Real Estate (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019			December 31, 2018
Land	$	705,402		$	710,469
Buildings and improvements		2,574,459			2,594,828
Tenant improvements		157,502			151,154
Construction in progress		30,413			44,092
Properties under capital lease		—			76,965
Right-of-use assets - finance leases		82,629			—
Right-of-use assets - operating leases		11,871			—
Total		3,562,276			3,577,508
Less: Accumulated depreciation		(438,033	)		(416,657	)
Operating real estate, net		3,124,243			3,160,851
Real estate under development, at cost		193,315			120,297
Net investments in real estate	$	3,317,558		$	3,281,148

Schedule of Business Acquisitions, by Acquisition

During the three months ended March 31, 2019 and the year ended December 31, 2018, the Company acquired the following consolidated retail properties (dollars in thousands):

Property and Location	Percent Acquired	Date of Acquisition	Purchase Price
2019 Acquisitions
Core
Soho Portfolio - 51 and 53 Greene Street (a)	100%	Mar 15, 2019 Mar 27, 2019	$	32,194
Total 2019 Acquisitions			$	32,194
2018 Acquisitions and Conversions
Core
Bedford Green Land Parcel - Bedford Hills, NY	100%	Mar 23, 2018	$	1,337
Subtotal Core				1,337
Fund IV
Broughton Street Partners I - Savannah, GA (Conversion) (Note 4)	100%	Oct 11, 2018		36,104
Subtotal Fund IV				36,104
Fund V
Trussville Promenade - Trussville, AL	100%	Feb 21, 2018		45,259
Elk Grove Commons - Elk Grove, CA	100%	Jul 18, 2018		59,320
Hiram Pavilion - Hiram, GA	100%	Oct 23, 2018		44,443
Subtotal Fund V				149,022
Total 2018 Acquisitions and Conversions			$	186,463

Schedule of Purchase Price Allocations

The following table summarizes the allocation of the purchase price of properties acquired during the three months ended March 31, 2019 and the year ended December 31, 2018 (in thousands):

	Three Months Ended March 31, 2019		Year Ended December 31, 2018
Net Assets Acquired
Land	$	8,094	$	38,086
Buildings and improvements		21,169		129,586
Acquisition-related intangible assets (Note 6)		2,931		26,693
Acquisition-related intangible liabilities (Note 6)		—		(7,902	)
Net assets acquired	$	32,194	$	186,463
Consideration
Cash	$	32,034	$	147,985
Liabilities assumed		160		2,597
Existing interest in previously unconsolidated investment		—		35,881
Total Consideration	$	32,194	$	186,463

Schedule of Property Dispositions

During the three months ended March 31, 2019 and the year ended December 31, 2018, the Company disposed of the following consolidated properties (in thousands):

Property and Location	Owner	Date Sold	Sale Price		Gain on Sale
2019 Dispositions
3104 M Street - Washington, DC (Note 4)	Fund III	Jan 24, 2019	$	10,500	$	2,014
Total 2019 Dispositions			$	10,500	$	2,014
2018 Dispositions
Sherman Avenue - New York, NY	Fund II	Apr 17, 2018	$	26,000	$	33
Lake Montclair - Dumfries, VA	Fund IV	Aug 27, 2018		22,450		2,923
1861 Union Street - San Francisco, CA	Fund IV	Aug 29, 2018		6,000		2,184
210 Bowery - 4 Residential Condos - New York, NY	Fund IV	Nov 30, 2018, Dec 10, 2018, Dec 17, 2018, Dec 21, 2018		12,050		—
Total 2018 Dispositions			$	66,500	$	5,140

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 three months ended March 31, 2019 and year ended December 31, 2018 were as follows (in thousands):

	Three Months Ended March 31,
	2019			2018
Revenues	$	43		$	815
Expenses		(74	)		(876	)
Loss from continuing operations of disposed properties    before gain on disposition of properties		(31	)		(61	)
Gain on disposition of properties		2,014			—
Net (income) loss attributable to noncontrolling interests		(1,629	)		77
Net income attributable to Acadia	$	354		$	16

Schedule of Development in Process Activities

Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands):

	December 31, 2018				Three Months Ended 2019						March 31, 2019
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		1	$	7,759	$	57,342	$	253	$	—		1	$	65,354
Fund II		—		7,462		—		738		—		—		8,200
Fund III		1		21,242		12,313		642		—		1		34,197
Fund IV		1		83,834		—		1,730		—		1		85,564
Total		3	$	120,297	$	69,655	$	3,363	$	—		3	$	193,315