Real Estate (Tables)

3 Months Ended

Mar. 31, 2017

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):

	March 31,			December 31,
	2017			2016
Land	$	649,533		$	693,252
Buildings and improvements	2,041,300			1,916,288
Tenant improvements	137,168			132,220
Construction in progress	21,644			19,789
Properties under capital lease	76,965			76,965
Total	2,926,610			2,838,514
Less: Accumulated depreciation	(305,074		)	(287,066		)
Operating real estate, net	2,621,536			2,551,448
Real estate under development, at cost	510,548			543,486
Net investment in real estate	$	3,132,084		$	3,094,934

Schedule of Business Acquisitions, by Acquisition

During the three months ended March 31, 2017 and the year ended December 31, 2016, the Company acquired the following consolidated retail properties (dollars in thousands):

Property and Location	Percent Acquired	Date of Acquisition	Purchase Price		Debt Assumed
2017 Acquisition
Fund IV
Lincoln Place - Fairview Heights, IL	100%	Mar 13, 2017	$	35,350	$	—
Total 2017 Acquisitions			$	35,350	$	—
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 (a)	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

__________

(a) These acquisitions were accounted for as asset acquisitions as the underlying properties did not meet the definition of a business.

The following table summarizes the allocation of the purchase price of properties acquired during the three months ended March 31, 2017 and the year ended December 31, 2016 (in thousands):

	Three Months Ended March 31,			Year Ended December 31,
	2017			2016
Net assets acquired:
Land	$	7,149		$	225,729
Buildings and improvements	22,201			458,525
Other assets	—			3,481
Acquisition-related intangible assets (in Acquired lease intangibles, net)	7,444			63,606
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(1,444		)	(72,985		)
Above and below market debt assumed (included in Mortgages and other notes payable, net)	—			(119,601		)
Net assets acquired	$	35,350		$	558,755

Consideration:
Cash	$	34,687	$	677,964
Debt assumed	—		(119,209		)
Liabilities assumed	663		—
Total Consideration	$	35,350	$	558,755

Schedule of Property Dispositions

During the year ended December 31, 2016, the Company disposed of the following consolidated properties (in thousands):

Property and Location	Owner	Date Sold	Sale Price		Gain on Sale
2016 Dispositions:
Cortlandt Town Center (65%) - Mohegan Lake, NY (Note 4)	Fund III	Jan 28, 2016	$	107,250	$	65,393
Heritage Shops - Chicago, IL	Fund III	Apr 26, 2016	46,500		16,572
Total 2016 Dispositions			$	153,750	$	81,965

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 the year ended December 31, 2016 were as follows (in thousands):

	Three Months Ended March 31,
	2017		2016
Rental revenues	$	—	$	4,963
Expenses	—		(550		)
Gain on disposition of properties	—		65,393
Income from continuing operations of disposed properties, net of income taxes	—		69,806
Amounts attributable to noncontrolling interests	—		(53,586		)
Net income attributable to Acadia	$	—	$	16,220

Business Acquisition, Pro Forma Information

	Three Months Ended March 31,
	2017		2016
Pro forma revenues	$	62,478	$	53,314
Pro forma income from continuing operations	20,201		74,174
Pro forma net income attributable to Acadia	15,808		29,155
Pro forma basic and diluted earnings per share	0.19		0.39