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Real Estate (Tables)
 9 Months Ended
Sep. 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):

 

 

 

September 30,

2018

 

 

December 31,

2017

 

Land

 

$

674,758

 

 

$

658,835

 

Buildings and improvements

 

 

2,493,011

 

 

 

2,406,488

 

Tenant improvements

 

 

144,134

 

 

 

131,850

 

Construction in progress

 

 

34,919

 

 

 

18,642

 

Properties under capital lease

 

 

76,965

 

 

 

76,965

 

Total

 

 

3,423,787

 

 

 

3,292,780

 

Less: Accumulated depreciation

 

 

(396,077

)

 

 

(339,862

)

Operating real estate, net

 

 

3,027,710

 

 

 

2,952,918

 

Real estate under development, at cost

 

 

189,387

 

 

 

173,702

 

Net investments in real estate

 

$

3,217,097

 

 

$

3,126,620

 

 
Schedule of Business Acquisitions, by Acquisition

During the nine months ended September 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

 

Elk Grove Commons - Elk Grove, CA

 

100%

 

 

Jul 18, 2018

 

 

59,320

 

Subtotal Fund V

 

 

 

 

 

 

 

 

104,579

 

Total 2018 Acquisitions

 

 

 

 

 

 

 

$

105,916

 

 

 

 

 

 

 

 

 

 

 

 

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 Purchase Price Allocations

The following table summarizes the allocation of the purchase price of properties acquired during the nine months ended September 30, 2018 and the year ended December 31, 2017 (in thousands):

 

 

 

Nine Months Ended September 30,

2018

 

 

Year Ended December 31,

2017

 

Net Assets Acquired

 

 

 

 

 

 

 

 

Land

 

$

15,127

 

 

$

48,138

 

Buildings and improvements

 

 

82,235

 

 

 

173,576

 

Other assets

 

 

—

 

 

 

84

 

Acquisition-related intangible assets (Note 6)

 

 

13,416

 

 

 

44,269

 

Acquisition-related intangible liabilities (Note 6)

 

 

(4,862

)

 

 

(11,535

)

Net assets acquired

 

$

105,916

 

 

$

254,532

 

 

 

 

 

 

 

 

 

 

Consideration

 

 

 

 

 

 

 

 

Cash

 

$

104,902

 

 

$

200,429

 

Conversion of note receivable

 

—

 

 

 

41,010

 

Liabilities assumed

 

 

1,014

 

 

 

3,363

 

Existing interest in previously unconsolidated investment

 

—

 

 

 

4,159

 

Change in control of previously unconsolidated investment

 

—

 

 

 

5,571

 

Total Consideration

 

$

105,916

 

 

$

254,532

 

 
Schedule of Property Dispositions

During the nine months ended September 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

 

Lake Montclair - Dumfries, VA

 

Fund IV

 

Aug 27, 2018

 

 

22,450

 

 

 

2,923

 

1861 Union Street - San Francisco, CA

 

Fund IV

 

Aug 29, 2018

 

 

6,000

 

 

 

2,184

 

Total 2018 Dispositions

 

 

 

 

 

$

54,450

 

 

$

5,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 nine months ended September 30, 2018 and year ended December 31, 2017 were as follows (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Rental revenues

 

$

451

 

 

$

5,067

 

 

$

1,966

 

 

$

14,112

 

Expenses

 

 

(525

)

 

 

(4,722

)

 

 

(1,853

)

 

 

(16,593

)

Loss (income) from continuing operations of disposed properties

   before gain on disposition of properties

 

 

(74

)

 

 

345

 

 

 

113

 

 

 

(2,481

)

Gain on disposition of properties

 

 

5,107

 

 

 

12,972

 

 

 

5,140

 

 

 

12,972

 

Net (income) loss attributable to noncontrolling interests

 

 

(3,540

)

 

 

(9,440

)

 

 

(3,381

)

 

 

(7,429

)

Net loss attributable to Acadia

 

$

1,493

 

 

$

3,877

 

 

$

1,872

 

 

$

3,062

 

 
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

 

 

Nine Months Ended September 30, 2018

 

 

September 30, 2018

 

 

 

Number of

Properties

 

 

Carrying

Value

 

 

Transfers In

 

 

Capitalized

Costs

 

 

Transfers Out

 

 

Number of

Properties

 

 

Carrying

Value

 

Core

 

 

2

 

 

$

21,897

 

 

$

—

 

 

$

489

 

 

$

14,544

 

 

 

1

 

 

$

7,842

 

Fund II

 

 

—

 

 

 

4,908

 

 

 

—

 

 

 

1,131

 

 

 

—

 

 

 

—

 

 

 

6,039

 

Fund III

 

 

2

 

 

 

63,939

 

 

 

—

 

 

 

27,124

 

 

 

—

 

 

 

2

 

 

 

91,063

 

Fund IV

 

 

1

 

 

 

82,958

 

 

 

—

 

 

 

1,485

 

 

 

—

 

 

 

1

 

 

 

84,443

 

Total

 

 

5

 

 

$

173,702

 

 

$

—

 

 

$

30,229

 

 

$

14,544

 

 

 

4

 

 

$

189,387