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Real Estate (Tables) | 12 Months Ended
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Dec. 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 for the periods presented (in thousands):
|  | December 31, 2019 |  |  | December 31, 2018 |
Land |  | $ | 756,297 |  |  | $ | 710,469 |
Buildings and improvements |  |  | 2,740,479 |  |  |  | 2,594,828 |
Tenant improvements |  |  | 173,686 |  |  |  | 151,154 |
Construction in progress |  |  | 13,617 |  |  |  | 44,092 |
Properties under capital lease (Note 11) |  |  | — |  |  |  | 76,965 |
Right-of-use assets - finance leases (Note 11) |  |  | 102,055 |  |  |  | — |
Right-of-use assets - operating leases (Note 11), net |  |  | 60,006 |  |  |  | — |
Total |  |  | 3,846,140 |  |  |  | 3,577,508 |
Less: Accumulated depreciation and amortization |  |  | (490,227 | ) |  |  | (416,657 | )
Operating real estate, net |  |  | 3,355,913 |  |  |  | 3,160,851 |
Real estate under development, at cost |  |  | 253,402 |  |  |  | 120,297 |
Net investments in real estate |  | $ | 3,609,315 |  |  | $ | 3,281,148 |
Schedule of Business Acquisitions, by Acquisition | During the years ended December 31, 2019 and 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, 45, 47, 51 and 53 Greene Street - New York, NY (a) |  | 100% |  |  | Mar 15, 2019 Mar 27, 2019 May 29, 2019 Jul 30, 2019 Nov 8, 2019 |  | $ | 87,006 |
849, 907 and 912 W. Armitage - Chicago, IL |  | 100% |  |  | Sep 11, 2019 Dec 11, 2019 |  |  | 10,738 |
8436-8452 Melrose Place - Los Angeles, CA |  | 100% |  |  | Oct 25, 2019 |  |  | 48,691 |
Subtotal Core |  |  |  |  |  |  |  |  | 146,435 |
Fund V |  |  |  |  |  |  |  |  |  |
Palm Coast Landing - Palm Coast, FL |  | 100% |  |  | May 6, 2019 |  |  | 36,644 |
Lincoln Commons - Lincoln, RI |  | 100% |  |  | Jun 21, 2019 |  |  | 54,299 |
Landstown Commons - Virginia Beach, VA |  | 100% |  |  | Aug 2, 2019 |  |  | 86,961 |
Subtotal Fund V |  |  |  |  |  |  |  |  | 177,904 |
Total 2019 Acquisitions |  |  |  |  |  |  |  | $ | 324,339 |
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 years ended December 31, 2019 and 2018 (in thousands):
|  | Year Ended December 31, 2019 |  |  | Year Ended December 31, 2018 |
Net Assets Acquired |  |  |  |  |  |  |  |
Land |  | $ | 78,263 |  |  | $ | 38,086 |
Buildings and improvements |  |  | 221,185 |  |  |  | 129,586 |
Acquisition-related intangible assets (Note 6) |  |  | 34,972 |  |  |  | 26,693 |
Acquisition-related intangible liabilities (Note 6) |  |  | (10,081 | ) |  |  | (7,902 | )
Net assets acquired |  | $ | 324,339 |  |  | $ | 186,463 |
Consideration |  |  |  |  |  |  |  |
Cash |  | $ | 319,673 |  |  | $ | 147,985 |
Liabilities assumed |  |  | 4,666 |  |  |  | 2,597 |
Existing interest in previously unconsolidated investment |  |  | — |  |  |  | 35,881 |
Total consideration |  | $ | 324,339 |  |  | $ | 186,463 |
Schedule of Property Dispositions | During the years ended December 31, 2019 and 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 - 3 Residential Condos - New York, NY |  | Fund IV |  | May 17, 2019 Sep 23, 2019 Nov 7, 2019 |  |  | 8,826 |  |  |  | (242 | )
JFK Plaza - Waterville, ME |  | Fund IV |  | Jul 24, 2019 |  |  | 7,800 |  |  |  | 2,075 |
3780-3858 Nostrand Avenue - New York, NY |  | Fund III |  | Aug 22, 2019 |  |  | 27,650 |  |  |  | 2,562 |
938 W North Avenue - Chicago, IL |  | Fund IV |  | Sep 27, 2019 |  |  | 32,000 |  |  |  | 7,144 |
Pacesetter Park - Pomona, NY |  | Core |  | Oct 28, 2019 |  |  | 22,550 |  |  |  | 16,771 |
Total 2019 Dispositions |  |  |  |  |  | $ | 109,326 |  |  | $ | 30,324 |
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 years ended December 31, 2019, 2018 and 2017 were as follows (in thousands):
|  |  | Year Ended December 31, |
|  |  | 2019 |  |  | 2018 |  |  | 2017 |
Revenues |  |  | $ | 7,295 |  |  | $ | 11,633 |  |  | $ | 23,617 |
Expenses |  |  |  | (6,403 | ) |  |  | (10,084 | ) |  |  | (31,651 | )
Gain on disposition of properties |  |  |  | 30,324 |  |  |  | 5,140 |  |  |  | 48,886 |
Net income attributable to noncontrolling interests |  |  |  | (10,515 | ) |  |  | (4,742 | ) |  |  | (29,233 | )
Net income attributable to Acadia |  |  | $ | 20,701 |  |  | $ | 1,947 |  |  | $ | 11,619 |
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 |  |  | Year Ended December 31, 2019 |  |  | December 31, 2019 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | 1 |  |  | $ | 7,759 |  |  | $ | 57,342 |  |  | $ | 5,581 |  |  | $ | 9,819 |  |  |  | — |  |  | $ | 60,863 |
Fund II |  |  | — |  |  |  | 7,462 |  |  |  | — |  |  |  | 3,241 |  |  |  | — |  |  |  | — |  |  |  | 10,703 |
Fund III |  |  | 1 |  |  |  | 21,242 |  |  |  | 12,313 |  |  |  | 2,685 |  |  |  | — |  |  |  | 1 |  |  |  | 36,240 |
Fund IV |  |  | 1 |  |  |  | 83,834 |  |  |  | 47,689 |  |  |  | 14,073 |  |  |  | — |  |  |  | 2 |  |  |  | 145,596 |
Total |  |  | 3 |  |  | $ | 120,297 |  |  | $ | 117,344 |  |  | $ | 25,580 |  |  | $ | 9,819 |  |  |  | 3 |  |  | $ | 253,402 |
During the year ended December 31, 2019, the Company placed one Core development project, 56 E. Walton, into service. Fund II amounts relate to the City Point Phase III project.
|  | 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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