XML 37 R27.htm IDEA: XBRL DOCUMENT
v3.22.1

Real Estate (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
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, |  |  | December 31, |
|  | 2022 |  |  | 2021 |
Land |  | $ | 821,841 |  |  | $ | 739,641 |
Buildings and improvements |  |  | 3,014,853 |  |  |  | 2,892,051 |
Tenant improvements |  |  | 206,755 |  |  |  | 199,925 |
Construction in progress |  |  | 7,825 |  |  |  | 11,131 |
Right-of-use assets - finance leases (Note 11) |  |  | 25,086 |  |  |  | 25,086 |
Total |  |  | 4,076,360 |  |  |  | 3,867,834 |
Less: Accumulated depreciation and amortization |  |  | (669,783 | ) |  |  | (648,461 | )
Operating real estate, net |  |  | 3,406,577 |  |  |  | 3,219,373 |
Real estate under development |  |  | 192,115 |  |  |  | 203,773 |
Net investments in real estate |  | $ | 3,598,692 |  |  | $ | 3,423,146 |
Schedule of Business Acquisitions, by Acquisition | During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company acquired (through purchase, investment or foreclosure) the following consolidated retail properties and other real estate investments (dollars in thousands):
Property and Location |  | Percent Acquired |  | Date of Acquisition |  | Purchase Price |
2022 Acquisitions and Foreclosure |  |  |  |  |  |  |
Core |  |  |  |  |  |  |
121 Spring Street - New York, NY |  | 100% |  | Jan 12, 2022 |  | $ | 39,637 |
Williamsburg Collection - Brooklyn, NY (a) |  | (a) |  | Feb 18, 2022 |  |  | 97,750 |
8833 Beverly Boulevard - West Hollywood, CA |  | 100% |  | Mar 2, 2022 |  |  | 24,117 |
Subtotal Core |  |  |  |  |  |  | 161,504 |
Fund III |  |  |  |  |  |  |
640 Broadway - New York, NY (Foreclosure) (b) |  | 100% |  | Jan 26, 2022 |  |  | 59,207 |
Subtotal Fund III |  |  |  |  |  |  | 59,207 |
Total 2022 Acquisitions and Foreclosure |  |  |  |  |  | $ | 220,711 |
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% |  | Nov 12, 2021 |  |  | 71,867 |
Subtotal Fund V |  |  |  |  |  |  | 168,646 |
Total 2021 Acquisitions |  |  |  |  |  | $ | 194,966 |
a) The Williamsburg Collection entity is a variable interest entity and the Company consolidates the entity because it is the entity's primary beneficiary. The Company invested $2.8 million in its 49.99% equity interest and, through a separate lending subsidiary, provided a $64.1 million first mortgage loan and a $30.9 million mezzanine loan to subsidiaries of the venture (such equity and loans have been eliminated in consolidation). Pursuant to the entity’s operating agreement, the venture partner has a one-time right to put its 50.01% interest in the entity (the "Williamsburg NCI", which is further described in Note 8) to the Company for fair value at a future date. Given the preferred rate of return of the Company embedded in its equity interests and the accruing debt senior to the equity, the Company did not attribute any initial redemption value to the Williamsburg NCI and recognized a gain on bargain purchase, which is included in Realized and unrealized holding gains on investments and other in the consolidated statements of income. b) The entity was previously accounted for as an equity method investment until an affiliate of Fund III acquired the venture partner's interest in a foreclosure action. Fund III now indirectly owns 100% of the entity and consolidates it (Note 4).
