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Real Estate | 9 Months Ended
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Sep. 30, 2021
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] |
Real Estate | 2. Rea l Estate The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands):
|  | September 30, 2021 |  |  | December 31, 2020 |
Land |  | $ | 777,991 |  |  | $ | 776,275 |
Buildings and improvements |  |  | 2,889,285 |  |  |  | 2,848,781 |
Tenant improvements |  |  | 211,588 |  |  |  | 191,046 |
Construction in progress |  |  | 12,341 |  |  |  | 5,751 |
Right-of-use assets - finance leases (Note 11) |  |  | 25,086 |  |  |  | 25,086 |
Total |  |  | 3,916,291 |  |  |  | 3,846,939 |
Less: Accumulated depreciation and amortization |  |  | (647,718 | ) |  |  | (586,800 | )
Operating real estate, net |  |  | 3,268,573 |  |  |  | 3,260,139 |
Real estate under development |  |  | 219,037 |  |  |  | 247,349 |
Net investments in real estate |  | $ | 3,487,610 |  |  | $ | 3,507,488 |
Acquisitions and Conversions During the nine months ended September 30, 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 |  |  |  |  |  |  |
Fund V |  |  |  |  |  |  |
Canton Marketplace - Canton, GA |  | 100% |  | Aug 20,2021 |  | $ | 50,954 |
Monroe Marketplace - Selinsgrove, PA |  | 100% |  | Sept 9, 2021 |  |  | 44,796 |
Total 2021 Acquisitions |  |  |  |  |  | $ | 95,750 |
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 nine months ended September 30, 2021 and the year ended December 31, 2020, the Company capitalized $1.2 million and $1.3 million of acquisition costs, respectively. For the nine months ended September 30, 2021, the Company assumed a $31.8 million mortgage upon the acquisition of Canton Marketplace (Note 7). No debt was assumed in any of the 2020 Acquisitions and Conversions. Conversions represent notes receivable that were converted to an equity interest in the underlying collateral in a non-cash transaction. Purchase Price Allocations The purchase prices for the 2021 Acquisitions and 2020 Acquisitions and Conversions 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):
|  | Nine Months Ended September 30, 2021 |  |  | Year Ended December 31, 2020 |
Net Assets Acquired |  |  |  |  |  |
Land |  | $ | 19,609 |  |  | $ | 25,440 |
Buildings and improvements |  |  | 70,354 |  |  |  | 123,459 |
Accounts receivable, prepaids and other assets |  |  | — |  |  |  | 5,770 |
Acquisition-related intangible assets (Note 6) |  |  | 18,752 |  |  |  | 23,061 |
Right-of-use asset - Operating lease (Note 11) |  |  | — |  |  |  | 234 |
Acquisition-related intangible liabilities (Note 6) |  |  | (12,965 | ) |  |  | (4,569 | )
Lease liability - Operating lease (Note 11) |  |  | — |  |  |  | (234 | )
Accounts payable and other liabilities |  |  | — |  |  |  | (1,009 | )
Net assets acquired |  | $ | 95,750 |  |  | $ | 172,152 |
Consideration |  |  |  |  |  |
Cash |  | $ | 63,425 |  |  | $ | 21,208 |
Conversion of note receivable |  |  | — |  |  |  | 38,674 |
Conversion of accrued interest |  |  | — |  |  |  | 1,995 |
Debt assumed |  |  | 31,802 |  |  |  | — |
Liabilities assumed |  |  | 523 |  |  |  | 116 |
Existing interest in previously unconsolidated investment |  |  | — |  |  |  | 109,571 |
Acquisition of noncontrolling interests |  |  | — |  |  |  | 588 |
Total consideration |  | $ | 95,750 |  |  | $ | 172,152 |
Dispositions During the nine months ended September 30, 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 |
654 Broadway - New York, NY |  | Fund III |  | May 19, 2021 |  |  | 10,000 |  |  |  | 111 |
NE Grocer Portfolio (Selected Assets) - Maine |  | Fund IV |  | Jun 18, 2021 |  |  | 39,925 |  |  |  | 5,064 |
Total 2021 Dispositions (a) |  |  |  |  |  | $ | 66,325 |  |  | $ | 9,787 |
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 |
a) Does not include the g ain on lease termination of $0.7 million related to the Fund IV lease at 110 University Place (Note 11). The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold as well as the lease that was terminated (Note 11) during the nine months ended September 30, 2021 and year ended December 31, 2020 were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |  |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |  |
Revenues |  | $ | — |  |  | $ | 2,070 |  |  | $ | 3,522 |  |  | $ | 7,488 |  |
Expenses |  |  | — |  |  |  | (1,872 | ) |  |  | (3,868 | ) |  |  | (7,164 | ) |
Gain on disposition of properties |  |  | — |  |  |  | 24 |  |  |  | 10,521 |  |  |  | 509 |  |
Net income attributable to noncontrolling interests |  |  | — |  |  |  | (124 | ) |  |  | (4,281 | ) |  |  | (475 | ) |
Net income attributable to Acadia |  | $ | — |  |  | $ | 98 |  |  | $ | 5,894 |  |  | $ | 358 |  |
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 |  |  | Nine Months Ended September 30, 2021 |  |  | September 30, 2021 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | — |  |  | $ | 63,875 |  |  | $ | — |  |  | $ | 1,689 |  |  | $ | 23,213 |  |  |  | — |  |  | $ | 42,351 |
Fund II |  |  | — |  |  |  | 74,657 |  |  |  | — |  |  |  | 1,595 |  |  |  | — |  |  |  | — |  |  |  | 76,252 |
Fund III |  |  | 1 |  |  |  | 23,139 |  |  |  | — |  |  |  | 826 |  |  |  | — |  |  |  | 1 |  |  |  | 23,965 |
Fund IV |  |  | 2 |  |  |  | 85,678 |  |  |  | — |  |  |  | 2,153 |  |  |  | 11,362 |  |  |  | 1 |  |  |  | 76,469 |
Total |  |  | 3 |  |  | $ | 247,349 |  |  | $ | — |  |  | $ | 6,263 |  |  | $ | 34,575 |  |  |  | 2 |  |  | $ | 219,037 |
|  | 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 nine months ended September 30, 2021, the Company:  placed portions of one Core project, City Center, into service in the first and second quarter of 2021  placed the remainder of one Fund IV project, Paramus, into service in the first quarter of 2021  disposed of building improvements related to one Fund IV project, 110 University Place, in connection with a lease termination in the second quarter of 2021 (Note 11) During the year ended December 31, 2020, the Company:  placed a portion of one Fund III property, Cortlandt Crossing, into service in the first quarter of 2020  converted, in a non-cash transaction, a note receivable in exchange for construction improvements in the amount of $33.8 million in the fourth quarter of 2020 (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 in the fourth quarter of 2020  placed a portion of one Fund IV property, 146 Geary Street, which was also impaired, into service in the first quarter of 2020 (Note 8)  placed a portion of Fund II’s City Point Phase II into development in the second quarter of 2020  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.

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- Definition Acquisition and disposition of properties and discontinued operations. + References No definition available. + Details
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- 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
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