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Real Estate | 12 Months Ended
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Dec. 31, 2021
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] |
Real Estate | 3. Rea l Estate The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
|  |  |  |  | (As Restated) |
Land |  | $ | 739,641 |  |  | $ | 752,721 |
Buildings and improvements |  |  | 2,892,051 |  |  |  | 2,802,253 |
Tenant improvements |  |  | 199,925 |  |  |  | 178,918 |
Construction in progress |  |  | 11,131 |  |  |  | 5,147 |
Right-of-use assets - finance leases (Note 12) |  |  | 25,086 |  |  |  | 25,086 |
Total |  |  | 3,867,834 |  |  |  | 3,764,125 |
Less: Accumulated depreciation and amortization |  |  | (648,461 | ) |  |  | (573,364 | )
Operating real estate, net |  |  | 3,219,373 |  |  |  | 3,190,761 |
Real estate under development |  |  | 203,773 |  |  |  | 247,201 |
Net investments in real estate |  | $ | 3,423,146 |  |  | $ | 3,437,962 |
Acquisitions and Conversions During the years ended December 31, 2021 and 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 |  |  |  |  |  |  |
Core |  |  |  |  |  |  |
14th Street Portfolio - Washington, DC |  | 100% |  | Dec 23, 2021 |  | $ | 26,320 |
Subtotal Core |  |  |  |  |  |  | 26,320 |
Fund V |  |  |  |  |  |  |
Canton Marketplace - Canton, GA |  | 100% |  | Aug 20, 2021 |  | $ | 50,954 |
Monroe Marketplace - Selinsgrove, PA |  | 100% |  | Sept 9, 2021 |  |  | 44,796 |
Monroe Marketplace (Parcel) - Selinsgrove, PA |  | 100% |  | Nov 12, 2021 |  |  | 1,029 |
Midstate - East Brunswick, NJ |  | 100% |  | Dec 14, 2021 |  |  | 71,867 |
Subtotal Fund V |  |  |  |  |  |  | 168,646 |
Total 2021 Acquisitions |  |  |  |  |  | $ | 194,966 |
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 5) |  | 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 years ended December 31, 2021 and 2020, the Company capitalized acquisition costs of $3.6 million and $1.3 million, respectively. During the year ended December 31, 2021, the Company assumed a $31.8 million mortgage upon the acquisition of Canton Marketplace (Note 8). 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 property 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 relative fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2021 and 2020 (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Net Assets Acquired |  |  |  |  |  |
Land |  | $ | 37,290 |  |  | $ | 25,440 |
Buildings and improvements |  |  | 134,065 |  |  |  | 123,459 |
Accounts receivable, prepaids and other assets |  |  | — |  |  |  | 5,770 |
Acquisition-related intangible assets (Note 7) |  |  | 39,953 |  |  |  | 23,061 |
Right-of-use asset - Operating lease (Note 12) |  |  | — |  |  |  | 234 |
Acquisition-related intangible liabilities (Note 7) |  |  | (16,342 | ) |  |  | (4,569 | )
Lease liability - Operating lease (Note 12) |  |  | — |  |  |  | (234 | )
Accounts payable and other liabilities |  |  | — |  |  |  | (1,009 | )
Net assets acquired |  | $ | 194,966 |  |  | $ | 172,152 |
Consideration |  |  |  |  |  |
Cash |  | $ | 161,846 |  |  | $ | 21,208 |
Conversion of note receivable |  |  | — |  |  |  | 38,674 |
Conversion of accrued interest |  |  | — |  |  |  | 1,995 |
Debt assumed |  |  | 31,801 |  |  |  | — |
Liabilities assumed |  |  | 1,319 |  |  |  | 116 |
Existing interest in previously unconsolidated investment |  |  | — |  |  |  | 109,571 |
Acquisition of noncontrolling interests |  |  | — |  |  |  | 588 |
Total consideration |  | $ | 194,966 |  |  | $ | 172,152 |
Dispositions During the years ended December 31, 2021, 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 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 |
2019 Dispositions |  |  |  |  |  |  |  |  |  |
3104 M Street - Washington, DC |  | 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 |
