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v3.21.1

Real Estate (Tables) | 3 Months Ended
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Mar. 31, 2021
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):
|  | 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 |
Schedule of Business Acquisitions, by Acquisition | 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 |
Schedule of Purchase Price Allocations | 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 |
Schedule of Property 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 |
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 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 |  |
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, 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).

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