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Real Estate (Tables)
 3 Months Ended
Mar. 31, 2020
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,

2020

 

 

December 31,

2019

 

Land

 

$

756,833

 

 

$

756,297

 

Buildings and improvements

 

 

2,740,001

 

 

 

2,740,479

 

Tenant improvements

 

 

179,356

 

 

 

173,686

 

Construction in progress

 

 

6,659

 

 

 

13,617

 

Right-of-use assets - finance leases (Note 11)

 

 

102,050

 

 

 

102,055

 

Right-of-use assets - operating leases (Note 11), net

 

 

59,386

 

 

 

60,006

 

Total

 

 

3,844,285

 

 

 

3,846,140

 

Less: Accumulated depreciation and amortization

 

 

(513,242

)

 

 

(490,227

)

Operating real estate, net

 

 

3,331,043

 

 

 

3,355,913

 

Real estate under development

 

 

237,831

 

 

 

253,402

 

Net investments in real estate

 

$

3,568,874

 

 

$

3,609,315

 
Schedule of Business Acquisitions, by Acquisition

During the three months ended March 31, 2020 and the year ended December 31, 2019, the Company acquired the following consolidated retail properties (dollars in thousands):

 

Property and Location

 

Percent

Acquired

 

 

Date of

Acquisition

 

Purchase

Price

 

2020 Acquisitions

 

 

 

 

 

 

 

 

 

 

Core

 

 

 

 

 

 

 

 

 

 

Soho Acquisitions - 37 Greene Street - New York, NY

 

100%

 

 

Jan 9, 2020

 

$

15,689

 

917 W. Armitage - Chicago, IL

 

100%

 

 

Feb 13, 2020

 

 

3,515

 

Total 2020 Acquisitions

 

 

 

 

 

 

 

$

19,204

 

 

 

 

 

 

 

 

 

 

 

 

2019 Acquisitions

 

 

 

 

 

 

 

 

 

 

Core

 

 

 

 

 

 

 

 

 

 

Soho Acquisitions - 41, 45, 47, 51 and 53 Greene Street - New York, NY

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 
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, 2020 and the year ended December 31, 2019 (in thousands):

 

 

 

Three Months Ended March 31,

2020

 

 

Year Ended December 31,

2019

 

Net Assets Acquired

 

 

 

 

 

 

 

 

Land

 

$

7,623

 

 

$

78,263

 

Buildings and improvements

 

 

11,487

 

 

 

221,185

 

Acquisition-related intangible assets (Note 6)

 

 

1,497

 

 

 

34,972

 

Acquisition-related intangible liabilities (Note 6)

 

 

(1,403

)

 

 

(10,081

)

Net assets acquired

 

$

19,204

 

 

$

324,339

 

 

 

 

 

 

 

 

 

 

Consideration

 

 

 

 

 

 

 

 

Cash

 

$

19,088

 

 

$

319,673

 

Liabilities assumed

 

 

116

 

 

 

4,666

 

Total consideration

 

$

19,204

 

 

$

324,339

 

 
Schedule of Property Dispositions

During the three months ended March 31, 2020 the Company made no dispositions. During the year ended December 31, 2019, 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

 
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, 2020 and year ended December 31, 2019 were as follows (in thousands):

 

 

 

Three Months Ended March 31,

 

 

 

 

2020

 

 

2019

 

 

Revenues

 

$

5

 

 

$

2,951

 

 

Expenses

 

 

(16

)

 

 

(2,083

)

 

Gain on disposition of properties

 

 

—

 

 

 

2,014

 

 

Net income attributable to noncontrolling interests

 

 

12

 

 

 

(2,043

)

 

Net income attributable to Acadia

 

$

1

 

 

$

839

 

 
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, 2019

 

 

Three Months Ended March 31, 2020

 

 

March 31, 2020

 

 

 

Number of

Properties

 

 

Carrying

Value

 

 

Transfers In

 

 

Capitalized

Costs

 

 

Transfers Out

 

 

Number of

Properties

 

 

Carrying

Value

 

Core

 

 

—

 

 

$

60,863

 

 

$

—

 

 

$

912

 

 

$

—

 

 

 

—

 

 

$

61,775

 

Fund II

 

 

—

 

 

 

10,703

 

 

 

—

 

 

 

616

 

 

 

986

 

 

 

—

 

 

 

10,333

 

Fund III

 

 

1

 

 

 

36,240

 

 

 

—

 

 

 

572

 

 

 

12,433

 

 

 

1

 

 

 

24,379

 

Fund IV (a)

 

 

2

 

 

 

145,596

 

 

 

—

 

 

 

2,466

 

 

 

6,718

 

 

 

2

 

 

 

141,344

 

Total

 

 

3

 

 

$

253,402

 

 

$

—

 

 

$

4,566

 

 

$

20,137

 

 

 

3

 

 

$

237,831

 

 

 

(a)

Transfers out include an impairment charge of $6.7 million on 146 Geary Street, a Fund IV project (Note 8).

 

 

 

January 1, 2019

 

 

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