Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 12, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | ACADIA REALTY TRUST | ||
Entity Central Index Key | 0000899629 | ||
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-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 86,284,143 | ||
Entity Public Float | $ 2,362 | ||
Entity Shell Company | false | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | false | ||
Entity Current Reporting Status | Yes | ||
Entity File Number | 001-12002 | ||
Entity Tax Identification Number | 23-2715194 | ||
Entity Address, Address Line One | 411 Theodore Fremd Avenue | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | Rye | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10580 | ||
City Area Code | 914 | ||
Local Phone Number | 288-8100 | ||
Title of 12(b) Security | Common shares of beneficial interest, par value $0.001 per share | ||
Security Exchange Name | NYSE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Interactive Data Current | Yes | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Part III – Portions of the registrant’s definitive proxy statement relating to its 2021 Annual Meeting of Shareholders presently scheduled to be held May 6, 2021 to be filed pursuant to Regulation 14A. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Operating real estate, net | $ 3,260,139 | $ 3,295,907 |
Real estate under development | 247,349 | 253,402 |
Net investments in real estate | 3,507,488 | 3,549,309 |
Notes receivable, net | 101,450 | 114,943 |
Investments in and advances to unconsolidated affiliates | 249,807 | 305,097 |
Other assets, net | 173,809 | 190,658 |
Right-of-use assets - operating leases, net | 76,268 | 60,006 |
Cash and cash equivalents | 19,232 | 15,845 |
Restricted cash | 14,692 | 14,165 |
Rents receivable | 44,136 | 59,091 |
Total assets | 4,186,882 | 4,309,114 |
LIABILITIES | ||
Mortgage and other notes payable, net | 1,125,356 | 1,170,076 |
Unsecured notes payable, net | 500,083 | 477,320 |
Unsecured line of credit | 138,400 | 60,800 |
Accounts payable and other liabilities | 269,911 | 314,754 |
Lease liability - operating leases, net | 88,816 | 56,762 |
Dividends and distributions payable | 147 | 27,075 |
Distributions in excess of income from, and investments in, unconsolidated affiliates | 15,616 | 15,362 |
Total liabilities | 2,138,329 | 2,122,149 |
Commitments and contingencies | ||
Acadia Shareholders' Equity | ||
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 86,268,303 and 87,050,465 shares, respectively | 86 | 87 |
Additional paid-in capital | 1,683,165 | 1,706,357 |
Accumulated other comprehensive loss | (74,891) | (31,175) |
Distributions in excess of accumulated earnings | (167,046) | (132,961) |
Total Acadia shareholders’ equity | 1,441,314 | 1,542,308 |
Noncontrolling interests | 607,239 | 644,657 |
Total equity | 2,048,553 | 2,186,965 |
Total liabilities and equity | $ 4,186,882 | $ 4,309,114 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
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) | 86,268,303 | 87,050,465 |
Common shares, outstanding (in shares) | 86,268,303 | 87,050,465 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Rental income | $ 251,002 | $ 291,190 | $ 254,508 |
Revenues | 255,484 | 295,327 | 259,681 |
Operating expenses | |||
Depreciation and amortization | 149,793 | 125,443 | 117,549 |
General and administrative | 36,055 | 35,416 | 34,343 |
Real estate taxes | 43,505 | 39,315 | 36,712 |
Property operating | 56,595 | 51,153 | 43,536 |
Impairment charges | 85,598 | 1,721 | |
Total operating expenses | 371,546 | 253,048 | 232,140 |
Gain on disposition of properties | 683 | 30,324 | 5,140 |
Operating (loss) income | (115,379) | 72,603 | 32,681 |
Equity in (losses) earnings of unconsolidated affiliates | (1,237) | 8,922 | 9,302 |
Interest income | 8,979 | 7,988 | 13,231 |
Realized and unrealized holding gains on investments and other | 113,930 | 6,947 | |
Interest expense | (72,060) | (73,788) | (69,978) |
(Loss) income from continuing operations before income taxes | (65,767) | 22,672 | (14,764) |
Income tax provision | (271) | (1,468) | (934) |
Net (loss) income | (66,038) | 21,204 | (15,698) |
Net loss attributable to noncontrolling interests | 57,279 | 31,841 | 47,137 |
Net (loss) income attributable to Acadia | $ (8,759) | $ 53,045 | $ 31,439 |
Basic and diluted (loss) earnings per share | $ (0.10) | $ 0.62 | $ 0.38 |
Other | |||
Revenues | $ 4,482 | $ 4,137 | $ 5,173 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net (loss) income | $ (66,038) | $ 21,204 | $ (15,698) |
Other comprehensive loss: | |||
Unrealized loss on valuation of swap agreements | (74,236) | (35,674) | (2,659) |
Reclassification of realized interest on swap agreements | 15,203 | (872) | 71 |
Other comprehensive loss | (59,033) | (36,546) | (2,588) |
Comprehensive loss | (125,071) | (15,342) | (18,286) |
Comprehensive loss attributable to noncontrolling interests | 72,596 | 36,696 | 47,627 |
Comprehensive (loss) income attributable to Acadia | $ (52,475) | $ 21,354 | $ 29,341 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect of Change in Accounting Principle | Common Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Accumulated Earnings | Distributions in Excess of Accumulated EarningsCumulative Effect of Change in Accounting Principle | Total Common Shareholders? Equity | Total Common Shareholders? EquityCumulative Effect of Change in Accounting Principle | Noncontrolling Interests | Noncontrolling InterestsCumulative Effect of Change in Accounting Principle |
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 | 83,708,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 0 | 2,068 | 2,068 | (2,068) | |||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 117,000 | ||||||||||
Repurchase of Common Shares | (55,111) | $ (2) | (55,109) | (55,111) | |||||||
Repurchase of Common Shares (in shares) | (2,294,000) | ||||||||||
Dividends/distributions declared ($0.29, $1.13 and $1.09 per Common Share/OP Unit for Year Ended Dec 31, 2020, 2019 and 2018) | (96,010) | (89,122) | (89,122) | (6,888) | |||||||
Employee and trustee stock compensation, net | 12,948 | 574 | 574 | 12,374 | |||||||
Employee and trustee stock compensation, net (in Shares) | 26,000 | ||||||||||
Noncontrolling interest distributions | (24,793) | (24,793) | |||||||||
Noncontrolling interest contributions | 47,560 | 47,560 | |||||||||
Comprehensive (loss) income | (18,286) | (2,098) | 31,439 | 29,341 | (47,627) | ||||||
Reallocation of noncontrolling interests | 0 | 4,556 | 4,556 | (4,556) | |||||||
Balance at Dec. 31, 2018 | 2,081,947 | $ 82 | 1,548,603 | 516 | (89,696) | 1,459,505 | 622,442 | ||||
Balance (in Shares) at Dec. 31, 2018 | 81,557,000 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | $ 0 | 5,104 | 5,104 | (5,104) | |||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 308,000 | ||||||||||
Repurchase of Common Shares (in shares) | 0 | ||||||||||
Issuance of Common Shares | $ 145,498 | $ 5 | 145,493 | 145,498 | |||||||
Issuance of Common Shares | 5,164,000 | ||||||||||
Dividends/distributions declared ($0.29, $1.13 and $1.09 per Common Share/OP Unit for Year Ended Dec 31, 2020, 2019 and 2018) | (103,434) | (96,310) | (96,310) | (7,124) | |||||||
Employee and trustee stock compensation, net | 10,957 | 546 | 546 | 10,411 | |||||||
Employee and trustee stock compensation, net (in Shares) | 21,000 | ||||||||||
Noncontrolling interest distributions | (94,289) | (94,289) | |||||||||
Noncontrolling interest contributions | 161,628 | 161,628 | |||||||||
Comprehensive (loss) income | (15,342) | (31,691) | 53,045 | 21,354 | (36,696) | ||||||
Reallocation of noncontrolling interests | 0 | 6,611 | 6,611 | (6,611) | |||||||
Balance at Dec. 31, 2019 | $ 2,186,965 | $ (400) | $ 87 | 1,706,357 | (31,175) | (132,961) | $ (389) | 1,542,308 | $ (389) | 644,657 | $ (11) |
Balance (in Shares) at Dec. 31, 2019 | 87,050,465 | 87,050,000 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Acquisition of noncontrolling interest | $ 588 | (15,330) | (15,330) | 15,918 | |||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 0 | 6,544 | 6,544 | (6,544) | |||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 408,000 | ||||||||||
Repurchase of Common Shares | (22,386) | $ (1) | (22,385) | (22,386) | |||||||
Repurchase of Common Shares (in shares) | (1,219,000) | ||||||||||
Dividends/distributions declared ($0.29, $1.13 and $1.09 per Common Share/OP Unit for Year Ended Dec 31, 2020, 2019 and 2018) | (27,155) | (24,937) | (24,937) | (2,218) | |||||||
Employee and trustee stock compensation, net | 10,912 | 782 | 782 | 10,130 | |||||||
Employee and trustee stock compensation, net (in Shares) | 30,000 | ||||||||||
Noncontrolling interest distributions | (27,574) | (27,574) | |||||||||
Noncontrolling interest contributions | 52,674 | 52,674 | |||||||||
Comprehensive (loss) income | (125,071) | (43,716) | (8,759) | (52,475) | (72,596) | ||||||
Reallocation of noncontrolling interests | 0 | 7,197 | 7,197 | (7,197) | |||||||
Balance at Dec. 31, 2020 | $ 2,048,553 | $ 86 | $ 1,683,165 | $ (74,891) | $ (167,046) | $ 1,441,314 | $ 607,239 | ||||
Balance (in Shares) at Dec. 31, 2020 | 86,268,303 | 86,269,000 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Stockholders Equity [Abstract] | |||||
Cash dividends declared per common share (in dollars per share) | $ 0.29 | $ 0.28 | $ 0.29 | $ 1.13 | $ 1.09 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net (loss) income | $ (66,038) | $ 21,204 | $ (15,698) |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 149,793 | 125,443 | 117,549 |
Straight-line rents | (5,096) | (5,198) | (8,616) |
Noncash lease expense | 3,392 | ||
Net unrealized holding gains on investments | (72,391) | ||
Distributions of operating income from unconsolidated affiliates | 3,286 | 11,273 | 15,556 |
Equity in earnings and gains of unconsolidated affiliates | 1,237 | (8,922) | (9,302) |
Stock compensation expense | 10,912 | 10,957 | 12,948 |
Amortization of financing costs | 5,169 | 7,577 | 6,008 |
Impairment charges | 85,598 | 1,721 | |
Gain on disposition of properties | (683) | (30,324) | (5,140) |
Gain on debt extinguishment | (18,339) | ||
Allowance for credit loss | 24,770 | 2,625 | (87) |
Adjustments to straight-line rent reserves | 22,074 | 1,776 | 2,620 |
Deferred gain on tax credits | (5,034) | ||
Other, net | (8,753) | (11,627) | (11,768) |
Changes in assets and liabilities: | |||
Other liabilities | (4,208) | (4,466) | 6,161 |
Lease liability - operating leases | (1,579) | ||
Prepaid expenses and other assets | 32 | 8,198 | (7,168) |
Rents receivable, net | (29,810) | 342 | (3,961) |
Accounts payable and accrued expenses | 3,199 | 1,632 | (3,026) |
Net cash provided by operating activities | 102,565 | 127,177 | 96,076 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Acquisition of real estate | (21,208) | (319,673) | (147,985) |
Acquisition of leasehold interests | (39,031) | ||
Development, construction and property improvement costs | (40,483) | (89,270) | (94,834) |
Proceeds from the disposition of properties, net | 20,930 | 88,738 | 63,866 |
Investments in and advances to unconsolidated affiliates and other | (4,291) | (151,281) | (3,161) |
Return of capital from unconsolidated affiliates and other | 14,686 | 105,999 | 26,338 |
Issuance of or advances on notes receivable | (59,000) | (3,608) | (3,002) |
Proceeds from notes receivable | 15,250 | 26,000 | |
Return of deposits for properties under contract | 187 | 2,870 | 1,692 |
Payment of deferred leasing costs | (7,979) | (7,051) | (6,106) |
Change in control of previously unconsolidated affiliate | 950 | 573 | |
Net cash used in investing activities | (96,208) | (397,057) | (136,619) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Principal payments on mortgage and other notes | (55,449) | (168,211) | (81,726) |
Principal payments on unsecured debt | (136,490) | (521,600) | (632,300) |
Proceeds received on mortgage and other notes | 7,261 | 326,268 | 187,173 |
Proceeds from unsecured debt | 236,804 | 526,400 | 648,800 |
Payments of finance lease obligations | (903) | (2,749) | |
(Repurchase) proceeds from the sale of Common Shares | (22,386) | 145,498 | (55,111) |
Capital contributions from noncontrolling interests | 52,674 | 161,628 | 47,560 |
Distributions to noncontrolling interests | (31,461) | (101,370) | (31,568) |
Dividends paid to Common Shareholders | (50,182) | (93,902) | (88,887) |
Deferred financing and other costs | (2,311) | (6,920) | (4,219) |
Net cash (used in) provided by financing activities | (2,443) | 265,042 | (10,278) |
Increase (decrease) in cash and restricted cash | 3,914 | (4,838) | (50,821) |
Cash of $15,845, $21,268 and $74,823 and restricted cash of $14,165, $13,580 and $10,846, respectively, beginning of year | 30,010 | 34,848 | 85,669 |
Cash of $19,232, $15,845 and $21,268 and restricted cash of $14,692, $14,165 and $13,580, respectively, end of year | 33,924 | 30,010 | 34,848 |
Supplemental disclosure of cash flow information | |||
Cash paid during the period for interest, net of capitalized interest of $7,110 and $12,586 and $5,625 respectively | 72,392 | 53,586 | 61,832 |
Cash (received) paid for income taxes, net of refunds | (329) | 730 | 1,227 |
Supplemental disclosure of non-cash investing and financing activities | |||
Assumption of accounts payable and accrued expenses through acquisition of real estate | 116 | 4,666 | 2,597 |
Notes receivable exchanged for real estate | 72,430 | 13,530 | 22,201 |
Adjustment to equity as a result of the CECL implementation | 400 | ||
Distribution declared and payable on January 15, 2020 | 26,914 | ||
Right-of-use assets, finance leases (modified) obtained in exchange for finance lease liabilities | (70,427) | 16,349 | |
Right-of-use assets, finance leases obtained in exchange for assets under capital lease | 76,965 | ||
Right-of-use assets, operating leases obtained in exchange for operating lease liabilities | 33,189 | 57,165 | |
Capital lease obligation exchanged for finance lease liability | 71,111 | ||
Other liabilities exchanged for operating lease liabilities | 946 | ||
Assumption of debt through investments in unconsolidated affiliates | 4,688 | ||
Debt exchanged for deferred gain on tax credits | (5,262) | ||
Other assets exchanged for deferred gain on tax credits | 228 | ||
Right of use assets, operating leases modified in exchange for finance lease liabilities | (1,432) | ||
Change in control of previously unconsolidated (consolidated) investment | |||
Increase in real estate | (135,190) | 828 | (31,836) |
Decrease in investments in and advances to unconsolidated affiliates | 96,816 | (1,189) | 35,881 |
Change in other assets and liabilities | 1,238 | 12 | (3,472) |
Acquisition of noncontrolling interest asset | (588) | ||
Decrease in notes receivable | 38,674 | ||
Decrease in right-of-use assets, finance leases | 11,051 | ||
Decrease in finance lease liability | $ (10,702) | ||
Increase in cash and restricted cash upon change of control | $ 950 | $ 573 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Cash Flows [Abstract] | |||
Cash and cash equivalents | $ 19,232 | $ 15,845 | $ 21,268 |
Restricted cash | 14,692 | 14,165 | 13,580 |
Cash paid for capitalized interest | $ 7,110 | $ 12,586 | $ 5,625 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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, a Maryland real estate investment trust (collectively with its subsidiaries, 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 December 31, 2020 and 2019, the Company controlled approximately 95% and 94% 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 ). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest, par value $0.001 per share of the Company (“Common Shares”). This structure is referred to as an umbrella partnership REIT or “UPREIT.” As of December 31, 2020, the Company has ownership interests in 131 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 56 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” and collectively with Fund II, Fund III, and Fund IV, the “Funds”). The 187 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, invested in operating companies through Acadia Mervyn Investors I, LLC (“Mervyns I,” which was liquidated in 2018) and Acadia Mervyn Investors II, LLC (“Mervyns 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 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 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 December 31, 2020 (b) Unfunded Commitment (b, c) Equity Interest Held By Operating Partnership (a) Preferred Return Total Distributions as of December 31, 2020 (b, c) Fund II and Mervyns II (c) 6/2004 28.33 % $ 369.6 $ 15.7 28.33 % 8 % $ 169.8 Fund III 5/2007 24.54 % 448.1 1.9 24.54 % 6 % 568.8 Fund IV 5/2012 23.12 % 469.5 60.5 23.12 % 6 % 193.1 Fund V 8/2016 20.10 % 217.1 302.9 20.10 % 6 % 24.6 (a) Amount represents the current economic ownership at December 31, 2020, 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 , which amount was re-contribut ed to Fund II in April 202 0 . During June 2020, a distribution was made by Mervyn’s II to its investors which was re-contributed to Fund II in the amount of $ 7.5 million. During August 2020, a recallable distribution of $ 15.7 million was made by Mervyn’s II to its investors, of which $ 4.5 million was the Company’s share . COVID-19 Pandemic Impacts Beginning in March 2020, the COVID-19 Pandemic has adversely affected economic activity and significantly decreased consumer activity, both on a global and domestic level. The COVID-19 Pandemic and government responses created disruption in global supply chains and adversely impacting many industries, including the domestic retail sectors in which the Company’s tenants operate. The COVID-19 Pandemic could continue to have a material adverse impact on economic and market conditions and trigger a period of global economic slowdown. Under governmental restrictions and guidance, certain retailers were considered “essential businesses” and were permitted to remain fully operating during the COVID-19 Pandemic, while other “non-essential businesses” were ordered to decrease or close operations for an indeterminate period of time to protect their employees and customers from the spread of the virus. These disruptions, which continue to a lesser extent as of the date of this Report, have impacted the collectability of rent from the Company’s affected tenants. The Company cannot estimate with reasonable certainty which currently operating tenants will remain open or if and when non-operating retailers will re-open for business as the COVID-19 Pandemic progresses. While the Company considers disruptions related to the COVID-19 Pandemic to be temporary, if the disruptions are protracted or escalate, they may have a material, adverse effect on the Company’s revenues, results of operations, financial condition, and liquidity in future periods. Tenant Operating Status (Unaudited) – The following table illustrates the percentage of the Company’s consolidated and unconsolidated annualized base rents (“ABR”) derived from stores which were open or partially open for business as of the dates indicated: Percentage of Tenants Open for Business as of June 30, 2020 September 30, 2020 December 31 , 2020 Core 74 % 86 % 88 % Fund 74 % 88 % 82 % Rent Collections – The following table depicts collections of pre-COVID billings (original contract rents without regard to deferral or abatement agreements) and excludes the impact of any security deposits applied against tenant accounts as of the dates shown: Collections as of: September 30, 2020 for December 31, 2020 for Second Quarter 2020 Third Quarter 2020 Second Quarter 2020 Third Quarter 2020 Fourth Quarter 2020 Core 74 % 85 % 76 % 87 % 91 % Fund 65 % 77 % 67 % 79 % 82 % Earnings Impact – During the year ended December 31, 2020 , the Company assessed its reserves for collection losses with respect to its billed receivables and straight-line rents receivable which were negatively impacted by the COVID-19 Pandemic. The Company also entered into agreements with selected tenants for rent forgiveness related to the COVID-19 Pandemic which were recorded in the period the rent was forgiven. In addition, the Company determined that several properties were impaired at December 31, 2020 and March 31, 2020 ( Note 8 ). These collection losses, and rent abatements were recorded as a reduction of rental income in the consolidated statements of operations. The rental income reductions and impairment charges impacted net earnings and segment performance as follows: Year Ended December 31, 2020 Consolidated Non-Controlling Interests Unconsolidated Attributable to Acadia Credit Loss - Billed Rents Core $ 12,870 $ (37 ) $ 1,564 $ 14,397 Funds 11,901 (9,969 ) 1,017 2,949 Total 24,771 (10,006 ) 2,581 17,346 Straight - Line Rent Reserves Core 8,413 (86 ) 509 8,836 Funds 13,660 (11,184 ) 1,263 3,739 Total 22,073 (11,270 ) 1,772 12,575 Rent Abatements Core 1,616 — 868 2,484 Funds 419 (381 ) 56 94 Total 2,035 (381 ) 924 2,578 Impairment charges Core 419 — — 419 Funds 85,179 (65,004 ) — 20,175 Total 85,598 (65,004 ) — 20,594 COVID Earnings Impact Core 23,318 (123 ) 2,941 26,136 Funds 111,159 (86,538 ) 2,336 26,957 Total $ 134,477 $ (86,661 ) $ 5,277 $ 53,093 Other Impacts • Rent Concession Agreements – During the year ended December 31, 2020, the Company executed 288 rent concession arrangements with tenants including 226 agreements for rent deferral, 60 agreements for rent abatements and two modification. Of these deferral agreements, 217 were accounted for as if no changes to the contract were made and therefore there were no changes to the current or future recognition of revenue and $10.7 million of deferred receivables, excluding allowance for doubtful accounts of $2.4 million, are included in Rents receivable in the consolidated balance sheet at December 31, 2020. The impact of the rent abatements is depicted in the table above. • Occupancy (Unaudited) – At December 31, 2020, the Company’s pro rata Core and Fund leased occupancy rates were 90.9% and 88.3%, respectively, compared to 91.1% and 89.8%, respectively, at September 30, 2020 reflecting primarily non-renewals and terminations due to the COVID-19 Pandemic. • Bankruptcy Risk – Through December 31, 2020 there have been numerous bankruptcies of national retailers, some of which are tenants of the Company. Of these bankruptcies, the Core Portfolio has four operating stores, with ABR attributable to Acadia totaling $1.2 million, or 0.9% of Core ABR, and the Fund Portfolio has six operating stores, with ABR attributable to Acadia totaling $0.1 million, or 0.7% of Fund ABR, for which it is possible that these leases may be rejected in the future. During the fourth quarter of 2020, five Core Portfolio and 11 Fund tenants emerged from bankruptcy and resumed their leases with Acadia. • On March 27, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security (CARES) Act.” The CARES Act, among other things, includes provisions relating to refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, alternative minimum tax credit refunds, modifications to the net interest deduction limitations, increased limitations on qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property. It also appropriated funds for the SBA Paycheck Protection Program loans that are forgivable in certain situations to promote continued employment, as well as Economic Injury Disaster Loans to provide liquidity to small businesses harmed by the COVID-19 Pandemic. The Company did not borrow any funds under the SBA Paycheck Protection Program and CARES Act did not have a material effect on the Company, its financial condition, results of operations, or liquidity for 2020. See Note 16 for updates to some of these results through January 31, 2021. Basis of Presentation Segments At December 31, 2020, 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-level basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital. Principles of Consolidation The 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 FASB Accounting Standards Codification Topic 810 “Consolidation.” 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 (loss) income. Use of Estimates GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the 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. Reclassifications Certain prior year amounts with regard to right-of-use assets – operating leases, lease liabilities – operating leases and credit losses have been reclassified to conform to the current year presentation. These reclassifications had no effect on the reported results of operations. Summary of Significant Accounting Policies Real Estate Land, buildings, and personal property are carried at cost less accumulated depreciation. Improvements and significant renovations that extend the useful life of the properties are capitalized, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Real estate under development includes costs for significant property expansion and development. Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows: Buildings and improvements Useful lives of Furniture and fixtures Useful lives, ranging from Tenant improvements Shorter of economic life or lease terms Purchase Accounting – Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above- and below-market leases and acquired in-place leases) and acquired liabilities in accordance with and “ and allocates the acquisition price based on these assessments. When acquisitions of properties do not meet the criteria for business combinations, no goodwill is recorded and acquisition costs are capitalized The Company assesses fair value of its tangible assets acquired and assumed liabilities based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information at the measurement period. