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Real Estate | 3 Months Ended
--- | ---
Mar. 31, 2018
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):
|  | 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 |
Acquisitions and Conversions 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 |  |  | $ | — |
The 2018 acquisitions were considered asset acquisitions based on accounting guidance effective as of January 1, 2018 (Note 1). However, all of the 2017 acquisitions and conversions were deemed to be business combinations. For the three months ended March 31, 2018, the Company capitalized $0.1 million of acquisition costs related to the Funds. The Company expensed $0.3 million of acquisition costs for the three months ended March 31, 2017, of which $0.2 million related to the Core Portfolio and $0.1 million related to the Funds. Purchase Price Allocations The purchase prices for the 2018 acquisitions and the 2017 acquisitions and conversions 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 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 |
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 |
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 | )
Properties Held For Sale At March 31, 2018 and 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. This property had a net loss of $0.1 million and $0.3 million for the three months ended March 31, 2018 and 2017, respectively. 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. 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 |
During the three months ended March 31, 2018, the Company did not move any projects into or out of development. In addition to the consolidated projects noted above, the Company had one unconsolidated project remaining in development. 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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