Real Estate (Tables)

9 Months Ended

Sep. 30, 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):

	September 30, 2019			December 31, 2018
Land	$	733,679		$	710,469
Buildings and improvements		2,669,992			2,594,828
Tenant improvements		170,214			151,154
Construction in progress		38,458			44,092
Properties under capital lease (Note 11)		—			76,965
Right-of-use assets - finance leases (Note 11)		93,796			—
Right-of-use assets - operating leases (Note 11)		55,717			—
Total		3,761,856			3,577,508
Less: Accumulated depreciation and amortization		(473,479	)		(416,657	)
Operating real estate, net		3,288,377			3,160,851
Real estate under development, at cost		250,278			120,297
Net investments in real estate	$	3,538,655		$	3,281,148

Schedule of Business Acquisitions, by Acquisition

During the nine months ended September 30, 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 Acquisitions - 41, 47, 51 and 53 Greene Street - New York, NY (a)	100%	Mar 15, 2019 Mar 27, 2019 May 29, 2019 July 30, 2019	$	74,638
849 and 912 W. Armitage - Chicago, IL	100%	Sept 11, 2019		7,802
Subtotal Core				82,440
Fund V
Palm Coast Landing - Palm Coast, FL	100%	May 6, 2019		36,644
Lincoln Commons - Lincoln, RI	100%	June 21, 2019		54,299
Landstown Commons - Virginia Beach, VA	100%	Aug 2, 2019		86,961
Subtotal Fund V				177,904
Total 2019 Acquisitions			$	260,344
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

(a) The Soho Acquisitions are a collection of seven properties located in New York, NY with an aggregate purchase price of approximately $122.0 million under two separate contracts. The acquisitions of the remaining three properties are expected to be finalized through early 2020. No assurance can be given that the Company will successfully close on the remaining acquisitions under contract, which are subject to customary closing conditions.

Schedule of Purchase Price Allocations

The following table summarizes the allocation of the purchase price of properties acquired during the nine months ended September 30, 2019 and the year ended December 31, 2018 (in thousands):

	Nine Months Ended September 30, 2019			Year Ended December 31, 2018
Net Assets Acquired
Land	$	54,171		$	38,086
Buildings and improvements		183,829			129,586
Acquisition-related intangible assets (Note 6)		31,883			26,693
Acquisition-related intangible liabilities (Note 6)		(9,539	)		(7,902	)
Net assets acquired	$	260,344		$	186,463
Consideration
Cash	$	256,647		$	147,985
Liabilities assumed		3,697			2,597
Existing interest in previously unconsolidated investment		—			35,881
Total consideration	$	260,344		$	186,463

Schedule of Property Dispositions

During the nine months ended September 30, 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 (Loss) on Sale
2019 Dispositions
3104 M Street - Washington, DC (Note 4)	Fund III	Jan 24, 2019	$	10,500	$	2,014
210 Bowery - 2 Residential Condos - New York, NY	Fund IV	May 17, 2019, Sept 23, 2019		5,900		(242	)
JFK Plaza - Waterville, ME	Fund IV	July 24, 2019		7,800		2,012
3780-3858 Nostrand Avenue - New York, NY	Fund III	Aug 22, 2019		27,650		3,079
938 W North Avenue - Chicago, IL	Fund IV	Sept 27, 2019		32,000		7,207
Total 2019 Dispositions			$	83,850	$	14,070
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 nine months ended September 30, 2019 and year ended December 31, 2018 were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Revenues	$	1,071		$	2,919		$	5,652		$	7,542
Expenses		(1,322	)		(2,192	)		(4,595	)		(6,368	)
Gain on disposition of properties		12,056			5,107			14,070			5,140
Net income attributable to noncontrolling interests		(8,675	)		(4,089	)		(11,045	)		(4,155	)
Net income attributable to Acadia	$	3,130		$	1,745		$	4,082		$	2,159

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				Nine Months Ended 2019						September 30, 2019
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		1	$	7,759	$	57,342	$	9,663	$	9,819		1	$	64,945
Fund II		—		7,462		—		1,626		—		—		9,088
Fund III		1		21,242		12,313		1,969		—		1		35,524
Fund IV		1		83,834		47,166		9,721		—		2		140,721
Total		3	$	120,297	$	116,821	$	22,979	$	9,819		4	$	250,278