Schedule of Purchase Price Allocations | The purchase prices for the 2022 Acquisitions and Foreclosure and 2021 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, |  |  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |
Net Assets Acquired |  |  |  |  |  |
Land |  | $ | 79,135 |  |  | $ | 37,290 |
Buildings and improvements |  |  | 127,997 |  |  |  | 134,065 |
Acquisition-related intangible assets (Note 6) |  |  | 21,404 |  |  |  | 39,953 |
Accounts receivable, prepaids and other assets |  |  | 4,077 |  |  |  | — |
Accounts payable and other liabilities |  |  | (661 | ) |  |  | — |
Acquisition-related intangible liabilities (Note 6) |  |  | (10,078 | ) |  |  | (16,342 | )
Net assets acquired |  | $ | 221,874 |  |  | $ | 194,966 |
Consideration |  |  |  |  |  |
Cash |  | $ | 159,599 |  |  | $ | 161,846 |
Carrying value of note receivable exchanged in foreclosure |  |  | 5,416 |  |  |  | — |
Existing interest in previously unconsolidated investment |  |  | 17,822 |  |  |  | — |
Debt assumed |  |  | 35,970 |  |  |  | 31,801 |
Liabilities assumed |  |  | 1,904 |  |  |  | 1,319 |
Total consideration |  |  | 220,711 |  |  |  | 194,966 |
Gain on bargain purchase |  |  | 1,163 |  |  |  | — |
|  | $ | 221,874 |  |  | $ | 194,966 |
Schedule of Property Dispositions | During the three months ended March 31, 2022 and the year ended December 31, 2021, 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 |
2022 Dispositions |  |  |  |  |  |  |  |  |  |
NE Grocer Portfolio (Selected Assets) - Pennsylvania |  | Fund IV |  | Jan 26, 2022 Mar 4, 2022 |  | $ | 45,350 |  |  | $ | 13,784 |
New Towne (Parcel) - Canton, MI |  | Fund V |  | Feb 1, 2022 |  |  | 2,231 |  |  |  | 1,776 |
Cortlandt Crossing - Westchester County, New York |  | Fund III |  | Feb 9, 2022 |  |  | 65,533 |  |  |  | 13,255 |
Total 2022 Dispositions |  |  |  |  |  | $ | 113,114 |  |  | $ | 28,815 |
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 |
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).
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 as well as the lease that was terminated (Note 11) during the three months ended March 31, 2022 and year ended December 31, 2021 were as follows (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2022 |  |  | 2021 |  |
Revenues |  | $ | 1,057 |  |  | $ | 4,010 |  |
Expenses |  |  | (676 | ) |  |  | (4,028 | ) |
Gain on disposition of properties |  |  | 28,815 |  |  |  | 4,612 |  |
Net (income) loss attributable to noncontrolling interests |  |  | (22,308 | ) |  |  | 6 |  |
Net income attributable to Acadia |  | $ | 6,888 |  |  | $ | 4,600 |  |
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, 2022 |  |  | Three Months Ended March 31, 2022 |  |  | March 31, 2022 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | — |  |  | $ | 42,517 |  |  | $ | — |  |  | $ | 458 |  |  | $ | — |  |  |  | — |  |  | $ | 42,975 |
Fund II |  |  | — |  |  |  | 35,125 |  |  |  | — |  |  |  | 377 |  |  |  | — |  |  |  | — |  |  |  | 35,502 |
Fund III |  |  | 1 |  |  |  | 24,296 |  |  |  | — |  |  |  | 282 |  |  |  | — |  |  |  | 1 |  |  |  | 24,578 |
Fund IV (a) |  |  | 1 |  |  |  | 101,835 |  |  |  | — |  |  |  | 76 |  |  |  | 12,851 |  |  |  | 1 |  |  |  | 89,060 |
Total |  |  | 2 |  |  | $ | 203,773 |  |  | $ | — |  |  | $ | 1,193 |  |  | $ | 12,851 |  |  |  | 2 |  |  | $ | 192,115 |
a) Transfers out include $12.9 million related to a portion of one Fund IV property that was transferred out of development.
|  | 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 million related to the remaining portion of one Fund IV property that was placed in development.

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 Schedule of development in process activities. + References No definition available. + Details
Name: | akr_ScheduleOfDevelopmentInProcessActivitiesTableTextBlock
Namespace Prefix: | akr_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of property dispositions. + References No definition available. + Details
Name: | akr_ScheduleOfPropertyDispositionsTableTextBlock
Namespace Prefix: | akr_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760 Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration