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Real Estate (Tables) | 12 Months Ended
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Dec. 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 for the periods presented (in thousands):
|  | December 31, 2020 |  |  | December 31, 2019 |
Land |  | $ | 776,275 |  |  | $ | 756,297 |
Buildings and improvements |  |  | 2,848,781 |  |  |  | 2,740,479 |
Tenant improvements |  |  | 191,046 |  |  |  | 173,686 |
Construction in progress |  |  | 5,751 |  |  |  | 13,617 |
Right-of-use assets - finance leases (Note 11) |  |  | 25,086 |  |  |  | 102,055 |
Total |  |  | 3,846,939 |  |  |  | 3,786,134 |
Less: Accumulated depreciation and amortization |  |  | (586,800 | ) |  |  | (490,227 | )
Operating real estate, net |  |  | 3,260,139 |  |  |  | 3,295,907 |
Real estate under development |  |  | 247,349 |  |  |  | 253,402 |
Net investments in real estate |  | $ | 3,507,488 |  |  | $ | 3,549,309 |
Schedule of Business Acquisitions, by Acquisition | During the years ended December 31, 2020 and 2019, the Company acquired the following consolidated retail properties and other real estate investments (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 years ended December 31, 2020 and 2019 (in thousands):
|  | Year Ended December 31, 2020 |  |  | Year Ended December 31, 2019 |
Net Assets Acquired |  |  |  |  |  |  |  |
Land |  | $ | 25,440 |  |  | $ | 78,263 |
Buildings and improvements |  |  | 123,459 |  |  |  | 221,185 |
Accounts receivable, prepaids and other assets |  |  | 5,770 |  |  |  | — |
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 | ) |  |  | — |
Accounts payable and other liabilities |  |  | (1,009 | ) |  |  | — |
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 years ended December 31, 2020 and 2019, the Company disposed of the following consolidated properties and other real estate investments (in thousands):
Property and Location |  | Owner |  | Date Sold |  | Sale Price |  |  | Gain (Loss) on Sale |
2020 Dispositions |  |  |  |  |  |  |  |  |  |  |  |
163 Highland Ave. (Easement) - Needham, MA |  | Core |  | Mar 19, 2020 |  | $ | 238 |  |  | $ | 88 |
Colonie Plaza - Albany, NY |  | Fund IV |  | Apr 13, 2020 |  |  | 15,250 |  |  |  | 485 |
Airport Mall (Parcel) - Bangor, ME |  | Fund IV |  | Sep 10, 2020 |  |  | 400 |  |  |  | 24 |
Cortlandt Crossing (Sewer Project and Retention Pond) - Cortlandt, NY |  | Fund III |  | Nov 30, 2020 |  |  | 6,325 |  |  |  | — |
Union Township (Parcel) - New Castle, PA |  | Core |  | Dec 11, 2020 |  |  | 200 |  |  |  | 86 |
Total 2020 Dispositions |  |  |  |  |  | $ | 22,413 |  |  | $ | 683 |
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 years ended December 31, 2020, 2019 and 2018 were as follows (in thousands):
|  |  | Year Ended December 31, |
|  |  | 2020 |  |  | 2019 |  |  | 2018 |
Revenues |  |  | $ | 724 |  |  | $ | 9,786 |  |  | $ | 14,010 |
Expenses |  |  |  | (1,018 | ) |  |  | (8,561 | ) |  |  | (11,946 | )
Gain on disposition of properties |  |  |  | 683 |  |  |  | 30,324 |  |  |  | 5,140 |
Net income attributable to noncontrolling interests |  |  |  | (127 | ) |  |  | (10,770 | ) |  |  | (5,131 | )
Net income attributable to Acadia |  |  | $ | 262 |  |  | $ | 20,779 |  |  | $ | 2,073 |
Schedule Of Development In Process Activities | Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands):
|  | January 1, 2020 |  |  | Year Ended December 31, 2020 |  |  | December 31, 2020 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | — |  |  | $ | 60,863 |  |  | $ | — |  |  | $ | 3,012 |  |  | $ | — |  |  |  | — |  |  | $ | 63,875 |
Fund II (a) |  |  | — |  |  |  | 10,703 |  |  |  | 66,812 |  |  |  | 3,612 |  |  |  | 6,470 |  |  |  | — |  |  |  | 74,657 |
Fund III |  |  | 1 |  |  |  | 36,240 |  |  |  | — |  |  |  | 70 |  |  |  | 13,171 |  |  |  | 1 |  |  |  | 23,139 |
Fund IV (b) |  |  | 2 |  |  |  | 145,596 |  |  |  | — |  |  |  | 1,368 |  |  |  | 61,286 |  |  |  | 2 |  |  |  | 85,678 |
Total |  |  | 3 |  |  | $ | 253,402 |  |  | $ | 66,812 |  |  | $ | 8,062 |  |  | $ | 80,927 |  |  |  | 3 |  |  | $ | 247,349 |
| (a) | Transfers in include $33.8 million of non-cash Fund II additions obtained through the conversion of a note receivable (Note 3).
| (b) | Transfers out include impairment charges totaling $16.5 million on two Fund IV development properties (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 |

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