  | (339,862 | )
Operating real estate, net |  | 2,988,377 |  |  | 2,952,918 |
Real estate under development, at cost |  | 182,380 |  |  | 173,702 |
Net investments in real estate |  | $ | 3,170,757 |  |  | $ | 3,126,620 |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the allocation of the purchase price of properties acquired during the three months ended March 31, 2018 and the year ended December 31, 2017 (in thousands):
| Three Months Ended March 31, 2018 |  | Year Ended December 31, 2017
Net Assets Acquired |  |  |
Land | $ | 9,012 |  |  | $ | 48,138 |
Buildings and improvements | 34,064 |  |  | 173,576 |
Other assets | — |  |  | 84 |
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 6,499 |  |  | 44,269 |
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | (2,979 | ) |  | (11,535 | )
Net assets acquired | $ | 46,596 |  |  | $ | 254,532 |
Consideration |  |  |
Cash | $ | 46,171 |  |  | $ | 200,429 |
Conversion of note receivable | — |  |  | 41,010 |
Liabilities assumed | 425 |  |  | 3,363 |
Existing interest in previously unconsolidated investment | — |  |  | 4,159 |
Change in control of previously unconsolidated investment | — |  |  | 5,571 |
Total Consideration | $ | 46,596 |  |  | $ | 254,532 |
During the three months ended March 31, 2018 and the year ended December 31, 2017, the Company acquired the following consolidated retail properties (dollars in thousands):
Property and Location | Percent Acquired | Date of Acquisition | Purchase Price |  | Debt Assumed
2018 Acquisitions |  |  |  |  |
Core |  |  |  |  |
Bedford Green Land Parcel | 100% | Mar 23, 2018 | $ | 1,337 |  |  | $ | — |
Subtotal Core |  |  | 1,337 |  |  | — |
Fund V |  |  |  |  |
Trussville Promenade - Trussville, AL | 100% | Feb 21, 2018 | 45,259 |  |  | — |
Subtotal Fund V |  |  | 45,259 |  |  | — |
Total 2018 Acquisitions |  |  | $ | 46,596 |  |  | $ | — |
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 |  |  | $ | — |
Schedule of Property Dispositions | During the three months ended March 31, 2018, there were no dispositions of consolidated properties. During the year ended December 31, 2017, 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 |
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, 2017 were as follows (in thousands):
|  | Three Months Ended March 31,
|  | 2017
Rental revenues |  | $ | 2,840 |
Expenses |  | (4,803 | )
Loss from continuing operations of disposed properties before gain on disposition of properties |  | (1,963 | )
Net income attributable to noncontrolling interests |  | 1,405 |
Net loss attributable to Acadia |  | $ | (558 | )
Schedule of Development in Process Activities | Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands):
| December 31, 2017 |  | Three Months Ended March 31, 2018 |  | March 31, 2018
| Number of Properties |  | Carrying Value |  | Transfers In |  | Capitalized Costs |  | Transfers Out |  | Number of Properties |  | Carrying Value
Core | 2 |  |  | $ | 21,897 |  |  | $ | — |  |  | $ | 2,159 |  |  | $ | — |  |  | 2 |  |  | $ | 24,056 |
Fund II | — |  |  | 4,908 |  |  | — |  |  | (175 | ) |  | — |  |  | — |  |  | 4,733 |
Fund III | 2 |  |  | 63,939 |  |  | — |  |  | 6,431 |  |  | — |  |  | 2 |  |  | 70,370 |
Fund IV | 1 |  |  | 82,958 |  |  | — |  |  | 263 |  |  | — |  |  | 1 |  |  | 83,221 |
Total | 5 |  |  | $ | 173,702 |  |  | $ | — |  |  | $ | 8,678 |  |  | $ | — |  |  | 5 |  |  | $ | 182,380 |

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