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Real Estate (Tables) | 12 Months Ended
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Dec. 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):
|  | December 31, |
|  | 2018 |  |  | 2017 |
Land |  | $ | 710,469 |  |  | $ | 658,835 |
Buildings and improvements |  |  | 2,594,828 |  |  |  | 2,406,488 |
Tenant improvements |  |  | 151,154 |  |  |  | 131,850 |
Construction in progress |  |  | 44,092 |  |  |  | 18,642 |
Properties under capital lease |  |  | 76,965 |  |  |  | 76,965 |
Total |  |  | 3,577,508 |  |  |  | 3,292,780 |
Less: Accumulated depreciation |  |  | (416,657 | ) |  |  | (339,862 | )
Operating real estate, net |  |  | 3,160,851 |  |  |  | 2,952,918 |
Real estate under development, at cost |  |  | 120,297 |  |  |  | 173,702 |
Net investments in real estate |  | $ | 3,281,148 |  |  | $ | 3,126,620 |
Schedule of Business Acquisitions, by Acquisition | During the years ended December 31, 2018 and 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 and Conversions |  |  |  |  |  |  |  |  |  |
Core |  |  |  |  |  |  |  |  |  |
Bedford Green Land Parcel - Bedford Hills, NY |  | 100% |  |  | Mar 23, 2018 |  | $ | 1,337 |
Subtotal Core |  |  |  |  |  |  |  |  | 1,337 |
Fund IV |  |  |  |  |  |  |  |  |  |
Broughton Street Partners I - Savannah, GA (Conversion) (Note 4) |  | 100% |  |  | Oct 11, 2018 |  |  | 36,104 |
Subtotal Fund IV |  |  |  |  |  |  |  |  | 36,104 |
Fund V |  |  |  |  |  |  |  |  |  |
Trussville Promenade - Trussville, AL |  | 100% |  |  | Feb 21, 2018 |  |  | 45,259 |
Elk Grove Commons - Elk Grove, CA |  | 100% |  |  | Jul 18, 2018 |  |  | 59,320 |
Hiram Pavilion - Hiram, GA |  | 100% |  |  | Oct 23, 2018 |  |  | 44,443 |
Subtotal Fund V |  |  |  |  |  |  |  |  | 149,022 |
Total 2018 Acquisitions and Conversions |  |  |  |  |  |  |  | $ | 186,463 |
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 years ended December 31, 2018 and December 31, 2017 (in thousands):
|  | Year Ended December 31, |
|  | 2018 |  |  | 2017 |
Net Assets Acquired |  |  |  |  |  |  |  |
Land |  | $ | 38,086 |  |  | $ | 48,138 |
Buildings and improvements |  |  | 129,586 |  |  |  | 173,576 |
Other assets |  |  | — |  |  |  | 84 |
Acquisition-related intangible assets (Note 6) |  |  | 26,693 |  |  |  | 44,269 |
Acquisition-related intangible liabilities (Note 6) |  |  | (7,902 | ) |  |  | (11,535 | )
Net assets acquired |  | $ | 186,463 |  |  | $ | 254,532 |
Consideration |  |  |  |  |  |  |  |
Cash |  | $ | 147,985 |  |  | $ | 200,429 |
Conversion of note receivable |  | — |  |  |  | 41,010 |
Liabilities assumed |  |  | 2,597 |  |  |  | 3,363 |
Existing interest in previously unconsolidated investment |  |  | 35,881 |  |  |  | 4,159 |
Change in control of previously unconsolidated investment |  | — |  |  |  | 5,571 |
Total Consideration |  | $ | 186,463 |  |  | $ | 254,532 |
Schedule of Property Dispositions | During the years ended December 31, 2018 and 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 |
210 Bowery - 4 Residential Condos - New York, NY |  | Fund IV |  | Nov 30, 2018, Dec 10, 2018, Dec 17, 2018, Dec 21, 2018 |  |  | 12,050 |  |  |  | — |
Total 2018 Dispositions |  |  |  |  |  | $ | 66,500 |  |  | $ | 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 revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during the years ended December 31, 2018, December 31, 2017 and December 31, 2016 were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Revenues |  | $ | 1,968 |  |  | $ | 16,249 |  |  | $ | 20,097 |
Expenses |  |  | (1,874 | ) |  |  | (20,529 | ) |  |  | (17,079 | )
Loss (income) from continuing operations of disposed properties before gain on disposition of properties |  |  | 94 |  |  |  | (4,280 | ) |  |  | 3,018 |
Gain on disposition of properties |  |  | 5,140 |  |  |  | 48,886 |  |  |  | 81,965 |
Net income attributable to noncontrolling interests |  |  | (3,368 | ) |  |  | (32,254 | ) |  |  | (70,714 | )
Net income attributable to Acadia |  | $ | 1,866 |  |  | $ | 12,352 |  |  | $ | 14,269 |
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 |  |  | Year Ended 2018 |  |  | December 31, 2018 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | 2 |  |  | $ | 21,897 |  |  | $ | — |  |  | $ | 6,320 |  |  | $ | 20,458 |  |  |  | 1 |  |  | $ | 7,759 |
Fund II |  |  | — |  |  |  | 4,908 |  |  |  | — |  |  |  | 2,554 |  |  |  | — |  |  |  | — |  |  |  | 7,462 |
Fund III |  |  | 2 |  |  |  | 63,939 |  |  |  | — |  |  |  | 36,117 |  |  |  | 78,814 |  |  |  | 1 |  |  |  | 21,242 |
Fund IV |  |  | 1 |  |  |  | 82,958 |  |  |  | — |  |  |  | 876 |  |  |  | — |  |  |  | 1 |  |  |  | 83,834 |
Total |  |  | 5 |  |  | $ | 173,702 |  |  | $ | — |  |  | $ | 45,867 |  |  | $ | 99,272 |  |  |  | 3 |  |  | $ | 120,297 |

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