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. In determining the value of above- and below-market leases, the Company estimates the present value difference between contractual rent obligations and estimated market rate of leases at the time of the transaction. To the extent there were fixed-rate options at below-market rental rates, the Company included these along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized to rental income over the remaining applicable lease term, inclusive of any option periods. In determining the value of acquired in-place leases, the Company considers market conditions at the time of the transaction and values the costs to execute similar leases during the expected lease-up period from vacancy to existing occupancy, including carrying costs. The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off. The Company estimates the value of any assumption of mortgage debt based on market conditions at the time of acquisitions including prevailing interest rates, terms and ability to obtain financing for a similar asset. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument. Real Estate Under Development – The Company capitalizes certain costs related to the development of real estate. Interest and real estate taxes incurred during the period of the construction, expansion or development of real estate are capitalized and depreciated over the estimated useful life of the building. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed. Real Estate Impairment – The Company reviews its real estate, real estate under development and right-of-use assets for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates made by management, and considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its estimated fair value. See Note 8 for information about impairment charges recorded during the periods presented. Dispositions of Real Estate – The Company recognizes property sales in accordance with “ Sales of real estate include the sale of land, operating properties and investments in real estate joint ventures. Beginning January 1, 2018, gains on sale of investment properties are recognized, and the related real estate derecognized, when the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date upon transfer of the property’s ownership. Real Estate Held for Sale – The Company generally considers assets to be held for sale when it has entered into a contract to sell the property, all material due diligence requirements have been satisfied, and management believes it is probable that the disposition will occur within one year. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell. Notes Receivable Notes receivable include certain loans that are held for investment and are collateralized by real estate-related investments and may be subordinate to other senior loans. Notes receivable are reported net of allowance for credit loss and are recorded at stated principal amounts or at initial investment less accretive yield for loans purchased at a discount, which is accreted over the life of the note. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. The Company evaluates the collectability of both principal and interest based upon an assessment of the underlying collateral value to determine whether it is impaired. Allowance for credit loss represents management’s estimate of future losses based on national historical economic loss rates for similar obligations, management’s estimate of future economic impacts and factors specific to the borrower. Certain of the Company’s loans are considered “collateral dependent” in that settlement of the amount is likely to be achieved by obtaining access to the collateral (e.g. notes in default). The same valuation techniques are used to value the collateral for such collateral dependent instruments as those used to determine the fair value of real estate investments for impairment purposes. Given the small number of notes outstanding, the Company believes the characteristics of its notes are not sufficiently similar to allow an evaluation as a group for credit loss allowance. As such, all of the Company’s notes are evaluated individually for this purpose. Interest income on performing notes is accrued as earned. A note is placed on non-accrual status when, based upon current information and events, it is probable that the Company will not be able to collect all amounts due according to the existing contractual terms. Income accrual is generally suspended for loans when recovery of income and principal becomes doubtful. Interest received is then recorded as a reduction in the outstanding principal balance until the accrual is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms of the notes. Investments in and Advances to Unconsolidated Joint Ventures Some of the Company’s joint ventures obtain non-recourse third-party financing on their property investments, contractually limiting the Company’s exposure to losses. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability. When characterizing distributions from equity investees within the Company's consolidated statements of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered return of investment. In such cases, the distribution is classified as cash inflows from investing activities. To the extent that the Company’s carrying basis in an unconsolidated affiliate is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in (loss) earnings of unconsolidated affiliates the joint venture. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment, is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the periods presented there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the limits insured by the Federal Deposit Insurance Corporation. Restricted Cash Restricted cash consists principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy and property operating income requirements at specific properties as required by certain loan agreements. Deferred Costs External fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. External fees and costs incurred in connection with obtaining financing are deferred and amortized as a component of interest expense over the term of the related debt obligation on a straight-line basis, which approximates the effective interest method. Effective January 1, 2019, internal leasing costs are no longer being capitalized as discussed further below under ASU 2016-02. Derivative Instruments and Hedging Activities The Company measures derivative instruments at fair value and records them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. Although the Company's derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the consolidated balance sheets. The Company does not use derivatives for trading or speculative purposes. For the periods presented, all of the Company's derivatives qualified and were designated as cash flow hedges, and none of its derivatives were deemed ineffective. Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s consolidated balance sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s consolidated statements of operations . Noncontrolling interests also include amounts related to common and preferred OP Units issued to unrelated third parties in connection with certain property acquisitions. In addition, the Company periodically issues common OP Units and LTIPs to certain employees of the Company under its share-based incentive program. Unit holders generally have the right to redeem their units for Common Shares subject to blackout and other limitations. Common and restricted OP Units are included in the caption Noncontrolling interest within the equity section on the Company’s consolidated balance sheets. Revenue Recognition and Accounts Receivable Effective January 1, 2019, and as further described below, the Company accounts for its leases under ASC 842. Pursuant to ASC 842, the Company has made an accounting policy election to not separate the non-lease components from its leases, such as common area maintenance, and has accounted for each of its leases as a single lease component. In addition, the Company has elected to account only for those taxes that it pays on behalf of the tenant as reimbursable costs and will not account for those taxes paid directly by the tenant. Minimum rents from tenants are recognized using the straight-line method over the non-cancelable lease term of the respective leases. Lease termination fees are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. As of December 31, 2020 and 2019, unbilled rents receivable relating to the straight-lining of rents of $41.4 million and $48.4 million, respectively, are included in Rents Receivable, net on the accompanying consolidated balance sheets. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. The Company assesses the collectability of its accounts receivable related to tenant revenues. The Company applies the guidance under ASC 842 in assessing its rents receivable: if collection of rents under specific operating leases is not probable, then the Company recognizes the lesser of that lease’s rental income on a straight-line basis or cash received, plus variable rents as earned. Once this initial assessment is completed, the Company applies a general reserve, as provided under ASC 450-20, if applicable. Rents receivable at December 31, 2020 and 2019 are shown net of an allowance for doubtful accounts of $45.4 million and $11.4 million, respectively. Rental income for the years ended and 2018 are reported net of adjustments of $46.8 million, $4.4 million and $2.5 million respectively, to allowance for doubtful accounts reflecting additional reserves, net of write-offs and recoveries, during 2020 due to the impact of the COVID-19 Pandemic ( Note 1 ). Stock-Based Compensation Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. The Company recognizes these compensation costs for only those shares or units expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. The Company includes stock-based compensation within general and administrative expense on the consolidated statements of operations. Income Taxes The Company has made an election to be taxed, and believes it qualifies, as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To maintain REIT status for Federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to Federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. In connection with the REIT Modernization Act, the Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code. As such, the Company is subject to Federal and state income taxes on the income from these activities. The Tax Cut and Jobs Act was enacted in December 2017 and is generally effective for tax years beginning in 2018. This new legislation did not have a material adverse effect on the Company’s business and allows non-corporate shareholders to deduct a portion of the Company’s dividends. Although it may qualify for REIT status for federal income tax purposes, the Company is subject to state or local income or franchise taxes in certain jurisdictions in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s Taxable REIT Sub |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
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 for the periods presented (in thousands): December 31, 2020 December 31, 2019 Land $ 776,275 $ 756,297 Buildings and improvements 2,848,781 2,740,479 Tenant improvements 191,046 173,686 Construction in progress 5,751 13,617 Right-of-use assets - finance leases (Note 11) 25,086 102,055 Total 3,846,939 3,786,134 Less: Accumulated depreciation and amortization (586,800 ) (490,227 ) Operating real estate, net 3,260,139 3,295,907 Real estate under development 247,349 253,402 Net investments in real estate $ 3,507,488 $ 3,549,309 Acquisitions and Conversions During the years ended December 31, 2020 and 2019, the Company acquired the following consolidated retail properties and other real estate investments (dollars in thousands): Property and Location Percent Acquired Date of Acquisition Purchase Price 2020 Acquisitions and Conversions Core Soho Acquisitions - 37 Greene Street - New York, NY 100% Jan 9, 2020 $ 15,689 917 W. Armitage - Chicago, IL 100% Feb 13, 2020 3,515 Town Center - Wilmington, DE (Conversion) (Note 4) 100% Apr 1, 2020 138,939 Subtotal Core 158,143 Fund IV 230-240 W. Broughton Street - Savannah, GA 100% May 26, 2020 13,219 102 E. Broughton Street - Savannah, GA 100% May 26, 2020 790 Subtotal Fund IV 14,009 Total 2020 Acquisitions and Conversions $ 172,152 2019 Acquisitions Core Soho Acquisitions - 41, 45, 47, 51 and 53 Greene Street - New York, NY 100% Mar 15, 2019 Mar 27, 2019 May 29, 2019 Jul 30, 2019 Nov 8, 2019 $ 87,006 849, 907 and 912 W. Armitage - Chicago, IL 100% Sep 11, 2019 Dec 11, 2019 10,738 8436-8452 Melrose Place - Los Angeles, CA 100% Oct 25, 2019 48,691 Subtotal Core 146,435 Fund V Palm Coast Landing - Palm Coast, FL 100% May 6, 2019 36,644 Lincoln Commons - Lincoln, RI 100% Jun 21, 2019 54,299 Landstown Commons - Virginia Beach, VA 100% Aug 2, 2019 86,961 Subtotal Fund V 177,904 Total 2019 Acquisitions $ 324,339 For the years ended December 31, 2020 and 2019, the Company capitalized acquisition costs of $1.3 million and $2.6 million, respectively. No debt was assumed