Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 19, 2018 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ACADIA REALTY TRUST | |
Entity Central Index Key | 899,629 | |
Current Fiscal Year End Date | --12-31 | |
Trading Symbol | AKR | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 81,553,275 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Operating real estate, net | $ 3,027,710 | $ 2,952,918 |
Real estate under development | 189,387 | 173,702 |
Net investments in real estate | 3,217,097 | 3,126,620 |
Notes receivable, net | 109,410 | 153,829 |
Investments in and advances to unconsolidated affiliates | 301,717 | 302,070 |
Other assets, net | 209,875 | 214,959 |
Cash and cash equivalents | 9,525 | 74,823 |
Rents receivable, net | 58,584 | 51,738 |
Restricted cash | 12,508 | 10,846 |
Assets of properties held for sale | 0 | 25,362 |
Total assets | 3,918,716 | 3,960,247 |
LIABILITIES | ||
Mortgage and other notes payable, net | 964,796 | 909,174 |
Unsecured notes payable, net | 488,933 | 473,735 |
Unsecured line of credit | 28,000 | 41,500 |
Accounts payable and other liabilities | 202,893 | 210,052 |
Capital lease obligation | 70,983 | 70,611 |
Dividends and distributions payable | 23,711 | 24,244 |
Distributions in excess of income from, and investments in, unconsolidated affiliates | 15,596 | 15,292 |
Total liabilities | 1,794,912 | 1,744,608 |
Commitments and contingencies | ||
Acadia Shareholders' Equity | ||
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 81,550,171 and 83,708,140 shares, respectively | 82 | 84 |
Additional paid-in capital | 1,546,405 | 1,596,514 |
Accumulated other comprehensive income | 13,267 | 2,614 |
Distributions in excess of accumulated earnings | (73,990) | (32,013) |
Total Acadia shareholders’ equity | 1,485,764 | 1,567,199 |
Noncontrolling interests | 638,040 | 648,440 |
Total equity | 2,123,804 | 2,215,639 |
Total liabilities and equity | $ 3,918,716 | $ 3,960,247 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common shares, authorized (in shares) | 200,000,000 | 200,000,000 |
Common shares, issued (in shares) | 81,550,171 | 83,708,140 |
Common shares, outstanding (in shares) | 81,550,171 | 83,708,140 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | $ 66,075 | $ 62,678 | $ 192,768 | $ 184,181 |
Operating expenses | ||||
Depreciation and amortization | 28,676 | 26,652 | 86,755 | 77,245 |
General and administrative | 7,982 | 7,953 | 24,359 | 25,286 |
Real estate taxes | 11,538 | 8,822 | 27,528 | 27,462 |
Property operating | 10,661 | 9,417 | 33,523 | 26,978 |
Impairment charge | 3,840 | 3,840 | ||
Other operating | 270 | 250 | 655 | 987 |
Total operating expenses | 59,127 | 56,934 | 172,820 | 161,798 |
Operating income | 6,948 | 5,744 | 19,948 | 22,383 |
Equity in earnings of unconsolidated affiliates inclusive of gain on disposition of properties of $0, $0, $0 and $14,771, respectively | 376 | 4,001 | 7,079 | 21,044 |
Interest income | 3,513 | 6,461 | 10,539 | 23,648 |
Interest expense | (18,077) | (15,428) | (50,882) | (39,666) |
(Loss) income from continuing operations before income taxes | (7,240) | 778 | (13,316) | 27,409 |
Income tax provision | (464) | (465) | (851) | (1,017) |
(Loss) income from continuing operations before gain on disposition of properties | (7,704) | 313 | (14,167) | 26,392 |
Gain on disposition of properties, net of tax | 5,107 | 12,972 | 5,140 | 12,972 |
Net (loss) income | (2,597) | 13,285 | (9,027) | 39,364 |
Net loss (income) attributable to noncontrolling interests | 11,822 | (418) | 33,336 | 1,194 |
Net income attributable to Acadia | $ 9,225 | $ 12,867 | $ 24,309 | $ 40,558 |
Basic and diluted earnings per share (in dollars per share) | $ 0.11 | $ 0.15 | $ 0.29 | $ 0.48 |
Rental income | ||||
Revenues | $ 51,551 | $ 51,707 | $ 153,652 | $ 148,760 |
Expense reimbursements | ||||
Revenues | 13,194 | 9,957 | 35,000 | 32,347 |
Other | ||||
Revenues | $ 1,330 | $ 1,014 | $ 4,116 | $ 3,074 |
CONSOLIDATED STATEMENTS OF IN_2
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||||
Gains (losses) on disposition of properties | $ 0 | $ 0 | $ 0 | $ 14,771 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (2,597) | $ 13,285 | $ (9,027) | $ 39,364 |
Other comprehensive income (loss): | ||||
Unrealized income (loss) on valuation of swap agreements | 3,973 | (644) | 12,576 | (2,652) |
Reclassification of realized interest on swap agreements | (55) | 734 | 417 | 2,637 |
Other comprehensive income (loss) | 3,918 | 90 | 12,993 | (15) |
Comprehensive income | 1,321 | 13,375 | 3,966 | 39,349 |
Comprehensive loss (income) attributable to noncontrolling interests | 11,033 | (541) | 30,996 | 1,454 |
Comprehensive income attributable to Acadia | $ 12,354 | $ 12,834 | $ 34,962 | $ 40,803 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Accumulated Earnings | Total Common Shareholders’ Equity | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2016 | $ 2,178,125 | $ 84 | $ 1,594,926 | $ (798) | $ (5,635) | $ 1,588,577 | $ 589,548 |
Balance (in Shares) at Dec. 31, 2016 | 83,598,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 0 | $ 0 | 1,086 | 1,086 | (1,086) | ||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 61,000 | ||||||
Dividends/distribution declared ($0.81 and $0.78 per Common Share/OP Unit for Nine Months Ended Sep 30, 2018 and 2017) | (70,053) | (65,248) | (65,248) | (4,805) | |||
Employee and trustee stock compensation, net | 9,129 | 425 | 425 | 8,704 | |||
Employee and trustee stock compensation, net (in Shares) | 21,000 | ||||||
Noncontrolling interest distributions | (7,278) | (7,278) | |||||
Noncontrolling interest contributions | 20,522 | 20,522 | |||||
Comprehensive income | 39,349 | 245 | 40,558 | 40,803 | (1,454) | ||
Reallocation of noncontrolling interests | 0 | (2,105) | (2,105) | 2,105 | |||
Ending Balance at Sep. 30, 2017 | 2,169,794 | $ 84 | 1,594,332 | (553) | (30,325) | 1,563,538 | 606,256 |
Balance (in Shares) at Sep. 30, 2017 | 83,680,000 | ||||||
Beginning Balance at Dec. 31, 2016 | $ 2,178,125 | $ 84 | 1,594,926 | (798) | (5,635) | 1,588,577 | 589,548 |
Balance (in Shares) at Dec. 31, 2016 | 83,598,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Repurchase of Common Shares (in shares) | 0 | ||||||
Ending Balance at Dec. 31, 2017 | $ 2,215,639 | $ 84 | 1,596,514 | 2,614 | (32,013) | 1,567,199 | 648,440 |
Balance (in Shares) at Dec. 31, 2017 | 83,708,140 | 83,708,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | $ 0 | 1,957 | 1,957 | (1,957) | |||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 111,000 | ||||||
Repurchase of Common Shares | $ (55,057) | $ (2) | (55,055) | (55,057) | |||
Repurchase of Common Shares (in shares) | (2,294,235) | (2,294,000) | |||||
Dividends/distribution declared ($0.81 and $0.78 per Common Share/OP Unit for Nine Months Ended Sep 30, 2018 and 2017) | $ (71,412) | (66,286) | (66,286) | (5,126) | |||
Employee and trustee stock compensation, net | 8,332 | 408 | 408 | 7,924 | |||
Employee and trustee stock compensation, net (in Shares) | 25,000 | ||||||
Noncontrolling interest distributions | (24,654) | (24,654) | |||||
Noncontrolling interest contributions | 46,990 | 46,990 | |||||
Comprehensive income | 3,966 | 10,653 | 24,309 | 34,962 | (30,996) | ||
Reallocation of noncontrolling interests | 0 | 2,581 | 2,581 | (2,581) | |||
Ending Balance at Sep. 30, 2018 | $ 2,123,804 | $ 82 | $ 1,546,405 | $ 13,267 | $ (73,990) | $ 1,485,764 | $ 638,040 |
Balance (in Shares) at Sep. 30, 2018 | 81,550,171 | 81,550,000 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Stockholders Equity [Abstract] | ||
Cash dividends declared per common share (in dollars per share) | $ 0.81 | $ 0.78 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net (loss) income | $ (2,597) | $ 13,285 | $ (9,027) | $ 39,364 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||
Gain on disposition of properties | (5,107) | (12,972) | (5,140) | (12,972) | |
Depreciation and amortization | 86,755 | 77,245 | |||
Distributions of operating income from unconsolidated affiliates | 12,906 | 13,727 | |||
Equity in earnings and gains of unconsolidated affiliates | (376) | (4,001) | (7,079) | (21,044) | |
Stock compensation expense | 8,332 | 9,129 | |||
Amortization of financing costs | 4,350 | 3,996 | |||
Impairment charge | 3,840 | 3,840 | |||
Other, net | (6,331) | (8,435) | |||
Changes in assets and liabilities: | |||||
Other liabilities | (61) | (1,556) | |||
Prepaid expenses and other assets | (4,860) | (8,723) | |||
Rents receivable, net | (7,452) | (6,646) | |||
Accounts payable and accrued expenses | (5,210) | (736) | |||
Net cash provided by operating activities | 67,183 | 87,189 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Acquisition of real estate | (104,902) | (138,429) | |||
Development, construction and property improvement costs | (66,238) | (84,554) | |||
Issuance of or advances on notes receivable | (3,002) | (10,449) | |||
Proceeds from the disposition of properties, net | 52,759 | 47,025 | |||
Investments in and advances to unconsolidated affiliates | (3,481) | (4,555) | |||
Return of capital from unconsolidated affiliates and other | 23,777 | 31,720 | |||
Proceeds from notes receivable | 26,000 | 12,000 | |||
Return of deposits for properties under contract | 1,750 | ||||
Payment of deferred leasing costs | (2,981) | (5,381) | |||
Net cash used in investing activities | (76,318) | (152,623) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Principal payments on mortgage and other notes | (69,050) | (130,736) | |||
Principal payments on unsecured debt | (578,600) | (143,215) | |||
Proceeds received on mortgage and other notes | 122,332 | 120,252 | |||
Proceeds from unsecured debt | 578,800 | 267,200 | |||
Payments for repurchase of Common Shares | (55,057) | 0 | |||
Capital contributions from noncontrolling interests | 46,990 | 20,522 | |||
Distributions to noncontrolling interests | (29,731) | (12,813) | |||
Dividends paid to Common Shareholders | (66,869) | (77,770) | |||
Deferred financing and other costs | (3,316) | (4,987) | |||
Net cash (used in) provided by financing activities | (54,501) | 38,453 | |||
Decrease in cash and restricted cash | (63,636) | (26,981) | |||
Cash of $74,823 and $71,805 and restricted cash of $10,846 and $22,904, respectively, beginning of period | 85,669 | 94,709 | $ 94,709 | ||
Cash of $9,525 and $48,255 and restricted cash of $12,508 and $19,473, respectively, end of period | $ 22,033 | $ 67,728 | 22,033 | 67,728 | $ 85,669 |
Supplemental disclosure of cash flow information | |||||
Cash paid during the period for interest, net of capitalized interest of $4,366 and $12,246 respectively | 45,251 | 39,626 | |||
Cash paid for income taxes, net of (refunds) | 1,227 | 773 | |||
Supplemental disclosure of non-cash investing activities | |||||
Assumption of accounts payable and accrued expenses through acquisition of real estate | 1,014 | 2,161 | |||
Acquisition of real estate through conversion of note receivable | 0 | 9,142 | |||
Acquisition of undivided interest in a property through conversion of notes receivable | $ 22,201 | $ 16,005 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 9,525 | $ 48,255 |
Restricted cash | 12,508 | 19,473 |
Cash paid for capitalized interest | $ 4,366 | $ 12,246 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization, Basis of Presentation and Summary of Significant Accounting Policies | 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization Acadia Realty Trust and subsidiaries (collectively, the “Company”) is a fully-integrated equity real estate investment trust (“REIT”) focused on the ownership, acquisition, development, and management of retail properties located primarily in high-barrier-to-entry, supply-constrained, densely-populated metropolitan areas in the United States. All of the Company’s assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the “Operating Partnership”) and entities in which the Operating Partnership owns an interest. As of September 30, 2018 and December 31, 2017, the Company controlled approximately 94% and 95%, respectively, of the Operating Partnership as the sole general partner and is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units”) and employees who have been awarded restricted Common OP Units (“LTIP Units”) as long-term incentive compensation ( Note 13 As of September 30, 2018, the Company has ownership interests in 118 properties within its core portfolio, which consist of those properties either 100% owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through its funds (“Core Portfolio”). The Company also has ownership interests in 52 properties within its opportunity funds, Acadia Strategic Opportunity Fund II, LLC (“Fund II”), Acadia Strategic Opportunity Fund III LLC (“Fund III”), Acadia Strategic Opportunity Fund IV LLC (“Fund IV”), and Acadia Strategic Opportunity Fund V LLC (“Fund V”). Acadia Strategic Opportunity Fund I, LP (“Fund I,” together with Funds II, III, IV, and V, the “Funds”) was liquidated in 2015. The 170 Core Portfolio and Fund properties primarily consist of street and urban retail, and suburban shopping centers. In addition, the Company, together with the investors in the Funds, invest or invested in operating companies through Acadia Mervyn Investors I, LLC (“Mervyns I,” which was liquidated in 2018), Acadia Mervyn Investors II, LLC (“Mervyns II”) and Fund II, all on a non-recourse basis. The Company consolidates the Funds as it has (i) the power to direct the activities that most significantly impact the Funds’ economic performance, (ii) is obligated to absorb the Funds’ losses and (iii) has the right to receive benefits from the Funds that could potentially be significant. The Operating Partnership is the sole general partner or managing member of the Funds and Mervyns I and II and earns fees or priority distributions for asset management, property management, construction, development, leasing, and legal services. Cash flows from the Funds and Mervyns I and II are distributed pro-rata to their respective partners and members (including the Operating Partnership) until each receives a certain cumulative return (“Preferred Return”) and the return of all capital contributions. Thereafter, remaining cash flow is distributed 20% to the Operating Partnership (“Promote”) and 80% to the partners or members (including the Operating Partnership). All transactions between the Funds and the Operating Partnership have been eliminated in consolidation. The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions): Entity Formation Date Operating Partnership Share of Capital Capital Called as of September 30, 2018 Unfunded Commitment Equity Interest Held By Operating Partnership (a) Preferred Return Total Distributions as of September 30, 2018 (b) Fund II and Mervyns II (c) 6/2004 28.33 % $ 347.1 $ — 28.33 % 8 % $ 146.6 Fund III 5/2007 24.54 % 423.9 26.1 24.54 % 6 % 551.9 Fund IV 5/2012 23.12 % 420.8 109.2 23.12 % 6 % 147.4 Fund V 8/2016 20.10 % 85.1 434.9 20.10 % 6 % — (a) Amount represents the current economic ownership at September 30, 2018, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective fund. (b) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. (c) During April 2018, a distribution of $15.0 million was made to the Fund II investors, including $4.3 million to the Operating Partnership. This amount remains subject to re-contribution to Fund II until April 2021. Basis of Presentation Segments At September 30, 2018, the Company had three reportable operating segments: Core Portfolio, Funds and Structured Financing. The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital. Each property is considered a separate operating segment; however, each property on a stand-alone basis represents less than 10% of revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregation criteria under the applicable standard. Principles of Consolidation The interim consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income. The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items. These interim consolidated financial statements should be read in conjunction with the Company’s 2017 Annual Report on Form 10-K, as filed with the SEC on February 27, 2018. Use of Estimates GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the interim consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Recently Adopted Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows—Classification of Certain Cash Receipts and Cash Payments. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued ASU No. 2017-01, Business Combinations—Clarifying the Definition of a Business. In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments— Equity Method and Joint Ventures (Topic 323). In February 2017, the FASB issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118, Recently Issued Accounting Pronouncements Lease Accounting In February 2016, the FASB issued ASU No. 2016-02 , Leases. Revenue from Contracts with Customers, initial direct current GAAP (Topic 840, Leases ). This will result in a change to the accounting for our ASU 2016-02 initially provided for one retrospective transition method; however, a second transition method was later added with ASU 2018-11 as described below. To ease the transition, the new lease accounting guidance permits companies to utilize certain practical expedients in their implementation of the new standard: • A package of three practical expedients that must be elected together for all leases and includes: (i) not reassessing expired or existing contracts as to whether they are or contain leases; (ii) not reassessing lease classification of existing leases and (iii) not reassessing the amount of capitalized initial direct costs for existing leases; • ASU 2016-02 also includes a practical expedient to use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets; • ASU 2018-01, Land Easements Practical Expedient for Transition to Topic 842 • A new practical expedient under ASU 2018-11, described below. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases Leases (Topic 842) In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements Leases The Company will adopt ASU No. 2016-02 (as amended by subsequent ASUs) effective January 1, 2019 utilizing the new transition method described in ASU 2018-11 and will avail itself of all the available practical expedients described above except it will not use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets. As lessor, the Company expects that post-adoption substantially all existing leases will have no change in the timing of revenue recognition until their expiration or termination. For common area maintenance income, currently reported within expense reimbursements, while this will be considered a nonlease component within the scope of Topic 606 for new leases, we expect to elect the lessor practical expedient to not separate maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. The Company is still evaluating the effect of electing this lessor practical expedient on the presentation within the statement of income. The timing of revenue recognition is expected to be the same for the majority of the Company’s new leases as compared to similar existing leases. After adoption, the Company will no longer capitalize a significant portion of internal leasing costs that were previously capitalized (the Company capitalized $1.4 million and $1.3 million of internal leasing costs during the nine months ended September 30, 2018 and ). As a lessee, the Company is party to several equipment, ground, and office leases with future payment obligations aggregating approximately $204.0 million at September 30, 2018 for which the Company expects to record right-of-use assets and lease liabilities at the present value of the remaining minimum rental payments upon adoption of ASU 2016-02. As lessee, the Company will apply the following practical expedients in the implementation ASU 2016-02: (i) to not separate non-lease components from the associated lease component as described above and (ii) to not apply the right-of-use recognition requirements to short-term leases. Other Accounting Topics In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Revenue from Contracts with Customers In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the Securities and Exchange Commission issued a final rule that amends certain of its disclosure requirements. The rule simplifies various disclosure requirements for public companies including primarily that it (i) eliminates the requirement for public companies to disclose in their filings a schedule of earnings to fixed charges, (ii) requires an analysis of changes in stockholders’ equity for the current and comparative year-to-date interim periods in interim reports, and (iii) reduces the requirements for market price information disclosures in annual reports. These changes are effective for public companies beginning on November 5, 2018. The Company will comply with these new requirements beginning with its 2018 Annual Report on Form 10-K. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2018 | |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | |
Real Estate | 2. Real Estate The Company’s consolidated real estate is comprised of the following (in thousands): September 30, 2018 December 31, 2017 Land $ 674,758 $ 658,835 Buildings and improvements 2,493,011 2,406,488 Tenant improvements 144,134 131,850 Construction in progress 34,919 18,642 Properties under capital lease 76,965 76,965 Total 3,423,787 3,292,780 Less: Accumulated depreciation (396,077 ) (339,862 ) Operating real estate, net 3,027,710 2,952,918 Real estate under development, at cost 189,387 173,702 Net investments in real estate $ 3,217,097 $ 3,126,620 Acquisitions and Conversions During the nine months ended September 30, 2018 and the year ended December 31, 2017, the Company acquired the following consolidated retail properties (dollars in thousands): Property and Location Percent Acquired Date of Acquisition Purchase Price 2018 Acquisitions Core Bedford Green Land Parcel 100% Mar 23, 2018 $ 1,337 Subtotal Core 1,337 Fund V Trussville Promenade - Trussville, AL 100% Feb 21, 2018 45,259 Elk Grove Commons - Elk Grove, CA 100% Jul 18, 2018 59,320 Subtotal Fund V 104,579 Total 2018 Acquisitions $ 105,916 2017 Acquisitions and Conversions Core Market Square Shopping Center - Wilmington, DE (Conversion) ( Note 4 ) 100% Nov 16, 2017 $ 42,800 Subtotal Core 42,800 Fund IV Lincoln Place - Fairview Heights, IL 100% Mar 13, 2017 35,350 Shaw's Plaza - Windham, ME (Conversion) ( 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 Fairlane Green - Allen Park, MI 100% Dec 20, 2017 62,000 Subtotal Fund V 167,240 Total 2017 Acquisitions and Conversions $ 254,532 The 2018 acquisitions were considered asset acquisitions based on accounting guidance effective as of January 1, 2018 ( Note 1 Purchase Price Allocations The purchase prices for the 2018 acquisitions and the 2017 acquisitions and conversions were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the nine months ended September 30, 2018 and the year ended December 31, 2017 (in thousands): Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Net Assets Acquired Land $ 15,127 $ 48,138 Buildings and improvements 82,235 173,576 Other assets — 84 Acquisition-related intangible assets ( Note 6 ) 13,416 44,269 Acquisition-related intangible liabilities ( Note 6 ) (4,862 ) (11,535 ) Net assets acquired $ 105,916 $ 254,532 Consideration Cash $ 104,902 $ 200,429 Conversion of note receivable — 41,010 Liabilities assumed 1,014 3,363 Existing interest in previously unconsolidated investment — 4,159 Change in control of previously unconsolidated investment — 5,571 Total Consideration $ 105,916 $ 254,532 Dispositions During the nine months ended September 30, 2018 and the year ended December 31, 2017, the Company disposed of the following consolidated properties (in thousands): Property and Location Owner Date Sold Sale Price Gain (Loss) on Sale 2018 Disposition 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 Total 2018 Dispositions $ 54,450 $ 5,140 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 6,543 City Point Condominium Tower I - Brooklyn, NY Fund II Oct 13, 2017 96,000 (810 ) 1151 Third Avenue - New York, NY Fund IV Nov 16, 2017 27,000 5,183 260 E 161st Street - Bronx, NY Fund II Dec 13, 2017 105,684 31,537 Total 2017 Dispositions $ 281,338 $ 48,886 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, 2018 and year ended December 31, 2017 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Rental revenues $ 451 $ 5,067 $ 1,966 $ 14,112 Expenses (525 ) (4,722 ) (1,853 ) (16,593 ) Loss (income) from continuing operations of disposed properties before gain on disposition of properties (74 ) 345 113 (2,481 ) Gain on disposition of properties 5,107 12,972 5,140 12,972 Net (income) loss attributable to noncontrolling interests (3,540 ) (9,440 ) (3,381 ) (7,429 ) Net loss attributable to Acadia $ 1,493 $ 3,877 $ 1,872 $ 3,062 Properties Held for Sale At December 31, 2017, the Company had one property in Fund II classified as held-for-sale, Sherman Avenue, with total assets of $25.4 million, which was sold on April 17, 2018 as noted in the disposition table above. This property’s net operating loss of $0.5 million and $0.6 million for the nine months ended September 30, 2018 and 2017, respectively, is included in the table above. At December 31, 2017, the Company recognized an impairment charge of approximately $10.6 million inclusive of an amount attributable to a noncontrolling interest of $7.6 million ( Note 8 Real Estate Under Development and Construction in Progress Real estate under development represents the Company’s consolidated properties that have not yet been placed into service while undergoing substantial development or construction. Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands): December 31, 2017 Nine Months Ended September 30, 2018 September 30, 2018 Number of Properties Carrying Value Transfers In Capitalized Costs Transfers Out Number of Properties Carrying Value Core 2 $ 21,897 $ — $ 489 $ 14,544 1 $ 7,842 Fund II — 4,908 — 1,131 — — 6,039 Fund III 2 63,939 — 27,124 — 2 91,063 Fund IV 1 82,958 — 1,485 — 1 84,443 Total 5 $ 173,702 $ — $ 30,229 $ 14,544 4 $ 189,387 During the nine months ended September 30, 2018, the Company placed one Core development project into service. In addition to the consolidated projects noted above, the Company had one unconsolidated project in development at December 31, 2017, which it placed into service during the nine months ended September 30, 2018. During the year ended December 31, 2017, the Company placed substantially all of Fund II’s City Point project into service as well as three Fund IV properties, reclassified Fund II’s Sherman Avenue property as held for sale and placed one Core property into development. In addition to the consolidated projects noted above, the Company had one unconsolidated project remaining in development after placing three of its four unconsolidated Fund IV development properties into service during the year ended December 31, 2017. Construction in progress pertains to construction activity at the Company’s operating properties which are in service and continue to operate during the construction period. |
