Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

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 (in thousands):

	December 31,
	2016			2015
Land	$	693,252		$	514,120
Buildings and improvements	1,916,288			1,457,351
Tenant improvements	132,220			135,999
Construction in progress	19,789			19,239
Properties under capital lease	76,965			—
Total	2,838,514			2,126,709
Less: Accumulated depreciation	(287,066		)	(298,703		)
Operating real estate, net	2,551,448			1,828,006
Real estate under development at cost	543,486			609,574
Net investment in real estate	$	3,094,934		$	2,437,580

Schedule of Business Acquisitions, by Acquisition

During 2016 and 2015, the Company acquired the following consolidated retail properties (dollars in thousands):

Property	Percent Acquired	Date of Acquisition	Purchase Price		Debt Assumed
2016 Acquisitions
Core Portfolio:
991 Madison Avenue - New York, NY (a)	100%	Mar 26, 2016	$	76,628	$	—
165 Newbury Street - Boston, MA	100%	May 13, 2016	6,250		—
Concord & Milwaukee - Chicago, IL	100%	Jul 28, 2016	6,000		2,902
151 North State Street - Chicago, IL	100%	Aug 10, 2016	30,500		14,556
State & Washington - Chicago, IL	100%	Aug 22, 2016	70,250		25,650
North & Kingsbury - Chicago, IL	100%	Aug 29, 2016	34,000		13,409
Sullivan Center - Chicago, IL	100%	Aug 31, 2016	146,939		—
California & Armitage - Chicago, IL	100%	Sep 12, 2016	9,250		2,692
555 9th Street - San Francisco, CA	100%	Nov 2, 2016	139,775		60,000
Subtotal Core Portfolio			519,592		119,209
Fund IV:
Restaurants at Fort Point - Boston, MA	100%	Jan 14, 2016	11,500		—
1964 Union Street - San Francisco, CA	90%	Jan 28, 2016	2,250		1,463
Wake Forest Crossing - Wake Forest, NC	100%	Sep 27, 2016	36,600		—
Airport Mall - Bangor, ME	100%	Oct 28, 2016	10,250		—
Colonie Plaza - Albany, NY	100%	Oct 28, 2016	15,000		—
Dauphin Plaza - Harrisburg, PA	100%	Oct 28, 2016	16,000		—
JFK Plaza - Waterville, ME	100%	Oct 28, 2016	6,500		—
Mayfair Shopping Center - Philadelphia, PA	100%	Oct 28, 2016	16,600		—
Shaw's Plaza - Waterville, ME	100%	Oct 28, 2016	13,800		—
Wells Plaza - Wells, ME	100%	Oct 28, 2016	5,250		—
717 N Michigan - Chicago, IL	100%	Dec 1, 2016	103,500		—
Subtotal Fund IV			237,250		1,463
Total 2016 Acquisitions			$	756,842	$	120,672

Property	Percent Acquired	Date of Acquisition	Purchase Price		Debt Assumed
2015 Acquisitions
Core Portfolio:
City Center - San Francisco, CA	100%	Mar 13, 2015	$	155,000	$	—
163 Highland Avenue - Needham, MA	100%	Mar 26, 2015	24,000		9,765
Route 202 Shopping Center - Wilmington, DE	100%	Apr 1, 2015	5,643		—
Roosevelt Galleria - Chicago, IL	100%	Sep 11, 2015	19,600		—
Subtotal Core Portfolio			204,243		9,765
Fund II:
City Point Tower I - Brooklyn, NY (a)	95%		100,800		81,000
Fund IV:
1035 Third Avenue - New York, NY	100%	Jan 28, 2015	51,036		—
801 Madison Avenue - New York, NY	100%	Apr 1, 2015	33,000		—
650 Bald Hill Road - Warwick, RI (a)	90%	Sep 30, 2015	9,216		—
2208-2216 Fillmore Street - San Francisco, CA	90%	Oct 22, 2015	8,625		—
146 Geary Street - San Francisco, CA	100%	Nov 12, 2015	38,000		—
2207 Fillmore Street - San Francisco, CA	90%	Nov 19, 2015	2,800		1,120
1861 Union Street - San Francisco, CA	90%	Dec 2, 2015	3,500		—
Subtotal Fund IV			146,177		1,120
Total 2015 Acquisitions			$	451,220	$	91,885

__________

(a) These acquisitions were accounted for as asset acquisitions.

The following table summarizes the allocation of the purchase price of properties acquired during 2016 and 2015 (in thousands):

	Year Ended December 31,
	2016			2015
	Purchase Price Allocation			Preliminary Purchase Price Allocation			Adjustments			Finalized Purchase Price Allocation
Net assets acquired:
Land	$	225,729		$	83,890		$	4,178		$	88,068
Buildings and improvements	458,525			258,926			(14,023		)	244,903
Other assets	3,481			—			—			—
Acquisition-related intangible assets (in Acquired lease intangibles, net)	63,606			—			22,660			22,660
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(72,985		)	—			(12,094		)	(12,094		)
Above and below market debt assumed (included in Mortgages and other notes payable, net)	(119,601		)	(10,885		)	(721		)	(11,606		)
Net assets acquired	$	558,755		$	331,931		$	—		$	331,931

Consideration:
Cash	$	677,964		$	342,816
Debt assumed	(119,209		)	(10,885		)
Total Consideration	$	558,755		$	331,931

Schedule of Property Dispositions

During 2016 and 2015, the Company disposed of the following consolidated properties (in thousands):

	Owner	Date Sold	Sale Price		Gain on Sale
2016 Dispositions:
Cortlandt Town Center - 65% (Note 4)	Fund III	Jan 28, 2016	$	107,250	$	65,393
Heritage Shops	Fund III	Apr 26, 2016	46,500		16,572
Total 2016 Dispositions			$	153,750	$	81,965
2015 Dispositions:
Lincoln Park Centre	Fund III	Jan 15, 2015	$	64,000	$	27,143
Liberty Avenue	Fund II	May 6, 2015	24,000		11,957
City Point - Air Rights	Fund II	May 29, 2015	115,600		49,884
Kroger-Safeway	Fund I	Aug 31, 2015	278		79
Total 2015 Dispositions			$	203,878	$	89,063

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 during 2016 and 2015 were as follows (in thousands):

	Year Ended December 31,
	2016			2015			2014
Rental revenues	$	3,503		$	21,987		$	26,374
Expenses	(1,179		)	(16,246		)	(19,753		)
Gain on disposition of properties	81,965			89,063			—
Loss on extinguishment of debt	(15		)	(111		)	(181		)
Provision for income taxes	—			(2		)	(2		)
Income from continuing operations of    disposed properties, net of income taxes	$	84,274		$	94,691		$	6,438
Amounts attributable to noncontrolling interests	$	(64,374	)	$	(76,277	)	$	—

Business Acquisition, Pro Forma Information

	Year Ended December 31,
	2016		2015		2014
Pro forma revenues	$	252,702	$	274,972	$	215,991
Pro forma income from continuing operations	$	141,612	$	150,498	$	145,398
Pro forma net income attributable to Acadia	$	79,680	$	67,788	$	67,888
Pro forma basic and diluted earnings per share	$	0.94	$	0.81	$	1.03