in any of the 2020 Acquisitions and Conversions or 2019 Acquisitions. Conversions represent notes receivable that were converted to an interest in the underlying collateral in a non-cash transaction. Purchase Price Allocations The purchase prices for the 2020 Acquisitions and Conversions and 2019 Acquisitions 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 years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 Year Ended December 31, 2019 Net Assets Acquired Land $ 25,440 $ 78,263 Buildings and improvements 123,459 221,185 Accounts receivable, prepaids and other assets 5,770 — Acquisition-related intangible assets ( Note 6 ) 23,061 34,972 Right-of-use asset - Operating lease (Note 11) 234 — Acquisition-related intangible liabilities ( Note 6 ) (4,569 ) (10,081 ) Lease liability - Operating lease (Note 11) (234 ) — Accounts payable and other liabilities (1,009 ) — Net assets acquired $ 172,152 $ 324,339 Consideration Cash $ 21,208 $ 319,673 Conversion of note receivable 38,674 — Conversion of accrued interest 1,995 — Liabilities assumed 116 4,666 Existing interest in previously unconsolidated investment 109,571 — Acquisition of noncontrolling interests 588 — Total consideration $ 172,152 $ 324,339 Dispositions During the years ended December 31, 2020 and 2019, the Company disposed of the following consolidated properties and other real estate investments (in thousands): Property and Location Owner Date Sold Sale Price Gain (Loss) on Sale 2020 Dispositions 163 Highland Ave. (Easement) - Needham, MA Core Mar 19, 2020 $ 238 $ 88 Colonie Plaza - Albany, NY Fund IV Apr 13, 2020 15,250 485 Airport Mall (Parcel) - Bangor, ME Fund IV Sep 10, 2020 400 24 Cortlandt Crossing (Sewer Project and Retention Pond) - Cortlandt, NY Fund III Nov 30, 2020 6,325 — Union Township (Parcel) - New Castle, PA Core Dec 11, 2020 200 86 Total 2020 Dispositions $ 22,413 $ 683 2019 Dispositions 3104 M Street - Washington, DC (Note 4) Fund III Jan 24, 2019 $ 10,500 $ 2,014 210 Bowery - 3 Residential Condos - New York, NY Fund IV May 17, 2019 Sep 23, 2019 Nov 7, 2019 8,826 (242 ) JFK Plaza - Waterville, ME Fund IV Jul 24, 2019 7,800 2,075 3780-3858 Nostrand Avenue - New York, NY Fund III Aug 22, 2019 27,650 2,562 938 W North Avenue - Chicago, IL Fund IV Sep 27, 2019 32,000 7,144 Pacesetter Park - Pomona, NY Core Oct 28, 2019 22,550 16,771 Total 2019 Dispositions $ 109,326 $ 30,324 The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): Year Ended December 31, 2020 2019 2018 Revenues $ 724 $ 9,786 $ 14,010 Expenses (1,018 ) (8,561 ) (11,946 ) Gain on disposition of properties 683 30,324 5,140 Net income attributable to noncontrolling interests (127 ) (10,770 ) (5,131 ) Net income attributable to Acadia $ 262 $ 20,779 $ 2,073 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): January 1, 2020 Year Ended December 31, 2020 December 31, 2020 Number of Properties Carrying Value Transfers In Capitalized Costs Transfers Out Number of Properties Carrying Value Core — $ 60,863 $ — $ 3,012 $ — — $ 63,875 Fund II (a) — 10,703 66,812 3,612 6,470 — 74,657 Fund III 1 36,240 — 70 13,171 1 23,139 Fund IV (b) 2 145,596 — 1,368 61,286 2 85,678 Total 3 $ 253,402 $ 66,812 $ 8,062 $ 80,927 3 $ 247,349 (a) Transfers in include $33.8 million of non-cash Fund II additions obtained through the conversion of a note receivable ( Note 3 ). (b) Transfers out include impairment charges totaling $16.5 million on two Fund IV development properties ( Note 8 ). January 1, 2019 Year Ended December 31, 2019 December 31, 2019 Number of Properties Carrying Value Transfers In Capitalized Costs Transfers Out Number of Properties Carrying Value Core 1 $ 7,759 $ 57,342 $ 5,581 $ 9,819 — $ 60,863 Fund II — 7,462 — 3,241 — — 10,703 Fund III 1 21,242 12,313 2,685 — 1 36,240 Fund IV 1 83,834 47,689 14,073 — 2 145,596 Total 3 $ 120,297 $ 117,344 $ 25,580 $ 9,819 3 $ 253,402 The number of properties in the tables above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. Fund II amounts relate to the City Point Phase III project and a portion of Phase II. During the year ended December 31, 2020, the Company: • placed a portion of one Fund III property, Cortlandt Crossing, into service • converted, in a non-cash transaction, a note receivable in exchange for construction improvements in the amount of $33.8 million ( Note 3 ) • recognized impairment charges totaling $16.5 million on two Fund IV properties ( Note 8 ) including 717 N. Michigan Avenue and 110 University Place • placed a portion of one Fund IV property, 146 Geary Street, into service, which was subsequently impaired ( Note 8 ) • placed a portion of Fund II’s City Point Phase II into development • suspended certain development projects due to aforementioned disruptions related to the COVID-19 Pandemic. Substantially all remaining development and redevelopment costs are discretionary and dependent upon the resumption of tenant interest. During the year ended December 31, 2019, the Company placed 1238 Wisconsin, an unconsolidated Core Portfolio property ( Note 4 ) and • a portion of City Center (Core) • a portion of Cortlandt Crossing (Fund III) • a portion of 110 University Place (Fund IV, Note 11 ); and • its 146 Geary Street property (Fund IV) During the year ended December 31, 2019, the Company placed one Core Portfolio development project, 56 E. Walton, into service. Construction in progress pertains to construction activity at the Company’s operating properties that are in service and continue to operate during the construction period. |
Notes Receivable, Net
Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2020 | |
Accounts And Notes Receivable Net [Abstract] | |
Notes Receivable, Net | 3. Notes Receivable, Net The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands): December 31, December 31, December 31, 2020 Description 2020 2019 Number Maturity Date Interest Rate Core Portfolio (a) $ 96,794 $ 76,467 6 Apr 2020 - Dec 2027 2.81% - 9.00% Fund II — 33,170 — Dec 2020 1.75% Fund III 5,306 5,306 1 Jul 2020 18.00% Total notes receivable 102,100 114,943 Allowance for credit loss (650 ) — Notes receivable, net $ 101,450 $ 114,943 7 (a) Includes two notes receivable from OP Unit holders, with balances totaling $6.5 million at December 31, 2020 and 2019. During the year ended December 31, 2020, the Company: • exchanged its Brandywine Note Receivable of $38.7 million plus accrued interest of $2.0 million for the remaining 24.78% undivided interest in Town Center on April 1, 2020 ( Note 4 ); • recorded credit loss reserves of $0.4 million upon the adoption of ASC 326 ( Note 1 ); • converted $33.8 million balance of a Fund II note receivable for interest in real estate on November 2, 2020 ( Note 2 ). Prior to the exchange, the note had been increased by the interest accrued during 2020 of $0.6 million; • made a Core loan for $54.0 million with an interest rate of 9% structured as a redeemable preferred equity investment in a property at 850 Third Avenue in Brooklyn, New York on January 14, 2020; • issued a new Core Portfolio note for $5.0 million with an interest rate of 8% collateralized by our partner’s 50% share of the LUF Portfolio ( Note 4 ) in Washington, D.C. effective February 1, 2020; and • recorded additional credit loss reserves of $0.3 million related to new transactions and recent market volatility. One Core Portfolio note aggregating $21.6 million including accrued interest (exclusive of default interest and other amounts due on the loan that have not been recognized) was in default at December 31, 2020 . During the year ended December 31, 2019, the Company: • redeemed its $15.3 million Fund IV investment plus accrued interest of $10.0 million; • provided seller financing to the buyer in the amount of $13.5 million with an effective interest rate of 5.1%, collateralized by Pacesetter Park, in connection with the sale of the property ( Note 2 ); • funded an additional $4.3 million on a Core Portfolio note receivable from an OP Unit holder; • increased the balance of a Fund II note receivable by the interest accrued of $0.4 million; • stopped accruing interest on one Fund III loan, due to the estimated market value of the collateral. The note had $4.7 million of accrued interest at each of December 31, 2018 and December 31, 2019 and was guaranteed by a third party; and • modified one Core loan to defer $0.4 million of interest until maturity. Subsequent to modification, the first mortgage, which aggregated $20.8 million including accrued interest, was in default as of December 31, 2019. 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 ). See Note 16 for information about investments subsequent to December 31, 2020. The Company’s estimated reserve for credit losses related to its Structured Financing segment has been computed for its amortized cost basis in the portfolio, including accrued interest ( Note 5 , |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 12 Months Ended |
Dec. 31, 2020 | |
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): Ownership Interest December 31, December 31, Portfolio Property December 31, 2020 2020 2019 Core: 840 N. Michigan (a) 88.43% $ 55,863 $ 61,260 Renaissance Portfolio 20% 29,270 31,815 Gotham Plaza 49% 28,683 29,466 Town Center (a, b) 100% — 97,674 Georgetown Portfolio 50% 4,624 4,498 1238 Wisconsin Avenue 80% 2,571 1,194 121,011 225,907 Mervyns I & II: KLA/ABS (c) 36.7% 72,391 402 Fund III: Fund III Other Portfolio 94.23% — 17 Self Storage Management (d) 95% 207 207 207 224 Fund IV: Broughton Street Portfolio (e) 100% — 12,702 Fund IV Other Portfolio 98.57% 11,719 14,733 650 Bald Hill Road 90% 12,550 12,450 24,269 39,885 Fund V: Family Center at Riverdale (a) 89.42% 11,824 13,329 Tri-City Plaza (h) 90% 7,024 10,250 Frederick County Acquisitions 90% 10,837 15,070 29,685 38,649 Various: Due from (to) Related Parties 363 (1,902 ) Other (f) 1,881 1,932 Investments in and advances to unconsolidated affiliates $ 249,807 $ 305,097 Core: Crossroads (g) 49% $ 15,616 $ 15,362 Distributions in excess of income from, and investments in, unconsolidated affiliates $ 15,616 $ 15,362 (a) Represents a tenancy-in-common interest. (b) During November 2017, March 2018 and April 2020, as discussed below, the Company gradually increased its ownership to 100% and consolidated Town Center. (c) Includes an interest in Albertsons (at fair value at December 31, 2020 and at cost at December 31, 2019, as described below ( Note 8 (d) Represents a variable interest entity for which the Company was determined not to be the primary beneficiary. (e) During May 2020, as discussed below, the Company increased its ownership in Broughton Street Portfolio to 100% and consolidated the underlying properties. (f) Includes cost-method investments in, Storage Post, Fifth Wall and other investments. ( g ) 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 Investments On January 24, 2019, the Renaissance Portfolio, in which the Company owns a 20% noncontrolling interest, acquired a 7,300 square foot property in Fund III’s 3104 M Street property located in Washington, D.C. for $10.7 million ( Note 2 ) less the assumption of the outstanding mortgage of $4.7 million. On August 8, 2019, the Company invested $1.8 million in Fifth Wall Ventures Retail Fund, L.P. (“Fifth Wall”). During the fourth quarter 2019, the Company invested another $0.2 million. The Company’s total commitment is $5.0 million. The Company accounts for its interest at cost less impairment given its ownership is less than five percent, and the Company has virtually no influence over the partnership’s operating and financial policies. During the fourth quarter of 2020, the Company impaired $0.4 million for this investment ( Note 8 ) reflecting management’s estimate of fair value at that date. At December 31, 2020, the Company’s investment was $1.7 million. On May 2, 2019, the Company acquired a ground lease interest at 1238 Wisconsin Avenue in Washington, D.C. (“1238 Wisconsin”). Prior to the fourth quarter of 2019, the Company had a controlling interest, and therefore consolidated the property within the Company’s financial statements. During December 2019, the Company entered into an operating agreement in order to admit a co-investor and property manager, who was also appointed the development manager under a separate agreement. As a result of these transactions and the significant participation rights of the co-investor, the Company de-consolidated 1238 Wisconsin and accounted for its interest under the equity method of accounting effective October 1, 2019 as it does not control but exercises significant influence over the investment. No gain or loss was recognized as the Company’s investment approximated fair value at the time of de-consolidation. Brandywine Portfolio, Market Square and Town Center The Company owns an interest in an approximately one Note 7 ) and which is 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 ) plus accrued interest of $0.3 million for one of the partner’s 38.89% tenancy-in-common interests in Market Square. The Company already had a 22.22% interest in Market Square and continued to apply the equity method of accounting for its aggregate 61.11% noncontrolling interest in Market Square and its 22.22% interest in Town Center through November 16, 2017. The incremental investment in Market Square was recorded at $16.3 million and the excess of this amount over the venture’s book value associated with this interest, or $9.8 million, was being amortized over the remaining depreciable lives of the venture’s assets through November 16, 2017. On November 16, 2017, the Company exchanged an additional $16.0 million of Brandywine Notes Receivable plus accrued interest of $0.6 million for the remaining 38.89% interest in Market Square, thereby obtaining a 100% controlling interest in the property. 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 continued to apply the equity method of accounting for its aggregate 75.22% noncontrolling interest in Town Center after the March 2018 transaction. On April 1, 2020, the Company exchanged the remaining $38.7 million of Brandywine Notes Receivable ( Note 3 ), plus accrued interest of $2.0 million for the remaining 24.78% interest in Town Center, thereby obtaining a 100% controlling interest in the property. The property was then consolidated ( Note 2 ) and the Company recorded the remaining interest in the property investment at the carrying value of the notes. Fund Investments Acquisitions of Unconsolidated Investments On March 19, 2019, Fund V obtained an 99.35% interest in a joint venture which in turn obtained a 90% undivided interest in a 428,000 square-foot property located in Riverdale, Utah referred to as “Family Center at Riverdale” for $48.5 million. The property is held by the venture as a tenancy in common. The Company accounts for its interest in the Family Center at Riverdale under the equity method of accounting as it does not control but exercises significant influence over the investment. On April 30, 2019, Fund V acquired a 90% interest in a venture which invested in a 300,000 square-foot property located in Vernon, Connecticut referred to as “Tri-City Plaza” for $36.7 million. The Company accounts for its interest in Tri-City Plaza under the equity method of accounting as it does not control but exercises significant influence over the investment. On August 21, 2019, Fund V acquired a 90% interest in a venture which invested in a 225,000 square foot property and a 300,000 square foot property, both located in Frederick County, Maryland collectively referred to as the “Frederick County Acquisitions” for $21.8 million and $33.1 million, respectively. The Company accounts for its interest in the Frederick County Acquisitions under the equity method of accounting as it does not control but exercises significant influence over the investment. Broughton Street Portfolio During 2014, Fund IV acquired 50% interests in two joint ventures referred to as “BSP I” and “BSP II” with the same venture partner to acquire and operate a total of 23 properties in Savannah, Georgia referred to as the “Broughton Street Portfolio.” Since that time, as described below, the ventures have sold eight of the properties and terminated the master leases on two of the properties. In October 2018, the venture partner relinquished its interest in BSP I, resulting in Fund IV becoming the 100% owner of the BSP I venture, which holds 11 consolidated properties ( Note 2 ) On May 26, 2020, pursuant to the buy-sell provisions of the operating agreement of the Broughton Street Portfolio, Fund IV acquired all of the third-party equity of BSP II, which underlies two properties within Broughton Street Portfolio, for $1.3 million in a non-monetary exchange. These two BSP II properties were consolidated during the second quarter of 2020. Storage Post On June 29, 2019, Fund III’s Storage Post venture, which is a cost method investment with no carrying value distributed $1.6 million, of which the Operating Partnership’s share was $0.4 million. Albertsons During 2006, as part of a series of investments with a consortium of other investors known as the “RCP Venture”, Mervyns II acquired an indirect interest in Albertsons Companies, Inc., a private chain of grocery stores (“Albertsons”) through two 36.67% owned entities (KLA A Investments, LLC and ABS Opportunities, LLC, “KLA/ABS”). Its investment (the “Investment in Albertsons”) has been accounted for under the cost method as Mervyns II has no influence over operating and financial policies of KLA/ABS. Subsequent to the initial investment in 2006, Mervyns II received distributions from its Investment in Albertsons in excess of its initial contribution, which has been recognized in earnings. During the second and fourth quarters of 2020, Mervyns II realized gains of approximately $22.8 million and $0.4 million, respectively, from its Investment in Albertsons. The realized gains during the second quarter of 2020 resulted from the issuance and distribution of proceeds from a preferred equity investment and a sale of a portion of its investment in an initial public offering of Albertsons, both of which occurred in June 2020. Following these transactions, Mervyns II has retained an effective indirect ownership of approximately 4.1 million shares (approximately 1% interest) through its Investment in Albertsons, which it has accounted for at fair value following the initial public offering given the readily determinable fair value, resulting in an unrealized gain of approximately $64.9 million. During the year ended December 31, 2020, the Company recorded an additional net unrealized holding gain of $7.5 million reflecting the change in fair value of its Investment in Albertsons. The Company has reflected both the realized and net unrealized gain or loss as Realized and unrealized holding gains on investments and other within its consolidated statements of operations for the year ended December 31, 2020. The Company has an effective ownership interest of 28.33% in Mervyns II. Fees from Unconsolidated Affiliates The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $0.4 million, $0.3 million and $0.5 million for the years ended December 31, 2020, 2019 and 2018, respectively, which is included in other revenues in the consolidated statements of operations. In addition, the Company paid to certain unaffiliated partners of its joint ventures, $2.1 million and $1.3 million and $1.7 million for the years ended December 31, 2020, 2019 and 2018, 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 Operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates (in thousands): December 31, 2020 December 31, 2019 Combined and Condensed Balance Sheets Assets: Rental property, net $ 563,997 $ 656,265 Real estate under development 14,517 1,341 Other assets 61,969 85,540 Total assets $ 640,483 $ 743,146 Liabilities and partners’ equity: Mortgage notes payable $ 512,490 $ 502,036 Other liabilities 74,872 77,785 Partners’ equity 53,121 163,325 Total liabilities and partners’ equity $ 640,483 $ 743,146 Company's share of accumulated equity $ 100,767 $ 186,864 Basis differential 55,017 100,962 Deferred fees, net of portion related to the Company's interest 3,565 1,270 Amounts receivable/payable by the Company 363 (1,902 ) Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates 159,712 287,194 Cost method investments 74,479 2,541 Company's share of distributions in excess of income from and investments in unconsolidated affiliates 15,616 15,362 Investments in and advances to unconsolidated affiliates $ 249,807 $ 305,097 Year Ended December 31, 2020 2019 2018 Combined and Condensed Statements of Operations Total revenues $ 73,478 $ 88,893 $ 79,555 Operating and other expenses (26,389 ) (24,932 ) (22,957 ) Interest expense (20,172 ) (21,874 ) (19,954 ) Depreciation and amortization (28,102 ) (25,358 ) (22,228 ) Loss on disposition of properties — — (1,673 ) Net (loss) income attributable to unconsolidated affiliates $ (1,185 ) $ 16,729 $ 12,743 Company’s share of equity in net (loss) income of unconsolidated affiliates $ 965 $ 11,772 $ 12,345 Basis differential amortization (2,202 ) (2,850 ) (3,043 ) Company’s equity in (losses) earnings of unconsolidated affiliates $ (1,237 ) $ 8,922 $ 9,302 |
Other Assets, Net and Accounts
Other Assets, Net and Accounts Payable and Other Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
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: (in thousands) December 31, 2020 December 31, 2019 Other Assets, Net: Lease intangibles, net ( Note 6 ) $ 100,732 $ 116,820 Deferred charges, net (a) 30,488 28,746 Prepaid expenses 17,468 18,873 Accrued interest receivable 13,917 9,872 Due from seller 3,682 3,682 Income taxes receivable 2,433 1,755 Other receivables 2,058 3,996 Deposits 1,728 1,853 Corporate assets, net 1,302 1,565 Derivative financial instruments ( Note 8 ) 1 2,583 Deferred tax assets — 913 $ 173,809 $ 190,658 (a) Deferred Charges, Net: Deferred leasing and other costs $ 57,533 $ 49,081 Deferred financing costs related to line of credit 11,341 10,051 68,874 59,132 Accumulated amortization (38,386 ) (30,386 ) Deferred charges, net $ 30,488 $ 28,746 Accounts Payable and Other Liabilities: Derivative financial instruments ( Note 8 ) $ 90,139 $ 39,061 Lease intangibles, net ( Note 6 ) 76,434 82,926 Accounts payable and accrued expenses 53,031 68,838 Deferred income 31,842 33,682 Tenant security deposits, escrow and other 12,178 12,590 Lease liability - finance leases, net ( Note 11 6,287 77,657 $ 269,911 $ 314,754 |
Lease Intangibles
Lease Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
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 Accounts payable and other liabilities ( Note 5 ) on the consolidated balance sheet and summarized as follows (in thousands): December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease intangible assets $ 268,335 $ (171,856 ) $ 96,479 $ 249,961 $ (137,108 ) $ 112,853 Above-market rent 19,188 (14,935 ) 4,253 17,227 (13,260 ) 3,967 $ 287,523 $ (186,791 ) $ 100,732 $ 267,188 $ (150,368 ) $ 116,820 Amortizable Intangible Liabilities Below-market rent $ (164,923 ) $ 88,951 $ (75,972 ) $ (160,721 ) $ 78,315 $ (82,406 ) Above-market ground lease (671 ) 209 (462 ) (671 ) 151 (520 ) $ (165,594 ) $ 89,160 $ (76,434 ) $ (161,392 ) $ 78,466 $ (82,926 ) During the year ended December 31, 2020, the Company acquired in-place lease intangible assets of $21.0 million, above-market rents of $2.0 million, and below-market rents of $4.6 million with weighted-average useful lives of 4.9, 5.8, and 20.2 years, respectively. During the year ended December 31, 2019, the Company acquired in-place lease intangible assets of $36.1 million, above-market rents of $0.6 million, and below-market rents of $10.4 million with weighted-average useful lives of 7.9, 6.7, and 21.7 years, respectively. 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 operations. Amortization of above-market ground leases are recorded as a reduction to rent expense in the consolidated statements of operations. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2020 is as follows (in thousands): Years Ending December 31, Net Increase in Lease Revenues Increase to Amortization Reduction of Rent Expense Net (Expense) Income 2021 $ 6,920 $ (24,599 ) $ 58 $ (17,621 ) 2022 6,251 (18,089 ) 58 (11,780 ) 2023 5,784 (13,428 ) 58 (7,586 ) 2024 5,433 (9,486 ) 58 (3,995 ) 2025 4,767 (8,376 ) 58 (3,551 ) Thereafter 42,564 (22,501 ) 172 20,235 Total $ 71,719 $ (96,479 ) $ 462 $ (24,298 ) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, December 31, Maturity Date at December 31, December 31, 2020 2019 December 31, 2020 2020 2019 Mortgages Payable Core Fixed Rate 3.88%-5.89% 3.88%-6.00% Feb 2024 - Apr 2035 $ 147,810 $ 176,176 Core Variable Rate - Swapped (a) 3.41%-4.54% 3.41%-4.54% Jan 2023 - Nov 2028 80,500 81,559 Total Core Mortgages Payable 228,310 257,735 Fund II Fixed Rate — 4.75% — 200,000 Fund II Variable Rate LIBOR+3.00% - PRIME+2.00% LIBOR+3.00% Mar 2022 - May 2022 228,282 24,225 Fund II Variable Rate - Swapped (a) 2.88% 2.88% Nov 2021 18,803 19,073 Total Fund II Mortgages Payable 247,085 243,298 Fund III Variable Rate LIBOR+2.75%-LIBOR+3.10% LIBOR+2.75%-LIBOR+3.10% Jun 2021 - Jul 2022 71,918 74,554 Fund IV Fixed Rate 3.40%-4.50% 3.40%-4.50% Oct 2025 - Jun 2026 6,726 8,189 Fund IV Variable Rate LIBOR+1.60%-LIBOR+3.40% LIBOR+1.60%-LIBOR+3.40% Feb 2021 - Oct 2025 175,009 157,015 Fund IV Variable Rate - Swapped (a) 3.48%-4.61% 3.48%-4.61% Apr 2022 - Dec 2022 66,590 102,699 Total Fund IV Mortgages Payable 248,325 267,903 Fund V Variable Rate LIBOR+1.50%-LIBOR+2.20% LIBOR+1.50%-LIBOR+2.20% Feb 2021 - Dec 2024 1,354 1,387 Fund V Variable Rate - Swapped (a) 2.95%-4.78% 2.95%-4.78% Feb 2021 - Dec 2024 334,323 334,626 Total Fund V Mortgage Payable 335,677 336,013 Net unamortized debt issuance costs (6,507 ) (10,078 ) Unamortized premium 548 651 Total Mortgages Payable $ 1,125,356 $ 1,170,076 Unsecured Notes Payable Core Variable Rate Unsecured Term Loans LIBOR+2.55% — Jun 2021 $ 30,000 $ — Core Variable Rate Unsecured Term Loans - Swapped (a) 2.49%-5.02% 2.49%-5.02% Mar 2023 350,000 350,000 Total Core Unsecured Notes Payable 380,000 350,000 Fund II Unsecured Notes Payable LIBOR+1.65% LIBOR+1.65% Sep 2021 40,000 40,000 Fund IV Term Loan/Subscription Facility LIBOR+1.90%-LIBOR+2.00% LIBOR+1.65%-LIBOR+2.00% Jun 2021 - Dec 2021 80,089 87,625 Fund V Subscription Facility LIBOR+1.60% — May 2021 250 — Net unamortized debt issuance costs (256 ) (305 ) Total Unsecured Notes Payable $ 500,083 $ 477,320 Unsecured Line of Credit Core Unsecured Line of Credit -Swapped (a) 2.49%-5.02% 2.49%-5.02% Mar 2022 $ 138,400 $ 60,800 Total Debt - Fixed Rate (b, c ) $ 1,143,152 $ 1,403,324 Total Debt - Variable Rate (d) 626,902 314,604 Total Debt 1,770,054 1,717,928 Net unamortized debt issuance costs (6,763 ) (10,383 ) Unamortized premium 548 651 Total Indebtedness $ 1,763,839 $ 1,708,196 (a) At December 31, 2020, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.90% LIBOR + 1.39% LIBOR + 2.75% to LIBOR + 3.10% LIBOR + 1.75% to LIBOR +2.25% LIBOR + 1.50% to LIBOR + 2.20% LIBOR + 1.25% (b) Includes $988.6 million and $948.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. (c) Fixed-rate debt at December 31, 2020 and 2019 includes $3.2 million and $70.2 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds. (d) Includes $139.2 million and $143.3 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 + 1.40% and a $350.0 million senior unsecured term loan (the “Term Loan”) which bears interest at LIBOR + 1.30%. On October 8, 2019, the Company modified the Credit Facility, which provided for a $100.0 million increase in the Revolver. This amendment resulted in borrowing capacity of up to $600.0 million in principal amount, which includes a $250.0 million revolving credit facility maturing on March 31, 2022, subject to an extension option, and a $350.0 million Term Loan expiring on March 31, 2023. In addition, the amendment provides for revisions to the accordion feature, which allows for one or more increases in the revolving credit facility or term loan facility, for a maximum aggregate principal amount not to exceed $750.0 million. On December 17, 2020, the Company modified certain of its financial covenants on its Credit Facility, along with its $30.0 million Core Term Loan, which had no impact on its borrowing capacity. Mortgages Payable During the year ended December 31, 2020, the Company: • extended the maturity date of a $200.0 million Fund II loan from May 2020 to May 2022. In addition, the Company extended seven Fund mortgages, two of which were extended for one year during the first quarter with aggregate outstanding balances of $46.0 million at December 31, 2020, two of which was extended for one year during the second quarter with an aggregate outstanding balance of $51.3 million at December 31, 2020, one of which were extended for one year during the third quarter with aggregate outstanding balances of $40.0 million at December 31, 2020, and two of which were extended for a minimum of one year during the fourth quarter with aggregate outstanding balances of $88.0 million at December 31, 2020; • modified the terms of one Fund IV $23.8 million mortgage, which had $18.9 million outstanding, in June 2020 to adjust the allowable timing of draws. At closing, an additional $1.0 million was drawn and in July 2020 an additional $0.9 million was drawn. The Company also modified one Fund III and two Fund IV loans aggregating $103.4 million requiring the repayment of $11.5 million; • entered into two swap agreements in February 2020 each with notional values of $50.0 million, which are not effective until April 2022 and April 2023. In July 2020, two previously-executed forward swap agreements took effect with current notional values as of December 31, 2020 of $30.4 million each ( Note 8 ); • repaid one Core mortgage of $26.3 million in connection with the litigation settlement discussed below and one Fund IV mortgage of $11.6 million in connection with the sale of Colonie Plaza in April 2020 ( Note 2 ); and • made scheduled principal payments of $6.1 million. During the year ended December 31, 2019, the Company: • obtained one new Fund II construction loan, three new Fund IV mortgages and five new Fund V mortgages totaling $258.9 million with a weighted-average interest rate of LIBOR + 1.70% collateralized by nine properties and maturing in 2022 through 2024; • refinanced three mortgages with existing balances totaling $69.0 million at a weighted-average rate of LIBOR + 2.08% and maturities ranging from May 2019 to January 2021 with new mortgages totaling $71.8 million with a weighted-average rate of LIBOR + 1.86% and maturities ranging from April 2022 through December 2024 • transferred a Fund III mortgage with a balance of $4.7 million and an interest rate of Prime + 0.5% which was assumed by the purchasing venture in a property sale ( Note 2 ). The Company repaid one Fund III loan in the amount of $9.8 million and two Fund IV loans in the aggregate amount of $18.4 million in connection with the sale of the properties. The Company also repaid a Fund IV loan in full, which had a balance of $38.2 million and an interest rate of LIBOR + 2.35%. The Company also made scheduled principal payments of $5.9 million; • modified three loans with prior borrowing capacity totaling $135.9 million at a weighted-average rate of LIBOR + 3.65% and maturities ranging from November 2019 through January 2020 by obtaining new commitments totaling $125.3 million with a weighted-average rate of LIBOR + 2.96% and maturities ranging from December 2020 through May 2021; and • entered into interest rate swap contracts to effectively fix the variable portion of the interest rates of all nine new obligations and two of the refinanced obligations with a notional value of $283.6 million at a weighted-average interest rate of 1.78%. At December 31, 2020 a Fund mortgage and a Fund IV term loan aggregating $115.2 million, or $27.1 million at the Company’s share, had not met their liquidity requirements. In addition, at that same date, three Fund mortgages aggregating $124.1 million, or $25.6 million at the Company’s share, had not met their debt yield and/or debt service coverage ratio requirements. Some of these lenders may require cash sweeps of property rents until these conditions are remedied. At December 31, 2020 and 2019, the Company’s mortgages were collateralized by 42 and 44 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. The Company is not in default on any of its loan agreements, except as noted below. 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 collateralized by the property held by Brandywine Holdings in the Core Portfolio, was in default and subject to litigation at December 31, 2019. The loan was originated in June 2006 and had an original principal amount of $26.3 million and a scheduled maturity of July 1, 2016. By maturity, the loan was in default. The loan bore interest at a stated rate of approximately 6.00% and was subject to additional default interest of 5.00%. In April 2017, the successor to the original lender, Wilmington – 5190 Brandywine Parkway, LLC (the “Successor Lender”), initiated lawsuits against Brandywine Holdings in Delaware Superior Court and Delaware Court of Chancery for, among other things, judgment on the note (the “Note Complaint”) and foreclosure on the property. In a contemporaneously filed action in Delaware Superior Court (the “Guaranty Complaint”), the Successor Lender also initiated a lawsuit against the Operating Partnership as guarantor of certain guaranteed obligations of Brandywine Holdings set forth in a non-recourse carve-out guaranty executed by the Operating Partnership. The Guaranty Complaint alleged that the Operating Partnership was liable for the original principal, accrued interest, default interest, late charges as well as fees, costs and protective advances, under the Brandywine Loan, which the Successor Lender alleged totaled approximately $33.0 million as of November 9, 2017 (exclusive of accruing interest, default interest, late charges, and fees and costs). In August 2019, the Delaware Superior Court heard arguments on the parties’ cross-motions for summary judgment regarding both the Guaranty Complaint and the Note Complaint. On February 7, 2020, the Delaware Superior Court granted in part the Successor Lender’s motion, and denied Brandywine Holdings’ and the Operating Partnership’s cross-motion, for summary judgment, finding that each of Brandywine Holdings and the Operating Partnership had recourse liability under the Brandywine Loan and requesting the parties to contact the Court regarding a hearing of any additional outstanding issues. On June 24, 2020, the Successor Lender filed a motion to (i) amend the Note Complaint and Guaranty Complaint in order to increase the alleged balance under the Brandywine Loan to $46.8 million as of March 31, 2020, plus default interest of $0.3 million and additional attorneys’ fees of $0.2 million from April 1, 2020 to April 23, 2020, minus suspense funds of $1.5 million, and (ii) for entry of judgment in the foregoing amounts. Brandywine Holdings and the Operating Partnership opposed the motion. By Final Order and Judgment, entered July 27, 2020, the Delaware Superior Court denied the Successor Lender’s motion, and entered judgment against Brandywine Holdings and the Operating Partnership, jointly and severally, in the amount of $33.2 million, plus accruing interest and default interest in the total amount of $8,017 per diem from and after November 10, 2017 through the date of entry of judgment, less $1.3 million in “suspense funds” (consisting of unapplied property collections minus unapplied fees (including attorneys’ fees), costs, and protective advances made on Successor Lender’s behalf), together with post judgment interest, accruing after the entry of judgment, at the contract rate of interest agreed to by the parties. In connection with the Final Order and Judgment, during the three months ended June 30, 2020, the Company recorded an additional $6.8 million related primarily to legal and other costs of which the Company’s proportionate share was $1.5 million. Brandywine Holdings and the Operating Partnership filed a notice of appeal of the ruling by the Delaware Superior Court and the lender filed a notice of cross-appeal. On October 2, 2020, on request of all parties to the litigation, the appeal and cross-appeal were stayed by the Supreme Court of Delaware for a period of 90 days so that the parties could pursue settlement of the litigation. On October 30, 2020, the Company settled the litigation for approximately $30.0 million resulting in a gain on debt extinguishment of $18.3 million reflected in Realized and unrealized holding gains on investments and other in the consolidated statement of operations, of which the Company’s proportionate share was $4.1 million. Upon settlement of this litigation, the Company obtained its partner’s 78.22% noncontrolling interest for nominal consideration, resulting in a negative adjustment of $15.9 million to equity ( Note 10 ). During the third quarter of 2019, the Company recognized income of $5.0 million related to Fund II’s New Market Tax Credit transaction (“NMTC”) involving its City Point project. NMTCs were created to encourage economic development in low income communities and provided for a 39% tax credit on certain qualifying invested equity/loans. In 2012, the NMTCs were transferred to a group of investors (“Investors”) in exchange for $5.2 million. The NMTCs were subject to recapture under various circumstances, including redemption of the loan/investment prior to a requisite seven-year hold period, and recognition of income was deferred. Upon the expiration of the seven-year Unsecured Notes Payable Unsecured notes payable for which total availability was $128.7 million and $152.5 million at December 31, 2020 and 2019, respectively, are comprised of the following: • The outstanding balance of the Core term loan was $350.0 • On July 1, 2020, the Company obtained an additional $30.0 million Core term loan, with an accordion option to increase up to $90.0 million. This term loan matures on June 30, 2021 and bears interest at LIBOR plus 2.55% with a LIBOR floor of 0.75%. The outstanding balance and total availability at December 31, 2020 was $30.0 million and $0, respectively. • 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 $40.0 million at each of December 31, 2020 and 2019. Total availability was $0.0 at each of December 31, 2020 and 2019. • Fund IV has a $79.2 million bridge facility and a $5.0 million subscription line which was modified from the previous limit of $15.0 million during the fourth quarter of 2020. The bridge facility is guaranteed by the Operating partnership up to $50.8 million. The outstanding balance and total available credit of the Fund IV bridge facility was $79.2 million and $0 • Fund V has a $150.0 million subscription line collateralized by Fund V’s unfunded capital commitments and to the extent of Acadia’s capital commitments, is guaranteed by the Operating Partnership. During the year ended December 31, 2020, the Company modified the $150.0 million Fund V Subscription line and extended the due date from May 2020 to May 2021. The outstanding balance and total available credit of the Fund V subscription line was $0.3 million and $128.2 million, respectively at December 31, 2020 reflecting letters of credit of $21.5 million. The outstanding balance and total available credit of the Fund V subscription line was $0 and $150.0 million, respectively at December 31, 2019. Unsecured Revolving Line of Credit The Company had a total of $101.1 million and $173.6 million, respectively, available under its $250.0 million Core Revolver, reflecting borrowings of $138.4 and $60.8 million and letters of credit of $10.5 million and $15.6 million at December 31, 2020 and 2019, respectively. At each of December 31, 2020 and 2019, all of the Core unsecured revolving line of credit was swapped to a fixed rate. Scheduled Debt Principal Payments The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of December 31, 2020 are as follows (in thousands): Year Ending December 31, 2021 $ 416,614 2022 528,008 2023 415,506 2024 212,020 2025 65,325 Thereafter 132,581 1,770,054 Unamortized premium 548 Net unamortized debt issuance costs (6,763 ) Total indebtedness $ 1,763,839 The table above does not reflect available extension options (subject to customary conditions) on consolidated debt of $231.3 million contractually due in 2021, $266.3 million contractually due in 2022, and $41.5 million contractually due in 2023; all for which the Company has available options to extend by up to 12 months and for some an additional 12 months thereafter. However, there can be no assurance that the Company will be able to successfully execute any or all of its available extension options. See Note 4 for information about liabilities of the Company’s unconsolidated affiliates. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
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 at times have zero balances and are included in Cash and cash equivalents in the consolidated financial statements, and 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. Equity Investments –Albertsons became publicly traded during 2020 ( Note 4 ). Upon Albertsons’ IPO, the Company’s Investment in Albertsons has a readily determinable market value (traded on an exchange) and is being accounted for as a Level 1 investment. Derivative Assets — The Company has derivative assets, which are included in Other assets, net on the consolidated balance sheets, and 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 on the consolidated balance sheets and are comprised of interest rate swaps. 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. Other than the Investment in Albertsons described above, the Company did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the year ended December 31, 2020 or 2019. 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): December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Money market funds $ — $ — $ — $ — $ — $ — Derivative financial instruments — 1 — — 2,583 — Investment in Albertsons (Note 4) 72,391 — — — — — Liabilities Derivative financial instruments — 90,139 — — 39,061 — 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) During 2020, the Company was impacted by the COVID-19 Pandemic ( Note 1 ), which caused the Company to reduce its holding periods and forecasted operating income at certain properties. As a result, several impairments were recorded. Impairment charges for the periods presented are as follows (in thousands): Property and Location Owner Triggering Event Level 3 Inputs Effective Date Total Acadia's Share 2020 Impairment Charges Cortlandt Crossing, Mohegan Lake, NY Fund III Reduced holding period, reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Mar 31, 2020 $ 27,402 $ 6,726 654 Broadway, New York, NY Fund III Reduced holding period Projections of: holding period, net operating income, cap rate, incremental costs Mar 31, 2020 6,398 1,570 146 Geary Street, San Francisco, CA Fund IV Reduced holding period, reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Mar 31, 2020 6,718 1,553 801 Madison Avenue, New York, NY Fund IV Reduced holding period, reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Mar 31, 2020 11,031 2,551 717 N. Michigan Avenue, Chicago, IL Fund IV Reduced holding period, reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Dec 31, 2020 17,392 4,021 110 University, New York, NY Fund IV Reduced holding period, reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Dec 31, 2020 16,238 3,754 Fifth Wall Investment Core Decline in fair value Projections of: reported fair value of net assets Dec 31, 2020 419 419 Total 2020 Impairment Charges $ 85,598 $ 20,594 2019 Impairment Charges 210 Bowery residential units Fund IV Reduced selling price Contract sales price Sep 30, 2019 $ 321 $ 74 210 Bowery residential units Fund IV Reduced selling price Offering price Jun 30, 2019 1,400 321 Total 2019 Impairment Charges $ 1,721 $ 395 Derivative Financial Instruments The Company had the following interest rate swaps and caps 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 December 31, 2020 December 31, 2019 Core Interest Rate Swaps $ 532,796 Dec 2012-Apr 2023 Jun 2021-Apr 2033 1.24 % — 3.77 % Other Liabilities (a) $ (74,990 ) $ (33,750 ) Interest Rate Swap 39,352 Nov 2015 Jan 2021 1.31 % — 1.31 % Other Assets — 456 $ 572,148 $ (74,990 ) $ (33,294 ) Fund II Interest Rate Swap $ 18,803 Oct 2014 Nov 2021 2.88 % — 2.88 % Other Liabilities $ (219 ) $ (139 ) Interest Rate Cap 45,000 Mar 2019 Mar 2022 3.50 % — 3.50 % Other Assets — 1 $ 63,803 $ (219 ) $ (138 ) Fund III Interest Rate Caps $ 39,470 Jan 2020 -Jan 2021 Jan 2021-Jul 2022 3.00 % — 3.00 % Other Assets (b) $ — $ — Fund IV Interest Rate Swaps $ — — — — — — Other Assets $ — $ 22 Interest Rate Swaps 66,590 Mar 2017 - Dec 2019 Apr 2022 - Dec 2022 1.48 % — 4.00 % Other Liabilities (1,713 ) (812 ) Interest Rate Caps 77,400 July 2019 - Dec 2020 Jul 2021 - Dec 2022 3.00 % — 3.50 % Other Assets 1 — $ 143,990 $ (1,712 ) $ (790 ) Fund V Interest Rate Swaps $ — — — — — — Other Assets $ — $ 2,104 Interest Rate Swaps 334,323 Jan 2018-Nov 2019 Feb 2021-Oct 2024 1.25 % — 2.88 % Other Liabilities (13,217 ) (4,360 ) $ 334,323 $ (13,217 ) $ (2,256 ) Total asset derivatives $ 1 $ 2,583 Total liability derivatives $ (90,139 ) $ (39,061 ) (a) Includes one swap with an aggregate value of ($1.8) million (b) Includes one cap with an aggregate fair value of zero at December 31, 2020, which was acquired during November 2020 with a notional value of zero and is not effective until January 2021. 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 ). It is estimated that approximately $20.2 million included in Accumulated other comprehensive (loss) related to derivatives will be reclassified to interest expense within the next twelve months. As of December 31, 2020 and 2019, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated hedges. 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-performanc e by the counterparties to the s waps if the derivative position has a positive balance. The Company believes it mitigates it s credit risk by entering into s waps 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. 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): December 31, 2020 December 31, 2019 Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes Receivable (a) 3 $ 101,450 $ 102,135 $ 114,943 $ 113,422 Mortgage and Other Notes Payable (a) 3 1,131,315 1,111,354 1,179,503 1,191,281 Investment in non-traded equity securities (b) 3 1,726 1,456 1,778 57,964 Unsecured notes payable and Unsecured line of credit (c) 2 638,739 623,392 538,425 539,362 (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 the Operating Partnership’s cost-method investment in Fifth Wall ( Note 4 ). Fair value as of December 31, 2019 also represents Mervyns II’s cost-method Investment in Albertsons, which is carried at fair value at December 31, 2020 and, therefore, is no longer reflected in the table above. (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, rents receivable, accounts payable and certain financial instruments included in other assets and other liabilities had fair values that approximated their carrying values at December 31, 2020 and 2019 due to their short maturity profiles. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies The Company is involved in various matters of litigation arising out of, or incident to, its business, including the litigation described in Note 7 . While the Company is unable to predict with certainty the outcome of any particular matter, management does not expect, when such litigation is resolved, that the Company’s resulting exposure to loss contingencies, if any, will have a material adverse effect on its consolidated financial position. 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 $32.7 million and $41.1 million as of December 31, 2020 and 2019, respectively. At December 31, 2020 and 2019, the Company had letters of credit outstanding of $35.6 million and $19.8 million, respectively. 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 Loss | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | |
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss | 10. Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Loss Common Shares and Units In addition to the ATM Program activity discussed below, the Company completed the following transactions in its Common Shares during the year ended December 31, 2020: • The Company withheld 2,075 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 expense totaling $8.4 million in connection with Restricted Shares and Units ( Note 13 ). In addition to the share repurchase activity discussed below, the Company completed the following transactions in its Common Shares during the year ended December 31, 2019: • The Company withheld 2,468 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 expense totaling $8.8 million in connection with Restricted Shares and Units ( Note 13 ). ATM Program The Company has an at-the-market equity issuance program (“ATM Program”) which provides the Company an efficient and low-cost vehicle for raising public equity to fund its capital needs. The Company entered into its current $250.0 million ATM Program (which replaced its prior program) in the second quarter of 2019 and also added an optional “forward purchase” component. The Company has not issued any shares on a forward basis during the year ended December 31, 2020. During the year ended December 31, 2019, the Company sold 5,164,055 Common Shares under its ATM Program for gross proceeds of $147.7 million, or $145.5 million net of issuance costs, at a weighted-average gross price per share of $28.61. During the year ended December 31, 2020, the Company did not sell any Common Shares under its ATM Program. Share Repurchase Program During 2018, the Company’s board of trustees (the “Board”) approved a new share repurchase program, which authorizes management, at its discretion, to repurchase up to $200.0 million of its outstanding Common Shares. The program does not obligate the Company to repurchase any specific number of Common Shares and may be discontinued or extended at any time. The Company did not repurchase any shares during the year ended December 31, 2019. During the first quarter of 2020, the Company repurchased 1,219,065 Common Shares for $22.4 million, inclusive of $0.1 million of fees, at a weighted average price per share of $18.29, under the share repurchase program, under which 122.6 million remains available at December 31, 2020. Dividends and Distributions The following table sets forth the distributions declared and/or paid during the periods presented: Date Declared Amount Per Share Record Date Payment Date November 13, 2018 $ 0.28 December 31, 2018 January 15, 2019 February 28, 2019 $ 0.28 March 29, 2019 April 15, 2019 May 9, 2019 $ 0.28 June 28, 2019 July 15, 2019 August 13, 2019 $ 0.28 September 30, 2019 October 15, 2019 November 5, 2019 $ 0.29 December 31, 2019 January 15, 2020 February 26, 2020 $ 0.29 March 31, 2020 April 15, 2020 Beginning with the second quarter of 2020, the Board temporarily suspended distributions on its Common Shares and Common OP Units, which suspension the Board has determined to continue through the fourth quarter of 2020; however, distributions of $0.1 million were payable to preferred unit holders at each of June 30, 2020, September 30, 2020 and December 31, 2020. Assuming that current operating conditions continue to prevail, the Company currently expects to reinstate quarterly distributions in the first quarter of 2021, which would be subject to Board approval at that time. Accumulated Other Comprehensive Loss The following tables set forth the activity in accumulated other comprehensive loss for the years ended December 31, 2020, 2019 and 2018 (in thousands): Gains