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Real Estate (Tables)
 9 Months Ended
Sep. 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):
 
 
September 30, 2017
 
December 31, 2016
 
 
 
 
 
Land
 
$
659,547

 
$
693,252

Buildings and improvements
 
2,344,370

 
1,916,288

Tenant improvements
 
140,027

 
132,220

Construction in progress
 
22,052

 
19,789

Properties under capital lease
 
76,965

 
76,965

Total
 
3,242,961

 
2,838,514

Less: Accumulated depreciation
 
(337,961
)
 
(287,066
)
Operating real estate, net
 
2,905,000

 
2,551,448

Real estate under development, at cost
 
237,434

 
543,486

Net investments in real estate
 
$
3,142,434

 
$
3,094,934
Schedule of Business Acquisitions, by Acquisition
The following table summarizes the allocation of the purchase price of properties acquired during the nine months ended September 30, 2017 and the year ended December 31, 2016 (in thousands):
 
Nine Months Ended
September 30, 2017
 
Year Ended December 31, 2016
 
 
Net Assets Acquired:
 
 
 
Land
$
21,917

 
$
225,729

Buildings and improvements
104,729

 
458,525

Other assets
—

 
3,481

Acquisition-related intangible assets (in Acquired lease intangibles, net)
31,378

 
63,606

Acquisition-related intangible liabilities (in Acquired lease intangibles, net)
(8,292
)
 
(72,985
)
Above and below market debt assumed (included in Mortgages and other notes payable, net)
—

 
(119,601
)
Net assets acquired
$
149,732

 
$
558,755



Consideration:
 
 
 
Cash
$
138,429

 
$
439,546

Conversion of note receivable
9,142

 
—

Debt assumed
—

 
119,209

Liabilities assumed
2,161

 
—

Total Consideration
$
149,732

 
$
558,755

During the nine months ended September 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 (Note 3)
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

 
—

Hickory Ridge - Hickory, NC
100%
Jul 27, 2017
44,020

 
—

New Towne Plaza - Canton, MI
100%
Aug 4, 2017
26,000

 
—

Subtotal Fund V
 
 
105,240

 
—

Total 2017 Acquisitions
 
 
$
149,732

 
$
—

 
 
 
 
 
 
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 nine months ended September 30, 2017 and 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
2017 Dispositions:
 
 
 
 
 
New Hyde Park Shopping Center - New Hyde Park, NY
Fund III
Jul 6, 2017
$
22,075

 
$
6,433

216th Street - New York, NY
Fund II
Sep 11, 2017
30,579

 
6,539

Total 2017 Dispositions
 
 
$
52,654

 
$
12,972

 
 
 
 
 
 
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 nine months ended September 30, 2017 and year ended December 31, 2016 were as follows (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended
September 30,
 
 
2017
 
2016
 
2017
 
2016
Rental revenues
 
$
503

 
$
1,122

 
$
2,136

 
$
7,378

Expenses
 
(523
)
 
(1,095
)
 
(2,343
)
 
(4,745
)
Loss on extinguishment of debt
 
(10
)
 
—

 
(10
)
 
(15
)
Income from continuing operations of
disposed properties before gain on disposition of properties
 
(30
)
 
27

 
(217
)
 
2,618

Gain on disposition of properties, net of tax
 
12,972

 
—

 
12,972

 
81,965

Net income attributable to noncontrolling interests
 
(9,166
)
 
(18
)
 
(9,034
)
 
(70,410
)
Net income attributable to Acadia
 
$
3,776

 
$
9

 
$
3,721

 
$
14,173
Business Acquisition, Pro Forma Information
The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations of the Company would have been, assuming the transactions had been completed as set forth above, nor do they purport to represent the Company’s results of operations for future periods.
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2017
 
2016
 
2017
 
2016
Pro forma revenues
$
63,253

 
$
51,871

 
$
191,673

 
$
164,410

Pro forma income from continuing operations
368

 
1,092

 
26,439

 
19,504

Pro forma net income attributable to Acadia
12,912

 
6,839

 
40,608

 
54,201

Pro forma basic and diluted earnings per share
0.15

 
0.08

 
0.48

 
0.66
Schedule of Development in Process Activities
Development activity comprised the following during the periods presented (dollars in thousands):
 
December 31, 2016
 
Nine Months Ended September 30, 2017
 
September 30, 2017
 
Number of Properties
 
Carrying Value
 
Transfers In
 
Capitalized Costs
 
Transfers Out
 
Number of Properties
 
Carrying Value
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Core
1

 
$
2,530

 
$
7,258

 
$
3,852

 
$
5,441

 
2

 
$
8,199

Fund II
2

 
443,012

 
—

 
7,677

 
414,000

 
1

 
36,689

Fund III
3

 
51,421

 
—

 
13,838

 
8,146

 
2

 
57,113

Fund IV
8

 
46,523

 
79,624

 
13,883

 
4,597

 
8

 
135,433

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
14

 
$
543,486

 
$
86,882

 
$
39,250

 
$
432,184

 
13

 
$
237,434