Notes Receivable, Net
Notes Receivable, Net | 9 Months Ended |
Sep. 30, 2018 | |
Accounts And Notes Receivable Net [Abstract] | |
Notes Receivable, Net | 3. Notes Receivable, Net The Company’s notes receivable, net were collateralized either by the underlying properties or the borrower’s ownership interest in the entities that own the properties, and were as follows (dollars in thousands): September 30, December 31, September 30, 2018 Description 2018 2017 Number Maturity Date Interest Rate Core Portfolio $ 56,475 $ 101,695 2 Apr 2019 - Apr 2020 6.0% - 8.1% Fund II 32,379 31,778 1 May 2020 2.5% Fund III 5,306 5,106 1 Jul 2020 18.0% Fund IV 15,250 15,250 1 Feb 2021 15.3% $ 109,410 $ 153,829 5 During the nine months ended September 30, 2018, the Company: • exchanged $22.0 million of a Core note receivable plus accrued interest thereon of $0.3 million for an additional undivided interest in the Town Center property ( Note 4 • received full payment on $26.0 million of Core notes receivable plus accrued interest of $0.2 million; • funded an additional $2.8 million to its existing $15.0 million Core note receivable and entered into an agreement to extend the maturity to April 1, 2020; • advanced an additional $0.2 million on a Fund III note receivable; and • increased the balance of a Fund II note receivable by the interest accrued of $0.6 million. During the year ended December 31, 2017, the Company: • recovered the full value of a $12.0 million Core note receivable, which was previously in default, plus accrued interest and fees aggregating $16.8 million; • exchanged $92.7 million of Core notes receivable plus accrued interest thereon of $1.8 million for additional undivided interests in the Market Square and Town Center properties ( Note 4 • funded an additional $10.0 million on an existing Core note receivable, which had a total commitment of $20.0 million, and was subsequently repaid in full during the fourth quarter; • entered into an agreement to extend the maturity of a $15.0 million Core note receivable to June 1, 2018; • increased the balance of a Fund II note receivable by the interest accrued of $0.8 million; • advanced an additional $0.6 million on a Fund III note receivable; and • exchanged a $9.0 million Fund IV note receivable plus accrued interest of $0.1 million thereon for an investment in a shopping center in Windham, Maine ( Note 2 The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral and the prospects of the borrower. Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment ( Note 12 |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | 4. Investments in and Advances to Unconsolidated Affiliates The Company accounts for its investments in and advances to unconsolidated affiliates primarily under the equity method of accounting as it has the ability to exercise significant influence, but does not have financial or operating control over the investment, which is maintained by each of the unaffiliated partners who co-invest with the Company. The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Nominal Ownership Interest September 30, December 31, Portfolio Property September 30, 2018 2018 2017 Core: 840 N. Michigan (a) 88.43 % $ 66,632 $ 69,846 Renaissance Portfolio 20 % 32,495 35,041 Gotham Plaza 49 % 29,788 29,416 Town Center (a, b) 75.22 % 99,741 78,801 Georgetown Portfolio 50 % 4,615 3,479 233,271 216,583 Mervyns I & II: KLA/Mervyn's, LLC (c) 10.5 % — — Fund III: Fund III Other Portfolio 90 % 166 167 Self Storage Management (d) 95 % 206 206 372 373 Fund IV: Broughton Street Portfolio (e) 50 % 38,764 48,335 Fund IV Other Portfolio 90 % 15,648 20,199 650 Bald Hill Road 90 % 12,993 13,609 67,405 82,143 Various Funds: Due from Related Parties (f) 113 2,415 Other (g) 556 556 Investments in and advances to unconsolidated affiliates $ 301,717 $ 302,070 Core: Crossroads (h) 49 % $ 15,596 $ 15,292 Distributions in excess of income from, and investments in, unconsolidated affiliates $ 15,596 $ 15,292 (a) Represents a tenancy-in-common interest. (b) During November 2017 and March 2018, as discussed below, the Company increased its ownership in Town Center. (c) Distributions, discussed below, have exceeded the Company’s non-recourse investment, therefore the carrying value is zero. (d) Represents a variable interest entity for which the Company was determined not to be the primary beneficiary. (e) The Company is entitled to a 15% return on its cumulative capital contribution which was $15.9 million and $15.4 million at September 30, 2018 and December 31, 2017, respectively. In addition, the Company is entitled to a 9% preferred return on a portion of its equity, which was $36.7 million and $41.2 million at September 30, 2018 and December 31, 2017, respectively. (f) Represents deferred fees. (g) Includes a cost-method investment in Albertson’s ( Note 8 (h) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to return distributions to fund future obligations of the entity. Core Portfolio Acquisition of Unconsolidated Investment On January 4, 2017, an entity in which the Company owns a 20% noncontrolling interest (the “Renaissance Portfolio”), acquired a 6,200 square foot property in Alexandria, Virginia referred to as (“907 King Street”) for $3.0 million. The Renaissance Portfolio is now a 213,000 square-foot portfolio of 18 mixed-use properties, 16 of which are located in Georgetown, Washington D.C. and two of which are located in Alexandria, Virginia. Brandywine Portfolio, Market Square and Town Center The Company owns an interest in an approximately one million square foot retail portfolio (the “Brandywine Portfolio” joint venture) located in Wilmington, Delaware, which includes two properties referred to as “Market Square” and “Town Center.” Prior to the second quarter of 2016, the Company had a controlling interest in the Brandywine Portfolio, and it was therefore consolidated within the Company’s financial statements. During April 2016, the arrangement with the partners of the Brandywine Portfolio was modified to change the legal ownership from a partnership to a tenancy-in-common interest, as well as to provide certain participating rights to the outside partners. As a result of these modifications, the Company de-consolidated the Brandywine Portfolio and accounted for its interest under the equity method of accounting effective May 1, 2016. Furthermore, as the owners of the Brandywine Portfolio had consistent ownership interests before and after the modification and the underlying net assets were unchanged, the Company reflected the change from consolidation to equity method based upon its historical cost. The Brandywine Portfolio and Market Square ventures do not include the property held by Brandywine Holdings, an entity consolidated by the Company. Additionally, in April 2016, the Company repaid the outstanding balance of $140.0 million of non-recourse debt collateralized by the Brandywine Portfolio and provided a note receivable collateralized by the partners’ tenancy-in-common interest in the Brandywine Portfolio for their proportionate share of the repayment. On May 1, 2017, the Company exchanged $16.0 million of the $153.4 million notes receivable (the “Brandywine Notes Receivable”) ( Note 3 Note 2 On November 16, 2017, the Company exchanged $60.7 million of the Brandywine Notes Receivable plus accrued interest of $0.9 million for one of the partner’s 38.89% tenancy-in-common interests in Town Center. The incremental investment in Town Center was recorded at $61.6 million and the excess of this amount over the venture’s book value associated with this interest, or $34.5 million, is being amortized over the remaining depreciable lives of the venture’s assets. The Company previously had a 22.22% interest in Town Center which then became 61.11% following the November 2017 transaction. On March 28, 2018, the Company exchanged $22.0 million of its Brandywine Notes Receivable plus accrued interest of $0.3 million for one of the partner’s 14.11% tenancy-in-common interests in Town Center. The incremental investment in Town Center was recorded at $ 22.3 million and the excess of this amount over the venture’s book value associated with this interest, or $12.7 million, is being amortized over the remaining depreciable lives of the venture’s assets. The Company continues to apply the equity method of accounting for its aggregate 75.22% noncontrolling interest in Town Center after the March 2018 transaction. At September 30, 2018, $38.7 million of the Brandywine Note Receivable remains outstanding ( Note 3 Fund Investments Mervyn’s I & II In 2017, Mervyn’s I and Mervyn’s II received a total of $1.1 million in distributions from certain investments. The Company had already reduced the carrying amount of these investments to zero, and consequently the entire amount received has been reflected as equity in earnings and gains of unconsolidated affiliates in the consolidated statements of income. Albertson’s “Other” includes, among other investments, Fund II’s cost method investment reflecting an effective 1.05% interest in Albertson’s Companies, Inc. (“Albertson’s”), a privately-held national supermarket chain. In 2017, the Company received $2.4 million in distributions from Albertson’s and reduced the carrying amount of its investment in Albertson’s to zero ( Note 8 Storage Post On May 15, 2018, Fund III’s Storage Post venture, which is a cost-method investment with no carrying value, distributed $3.2 million of which the Operating Partnership’s share was $0.8 million. 2018 Dispositions of Unconsolidated Investments On January 18, 2018, Fund IV’s Broughton Street Portfolio venture sold two properties for aggregate proceeds of $8.0 million, resulting in a net loss of $0.4 million at the property level of which the Fund’s share and the Operating Partnership’s proportionate share of the loss was zero, due to Fund IV’s preferred return. On June 29, 2018, Fund IV’s Broughton Street Portfolio venture terminated its master leases on two of its properties resulting in a net loss of $1.0 million at the property level for which the Operating Partnership’s share was less than $0.1 million. On August 29, 2018, Fund IV’s Broughton Street Portfolio venture sold a property for proceeds of $2.1 million, resulting in a net loss of $0.3 million at the property level, of which the Operating Partnership’s share was less than $0.1 million. At September 30, 2018, the Broughton Street portfolio had 13 remaining properties. Note 15 2017 Dispositions of Unconsolidated Investments On January 31, 2017, Fund IV completed the disposition of 2819 Kennedy Boulevard, for $19.0 million less $8.4 million debt repayment for net proceeds of $10.6 million, resulting in a gain on disposition of $6.3 million at the property level, of which the Fund’s share was $6.2 million, which is included in equity in earnings and gains from unconsolidated affiliates in the consolidated statements of income. The Operating Partnership’s proportionate share of the gain was $1.4 million, net of noncontrolling interests. On February 15, 2017, Fund III completed the disposition of Arundel Plaza, for $28.8 million less $10.0 million debt repayments for net proceeds of $18.8 million, resulting in a gain on disposition of $8.2 million at the property level, of which the Fund’s share was $5.3 million, which is included in equity in earnings and gains from unconsolidated affiliates in the consolidated statements of income. The Operating Partnership’s proportionate share of the gain was $1.3 million, net of noncontrolling interests. On June 30, 2017, Fund IV completed the disposition of 1701 Belmont Avenue, for $5.6 million less $2.9 million debt repayments for net proceeds of $2.7 million, resulting in a gain on disposition of $3.3 million at the property level, of which the Fund’s share was $3.3 million, which is included in equity in earnings and gains from unconsolidated affiliates in the consolidated statements of income. The Operating Partnership’s proportionate share of the gain was $0.8 million, net of noncontrolling interests. On October 3 and December 21, 2017, Fund IV’s Broughton Street Portfolio venture sold a total of five properties for aggregate proceeds of $11.0 million resulting in a net gain of $1.2 million at the property level, of which the Fund’s share was $0.6 million, which is included in equity in earnings and gains from unconsolidated affiliates in the consolidated financial statements. The Operating Partnership’s proportionate share of the gain was $0.1 million, net of noncontrolling interests. Fees from Unconsolidated Affiliates The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $0.3 million and $0.4 million for the three months ended September 30, 2018 and 2017, respectively, and $0.8 million and $1.0 million for the nine months ended September 30, 2018 and 2017, respectively, which is included in other revenues in the consolidated financial statements. In addition, the Company paid to certain unaffiliated partners of its joint ventures, $0.4 million and $0.5 million for the three months ended September 30, 2018 and 2017, respectively, and $1.3 million and $1.5 million for the nine months ended September 30, 2018 and 2017, respectively, for leasing commissions, development, management, construction and overhead fees. Summarized Financial Information of Unconsolidated Affiliates The following combined and condensed Balance Sheets and Statements of Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates (in thousands): September 30, December 31, 2018 2017 Combined and Condensed Balance Sheets Assets: Rental property, net $ 526,857 $ 518,900 Real estate under development — 26,681 Investment in unconsolidated affiliates 6,853 6,853 Other assets 90,143 100,901 Total assets $ 623,853 $ 653,335 Liabilities and partners’ equity: Mortgage notes payable $ 406,117 $ 405,652 Other liabilities 56,060 61,932 Partners’ equity 161,676 185,751 Total liabilities and partners’ equity $ 623,853 $ 653,335 Company's share of accumulated equity $ 179,029 $ 185,533 Basis differential 104,810 95,358 Deferred fees, net of portion related to the Company's interest 2,169 3,472 Amounts receivable by the Company 113 2,415 Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates 286,121 286,778 Company's share of distributions in excess of income from and investments in unconsolidated affiliates 15,596 15,292 Investments in and advances to unconsolidated affiliates $ 301,717 $ 302,070 Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Combined and Condensed Statements of Income Total revenues $ 19,971 $ 20,883 $ 59,730 $ 63,460 Operating and other expenses (6,028 ) (6,847 ) (17,479 ) (18,985 ) Interest expense (5,240 ) (4,788 ) (15,365 ) (13,967 ) Depreciation and amortization (5,502 ) (6,208 ) (17,340 ) (18,720 ) Loss on debt extinguishment — — — (154 ) (Loss) gain on disposition of properties (263 ) — (1,673 ) 17,778 Net income attributable to unconsolidated affiliates $ 2,938 $ 3,040 $ 7,873 $ 29,412 Company’s share of equity in net income of unconsolidated affiliates $ 1,136 $ 4,544 $ 9,396 $ 23,156 Basis differential amortization (760 ) (543 ) (2,317 ) (2,112 ) Company’s equity in earnings of unconsolidated affiliates $ 376 $ 4,001 $ 7,079 $ 21,044 |
Other Assets, Net and Accounts
Other Assets, Net and Accounts Payable and Other Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets, Net and Accounts Payable and Other Liabilities | 5. Other Assets, Net and Accounts Payable and Other Liabilities Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented: September 30, December 31, (in thousands) 2018 2017 Other Assets, Net: Lease intangibles, net ( Note 6 ) $ 112,249 $ 127,571 Deferred charges, net (a) 26,931 24,589 Prepaid expenses 17,884 16,838 Other receivables 4,764 11,356 Accrued interest receivable 15,352 11,668 Deposits 4,505 6,296 Due from seller 4,300 4,300 Deferred tax assets 1,139 2,096 Derivative financial instruments ( Note 8 ) 15,115 4,402 Due from related parties 2,386 1,479 Corporate assets 2,063 2,369 Income taxes receivable 3,187 1,995 $ 209,875 $ 214,959 (a) Deferred Charges, Net: Deferred leasing and other costs $ 43,399 $ 41,020 Deferred financing costs related to line of credit 8,873 7,786 52,272 48,806 Accumulated amortization (25,341 ) (24,217 ) Deferred charges, net $ 26,931 $ 24,589 Accounts Payable and Other Liabilities: Lease intangibles, net ( Note 6 ) $ 97,777 $ 104,478 Accounts payable and accrued expenses 63,435 61,420 Deferred income 28,539 31,306 Tenant security deposits, escrow and other 10,364 10,029 Derivative financial instruments ( Note 8 ) 361 1,467 Income taxes payable 19 176 Other 2,398 1,176 $ 202,893 $ 210,052 |
Lease Intangibles
Lease Intangibles | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Lease Intangibles | 6. Lease Intangibles Upon acquisitions of real estate, the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable. Intangible assets and liabilities are included in other assets and other liabilities ( Note 5 September 30, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease intangible assets $ 204,184 $ (97,028 ) $ 107,156 $ 193,821 $ (72,749 ) $ 121,072 Above-market rent 16,729 (11,636 ) 5,093 16,786 (10,287 ) 6,499 $ 220,913 $ (108,664 ) $ 112,249 $ 210,607 $ (83,036 ) $ 127,571 Amortizable Intangible Liabilities Below-market rent $ (149,149 ) $ 51,965 $ (97,184 ) $ (147,232 ) $ 43,391 $ (103,841 ) Above-market ground lease (671 ) 78 (593 ) (671 ) 34 (637 ) $ (149,820 ) $ 52,043 $ (97,777 ) $ (147,903 ) $ 43,425 $ (104,478 ) During the nine months ended September 30, 2018, the Company acquired in-place lease intangible assets of $12.4 million, above-market rents of $1.0 million, and below-market rents of $4.9 million with weighted-average useful lives of 4.3, 1.7, and 21.6 Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental income, respectively, in the consolidated statements of income. Amortization of above-market ground leases are recorded as a reduction to rent expense in the consolidated statements of income. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of September 30, 2018 is as follows (in thousands): Years Ending December 31, Net Increase in Lease Revenues Increase to Amortization Reduction of Rent Expense Net Income (Expense) 2018 (Remainder) $ 2,246 $ (7,724 ) $ 15 $ (5,463 ) 2019 9,462 (25,137 ) 58 (15,617 ) 2020 8,938 (18,264 ) 58 (9,268 ) 2021 7,720 (13,298 ) 58 (5,520 ) 2022 7,405 (9,362 ) 58 (1,899 ) Thereafter 56,320 (33,371 ) 346 23,295 Total $ 92,091 $ (107,156 ) $ 593 $ (14,472 ) |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 7. Debt A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands): Interest Rate at Carrying Value at September 30, December 31, Maturity Date at September 30, December 31, 2018 2017 September 30, 2018 2018 2017 Mortgages Payable Core Fixed Rate 3.88%-6.00% 3.88%-5.89% Feb 2024 - Apr 2035 $ 178,677 $ 179,870 Core Variable Rate - Swapped (a) 3.41%-5.67% 3.41%-5.67% Jan 2023 - Jun 2026 32,834 74,152 Total Core Mortgages Payable 211,511 254,022 Fund II Fixed Rate 1.00%-4.75% 1.00%-4.75% May 2020 - Aug 2042 205,262 205,262 Fund II Variable Rate - Swapped (a) 4.27% 4.27% Nov 2021 19,385 19,560 Total Fund II Mortgages Payable 224,647 224,822 Fund III Variable Rate LIBOR+2.65%-LIBOR+4.65% Prime+0.50%-LIBOR+4.65% Jun 2020 - Dec 2021 75,393 65,866 Fund IV Fixed Rate 3.40%-4.50% 3.40%-4.50% Oct 2025 - Jun 2026 8,189 10,503 Fund IV Variable Rate LIBOR+1.60%-LIBOR+3.95% LIBOR+1.70%-LIBOR+3.95% Nov 2018 - Aug 2021 244,654 250,584 Fund IV Variable Rate - Swapped (a) 3.67%-4.23% 3.67%-4.23% May 2019 - Dec 2022 72,074 86,851 Total Fund IV Mortgages Payable 324,917 347,938 Fund V Variable Rate LIBOR+2.15%-LIBOR+2.25% LIBOR+2.25% Oct 2020 - Jan 2021 51,506 28,613 Fund V Variable Rate - Swapped (a) 4.61%-4.78% — Feb 2021 - Jun 2021 86,570 — Total Fund V Mortgage Payable 138,076 28,613 Net unamortized debt issuance costs (10,527 ) (12,943 ) Unamortized premium 779 856 Total Mortgages Payable $ 964,796 $ 909,174 Unsecured Notes Payable Core Variable Rate Unsecured Term Loans - Swapped (a) 2.49%-4.05% 2.54%-3.59% Mar 2023 $ 350,000 $ 300,000 Fund II Unsecured Notes Payable LIBOR+1.65% LIBOR+1.40% Sep 2020 37,000 31,500 Fund IV Term Loan/Subscription Facility LIBOR+1.65%-LIBOR+2.75% LIBOR+1.65%-LIBOR+2.75% Dec 2018 - Oct 2019 40,825 40,825 Fund V Subscription Facility LIBOR+1.60% LIBOR+1.60% May 2020 61,500 103,300 Net unamortized debt issuance costs (392 ) (1,890 ) Total Unsecured Notes Payable $ 488,933 $ 473,735 Unsecured Line of Credit Core Unsecured Line of Credit LIBOR+1.35% LIBOR+1.40% Mar 2022 $ 13,324 $ 18,048 Core Unsecured Line of Credit - Swapped (a) 4.15%-5.02% 4.20%-5.07% Mar 2022 14,676 23,452 Total Unsecured Line of Credit $ 28,000 $ 41,500 Total Debt - Fixed Rate (b) $ 967,667 $ 899,650 Total Debt - Variable Rate (c) 524,202 538,736 Total Debt 1,491,869 1,438,386 Net unamortized debt issuance costs (10,919 ) (14,833 ) Unamortized premium 779 856 Total Indebtedness $ 1,481,729 $ 1,424,409 (a) At September 30, 2018, the stated rates ranged from LIBOR + 1.70% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 1.39% for Fund II variable-rate debt; LIBOR + 2.65% to LIBOR + 4.65% for Fund III variable-rate debt; LIBOR + 1.60% to LIBOR +3.95% for Fund IV variable-rate debt; LIBOR + 2.15% to LIBOR + 2.25% for Fund V variable-rate debt; LIBOR + 1.25% for Core variable-rate unsecured term loans; and LIBOR + 1.35% for Core variable-rate unsecured lines of credit. (b) Includes $575.5 million and $504.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. (c) Includes $143.8 million and $141.1 million, respectively, of variable-rate debt that is subject to interest cap agreements. Credit Facility On February 20, 2018, the Company entered into a $500.0 million senior unsecured credit facility (the “Credit Facility”), comprised of a $150.0 million senior unsecured revolving credit facility (the “Revolver”) which bears interest at LIBOR + 1.35%, and a $350.0 million senior unsecured term loan (the “Term Loan”) which bears interest at LIBOR + 1.25%. The Credit Facility refinanced the Company’s existing $300.0 million credit facility (comprised of the $150.0 million Core unsecured revolving line of credit and the $150.0 million term loan), $150.0 million in Core unsecured term loans and repaid a $40.4 million mortgage secured by its 664 North Michigan Property. The Revolver and Term Loans mature on March 31, 2022 and March 31, 2023, respectively. Mortgages Payable During the nine months ended September 30, 2018, the Company obtained four new non-recourse Fund mortgages totaling $109.5 million with a weighted-average interest rate of LIBOR + 1.99% collateralized by four properties and maturing in 2021. The Company entered into interest rate swap contracts to effectively fix the variable portion of the interest rates of three of these obligations with a notional value of $86.6 million at an interest rate of 2.75%. In addition, the Company drew down $9.8 million on a Fund III construction loan. During the nine months ended September 30, 2018, the Company repaid one Core mortgage in full, which had a balance of $40.4 million and an interest rate of LIBOR + 1.65%, and two Fund IV mortgages in full, which had balances of $15.5 million and $2.3 million and interest rates of LIBOR + 2.15% and 3.40%, respectively. The Company also made scheduled principal payments of $5.1 million. At September 30, 2018 and December 31, 2017, the Company’s mortgages were collateralized by 43 and 42 properties, respectively, and the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. A portion of the Company’s variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions ( Note 8 The mortgage loan related to Brandywine Holdings in the Company’s Core Portfolio, which was originated in June 2006 and had an original principal amount of $26.3 million, was in default and subject to litigation at September 30, 2018 and December 31, 2017. This loan bears interest at 6.00%, excluding default interest of 5%, and is collateralized by a property, in which the Company holds a 22% controlling interest. Unsecured Notes Payable Unsecured notes payable for which total availability was $106.6 million and $70.3 million at September 30, 2018 and December 31, 2017, respectively, are comprised of the following: • As discussed above, the Core unsecured term loans totaling $300.0 million were refinanced in February 2018, into one $350.0 million term loan with an interest rate of LIBOR+ 1.25% and maturing in March 2023. The outstanding balance of the Core term loans was $350.0 million and $300.0 million, respectively, at September 30, 2018 and December 31, 2017. During the nine months ended September 30, 2018, the Company entered into an interest rate swap contract to effectively fix the variable portion of the interest rate with a notional value of $50.0 million at an interest rate of 2.80%. The Company previously entered into swap agreements fixing the rates of the remaining Core term loans. • Fund II has a $40.0 million term loan secured by the real estate assets of City Point Phase II and guaranteed by the Company and the Operating Partnership. The outstanding balance of the Fund II term loan was $37.0 million and $31.5 million at September 30, 2018 and December 31, 2017, respectively. Total availability was $3.0 million and $8.5 million at September 30, 2018 and December 31, 2017, respectively. • At Fund IV there are a $41.8 million bridge facility and a $21.5 million subscription line. The outstanding balance of the Fund IV bridge facility was $40.8 million at each of September 30, 2018 and December 31, 2017. Total availability was $1.0 million at each of September 30, 2018 and December 31, 2017. The outstanding balance of the Fund IV subscription line was $0.0 million and total available credit was $14.1 million at each of September 30, 2018 and December 31, 2017, reflecting letters of credit of $7.4 million. • Fund V has a $150.0 million subscription line collateralized by Fund V’s unfunded capital commitments and guaranteed by the Operating Partnership. The outstanding balance and total available credit of the Fund V subscription line was $61.5 million and $88.5 million, respectively at September 30, 2018. The outstanding balance and total available credit of the Fund V subscription line was $103.3 million and $46.7 million, respectively at December 31, 2017. Unsecured Revolving Line of Credit As discussed above, the Core unsecured revolving line of credit was refinanced in February 2018. The Company had a total of $109.7 million and $96.2 million, respectively, available under its $150.0 million Core unsecured revolving lines of credit reflecting borrowings of $28.0 million and $41.5 million, respectively, and letters of credit of $12.3 million at each of September 30, 2018 and December 31, 2017. At September 30, 2018 and December 31, 2017, a portion of the Core unsecured revolving line of credit was swapped to a fixed rate. Scheduled Debt Principal Payments The scheduled principal repayments of the Company’s consolidated indebtedness, as of September 30, 2018 are as follows (in thousands): Year Ending December 31, 2018 (Remainder) $ 38,938 2019 192,839 2020 468,162 2021 180,514 2022 76,529 Thereafter 534,887 1,491,869 Unamortized premium 779 Net unamortized debt issuance costs (10,919 ) Total indebtedness $ 1,481,729 See Note 4 |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 8. Financial Instruments and Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and interest rate swaps; and Level 3, for financial instruments or other assets/liabilities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring the Company to develop its own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, the Company has also provided the unobservable inputs along with their weighted-average ranges. Money Market Funds — The Company has money market funds, which are included in Cash and cash equivalents in the consolidated financial statements, are comprised of government securities and/or U.S. Treasury bills. These funds were classified as Level 1 as we used quoted prices from active markets to determine their fair values. Derivative Assets — The Company has derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of interest rate swaps and caps. The derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below. Derivative Liabilities — The Company has derivative liabilities, which are included in Accounts payable and other liabilities in the consolidated financial statements, are comprised of interest rate swaps and caps. