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Real Estate | 9 Months Ended
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Sep. 30, 2019
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):
|  | September 30, 2019 |  |  | December 31, 2018 |
Land |  | $ | 733,679 |  |  | $ | 710,469 |
Buildings and improvements |  |  | 2,669,992 |  |  |  | 2,594,828 |
Tenant improvements |  |  | 170,214 |  |  |  | 151,154 |
Construction in progress |  |  | 38,458 |  |  |  | 44,092 |
Properties under capital lease (Note 11) |  |  | — |  |  |  | 76,965 |
Right-of-use assets - finance leases (Note 11) |  |  | 93,796 |  |  |  | — |
Right-of-use assets - operating leases (Note 11) |  |  | 55,717 |  |  |  | — |
Total |  |  | 3,761,856 |  |  |  | 3,577,508 |
Less: Accumulated depreciation and amortization |  |  | (473,479 | ) |  |  | (416,657 | )
Operating real estate, net |  |  | 3,288,377 |  |  |  | 3,160,851 |
Real estate under development, at cost |  |  | 250,278 |  |  |  | 120,297 |
Net investments in real estate |  | $ | 3,538,655 |  |  | $ | 3,281,148 |
Acquisitions and Conversions During the nine months ended September 30, 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 Acquisitions - 41, 47, 51 and 53 Greene Street - New York, NY (a) |  | 100% |  |  | Mar 15, 2019 Mar 27, 2019 May 29, 2019 July 30, 2019 |  | $ | 74,638 |
849 and 912 W. Armitage - Chicago, IL |  | 100% |  |  | Sept 11, 2019 |  |  | 7,802 |
Subtotal Core |  |  |  |  |  |  |  |  | 82,440 |
Fund V |  |  |  |  |  |  |  |  |  |
Palm Coast Landing - Palm Coast, FL |  | 100% |  |  | May 6, 2019 |  |  | 36,644 |
Lincoln Commons - Lincoln, RI |  | 100% |  |  | June 21, 2019 |  |  | 54,299 |
Landstown Commons - Virginia Beach, VA |  | 100% |  |  | Aug 2, 2019 |  |  | 86,961 |
Subtotal Fund V |  |  |  |  |  |  |  |  | 177,904 |
Total 2019 Acquisitions |  |  |  |  |  |  |  | $ | 260,344 |
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 |
| (a) | The Soho Acquisitions are a collection of seven properties located in New York, NY with an aggregate purchase price of approximately $122.0 million under two separate contracts. The acquisitions of the remaining three properties are expected to be finalized through early 2020. No assurance can be given that the Company will successfully close on the remaining acquisitions under contract, which are subject to customary closing conditions.
The 2019 Acquisitions and 2018 Acquisitions and Conversions were considered asset acquisitions based on accounting guidance effective as of January 1, 2018. For the nine months ended September 30, 2019 and 2018, the Company capitalized $1.4 million and $0.2 million, respectively, of acquisition costs. No debt was assumed in any of the 2019 Acquisitions or 2018 Acquisitions or Conversions. Purchase Price Allocations The purchase prices for the 2019 Acquisitions and the 2018 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 nine months ended September 30, 2019 and the year ended December 31, 2018 (in thousands):
|  | Nine Months Ended September 30, 2019 |  |  | Year Ended December 31, 2018 |
Net Assets Acquired |  |  |  |  |  |  |  |
Land |  | $ | 54,171 |  |  | $ | 38,086 |
Buildings and improvements |  |  | 183,829 |  |  |  | 129,586 |
Acquisition-related intangible assets (Note 6) |  |  | 31,883 |  |  |  | 26,693 |
Acquisition-related intangible liabilities (Note 6) |  |  | (9,539 | ) |  |  | (7,902 | )
Net assets acquired |  | $ | 260,344 |  |  | $ | 186,463 |
Consideration |  |  |  |  |  |  |  |
Cash |  | $ | 256,647 |  |  | $ | 147,985 |
Liabilities assumed |  |  | 3,697 |  |  |  | 2,597 |
Existing interest in previously unconsolidated investment |  |  | — |  |  |  | 35,881 |
Total consideration |  | $ | 260,344 |  |  | $ | 186,463 |
Dispositions During the nine months ended September 30, 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 (Loss) on Sale |
2019 Dispositions |  |  |  |  |  |  |  |  |  |  |  |
3104 M Street - Washington, DC (Note 4) |  | Fund III |  | Jan 24, 2019 |  | $ | 10,500 |  |  | $ | 2,014 |
210 Bowery - 2 Residential Condos - New York, NY |  | Fund IV |  | May 17, 2019, Sept 23, 2019 |  |  | 5,900 |  |  |  | (242 | )
JFK Plaza - Waterville, ME |  | Fund IV |  | July 24, 2019 |  |  | 7,800 |  |  |  | 2,012 |
3780-3858 Nostrand Avenue - New York, NY |  | Fund III |  | Aug 22, 2019 |  |  | 27,650 |  |  |  | 3,079 |
938 W North Avenue - Chicago, IL |  | Fund IV |  | Sept 27, 2019 |  |  | 32,000 |  |  |  | 7,207 |
Total 2019 Dispositions |  |  |  |  |  | $ | 83,850 |  |  | $ | 14,070 |
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 |
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, 2019 and year ended December 31, 2018 were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Revenues |  | $ | 1,071 |  |  | $ | 2,919 |  |  | $ | 5,652 |  |  | $ | 7,542 |
Expenses |  |  | (1,322 | ) |  |  | (2,192 | ) |  |  | (4,595 | ) |  |  | (6,368 | )
Gain on disposition of properties |  |  | 12,056 |  |  |  | 5,107 |  |  |  | 14,070 |  |  |  | 5,140 |
Net income attributable to noncontrolling interests |  |  | (8,675 | ) |  |  | (4,089 | ) |  |  | (11,045 | ) |  |  | (4,155 | )
Net income attributable to Acadia |  | $ | 3,130 |  |  | $ | 1,745 |  |  | $ | 4,082 |  |  | $ | 2,159 |
Properties Held for Sale At June 30, 2019, the Company had one property in Fund IV classified as held-for-sale, JFK Plaza, with total assets of $6.3 million. The property, which was sold during the third quarter of 2019, had insignificant net income for each of the nine months ended September 30, 2019 and 2018. At September 30, 2019, the Company had one property in Fund IV classified as held-for-sale, a residential condo at 210 Bowery, with total assets of $2.9 million. The property had an insignificant loss for each of the nine months ended September 30, 2019 and 2018. 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, 2018 |  |  | Nine Months Ended 2019 |  |  | September 30, 2019 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | 1 |  |  | $ | 7,759 |  |  | $ | 57,342 |  |  | $ | 9,663 |  |  | $ | 9,819 |  |  |  | 1 |  |  | $ | 64,945 |
Fund II |  |  | — |  |  |  | 7,462 |  |  |  | — |  |  |  | 1,626 |  |  |  | — |  |  |  | — |  |  |  | 9,088 |
Fund III |  |  | 1 |  |  |  | 21,242 |  |  |  | 12,313 |  |  |  | 1,969 |  |  |  | — |  |  |  | 1 |  |  |  | 35,524 |
Fund IV |  |  | 1 |  |  |  | 83,834 |  |  |  | 47,166 |  |  |  | 9,721 |  |  |  | — |  |  |  | 2 |  |  |  | 140,721 |
Total |  |  | 3 |  |  | $ | 120,297 |  |  | $ | 116,821 |  |  | $ | 22,979 |  |  | $ | 9,819 |  |  |  | 4 |  |  | $ | 250,278 |
The number of properties in the table above refers to projects comprising the entire property; however, certain projects represent a portion of a property. During the nine months ended September 30, 2019, the Company placed the following projects into development:
| • | a portion of City Center (Core)
| • | a portion of Cortlandt Crossing (Fund III)
| • | its 1238 Wisconsin Avenue property (Core, Note 11)
| • | a portion of 110 University Place (Fund IV, Note 11)
| • | its 146 Geary Street property (Fund IV)
During the nine months ended September 30, 2019, the Company placed one Core development project, 56 E. Walton, into service. Fund II amounts relate to the City Point Phase III project. During the year ended December 31, 2018, the Company placed one Core 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. Construction in progress pertains to construction activity at the Company’s operating properties that are in service and continue to operate during the construction period.

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- Definition Acquisition and disposition of properties and discontinued operations. + References No definition available. + Details
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- 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
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