XML 26 R12.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Real Estate | 12 Months Ended
--- | ---
Dec. 31, 2018
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] |
Real Estate | 2. 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 |
Acquisitions and Conversions 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 |
The 2018 acquisitions were considered asset acquisitions based on accounting guidance effective as of January 1, 2018 (). The 2017 acquisitions and conversions were deemed to be business combinations. For the year ended December 31, 2018, the Company capitalized $0.3 million of acquisition costs related to the Funds. The Company expensed $2.1 million of acquisition costs for the year ended December 31, 2017, of which $1.2 million related to the Core Portfolio and $0.9 million related to the Funds. No debt was assumed in any of the 2018 Acquisitions or 2017 Acquisitions or Conversions. Revenues and net income from the Company’s consolidated 2018 acquisitions and conversions totaled $9.0 million and $0.5 million, respectively for the year ended December 31, 2018. Revenues and net loss from the Company’s consolidated 2017 acquisitions and conversions totaled $10.2 million and $3.5 million, respectively for the year ended December 31, 2017. 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 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 |
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 |
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 |
Properties Held for Sale At December 31, 2018, the Company had no properties classified as held-for-sale. At 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, which was sold on April 17, 2018 as noted in the disposition table above. This property’s net operating loss of $0.5 million and $0.6 million for the year ended December 31, 2018 and 2017, respectively, is included in the table above. At December 31, 2017, the Company recognized an impairment charge of approximately $10.6 million inclusive of an amount attributable to a noncontrolling interest of $7.6 million (). 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 |  |  | 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 |
During the year ended December 31, 2018, the Company placed one Core development project into service and one Fund III development project into service. In addition to the consolidated projects noted above, the Company had one unconsolidated project in development at December 31, 2017, which it placed into service during the year ended December 31, 2018. 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.

X
- Definition Acquisition and disposition of properties and discontinued operations. + References No definition available. + Details
Name: | akr_AcquisitionAndDispositionOfPropertiesAndDiscontinuedOperationsAbstract
Namespace Prefix: | akr_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration