XML 20 R13.htm IDEA: XBRL DOCUMENT
v3.25.1

Real Estate | 3 Months Ended
--- | ---
Mar. 31, 2025
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):
|  | March 31, |  |  | December 31, |
|  | 2025 |  |  | 2024 |
Buildings and improvements |  | $ | 3,359,373 |  |  | $ | 3,174,250 |
Tenant improvements |  |  | 311,562 |  |  |  | 304,645 |
Land |  |  | 1,088,389 |  |  |  | 906,031 |
Construction in progress |  |  | 28,807 |  |  |  | 23,704 |
Right-of-use assets - finance leases (Note 11) |  |  | 61,366 |  |  |  | 61,366 |
Total |  |  | 4,849,497 |  |  |  | 4,469,996 |
Less: Accumulated depreciation and amortization |  |  | (954,293 | ) |  |  | (926,022 | )
Operating real estate, net |  |  | 3,895,204 |  |  |  | 3,543,974 |
Real estate under development |  |  | 142,110 |  |  |  | 129,619 |
Net investments in real estate |  | $ | 4,037,314 |  |  | $ | 3,673,593 |
Acquisitions During the three months ended March 31, 2025, the Company acquired the following retail properties and other retail investments (dollars in thousands):
Property and Location |  | Percent Acquired |  | Date of Acquisition |  | Purchase Price (a) |
2025 Acquisitions |  |  |  |  |  |  |
Core |  |  |  |  |  |  |
106 Spring Street - New York, NY |  | 100% |  | January 9, 2025 |  | $ | 55,137 |
73 Wooster Street - New York, NY |  | 100% |  | January 9, 2025 |  |  | 25,459 |
Renaissance Portfolio (b) |  | 48% |  | January 23, 2025 |  |  | 245,700 |
Subtotal Core |  |  |  |  |  |  | 326,296 |
Investment Management |  |  |  |  |  |  |
Pinewood Square - Lake Worth, FL |  | 100% |  | March 19, 2025 |  |  | 68,207 |
Total 2025 Acquisitions (c) |  |  |  |  |  | $ | 394,503 |
(a) Purchase price includes capitalized transaction costs of $0.8 million. (b) On January 23, 2025, the Company acquired an additional 48% economic ownership interest, and increased its existing 20% interest to 68%, in the Renaissance Portfolio primarily located in Washington D.C. The 48% interest was acquired for a purchase price of $117.9 million, based upon a gross portfolio fair value of $245.7 million, which included existing mortgage loan indebtedness of $156.1 million in aggregate (Note 7). Prior to the acquisition, the Company accounted for its 20% interest under the equity method of accounting (Note 4). Due to the Company gaining a controlling financial interest as a result of this acquisition, the Company determined it should consolidate its investment within its Core Portfolio effective January 23, 2025. As such, the Company measured and recognized 100% of the identifiable assets acquired, the liabilities assumed and any noncontrolling interests of the Renaissance Portfolio, at fair value and recognized a $9.6 million loss on change in control representing the difference between the carrying value and fair value of its existing equity method interest immediately before consolidation of the portfolio in its Condensed Consolidated Statements of Operations related to the remeasurement of its previously held equity interest. (c) The Company acquired additional retail properties subsequent to March 31, 2025 (Note 16). Purchase Price Allocations The purchase prices for the acquisitions (excluding any properties that were acquired in development) 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 three months ended March 31, 2025 (in thousands):
|  | Land |  |  | Buildings and improvements |  |  | Intangible assets |  |  | Intangible liabilities |  |  | Debt fair value adjustment |  |  | Total |
106 Spring Street - New York, NY |  | $ | 51,108 |  |  | $ | 5,460 |  |  | $ | 10,391 |  |  | $ | (11,822 | ) |  | $ | — |  |  | $ | 55,137 |
73 Wooster St - New York, NY |  |  | 15,876 |  |  |  | 6,775 |  |  |  | 2,848 |  |  |  | (40 | ) |  |  | — |  |  |  | 25,459 |
Renaissance Portfolio - Washington, D.C. |  |  | 101,765 |  |  |  | 129,042 |  |  |  | 20,583 |  |  |  | (3,795 | ) |  |  | (1,895 | ) |  |  | 245,700 |
Pinewood Square - Lake Worth, FL |  |  | 17,208 |  |  |  | 46,208 |  |  |  | 12,668 |  |  |  | (7,877 | ) |  |  | — |  |  |  | 68,207 |
2025 Total |  | $ | 185,957 |  |  | $ | 187,485 |  |  | $ | 46,490 |  |  | $ | (23,534 | ) |  | $ | (1,895 | ) |  | $ | 394,503 |
The Company determines the fair value of the individual components of real estate asset acquisitions primarily through calculating the “as-if vacant” value of a building, using an income approach, which relies significantly upon internally determined assumptions. Assumed debt is recorded at its fair value based on estimated market interest rates at the date of acquisition. The Company has determined that these estimates primarily rely on Level 3 inputs, which are unobservable inputs based on our own assumptions. The most significant assumptions used in calculating the “as-if vacant” value for acquisition activity during the three months ended March 31, 2025 are as follows:
|  | 2025 |
|  | Low |  | High |
Exit Capitalization Rate |  |  | 5.75 | % |  | 6.75 | %
Discount Rate |  |  | 7.75 | % |  | 11.50 | %
Annual net rental rate per square foot on acquired buildings |  | $ | 15.00 |  | $ | 850.00 |
Interest rate on assumed debt |  |  | 6.35 | % |  | 6.35 | %
The estimate of the portion of the “as-if vacant” value that is allocated to the land underlying the acquired real estate relies on Level 3 inputs and is primarily determined by reference to recent comparable transactions. Real Estate Under Development 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, 2025 |  |  | Three Months Ended March 31, 2025 |  |  | March 31, 2025 |
|  | Number of Properties |  |  | Carrying Value |  |  | Transfers In |  |  | Capitalized Costs |  |  | Transfers Out |  |  | Number of Properties |  |  | Carrying Value |
Core (a) |  |  | 4 |  |  | $ | 98,255 |  |  | $ | 2,166 |  |  | $ | 10,560 |  |  | $ | 1,066 |  |  |  | 4 |  |  |  | 109,915 |
Fund III |  |  | 1 |  |  |  | 31,364 |  |  |  | — |  |  |  | 831 |  |  |  | — |  |  |  | 1 |  |  |  | 32,195 |
Total |  |  | 5 |  |  | $ | 129,619 |  |  | $ | 2,166 |  |  | $ | 11,391 |  |  | $ | 1,066 |  |  |  | 5 |  |  | $ | 142,110 |
(a) During the first quarter of 2025, the Company placed one property in development and one property in service within the Henderson Avenue portfolio. The number of properties in the table above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. As of March 31, 2025, consolidated development projects included: portions of the Henderson Avenue Portfolio in the Core Portfolio, and Broad Hollow Commons in Fund III. 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.

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 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://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration