Real Estate (Tables)

12 Months Ended

Dec. 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 for the periods presented (in thousands):

	December 31, 2019			December 31, 2018
Land	$	756,297		$	710,469
Buildings and improvements		2,740,479			2,594,828
Tenant improvements		173,686			151,154
Construction in progress		13,617			44,092
Properties under capital lease (Note 11)		—			76,965
Right-of-use assets - finance leases (Note 11)		102,055			—
Right-of-use assets - operating leases (Note 11), net		60,006			—
Total		3,846,140			3,577,508
Less: Accumulated depreciation and amortization		(490,227	)		(416,657	)
Operating real estate, net		3,355,913			3,160,851
Real estate under development, at cost		253,402			120,297
Net investments in real estate	$	3,609,315		$	3,281,148

Schedule of Business Acquisitions, by Acquisition

During the years ended December 31, 2019 and 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, 45, 47, 51 and 53 Greene Street - New York, NY (a)	100%	Mar 15, 2019 Mar 27, 2019 May 29, 2019 Jul 30, 2019 Nov 8, 2019	$	87,006
849, 907 and 912 W. Armitage - Chicago, IL	100%	Sep 11, 2019 Dec 11, 2019		10,738
8436-8452 Melrose Place - Los Angeles, CA	100%	Oct 25, 2019		48,691
Subtotal Core				146,435
Fund V
Palm Coast Landing - Palm Coast, FL	100%	May 6, 2019		36,644
Lincoln Commons - Lincoln, RI	100%	Jun 21, 2019		54,299
Landstown Commons - Virginia Beach, VA	100%	Aug 2, 2019		86,961
Subtotal Fund V				177,904
Total 2019 Acquisitions			$	324,339
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 years ended December 31, 2019 and 2018 (in thousands):

	Year Ended December 31, 2019			Year Ended December 31, 2018
Net Assets Acquired
Land	$	78,263		$	38,086
Buildings and improvements		221,185			129,586
Acquisition-related intangible assets (Note 6)		34,972			26,693
Acquisition-related intangible liabilities (Note 6)		(10,081	)		(7,902	)
Net assets acquired	$	324,339		$	186,463
Consideration
Cash	$	319,673		$	147,985
Liabilities assumed		4,666			2,597
Existing interest in previously unconsolidated investment		—			35,881
Total consideration	$	324,339		$	186,463

Schedule of Property Dispositions

During the years ended December 31, 2019 and 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 - 3 Residential Condos - New York, NY	Fund IV	May 17, 2019 Sep 23, 2019 Nov 7, 2019		8,826		(242	)
JFK Plaza - Waterville, ME	Fund IV	Jul 24, 2019		7,800		2,075
3780-3858 Nostrand Avenue - New York, NY	Fund III	Aug 22, 2019		27,650		2,562
938 W North Avenue - Chicago, IL	Fund IV	Sep 27, 2019		32,000		7,144
Pacesetter Park - Pomona, NY	Core	Oct 28, 2019		22,550		16,771
Total 2019 Dispositions			$	109,326	$	30,324
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 years ended December 31, 2019, 2018 and 2017 were as follows (in thousands):

	Year Ended December 31,
	2019			2018			2017
Revenues	$	7,295		$	11,633		$	23,617
Expenses		(6,403	)		(10,084	)		(31,651	)
Gain on disposition of properties		30,324			5,140			48,886
Net income attributable to noncontrolling interests		(10,515	)		(4,742	)		(29,233	)
Net income attributable to Acadia	$	20,701		$	1,947		$	11,619

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				Year Ended December 31, 2019						December 31, 2019
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		1	$	7,759	$	57,342	$	5,581	$	9,819		—	$	60,863
Fund II		—		7,462		—		3,241		—		—		10,703
Fund III		1		21,242		12,313		2,685		—		1		36,240
Fund IV		1		83,834		47,689		14,073		—		2		145,596
Total		3	$	120,297	$	117,344	$	25,580	$	9,819		3	$	253,402

During the year ended December 31, 2019, the Company placed one Core development project, 56 E. Walton, into service. Fund II amounts relate to the City Point Phase III project.

	December 31, 2017				Year Ended 2018						December 31, 2018
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	21,897	$	—	$	6,320	$	20,458		1	$	7,759
Fund II		—		4,908		—		2,554		—		—		7,462
Fund III		2		63,939		—		36,117		78,814		1		21,242
Fund IV		1		82,958		—		876		—		1		83,834
Total		5	$	173,702	$	—	$	45,867	$	99,272		3	$	120,297