Leases (Tables)

3 Months Ended

Mar. 31, 2021

Activity for Reserves Related to Billed Rents and Straight-line Rents

The activity for the reserves related to billed rents and straight-line rents is as follows:

	Three Months Ended March 31, 2021
	Balance at Beginning of Period		Charged to Expenses		Adjustments to Valuation Accounts		Deductions			Balance at End of Period

Allowance for credit loss - billed rents	$	30,366	$	3,065	$	—	$	(1,162	)	$	32,269
Straight-line rent reserves		15,042		817		—		(175	)		15,684
Total - rents receivable	$	45,408	$	3,882	$	—	$	(1,337	)	$	47,953

Schedule of Lease Cost

	Three Months Ended March 31,
	2021			2020
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	226		$	657
Interest on lease liabilities		95			850
Subtotal		321			1,507
Operating lease cost		2,286			1,394
Variable lease cost		101			16
Total lease cost	$	2,708		$	2,917

Other Information
Weighted-average remaining lease term - finance leases (years)		33.2			42.3
Weighted-average remaining lease term - operating leases (years)		24.5			34.1
Weighted-average discount rate - finance leases		6.3	%		4.4	%
Weighted-average discount rate - operating leases		5.6	%		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 March 31, 2021, are summarized as follows (in thousands):

			Minimum Rental Payments
Year Ending December 31,	Minimum Rental Revenues ^(a)		Operating Leases ^(b)			Finance Leases^(b)
2021 (Remainder)	$	149,226	$	6,465		$	69
2022		198,269		7,768			28
2023		177,885		7,789			—
2024		152,363		7,974			—
2025		122,715		7,969			—
Thereafter		503,880		150,446			12,289
		1,304,338		188,411			12,386
Interest		—		(100,587	)		(6,230	)
Total	$	1,304,338	$	87,824		$	6,156

(a)

Amount represents contractual lease maturities at March 31, 2021 including any extension options that management determined were reasonably certain of exercise. During 2020, numerous tenants were forced to suspend operations by government mandate as a result of the COVID-19 Pandemic. The Company has negotiated payment agreements with selected tenants which resulted in rent concessions or deferral of rents as discussed further below.

(b)	Minimum rental payments exclude options or renewals not reasonably certain of exercise.

Schedule of Earnings Impact

The Company was impacted as follows by the COVID-19 Pandemic during the periods presented:

	Three Months Ended March 31, 2021												Three Months Ended March 31, 2020
	Consolidated			Non-Controlling Interests			Unconsolidated			Attributable to Acadia			Consolidated		Non-Controlling Interests			Unconsolidated		Attributable to Acadia
Credit Loss - Billed Rents
Core	$	1,883		$	17		$	386		$	2,286		$	832	$	—		$	268	$	1,100
Funds		1,182			(979	)		37			240			526		(498	)		110		138
Total		3,065			(962	)		423			2,526			1,358		(498	)		378		1,238

Straight - Line Rent Reserves
Core		(8	)		(1	)		(29	)		(38	)		2,744		—			220		2,964
Funds		825			(645	)		10			190			223		(220	)		62		65
Total		817			(646	)		(19	)		152			2,967		(220	)		282		3,029

Rent Abatements
Core		756			—			87			843			—		—			—		—
Funds		783			(611	)		7			179			—		—			—		—
Total		1,539			(611	)		94			1,022			—		—			—		—

Impairment charges
Core		—			—			—			—			—		—			—		—
Funds		—			—			—			—			51,549		(39,149	)		—		12,400
Total		—			—			—			—			51,549		(39,149	)		—		12,400

COVID Earnings Impact
Core		2,631			16			444			3,091			3,576		—			488		4,064
Funds		2,790			(2,235	)		54			609			52,298		(39,867	)		172		12,603
Total	$	5,421		$	(2,219	)	$	498		$	3,700		$	55,874	$	(39,867	)	$	660	$	16,667