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Real Estate | 9 Months Ended
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Sep. 30, 2020
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, 2020 |  |  | December 31, 2019 |
Land |  | $ | 771,508 |  |  | $ | 756,297 |
Buildings and improvements |  |  | 2,822,818 |  |  |  | 2,740,479 |
Tenant improvements |  |  | 183,361 |  |  |  | 173,686 |
Construction in progress |  |  | 7,605 |  |  |  | 13,617 |
Right-of-use assets - finance leases (Note 11) |  |  | 25,086 |  |  |  | 102,055 |
Right-of-use assets - operating leases (Note 11), net |  |  | 89,615 |  |  |  | 60,006 |
Total |  |  | 3,899,993 |  |  |  | 3,846,140 |
Less: Accumulated depreciation and amortization |  |  | (552,562 | ) |  |  | (490,227 | )
Operating real estate, net |  |  | 3,347,431 |  |  |  | 3,355,913 |
Real estate under development |  |  | 268,298 |  |  |  | 253,402 |
Net investments in real estate |  | $ | 3,615,729 |  |  | $ | 3,609,315 |
Acquisitions and Conversions During the nine months ended September 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 |
The 2020 Acquisitions and Conversions and 2019 Acquisitions were considered asset acquisitions based on accounting guidance effective as of January 1, 2018. For the nine months ended September 30, 2020 and the year ended December 31, 2019, the Company capitalized $1.3 million and $2.6 million, respectively, of acquisition costs. No debt was assumed in any of the 2020 Acquisitions and Conversions or 2019 Acquisitions. Purchase Price Allocations The purchase prices for the 2020 Acquisitions and Conversions and 2019 Acquisitions 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, 2020 and the year ended December 31, 2019 (in thousands):
|  | Nine Months Ended September 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 |
Dispositions During the nine months ended September 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 |
Airport Mall (Parcel) - Bangor, ME |  | Fund IV |  | Sep 10, 2020 |  |  | 400 |  |  |  | 24 |
Total 2020 Dispositions |  |  |  |  |  | $ | 15,650 |  |  | $ | 509 |
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 |
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, 2020 and year ended December 31, 2019 were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |  |
Revenues |  | $ | — |  |  | $ | 2,099 |  |  | $ | 721 |  |  | $ | 8,972 |  |
Expenses |  |  | (44 | ) |  |  | (2,237 | ) |  |  | (982 | ) |  |  | (7,738 | ) |
Gain on disposition of properties |  |  | 24 |  |  |  | 12,056 |  |  |  | 509 |  |  |  | 14,070 |  |
Net income attributable to noncontrolling interests |  |  | 16 |  |  |  | (8,943 | ) |  |  | (169 | ) |  |  | (11,184 | ) |
Net income attributable to Acadia |  | $ | (4 | ) |  | $ | 2,975 |  |  | $ | 79 |  |  | $ | 4,120 |  |
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):
|  | January 1, 2020 |  |  | Nine Months Ended September 30, 2020 |  |  | September 30, 2020 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | — |  |  | $ | 60,863 |  |  | $ | — |  |  | $ | 3,083 |  |  | $ | — |  |  |  | — |  |  | $ | 63,946 |
Fund II |  |  | — |  |  |  | 10,703 |  |  |  | 33,057 |  |  |  | 2,631 |  |  |  | 6,470 |  |  |  | — |  |  |  | 39,921 |
Fund III |  |  | 1 |  |  |  | 36,240 |  |  |  | — |  |  |  | 1,071 |  |  |  | 14,045 |  |  |  | 1 |  |  |  | 23,266 |
Fund IV (a) |  |  | 2 |  |  |  | 145,596 |  |  |  | — |  |  |  | 4,091 |  |  |  | 8,522 |  |  |  | 2 |  |  |  | 141,165 |
Total |  |  | 3 |  |  | $ | 253,402 |  |  | $ | 33,057 |  |  | $ | 10,876 |  |  | $ | 29,037 |  |  |  | 3 |  |  | $ | 268,298 |
| (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 |
The number of properties in the tables above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. Fund II amounts relate to the City Point Phase III project. During the nine months ended September 30, 2020, the Company:
| • | placed one Fund III project, Cortlandt Crossing, into service
| • | placed a portion of Fund II’s City Point Phase II into development
During the year ended December 31, 2019, the Company placed 1238 Wisconsin, an unconsolidated Core property (Note 4) and the following consolidated projects into development:
| • | a portion of City Center (Core)
| • | a portion of Cortlandt Crossing (Fund III)
| • | a portion of 110 University Place (Fund IV, Note 11)
| • | its 146 Geary Street property (Fund IV)
During the year ended December 31, 2019, the Company placed one Core development project, 56 E. Walton, into service. 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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