XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.20.2

Real Estate (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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):
|  | June 30, 2020 |  |  | December 31, 2019 |
Land |  | $ | 771,797 |  |  | $ | 756,297 |
Buildings and improvements |  |  | 2,822,282 |  |  |  | 2,740,479 |
Tenant improvements |  |  | 182,913 |  |  |  | 173,686 |
Construction in progress |  |  | 6,498 |  |  |  | 13,617 |
Right-of-use assets - finance leases (Note 11) |  |  | 25,086 |  |  |  | 102,055 |
Right-of-use assets - operating leases (Note 11), net |  |  | 88,964 |  |  |  | 60,006 |
Total |  |  | 3,897,540 |  |  |  | 3,846,140 |
Less: Accumulated depreciation and amortization |  |  | (528,983 | ) |  |  | (490,227 | )
Operating real estate, net |  |  | 3,368,557 |  |  |  | 3,355,913 |
Real estate under development |  |  | 264,684 |  |  |  | 253,402 |
Net investments in real estate |  | $ | 3,633,241 |  |  | $ | 3,609,315 |
Schedule of Business Acquisitions, by Acquisition | During the six months ended June 30, 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 and Conversions |  |  |  |  |  |  |  |  |  |
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 |
Town Center - Wilmington, DE (Conversion) (Note 4) |  | 100% |  |  | Apr 1, 2020 |  |  | 138,939 |
Subtotal Core |  |  |  |  |  |  |  |  | 158,143 |
Fund IV |  |  |  |  |  |  |  |  |  |
230-240 W. Broughton Street - Savannah, GA |  | 100% |  |  | May 26, 2020 |  |  | 13,219 |
102 E. Broughton Street - Savannah, GA |  | 100% |  |  | May 26, 2020 |  |  | 790 |
Subtotal Fund IV |  |  |  |  |  |  |  |  | 14,009 |
Total 2020 Acquisitions and Conversions |  |  |  |  |  |  |  | $ | 172,152 |
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 six months ended June 30, 2020 and the year ended December 31, 2019 (in thousands):
|  | Six Months Ended June 30, 2020 |  |  | Year Ended December 31, 2019 |
Net Assets Acquired |  |  |  |  |  |  |  |
Land |  | $ | 25,440 |  |  | $ | 78,263 |
Buildings and improvements |  |  | 123,459 |  |  |  | 221,185 |
Net working capital |  |  | 4,761 |  |  |  | — |
Acquisition-related intangible assets (Note 6) |  |  | 23,061 |  |  |  | 34,972 |
Right-of-use asset - Operating lease (Note 11) |  |  | 234 |  |  |  | — |
Acquisition-related intangible liabilities (Note 6) |  |  | (4,569 | ) |  |  | (10,081 | )
Lease liability - Operating lease (Note 11) |  |  | (234 | ) |  |  | — |
Net assets acquired |  | $ | 172,152 |  |  | $ | 324,339 |
Consideration |  |  |  |  |  |  |  |
Cash |  | $ | 21,208 |  |  | $ | 319,673 |
Conversion of note receivable |  |  | 38,674 |  |  |  | — |
Conversion of accrued interest |  |  | 1,995 |  |  |  | — |
Liabilities assumed |  |  | 116 |  |  |  | 4,666 |
Existing interest in previously unconsolidated investment |  |  | 109,571 |  |  |  | — |
Acquisition of noncontrolling interests |  |  | 588 |  |  |  | — |
Total consideration |  | $ | 172,152 |  |  | $ | 324,339 |
Schedule of Property Dispositions | During the six months ended June 30, 2020 and 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 |
2020 Dispositions |  |  |  |  |  |  |  |  |  |  |  |
Colonie Plaza - Albany, NY |  | Fund IV |  | Apr 13, 2020 |  | $ | 15,250 |  |  | $ | 485 |
Total 2020 Dispositions |  |  |  |  |  | $ | 15,250 |  |  | $ | 485 |
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 six months ended June 30, 2020 and year ended December 31, 2019 were as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |  |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |
Revenues |  | $ | 100 |  |  | $ | 3,250 |  |  | $ | 706 |  |  | $ | 6,857 |  |
Expenses |  |  | (254 | ) |  |  | (2,802 | ) |  |  | (938 | ) |  |  | (5,464 | ) |
Gain on disposition of properties |  |  | 485 |  |  |  | — |  |  |  | 485 |  |  |  | 2,014 |  |
Net income attributable to noncontrolling interests |  |  | (231 | ) |  |  | (157 | ) |  |  | (172 | ) |  |  | (2,258 | ) |
Net income attributable to Acadia |  | $ | 100 |  |  | $ | 291 |  |  | $ | 81 |  |  | $ | 1,149 |  |
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 |  |  | Six Months Ended June 30, 2020 |  |  | June 30, 2020 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | — |  |  | $ | 60,863 |  |  | $ | — |  |  | $ | 2,021 |  |  | $ | — |  |  |  | — |  |  | $ | 62,884 |
Fund II |  |  | — |  |  |  | 10,703 |  |  |  | 33,057 |  |  |  | 882 |  |  |  | 6,470 |  |  |  | — |  |  |  | 38,172 |
Fund III |  |  | 1 |  |  |  | 36,240 |  |  |  | — |  |  |  | 892 |  |  |  | 14,045 |  |  |  | 1 |  |  |  | 23,087 |
Fund IV (a) |  |  | 2 |  |  |  | 145,596 |  |  |  | — |  |  |  | 3,467 |  |  |  | 8,522 |  |  |  | 2 |  |  |  | 140,541 |
Total |  |  | 3 |  |  | $ | 253,402 |  |  | $ | 33,057 |  |  | $ | 7,262 |  |  | $ | 29,037 |  |  |  | 3 |  |  | $ | 264,684 |
| (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 |

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=116869197&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration