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Real Estate (Tables)
 9 Months Ended
Sep. 30, 2021
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):

 

 

 

September 30,
2021

 

 

December 31,
2020

 

Land

 

$

777,991

 

 

$

776,275

 

Buildings and improvements

 

 

2,889,285

 

 

 

2,848,781

 

Tenant improvements

 

 

211,588

 

 

 

191,046

 

Construction in progress

 

 

12,341

 

 

 

5,751

 

Right-of-use assets - finance leases (Note 11)

 

 

25,086

 

 

 

25,086

 

Total

 

 

3,916,291

 

 

 

3,846,939

 

Less: Accumulated depreciation and amortization

 

 

(647,718

)

 

 

(586,800

)

Operating real estate, net

 

 

3,268,573

 

 

 

3,260,139

 

Real estate under development

 

 

219,037

 

 

 

247,349

 

Net investments in real estate

 

$

3,487,610

 

 

$

3,507,488

 
Schedule of Business Acquisitions, by Acquisition

During the nine months ended September 30, 2021 and the year ended December 31, 2020, the Company acquired the following consolidated retail properties and other real estate investments (dollars in thousands):

 

Property and Location

 

Percent
Acquired

 

Date of
Acquisition

 

Purchase
Price

 

2021 Acquisitions

 

 

 

 

 

 

 

Fund V

 

 

 

 

 

 

 

Canton Marketplace - Canton, GA

 

100%

 

Aug 20,2021

 

$

50,954

 

Monroe Marketplace - Selinsgrove, PA

 

100%

 

Sept 9, 2021

 

 

44,796

 

Total 2021 Acquisitions

 

 

 

 

 

$

95,750

 

 

 

 

 

 

 

 

 

2020 Acquisitions and Conversions

 

 

 

 

 

 

 

Core

 

 

 

 

 

 

 

Soho Acquisitions - 37 Greene Street - New York, NY

 

100%

 

Jan 9, 2020

 

$

15,689

 

917 W. Armitage - Chicago, IL

 

100%

 

Feb 13, 2020

 

 

3,515

 

Town Center - Wilmington, DE (Conversion) (Note 4)

 

100%

 

Apr 1, 2020

 

 

138,939

 

Subtotal Core

 

 

 

 

 

 

158,143

 

 

 

 

 

 

 

 

 

Fund IV

 

 

 

 

 

 

 

230-240 W. Broughton Street - Savannah, GA

 

100%

 

May 26, 2020

 

 

13,219

 

102 E. Broughton Street - Savannah, GA

 

100%

 

May 26, 2020

 

 

790

 

Subtotal Fund IV

 

 

 

 

 

 

14,009

 

Total 2020 Acquisitions and Conversions

 

 

 

 

 

$

172,152

 

 

 

 

 

 

 

 

 
Schedule of Purchase Price Allocations

The purchase prices for the 2021 Acquisitions and 2020 Acquisitions and Conversions 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):

 

 

 

Nine Months Ended September 30,
2021

 

 

Year Ended December 31,
2020

 

Net Assets Acquired

 

 

 

 

 

 

Land

 

$

19,609

 

 

$

25,440

 

Buildings and improvements

 

 

70,354

 

 

 

123,459

 

Accounts receivable, prepaids and other assets

 

 

—

 

 

 

5,770

 

Acquisition-related intangible assets (Note 6)

 

 

18,752

 

 

 

23,061

 

Right-of-use asset - Operating lease (Note 11)

 

 

—

 

 

 

234

 

Acquisition-related intangible liabilities (Note 6)

 

 

(12,965

)

 

 

(4,569

)

Lease liability - Operating lease (Note 11)

 

 

—

 

 

 

(234

)

Accounts payable and other liabilities

 

 

—

 

 

 

(1,009

)

Net assets acquired

 

$

95,750

 

 

$

172,152

 

 

 

 

 

 

 

 

Consideration

 

 

 

 

 

 

Cash

 

$

63,425

 

 

$

21,208

 

Conversion of note receivable

 

 

—

 

 

 

38,674

 

Conversion of accrued interest

 

 

—

 

 

 

1,995

 

Debt assumed

 

 

31,802

 

 

 

—

 

Liabilities assumed

 

 

523

 

 

 

116

 

Existing interest in previously unconsolidated investment

 

 

—

 

 

 

109,571

 

Acquisition of noncontrolling interests

 

 

—

 

 

 

588

 

Total consideration

 

$

95,750

 

 

