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Leases (Tables) | 9 Months Ended
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Sep. 30, 2020
Leases [Abstract] |
Schedule of Assets and Liabilities in Connection With Acquisitions of Leasehold Interests | The Company recorded the following assets and liabilities in connection with acquisitions of leasehold interests:
|  | Nine Months Ended September 30, 2020 |  |  | Year Ended December 31, 2019 |
Amounts recorded upon acquisition of leasehold interests: |  |  |  |  |  |  |  |
Right of use asset - operating lease |  | $ | — |  |  | $ | 50,147 |
Right of use asset - finance lease |  |  | — |  |  |  | 19,422 |
Other Assets |  |  | — |  |  |  | — |
Leasehold improvements |  |  | — |  |  |  | 13,354 |
Lease intangibles (Note 6) |  |  | — |  |  |  | 1,760 |
Lease liability - operating lease |  |  | — |  |  |  | (45,293 | )
Acquisition-related intangible liabilities (Note 6) |  |  | — |  |  |  | (359 | )
Cash paid upon acquisition of leasehold interests |  | $ | — |  |  | $ | 39,031 |
Schedule of Lease Cost |
| Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
| 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Lease Cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Finance lease cost: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 226 |  |  |  | 565 |  |  | $ | 1,370 |  |  | $ | 1,603 |
Interest on lease liabilities |  | 92 |  |  |  | 978 |  |  |  | 1,541 |  |  |  | 2,755 |
Subtotal |  | 318 |  |  |  | 1,543 |  |  |  | 2,911 |  |  |  | 4,358 |
Operating lease cost |  | 2,258 |  |  |  | 1,394 |  |  |  | 5,377 |  |  |  | 3,037 |
Variable lease cost |  | 5 |  |  |  | 62 |  |  |  | 27 |  |  |  | 119 |
Total lease cost | $ | 2,581 |  |  | $ | 2,999 |  |  | $ | 8,315 |  |  | $ | 7,514 |
Other Information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average remaining lease term - finance leases (years) |  |  |  |  |  |  |  |  |  | 33.5 |  |  |  | 42.9 |
Weighted-average remaining lease term - operating leases (years) |  |  |  |  |  |  |  |  |  | 26.5 |  |  |  | 33.7 |
Weighted-average discount rate - finance leases |  |  |  |  |  |  |  |  |  | 6.2 | % |  |  | 4.5 | %
Weighted-average discount rate - operating leases |  |  |  |  |  |  |  |  |  | 5.4 | % |  |  | 5.8 | %
Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases | The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of September 30, 2020, are summarized as follows (in thousands):
Year Ending December 31, |  | Minimum Rental Revenues (a) |  |  | Minimum Rental Payments (b) |
2020 (Remainder) |  | $ | 48,803 |  |  | $ | 1,877 |
2021 |  |  | 208,058 |  |  |  | 8,665 |
2022 |  |  | 190,266 |  |  |  | 7,874 |
2023 |  |  | 166,701 |  |  |  | 7,869 |
2024 |  |  | 142,019 |  |  |  | 8,029 |
Thereafter |  |  | 563,493 |  |  |  | 170,745 |
Total |  | $ | 1,319,340 |  |  | $ | 205,059 |
Schedule of Tenant Operating Status | Tenant Operating Status – The following table illustrates the percentage of the Company’s consolidated and unconsolidated annualized base rents (“ABR”) derived from stores which were open or partially open for business as of the dates indicated:
|  | Percentage of Tenants Open for Business as of |
|  | June 30, 2020 |  |  | September 30, 2020 |
Core |  |  | 74 | % |  |  | 86 | %
Fund |  |  | 74 | % |  |  | 88 | %
| • | Tenant Operating Status – The following table illustrates the percentage of the Company’s consolidated and unconsolidated ABR derived from stores which were open or partially open for business as of the dates indicated:
|  | Percentage of Tenants Open for Business as of |
|  | June 30, 2020 |  |  | September 30, 2020 |  |  | October 31, 2020 |
Core |  |  | 74 | % |  |  | 86 | % |  |  | 86 | %
Fund |  |  | 74 | % |  |  | 88 | % |  |  | 87 | %
Schedule of Rent Collections | Rent Collections – The following table depicts collections of pre-COVID billings (original contract rents without regard to deferral or abatement agreements) and excludes the impact of any security deposits applied against tenant accounts as of the dates shown:
| Collections as of: |
| June 30, 2020 for |  |  | September 30, 2020 for |
| Second Quarter 2020 |  |  | Second Quarter 2020 |  |  | Third Quarter 2020 |
Core |  | 71 | % |  |  | 74 | % |  |  | 85 | %
Fund |  | 62 | % |  |  | 65 | % |  |  | 77 | %
| • | Rent Collections – The following table depicts collections of pre-COVID billings (original contract rents without regard to deferral or abatement agreements) and excludes the impact of any security deposits applied against tenant accounts as of the dates shown (Fund collections rates exclude data for non-managed properties):
| Collections as of: |
| June 30, 2020 for |  |  | September 30, 2020 for |  |  | October 31, 2020 for |
| Second Quarter 2020 |  |  | Second Quarter 2020 |  |  | Third Quarter 2020 |  |  | Second Quarter 2020 |  |  | Third Quarter 2020 |  |  | October 2020 |
Core |  | 71 | % |  |  | 74 | % |  |  | 85 | % |  |  | 76 | % |  |  | 87 | % |  |  | 90 | %
Fund |  | 62 | % |  |  | 65 | % |  |  | 77 | % |  |  | 67 | % |  |  | 79 | % |  |  | 81 | %
Schedule of Earnings Impact | The rental income reductions and impairment charges impacted net earnings and segment performance as follows for the periods presented:
|  | Three Months Ended September 30, 2020 |  |  | Nine Months Ended September 30, 2020 |
|  | Consolidated |  |  | Non-Controlling Interests |  |  | Unconsolidated |  |  | Attributable to Acadia |  |  | Consolidated |  |  | Non-Controlling Interests |  |  | Unconsolidated |  |  | Attributable to Acadia |
Credit Loss - Billed Rents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core |  | $ | 5,158 |  |  | $ | 35 |  |  | $ | 661 |  |  | $ | 5,854 |  |  | $ | 10,980 |  |  | $ | (20 | ) |  | $ | 1,335 |  |  | $ | 12,295 |
Funds |  |  | 5,678 |  |  |  | (4,544 | ) |  |  | 297 |  |  |  | 1,431 |  |  |  | 9,190 |  |  |  | (7,620 | ) |  |  | 685 |  |  |  | 2,255 |
Total |  |  | 10,836 |  |  |  | (4,509 | ) |  |  | 958 |  |  |  | 7,285 |  |  |  | 20,170 |  |  |  | (7,640 | ) |  |  | 2,020 |  |  |  | 14,550 |
Straight - Line Rent Reserves |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core |  |  | 2,113 |  |  |  | (52 | ) |  |  | 48 |  |  |  | 2,109 |  |  |  | 6,969 |  |  |  | (86 | ) |  |  | 498 |  |  |  | 7,381 |
Funds |  |  | 11,072 |  |  |  | (8,789 | ) |  |  | 769 |  |  |  | 3,052 |  |  |  | 12,743 |  |  |  | (10,183 | ) |  |  | 889 |  |  |  | 3,449 |
Total |  |  | 13,185 |  |  |  | (8,841 | ) |  |  | 817 |  |  |  | 5,161 |  |  |  | 19,712 |  |  |  | (10,269 | ) |  |  | 1,387 |  |  |  | 10,830 |
Rent Abatements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core |  |  | 687 |  |  |  | — |  |  |  | 75 |  |  |  | 762 |  |  |  | 803 |  |  |  | — |  |  |  | 684 |  |  |  | 1,487 |
Funds |  |  | 244 |  |  |  | (240 | ) |  |  | 56 |  |  |  | 60 |  |  |  | 244 |  |  |  | (240 | ) |  |  | 56 |  |  |  | 60 |
Total |  |  | 931 |  |  |  | (240 | ) |  |  | 131 |  |  |  | 822 |  |  |  | 1,047 |  |  |  | (240 | ) |  |  | 740 |  |  |  | 1,547 |
Impairment charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Funds |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51,549 |  |  |  | (39,149 | ) |  |  | — |  |  |  | 12,400 |
Total |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 51,549 |  |  |  | (39,149 | ) |  |  | — |  |  |  | 12,400 |
COVID Earnings Impact |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Core |  |  | 7,958 |  |  |  | (17 | ) |  |  | 784 |  |  |  | 8,725 |  |  |  | 18,752 |  |  |  | (106 | ) |  |  | 2,517 |  |  |  | 21,163 |
Funds |  |  | 16,994 |  |  |  | (13,573 | ) |  |  | 1,122 |  |  |  | 4,543 |  |  |  | 73,726 |  |  |  | (57,192 | ) |  |  | 1,630 |  |  |  | 18,164 |
Total |  | $ | 24,952 |  |  | $ | (13,590 | ) |  | $ | 1,906 |  |  | $ | 13,268 |  |  | $ | 92,478 |  |  | $ | (57,298 | ) |  | $ | 4,147 |  |  | $ | 39,327 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=77888426&loc=SL77918686-209980 + Details
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