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Real Estate (Tables) | 6 Months Ended
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Jun. 30, 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):
|  | June 30, 2018 |  | December 31, 2017
Land |  | $ | 667,759 |  |  | $ | 658,835 |
Buildings and improvements |  | 2,446,826 |  |  | 2,406,488 |
Tenant improvements |  | 136,839 |  |  | 131,850 |
Construction in progress |  | 27,439 |  |  | 18,642 |
Properties under capital lease |  | 76,965 |  |  | 76,965 |
Total |  | 3,355,828 |  |  | 3,292,780 |
Less: Accumulated depreciation |  | (378,272 | ) |  | (339,862 | )
Operating real estate, net |  | 2,977,556 |  |  | 2,952,918 |
Real estate under development, at cost |  | 192,215 |  |  | 173,702 |
Net investments in real estate |  | $ | 3,169,771 |  |  | $ | 3,126,620 |
Schedule of Business Acquisitions, by Acquisition | During the six months ended June 30, 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
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 following table summarizes the allocation of the purchase price of properties acquired during the six months ended June 30, 2018 and the year ended December 31, 2017 (in thousands):
| Six Months Ended June 30, 2018 |  | Year Ended December 31, 2017
Net Assets Acquired |  |  |
Land | $ | 8,924 |  |  | $ | 48,138 |
Buildings and improvements | 34,237 |  |  | 173,576 |
Other assets | — |  |  | 84 |
Acquisition-related intangible assets (Note 6) | 6,486 |  |  | 44,269 |
Acquisition-related intangible liabilities (Note 6) | (3,051 | ) |  | (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 |
Schedule of Property Dispositions | During the six months ended June 30, 2018 and 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
2018 Disposition |  |  |  |  |
Sherman Avenue - New York, NY | Fund II | Apr 17, 2018 | $ | 26,000 |  |  | $ | 33 |
Total 2018 Dispositions |  |  | $ | 26,000 |  |  | $ | 33 |
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 June 30, |  | Six Months Ended June 30,
|  | 2017 |  | 2017
Rental revenues |  | $ | 4,621 |  |  | $ | 7,529 |
Expenses |  | (5,541 | ) |  | (10,693 | )
Loss from continuing operations of disposed properties before gain on disposition of properties |  | (920 | ) |  | (3,164 | )
Net loss attributable to noncontrolling interests |  | 646 |  |  | 2,252 |
Net loss attributable to Acadia |  | $ | (274 | ) |  | $ | (912 | )
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 |  | Six Months Ended June 30, 2018 |  | June 30, 2018
| Number of Properties |  | Carrying Value |  | Transfers In |  | Capitalized Costs |  | Transfers Out |  | Number of Properties |  | Carrying Value
Core | 2 |  |  | $ | 21,897 |  |  | $ | — |  |  | $ | 3,996 |  |  | $ | — |  |  | 2 |  |  | $ | 25,893 |
Fund II | — |  |  | 4,908 |  |  | — |  |  | 904 |  |  | — |  |  | — |  |  | 5,812 |
Fund III | 2 |  |  | 63,939 |  |  | — |  |  | 12,887 |  |  | — |  |  | 2 |  |  | 76,826 |
Fund IV | 1 |  |  | 82,958 |  |  | — |  |  | 726 |  |  | — |  |  | 1 |  |  | 83,684 |
Total | 5 |  |  | $ | 173,702 |  |  | $ | — |  |  | $ | 18,513 |  |  | $ | — |  |  | 5 |  |  | $ | 192,215 |

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