a) Does not include the gain on lease termination of $0.7 million related to the Fund IV lease at 110 University Place (Note 12). Properties Held for Sale or Sold At December 31, 2021, the Company had two properties under contract for sale with assets totaling $64.0 million, which were probable of disposition. These properties were classified as "held for sale" on the Company's consolidated balance sheets at December 31, 2021. The Company sold both properties in January and February 2022 and repaid the related debt upon disposition (Note 18). 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 during the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands):
|  |  | Year Ended December 31, |
|  |  | 2021 |  |  | 2020 |  |  | 2019 |
Revenues |  |  | $ | 3,270 |  |  | $ | 8,847 |  |  | $ | 17,282 |
Expenses |  |  |  | (3,784 | ) |  |  | (8,625 | ) |  |  | 1,212 |
Gain on disposition of properties |  |  |  | 10,521 |  |  |  | 683 |  |  |  | 30,324 |
Net income attributable to noncontrolling interests |  |  |  | (4,151 | ) |  |  | (323 | ) |  |  | (10,967 | )
Net income attributable to Acadia |  |  | $ | 5,856 |  |  | $ | 582 |  |  | $ | 37,851 |
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 |  |  | Year Ended December 31, 2021 |  |  | December 31, 2021 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | — |  |  | $ | 63,875 |  |  | $ | — |  |  | $ | 1,855 |  |  | $ | 23,213 |  |  |  | — |  |  | $ | 42,517 |
Fund II |  |  | — |  |  |  | 74,657 |  |  |  | — |  |  |  | 3,921 |  |  |  | 43,453 |  |  |  | — |  |  |  | 35,125 |
Fund III |  |  | 1 |  |  |  | 23,104 |  |  |  | — |  |  |  | 1,192 |  |  |  | — |  |  |  | 1 |  |  |  | 24,296 |
Fund IV (a) |  |  | 2 |  |  |  | 85,565 |  |  |  | 29,758 |  |  |  | 2,026 |  |  |  | 15,514 |  |  |  | 1 |  |  |  | 101,835 |
Total |  |  | 3 |  |  | $ | 247,201 |  |  | $ | 29,758 |  |  | $ | 8,994 |  |  | $ | 82,180 |  |  |  | 2 |  |  | $ | 203,773 |
a) Transfers in include $29.8 m illion related to the remaining portion of one Fund IV property that was placed into development.
|  | 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 |
|  |  |  |  | (As Restated) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (As Restated) |
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 |  |  |  | — |  |  |  | 35 |  |  |  | 13,171 |  |  |  | 1 |  |  |  | 23,104 |
Fund IV (b) |  |  | 2 |  |  |  | 145,590 |  |  |  | — |  |  |  | 1,261 |  |  |  | 61,286 |  |  |  | 2 |  |  |  | 85,565 |
Total |  |  | 3 |  |  | $ | 253,396 |  |  | $ | 66,812 |  |  | $ | 7,920 |  |  | $ | 80,927 |  |  |  | 3 |  |  | $ | 247,201 |
a) Transfers in include $33.8 million of non-cash Fund II additions obtained through the conversion of a note receivable (Note 4). b) Transfers out include impairment charges totaling $16.5 million on two Fund IV development properties (Note 9). 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. At December 31, 2021, consolidated development projects included: a portion of City Center for Core, portions of City Point Phase I and II at Fund II, Broad Hollow Commons at Fund III and 717 N. Michigan Avenue at Fund IV. In addition, at December 31, 2021, the Company had one Core unconsolidated development project, 1238 Wisconsin Avenue. During the year ended December 31, 2021, the Company: • placed portions of one Core project, City Center, into service in the first and second 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 12) • placed the remaining portion of one Fund IV property, 717 N. Michigan Avenue, into development in the fourth quarter of 2021 • placed a portion of Fund II’s City Point Phase III into service in the fourth quarter of 2021 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 at a Fund II property in the amount of $33.8 million in the fourth quarter of 2020 (Note 4) • recognized impairment charges totaling $16.5 million on two Fund IV properties (Note 9) 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 9) • 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 were 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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