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below. The Company did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the nine months ended September 30, 2018 or 2017. The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands): September 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Money Market Funds $ 106 $ — $ — $ 3 $ — $ — Derivative financial instruments — 15,115 — — 4,402 — Liabilities Derivative financial instruments — 361 — — 1,467 — In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Items Measured at Fair Value on a Nonrecurring Basis (Including Impairment Charges) The Company did not record any impairment charges during the nine months ended September 30, 2018. During the nine months ended September 30, 2017, the Company recognized an impairment charge of $3.8 million, inclusive of an amount attributable to a noncontrolling interest of $2.7 million, on a property classified as held for sale at September 30, 2017 and December 31, 2017 ( Note 2 Derivative Financial Instruments The Company had the following interest rate swaps for the periods presented (dollars in thousands): Strike Rate Fair Value Derivative Instrument Aggregate Notional Amount Effective Date Maturity Date Low High Balance Sheet Location September 30, 2018 December 31, 2017 Core Interest Rate Swaps $ 11,176 Dec 2012 Dec 2022 3.77 % — 3.77 % Other Liabilities $ (361 ) $ (1,438 ) Interest Rate Swaps 386,334 Feb 2013 - Jul 2020 Nov 2018 - Jul 2030 1.24 % — 3.77 % Other Assets 12,755 4,076 $ 397,510 $ 12,394 $ 2,638 Fund II Interest Rate Swap $ 19,385 Oct 2014 Nov 2021 2.88 % — 2.88 % Other Assets $ 287 $ — Interest Rate Swaps — Oct 2014 Nov 2021 2.88 % — 2.88 % Other Liabilities — (29 ) $ 19,385 $ 287 $ (29 ) Fund III Interest Rate Cap $ 58,000 Dec 2016 Jan 2020 3.00 % — 3.00 % Other Assets $ 39 $ 14 Fund IV Interest Rate Swaps $ 72,074 Mar 2017 - Nov 2017 Mar 2020 - Dec 2022 1.82 % — 2.11 % Other Assets $ 1,728 $ 295 Interest Rate Caps 108,900 July 2016 - Nov 2016 Aug 2019 - Dec 2019 3.00 % — 3.00 % Other Assets 43 17 $ 180,974 $ 1,771 $ 312 Fund V Interest Rate Swap $ 86,570 Jan 2018 - Jun 2018 Feb 2021 - Jun 2023 2.41 % — 2.88 % Other Assets $ 263 $ — $ 86,570 $ 263 $ — Total asset derivatives $ 15,115 $ 4,402 Total liability derivatives $ (361 ) $ (1,467 ) All of the Company’s derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable-rate debt ( Note 7 Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and, from time to time, through the use of derivative financial instruments. The Company enters into derivative financial instruments to manage exposures that result in the receipt or payment of future known and uncertain cash amounts, the The Company is exposed to credit risk in the event of non-performance by the counterparties to the swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes. The following table presents the location in the financial statements of the income (losses) recognized related to the Company’s cash flow hedges (in thousands): Nine Months Ended September 30, 2018 2017 Amount of income (loss) recognized in other comprehensive income $ 12,576 $ (2,652 ) Amount of loss subsequently reclassified to earnings 417 2,637 Credit Risk-Related Contingent Features The Company has agreements with each of its swap counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its swaps, resulting in an acceleration of payment under the swaps. Other Financial Instruments The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable): September 30, 2018 December 31, 2017 Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes Receivable (a) 3 $ 109,410 $ 107,146 $ 153,829 $ 151,712 Mortgage and Other Notes Payable (a) 3 974,544 961,901 921,261 921,891 Investment in non-traded equity securities (b) 3 — 22,824 — 22,824 Unsecured notes payable and Unsecured line of credit (c) 2 517,325 517,352 517,125 515,330 (a) The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. (b) Represents Fund II’s cost-method investment in Albertson’s supermarkets ( Note 4 ). (c) The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. The Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and certain financial instruments included in other assets and other liabilities had fair values that approximated their carrying values at September 30, 2018. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies The Company is involved in various matters of litigation arising in the normal course of business. While the Company is unable to predict with certainty the amounts involved, the Company’s management and counsel are of the opinion that, when such litigation is resolved, the Company’s resulting liability, if any, will not have a significant effect on the Company’s consolidated financial position, results of operations, or liquidity. The Company's policy is to accrue legal expenses as they are incurred. Commitments and Guaranties In conjunction with the development and expansion of various properties, the Company has entered into agreements with general contractors for the construction or development of properties aggregating approximately $73.0 million and $92.2 million as of September 30, 2018 and December 31, 2017, respectively. At each of September 30, 2018 and December 31, 2017, the Company had letters of credit outstanding of $19.7 million. The Company has not recorded any obligation associated with these letters of credit. The majority of the letters of credit are collateral for existing indebtedness and other obligations of the Company. |
Shareholders' Equity, Noncontro
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | |
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income | 10. Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Income Common Shares and Units The Company completed the following transactions in its common shares during the nine months ended September 30, 2018: • The Company withheld 3,288 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. • The Company recognized Common Share and Common OP Unit-based compensation totaling $6.3 million in connection with Restricted Shares and Units ( Note 13 The Company completed the following transactions in its common shares during the year ended December 31, 2017: • The Company withheld 4,314 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. • The Company recognized Common Share and Common OP Unit-based compensation totaling $8.4 million in connection with Restricted Shares and Units ( Note 13 • At the May 10 Shareholder Meeting, Shareholders approved an amendment to the Company’s Declaration of Trust to increase the authorized share capital of the Company from 100 million shares of beneficial interest to 200 million shares which became effective on July 24, 2017. Share Repurchases During 2018, the Company revised its share repurchase program. The new share repurchase program authorizes management, at its discretion, to repurchase up to $200.0 million of its outstanding Common Shares. The program may be discontinued or extended at any time. The Company repurchased 2,294,235 shares for $55.1 million, inclusive of $0.1 million of fees, during the nine months ended September 30, 2018. The Company did not repurchase any shares during the year ended December 31, 2017. As of September 30, 2018, management may repurchase up to approximately $144.9 million of the Company’s outstanding Common Shares under this program. Dividends and Distributions On August 7, 2018, the Board of Trustees declared a regular quarterly cash dividend of $0.27 per Common Share, which was paid on October 15, 2018 to the holders of record as of September 28, 2018. On May 11, 2018, the Board of Trustees declared a regular quarterly cash dividend of $0.27 per Common Share, which was paid on July 13, 2018 to holders of record as of June 29, 2018. On February 27, 2018, the Board of Trustees declared a regular quarterly cash dividend of $0.27 per Common Share, which was paid on April 13, 2018 to holders of record as of March 30, 2018. On November 8, 2017, the Board of Trustees declared an increase of $0.01 to the $0.27 per Common Share regular quarterly cash dividend, which was paid on January 13, 2018 to holders of record as of December 29, 2017. Accumulated Other Comprehensive Income The following table sets forth the activity in accumulated other comprehensive income for the nine months ended September 30, 2018 and 2017 (in thousands): Gains or Losses on Derivative Instruments Balance at January 1, 2018 $ 2,614 Other comprehensive income before reclassifications 12,576 Reclassification of realized interest on swap agreements 417 Net current period other comprehensive income 12,993 Net current period other comprehensive income attributable to noncontrolling interests (2,340 ) Balance at September 30, 2018 $ 13,267 Balance at January 1, 2017 $ (798 ) Other comprehensive income before reclassifications (2,652 ) Reclassification of realized interest on swap agreements 2,637 Net current period other comprehensive income (15 ) Net current period other comprehensive loss attributable to noncontrolling interests 260 Balance at September 30, 2017 $ (553 ) Noncontrolling Interests The following table summarizes the change in the noncontrolling interests for the nine months ended September 30, 2018 and 2017 (dollars in thousands): Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially-Owned Affiliates (b) Total Balance at January 1, 2018 $ 102,921 $ 545,519 $ 648,440 Distributions declared of $0.81 per Common OP Unit (5,126 ) — (5,126 ) Net income (loss) for the nine months ended September 30, 2018 1,977 (35,313 ) (33,336 ) Conversion of 111,588 Common OP Units to Common Shares by limited partners of the Operating Partnership (1,957 ) — (1,957 ) Other comprehensive income - unrealized gain on valuation of swap agreements 625 1,435 2,060 Reclassification of realized interest expense on swap agreements 10 270 280 Noncontrolling interest contributions — 46,990 46,990 Noncontrolling interest distributions — (24,654 ) (24,654 ) Employee Long-term Incentive Plan Unit Awards 7,924 — 7,924 Rebalancing adjustment (c) (2,581 ) — (2,581 ) Balance at September 30, 2018 $ 103,793 $ 534,247 $ 638,040 Balance at January 1, 2017 $ 95,422 $ 494,126 $ 589,548 Distributions declared of $0.78 per Common OP Unit (4,805 ) — (4,805 ) Net income (loss) for the nine months ended September 30, 2017 2,816 (4,010 ) (1,194 ) Conversion of 61,150 Common OP Units to Common Shares by limited partners of the Operating Partnership (1,086 ) — (1,086 ) Other comprehensive income - unrealized loss on valuation of swap agreements (68 ) (726 ) (794 ) Reclassification of realized interest expense on swap agreements 116 418 534 Noncontrolling interest contributions — 20,522 20,522 Noncontrolling interest distributions — (7,278 ) (7,278 ) Employee Long-term Incentive Plan Unit Awards 8,704 — 8,704 Rebalancing adjustment (c) 2,105 — 2,105 Balance at September 30, 2017 $ 103,204 $ 503,052 $ 606,256 (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,331,440 and 3,328,873 Common OP Units at September 30, 2018 and December 31, 2017; (ii) 188 Series A Preferred OP Units at September 30, 2018 and December 31, 2017; (iii) 136,593 Series C Preferred OP Units at September 30, 2018 and December 31, 2017; and (iv) 2,547,002 and 2,274,147 LTIP units at September 30, 2018 and December 31, 2017, respectively, as discussed in Share Incentive Plan ( Note 13 ). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above. (b) Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns I and II, and six other subsidiaries. (c) Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership (the “Rebalancing”). Preferred OP Units There were no issuances of Preferred OP Units during the nine months ended September 30, 2018. In 1999 the Operating Partnership issued 1,580 Series A Preferred OP Units in connection with the acquisition of a property, which have a stated value of $1,000 per unit, and are entitled to a preferred quarterly distribution of the greater of (i) $22.50 ( 9% annually) per Series A Preferred OP Unit or (ii) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit. Through September 30, 2018, 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $7.50. Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date. During 2016, the Operating Partnership issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to a third party to acquire Gotham Plaza ( Note 4 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2018 | |
Leases [Abstract] | |
Leases | 11. Leases Operating Leases The Company is engaged in the operation of shopping centers and other retail properties that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through June 20, 2066, with renewal options. Space in the shopping centers is leased to tenants pursuant to agreements that provide for terms ranging generally from one month to sixty years and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volumes. The Company leases land at six of its shopping centers, which are accounted for as operating leases and generally provide the Company with renewal options. Ground rent expense was $1.2 million and $1.0 million (including capitalized ground rent at a property under development of $0.5 million and $0.4 million) for the nine months ended September 30, 2018 and 2017, respectively. The leases terminate at various dates between 2020 and 2066. These leases provide the Company with options to renew for additional terms aggregating up to 22 years. The Company also leases space for its corporate office. Office rent expense under this lease was $0.7 million for each of the nine months ended September 30, 2018 and 2017. Capital Lease During 2016, the Company entered into a 49-year master lease, which is accounted for as a capital lease. During each of the nine months ended September 30, 2018 and 2017, payments for this lease totaled $1.9 million. The property under the capital lease is included in Note 2 Lease Obligations 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 capital leases in which the Company is the lessee, principally for office space, land and equipment, as of September 30, 2018, are summarized as follows (in thousands): Year Ending December 31, Minimum Rental Revenues Minimum Rental Payments 2018 (Remainder) $ 43,085 $ 1,216 2019 179,408 4,775 2020 167,449 4,571 2021 148,797 4,354 2022 130,052 4,404 Thereafter 576,090 184,652 Total $ 1,244,881 $ 203,972 A ground lease expiring during 2078 provides the Company with an option to purchase the underlying land during 2031. If the Company does not exercise the option, the rents that will be due are based on future values and as such are not determinable at this time. Accordingly, the above table does not include rents for this lease beyond 2031. During the three and nine months ended September 30, 2018 and 2017, no single tenant collectively comprised more than 10% of the Company’s consolidated total revenues. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | 12. Segment Reporting The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The Company’s Core Portfolio consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon. The Company’s Funds hold primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company’s Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable which are held within the Core Portfolio or the Funds ( Note 3 The following tables set forth certain segment information for the Company (in thousands): For the Three Months Ended September 30, 2018 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 42,290 $ 23,785 $ — $ — $ 66,075 Depreciation and amortization (14,856 ) (13,820 ) — — (28,676 ) Property operating expenses, other operating and real estate taxes (12,195 ) (10,274 ) — — (22,469 ) General and administrative expenses — — — (7,982 ) (7,982 ) Operating income (loss) 15,239 (309 ) — (7,982 ) 6,948 Gain on disposition of properties — 5,107 — — 5,107 Interest income — — 3,513 — 3,513 Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties 2,005 (1,629 ) — — 376 Interest expense (6,972 ) (11,105 ) — — (18,077 ) Income tax provision — — — (464 ) (464 ) Net income (loss) 10,272 (7,936 ) 3,513 (8,446 ) (2,597 ) Net loss attributable to noncontrolling interests 115 11,707 — — 11,822 Net income attributable to Acadia $ 10,387 $ 3,771 $ 3,513 $ (8,446 ) $ 9,225 For the Three Months Ended September 30, 2017 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 41,196 $ 21,482 $ — $ — $ 62,678 Depreciation and amortization (14,746 ) (11,906 ) — — (26,652 ) Property operating expenses, other operating and real estate taxes (10,327 ) (8,162 ) — — (18,489 ) General and administrative expenses — — — (7,953 ) (7,953 ) Impairment charge — (3,840 ) — — (3,840 ) Operating income (loss) 16,123 (2,426 ) — (7,953 ) 5,744 Gain on disposition of properties — 12,972 — — 12,972 Interest income — — 6,461 — 6,461 Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties 805 3,196 — — 4,001 Interest expense (6,695 ) (8,733 ) — — (15,428 ) Income tax provision — — — (465 ) (465 ) Net income (loss) 10,233 5,009 6,461 (8,418 ) 13,285 Net (income) loss attributable to noncontrolling interests (353 ) (65 ) — — (418 ) Net income attributable to Acadia $ 9,880 $ 4,944 $ 6,461 $ (8,418 ) $ 12,867 As of or for the Nine Months Ended September 30, 2018 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 124,456 $ 68,312 $ — $ — $ 192,768 Depreciation and amortization (45,283 ) (41,472 ) — — (86,755 ) Property operating expenses, other operating and real estate taxes (33,599 ) (28,107 ) — — (61,706 ) General and administrative expenses — — — (24,359 ) (24,359 ) Operating income (loss) 45,574 (1,267 ) — (24,359 ) 19,948 Gain on disposition of properties — 5,140 — — 5,140 Interest income — — 10,539 — 10,539 Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties 5,171 1,908 — — 7,079 Interest expense (20,475 ) (30,407 ) — — (50,882 ) Income tax provision — — — (851 ) (851 ) Net income (loss) 30,270 (24,626 ) 10,539 (25,210 ) (9,027 ) Net loss attributable to noncontrolling interests 241 33,095 — — 33,336 Net income attributable to Acadia $ 30,511 $ 8,469 $ 10,539 $ (25,210 ) $ 24,309 Real estate at cost $ 2,060,024 $ 1,553,150 $ — $ — $ 3,613,174 Total assets $ 2,234,521 $ 1,574,785 $ 109,410 $ — $ 3,918,716 Cash paid for acquisition of real estate $ 1,343 $ 103,559 $ — $ — $ 104,902 Cash paid for development and property improvement costs $ 22,892 $ 43,346 $ — $ — $ 66,238 As of or for the Nine Months Ended September 30, 2017 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 127,130 $ 57,051 $ — $ — $ 184,181 Depreciation and amortization (46,719 ) (30,526 ) — — (77,245 ) Property operating expenses, other operating and real estate taxes (33,339 ) (22,088 ) — — (55,427 ) General and administrative expenses — — — (25,286 ) (25,286 ) Impairment charge — (3,840 ) — — (3,840 ) Operating income (loss) 47,072 597 — (25,286 ) 22,383 Gain on disposition of properties — 12,972 — — 12,972 Interest income — — 23,648 — 23,648 Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties 2,348 18,696 — — 21,044 Interest expense (20,783 ) (18,883 ) — — (39,666 ) Income tax provision — — — (1,017 ) (1,017 ) Net income (loss) 28,637 13,382 23,648 (26,303 ) 39,364 Net (income) loss attributable to noncontrolling interests (1,157 ) 2,351 — — 1,194 Net income attributable to Acadia $ 27,480 $ 15,733 $ 23,648 $ (26,303 ) $ 40,558 Real estate at cost $ 1,987,501 $ 1,492,894 $ — $ — $ 3,480,395 Total assets $ 2,237,334 $ 1,605,429 $ 250,194 $ — $ 4,092,957 Cash paid for acquisition of real estate $ — $ 138,429 $ — $ — $ 138,429 Cash paid for development and property improvement costs $ 4,355 $ 80,199 $ — $ — $ 84,554 |
Share Incentive and Other Compe
Share Incentive and Other Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share Incentive and Other Compensation | 13. Share Incentive and Other Compensation Share Incentive Plan The Second Amended and Restated 2006 Incentive Plan (the “Share Incentive Plan”) authorizes the Company to issue options, Restricted Shares, LTIP Units and other securities (collectively “Awards”) to, among others, the Company’s officers, trustees and employees. At September 30, 2018 a total of 1,198,594 shares remained available to be issued under the Share Incentive Plan. Restricted Shares and LTIP Units During the nine months ended September 30, 2018, the Company issued 373,886 LTIP Units and 5,387 Restricted Share Units to employees of the Company pursuant to the Share Incentive Plan. These awards were measured at their fair value on the grant date, based on a valuation provided by an independent third-party appraiser incorporating the following factors: • A portion of these annual equity award is granted in performance-based Restricted Share Units or LTIP Units that may be earned based on the Company’s attainment of specified relative total shareholder returns (“Relative TSR”) hurdles. • In the event the Relative TSR percentile falls between the 25th percentile and the 50th percentile, Relative TSR vesting percentage is determined using a straight-line linear interpolation between 50% and 100% and in the event that the Relative TSR percentile falls between the 50th percentile and 75th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 100% and 200%. • Two-thirds (2/3) of the performance-based LTIP Units will vest based on the Company’s total shareholder return (“TSR”) for the three -year forward-looking performance period ending December 31, 2020 relative to the constituents of the SNL U.S. REIT Retail Shopping Center Index and one-third (1/3) on the Company’s TSR for the three -year forward-looking performance period as compared to the constituents of the SNL U.S. REIT Retail Index (both on a non-weighted basis). • If the Company’s performance fails to achieve the aforementioned hurdles at the culmination of the three -year performance period, all performance-based shares will be forfeited. Any earned performance-based shares vest 60% at the end of the performance period, with the remaining 40% of shares vesting ratably over the next two years. The total value of the above Restricted Share Units and LTIP Units as of the grant date was $ 10.4 million. Total long-term incentive compensation expense, including the expense related to the Share Incentive Plan, was $2.0 million and $2.1 million for the three months ended September 30, 2018 and 2017, respectively and $6.3 million and $6.5 million for the nine months ended September 30, 2018 and 2017, respectively and is recorded in General and Administrative on the Consolidated Statements of Income. In addition, members of the Board of Trustees (the “Board”) have been issued shares and units under the Share Incentive Plan. During 2018, the Company issued 17,427 LTIP Units and 17,050 Restricted Shares to Trustees of the Company in connection with Trustee fees. Vesting with respect to 8,949 of the LTIP Units and 5,181 of the Restricted Shares will be on the first anniversary of the date of issuance and 8,478 of the LTIP Units and 11,869 of the Restricted Shares vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares, but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Total trustee fee expense, including the expense related to the Share Incentive Plan, was $0.9 million for each of the nine months ended September 30, 2018 and 2017. In 2009, the Company adopted the Long-Term Investment Alignment Program (the “Program”) pursuant to which the Company may grant awards to employees, entitling them to receive up to 25% of any potential future payments of Promote to the Operating Partnership from Funds III and IV. The Company has granted such awards to employees representing 25% of the potential Promote payments from Fund III to the Operating Partnership and 22.8% of the potential Promote payments from Fund IV to the Operating Partnership. Payments to senior executives under the Program require further Board approval at the time any potential payments are due pursuant to these grants. Compensation relating to these awards will be recognized in each reporting period in which Board approval is granted. As payments to other employees are not subject to further Board approval, compensation relating to these awards will be recorded based on the estimated fair value at each reporting period in accordance with ASC Topic 718, Compensation– Stock Compensation. Compensation expense of $0 million and $0.5 million was recognized for the nine months ended September 30, 2018 and 2017, respectively, related to the Program in connection with Fund III. A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below: Unvested Restricted Shares and LTIP Units Common Restricted Shares Weighted Grant-Date Fair Value LTIP Units Weighted Grant-Date Fair Value Unvested at January 1, 2017 46,499 $ 27.58 856,877 $ 26.99 Granted 19,442 29.85 310,551 31.80 Vested (23,430 ) 30.47 (257,124 ) 28.27 Forfeited (1,184 ) 32.65 (205 ) 32.49 Unvested at December 31, 2017 41,327 26.92 910,099 28.28 Granted 22,818 23.65 399,248 27.06 Vested (25,261 ) 30.79 (303,699 ) 30.04 Forfeited (428 ) 27.25 (12,266 ) 28.57 Unvested at September 30, 2018 38,456 $ 22.44 993,382 $ 27.25 The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the nine months ended September 30, 2018 and the year ended December 31, 2017 were $26.88 and $31.69, respectively. As of September 30, 2018, there was $18.1 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Share Incentive Plan. That cost is expected to be recognized over a weighted-average period of 1.7 years. The total fair value of Restricted Shares that vested for the nine months ended September 30, 2018 and the year ended December 31, 2017, was $0.8 million and $0.7 million, respectively. The total fair value of LTIP Units that vested during the nine months ended September 30, 2018 and the year ended December 31, 2017, was $9.1 million and $7.3 million, respectively. Other Plans On a combined basis, the Company incurred a total of $0.3 million related to the following employee benefit plans for each of the nine months ended September 30, 2018 and 2017: Employee Share Purchase Plan The Acadia Realty Trust Employee Share Purchase Plan (the “Purchase Plan”), allows eligible employees of the Company to purchase Common Shares through payroll deductions. The Purchase Plan provides for employees to purchase Common Shares on a quarterly basis at a 15% discount to the closing price of the Company’s Common Shares on either the first day or the last day of the quarter, whichever is lower. A participant may not purchase more the $25,000 in Common Shares per year. Compensation expense will be recognized by the Company to the extent of the above discount to the closing price of the Common Shares with respect to the applicable quarter. A total of 2,836 and 3,392 Common Shares were purchased by employees under the Purchase Plan for the nine months ended September 30, 2018 and 2017, respectively. Deferred Share Plan During 2006, the Company adopted a Trustee Deferral and Distribution Election, under which the participating Trustees earn deferred compensation. Employee 401(k) Plan The Company maintains a 401(k) plan for employees under which the Company currently matches 50% of a plan participant’s contribution up to 6% of the employee’s annual salary. A plan participant may contribute up to a maximum of 15% of their compensation, up to $18,500, for the year ending December 31, 2018. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 14. Earnings Per Common Share Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding ( Note 10 Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share units (“Restricted Share Units”) issued under the Company’s Share Incentive Plans ( Note 13 The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2018 2017 2018 2017 Numerator: Net income attributable to Acadia $ 9,225 $ 12,867 $ 24,309 $ 40,558 Less: net income attributable to participating securities (66 ) (135 ) (158 ) (488 ) Income from continuing operations net of income attributable to participating securities $ 9,159 $ 12,732 $ 24,151 $ 40,070 Denominator: Weighted average shares for basic earnings per share 81,565,805 83,699,850 82,245,020 83,665,749 Effect of dilutive securities: Employee unvested restricted shares — — — 3,577 Denominator for diluted earnings per share 81,565,805 83,699,850 82,245,020 83,669,326 Basic and diluted earnings per Common Share from continuing operations attributable to Acadia $ 0.11 $ 0.15 $ 0.29 $ 0.48 Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units 188 188 188 188 Series A Preferred OP Units - Common share equivalent 25,067 25,067 25,067 25,067 Series C Preferred OP Units 136,593 140,343 136,593 140,343 Series C Preferred OP Units - Common share equivalent 474,278 487,299 474,278 481,878 Restricted shares 38,450 43,202 37,180 — |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events Acquisitions On October 11, 2018, pursuant to the buy-sell provisions of the operating agreement for one of the two joint ventures that is owner of the Broughton Street Portfolio ( Note 4 On October 23, 2018, Fund V acquired a shopping center located in Hiram, Georgia referred to as “Hiram Pavilion” for $44.4 million. It is not practicable to disclose the preliminary purchase price allocations for these transactions given the short period of time between the acquisition dates and the filing of this Report. |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Segments | Segments At September 30, 2018, the Company had three reportable operating segments: Core Portfolio, Funds and Structured Financing. The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital. Each property is considered a separate operating segment; however, each property on a stand-alone basis represents less than 10% of revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregation criteria under the applicable standard. |
Principles of Consolidation | Principles of Consolidation The interim consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income. The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items. These interim consolidated financial statements should be read in conjunction with the Company’s 2017 Annual Report on Form 10-K, as filed with the SEC on February 27, 2018. |
Use of Estimates | Use of Estimates GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the interim consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows—Classification of Certain Cash Receipts and Cash Payments. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued ASU No. 2017-01, Business Combinations—Clarifying the Definition of a Business. In January 2017, the FASB issued ASU No. 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments— Equity Method and Joint Ventures (Topic 323). In February 2017, the FASB issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities In March 2018, the FASB issued ASU No. 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118, Recently Issued Accounting Pronouncements Lease Accounting In February 2016, the FASB issued ASU No. 2016-02 , Leases. Revenue from Contracts with Customers, initial direct current GAAP (Topic 840, Leases ). This will result in a change to the accounting for our ASU 2016-02 initially provided for one retrospective transition method; however, a second transition method was later added with ASU 2018-11 as described below. To ease the transition, the new lease accounting guidance permits companies to utilize certain practical expedients in their implementation of the new standard: • A package of three practical expedients that must be elected together for all leases and includes: (i) not reassessing expired or existing contracts as to whether they are or contain leases; (ii) not reassessing lease classification of existing leases and (iii) not reassessing the amount of capitalized initial direct costs for existing leases; • ASU 2016-02 also includes a practical expedient to use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets; • ASU 2018-01, Land Easements Practical Expedient for Transition to Topic 842 • A new practical expedient under ASU 2018-11, described below. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases Leases (Topic 842) In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements Leases The Company will adopt ASU No. 2016-02 (as amended by subsequent ASUs) effective January 1, 2019 utilizing the new transition method described in ASU 2018-11 and will avail itself of all the available practical expedients described above except it will not use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets. As lessor, the Company expects that post-adoption substantially all existing leases will have no change in the timing of revenue recognition until their expiration or termination. For common area maintenance income, currently reported within expense reimbursements, while this will be considered a nonlease component within the scope of Topic 606 for new leases, we expect to elect the lessor practical expedient to not separate maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. The Company is still evaluating the effect of electing this lessor practical expedient on the presentation within the statement of income. The timing of revenue recognition is expected to be the same for the majority of the Company’s new leases as compared to similar existing leases. After adoption, the Company will no longer capitalize a significant portion of internal leasing costs that were previously capitalized (the Company capitalized $1.4 million and $1.3 million of internal leasing costs during the nine months ended September 30, 2018 and ). As a lessee, the Company is party to several equipment, ground, and office leases with future payment obligations aggregating approximately $204.0 million at September 30, 2018 for which the Company expects to record right-of-use assets and lease liabilities at the present value of the remaining minimum rental payments upon adoption of ASU 2016-02. As lessee, the Company will apply the following practical expedients in the implementation ASU 2016-02: (i) to not separate non-lease components from the associated lease component as described above and (ii) to not apply the right-of-use recognition requirements to short-term leases. Other Accounting Topics In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Revenue from Contracts with Customers In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the Securities and Exchange Commission issued a final rule that amends certain of its disclosure requirements. The rule simplifies various disclosure requirements for public companies including primarily that it (i) eliminates the requirement for public companies to disclose in their filings a schedule of earnings to fixed charges, (ii) requires an analysis of changes in stockholders’ equity for the current and comparative year-to-date interim periods in interim reports, and (iii) reduces the requirements for market price information disclosures in annual reports. These changes are effective for public companies beginning on November 5, 2018. The Company will comply with these new requirements beginning with its 2018 Annual Report on Form 10-K. |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Operating Partnership's Equity Interest | The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions): Entity Formation Date Operating Partnership Share of Capital Capital Called as of September 30, 2018 Unfunded Commitment Equity Interest Held By Operating Partnership (a) Preferred Return Total Distributions as of September 30, 2018 (b) Fund II and Mervyns II (c) 6/2004 28.33 % $ 347.1 $ — 28.33 % 8 % $ 146.6 Fund III 5/2007 24.54 % 423.9 26.1 24.54 % 6 % 551.9 Fund IV 5/2012 23.12 % 420.8 109.2 23.12 % 6 % 147.4 Fund V 8/2016 20.10 % 85.1 434.9 20.10 % 6 % — (a) Amount represents the current economic ownership at September 30, 2018, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective fund. (b) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. (c) During April 2018, a distribution of $15.0 million was made to the Fund II investors, including $4.3 million to the Operating Partnership. This amount remains subject to re-contribution to Fund II until April 2021. |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018 December 31, 2017 Land $ 674,758 $ 658,835 Buildings and improvements 2,493,011 2,406,488 Tenant improvements 144,134 131,850 Construction in progress 34,919 18,642 Properties under capital lease 76,965 76,965 Total 3,423,787 3,292,780 Less: Accumulated depreciation (396,077 ) (339,862 ) Operating real estate, net 3,027,710 2,952,918 Real estate under development, at cost 189,387 173,702 Net investments in real estate $ 3,217,097 $ 3,126,620 |
Schedule of Business Acquisitions, by Acquisition | During the nine months ended September 30, 2018 and the year ended December 31, 2017, the Company acquired the following consolidated retail properties (dollars in thousands): Property and Location Percent Acquired Date of Acquisition Purchase Price 2018 Acquisitions Core Bedford Green Land Parcel 100% Mar 23, 2018 $ 1,337 Subtotal Core 1,337 Fund V Trussville Promenade - Trussville, AL 100% Feb 21, 2018 45,259 Elk Grove Commons - Elk Grove, CA 100% Jul 18, 2018 59,320 Subtotal Fund V 104,579 Total 2018 Acquisitions $ 105,916 2017 Acquisitions and Conversions Core Market Square Shopping Center - Wilmington, DE (Conversion) ( Note 4 ) 100% Nov 16, 2017 $ 42,800 Subtotal Core 42,800 Fund IV Lincoln Place - Fairview Heights, IL 100% Mar 13, 2017 35,350 Shaw's Plaza - Windham, ME (Conversion) ( 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 Fairlane Green - Allen Park, MI 100% Dec 20, 2017 62,000 Subtotal Fund V 167,240 Total 2017 Acquisitions and Conversions $ 254,532 |
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, 2018 and the year ended December 31, 2017 (in thousands): Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Net Assets Acquired Land $ 15,127 $ 48,138 Buildings and improvements 82,235 173,576 Other assets — 84 Acquisition-related intangible assets ( Note 6 ) 13,416 44,269 Acquisition-related intangible liabilities ( Note 6 ) (4,862 ) (11,535 ) Net assets acquired $ 105,916 $ 254,532 Consideration Cash $ 104,902 $ 200,429 Conversion of note receivable — 41,010 Liabilities assumed 1,014 3,363 Existing interest in previously unconsolidated investment — 4,159 Change in control of previously unconsolidated investment — 5,571 Total Consideration $ 105,916 $ 254,532 |
Schedule of Property Dispositions | During the nine months ended September 30, 2018 and the year ended December 31, 2017, the Company disposed of the following consolidated properties (in thousands): Property and Location Owner Date Sold Sale Price Gain (Loss) on Sale 2018 Disposition 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 Total 2018 Dispositions $ 54,450 $ 5,140 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 6,543 City Point Condominium Tower I - Brooklyn, NY Fund II Oct 13, 2017 96,000 (810 ) 1151 Third Avenue - New York, NY Fund IV Nov 16, 2017 27,000 5,183 260 E 161st Street - Bronx, NY Fund II Dec 13, 2017 105,684 31,537 Total 2017 Dispositions $ 281,338 $ 48,886 |
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, 2018 and year ended December 31, 2017 were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Rental revenues $ 451 $ 5,067 $ 1,966 $ 14,112 Expenses (525 ) (4,722 ) (1,853 ) (16,593 ) Loss (income) from continuing operations of disposed properties before gain on disposition of properties (74 ) 345 113 (2,481 ) Gain on disposition of properties 5,107 12,972 5,140 12,972 Net (income) loss attributable to noncontrolling interests (3,540 ) (9,440 ) (3,381 ) (7,429 ) Net loss attributable to Acadia $ 1,493 $ 3,877 $ 1,872 $ 3,062 |
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, 2017 Nine Months Ended September 30, 2018 September 30, 2018 Number of Properties Carrying Value Transfers In Capitalized Costs Transfers Out Number of Properties Carrying Value Core 2 $ 21,897 $ — $ 489 $ 14,544 1 $ 7,842 Fund II — 4,908 — 1,131 — — 6,039 Fund III 2 63,939 — 27,124 — 2 91,063 Fund IV 1 82,958 — 1,485 — 1 84,443 Total 5 $ 173,702 $ — $ 30,229 $ 14,544 4 $ 189,387 |
Notes Receivable, Net (Tables)
Notes Receivable, Net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounts And Notes Receivable Net [Abstract] | |
Schedule of Notes Receivable | The Company’s notes receivable, net were collateralized either by the underlying properties or the borrower’s ownership interest in the entities that own the properties, and were as follows (dollars in thousands): September 30, December 31, September 30, 2018 Description 2018 2017 Number Maturity Date Interest Rate Core Portfolio $ 56,475 $ 101,695 2 Apr 2019 - Apr 2020 6.0% - 8.1% Fund II 32,379 31,778 1 May 2020 2.5% Fund III 5,306 5,106 1 Jul 2020 18.0% Fund IV 15,250 15,250 1 Feb 2021 15.3% $ 109,410 $ 153,829 5 |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Affiliates (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Nominal Ownership Interest September 30, December 31, Portfolio Property September 30, 2018 2018 2017 Core: 840 N. Michigan (a) 88.43 % $ 66,632 $ 69,846 Renaissance Portfolio 20 % 32,495 35,041 Gotham Plaza 49 % 29,788 29,416 Town Center (a, b) 75.22 % 99,741 78,801 Georgetown Portfolio 50 % 4,615 3,479 233,271 216,583 Mervyns I & II: KLA/Mervyn's, LLC (c) 10.5 % — — Fund III: Fund III Other Portfolio 90 % 166 167 Self Storage Management (d) 95 % 206 206 372 373 Fund IV: Broughton Street Portfolio (e) 50 % 38,764 48,335 Fund IV Other Portfolio 90 % 15,648 20,199 650 Bald Hill Road 90 % 12,993 13,609 67,405 82,143 Various Funds: Due from Related Parties (f) 113 2,415 Other (g) 556 556 Investments in and advances to unconsolidated affiliates $ 301,717 $ 302,070 Core: Crossroads (h) 49 % $ 15,596 $ 15,292 Distributions in excess of income from, and investments in, unconsolidated affiliates $ 15,596 $ 15,292 (a) Represents a tenancy-in-common interest. (b) During November 2017 and March 2018, as discussed below, the Company increased its ownership in Town Center. (c) Distributions, discussed below, have exceeded the Company’s non-recourse investment, therefore the carrying value is zero. (d) Represents a variable interest entity for which the Company was determined not to be the primary beneficiary. (e) The Company is entitled to a 15% return on its cumulative capital contribution which was $15.9 million and $15.4 million at September 30, 2018 and December 31, 2017, respectively. In addition, the Company is entitled to a 9% preferred return on a portion of its equity, which was $36.7 million and $41.2 million at September 30, 2018 and December 31, 2017, respectively. (f) Represents deferred fees. (g) Includes a cost-method investment in Albertson’s ( Note 8 (h) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to return distributions to fund future obligations of the entity. |
Schedule of Condensed Balance Sheet | The following combined and condensed Balance Sheets and Statements of Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates (in thousands): September 30, December 31, 2018 2017 Combined and Condensed Balance Sheets Assets: Rental property, net $ 526,857 $ 518,900 Real estate under development — 26,681 Investment in unconsolidated affiliates 6,853 6,853 Other assets 90,143 100,901 Total assets $ 623,853 $ 653,335 Liabilities and partners’ equity: Mortgage notes payable $ 406,117 $ 405,652 Other liabilities 56,060 61,932 Partners’ equity 161,676 185,751 Total liabilities and partners’ equity $ 623,853 $ 653,335 Company's share of accumulated equity $ 179,029 $ 185,533 Basis differential 104,810 95,358 Deferred fees, net of portion related to the Company's interest 2,169 3,472 Amounts receivable by the Company 113 2,415 Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates 286,121 286,778 Company's share of distributions in excess of income from and investments in unconsolidated affiliates 15,596 15,292 Investments in and advances to unconsolidated affiliates $ 301,717 $ 302,070 |
Schedule of Condensed Income Statement | Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Combined and Condensed Statements of Income Total revenues $ 19,971 $ 20,883 $ 59,730 $ 63,460 Operating and other expenses (6,028 ) (6,847 ) (17,479 ) (18,985 ) Interest expense (5,240 ) (4,788 ) (15,365 ) (13,967 ) Depreciation and amortization (5,502 ) (6,208 ) (17,340 ) (18,720 ) Loss on debt extinguishment — — — (154 ) (Loss) gain on disposition of properties (263 ) — (1,673 ) 17,778 Net income attributable to unconsolidated affiliates $ 2,938 $ 3,040 $ 7,873 $ 29,412 Company’s share of equity in net income of unconsolidated affiliates $ 1,136 $ 4,544 $ 9,396 $ 23,156 Basis differential amortization (760 ) (543 ) (2,317 ) (2,112 ) Company’s equity in earnings of unconsolidated affiliates $ 376 $ 4,001 $ 7,079 $ 21,044 |
Other Assets, Net and Account_2
Other Assets, Net and Accounts Payable and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Assets and Other Liabilities | Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented: September 30, December 31, (in thousands) 2018 2017 Other Assets, Net: Lease intangibles, net ( Note 6 ) $ 112,249 $ 127,571 Deferred charges, net (a) 26,931 24,589 Prepaid expenses 17,884 16,838 Other receivables 4,764 11,356 Accrued interest receivable 15,352 11,668 Deposits 4,505 6,296 Due from seller 4,300 4,300 Deferred tax assets 1,139 2,096 Derivative financial instruments ( Note 8 ) 15,115 4,402 Due from related parties 2,386 1,479 Corporate assets 2,063 2,369 Income taxes receivable 3,187 1,995 $ 209,875 $ 214,959 (a) Deferred Charges, Net: Deferred leasing and other costs $ 43,399 $ 41,020 Deferred financing costs related to line of credit 8,873 7,786 52,272 48,806 Accumulated amortization (25,341 ) (24,217 ) Deferred charges, net $ 26,931 $ 24,589 Accounts Payable and Other Liabilities: Lease intangibles, net ( Note 6 ) $ 97,777 $ 104,478 Accounts payable and accrued expenses 63,435 61,420 Deferred income 28,539 31,306 Tenant security deposits, escrow and other 10,364 10,029 Derivative financial instruments ( Note 8 ) 361 1,467 Income taxes payable 19 176 Other 2,398 1,176 $ 202,893 $ 210,052 |
Lease Intangibles (Tables)
Lease Intangibles (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Liabilities Included in Other Assets and Other Liabilities | Intangible assets and liabilities are included in other assets and other liabilities ( Note 5 September 30, 2018 December 31, 2017 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease intangible assets $ 204,184 $ (97,028 ) $ 107,156 $ 193,821 $ (72,749 ) $ 121,072 Above-market rent 16,729 (11,636 ) 5,093 16,786 (10,287 ) 6,499 $ 220,913 $ (108,664 ) $ 112,249 $ 210,607 $ (83,036 ) $ 127,571 Amortizable Intangible Liabilities Below-market rent $ (149,149 ) $ 51,965 $ (97,184 ) $ (147,232 ) $ 43,391 $ (103,841 ) Above-market ground lease (671 ) 78 (593 ) (671 ) 34 (637 ) $ (149,820 ) $ 52,043 $ (97,777 ) $ (147,903 ) $ 43,425 $ (104,478 ) |
Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities | The scheduled amortization of acquired lease intangible assets and assumed liabilities as of September 30, 2018 is as follows (in thousands): Years Ending December 31, Net Increase in Lease Revenues Increase to Amortization Reduction of Rent Expense Net Income (Expense) 2018 (Remainder) $ 2,246 $ (7,724 ) $ 15 $ (5,463 ) 2019 9,462 (25,137 ) 58 (15,617 ) 2020 8,938 (18,264 ) 58 (9,268 ) 2021 7,720 (13,298 ) 58 (5,520 ) 2022 7,405 (9,362 ) 58 (1,899 ) Thereafter 56,320 (33,371 ) 346 23,295 Total $ 92,091 $ (107,156 ) $ 593 $ (14,472 ) |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Consolidated Indebtedness | A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands): Interest Rate at Carrying Value at September 30, December 31, Maturity Date at September 30, December 31, 2018 2017 September 30, 2018 2018 2017 Mortgages Payable Core Fixed Rate 3.88%-6.00% 3.88%-5.89% Feb 2024 - Apr 2035 $ 178,677 $ 179,870 Core Variable Rate - Swapped (a) 3.41%-5.67% 3.41%-5.67% Jan 2023 - Jun 2026 32,834 74,152 Total Core Mortgages Payable 211,511 254,022 Fund II Fixed Rate 1.00%-4.75% 1.00%-4.75% May 2020 - Aug 2042 205,262 205,262 Fund II Variable Rate - Swapped (a) 4.27% 4.27% Nov 2021 19,385 19,560 Total Fund II Mortgages Payable 224,647 224,822 Fund III Variable Rate LIBOR+2.65%-LIBOR+4.65% Prime+0.50%-LIBOR+4.65% Jun 2020 - Dec 2021 75,393 65,866 Fund IV Fixed Rate 3.40%-4.50% 3.40%-4.50% Oct 2025 - Jun 2026 8,189 10,503 Fund IV Variable Rate LIBOR+1.60%-LIBOR+3.95% LIBOR+1.70%-LIBOR+3.95% Nov 2018 - Aug 2021 244,654 250,584 Fund IV Variable Rate - Swapped (a) 3.67%-4.23% 3.67%-4.23% May 2019 - Dec 2022 72,074 86,851 Total Fund IV Mortgages Payable 324,917 347,938 Fund V Variable Rate LIBOR+2.15%-LIBOR+2.25% LIBOR+2.25% Oct 2020 - Jan 2021 51,506 28,613 Fund V Variable Rate - Swapped (a) 4.61%-4.78% — Feb 2021 - Jun 2021 86,570 — Total Fund V Mortgage Payable 138,076 28,613 Net unamortized debt issuance costs (10,527 ) (12,943 ) Unamortized premium 779 856 Total Mortgages Payable $ 964,796 $ 909,174 Unsecured Notes Payable Core Variable Rate Unsecured Term Loans - Swapped (a) 2.49%-4.05% 2.54%-3.59% Mar 2023 $ 350,000 $ 300,000 Fund II Unsecured Notes Payable LIBOR+1.65% LIBOR+1.40% Sep 2020 37,000 31,500 Fund IV Term Loan/Subscription Facility LIBOR+1.65%-LIBOR+2.75% LIBOR+1.65%-LIBOR+2.75% Dec 2018 - Oct 2019 40,825 40,825 Fund V Subscription Facility LIBOR+1.60% LIBOR+1.60% May 2020 61,500 103,300 Net unamortized debt issuance costs (392 ) (1,890 ) Total Unsecured Notes Payable $ 488,933 $ 473,735 Unsecured Line of Credit Core Unsecured Line of Credit LIBOR+1.35% LIBOR+1.40% Mar 2022 $ 13,324 $ 18,048 Core Unsecured Line of Credit - Swapped (a) 4.15%-5.02% 4.20%-5.07% Mar 2022 14,676 23,452 Total Unsecured Line of Credit $ 28,000 $ 41,500 Total Debt - Fixed Rate (b) $ 967,667 $ 899,650 Total Debt - Variable Rate (c) 524,202 538,736 Total Debt 1,491,869 1,438,386 Net unamortized debt issuance costs (10,919 ) (14,833 ) Unamortized premium 779 856 Total Indebtedness $ 1,481,729 $ 1,424,409 (a) At September 30, 2018, the stated rates ranged from LIBOR + 1.70% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 1.39% for Fund II variable-rate debt; LIBOR + 2.65% to LIBOR + 4.65% for Fund III variable-rate debt; LIBOR + 1.60% to LIBOR +3.95% for Fund IV variable-rate debt; LIBOR + 2.15% to LIBOR + 2.25% for Fund V variable-rate debt; LIBOR + 1.25% for Core variable-rate unsecured term loans; and LIBOR + 1.35% for Core variable-rate unsecured lines of credit. (b) Includes $575.5 million and $504.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. (c) Includes $143.8 million and $141.1 million, respectively, of variable-rate debt that is subject to interest cap agreements. |
Scheduled Principal Repayments | The scheduled principal repayments of the Company’s consolidated indebtedness, as of September 30, 2018 are as follows (in thousands): Year Ending December 31, 2018 (Remainder) $ 38,938 2019 192,839 2020 468,162 2021 180,514 2022 76,529 Thereafter 534,887 1,491,869 Unamortized premium 779 Net unamortized debt issuance costs (10,919 ) Total indebtedness $ 1,481,729 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands): September 30, 2018 December 31, 2017 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Money Market Funds $ 106 $ — $ — $ 3 $ — $ — Derivative financial instruments — 15,115 — — 4,402 — Liabilities Derivative financial instruments — 361 — — 1,467 — |
Schedule of Derivative Financial Instruments | The Company had the following interest rate swaps for the periods presented (dollars in thousands): Strike Rate Fair Value Derivative Instrument Aggregate Notional Amount Effective Date Maturity Date Low High Balance Sheet Location September 30, 2018 December 31, 2017 Core Interest Rate Swaps $ 11,176 Dec 2012 Dec 2022 3.77 % — 3.77 % Other Liabilities $ (361 ) $ (1,438 ) Interest Rate Swaps 386,334 Feb 2013 - Jul 2020 Nov 2018 - Jul 2030 1.24 % — 3.77 % Other Assets 12,755 4,076 $ 397,510 $ 12,394 $ 2,638 Fund II Interest Rate Swap $ 19,385 Oct 2014 Nov 2021 2.88 % — 2.88 % Other Assets $ 287 $ — Interest Rate Swaps — Oct 2014 Nov 2021 2.88 % — 2.88 % Other Liabilities — (29 ) $ 19,385 $ 287 $ (29 ) Fund III Interest Rate Cap $ 58,000 Dec 2016 Jan 2020 3.00 % — 3.00 % Other Assets $ 39 $ 14 Fund IV Interest Rate Swaps $ 72,074 Mar 2017 - Nov 2017 Mar 2020 - Dec 2022 1.82 % — 2.11 % Other Assets $ 1,728 $ 295 Interest Rate Caps 108,900 July 2016 - Nov 2016 Aug 2019 - Dec 2019 3.00 % — 3.00 % Other Assets 43 17 $ 180,974 $ 1,771 $ 312 Fund V Interest Rate Swap $ 86,570 Jan 2018 - Jun 2018 Feb 2021 - Jun 2023 2.41 % — 2.88 % Other Assets $ 263 $ — $ 86,570 $ 263 $ — Total asset derivatives $ 15,115 $ 4,402 Total liability derivatives $ (361 ) $ (1,467 ) |
Financial statements of Income (Losses) Recognized Related to Cash Flow Hedges | The following table presents the location in the financial statements of the income (losses) recognized related to the Company’s cash flow hedges (in thousands): Nine Months Ended September 30, 2018 2017 Amount of income (loss) recognized in other comprehensive income $ 12,576 $ (2,652 ) Amount of loss subsequently reclassified to earnings 417 2,637 |
Schedule of Other Financial Instruments Carrying Values and Fair values | The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable): September 30, 2018 December 31, 2017 Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes Receivable (a) 3 $ 109,410 $ 107,146 $ 153,829 $ 151,712 Mortgage and Other Notes Payable (a) 3 974,544 961,901 921,261 921,891 Investment in non-traded equity securities (b) 3 — 22,824 — 22,824 Unsecured notes payable and Unsecured line of credit (c) 2 517,325 517,352 517,125 515,330 (a) The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. (b) Represents Fund II’s cost-method investment in Albertson’s supermarkets ( Note 4 ). (c) The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. |
Shareholders' Equity, Noncont_2
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | |
Summary of Activity in Accumulated Other Comprehensive Income | The following table sets forth the activity in accumulated other comprehensive income for the nine months ended September 30, 2018 and 2017 (in thousands): Gains or Losses on Derivative Instruments Balance at January 1, 2018 $ 2,614 Other comprehensive income before reclassifications 12,576 Reclassification of realized interest on swap agreements 417 Net current period other comprehensive income 12,993 Net current period other comprehensive income attributable to noncontrolling interests (2,340 ) Balance at September 30, 2018 $ 13,267 Balance at January 1, 2017 $ (798 ) Other comprehensive income before reclassifications (2,652 ) Reclassification of realized interest on swap agreements 2,637 Net current period other comprehensive income (15 ) Net current period other comprehensive loss attributable to noncontrolling interests 260 Balance at September 30, 2017 $ (553 ) |
Summary of Change in Noncontrolling Interest | The following table summarizes the change in the noncontrolling interests for the nine months ended September 30, 2018 and 2017 (dollars in thousands): Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially-Owned Affiliates (b) Total Balance at January 1, 2018 $ 102,921 $ 545,519 $ 648,440 Distributions declared of $0.81 per Common OP Unit (5,126 ) — (5,126 ) Net income (loss) for the nine months ended September 30, 2018 1,977 (35,313 ) (33,336 ) Conversion of 111,588 Common OP Units to Common Shares by limited partners of the Operating Partnership (1,957 ) — (1,957 ) Other comprehensive income - unrealized gain on valuation of swap agreements 625 1,435 2,060 Reclassification of realized interest expense on swap agreements 10 270 280 Noncontrolling interest contributions — 46,990 46,990 Noncontrolling interest distributions — (24,654 ) (24,654 ) Employee Long-term Incentive Plan Unit Awards 7,924 — 7,924 Rebalancing adjustment (c) (2,581 ) — (2,581 ) Balance at September 30, 2018 $ 103,793 $ 534,247 $ 638,040 Balance at January 1, 2017 $ 95,422 $ 494,126 $ 589,548 Distributions declared of $0.78 per Common OP Unit (4,805 ) — (4,805 ) Net income (loss) for the nine months ended September 30, 2017 2,816 (4,010 ) (1,194 ) Conversion of 61,150 Common OP Units to Common Shares by limited partners of the Operating Partnership (1,086 ) — (1,086 ) Other comprehensive income - unrealized loss on valuation of swap agreements (68 ) (726 ) (794 ) Reclassification of realized interest expense on swap agreements 116 418 534 Noncontrolling interest contributions — 20,522 20,522 Noncontrolling interest distributions — (7,278 ) (7,278 ) Employee Long-term Incentive Plan Unit Awards 8,704 — 8,704 Rebalancing adjustment (c) 2,105 — 2,105 Balance at September 30, 2017 $ 103,204 $ 503,052 $ 606,256 (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,331,440 and 3,328,873 Common OP Units at September 30, 2018 and December 31, 2017; (ii) 188 Series A Preferred OP Units at September 30, 2018 and December 31, 2017; (iii) 136,593 Series C Preferred OP Units at September 30, 2018 and December 31, 2017; and (iv) 2,547,002 and 2,274,147 LTIP units at September 30, 2018 and December 31, 2017, respectively, as discussed in Share Incentive Plan ( Note 13 ). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above. (b) Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns I and II, and six other subsidiaries. (c) Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership (the “Rebalancing”). |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Leases [Abstract] | |
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 capital leases in which the Company is the lessee, principally for office space, land and equipment, as of September 30, 2018, are summarized as follows (in thousands): Year Ending December 31, Minimum Rental Revenues Minimum Rental Payments 2018 (Remainder) $ 43,085 $ 1,216 2019 179,408 4,775 2020 167,449 4,571 2021 148,797 4,354 2022 130,052 4,404 Thereafter 576,090 184,652 Total $ 1,244,881 $ 203,972 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following tables set forth certain segment information for the Company (in thousands): For the Three Months Ended September 30, 2018 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 42,290 $ 23,785 $ — $ — $ 66,075 Depreciation and amortization (14,856 ) (13,820 ) — — (28,676 ) Property operating expenses, other operating and real estate taxes (12,195 ) (10,274 ) — — (22,469 ) General and administrative expenses — — — (7,982 ) (7,982 ) Operating income (loss) 15,239 (309 ) — (7,982 ) 6,948 Gain on disposition of properties — 5,107 — — 5,107 Interest income — — 3,513 — 3,513 Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties 2,005 (1,629 ) — — 376 Interest expense (6,972 ) (11,105 ) — — (18,077 ) Income tax provision — — — (464 ) (464 ) Net income (loss) 10,272 (7,936 ) 3,513 (8,446 ) (2,597 ) Net loss attributable to noncontrolling interests 115 11,707 — — 11,822 Net income attributable to Acadia $ 10,387 $ 3,771 $ 3,513 $ (8,446 ) $ 9,225 For the Three Months Ended September 30, 2017 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 41,196 $ 21,482 $ — $ — $ 62,678 Depreciation and amortization (14,746 ) (11,906 ) — — (26,652 ) Property operating expenses, other operating and real estate taxes (10,327 ) (8,162 ) — — (18,489 ) General and administrative expenses — — — (7,953 ) (7,953 ) Impairment charge — (3,840 ) — — (3,840 ) Operating income (loss) 16,123 (2,426 ) — (7,953 ) 5,744 Gain on disposition of properties — 12,972 — — 12,972 Interest income — — 6,461 — 6,461 Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties 805 3,196 — — 4,001 Interest expense (6,695 ) (8,733 ) — — (15,428 ) Income tax provision — — — (465 ) (465 ) Net income (loss) 10,233 5,009 6,461 (8,418 ) 13,285 Net (income) loss attributable to noncontrolling interests (353 ) (65 ) — — (418 ) Net income attributable to Acadia $ 9,880 $ 4,944 $ 6,461 $ (8,418 ) $ 12,867 As of or for the Nine Months Ended September 30, 2018 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 124,456 $ 68,312 $ — $ — $ 192,768 Depreciation and amortization (45,283 ) (41,472 ) — — (86,755 ) Property operating expenses, other operating and real estate taxes (33,599 ) (28,107 ) — — (61,706 ) General and administrative expenses — — — (24,359 ) (24,359 ) Operating income (loss) 45,574 (1,267 ) — (24,359 ) 19,948 Gain on disposition of properties — 5,140 — — 5,140 Interest income — — 10,539 — 10,539 Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties 5,171 1,908 — — 7,079 Interest expense (20,475 ) (30,407 ) — — (50,882 ) Income tax provision — — — (851 ) (851 ) Net income (loss) 30,270 (24,626 ) 10,539 (25,210 ) (9,027 ) Net loss attributable to noncontrolling interests 241 33,095 — — 33,336 Net income attributable to Acadia $ 30,511 $ 8,469 $ 10,539 $ (25,210 ) $ 24,309 Real estate at cost $ 2,060,024 $ 1,553,150 $ — $ — $ 3,613,174 Total assets $ 2,234,521 $ 1,574,785 $ 109,410 $ — $ 3,918,716 Cash paid for acquisition of real estate $ 1,343 $ 103,559 $ — $ — $ 104,902 Cash paid for development and property improvement costs $ 22,892 $ 43,346 $ — $ — $ 66,238 As of or for the Nine Months Ended September 30, 2017 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 127,130 $ 57,051 $ — $ — $ 184,181 Depreciation and amortization (46,719 ) (30,526 ) — — (77,245 ) Property operating expenses, other operating and real estate taxes (33,339 ) (22,088 ) — — (55,427 ) General and administrative expenses — — — (25,286 ) (25,286 ) Impairment charge — (3,840 ) — — (3,840 ) Operating income (loss) 47,072 597 — (25,286 ) 22,383 Gain on disposition of properties — 12,972 — — 12,972 Interest income — — 23,648 — 23,648 Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties 2,348 18,696 — — 21,044 Interest expense (20,783 ) (18,883 ) — — (39,666 ) Income tax provision — — — (1,017 ) (1,017 ) Net income (loss) 28,637 13,382 23,648 (26,303 ) 39,364 Net (income) loss attributable to noncontrolling interests (1,157 ) 2,351 — — 1,194 Net income attributable to Acadia $ 27,480 $ 15,733 $ 23,648 $ (26,303 ) $ 40,558 Real estate at cost $ 1,987,501 $ 1,492,894 $ — $ — $ 3,480,395 Total assets $ 2,237,334 $ 1,605,429 $ 250,194 $ — $ 4,092,957 Cash paid for acquisition of real estate $ — $ 138,429 $ — $ — $ 138,429 Cash paid for development and property improvement costs $ 4,355 $ 80,199 $ — $ — $ 84,554 |
Share Incentive and Other Com_2
Share Incentive and Other Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Unvested Restricted Shares and LTIP Units | A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below: Unvested Restricted Shares and LTIP Units Common Restricted Shares Weighted Grant-Date Fair Value LTIP Units Weighted Grant-Date Fair Value Unvested at January 1, 2017 46,499 $ 27.58 856,877 $ 26.99 Granted 19,442 29.85 310,551 31.80 Vested (23,430 ) 30.47 (257,124 ) 28.27 Forfeited (1,184 ) 32.65 (205 ) 32.49 Unvested at December 31, 2017 41,327 26.92 910,099 28.28 Granted 22,818 23.65 399,248 27.06 Vested (25,261 ) 30.79 (303,699 ) 30.04 Forfeited (428 ) 27.25 (12,266 ) 28.57 Unvested at September 30, 2018 38,456 $ 22.44 993,382 $ 27.25 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands) 2018 2017 2018 2017 Numerator: Net income attributable to Acadia $ 9,225 $ 12,867 $ 24,309 $ 40,558 Less: net income attributable to participating securities (66 ) (135 ) (158 ) (488 ) Income from continuing operations net of income attributable to participating securities $ 9,159 $ 12,732 $ 24,151 $ 40,070 Denominator: Weighted average shares for basic earnings per share 81,565,805 83,699,850 82,245,020 83,665,749 Effect of dilutive securities: Employee unvested restricted shares — — — 3,577 Denominator for diluted earnings per share 81,565,805 83,699,850 82,245,020 83,669,326 Basic and diluted earnings per Common Share from continuing operations attributable to Acadia $ 0.11 $ 0.15 $ 0.29 $ 0.48 Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units 188 188 188 188 Series A Preferred OP Units - Common share equivalent 25,067 25,067 25,067 25,067 Series C Preferred OP Units 136,593 140,343 136,593 140,343 Series C Preferred OP Units - Common share equivalent 474,278 487,299 474,278 481,878 Restricted shares 38,450 43,202 37,180 — |
Organization, Basis of Presen_4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018USD ($)propertysegment | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Limited partnership to common stock conversion ratio | 100.00% | ||
Number of retail properties | property | 170 | ||
Number of reportable segments | segment | 3 | ||
Net cash provided by (used in) investing activities | $ (76,318,000) | $ (152,623,000) | |
Net cash provided by (used in) operating activities | 67,183,000 | 87,189,000 | |
Net cash (used in) provided by financing activities | (54,501,000) | 38,453,000 | |
Capitalized acquisition costs | 200,000 | ||
Acquisition costs expensed | 900,000 | ||
Capitalized internal leasing costs | 1,400,000 | $ 1,300,000 | |
Leases, future payment obligations | $ 204,000,000 | ||
Accounting Standards Update 2014-09 | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Cumulative effect of new accounting principle during period | $ 0 | ||
Accounting Standards Update 2016-15 | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Net cash provided by (used in) investing activities | 6,300,000 | ||
Net cash provided by (used in) operating activities | 6,300,000 | ||
Accounting Standards Update 2016-18 | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Net cash provided by (used in) operating activities | 3,500,000 | ||
Net cash (used in) provided by financing activities | 100,000 | ||
Core Portfolio | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of retail properties | property | 118 | ||
Properties owned percentage | 100.00% | ||
Acquisition costs expensed | $ 300,000 | ||
Opportunity Funds | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of retail properties | property | 52 | ||
Operating Partnership, as General Partner or Managing Member | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Equity interest held by Operating Partnership | 94.00% | 95.00% | |
Remaining funds rate of distribution to operating partnership (in percent) | 20.00% | ||
Institutional Investors | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Remaining funds rate of distribution to all partners (in percent) | 80.00% |
Organization, Basis of Presen_5
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Apr. 30, 2018 | Sep. 30, 2018 | |
Fund II and Mervyns II | ||
Variable Interest Entity [Line Items] | ||
Operating Partnership Share of Capital | 28.33% | |
Capital Called | $ 347.1 | |
Unfunded Commitment | $ 0 | |
Equity interest held by Operating Partnership | 28.33% | |
Preferred Return | 8.00% | |
Total Distributions | $ 146.6 | |
Fund III | ||
Variable Interest Entity [Line Items] | ||
Operating Partnership Share of Capital | 24.54% | |
Capital Called | $ 423.9 | |
Unfunded Commitment | $ 26.1 | |
Equity interest held by Operating Partnership | 24.54% | |
Preferred Return | 6.00% | |
Total Distributions | $ 551.9 | |
Fund IV | ||
Variable Interest Entity [Line Items] | ||
Operating Partnership Share of Capital | 23.12% | |
Capital Called | $ 420.8 | |
Unfunded Commitment | $ 109.2 | |
Equity interest held by Operating Partnership | 23.12% | |
Preferred Return | 6.00% | |
Total Distributions | $ 147.4 | |
Fund V | ||
Variable Interest Entity [Line Items] | ||
Operating Partnership Share of Capital | 20.10% | |
Capital Called | $ 85.1 | |
Unfunded Commitment | $ 434.9 | |
Equity interest held by Operating Partnership | 20.10% | |
Preferred Return | 6.00% | |
Total Distributions | $ 0 | |
Fund II | ||
Variable Interest Entity [Line Items] | ||
Total Distributions | $ 15 | |
Operating Partnership, as General Partner or Managing Member | ||
Variable Interest Entity [Line Items] | ||
Total Distributions | $ 4.3 |
Real Estate - Schedule of Real
Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | ||
Land | $ 674,758 | $ 658,835 |
Buildings and improvements | 2,493,011 | 2,406,488 |
Tenant improvements | 144,134 | 131,850 |
Construction in progress | 34,919 | 18,642 |
Properties under capital lease | 76,965 | 76,965 |
Total | 3,423,787 | 3,292,780 |
Less: Accumulated depreciation | (396,077) | (339,862) |
Operating real estate, net | 3,027,710 | 2,952,918 |
Real estate under development, at cost | 189,387 | 173,702 |
Net investments in real estate | $ 3,217,097 | $ 3,126,620 |
Real Estate - Schedule of Acqui
Real Estate - Schedule of Acquisitions and Conversions (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | ||
Purchase Price | $ 105,916 | $ 254,532 |
Core Portfolio | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 1,337 | $ 42,800 |
Core Portfolio | Bedford Green Land Parcel | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 1,337 | |
Core Portfolio | Market Square Shopping Center | Wilmington, DE | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 42,800 | |
Fund V | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 104,579 | $ 167,240 |
Fund V | Trussville Promenade - Trussville, AL | Trussville, AL | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 45,259 | |
Fund V | Elk Grove Commons - Elk Grove, CA | Elk Grove, CA | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 59,320 | |
Fund V | Plaza Santa Fe - Santa Fe, NM | Santa Fe, NM | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 35,220 | |
Fund V | Hickory Ridge - Hickory, NC | Hickory, NC | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 44,020 | |
Fund V | New Towne Plaza - Canton, MI | Canton, MI | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 26,000 | |
Fund V | Fairlane Green | Allen Park, MI | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 62,000 | |
Fund IV | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 44,492 | |
Fund IV | Lincoln Place - Fairview Heights, IL | Fairview Heights, IL | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 35,350 | |
Fund IV | Shaw's Plaza Waterville, ME | Windham, ME | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 9,142 |
Real Estate - Acquisitions and
Real Estate - Acquisitions and Conversions - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Capitalized acquisition costs | $ 200,000 | ||
Acquisition costs expensed | $ 900,000 | ||
Debt assumed | $ 0 | $ 0 | |
Core Portfolio | |||
Business Acquisition [Line Items] | |||
Acquisition costs expensed | 300,000 | ||
Fund Portfolio | |||
Business Acquisition [Line Items] | |||
Acquisition costs expensed | $ 600,000 |
Real Estate - Schedule of Purch
Real Estate - Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Purchase Price Allocation | ||
Land | $ 15,127 | $ 48,138 |
Buildings and improvements | 82,235 | 173,576 |
Other assets | 0 | 84 |
Acquisition-related intangible assets (Note 6) | 13,416 | 44,269 |
Acquisition-related intangible liabilities (Note 6) | (4,862) | (11,535) |
Net assets acquired | 105,916 | 254,532 |
Consideration | ||
Cash | 104,902 | 200,429 |
Conversion of note receivable | 0 | 41,010 |
Liabilities assumed | 1,014 | 3,363 |
Existing interest in previously unconsolidated investment | 0 | 4,159 |
Change in control of previously unconsolidated investment | 0 | 5,571 |
Total Consideration | $ 105,916 | $ 254,532 |
Real Estate - Schedule of Prope
Real Estate - Schedule of Property Dispositions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Gain on disposition of properties, net of tax | $ 5,107 | $ 12,972 | $ 5,140 | $ 12,972 | |
Disposal Group, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Sale Price | 54,450 | $ 281,338 | |||
Gain on disposition of properties, net of tax | $ 5,107 | $ 12,972 | $ 5,140 | $ 12,972 | $ 48,886 |
Fund II | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Date Sold | Apr. 17, 2018 | ||||
Fund II | Disposal Group, Not Discontinued Operations | Sherman Avenue | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Date Sold | Apr. 17, 2018 | ||||
Sale Price | $ 26,000 | ||||
Gain on disposition of properties, net of tax | $ 33 | ||||
Fund II | Disposal Group, Not Discontinued Operations | 216th Street | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Date Sold | Sep. 11, 2017 | ||||
Sale Price | $ 30,579 | ||||
Gain on disposition of properties, net of tax | $ 6,543 | ||||
Fund II | Disposal Group, Not Discontinued Operations | City Point Condominium Tower I | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Date Sold | Oct. 13, 2017 | ||||
Sale Price | $ 96,000 | ||||
Gain on disposition of properties, net of tax | $ (810) | ||||
Fund II | Disposal Group, Not Discontinued Operations | 260 E 161th Street | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Date Sold | Dec. 13, 2017 | ||||
Sale Price | $ 105,684 | ||||
Gain on disposition of properties, net of tax | $ 31,537 | ||||
Fund IV | Disposal Group, Not Discontinued Operations | Lake Montclair | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Date Sold | Aug. 27, 2018 | ||||
Sale Price | $ 22,450 | ||||
Gain on disposition of properties, net of tax | $ 2,923 | ||||
Fund IV | Disposal Group, Not Discontinued Operations | 1861 Union Street | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Date Sold | Aug. 29, 2018 | ||||
Sale Price | $ 6,000 | ||||
Gain on disposition of properties, net of tax | $ 2,184 | ||||
Fund IV | Disposal Group, Not Discontinued Operations | 1151 Third Avenue | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Date Sold | Nov. 16, 2017 | ||||
Sale Price | $ 27,000 | ||||
Gain on disposition of properties, net of tax | $ 5,183 | ||||
Fund III | Disposal Group, Not Discontinued Operations | New Hyde Park Shopping Center | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Date Sold | Jul. 6, 2017 | ||||
Sale Price | $ 22,075 | ||||
Gain on disposition of properties, net of tax | $ 6,433 |
Real Estate - Schedule of Dispo
Real Estate - Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
STATEMENTS OF INCOME | |||||
Gain on disposition of properties, net of tax | $ 5,107 | $ 12,972 | $ 5,140 | $ 12,972 | |
Disposal Group, Not Discontinued Operations | |||||
STATEMENTS OF INCOME | |||||
Rental revenues | 451 | 5,067 | 1,966 | 14,112 | |
Expenses | (525) | (4,722) | (1,853) | (16,593) | |
Loss (income) from continuing operations of disposed properties before gain on disposition of properties | (74) | 345 | 113 | (2,481) | |
Gain on disposition of properties, net of tax | 5,107 | 12,972 | 5,140 | 12,972 | $ 48,886 |
Net (income) loss attributable to noncontrolling interests | (3,540) | (9,440) | (3,381) | (7,429) | |
Net loss attributable to Acadia | $ 1,493 | $ 3,877 | $ 1,872 | $ 3,062 |
Real Estate - Properties Held f
Real Estate - Properties Held for Sale - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($)property | |
Long Lived Assets Held-for-sale [Line Items] | ||||
Impairment charge | $ 3,840 | $ 3,840 | ||
Fund II | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Number of properties held-for-sale | property | 1 | |||
Properties held-for-sale | $ 25,400 | |||
Date Sold | Apr. 17, 2018 | |||
Disposal group, held-for-sale | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Properties held for sale net loss | $ 500 | $ 600 | ||
Impairment charge | 10,600 | |||
Disposal group, held-for-sale | Noncontrolling Interests | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Impairment charge | $ 7,600 |
Real Estate - Schedule of Devel
Real Estate - Schedule of Development in Process Activities (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)property | Dec. 31, 2017USD ($)property | |
Property, Plant and Equipment [Line Items] | ||
Number of properties under development | property | 4 | 5 |
Real estate under development | $ 189,387 | $ 173,702 |
Transfers In | 0 | |
Capitalized Costs | 30,229 | |
Transfers Out | $ 14,544 | |
Core Portfolio | ||
Property, Plant and Equipment [Line Items] | ||
Number of properties under development | property | 1 | 2 |
Real estate under development | $ 7,842 | $ 21,897 |
Transfers In | 0 | |
Capitalized Costs | 489 | |
Transfers Out | $ 14,544 | |
Fund Portfolio | Fund II | ||
Property, Plant and Equipment [Line Items] | ||
Number of properties under development | property | 0 | 0 |
Real estate under development | $ 6,039 | $ 4,908 |
Transfers In | 0 | |
Capitalized Costs | 1,131 | |
Transfers Out | $ 0 | |
Fund Portfolio | Fund III | ||
Property, Plant and Equipment [Line Items] | ||
Number of properties under development | property | 2 | 2 |
Real estate under development | $ 91,063 | $ 63,939 |
Transfers In | 0 | |
Capitalized Costs | 27,124 | |
Transfers Out | $ 0 | |
Fund Portfolio | Fund IV | ||
Property, Plant and Equipment [Line Items] | ||
Number of properties under development | property | 1 | 1 |
Real estate under development | $ 84,443 | $ 82,958 |
Transfers In | 0 | |
Capitalized Costs | 1,485 | |
Transfers Out | $ 0 |
Real Estate - Real Estate Under
Real Estate - Real Estate Under Development and Construction in Progress - Additional Information (Details) - property | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Number of unconsolidated project in development | 1 | |
Number of properties under development | 4 | 5 |
Fund Portfolio | Fund IV | ||
Property, Plant and Equipment [Line Items] | ||
Number of unconsolidated project in development | 4 | |
Number of projects put into service during period | 3 | |
Number of properties under development | 1 | 1 |
Core Portfolio | ||
Property, Plant and Equipment [Line Items] | ||
Number of projects put into service during period | 1 | 1 |
Number of properties under development | 1 | 2 |
Notes Receivable, Net - Schedul
Notes Receivable, Net - Schedule of Notes Receivable (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($)debtinstrument | Dec. 31, 2017USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Net carrying amount of notes receivable | $ | $ 109,410 | $ 153,829 |
Number of instruments held | debtinstrument | 5 | |
Core Portfolio | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Net carrying amount of notes receivable | $ | $ 56,475 | 101,695 |
Number of instruments held | debtinstrument | 2 | |
Core Portfolio | Minimum | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Maturity Date | 2019-04 | |
Effective interest rate | 6.00% | |
Core Portfolio | Maximum | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Maturity Date | 2020-04 | |
Effective interest rate | 8.10% | |
Fund Portfolio | Fund II | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Net carrying amount of notes receivable | $ | $ 32,379 | 31,778 |
Number of instruments held | debtinstrument | 1 | |
Maturity Date | 2020-05 | |
Effective interest rate | 2.50% | |
Fund Portfolio | Fund III | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Net carrying amount of notes receivable | $ | $ 5,306 | 5,106 |
Number of instruments held | debtinstrument | 1 | |
Maturity Date | 2020-07 | |
Effective interest rate | 18.00% | |
Fund Portfolio | Fund IV | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Net carrying amount of notes receivable | $ | $ 15,250 | $ 15,250 |
Number of instruments held | debtinstrument | 1 | |
Maturity Date | 2021-02 | |
Effective interest rate | 15.30% |
Notes Receivable, Net - Additio
Notes Receivable, Net - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Proceeds from notes receivable | $ 26,000 | $ 12,000 | |
Additional advance | 122,332 | $ 120,252 | |
Recovered mortgage amount including accrued interest and fees | $ 16,800 | ||
Notes receivable, net | 109,410 | 153,829 | |
Nonperforming Financial Instruments | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Proceeds from notes receivable | 12,000 | ||
Fund III | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Additional advance | 200 | 600 | |
Fund II | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Note receivable accrued interest | 600 | 800 | |
Core Portfolio | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Note receivable accrued interest | 200 | ||
Proceeds from notes receivable | 26,000 | ||
Notes receivable, net | 56,475 | 101,695 | |
Core Portfolio | Note Receivable Due April 1, 2020 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Proceeds from notes receivable | 15,000 | ||
Additional advance | 2,800 | ||
Core Portfolio | Notes Receivable of $10 million | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Additional advance | 10,000 | ||
Notes receivable, net | 20,000 | ||
Core Portfolio | Note Receivable, Due June 1, 2018 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Notes receivable, net | 15,000 | ||
Town Center | Core Portfolio | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Note receivable exchanged | 22,000 | ||
Note receivable accrued interest | $ 300 | ||
Market Square and Town Center Properties | Core Portfolio | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Note receivable exchanged | 92,700 | ||
Note receivable accrued interest | 1,800 | ||
Shopping Center in Windham, ME | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Note receivable exchanged | 9,000 | ||
Note receivable accrued interest | $ 100 |
Investments in and Advances t_3
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Mar. 28, 2018 | Dec. 31, 2017 | Nov. 16, 2017 |
Schedule of Equity Method Investments [Line Items] | ||||
Due from related parties | $ 113 | $ 2,415 | ||
Other | 556 | 556 | ||
Investments in and advances to unconsolidated affiliates | 301,717 | 302,070 | ||
Distributions in excess of income from, and investments in, unconsolidated affiliates | $ 15,596 | 15,292 | ||
KLA Mervyns LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 10.50% | |||
Equity method investments | $ 0 | 0 | ||
Fund III Other Portfolio | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 90.00% | |||
Equity method investments | $ 166 | 167 | ||
Self Storage Management | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 95.00% | |||
Equity method investments | $ 206 | 206 | ||
Fund III | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 372 | 373 | ||
Broughton St. Portfolio Savannah, GA | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Equity method investments | $ 38,764 | 48,335 | ||
Fund IV Other Portfolio | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 90.00% | |||
Equity method investments | $ 15,648 | 20,199 | ||
650 Bald Hill Road | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 90.00% | |||
Equity method investments | $ 12,993 | 13,609 | ||
Fund IV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | 67,405 | 82,143 | ||
Core Portfolio | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 233,271 | 216,583 | ||
Core Portfolio | 840 N. Michigan | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 88.43% | |||
Equity method investments | $ 66,632 | 69,846 | ||
Core Portfolio | Renaissance Portfolio | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 20.00% | |||
Equity method investments | $ 32,495 | 35,041 | ||
Core Portfolio | Gotham Plaza | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 49.00% | |||
Equity method investments | $ 29,788 | $ 29,416 | ||
Core Portfolio | Town Center | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 75.22% | 61.11% | 22.22% | |
Equity method investments | $ 99,741 | $ 22,300 | $ 78,801 | $ 61,600 |
Core Portfolio | Georgetown Portfolio | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Equity method investments | $ 4,615 | 3,479 | ||
Core Portfolio | Crossroads | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 49.00% | |||
Distributions in excess of income from, and investments in, unconsolidated affiliates | $ 15,596 | $ 15,292 |
Investments in and Advances t_4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Parenthetical) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
KLA Mervyns LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 0 | $ 0 |
Broughton St. Portfolio Savannah, GA | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 38,764 | 48,335 |
Cumulative capital contribution, percentage | 15.00% | |
Cumulative capital contribution | $ 15,900 | 15,400 |
Preferred return percentage | 9.00% | |
Preferred return | $ 36,700 | $ 41,200 |
Investments in and Advances t_5
Investments in and Advances to Unconsolidated Affiliates - Core Portfolio - Additional Information (Details) $ in Thousands | Mar. 28, 2018USD ($) | Nov. 16, 2017USD ($) | May 01, 2017USD ($) | Jan. 04, 2017USD ($)ft² | Apr. 29, 2016USD ($) | Sep. 30, 2018USD ($)ft²property | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | |||||||
Purchase Price | $ 105,916 | $ 254,532 | |||||
Notes receivable, net | 109,410 | 153,829 | |||||
Brandywine Portfolio | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Preferred return | 5,600 | ||||||
Core Portfolio | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Purchase Price | 1,337 | 42,800 | |||||
Notes receivable, net | 56,475 | 101,695 | |||||
Note receivable accrued interest | 200 | ||||||
Equity method investments | $ 233,271 | 216,583 | |||||
Core Portfolio | Renaissance Portfolio | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Percentage of voting interests acquired | 20.00% | ||||||
Square footage of real estate property (in square feet) | ft² | 213,000 | ||||||
Number of businesses acquired | property | 18 | ||||||
Equity method investment, ownership percentage | 20.00% | ||||||
Equity method investments | $ 32,495 | $ 35,041 | |||||
Core Portfolio | Brandywine Portfolio | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Square footage of real estate property (in square feet) | ft² | 1,000,000 | ||||||
Repayments of debt | $ 140,000 | ||||||
Note receivable exchanged | $ 22,000 | $ 16,000 | |||||
Notes receivable, net | 153,400 | $ 38,700 | |||||
Note receivable accrued interest | $ 300 | $ 300 | |||||
Core Portfolio | Brandywine Portfolio | Exchange Transaction One | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Note receivable exchanged | $ 16,000 | ||||||
Note receivable accrued interest | 600 | ||||||
Core Portfolio | Brandywine Portfolio | Exchange Transaction Two | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Note receivable exchanged | 60,700 | ||||||
Note receivable accrued interest | $ 900 | ||||||
Core Portfolio | Market Square | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method investment, ownership percentage by third party | 38.89% | 38.89% | |||||
Equity method investment, ownership percentage | 22.22% | 61.11% | |||||
Equity method investments | $ 16,300 | ||||||
Gain on equity method investment | $ 9,800 | ||||||
Core Portfolio | Town Center | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Note receivable exchanged | 22,000 | ||||||
Note receivable accrued interest | $ 300 | ||||||
Equity method investment, ownership percentage by third party | 14.11% | 38.89% | 24.78% | ||||
Equity method investment, ownership percentage | 22.22% | 75.22% | 61.11% | ||||
Equity method investments | $ 22,300 | $ 61,600 | $ 99,741 | $ 78,801 | |||
Gain on equity method investment | $ 12,700 | $ 34,500 | |||||
Core Portfolio | Alexandria, Virginia | Renaissance Portfolio | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Square footage of real estate property (in square feet) | ft² | 6,200 | ||||||
Purchase Price | $ 3,000 | ||||||
Number of businesses acquired | property | 2 | ||||||
Core Portfolio | Washington D.C. | Renaissance Portfolio | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Number of businesses acquired | property | 16 |
Investments in and Advances t_6
Investments in and Advances to Unconsolidated Affiliates - Fund Investments - Additional Information (Details) | Aug. 29, 2018USD ($)property | Jun. 29, 2018USD ($)property | May 15, 2018USD ($) | Jan. 18, 2018USD ($)property | Jun. 30, 2017USD ($) | Feb. 15, 2017USD ($) | Jan. 31, 2017USD ($) | Sep. 30, 2018USD ($)property | Dec. 21, 2017USD ($)property | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Sep. 30, 2018USD ($)property | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Cost method investments | $ 556,000 | $ 556,000 | $ 556,000 | |||||||||||
Equity in earnings (losses) of unconsolidated affiliates | $ 376,000 | $ 4,001,000 | $ 7,079,000 | $ 21,044,000 | ||||||||||
Number of retail properties | property | 170 | 170 | ||||||||||||
Proceeds from the disposition of properties, net | $ 52,759,000 | 47,025,000 | ||||||||||||
Proceeds from sale of equity method investments | $ 23,777,000 | $ 31,720,000 | ||||||||||||
Disposed of by sale | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on disposal | $ 3,300,000 | |||||||||||||
Partnership Interest | Disposed of by sale | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on disposal | 800,000 | |||||||||||||
Mervyns I and Mervyns II | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Distribution from equity method investment | 1,100,000 | |||||||||||||
Equity method investments | 0 | |||||||||||||
Albertson's | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Cost method investment ownership interest | 1.05% | 1.05% | ||||||||||||
Distribution from cost method investment | 2,400,000 | |||||||||||||
Cost method investments | 0 | |||||||||||||
Equity in earnings (losses) of unconsolidated affiliates | 2,000,000 | |||||||||||||
Fund III's Storage Post venture | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Distribution from cost method investment | $ 3,200,000 | |||||||||||||
Cost method investments | 0 | |||||||||||||
Fund III's Storage Post venture | Partnership Interest | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Distribution from cost method investment | $ 800,000 | |||||||||||||
Fund IV | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investments | $ 67,405,000 | $ 67,405,000 | 82,143,000 | |||||||||||
Fund IV | Broughton St. Portfolio Savannah, GA | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number of retail properties | property | 13 | 13 | ||||||||||||
Fund IV | Disposed of by sale | Broughton St. Portfolio Savannah, GA | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number of retail properties | property | 1 | 2 | 5 | |||||||||||
Proceeds from the disposition of properties, net | $ 2,100,000 | $ 8,000,000 | ||||||||||||
Gain (loss) on disposal | (300,000) | (400,000) | $ 1,200,000 | |||||||||||
Proceeds from sale of equity method investments | 11,000,000 | |||||||||||||
Fund IV | Disposed of by sale | 2819 Kennedy Boulevard | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on disposal | $ 6,300,000 | |||||||||||||
Consideration received | 19,000,000 | |||||||||||||
Proceeds from sale of equity method investments | 10,600,000 | |||||||||||||
Fund IV | Disposed of by sale | 2819 Kennedy Boulevard | Mortgages | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Repayments of debt | 8,400,000 | |||||||||||||
Fund IV | Disposed of by sale | 1701 Belmont Avenue | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Consideration received | $ 5,600,000 | $ 5,600,000 | ||||||||||||
Proceeds from sale of equity method investments | 2,700,000 | |||||||||||||
Fund IV | Disposed of by sale | 1701 Belmont Avenue | Mortgages | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Repayments of debt | 2,900,000 | |||||||||||||
Fund IV | Partnership Interest | Disposed of by sale | Broughton St. Portfolio Savannah, GA | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on disposal | $ 0 | 100,000 | ||||||||||||
Fund IV | Partnership Interest | Disposed of by sale | Broughton St. Portfolio Savannah, GA | Maximum | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on disposal | $ (100,000) | |||||||||||||
Fund IV | Partnership Interest | Disposed of by sale | 2819 Kennedy Boulevard | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on disposal | 1,400,000 | |||||||||||||
Fund IV | Affiliated Entity | Disposed of by sale | Broughton St. Portfolio Savannah, GA | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on disposal | $ 600,000 | |||||||||||||
Fund IV | Affiliated Entity | Disposed of by sale | 2819 Kennedy Boulevard | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on disposal | $ 6,200,000 | |||||||||||||
Fund IV | Affiliated Entity | Disposed of by sale | 1701 Belmont Avenue | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on disposal | $ 3,300,000 | |||||||||||||
Fund IV's Broughton Street Portfolio venture | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Number of retail properties | property | 2 | |||||||||||||
Losses on cost method investments | $ 1,000,000 | |||||||||||||
Fund IV's Broughton Street Portfolio venture | Partnership Interest | Maximum | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Losses on cost method investments | $ 100,000 | |||||||||||||
Fund III | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Equity method investments | $ 372,000 | $ 372,000 | $ 373,000 | |||||||||||
Fund III | Disposed of by sale | Arundel Plaza | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on disposal | $ 8,200,000 | |||||||||||||
Consideration received | 28,800,000 | |||||||||||||
Proceeds from sale of equity method investments | 18,800,000 | |||||||||||||
Fund III | Disposed of by sale | Arundel Plaza | Mortgages | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Repayments of debt | 10,000,000 | |||||||||||||
Fund III | Partnership Interest | Disposed of by sale | Arundel Plaza | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on disposal | 1,300,000 | |||||||||||||
Fund III | Affiliated Entity | Disposed of by sale | Arundel Plaza | ||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||
Gain (loss) on disposal | $ 5,300,000 |
Investments in and Advances t_7
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Additional Information (Details) - Equity Method Investee - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Schedule of Equity Method Investments [Line Items] | ||||
Related party revenue | $ 0.3 | $ 0.4 | $ 0.8 | $ 1 |
Expenses, related party | $ 0.4 | $ 0.5 | $ 1.3 | $ 1.5 |
Investments in and Advances t_8
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 |
Combined and Condensed Balance Sheets | |||
Real estate under development | $ 189,387 | $ 173,702 | |
Other assets | 209,875 | 214,959 | |
Total assets | 3,918,716 | 3,960,247 | $ 4,092,957 |
Total liabilities and equity | 3,918,716 | 3,960,247 | |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 15,596 | 15,292 | |
Investments in and advances to unconsolidated affiliates | 301,717 | 302,070 | |
Unconsolidated Affiliates | |||
Combined and Condensed Balance Sheets | |||
Rental property, net | 526,857 | 518,900 | |
Real estate under development | 26,681 | ||
Investment in unconsolidated affiliates | 6,853 | 6,853 | |
Other assets | 90,143 | 100,901 | |
Total assets | 623,853 | 653,335 | |
Mortgage notes payable | 406,117 | 405,652 | |
Other liabilities | 56,060 | 61,932 | |
Partners’ equity | 161,676 | 185,751 | |
Total liabilities and equity | 623,853 | 653,335 | |
Company's share of accumulated equity | 179,029 | 185,533 | |
Basis differential | 104,810 | 95,358 | |
Deferred fees, net of portion related to the Company's interest | 2,169 | 3,472 | |
Amounts receivable by the Company | 113 | 2,415 | |
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 286,121 | 286,778 | |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 15,596 | 15,292 | |
Investments in and advances to unconsolidated affiliates | $ 301,717 | $ 302,070 |
Investments in and Advances t_9
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Combined and Condensed Statements of Income | ||||
Revenues | $ 66,075 | $ 62,678 | $ 192,768 | $ 184,181 |
Operating and other expenses | (59,127) | (56,934) | (172,820) | (161,798) |
Depreciation and amortization | (28,676) | (26,652) | (86,755) | (77,245) |
(Loss) income from continuing operations before gain on disposition of properties | (7,704) | 313 | (14,167) | 26,392 |
Company’s equity in earnings of unconsolidated affiliates | 376 | 4,001 | 7,079 | 21,044 |
Unconsolidated Affiliates | ||||
Combined and Condensed Statements of Income | ||||
Revenues | 19,971 | 20,883 | 59,730 | 63,460 |
Operating and other expenses | (6,028) | (6,847) | (17,479) | (18,985) |
Interest expense | (5,240) | (4,788) | (15,365) | (13,967) |
Depreciation and amortization | (5,502) | (6,208) | (17,340) | (18,720) |
Loss on debt extinguishment | 0 | 0 | (154) | |
(Loss) gain on disposition of properties | (263) | (1,673) | 17,778 | |
(Loss) income from continuing operations before gain on disposition of properties | 2,938 | 3,040 | 7,873 | 29,412 |
Operating Partnership, as General Partner or Managing Member | ||||
Combined and Condensed Statements of Income | ||||
Company’s share of equity in net income of unconsolidated affiliates | 1,136 | 4,544 | 9,396 | 23,156 |
Basis differential amortization | (760) | (543) | (2,317) | (2,112) |
Company’s equity in earnings of unconsolidated affiliates | $ 376 | $ 4,001 | $ 7,079 | $ 21,044 |
Other Assets, Net and Account_3
Other Assets, Net and Accounts Payable and Other Liabilities - Schedule of other assets and other liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Other Assets, Net: | ||
Lease intangibles, net (Note 6) | $ 112,249 | $ 127,571 |
Deferred charges, net | 26,931 | 24,589 |
Prepaid expenses | 17,884 | 16,838 |
Other receivables | 4,764 | 11,356 |
Accrued interest receivable | 15,352 | 11,668 |
Deposits | 4,505 | 6,296 |
Due from seller | 4,300 | 4,300 |
Deferred tax assets | 1,139 | 2,096 |
Derivative financial instruments (Note 8) | 15,115 | 4,402 |
Due from related parties | 2,386 | 1,479 |
Corporate assets | 2,063 | 2,369 |
Income taxes receivable | 3,187 | 1,995 |
Other assets, net | 209,875 | 214,959 |
Deferred Charges, Net: | ||
Deferred leasing and other costs | 43,399 | 41,020 |
Deferred financing costs related to line of credit | 8,873 | 7,786 |
Deferred costs, gross | 52,272 | 48,806 |
Accumulated amortization | (25,341) | (24,217) |
Deferred charges, net | 26,931 | 24,589 |
Accounts Payable and Other Liabilities: | ||
Lease intangibles, net (Note 6) | 97,777 | 104,478 |
Accounts payable and accrued expenses | 63,435 | 61,420 |
Deferred income | 28,539 | 31,306 |
Tenant security deposits, escrow and other | 10,364 | 10,029 |
Derivative financial instruments (Note 8) | 361 | 1,467 |
Income taxes payable | 19 | 176 |
Other | 2,398 | 1,176 |
Accounts payable and other liabilities | $ 202,893 | $ 210,052 |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Intangible Assets and Liabilities Included in Other Assets and Other Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | $ 220,913 | $ 210,607 |
Amortizable Intangible Assets, Accumulated Amortization | (108,664) | (83,036) |
Amortizable Intangible Assets, Net Carrying Amount | 112,249 | 127,571 |
Amortizable Intangible Liabilities | ||
Amortizable Intangible Liabilities, Gross Carrying Amount | (149,149) | (147,232) |
Amortizable Intangible Liabilities, Accumulated Amortization | 51,965 | 43,391 |
Amortizable Intangible Liabilities, Net Carrying Amount | (97,184) | (103,841) |
Above-market Ground Lease, Gross | (671) | (671) |
Above-market Ground Lease, Accumulated Amortization | 78 | 34 |
Above-market Ground Lease, Net | (593) | (637) |
Finite-Lived Intangible Liabilities, Gross | (149,820) | (147,903) |
Finite-Lived Intangible Liabilities, Accumulated Amortization | 52,043 | 43,425 |
Finite-Lived Intangible Liabilities, Net | (97,777) | (104,478) |
In-place lease intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 204,184 | 193,821 |
Amortizable Intangible Assets, Accumulated Amortization | (97,028) | (72,749) |
Amortizable Intangible Assets, Net Carrying Amount | 107,156 | 121,072 |
Amortizable Intangible Liabilities | ||
Amortizable Intangible Liabilities, Net Carrying Amount | (92,091) | |
Above-market rent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 16,729 | 16,786 |
Amortizable Intangible Assets, Accumulated Amortization | (11,636) | (10,287) |
Amortizable Intangible Assets, Net Carrying Amount | $ 5,093 | $ 6,499 |
Lease Intangibles - Additional
Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Below market rents, acquired | $ 4.9 | $ 10.9 |
Below market rents acquired, weighted average useful life | 21 years 7 months 6 days | 12 years 1 month 6 days |
Above-market ground lease, acquired | $ 0.7 | |
Above-market ground lease acquired, weighted average useful life | 11 years 6 months | |
In-place lease intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 12.4 | $ 41.6 |
Acquired intangible assets, weighted average useful life | 4 years 3 months 18 days | 4 years 1 month 6 days |
Above-market rent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 1 | $ 2.7 |
Acquired intangible assets, weighted average useful life | 1 year 8 months 12 days | 4 years 9 months 18 days |
Lease Intangibles - Scheduled A
Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Acquired Lease Intangibles [Abstract] | ||
Net Increase In Lease Revenues, Total | $ 97,184 | $ 103,841 |
Amortizable Intangible Assets, Net Carrying Amount | (112,249) | (127,571) |
In-place lease intangible assets | ||
Acquired Lease Intangibles [Abstract] | ||
2018 (Remainder), Net Increase In Lease Revenues | 2,246 | |
2019, Net Increase In Lease Revenues | 9,462 | |
2020, Net Increase In Lease Revenues | 8,938 | |
2021, Net Increase In Lease Revenues | 7,720 | |
2022, Net Increase In Lease Revenues | 7,405 | |
Thereafter, Net Increase In Lease Revenues | 56,320 | |
Net Increase In Lease Revenues, Total | 92,091 | |
2018 (Remainder), Increase to Amortization | (7,724) | |
2019, Increase to Amortization | (25,137) | |
2020, Increase to Amortization | (18,264) | |
2021, Increase to Amortization | (13,298) | |
2022, Increase to Amortization | (9,362) | |
Thereafter, Increase to Amortization | (33,371) | |
Amortizable Intangible Assets, Net Carrying Amount | (107,156) | $ (121,072) |
2018 (Remainder), Reduction of Rent Expense | 15 | |
2019, Reduction of Rent Expense | 58 | |
2020, Reduction of Rent Expense | 58 | |
2021, Reduction of Rent Expense | 58 | |
2022, Reduction of Rent Expense | 58 | |
Thereafter, Reduction of Rent Expense | 346 | |
Reduction of Rent Expense, Total | 593 | |
2018 (Remainder), Net Income (Expense) | (5,463) | |
2019, Net Income (Expense) | (15,617) | |
2020, Net Income (Expense) | (9,268) | |
2021, Net Income (Expense) | (5,520) | |
2022, Net Income (Expense) | (1,899) | |
Thereafter, Net Income (Expense) | 23,295 | |
Total, Net Income (Expense) | $ (14,472) |
Debt - Summary of Consolidated
Debt - Summary of Consolidated Indebtedness (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,491,869 | $ 1,438,386 |
Net unamortized debt issuance costs | (10,919) | (14,833) |
Unamortized fair market value of assumed debt | 779 | 856 |
Mortgage and other notes payable, net | 964,796 | 909,174 |
Unsecured notes payable, net | 488,933 | 473,735 |
Unsecured line of credit | 28,000 | 41,500 |
Total Indebtedness | 1,481,729 | 1,424,409 |
Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 967,667 | 899,650 |
Total Debt - Variable Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 524,202 | 538,736 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Net unamortized debt issuance costs | (10,527) | (12,943) |
Unamortized fair market value of assumed debt | 779 | 856 |
Mortgage and other notes payable, net | 964,796 | 909,174 |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Net unamortized debt issuance costs | (392) | (1,890) |
Unsecured notes payable, net | 488,933 | 473,735 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Unsecured line of credit | $ 28,000 | 41,500 |
Core Portfolio | Minimum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2019-04 | |
Core Portfolio | Maximum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2020-04 | |
Core Portfolio | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.70% | |
Core Portfolio | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.90% | |
Core Portfolio | Unsecured Line of Credit | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.35% | |
Core Portfolio | Unsecured Notes Payable | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Core Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 211,511 | 254,022 |
Core Portfolio | Mortgages | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.65% | |
Core Portfolio | Mortgages | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 178,677 | $ 179,870 |
Core Portfolio | Mortgages | Fixed Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 3.88% | 3.88% |
Maturity Date | 2024-02 | |
Core Portfolio | Mortgages | Fixed Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 6.00% | 5.89% |
Maturity Date | 2035-04 | |
Core Portfolio | Mortgages | Variable Rate - Swapped | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 32,834 | $ 74,152 |
Core Portfolio | Mortgages | Variable Rate - Swapped | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 3.41% | 3.41% |
Maturity Date | 2023-01 | |
Core Portfolio | Mortgages | Variable Rate - Swapped | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 5.67% | 5.67% |
Maturity Date | 2026-06 | |
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2023-03 | |
Long-term debt, gross | $ 350,000 | $ 300,000 |
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 2.49% | 2.54% |
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 4.05% | 3.59% |
Core Portfolio | Line of Credit | Unsecured Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 13,324 | $ 18,048 |
Core Portfolio | Line of Credit | Unsecured Line of Credit | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.35% | 1.40% |
Maturity Date | 2022-03 | |
Core Portfolio | Line of Credit | Unsecured Line of Credit - Swapped | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2022-03 | |
Long-term debt, gross | $ 14,676 | $ 23,452 |
Core Portfolio | Line of Credit | Unsecured Line of Credit - Swapped | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 4.15% | 4.20% |
Core Portfolio | Line of Credit | Unsecured Line of Credit - Swapped | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 5.02% | 5.07% |
Fund Portfolio | Mortgages | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.99% | |
Fund II | Fund Portfolio | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2020-05 | |
Fund II | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.39% | |
Fund II | Fund Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 224,647 | $ 224,822 |
Fund II | Fund Portfolio | Mortgages | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 205,262 | $ 205,262 |
Fund II | Fund Portfolio | Mortgages | Fixed Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 1.00% | 1.00% |
Maturity Date | 2020-05 | |
Fund II | Fund Portfolio | Mortgages | Fixed Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 4.75% | 4.75% |
Maturity Date | 2042-08 | |
Fund II | Fund Portfolio | Mortgages | Variable Rate - Swapped | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 4.27% | 4.27% |
Maturity Date | 2021-11 | |
Long-term debt, gross | $ 19,385 | $ 19,560 |
Fund II | Fund Portfolio | Unsecured Debt | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.65% | 1.40% |
Fund II | Fund Portfolio | Unsecured Debt | Unsecured Notes Payable | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 37,000 | $ 31,500 |
Fund II | Fund Portfolio | Unsecured Debt | Unsecured Notes Payable | LIBOR | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2020-09 | |
Fund III | Fund Portfolio | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2020-07 | |
Fund III | Fund Portfolio | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.65% | |
Fund III | Fund Portfolio | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.65% | |
Fund III | Fund Portfolio | Mortgages | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 75,393 | $ 65,866 |
Fund III | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.65% | |
Maturity Date | 2020-06 | |
Fund III | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.65% | 4.65% |
Maturity Date | 2021-12 | |
Fund III | Fund Portfolio | Mortgages | Variable Rate Debt | Prime Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Fund IV | Fund Portfolio | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2021-02 | |
Fund IV | Fund Portfolio | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.60% | |
Fund IV | Fund Portfolio | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.95% | |
Fund IV | Fund Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 324,917 | $ 347,938 |
Fund IV | Fund Portfolio | Mortgages | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 8,189 | $ 10,503 |
Fund IV | Fund Portfolio | Mortgages | Fixed Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 3.40% | 3.40% |
Maturity Date | 2025-10 | |
Fund IV | Fund Portfolio | Mortgages | Fixed Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 4.50% | 4.50% |
Maturity Date | 2026-06 | |
Fund IV | Fund Portfolio | Mortgages | Variable Rate - Swapped | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 72,074 | $ 86,851 |
Fund IV | Fund Portfolio | Mortgages | Variable Rate - Swapped | Minimum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2019-05 | |
Fund IV | Fund Portfolio | Mortgages | Variable Rate - Swapped | Maximum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2022-12 | |
Fund IV | Fund Portfolio | Mortgages | Variable Rate - Swapped | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.67% | 3.67% |
Fund IV | Fund Portfolio | Mortgages | Variable Rate - Swapped | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.23% | 4.23% |
Fund IV | Fund Portfolio | Mortgages | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 244,654 | $ 250,584 |
Fund IV | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.60% | 1.70% |
Maturity Date | 2018-08 | |
Fund IV | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.95% | 3.95% |
Maturity Date | 2021-08 | |
Fund IV | Fund Portfolio | Unsecured Debt | Term Loan / Subscription Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 40,825 | $ 40,825 |
Fund IV | Fund Portfolio | Unsecured Debt | Term Loan / Subscription Facility | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.65% | 1.65% |
Maturity Date | 2018-12 | |
Fund IV | Fund Portfolio | Unsecured Debt | Term Loan / Subscription Facility | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.75% | 2.75% |
Maturity Date | 2019-10 | |
Fund V | Fund Portfolio | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.15% | |
Fund V | Fund Portfolio | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Fund V | Fund Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 138,076 | $ 28,613 |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 86,570 | 0 |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | Minimum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2021-02 | |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | Maximum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2021-06 | |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.61% | |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.78% | |
Fund V | Fund Portfolio | Mortgages | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 51,506 | $ 28,613 |
Fund V | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Fund V | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.15% | |
Maturity Date | 2020-10 | |
Fund V | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Maturity Date | 2021-01 | |
Fund V | Fund Portfolio | Unsecured Debt | Subscription Line | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 61,500 | $ 103,300 |
Fund V | Fund Portfolio | Unsecured Debt | Subscription Line | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.60% | 1.60% |
Maturity Date | 2020-05 |
Debt - Summary of Consolidate_2
Debt - Summary of Consolidated Indebtedness (Parenthetical) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,491,869 | $ 1,438,386 |
Variable-rate debt that subject to interest cap agreements | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 143,800 | 141,100 |
Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 575,500 | $ 504,000 |
Minimum | Core Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.70% | |
Minimum | Core Portfolio | Unsecured Notes Payable | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Minimum | Core Portfolio | Unsecured Line of Credit | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.35% | |
Maximum | Core Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.90% | |
Fund II | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.39% | |
Fund III | Minimum | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.65% | |
Fund III | Maximum | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.65% | |
Fund IV | Minimum | Fund Portfolio | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.60% | |
Fund IV | Maximum | Fund Portfolio | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.95% | |
Fund V | Minimum | Fund Portfolio | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.15% | |
Fund V | Maximum | Fund Portfolio | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% |
Debt - Credit Facility - Additi
Debt - Credit Facility - Additional Information (Details) - USD ($) | Feb. 20, 2018 | Sep. 30, 2018 |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 300,000,000 | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 31, 2023 | |
Unsecured Debt | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 150,000,000 | |
Basis spread on variable rate | 1.35% | |
Maturity date | Mar. 31, 2022 | |
Unsecured Debt | Senior Unsecured Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 500,000,000 | |
Unsecured Debt | $300 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 350,000,000 | |
Basis spread on variable rate | 1.25% | |
Unsecured Debt | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 150,000,000 | |
Other Secured Financings | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 40,400,000 | |
Core Portfolio | Unsecured Debt | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 150,000,000 | $ 150,000,000 |
Core Portfolio | Unsecured Debt | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 150,000,000 |
Debt - Mortgage Payable - Addit
Debt - Mortgage Payable - Additional Information (Details) | 9 Months Ended | ||
Sep. 30, 2018USD ($)propertyloanderivative | Jul. 31, 2018USD ($) | Dec. 31, 2017USD ($)property | |
Debt Instrument [Line Items] | |||
Unsecured line of credit | $ 28,000,000 | $ 41,500,000 | |
Mortgages | |||
Debt Instrument [Line Items] | |||
Number of properties collateralized | property | 43 | 42 | |
Interest Rate Swaps | |||
Debt Instrument [Line Items] | |||
Derivative, notional amount | $ 50,000,000 | ||
Derivative fixed interest rate | 2.80% | ||
Interest Rate Swaps | Mortgages | |||
Debt Instrument [Line Items] | |||
Number of interest rate derivatives held | derivative | 3 | ||
Derivative, notional amount | $ 86,600,000 | ||
Derivative fixed interest rate | 2.75% | ||
Fund Portfolio | Mortgages | |||
Debt Instrument [Line Items] | |||
Number of mortgage loans | loan | 4 | ||
Borrowings, amount | $ 109,500,000 | ||
Fund III | Construction Loans | |||
Debt Instrument [Line Items] | |||
Unsecured line of credit | 9,800,000 | ||
Core Portfolio | |||
Debt Instrument [Line Items] | |||
Derivative, notional amount | $ 397,510,000 | ||
Core Portfolio | Mortgages | |||
Debt Instrument [Line Items] | |||
Number of notes repaid | loan | 1 | ||
Repayments of debt | $ 40,400,000 | ||
Scheduled principal payment | $ 5,100,000 | ||
Core Portfolio | Mortgages | Brandywine Portfolio | |||
Debt Instrument [Line Items] | |||
Debt default, amount | $ 26,300,000 | ||
Interest rate, stated percentage | 6.00% | ||
Debt default interest | 5.00% | ||
Interest owner percentage in property | 22.00% | ||
Core Portfolio | Interest Rate Swaps | |||
Debt Instrument [Line Items] | |||
Derivative, notional amount | $ 125,000,000 | ||
Fund IV | Mortgages | |||
Debt Instrument [Line Items] | |||
Number of notes repaid | loan | 2 | ||
Fund IV | Mortgages One | |||
Debt Instrument [Line Items] | |||
Repayments of debt | $ 15,500,000 | ||
Fund IV | Mortgages Two | |||
Debt Instrument [Line Items] | |||
Repayments of debt | $ 2,300,000 | ||
LIBOR | Fund Portfolio | Mortgages | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.99% | ||
LIBOR | Core Portfolio | Mortgages | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.65% | ||
LIBOR | Fund IV | Mortgages One | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.15% | ||
LIBOR | Fund IV | Mortgages Two | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 3.40% |
Debt - Unsecured Notes Payable
Debt - Unsecured Notes Payable - Additional Information (Details) - USD ($) | Feb. 20, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | Jul. 31, 2018 |
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 300,000,000 | |||
Long-term debt outstanding | $ 1,491,869,000 | $ 1,438,386,000 | ||
Letters of credit, outstanding amount | 19,700,000 | 19,700,000 | ||
Core Portfolio | ||||
Debt Instrument [Line Items] | ||||
Derivative, notional amount | 397,510,000 | |||
Fund Portfolio | Fund II | ||||
Debt Instrument [Line Items] | ||||
Derivative, notional amount | 19,385,000 | |||
Fund Portfolio | Fund IV | ||||
Debt Instrument [Line Items] | ||||
Derivative, notional amount | 180,974,000 | |||
Fund Portfolio | Fund V | ||||
Debt Instrument [Line Items] | ||||
Derivative, notional amount | 86,570,000 | |||
Interest Rate Swaps | ||||
Debt Instrument [Line Items] | ||||
Derivative, notional amount | $ 50,000,000 | |||
Derivative fixed interest rate | 2.80% | |||
Interest Rate Swaps | Core Portfolio | ||||
Debt Instrument [Line Items] | ||||
Derivative, notional amount | $ 125,000,000 | |||
Unsecured Debt | Fund IV | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Letters of credit, outstanding amount | $ 7,400,000 | 7,400,000 | ||
Unsecured Notes Payable | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Debt available balance | 106,600,000 | 70,300,000 | ||
Unsecured Notes Payable | Unsecured Debt | Fund Portfolio | Fund II | ||||
Debt Instrument [Line Items] | ||||
Long-term debt outstanding | 37,000,000 | 31,500,000 | ||
$300 Million Term Loan | Unsecured Debt | Core Portfolio | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 300,000,000 | |||
$350 Million Term Loan | Unsecured Debt | Core Portfolio | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 350,000,000 | |||
Long-term debt outstanding | 350,000,000 | 300,000,000 | ||
$350 Million Term Loan | Unsecured Debt | Core Portfolio | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
Term Loan Maturing In September 2020 | Secured Debt | Fund II | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 40,000,000 | |||
Long-term line of credit, noncurrent | 37,000,000 | 31,500,000 | ||
Remaining borrowing capacity | 3,000,000 | 8,500,000 | ||
Bridge facility | Unsecured Debt | Fund IV | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 41,800,000 | |||
Long-term line of credit, noncurrent | 40,800,000 | 40,800,000 | ||
Remaining borrowing capacity | 1,000,000 | 1,000,000 | ||
Subscription Line | Unsecured Debt | Fund IV | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 21,500,000 | |||
Long-term line of credit, noncurrent | 0 | 0 | ||
Remaining borrowing capacity | 14,100,000 | 14,100,000 | ||
Subscription Line | Unsecured Debt | Fund V | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 150,000,000 | |||
Long-term line of credit, noncurrent | 61,500,000 | |||
Remaining borrowing capacity | 88,500,000 | |||
Subscription Line | Unsecured Debt | Fund Portfolio | Fund V | ||||
Debt Instrument [Line Items] | ||||
Long-term debt outstanding | $ 61,500,000 | 103,300,000 | ||
Remaining borrowing capacity | $ 46,700,000 | |||
Subscription Line | Unsecured Debt | Fund Portfolio | LIBOR | Fund V | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.60% | 1.60% |
Debt - Unsecured Revolving Line
Debt - Unsecured Revolving Lines of Credit - Additional Information (Details) - USD ($) | Sep. 30, 2018 | Feb. 20, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 300,000,000 | ||
Letters of credit, outstanding amount | $ 19,700,000 | $ 19,700,000 | |
Revolving Credit Facility | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 150,000,000 | ||
Core Portfolio | Revolving Credit Facility | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt available balance | 109,700,000 | 96,200,000 | |
Maximum borrowing capacity | 150,000,000 | $ 150,000,000 | |
Credit facility amount outstanding | 28,000,000 | 41,500,000 | |
Letters of credit, outstanding amount | $ 12,300,000 | $ 12,300,000 |
Debt - Scheduled Principal Repa
Debt - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2018 (Remainder) | $ 38,938 | |
2,019 | 192,839 | |
2,020 | 468,162 | |
2,021 | 180,514 | |
2,022 | 76,529 | |
Thereafter | 534,887 | |
Long-term debt and convertible notes payable | 1,491,869 | $ 1,438,386 |
Unamortized premium | 779 | 856 |
Net unamortized debt issuance costs | (10,919) | (14,833) |
Total Indebtedness | $ 1,481,729 | $ 1,424,409 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Derivative financial instruments | $ 15,115 | $ 4,402 |
Liabilities | ||
Derivative financial instruments | 361 | 1,467 |
Recurring | Level 1 | ||
Assets | ||
Money Market Funds | 106 | 3 |
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Derivative financial instruments | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Money Market Funds | 0 | 0 |
Derivative financial instruments | 15,115 | 4,402 |
Liabilities | ||
Derivative financial instruments | 361 | 1,467 |
Recurring | Level 3 | ||
Assets | ||
Money Market Funds | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Derivative financial instruments | $ 0 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Jul. 31, 2018USD ($)derivative | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment charge | $ 3,840,000 | $ 3,840,000 | |||
Reclassification adjustment related to derivatives from AOCI to interest expense | $ 3,200,000 | ||||
Derivatives designated as fair value hedges | 0 | $ 0 | |||
Derivative designated to hedges of net investments in foreign operations | 0 | 0 | |||
Fair value, liability derivatives | 361,000 | 1,467,000 | |||
Interest Rate Swaps | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Derivative, notional amount | 50,000,000 | ||||
Core Portfolio | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Derivative, notional amount | 397,510,000 | ||||
Core Portfolio | Interest Rate Swaps | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Number of derivative instruments held | derivative | 2 | ||||
Derivative, notional amount | $ 125,000,000 | ||||
Fair value, liability derivatives | $ 900,000 | ||||
Derivative Effective Date | 2020-07 | ||||
Disposal group, held-for-sale | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment charge | 10,600,000 | ||||
Disposal group, held-for-sale | Noncontrolling Interests | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment charge | $ 7,600,000 | ||||
Nonrecurring | Disposal group, held-for-sale | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment charge | 3,800,000 | ||||
Nonrecurring | Disposal group, held-for-sale | Noncontrolling Interests | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment charge | $ 2,700,000 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Jul. 31, 2018 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Fair value, liability derivatives | $ (361) | $ (1,467) | |
Fair value, asset derivatives | 15,115 | 4,402 | |
Interest Rate Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | 50,000 | ||
Core Portfolio | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | 397,510 | ||
Fair value, derivatives, net | $ 12,394 | 2,638 | |
Core Portfolio | Interest Rate Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 125,000 | ||
Derivative Effective Date | 2020-07 | ||
Fair value, liability derivatives | $ (900) | ||
Core Portfolio | Interest Rate Swaps | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 11,176 | ||
Derivative Effective Date | 2012-12 | ||
Derivative Maturity Date | 2022-12 | ||
Fair value, liability derivatives | $ (361) | (1,438) | |
Core Portfolio | Interest Rate Swaps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | 386,334 | ||
Fair value, asset derivatives | $ 12,755 | 4,076 | |
Core Portfolio | Interest Rate Swaps | Minimum | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 3.77% | ||
Core Portfolio | Interest Rate Swaps | Minimum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2013-02 | ||
Derivative Maturity Date | 2018-11 | ||
Strike Rate | 1.24% | ||
Core Portfolio | Interest Rate Swaps | Maximum | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 3.77% | ||
Core Portfolio | Interest Rate Swaps | Maximum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2020-07 | ||
Derivative Maturity Date | 2030-07 | ||
Strike Rate | 3.77% | ||
Fund Portfolio | Fund II | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 19,385 | ||
Fair value, derivatives, net | 287 | (29) | |
Fund Portfolio | Fund II | Interest Rate Swaps | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 0 | ||
Derivative Effective Date | 2014-10 | ||
Derivative Maturity Date | 2021-11 | ||
Fair value, liability derivatives | $ 0 | (29) | |
Fund Portfolio | Fund II | Interest Rate Swaps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 19,385 | ||
Derivative Effective Date | 2014-10 | ||
Derivative Maturity Date | 2021-11 | ||
Fair value, asset derivatives | $ 287 | 0 | |
Fund Portfolio | Fund II | Interest Rate Swaps | Minimum | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 2.88% | ||
Fund Portfolio | Fund II | Interest Rate Swaps | Minimum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 2.88% | ||
Fund Portfolio | Fund II | Interest Rate Swaps | Maximum | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 2.88% | ||
Fund Portfolio | Fund II | Interest Rate Swaps | Maximum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 2.88% | ||
Fund Portfolio | Fund III | Interest Rate Cap | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 58,000 | ||
Derivative Effective Date | 2016-12 | ||
Derivative Maturity Date | 2020-01 | ||
Fair value, asset derivatives | $ 39 | 14 | |
Fund Portfolio | Fund III | Interest Rate Cap | Minimum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 3.00% | ||
Fund Portfolio | Fund III | Interest Rate Cap | Maximum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 3.00% | ||
Fund Portfolio | Fund IV | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 180,974 | ||
Fair value, derivatives, net | 1,771 | 312 | |
Fund Portfolio | Fund IV | Interest Rate Swaps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | 72,074 | ||
Fair value, asset derivatives | $ 1,728 | 295 | |
Fund Portfolio | Fund IV | Interest Rate Swaps | Minimum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2017-03 | ||
Derivative Maturity Date | 2020-03 | ||
Strike Rate | 1.82% | ||
Fund Portfolio | Fund IV | Interest Rate Swaps | Maximum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2017-11 | ||
Derivative Maturity Date | 2022-12 | ||
Strike Rate | 2.11% | ||
Fund Portfolio | Fund IV | Interest Rate Cap | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 108,900 | ||
Fair value, asset derivatives | $ 43 | 17 | |
Fund Portfolio | Fund IV | Interest Rate Cap | Minimum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2016-07 | ||
Derivative Maturity Date | 2019-08 | ||
Strike Rate | 3.00% | ||
Fund Portfolio | Fund IV | Interest Rate Cap | Maximum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2016-11 | ||
Derivative Maturity Date | 2019-12 | ||
Strike Rate | 3.00% | ||
Fund Portfolio | Fund V | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 86,570 | ||
Fair value, derivatives, net | 263 | 0 | |
Fund Portfolio | Fund V | Interest Rate Swaps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | 86,570 | ||
Fair value, asset derivatives | $ 263 | $ 0 | |
Fund Portfolio | Fund V | Interest Rate Swaps | Minimum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2018-01 | ||
Derivative Maturity Date | 2021-02 | ||
Strike Rate | 2.41% | ||
Fund Portfolio | Fund V | Interest Rate Swaps | Maximum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2018-06 | ||
Derivative Maturity Date | 2023-06 | ||
Strike Rate | 2.88% |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Financial statements of Income (Losses) Recognized Related to Cash Flow Hedges (Details) - Cash Flow Hedging - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of income (loss) recognized in other comprehensive income | $ 12,576 | $ (2,652) |
Amount of loss subsequently reclassified to earnings | $ 417 | $ 2,637 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Receivable | $ 109,410 | $ 153,829 |
Mortgage and Other Notes Payable | 1,481,729 | 1,424,409 |
Unsecured notes payable and Unsecured line of credit | 488,933 | 473,735 |
Level 3 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Receivable | 109,410 | 153,829 |
Mortgage and Other Notes Payable | 974,544 | 921,261 |
Investment in non-traded equity securities | 0 | 0 |
Level 3 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Receivable | 107,146 | 151,712 |
Mortgage and Other Notes Payable | 961,901 | 921,891 |
Investment in non-traded equity securities | 22,824 | 22,824 |
Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured notes payable and Unsecured line of credit | 517,325 | 517,125 |
Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured notes payable and Unsecured line of credit | $ 517,352 | $ 515,330 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2018 | Dec. 31, 2017 |
Commitments And Contingencies Disclosure [Abstract] | ||
Contractual obligation | $ 73 | $ 92.2 |
Letters of credit, outstanding amount | $ 19.7 | $ 19.7 |
Shareholders' Equity, Noncont_3
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Common Shares and Units - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | May 10, 2017 | May 09, 2017 | |
Class of Stock [Line Items] | |||||
Common shares, authorized (in shares) | 200,000,000 | 200,000,000 | 200,000,000 | 100,000,000 | |
Restricted shares | |||||
Class of Stock [Line Items] | |||||
Restricted stock, shares canceled for tax withholding for share based compensation (in shares) | 3,288 | 4,314 | |||
LTIP Units and Restricted Stock | |||||
Class of Stock [Line Items] | |||||
Unit based compensation | $ 6.3 | $ 6.5 | $ 8.4 |
Shareholders' Equity, Noncont_4
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Share Repurchases - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | ||
Authorized amount | $ 200,000,000 | |
Number of shares repurchased during period (in shares) | 2,294,235 | 0 |
Shares repurchased during period | $ 55,057,000 | |
Stock repurchase fees | 100,000 | |
Remaining authorized repurchase amount | $ 144,900,000 |
Shareholders' Equity, Noncont_5
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Dividends and Distributions - Additional Information (Details) - $ / shares | Aug. 07, 2018 | May 11, 2018 | Feb. 27, 2018 | Nov. 08, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Class of Stock [Line Items] | ||||||
Cash dividends declared per common share (in dollars per share) | $ 0.81 | $ 0.78 | ||||
Regular Quarterly Cash Dividend | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends declared per common share (in dollars per share) | $ 0.27 | $ 0.27 | $ 0.27 | $ 0.27 | ||
Cash dividends declared, period increase (in dollars per share) | $ 0.01 | |||||
Second Quarter Two Thousand Eighteen | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends, declared date | May 11, 2018 | |||||
Cash dividends, record date | Jun. 29, 2018 | |||||
Cash dividends, paid date | Jul. 13, 2018 | |||||
Third Quarter Two Thousand Eighteen | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends, declared date | Aug. 7, 2018 | |||||
Cash dividends, record date | Sep. 28, 2018 | |||||
Cash dividends, paid date | Oct. 15, 2018 | |||||
First Quarter Two Thousand Eighteen | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends, declared date | Feb. 27, 2018 | |||||
Cash dividends, record date | Mar. 30, 2018 | |||||
Cash dividends, paid date | Apr. 13, 2018 | |||||
Fourth Quarter Two Thousand Seventeen | ||||||
Class of Stock [Line Items] | ||||||
Cash dividends, declared date | Nov. 8, 2017 | |||||
Cash dividends, record date | Dec. 29, 2017 | |||||
Cash dividends, paid date | Jan. 13, 2018 |
Shareholders' Equity, Noncont_6
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Summary of Activity in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 2,215,639 | $ 2,178,125 | ||
Other comprehensive income before reclassifications | 12,576 | (2,652) | ||
Reclassification of realized interest on swap agreements | 417 | 2,637 | ||
Net current period other comprehensive income | $ 3,918 | $ 90 | 12,993 | (15) |
Ending Balance | 2,123,804 | 2,169,794 | 2,123,804 | 2,169,794 |
AOCI Attributable to Parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | 2,614 | (798) | ||
Ending Balance | $ 13,267 | $ (553) | 13,267 | (553) |
AOCI Attributable to Noncontrolling Interest | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Net current period other comprehensive income | $ (2,340) | $ 260 |
Shareholders' Equity, Noncont_7
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Summary of Change in Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 648,440 | |||
Net income (loss) | $ (2,597) | $ 13,285 | (9,027) | $ 39,364 |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 0 | 0 | ||
Other comprehensive income - unrealized gain on valuation of swap agreements | 3,973 | (644) | 12,576 | (2,652) |
Reclassification of realized interest on swap agreements | (55) | 734 | 417 | 2,637 |
Noncontrolling interest contributions | 46,990 | 20,522 | ||
Noncontrolling interest distributions | (24,654) | (7,278) | ||
Employee Long-term Incentive Plan Unit Awards | 8,332 | 9,129 | ||
Rebalancing adjustment | 0 | 0 | ||
Ending Balance | 638,040 | 638,040 | ||
Noncontrolling Interests | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 648,440 | 589,548 | ||
Distributions declared of $0.81 and $0.78 per Common OP Unit for nine months ended September 30, 2018 and 2017, respectively | (5,126) | (4,805) | ||
Net income (loss) | (33,336) | (1,194) | ||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | (1,957) | (1,086) | ||
Other comprehensive income - unrealized gain on valuation of swap agreements | 2,060 | (794) | ||
Reclassification of realized interest on swap agreements | 280 | 534 | ||
Noncontrolling interest contributions | 46,990 | 20,522 | ||
Noncontrolling interest distributions | (24,654) | (7,278) | ||
Employee Long-term Incentive Plan Unit Awards | 7,924 | 8,704 | ||
Rebalancing adjustment | (2,581) | 2,105 | ||
Ending Balance | 638,040 | 606,256 | 638,040 | 606,256 |
Noncontrolling Interests | Restatement Adjustment | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Ending Balance | (2,581) | (2,581) | ||
Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 545,519 | 494,126 | ||
Distributions declared of $0.81 and $0.78 per Common OP Unit for nine months ended September 30, 2018 and 2017, respectively | 0 | 0 | ||
Net income (loss) | (35,313) | (4,010) | ||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 0 | 0 | ||
Other comprehensive income - unrealized gain on valuation of swap agreements | 1,435 | (726) | ||
Reclassification of realized interest on swap agreements | 270 | 418 | ||
Noncontrolling interest contributions | 46,990 | 20,522 | ||
Noncontrolling interest distributions | (24,654) | (7,278) | ||
Employee Long-term Incentive Plan Unit Awards | 0 | 0 | ||
Rebalancing adjustment | 0 | |||
Ending Balance | 534,247 | 503,052 | 534,247 | 503,052 |
Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates | Restatement Adjustment | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Ending Balance | 0 | 0 | ||
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 102,921 | 95,422 | ||
Distributions declared of $0.81 and $0.78 per Common OP Unit for nine months ended September 30, 2018 and 2017, respectively | (5,126) | (4,805) | ||
Net income (loss) | 1,977 | 2,816 | ||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | (1,957) | (1,086) | ||
Other comprehensive income - unrealized gain on valuation of swap agreements | 625 | (68) | ||
Reclassification of realized interest on swap agreements | 10 | 116 | ||
Noncontrolling interest contributions | 0 | 0 | ||
Noncontrolling interest distributions | 0 | 0 | ||
Employee Long-term Incentive Plan Unit Awards | 7,924 | 8,704 | ||
Rebalancing adjustment | (2,581) | 2,105 | ||
Ending Balance | 103,793 | $ 103,204 | 103,793 | $ 103,204 |
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member | Restatement Adjustment | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Ending Balance | $ (2,581) | $ (2,581) |
Shareholders' Equity, Noncont_8
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Summary of Change in Noncontrolling Interest (Parenthetical) (Details) - $ / shares | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Minority Interest [Line Items] | |||
Distributions declared (in dollars per share) | $ 0.81 | $ 0.78 | |
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership (in shares) | 111,588 | 61,150 | |
Operating Partnership, as General Partner or Managing Member | |||
Minority Interest [Line Items] | |||
Series A Preferred OP Units (in shares) | 3,331,440 | 3,328,873 | |
Operating Partnership, as General Partner or Managing Member | Series A Preferred Stock | |||
Minority Interest [Line Items] | |||
Series A Preferred OP Units (in shares) | 188 | 188 | |
Operating Partnership, as General Partner or Managing Member | Series C Preferred Stock | |||
Minority Interest [Line Items] | |||
Series A Preferred OP Units (in shares) | 136,593 | 136,593 | |
LTIP Units | |||
Minority Interest [Line Items] | |||
LTIP units outstanding (in shares) | 2,547,002 | 2,274,147 |
Shareholders' Equity, Noncont_9
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Preferred OP Units - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended | 33 Months Ended | 237 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2016 | Dec. 31, 1999 | Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||||||
Denominator for Series A Preferred OP Unit conversion | $ 7,500 | $ 7,500 | $ 7,500 | |||
Gotham Plaza | Common Shares | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common shares, net of issuance costs (in Shares) | 442,478 | |||||
Preferred quarterly distribution per share price | $ 0.9375 | |||||
Number of convertible units if share price below $28.80 (in shares) | 3.4722 | |||||
Number of convertible units if share price above $35.20 (in shares) | 2.8409 | |||||
Operating Partnership, as General Partner or Managing Member | ||||||
Class of Stock [Line Items] | ||||||
Series A Preferred OP Units (in shares) | 3,331,440 | 3,331,440 | 3,331,440 | 3,328,873 | ||
Preferred OP Units | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common shares, net of issuance costs (in Shares) | 0 | |||||
Preferred OP Units | Gotham Plaza | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common shares, net of issuance costs (in Shares) | 141,593 | |||||
Share price (in dollars per share) | $ 100 | |||||
Preferred OP Units | Gotham Plaza | Minimum | ||||||
Class of Stock [Line Items] | ||||||
Share price at conversion date | 28.80 | |||||
Preferred OP Units | Gotham Plaza | Maximum | ||||||
Class of Stock [Line Items] | ||||||
Share price at conversion date | $ 35.20 | |||||
Series A Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common shares, net of issuance costs (in Shares) | 1,580 | |||||
Preferred stock, stated value per unit | $ 1,000 | $ 1,000 | $ 1,000 | |||
Per unit conversion amount, Series A Preferred OP Units (in dollars per unit) | $ 22.50 | $ 22.50 | $ 22.50 | |||
Per unit conversion annual rate, Preferred OP Units | 9.00% | 9.00% | 9.00% | |||
Number of preferred OP Units converted (in shares) | 1,392 | |||||
Units converted from Preferred OP Units (in shares) | 185,600 | |||||
Series A Preferred Stock | Operating Partnership, as General Partner or Managing Member | ||||||
Class of Stock [Line Items] | ||||||
Series A Preferred OP Units (in shares) | 188 | 188 | 188 | 188 | ||
Series C Preferred Stock | Gotham Plaza | ||||||
Class of Stock [Line Items] | ||||||
Number of preferred OP Units converted (in shares) | 5,000 | |||||
Units converted from Preferred OP Units (in shares) | 17,165 | |||||
Series C Preferred Stock | Operating Partnership, as General Partner or Managing Member | ||||||
Class of Stock [Line Items] | ||||||
Series A Preferred OP Units (in shares) | 136,593 | 136,593 | 136,593 | 136,593 |
Leases - Operating Leases - Add
Leases - Operating Leases - Additional Information (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2018USD ($)shopping_center | Sep. 30, 2017USD ($) | |
Operating Leased Assets [Line Items] | ||
Number of shopping centers with land leases | shopping_center | 6 | |
Ground lease expense | $ 1.2 | $ 1 |
Rent expense capitalized | 0.5 | 0.4 |
Rent expense | $ 0.7 | $ 0.7 |
Minimum | ||
Operating Leased Assets [Line Items] | ||
Operating lease term | 1 month | |
Maximum | ||
Operating Leased Assets [Line Items] | ||
Operating lease term | 60 years | |
Period of lease term | 22 years |
Leases - Capital Leasers - Addi
Leases - Capital Leasers - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Capital Leased Assets [Line Items] | ||
Capital lease term | 49 years | |
Capital Lease Obligations | ||
Capital Leased Assets [Line Items] | ||
Repayments capital lease obligations | $ 1.9 | $ 1.9 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Minimum Rental Revenues | |
2018 (Remainder) | $ 43,085 |
2,019 | 179,408 |
2,020 | 167,449 |
2,021 | 148,797 |
2,022 | 130,052 |
Thereafter | 576,090 |
Total | 1,244,881 |
Minimum Rental Payments | |
2018 (Remainder) | 1,216 |
2,019 | 4,775 |
2,020 | 4,571 |
2,021 | 4,354 |
2,022 | 4,404 |
Thereafter | 184,652 |
Total | $ 203,972 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2018segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 66,075 | $ 62,678 | $ 192,768 | $ 184,181 | |
Depreciation and amortization | (28,676) | (26,652) | (86,755) | (77,245) | |
Property operating expenses, other operating and real estate taxes | (22,469) | (18,489) | (61,706) | (55,427) | |
General and administrative expenses | (7,982) | (7,953) | (24,359) | (25,286) | |
Impairment charge | (3,840) | (3,840) | |||
Operating income | 6,948 | 5,744 | 19,948 | 22,383 | |
Gain on disposition of properties, net of tax | 5,107 | 12,972 | 5,140 | 12,972 | |
Interest income | 3,513 | 6,461 | 10,539 | 23,648 | |
Equity in earnings (losses) of unconsolidated affiliates | 376 | 4,001 | 7,079 | 21,044 | |
Interest expense | (18,077) | (15,428) | (50,882) | (39,666) | |
Income tax provision | (464) | (465) | (851) | (1,017) | |
Net (loss) income | (2,597) | 13,285 | (9,027) | 39,364 | |
Net (income) loss attributable to noncontrolling interests | 11,822 | (418) | 33,336 | 1,194 | |
Net income attributable to Acadia | 9,225 | 12,867 | 24,309 | 40,558 | |
Real estate at cost | 3,613,174 | 3,480,395 | 3,613,174 | 3,480,395 | |
Total assets | 3,918,716 | 4,092,957 | 3,918,716 | 4,092,957 | $ 3,960,247 |
Cash paid for acquisition of real estate | 104,902 | 138,429 | |||
Cash paid for development and property improvement costs | 66,238 | 84,554 | |||
Operating Segments | Core Portfolio | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 42,290 | 41,196 | 124,456 | 127,130 | |
Depreciation and amortization | (14,856) | (14,746) | (45,283) | (46,719) | |
Property operating expenses, other operating and real estate taxes | (12,195) | (10,327) | (33,599) | (33,339) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Impairment charge | 0 | 0 | |||
Operating income | 15,239 | 16,123 | 45,574 | 47,072 | |
Gain on disposition of properties, net of tax | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | |
Equity in earnings (losses) of unconsolidated affiliates | 2,005 | 805 | 5,171 | 2,348 | |
Interest expense | (6,972) | (6,695) | (20,475) | (20,783) | |
Income tax provision | 0 | 0 | 0 | 0 | |
Net (loss) income | 10,272 | 10,233 | 30,270 | 28,637 | |
Net (income) loss attributable to noncontrolling interests | 115 | (353) | 241 | (1,157) | |
Net income attributable to Acadia | 10,387 | 9,880 | 30,511 | 27,480 | |
Real estate at cost | 2,060,024 | 1,987,501 | 2,060,024 | 1,987,501 | |
Total assets | 2,234,521 | 2,237,334 | 2,234,521 | 2,237,334 | |
Cash paid for acquisition of real estate | 1,343 | 0 | |||
Cash paid for development and property improvement costs | 22,892 | 4,355 | |||
Operating Segments | Funds | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 23,785 | 21,482 | 68,312 | 57,051 | |
Depreciation and amortization | (13,820) | (11,906) | (41,472) | (30,526) | |
Property operating expenses, other operating and real estate taxes | (10,274) | (8,162) | (28,107) | (22,088) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Impairment charge | (3,840) | (3,840) | |||
Operating income | (309) | (2,426) | (1,267) | 597 | |
Gain on disposition of properties, net of tax | 5,107 | 12,972 | 5,140 | 12,972 | |
Interest income | 0 | 0 | 0 | 0 | |
Equity in earnings (losses) of unconsolidated affiliates | (1,629) | 3,196 | 1,908 | 18,696 | |
Interest expense | (11,105) | (8,733) | (30,407) | (18,883) | |
Income tax provision | 0 | 0 | 0 | 0 | |
Net (loss) income | (7,936) | 5,009 | (24,626) | 13,382 | |
Net (income) loss attributable to noncontrolling interests | 11,707 | (65) | 33,095 | 2,351 | |
Net income attributable to Acadia | 3,771 | 4,944 | 8,469 | 15,733 | |
Real estate at cost | 1,553,150 | 1,492,894 | 1,553,150 | 1,492,894 | |
Total assets | 1,574,785 | 1,605,429 | 1,574,785 | 1,605,429 | |
Cash paid for acquisition of real estate | 103,559 | 138,429 | |||
Cash paid for development and property improvement costs | 43,346 | 80,199 | |||
Operating Segments | Structured Financing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Property operating expenses, other operating and real estate taxes | 0 | 0 | 0 | 0 | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Impairment charge | 0 | 0 | |||
Operating income | 0 | 0 | 0 | 0 | |
Gain on disposition of properties, net of tax | 0 | 0 | 0 | 0 | |
Interest income | 3,513 | 6,461 | 10,539 | 23,648 | |
Equity in earnings (losses) of unconsolidated affiliates | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Income tax provision | 0 | 0 | 0 | 0 | |
Net (loss) income | 3,513 | 6,461 | 10,539 | 23,648 | |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income attributable to Acadia | 3,513 | 6,461 | 10,539 | 23,648 | |
Real estate at cost | 0 | 0 | 0 | 0 | |
Total assets | 109,410 | 250,194 | 109,410 | 250,194 | |
Cash paid for acquisition of real estate | 0 | 0 | |||
Cash paid for development and property improvement costs | 0 | 0 | |||
Unallocated | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Property operating expenses, other operating and real estate taxes | 0 | 0 | 0 | 0 | |
General and administrative expenses | (7,982) | (7,953) | (24,359) | (25,286) | |
Impairment charge | 0 | 0 | |||
Operating income | (7,982) | (7,953) | (24,359) | (25,286) | |
Gain on disposition of properties, net of tax | 0 | 0 | 0 | 0 | |
Interest income | 0 | 0 | 0 | 0 | |
Equity in earnings (losses) of unconsolidated affiliates | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Income tax provision | (464) | (465) | (851) | (1,017) | |
Net (loss) income | (8,446) | (8,418) | (25,210) | (26,303) | |
Net (income) loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income attributable to Acadia | (8,446) | (8,418) | (25,210) | (26,303) | |
Real estate at cost | 0 | 0 | 0 | 0 | |
Total assets | $ 0 | $ 0 | 0 | 0 | |
Cash paid for acquisition of real estate | 0 | 0 | |||
Cash paid for development and property improvement costs | $ 0 | $ 0 |
Share Incentive and Other Com_3
Share Incentive and Other Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unit based compensation | $ 8,332,000 | $ 9,129,000 | ||||
Trustee fees | 900,000 | 900,000 | ||||
Total unrecognized compensation cost related to nonvested awards | $ 18,100,000 | $ 18,100,000 | ||||
Weighted-average period over which cost is expected to be recognized | 1 year 8 months 12 days | |||||
Performance Period Ending December 31, 2020 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 33.30% | |||||
Award vesting period | 3 years | |||||
LTIP Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total fair value of shares that vested | $ 9,100,000 | $ 7,300,000 | ||||
LTIP Units | Trustee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued during period, share-based compensation, net of forfeitures | 17,427 | |||||
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date | 8,949 | 8,949 | ||||
LTIP Units | Performance Period Ending December 31, 2020 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 66.70% | |||||
Award vesting period | 3 years | |||||
LTIP Units | Tranche One | Trustee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued during period, share-based compensation, net of forfeitures | 8,478 | |||||
Restricted shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total fair value of shares that vested | $ 800,000 | $ 700,000 | ||||
Restricted shares | Trustee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued during period, share-based compensation, net of forfeitures | 17,050 | |||||
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date | 5,181 | 5,181 | ||||
Restricted shares | Tranche One | Trustee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued during period, share-based compensation, net of forfeitures | 11,869 | |||||
LTIP Units and Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total value of restricted shares and LTIP units as of the grant date | $ 10,400,000 | |||||
Weighted average grant date fair value, grants (in dollars per share) | $ 26.88 | $ 31.69 | ||||
LTIP Units and Restricted Stock | Trustee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
Annual vesting rate of shares granted to trustees that begin vesting on the second anniversary of grant date | 33.00% | |||||
LTIP Units and Restricted Stock | General and Administrative Expense | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unit based compensation | $ 2,000,000 | $ 2,100,000 | $ 6,300,000 | 6,500,000 | ||
LTIP Units and Restricted Stock | Performance Period Ending December 31, 2020 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 3 years | |||||
LTIP Units and Restricted Stock | Performance Fails To Achieve, Earned Performance-Based Shares Vest At End Of Performance Period | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 60.00% | |||||
LTIP Units and Restricted Stock | Performance Fails To Achieve | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 40.00% | |||||
Award vesting period | 2 years | |||||
LTIP Units and Restricted Stock | Minimum | TSR percentile falls between the 25th percentile and the 50th percentile | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 50.00% | |||||
LTIP Units and Restricted Stock | Minimum | TSR percentile falls between the 50th percentile and 75th percentile | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 100.00% | |||||
LTIP Units and Restricted Stock | Maximum | TSR percentile falls between the 25th percentile and the 50th percentile | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 100.00% | |||||
LTIP Units and Restricted Stock | Maximum | TSR percentile falls between the 50th percentile and 75th percentile | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting percentage | 200.00% | |||||
Employee Benefit Plans | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense | $ 300,000 | 300,000 | ||||
Share Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized | 1,198,594 | 1,198,594 | ||||
Share Incentive Plan | LTIP Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued during period, share-based compensation, net of forfeitures | 373,886 | |||||
Share Incentive Plan | Restricted shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued during period, share-based compensation, net of forfeitures | 5,387 | |||||
Long Term Investment Alignment Program | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Max percentage of future fund III promote that may be awarded to senior executives | 25.00% | |||||
Long Term Investment Alignment Program | Fund III | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of promote awarded as share based compensation award | 25.00% | |||||
Compensation expense | $ 0 | $ 500,000 | ||||
Long Term Investment Alignment Program | Fund IV | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of promote awarded as share based compensation award | 22.80% | |||||
Awards in connection with fund to have intrinsic value | $ 0 | $ 0 |
Share Incentive and Other Com_4
Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Restricted shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Shares unvested, Beginning of period (in shares) | 41,327 | 46,499 |
Shares granted (in shares) | 22,818 | 19,442 |
Shares vested (in shares) | (25,261) | (23,430) |
Shares forfeited (in shares) | (428) | (1,184) |
Shares unvested, End of period (in shares) | 38,456 | 41,327 |
Weighted Grant-Date Fair Value | ||
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 26.92 | $ 27.58 |
Shares granted, Weighted average grant date fair value (in dollars per share) | 23.65 | 29.85 |
Shares vested, Weighted average grant date fair value (in dollars per share) | 30.79 | 30.47 |
Shares forfeited, Weighted average grant date fair value (in dollars per share) | 27.25 | 32.65 |
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share) | $ 22.44 | $ 26.92 |
LTIP Units | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Shares unvested, Beginning of period (in shares) | 910,099 | 856,877 |
Shares granted (in shares) | 399,248 | 310,551 |
Shares vested (in shares) | (303,699) | (257,124) |
Shares forfeited (in shares) | (12,266) | (205) |
Shares unvested, End of period (in shares) | 993,382 | 910,099 |
Weighted Grant-Date Fair Value | ||
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 28.28 | $ 26.99 |
Shares granted, Weighted average grant date fair value (in dollars per share) | 27.06 | 31.80 |
Shares vested, Weighted average grant date fair value (in dollars per share) | 30.04 | 28.27 |
Shares forfeited, Weighted average grant date fair value (in dollars per share) | 28.57 | 32.49 |
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share) | $ 27.25 | $ 28.28 |
Share Incentive and Other Com_5
Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee share purchase discount rate | 15.00% | |
Employee share purchase maximum purchase amount | $ 25,000 | |
Common Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee share purchase (in shares) | 2,836 | 3,392 |
Share Incentive and Other Com_6
Share Incentive and Other Compensation - Employee 401 (k) Plan - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employer matching contribution | 50.00% |
Maximum annual contribution per employee | 6.00% |
Maximum employee annual salary contribution | 15.00% |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Description of conversion of common OP units to common shares | The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. |
Conversion of common OP units to common shares | 100.00% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator: | ||||
Net income attributable to Acadia | $ 9,225 | $ 12,867 | $ 24,309 | $ 40,558 |
Less: net income attributable to participating securities | (66) | (135) | (158) | (488) |
Income from continuing operations net of income attributable to participating securities | $ 9,159 | $ 12,732 | $ 24,151 | $ 40,070 |
Denominator: | ||||
Weighted average shares for basic earnings per share (in shares) | 81,565,805 | 83,699,850 | 82,245,020 | 83,665,749 |
Effect of dilutive securities: | ||||
Employee unvested restricted shares (in shares) | 0 | 0 | 0 | 3,577 |
Denominator for diluted earnings per share (in shares) | 81,565,805 | 83,699,850 | 82,245,020 | 83,669,326 |
Basic and diluted earnings per share (in dollars per share) | $ 0.11 | $ 0.15 | $ 0.29 | $ 0.48 |
Series A Preferred OP Units | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 188 | 188 | 188 | 188 |
Series A Preferred OP Units - Common Share Equivalent | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 25,067 | 25,067 | 25,067 | 25,067 |
Series C Preferred OP Units | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 136,593 | 140,343 | 136,593 | 140,343 |
Series C Preferred OP Units - Common Share Equivalent | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 474,278 | 487,299 | 474,278 | 481,878 |
Restricted shares | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 38,450 | 43,202 | 37,180 | 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | Oct. 23, 2018USD ($) | Oct. 11, 2018propertyJointVenture | Sep. 30, 2018USD ($)property | Dec. 31, 2017USD ($) |
Subsequent Event [Line Items] | ||||
Number of retail properties | property | 170 | |||
Purchase Price | $ 105,916 | $ 254,532 | ||
Fund IV | ||||
Subsequent Event [Line Items] | ||||
Purchase Price | 44,492 | |||
Fund V | ||||
Subsequent Event [Line Items] | ||||
Purchase Price | $ 104,579 | $ 167,240 | ||
Subsequent Event | Broughton St. Portfolio Savannah, GA | Fund IV | ||||
Subsequent Event [Line Items] | ||||
Number of joint ventures | JointVenture | 2 | |||
Number of properties acquired | property | 11 | |||
Number of retail properties | property | 2 | |||
Subsequent Event | Hiram Pavilion | Fund V | ||||
Subsequent Event [Line Items] | ||||
Purchase Price | $ 44,400 |