Leases (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Assets and Liabilities in Connection With Acquisitions of Leasehold Interests

The Company recorded the following assets and liabilities in connection with acquisitions of leasehold interests:

	Nine Months Ended September 30, 2020		Year Ended December 31, 2019

Amounts recorded upon acquisition of leasehold interests:
Right of use asset - operating lease	$	—	$	50,147
Right of use asset - finance lease		—		19,422
Other Assets		—		—
Leasehold improvements		—		13,354
Lease intangibles (Note 6)		—		1,760
Lease liability - operating lease		—		(45,293	)
Acquisition-related intangible liabilities (Note 6)		—		(359	)
Cash paid upon acquisition of leasehold interests	$	—	$	39,031

Schedule of Lease Cost

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020			2019
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	226		565	$	1,370		$	1,603
Interest on lease liabilities		92		978		1,541			2,755
Subtotal		318		1,543		2,911			4,358
Operating lease cost		2,258		1,394		5,377			3,037
Variable lease cost		5		62		27			119
Total lease cost	$	2,581	$	2,999	$	8,315		$	7,514

Other Information
Weighted-average remaining lease term - finance leases (years)						33.5			42.9
Weighted-average remaining lease term - operating leases (years)						26.5			33.7
Weighted-average discount rate - finance leases						6.2	%		4.5	%
Weighted-average discount rate - operating leases						5.4	%		5.8	%

Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases

The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of September 30, 2020, are summarized as follows (in thousands):

Year Ending December 31,	Minimum Rental Revenues ^(a)		Minimum Rental Payments ^(b)
2020 (Remainder)	$	48,803	$	1,877
2021		208,058		8,665
2022		190,266		7,874
2023		166,701		7,869
2024		142,019		8,029
Thereafter		563,493		170,745
Total	$	1,319,340	$	205,059

Schedule of Tenant Operating Status

Tenant Operating Status – The following table illustrates the percentage of the Company’s consolidated and unconsolidated annualized base rents (“ABR”) derived from stores which were open or partially open for business as of the dates indicated:

	Percentage of Tenants Open for Business as of
	June 30, 2020			September 30, 2020

Core		74	%		86	%
Fund		74	%		88	%

•

Tenant Operating Status – The following table illustrates the percentage of the Company’s consolidated and unconsolidated ABR derived from stores which were open or partially open for business as of the dates indicated:

	Percentage of Tenants Open for Business as of
	June 30, 2020			September 30, 2020			October 31, 2020

Core		74	%		86	%		86	%
Fund		74	%		88	%		87	%

Schedule of Rent Collections

Rent Collections – The following table depicts collections of pre-COVID billings (original contract rents without regard to deferral or abatement agreements) and excludes the impact of any security deposits applied against tenant accounts as of the dates shown:

	Collections as of:
	June 30, 2020 for			September 30, 2020 for
	Second Quarter 2020			Second Quarter 2020			Third Quarter 2020

Core		71	%		74	%		85	%
Fund		62	%		65	%		77	%

•

	Collections as of:
	June 30, 2020 for			September 30, 2020 for						October 31, 2020 for
	Second Quarter 2020			Second Quarter 2020			Third Quarter 2020			Second Quarter 2020			Third Quarter 2020			October 2020

Core		71	%		74	%		85	%		76	%		87	%		90	%
Fund		62	%		65	%		77	%		67	%		79	%		81	%

Schedule of Earnings Impact

The rental income reductions and impairment charges impacted net earnings and segment performance as follows for the periods presented:

	Three Months Ended September 30, 2020									Nine Months Ended September 30, 2020
	Consolidated		Non-Controlling Interests			Unconsolidated		Attributable to Acadia		Consolidated		Non-Controlling Interests			Unconsolidated		Attributable to Acadia

Credit Loss - Billed Rents
Core	$	5,158	$	35		$	661	$	5,854	$	10,980	$	(20	)	$	1,335	$	12,295
Funds		5,678		(4,544	)		297		1,431		9,190		(7,620	)		685		2,255
Total		10,836		(4,509	)		958		7,285		20,170		(7,640	)		2,020		14,550

Straight - Line Rent Reserves
Core		2,113		(52	)		48		2,109		6,969		(86	)		498		7,381
Funds		11,072		(8,789	)		769		3,052		12,743		(10,183	)		889		3,449
Total		13,185		(8,841	)		817		5,161		19,712		(10,269	)		1,387		10,830

Rent Abatements
Core		687		—			75		762		803		—			684		1,487
Funds		244		(240	)		56		60		244		(240	)		56		60
Total		931		(240	)		131		822		1,047		(240	)		740		1,547

Impairment charges
Core		—		—			—		—		—		—			—		—
Funds		—		—			—		—		51,549		(39,149	)		—		12,400
Total		—		—			—		—		51,549		(39,149	)		—		12,400

COVID Earnings Impact
Core		7,958		(17	)		784		8,725		18,752		(106	)		2,517		21,163
Funds		16,994		(13,573	)		1,122		4,543		73,726		(57,192	)		1,630		18,164
Total	$	24,952	$	(13,590	)	$	1,906	$	13,268	$	92,478	$	(57,298	)	$	4,147	$	39,327