XML 40 R26.htm IDEA: XBRL DOCUMENT
v3.19.1

Real Estate (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2019
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):
|  | March 31, 2019 |  |  | December 31, 2018 |
Land |  | $ | 705,402 |  |  | $ | 710,469 |
Buildings and improvements |  |  | 2,574,459 |  |  |  | 2,594,828 |
Tenant improvements |  |  | 157,502 |  |  |  | 151,154 |
Construction in progress |  |  | 30,413 |  |  |  | 44,092 |
Properties under capital lease |  |  | — |  |  |  | 76,965 |
Right-of-use assets - finance leases |  |  | 82,629 |  |  |  | — |
Right-of-use assets - operating leases |  |  | 11,871 |  |  |  | — |
Total |  |  | 3,562,276 |  |  |  | 3,577,508 |
Less: Accumulated depreciation |  |  | (438,033 | ) |  |  | (416,657 | )
Operating real estate, net |  |  | 3,124,243 |  |  |  | 3,160,851 |
Real estate under development, at cost |  |  | 193,315 |  |  |  | 120,297 |
Net investments in real estate |  | $ | 3,317,558 |  |  | $ | 3,281,148 |
Schedule of Business Acquisitions, by Acquisition | During the three months ended March 31, 2019 and the year ended December 31, 2018, the Company acquired the following consolidated retail properties (dollars in thousands):
Property and Location |  | Percent Acquired |  |  | Date of Acquisition |  | Purchase Price |
2019 Acquisitions |  |  |  |  |  |  |  |  |  |
Core |  |  |  |  |  |  |  |  |  |
Soho Portfolio - 51 and 53 Greene Street (a) |  | 100% |  |  | Mar 15, 2019 Mar 27, 2019 |  | $ | 32,194 |
Total 2019 Acquisitions |  |  |  |  |  |  |  | $ | 32,194 |
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 |
Schedule of Purchase Price Allocations | The following table summarizes the allocation of the purchase price of properties acquired during the three months ended March 31, 2019 and the year ended December 31, 2018 (in thousands):
|  | Three Months Ended March 31, 2019 |  |  | Year Ended December 31, 2018 |
Net Assets Acquired |  |  |  |  |  |  |  |
Land |  | $ | 8,094 |  |  | $ | 38,086 |
Buildings and improvements |  |  | 21,169 |  |  |  | 129,586 |
Acquisition-related intangible assets (Note 6) |  |  | 2,931 |  |  |  | 26,693 |
Acquisition-related intangible liabilities (Note 6) |  |  | — |  |  |  | (7,902 | )
Net assets acquired |  | $ | 32,194 |  |  | $ | 186,463 |
Consideration |  |  |  |  |  |  |  |
Cash |  | $ | 32,034 |  |  | $ | 147,985 |
Liabilities assumed |  |  | 160 |  |  |  | 2,597 |
Existing interest in previously unconsolidated investment |  |  | — |  |  |  | 35,881 |
Total Consideration |  | $ | 32,194 |  |  | $ | 186,463 |
Schedule of Property Dispositions | During the three months ended March 31, 2019 and the year ended December 31, 2018, the Company disposed of the following consolidated properties (in thousands):
Property and Location |  | Owner |  | Date Sold |  | Sale Price |  |  | Gain on Sale |
2019 Dispositions |  |  |  |  |  |  |  |  |  |  |  |
3104 M Street - Washington, DC (Note 4) |  | Fund III |  | Jan 24, 2019 |  | $ | 10,500 |  |  | $ | 2,014 |
Total 2019 Dispositions |  |  |  |  |  | $ | 10,500 |  |  | $ | 2,014 |
2018 Dispositions |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 three months ended March 31, 2019 and year ended December 31, 2018 were as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2019 |  |  | 2018 |
Revenues |  | $ | 43 |  |  | $ | 815 |
Expenses |  |  | (74 | ) |  |  | (876 | )
Loss from continuing operations of disposed properties before gain on disposition of properties |  |  | (31 | ) |  |  | (61 | )
Gain on disposition of properties |  |  | 2,014 |  |  |  | — |
Net (income) loss attributable to noncontrolling interests |  |  | (1,629 | ) |  |  | 77 |
Net income attributable to Acadia |  | $ | 354 |  |  | $ | 16 |
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, 2018 |  |  | Three Months Ended 2019 |  |  | March 31, 2019 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | 1 |  |  | $ | 7,759 |  |  | $ | 57,342 |  |  | $ | 253 |  |  | $ | — |  |  |  | 1 |  |  | $ | 65,354 |
Fund II |  |  | — |  |  |  | 7,462 |  |  |  | — |  |  |  | 738 |  |  |  | — |  |  |  | — |  |  |  | 8,200 |
Fund III |  |  | 1 |  |  |  | 21,242 |  |  |  | 12,313 |  |  |  | 642 |  |  |  | — |  |  |  | 1 |  |  |  | 34,197 |
Fund IV |  |  | 1 |  |  |  | 83,834 |  |  |  | — |  |  |  | 1,730 |  |  |  | — |  |  |  | 1 |  |  |  | 85,564 |
Total |  |  | 3 |  |  | $ | 120,297 |  |  | $ | 69,655 |  |  | $ | 3,363 |  |  | $ | — |  |  |  | 3 |  |  | $ | 193,315 |

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 Schedule of development in process activities. + References No definition available. + Details
Name: | akr_ScheduleOfDevelopmentInProcessActivitiesTableTextBlock
Namespace Prefix: | akr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of property dispositions. + References No definition available. + Details
Name: | akr_ScheduleOfPropertyDispositionsTableTextBlock
Namespace Prefix: | akr_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration