XML 22 R11.htm IDEA: XBRL DOCUMENT
v3.21.1

Real Estate | 3 Months Ended
--- | ---
Mar. 31, 2021
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 for the periods presented (in thousands):
|  | March 31, 2021 |  |  | December 31, 2020 |
Land |  | $ | 767,631 |  |  | $ | 776,275 |
Buildings and improvements |  |  | 2,847,797 |  |  |  | 2,848,781 |
Tenant improvements |  |  | 196,748 |  |  |  | 191,046 |
Construction in progress |  |  | 6,453 |  |  |  | 5,751 |
Right-of-use assets - finance leases (Note 11) |  |  | 25,086 |  |  |  | 25,086 |
Total |  |  | 3,843,715 |  |  |  | 3,846,939 |
Less: Accumulated depreciation and amortization |  |  | (605,684 | ) |  |  | (586,800 | )
Operating real estate, net |  |  | 3,238,031 |  |  |  | 3,260,139 |
Real estate under development |  |  | 234,338 |  |  |  | 247,349 |
Net investments in real estate |  | $ | 3,472,369 |  |  | $ | 3,507,488 |
Acquisitions and Conversions During the three months ended March 31, 2021 and the year ended December 31, 2020, 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 |
2021 Acquisitions |  |  |  |  |  |  |  |  |  |
None |  |  |  |  |  |  |  |  |  |
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 |
For the year ended December 31, 2020, the Company capitalized $1.3 million of acquisition costs. No debt was assumed in any of the 2020 Acquisitions. Conversions represent notes receivable that were converted to an interest in the underlying collateral in a non-cash transaction. Purchase Price Allocations The purchase prices for the 2020 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 periods presented (in thousands):
|  | Three Months Ended March 31, 2021 |  |  | Year Ended December 31, 2020 |
Net Assets Acquired |  |  |  |  |  |  |  |
Land |  | $ | — |  |  | $ | 25,440 |
Buildings and improvements |  |  | — |  |  |  | 123,459 |
Accounts receivable, prepaids and other assets |  |  | — |  |  |  | 5,770 |
Acquisition-related intangible assets (Note 6) |  |  | — |  |  |  | 23,061 |
Right-of-use asset - Operating lease (Note 11) |  |  | — |  |  |  | 234 |
Acquisition-related intangible liabilities (Note 6) |  |  | — |  |  |  | (4,569 | )
Lease liability - Operating lease (Note 11) |  |  | — |  |  |  | (234 | )
Accounts payable and other liabilities |  |  | — |  |  |  | (1,009 | )
Net assets acquired |  | $ | — |  |  | $ | 172,152 |
Consideration |  |  |  |  |  |  |  |
Cash |  | $ | — |  |  | $ | 21,208 |
Conversion of note receivable |  |  | — |  |  |  | 38,674 |
Conversion of accrued interest |  |  | — |  |  |  | 1,995 |
Liabilities assumed |  |  | — |  |  |  | 116 |
Existing interest in previously unconsolidated investment |  |  | — |  |  |  | 109,571 |
Acquisition of noncontrolling interests |  |  | — |  |  |  | 588 |
Total consideration |  | $ | — |  |  | $ | 172,152 |
Dispositions During the three months ended March 31, 2021 and the year ended December 31, 2020, the Company disposed of the following consolidated properties and other real estate investments (in thousands):
Property and Location |  | Owner |  | Date Sold |  | Sale Price |  |  | Gain on Sale |
2021 Dispositions |  |  |  |  |  |  |  |  |  |  |  |
60 Orange St - Bloomfield, NJ |  | Core |  | Jan 29, 2021 |  | $ | 16,400 |  |  | $ | 4,612 |
Total 2021 Dispositions |  |  |  |  |  | $ | 16,400 |  |  | $ | 4,612 |
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 |
During the three months ended March 31, 2021, Fund III entered into an agreement to sell its 654 Broadway property, which is reflected as assets of properties held for sale at March 31, 2021 on the consolidated balance sheet. 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, 2021 and year ended December 31, 2020 were as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2021 |  |  | 2020 |  |
Revenues |  | $ | 82 |  |  | $ | 870 |  |
Expenses |  |  | (90 | ) |  |  | (864 | ) |
Gain on disposition of properties |  |  | 4,612 |  |  |  | — |  |
Net income attributable to noncontrolling interests |  |  | 1 |  |  |  | 48 |  |
Net income attributable to Acadia |  | $ | 4,605 |  |  | $ | 54 |  |
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, 2021 |  |  | Three Months Ended March 31, 2021 |  |  | March 31, 2021 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | — |  |  | $ | 63,875 |  |  | $ | — |  |  | $ | 933 |  |  | $ | 14,557 |  |  |  | — |  |  | $ | 50,251 |
Fund II |  |  | — |  |  |  | 74,657 |  |  |  | — |  |  |  | 535 |  |  |  | — |  |  |  | — |  |  |  | 75,192 |
Fund III |  |  | 1 |  |  |  | 23,139 |  |  |  | — |  |  |  | 277 |  |  |  | — |  |  |  | 1 |  |  |  | 23,416 |
Fund IV |  |  | 2 |  |  |  | 85,678 |  |  |  | — |  |  |  | 21 |  |  |  | 220 |  |  |  | 2 |  |  |  | 85,479 |
Total |  |  | 3 |  |  | $ | 247,349 |  |  | $ | — |  |  | $ | 1,766 |  |  | $ | 14,777 |  |  |  | 3 |  |  | $ | 234,338 |
|  | 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).
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. Core amounts relate to City Center and Fund II amounts relate to the City Point Phase III project. During the three months ended March 31, 2021, the Company:
| • | placed a portion of one Core project, City Center, into service
| • | placed the remainder of one Fund project, Paramus, into service
During the year ended December 31, 2020, the Company:
| • | placed a portion of one Fund III property, Cortlandt Crossing, into service
| • | converted, in a non-cash transaction, a note receivable in exchange for construction improvements in the amount of $33.8 million (Note 3)
| • | recognized impairment charges totaling $16.5 million on two Fund IV properties (Note 8) including 717 N. Michigan Avenue and 110 University Place
| • | placed a portion of one Fund IV property, 146 Geary Street, into service, which was also impaired (Note 8)
| • | placed a portion of Fund II’s City Point Phase II into development
| • | suspended certain development projects due to aforementioned disruptions related to the COVID-19 Pandemic. Substantially all remaining development and redevelopment costs are discretionary and dependent upon the resumption of tenant interest.
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.

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 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
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration