XML 47 R32.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Real Estate (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] |
Schedule of Real Estate | The Company’s real estate is comprised of the following for the periods presented (in thousands):
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Land |  | $ | 872,228 |  |  | $ | 817,802 |
Buildings and improvements |  |  | 3,128,650 |  |  |  | 2,987,594 |
Tenant improvements |  |  | 257,955 |  |  |  | 216,899 |
Construction in progress |  |  | 23,250 |  |  |  | 21,027 |
Right-of-use assets - finance leases (Note 11) |  |  | 58,637 |  |  |  | 25,086 |
Total |  |  | 4,340,720 |  |  |  | 4,068,408 |
Less: Accumulated depreciation and amortization |  |  | (823,439 | ) |  |  | (725,143 | )
Operating real estate, net |  |  | 3,517,281 |  |  |  | 3,343,265 |
Real estate under development |  |  | 94,799 |  |  |  | 184,602 |
Net investments in real estate |  | $ | 3,612,080 |  |  | $ | 3,527,867 |
Schedule of Business Acquisitions, by Acquisition | During the years ended December 31, 2023 and 2022, the Company acquired (through purchase, investment, or foreclosure) the following retail properties and other real estate investments (dollars in thousands):
Property and Location |  | Percent Acquired |  | Date of Acquisition |  | Purchase Price |
Fund V 2023 Acquisitions |  |  |  |  |  |  |
Cypress Creek - Tampa, FL |  | 100% |  | July 3, 2023 |  | $ | 49,374 |
Maple Tree Place - Williston, VT |  | 100% |  | November 27, 2023 |  |  | 77,816 |
Total Fund V 2023 Acquisitions |  |  |  |  |  | $ | 127,190 |
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 |
Henderson Avenue Portfolio - Dallas, TX (b) |  | 100% |  | Apr 18, 2022 |  |  | 85,192 |
Subtotal Core |  |  |  |  |  |  | 246,696 |
Fund III |  |  |  |  |  |  |
640 Broadway - New York, NY (Foreclosure) (c) |  | 100% |  | Jan 26, 2022 |  |  | 59,207 |
Subtotal Fund III |  |  |  |  |  |  | 59,207 |
Total 2022 Acquisitions and Foreclosure |  |  |  |  |  | $ | 305,903 |
a) 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 10) to the Company for fair value at a future date. Given the preferred rate of return 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 bargain purchase gain of $1.2 million, which is included in Realized and unrealized holding (losses) gains on investments and other on the Consolidated Statements of Operations. b) The Henderson Avenue Portfolio comprises 14 operating retail assets, one residential building and two development and re development sites. One of the development sites was sold in October 2022. c) 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.
Schedule of Purchase Price Allocations | The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2023 and 2022 (in thousands):
|  | Land |  |  | Buildings and improvements |  |  | Intangible assets |  |  | Right-of-use asset |  |  | Lease liability |  |  | Intangible liabilities |  | Other assets, net |  |  | Net assets acquired |
Property Name |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cypress Creek |  | $ | — |  |  | $ | 39,637 |  |  | $ | 10,949 |  |  | $ | 25,313 |  |  | $ | (22,075 | ) |  | $ | (4,450 | ) | $ | — |  |  | $ | 49,374 |
Maple Tree Place |  |  | 17,597 |  |  |  | 49,404 |  |  |  | 18,209 |  |  |  | — |  |  |  | — |  |  |  | (7,395 | ) |  | — |  |  |  | 77,816 |
2023 Total |  | $ | 17,597 |  |  | $ | 89,041 |  |  | $ | 29,158 |  |  | $ | 25,313 |  |  | $ | (22,075 | ) |  | $ | (11,845 | ) | $ | — |  |  | $ | 127,190 |
121 Spring Street |  | $ | 5,380 |  |  | $ | 31,707 |  |  | $ | 2,550 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  | $ | — |  |  | $ | 39,637 |
Williamsburg Collection |  |  | 31,500 |  |  |  | 60,700 |  |  |  | 16,401 |  |  |  | — |  |  |  | — |  |  |  | (9,688 | ) |  | — |  |  |  | 98,913 |
8833 Beverly Boulevard |  |  | 14,423 |  |  |  | 8,299 |  |  |  | 1,395 |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  |  | 24,117 |
Henderson Avenue Portfolio |  |  | 40,764 |  |  |  | 40,865 |  |  |  | 7,611 |  |  |  | — |  |  |  | — |  |  |  | (4,048 | ) |  | — |  |  |  | 85,192 |
640 Broadway (a) |  |  | 27,831 |  |  |  | 27,291 |  |  |  | 1,059 |  |  |  | — |  |  |  | (661 | ) |  |  | (390 | ) |  | 4,077 |  |  |  | 59,207 |
2022 Total |  | $ | 119,898 |  |  | $ | 168,862 |  |  | $ | 29,016 |  |  | $ | — |  |  | $ | (661 | ) |  | $ | (14,126 | ) | $ | 4,077 |  |  | $ | 307,066 |
a) The Company assumed a $36.0 million mortgage with the consolidation of 640 Broadway during the year ended December 31, 2022 (Note 7).
Schedule of Significant Assumptions Used in Calculating Fair Value of the Asset Acquisitions | The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during 2023 and 2022, respectively, are as follows:
|  | 2023 |  |  | 2022 |
|  | Low |  | High |  |  | Low |  | High |
Exit Capitalization Rate |  |  | 7.00 | % |  | 8.50 | % |  |  | 4.25 | % |  | 7.25 | %
Annual net rental rate per square foot on acquired buildings |  | $ | 4.00 |  | $ | 47.00 |  |  | $ | 20.00 |  | $ | 825.00 |
Annual net rental rate per square foot on acquired ground lease |  | $ | 1.04 |  | $ | 1.91 |  |  | $ | — |  | $ | — |
Schedule of Property Dispositions | During the years ended December 31, 2023 and 2022, the Company disposed of the following properties and other real estate investments (in thousands):
Property and Location |  | Owner |  | Sale Date |  | Sale Price |  |  | Gain (Loss) on Sale |
2023 Dispositions (a) |  |  |  |  |  |  |  |  |  |
None |  |  |  |  |  |  |  |  |  |
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, NY |  | Fund III |  | Feb 9, 2022 |  |  | 65,533 |  |  |  | 13,255 |
Lincoln Place - Fairview Heights, IL |  | Fund IV |  | May 25, 2022 |  |  | 40,670 |  |  |  | 12,216 |
Wake Forest Crossing - Wake Forest, NC |  | Fund IV |  | Aug 24, 2022 |  |  | 38,919 |  |  |  | 8,885 |
Henderson Avenue (Parcel) - Dallas, TX |  | Core |  | Oct 7, 2022 |  |  | 3,050 |  |  |  | (194 | )
330-340 River Street - Cambridge, MA |  | Core |  | Dec 13, 2022 |  |  | 26,400 |  |  |  | 7,439 |
Total 2022 Dispositions |  |  |  |  |  | $ | 222,153 |  |  | $ | 57,161 |
a) Does not include the 146 Geary Street property, which had a carrying value of $19.4 million, and was transferred to the Company’s lender through deed-in-lieu of foreclosure, extinguishing the obligations under the $20.1 million mortgage loan and accrued interest in default (Note 7).
Schedule of Asset Held For Sale Property | Assets of property held for sale consisted of the following:
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Assets |  |  |  |  |  |
Buildings and improvements |  | $ | 12,562 |  |  | $ | 12,562 |
Land |  |  | 3,380 |  |  |  | 3,380 |
Tenant improvements |  |  | 1,010 |  |  |  | 1,010 |
Less: Accumulated depreciation and amortization |  |  | (5,895 | ) |  |  | (5,895 | )
|  | $ | 11,057 |  |  | $ | 11,057 |
Schedule of Development in Process Activities | Development activity for the Company’s properties comprised the following during the periods presented (dollars in thousands):
|  | January 1, 2023 |  |  | Year Ended December 31, 2023 |  |  | December 31, 2023 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | 2 |  |  | $ | 54,817 |  |  | $ | — |  |  | $ | 11,266 |  |  | $ | — |  |  |  | 2 |  |  |  | 66,083 |
Fund II |  |  | — |  |  |  | 34,072 |  |  |  | — |  |  |  | 633 |  |  |  | 34,705 |  |  |  | — |  |  |  | — |
Fund III |  |  | 1 |  |  |  | 25,798 |  |  |  | — |  |  |  | 2,958 |  |  |  | 40 |  |  |  | 1 |  |  |  | 28,716 |
Fund IV |  |  | 1 |  |  |  | 69,915 |  |  |  | — |  |  |  | — |  |  |  | 69,915 |  |  |  | — |  |  |  | — |
Total |  |  | 4 |  |  | $ | 184,602 |  |  | $ | — |  |  | $ | 14,857 |  |  | $ | 104,660 |  |  |  | 3 |  |  | $ | 94,799 |
|  | January 1, 2022 |  |  | Year Ended December 31, 2022 |  |  | December 31, 2022 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core |  |  | — |  |  | $ | 42,517 |  |  | $ | 9,610 |  |  | $ | 2,690 |  |  | $ | — |  |  |  | 2 |  |  | $ | 54,817 |
Fund II (a) |  |  | — |  |  |  | 35,125 |  |  |  | — |  |  |  | 503 |  |  |  | 1,556 |  |  |  | — |  |  |  | 34,072 |
Fund III |  |  | 1 |  |  |  | 24,296 |  |  |  | — |  |  |  | 1,502 |  |  |  | — |  |  |  | 1 |  |  |  | 25,798 |
Fund IV (b) |  |  | 1 |  |  |  | 101,835 |  |  |  | — |  |  |  | 215 |  |  |  | 32,135 |  |  |  | 1 |  |  |  | 69,915 |
Total |  |  | 2 |  |  | $ | 203,773 |  |  | $ | 9,610 |  |  | $ | 4,910 |  |  | $ | 33,691 |  |  |  | 4 |  |  | $ | 184,602 |
(a) Transfers out include $1.6 million related to a portion of one Fund II property that was transferred out of development. (b) Transfers out include $13.4 million related to a portion of one Fund IV property that was transferred out of development and an impairment charge totaling $18.7 million on one Fund IV development property (Note 8).

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 asset held for sale property. + References No definition available. + Details
Name: | akr_ScheduleOfAssetHeldForSalePropertyTableTextBlock
Namespace Prefix: | akr_
Data Type: | dtr-types:textBlockItemType
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 Schedule of significant assumptions used in calculating fair value asset acquisitions. + References No definition available. + Details
Name: | akr_ScheduleOfSignificantAssumptionsUsedInCalculatingFairValueAssetAcquisitionsTableTextBlock
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 -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + 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 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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration