Real Estate (Tables)

3 Months Ended

Mar. 31, 2022

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):

	March 31,			December 31,
	2022			2021
Land	$	821,841		$	739,641
Buildings and improvements		3,014,853			2,892,051
Tenant improvements		206,755			199,925
Construction in progress		7,825			11,131
Right-of-use assets - finance leases (Note 11)		25,086			25,086
Total		4,076,360			3,867,834
Less: Accumulated depreciation and amortization		(669,783	)		(648,461	)
Operating real estate, net		3,406,577			3,219,373
Real estate under development		192,115			203,773
Net investments in real estate	$	3,598,692		$	3,423,146

Schedule of Business Acquisitions, by Acquisition

During the three months ended March 31, 2022 and the year ended December 31, 2021, the Company acquired (through purchase, investment or foreclosure) the following consolidated retail properties and other real estate investments (dollars in thousands):

Property and Location	Percent Acquired	Date of Acquisition	Purchase Price
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
Subtotal Core				161,504
Fund III
640 Broadway - New York, NY (Foreclosure) (b)	100%	Jan 26, 2022		59,207
Subtotal Fund III				59,207
Total 2022 Acquisitions and Foreclosure			$	220,711
2021 Acquisitions
Core
14th Street Portfolio - Washington, DC	100%	Dec 23, 2021	$	26,320
Subtotal Core				26,320
Fund V
Canton Marketplace - Canton, GA	100%	Aug 20, 2021		50,954
Monroe Marketplace - Selinsgrove, PA	100%	Sept 9, 2021		44,796
Monroe Marketplace (Parcel) - Selinsgrove, PA	100%	Nov 12, 2021		1,029
Midstate - East Brunswick, NJ	100%	Nov 12, 2021		71,867
Subtotal Fund V				168,646
Total 2021 Acquisitions			$	194,966

a)The Williamsburg Collection entity is a variable interest entity and the Company consolidates the entity because it is the entity's primary beneficiary. 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 8) to the Company for fair value at a future date. Given the preferred rate of return of the Company 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 gain on bargain purchase, which is included in Realized and unrealized holding gains on investments and other in the consolidated statements of income.

b)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 (Note 4).

Schedule of Purchase Price Allocations

The purchase prices for the 2022 Acquisitions and Foreclosure and 2021 Acquisitions 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):

	Three Months Ended March 31,			Year Ended December 31,
	2022			2021
Net Assets Acquired
Land	$	79,135		$	37,290
Buildings and improvements		127,997			134,065
Acquisition-related intangible assets (Note 6)		21,404			39,953
Accounts receivable, prepaids and other assets		4,077			—
Accounts payable and other liabilities		(661	)		—
Acquisition-related intangible liabilities (Note 6)		(10,078	)		(16,342	)
Net assets acquired	$	221,874		$	194,966
Consideration
Cash	$	159,599		$	161,846
Carrying value of note receivable exchanged in foreclosure		5,416			—
Existing interest in previously unconsolidated investment		17,822			—
Debt assumed		35,970			31,801
Liabilities assumed		1,904			1,319
Total consideration		220,711			194,966
Gain on bargain purchase		1,163			—
	$	221,874		$	194,966

Schedule of Property Dispositions

During the three months ended March 31, 2022 and the year ended December 31, 2021, 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
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, New York	Fund III	Feb 9, 2022		65,533		13,255
Total 2022 Dispositions			$	113,114	$	28,815
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

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 three months ended March 31, 2022 and year ended December 31, 2021 were as follows (in thousands):

	Three Months Ended March 31,
	2022			2021
Revenues	$	1,057		$	4,010
Expenses		(676	)		(4,028	)
Gain on disposition of properties		28,815			4,612
Net (income) loss attributable to noncontrolling interests		(22,308	)		6
Net income attributable to Acadia	$	6,888		$	4,600

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, 2022				Three Months Ended March 31, 2022						March 31, 2022
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		—	$	42,517	$	—	$	458	$	—		—	$	42,975
Fund II		—		35,125		—		377		—		—		35,502
Fund III		1		24,296		—		282		—		1		24,578
Fund IV (a)		1		101,835		—		76		12,851		1		89,060
Total		2	$	203,773	$	—	$	1,193	$	12,851		2	$	192,115

a)Transfers out include $12.9 million related to a portion of one Fund IV property that was transferred out of development.

	January 1, 2021				Year Ended December 31, 2021						December 31, 2021
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		—	$	63,875	$	—	$	1,855	$	23,213		—	$	42,517
Fund II		—		74,657		—		3,921		43,453		—		35,125
Fund III		1		23,104		—		1,192		—		1		24,296
Fund IV (a)		2		85,565		29,758		2,026		15,514		1		101,835
Total		3	$	247,201	$	29,758	$	8,994	$	82,180		2	$	203,773

a)Transfers in include $29.8 million related to the remaining portion of one Fund IV property that was placed in development.