$

172,152

 
Schedule of Property Dispositions

During the nine months ended September 30, 2021 and the year ended December 31, 2020, 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

 

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

 

 

 

 

 

 

 

 

 

 

 

 

2020 Dispositions

 

 

 

 

 

 

 

 

 

 

163 Highland Ave. (Easement) - Needham, MA

 

Core

 

Mar 19, 2020

 

$

238

 

 

$

88

 

Colonie Plaza - Albany, NY

 

Fund IV

 

Apr 13, 2020

 

 

15,250

 

 

 

485

 

Airport Mall (Parcel) - Bangor, ME

 

Fund IV

 

Sep 10, 2020

 

 

400

 

 

 

24

 

Cortlandt Crossing (Sewer Project and Retention Pond) - Cortlandt, NY

 

Fund III

 

Nov 30, 2020

 

 

6,325

 

 

 

—

 

Union Township (Parcel) - New Castle, PA

 

Core

 

Dec 11, 2020

 

 

200

 

 

 

86

 

Total 2020 Dispositions

 

 

 

 

 

$

22,413

 

 

$

683

 

 

 

 

 

 

 

 

 

 

 

 

 

Does not include the gain 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 nine months ended September 30, 2021 and year ended December 31, 2020 were as follows (in thousands):

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

Revenues

 

$

—

 

 

$

2,070

 

 

$

3,522

 

 

$

7,488

 

 

Expenses

 

 

—

 

 

 

(1,872

)

 

 

(3,868

)

 

 

(7,164

)

 

Gain on disposition of properties

 

 

—

 

 

 

24

 

 

 

10,521

 

 

 

509

 

 

Net income attributable to noncontrolling interests

 

 

—

 

 

 

(124

)

 

 

(4,281

)

 

 

(475

)

 

Net income attributable to Acadia

 

$

—

 

 

$

98

 

 

$

5,894

 

 

$

358

 

 
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, 2021

 

 

Nine Months Ended September 30, 2021

 

 

September 30, 2021

 

 

 

Number of
Properties

 

 

Carrying
Value

 

 

Transfers In

 

 

Capitalized
Costs

 

 

Transfers Out

 

 

Number of
Properties

 

 

Carrying
Value

 

Core

 

 

—

 

 

$

63,875

 

 

$

—

 

 

$

1,689

 

 

$

23,213

 

 

 

—

 

 

$

42,351

 

Fund II

 

 

—

 

 

 

74,657

 

 

 

—

 

 

 

1,595

 

 

 

—

 

 

 

—

 

 

 

76,252

 

Fund III

 

 

1

 

 

 

23,139

 

 

 

—

 

 

 

826

 

 

 

—

 

 

 

1

 

 

 

23,965

 

Fund IV

 

 

2

 

 

 

85,678

 

 

 

—

 

 

 

2,153

 

 

 

11,362

 

 

 

1

 

 

 

76,469

 

Total

 

 

3

 

 

$

247,349

 

 

$

—

 

 

$

6,263

 

 

$

34,575

 

 

 

2

 

 

$

219,037

 

 

 

 

 

January 1, 2020

 

 

Year Ended December 31, 2020

 

 

December 31, 2020

 

 

 

Number of
Properties

 

 

Carrying
Value

 

 

Transfers In

 

 

Capitalized
Costs

 

 

Transfers Out

 

 

Number of
Properties

 

 

Carrying
Value

 

Core

 

 

—

 

 

$

60,863

 

 

$

—

 

 

$

3,012

 

 

$

—

 

 

 

—

 

 

$

63,875

 

Fund II (a)

 

 

—

 

 

 

10,703

 

 

 

66,812

 

 

 

3,612

 

 

 

6,470

 

 

 

—

 

 

 

74,657

 

Fund III

 

 

1

 

 

 

36,240

 

 

 

—

 

 

 

70

 

 

 

13,171

 

 

 

1

 

 

 

23,139

 

Fund IV (b)

 

 

2

 

 

 

145,596

 

 

 

—

 

 

 

1,368

 

 

 

61,286

 

 

 

2

 

 

 

85,678

 

Total

 

 

3

 

 

$

253,402

 

 

$

66,812

 

 

$

8,062

 

 

$

80,927

 

 

 

3

 

 

$

247,349

 

 

 

a)
Transfers in include $33.8 million of non-cash Fund II additions obtained through the conversion of a note receivable (Note 3).
b)
Transfers out include impairment charges totaling $16.5 million on two Fund IV development properties (Note 8).