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Real Estate (Tables)
 6 Months Ended
Jun. 30, 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):
 
 
June 30,
 
December 31,
 
 
2017
 
2016
Land
 
$
647,087

 
$
693,252

Buildings and improvements
 
2,390,081

 
1,916,288

Tenant improvements
 
138,998

 
132,220

Construction in progress
 
23,910

 
19,789

Properties under capital lease
 
76,965

 
76,965

Total
 
3,277,041

 
2,838,514

Less: Accumulated depreciation
 
(319,497
)
 
(287,066
)
Operating real estate, net
 
2,957,544

 
2,551,448

Real estate under development, at cost
 
208,966

 
543,486

Net investments in real estate
 
$
3,166,510

 
$
3,094,934
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the allocation of the purchase price of properties acquired during the six months ended June 30, 2017 and the year ended December 31, 2016 (in thousands):
 
Six Months Ended June 30,
 
Year Ended December 31,
 
2017
 
2016
Net Assets Acquired:
 
 
 
Land
$
9,025

 
$
225,729

Buildings and improvements
57,111

 
458,525

Other assets
—

 
3,481

Acquisition-related intangible assets (in Acquired lease intangibles, net)
18,371

 
63,606

Acquisition-related intangible liabilities (in Acquired lease intangibles, net)
(4,795
)
 
(72,985
)
Above and below market debt assumed (included in Mortgages and other notes payable, net)
—

 
(119,601
)
Net assets acquired
$
79,712

 
$
558,755



Consideration:
 
 
 
Cash
$
80,939

 
$
677,964

Debt assumed
—

 
(119,209
)
Liabilities assumed
(1,227
)
 
—

Total Consideration
$
79,712

 
$
558,755

During the six months ended June 30, 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 Acquisitions
 
 
 
 
 
Fund IV:
 
 
 
 
 
Lincoln Place - Fairview Heights, IL
100%
Mar 13, 2017
$
35,350

 
$
—

Shaw's Plaza - Windham, ME
100%
Jun 30, 2017
9,142

 
—

Subtotal Fund IV
 
 
44,492

 
—

 
 
 
 
 
 
Fund V:
 
 
 
 
 
Plaza Santa Fe - Santa Fe, NM
100%
Jun 5, 2017
35,220

 
—

Subtotal Fund V
 
 
35,220

 
—

Total 2017 Acquisitions
 
 
$
79,712

 
$
—

 
 
 
 
 
 
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.
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 June 30,
 
Six Months Ended June 30,
 
2016
 
2016
Rental revenues
$
1,442

 
$
3,752

Expenses
(82
)
 
(666
)
Gain on disposition of properties
16,572

 
81,965

Loss on extinguishment of debt
(15
)
 
(15
)
Income from continuing operations of
disposed properties, net of income taxes
17,917

 
85,036

Amounts attributable to noncontrolling interests
(14,117
)
 
(64,949
)
Net income attributable to Acadia
$
3,800

 
$
20,087
Business Acquisition, Pro Forma Information
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2017
 
2016
 
2017
 
2016
Pro forma revenues
$
60,543

 
$
53,579

 
$
124,516

 
$
108,785

Pro forma income from continuing operations
5,969

 
24,624

 
24,886

 
96,979

Pro forma net income attributable to Acadia
11,948

 
16,738

 
26,763

 
44,374

Pro forma basic and diluted earnings per share
0.14

 
0.22

 
0.32

 
0.60