or Losses on Derivative Instruments Balance at January 1, 2020 $ (31,175 ) Other comprehensive loss before reclassifications - swap agreements (74,236 ) Reclassification of realized interest on swap agreements 15,203 Net current period other comprehensive loss (59,033 ) Net current period other comprehensive loss attributable to noncontrolling interests 15,317 Balance at December 31, 2020 $ (74,891 ) Balance at January 1, 2019 $ 516 Other comprehensive loss before reclassifications - swap agreements (35,674 ) Reclassification of realized interest on swap agreements (872 ) Net current period other comprehensive loss (36,546 ) Net current period other comprehensive loss attributable to noncontrolling interests 4,855 Balance at December 31, 2019 $ (31,175 ) Balance at January 1, 2018 $ 2,614 Other comprehensive loss before reclassifications (2,659 ) Reclassification of realized interest on swap agreements 71 Net current period other comprehensive loss (2,588 ) Net current period other comprehensive income attributable to noncontrolling interests 490 Balance at December 31, 2018 $ 516 Noncontrolling Interests The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2020, 2019 and 2018 (dollars in thousands): Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially-Owned Affiliates (b) Total Balance at January 1, 2020 $ 97,670 $ 546,987 $ 644,657 Distributions declared of $0.29 per Common OP Unit (2,218 ) — (2,218 ) Net income (loss) for the year ended December 31, 2020 125 (57,404 ) (57,279 ) Conversion of 407,594 Common OP Units to Common Shares by limited partners of the Operating Partnership (6,544 ) — (6,544 ) Other comprehensive loss - unrealized loss on valuation of swap agreements (2,709 ) (18,246 ) (20,955 ) Cumulative effect of change in accounting principle (Note 1) — (11 ) (11 ) Acquisition of noncontrolling interest (Note 7) — 15,918 15,918 Reclassification of realized interest expense on swap agreements 174 5,464 5,638 Noncontrolling interest contributions — 52,674 52,674 Noncontrolling interest distributions — (27,574 ) (27,574 ) Employee Long-term Incentive Plan Unit Awards 10,130 — 10,130 Reallocation of noncontrolling interests (c) (7,197 ) — (7,197 ) Balance at December 31, 2020 $ 89,431 $ 517,808 $ 607,239 Balance at January 1, 2019 $ 104,223 $ 518,219 $ 622,442 Distributions declared of 1.13 per Common OP Unit (7,124 ) — (7,124 ) Net income (loss) for the year ended December 31, 2019 3,836 (35,677 ) (31,841 ) Conversion of 307,663 Common OP Units to Common Shares by limited partners of the Operating Partnership (5,104 ) — (5,104 ) Other comprehensive income - unrealized loss on valuation of swap agreements (1,899 ) (3,036 ) (4,935 ) Reclassification of realized interest expense on swap agreements (62 ) 142 80 Noncontrolling interest contributions — 161,628 161,628 Noncontrolling interest distributions — (94,289 ) (94,289 ) Employee Long-term Incentive Plan Unit Awards 10,411 — 10,411 Reallocation of noncontrolling interests (c) (6,611 ) — (6,611 ) Balance at December 31, 2019 $ 97,670 $ 546,987 $ 644,657 Balance at January 1, 2018 $ 102,921 $ 545,519 $ 648,440 Distributions declared of 1.09 per Common OP Unit (6,888 ) — (6,888 ) Net income (loss) for the year ended December 31, 2018 2,572 (49,709 ) (47,137 ) Conversion of 117,978 Common OP Units to Common Shares by limited partners of the Operating Partnership (2,068 ) — (2,068 ) Other comprehensive loss - unrealized loss on valuation of swap agreements (129 ) (681 ) (810 ) Reclassification of realized interest expense on swap agreements (3 ) 323 320 Noncontrolling interest contributions — 47,560 47,560 Noncontrolling interest distributions — (24,793 ) (24,793 ) Employee Long-term Incentive Plan Unit Awards 12,374 — 12,374 Rebalancing adjustment (c) (4,556 ) — (4,556 ) Balance at December 31, 2018 $ 104,223 $ 518,219 $ 622,442 (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,101,958, 3,250,603 and 3,329,640 Common OP Units at December 31, 2020, 2019 and 2018, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2020, 2019 and 2018; (iii) 126,593 Series C Preferred OP Units at December 31, 2020, and 136,593 at December 31, 2019 and 2018; and (iv) 2,886,207, 2,673,484 and 2,569,044 LTIP units at December 31, 2020, 2019 and 2018, respectively, as discussed in Share Incentive Plan ( Note 13 (b) Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and five 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. Preferred OP Units There were no issuances of Preferred OP Units during the year ended December 31, 2020. 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 (9.00% 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 December 31, 2020, 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 ). The Series C Preferred OP Units have a value of $100.00 per unit and are entitled to a preferred quarterly distribution of $0.9375 per unit and are convertible into Common OP Units at a rate based on the share price at the time of conversion. If the share price is below $28.80 on the conversion date, each Series C Preferred OP Unit will be convertible into 3.4722 Common OP Units. If the share price is between $28.80 and $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into a number of Common OP Units equal to $100.00 divided by the closing share price. If the share price is above $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into 2.8409 Common OP Units. The Series C Preferred OP Units have a mandatory conversion date of December 31, 2025, at which time all units that have not been converted will automatically be converted into Common OP Units based on the same calculations. Through December 31, 2020, 5,000 Series C Preferred OP Units were converted into 17,165 Common OP Units and then into Common Shares. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 11. Leases Operating Leases As Lessor 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 (see below) 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. During the year ended December 31, 2020, the Company earned $57.7 million in variable lease revenues, primarily for real estate taxes and common area maintenance charges, which are included in rental income in the consolidated statements of operations. As Lessee During the year ended December 31, 2020, the Company: • entered into one new office lease as lessee for which the lease commenced in the third quarter of 2020. The Company recorded a right-of-use asset and corresponding lease liability of $1.7 million • modified its 991 Madison master lease by converting the 49-year fixed term to a 15-year term. As a result of the modification, the lease was reclassified from a finance lease to an operating lease during the second quarter of 2020 • consolidated one property within the BSP II portfolio, 102 E. Broughton, ( Note 2 , Note 4 ), which was subject to a ground lease classified as an operating lease, during the second quarter of 2020 • recorded an impairment charge of $12.3 million on a right-of-use asset for a Fund IV property, 110 University Place ( Note 8 ) • renewed one ground lease for Branch Plaza, an operating lease, for 22 years; and • modified its 1238 Wisconsin lease agreement for a reduced purchase price from $14.5 million to $11.5 million. As a result, remeasured and reduced its right-of-use asset and lease liability by $1.9 million in the fourth quarter of 2020. During the year ended December 31, 2019, the Company: • recorded right-of-use assets and corresponding lease liabilities as lessee of $11.9 million and $12.8 million, respectively, for nine existing operating leases (for ground, office and equipment leases) and $82.6 million and $76.6 million, respectively, for four finance leases related to ground rentals including an existing capital lease which represented $77.0 million and $71.1 million, respectively, upon implementation of ASC Topic 842; • recorded three new finance leases effective January 1, 2019 upon the implementation of ASC 842. An assessment of triggering events whereby the Company’s cumulative leasehold investment made it reasonably certain that the Company would exercise its purchase options; • entered into a prepaid master lease on December 9, 2019 comprised of an operating lease component related to the land and a finance lease component related to the building. The property is referred to as “565 Broadway” within the Core Portfolio. The Company recorded a Right-of-use-asset-operating-lease of $4.9 million and a Right-of-use-asset-finance lease of $19.4 million; and • entered into a ground lease on May 1, 2019 which is an operating lease. The property is referred to as “110 University Place” and is within the Fund IV portfolio. The Company recorded a Right of use asset–operating lease of $45.3 million and a corresponding Lease liability–operating-lease of $45.3 million. The Company recorded the following assets and liabilities in connection with acquisitions of leasehold interests: Year Ended December 31, 2020 Year Ended December 31, 2019 Amounts recorded upon acquisition of leasehold interests: Right of use asset - operating lease $ — $ 50,147 Right of use asset - finance lease — 19,422 Leasehold improvements — 13,354 Lease intangibles (Note 6) — 1,760 Lease liability - operating lease — (45,293 ) Acquisition-related intangible liabilities ( Note 6 ) — (359 ) Cash paid upon acquisition of leasehold interests $ — $ 39,031 Additional disclosures regarding the Company’s leases as lessee are as follows: Year Ended December 31, 2020 2019 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 1,595 $ 1,603 Interest on lease liabilities 1,635 2,755 Subtotal 3,230 4,358 Operating lease cost 7,661 3,037 Variable lease cost 143 119 Total lease cost $ 11,034 $ 7,514 Other Information Weighted-average remaining lease term - finance leases (years) 33.4 42.5 Weighted-average remaining lease term - operating leases (years) 26.4 34.1 Weighted-average discount rate - finance leases 6.2 % 4.5 % Weighted-average discount rate - operating leases 5.6 % 5.8 % Right-of-use assets are included in Operating real estate ( Note 2 ) in the consolidated balance sheet. Lease liabilities are included in Accounts payable and other liabilities in the consolidated balance sheet ( Note 5 ). Operating lease cost comprises amortization of right-of-use assets for operating properties (related to ground rents) or amortization of right-of-use assets for office and corporate assets and is included in Property operating expense or General and administrative expense, respectively, 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 finance leases in which the Company is the lessee, principally for office space, land and equipment, as of December 31, 2020, are summarized as follows (in thousands): Minimum Rental Payments Year Ending December 31, Minimum Rental Revenues (a) Operating Leases (b) Finance Leases (b) 2021 $ 206,451 $ 8,531 $ 134 2022 196,633 7,779 95 2023 174,947 7,801 69 2024 149,532 7,983 47 2025 119,738 8,020 — Thereafter 525,288 150,435 12,289 Total $ 1,372,589 $ 190,549 $ 12,634 (a) Amount represents contractual lease maturities at December 31, 2020 including any extension options that management determined were reasonably certain of exercise. During the end of March 2020, numerous tenants were forced to suspend operations by government mandate as a result of the COVID-19 Pandemic. The Company has negotiated payment agreements with selected tenants which resulted in rent concessions or deferral of rents as discussed further in Note 1 . (b) Minimum rental payments include $101.8 million of interest related to operating leases and $6.4 million related to finance leases and exclude options or renewals not reasonably certain of exercise. During the years ended December 31, 2020, 2019 and 2018, no single tenant or property collectively comprised more than 10% of the Company’s consolidated total revenues. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
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 ). Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements and are not presented in the Company’s segments. The following tables set forth certain segment information for the Company (in thousands): As of or for the Year Ended December 31, 2020 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 160,262 $ 95,222 $ — $ — $ 255,484 Depreciation and amortization (76,125 ) (73,668 ) — — (149,793 ) Property operating expenses, other operating and real estate taxes (57,246 ) (42,854 ) — — (100,100 ) General and administrative expenses — — — (36,055 ) (36,055 ) Impairment charges (419 ) (85,179 ) — — (85,598 ) Gain on disposition of properties 174 509 — — 683 Operating income (loss) 26,646 (105,970 ) — (36,055 ) (115,379 ) Interest income — — 8,979 — 8,979 Equity in losses of unconsolidated affiliates inclusive of gains on disposition of properties (874 ) (363 ) — — (1,237 ) Interest expense (33,185 ) (38,875 ) — — (72,060 ) Realized and unrealized holding gains on investments and other 18,564 95,366 — — 113,930 Income tax provision — — — (271 ) (271 ) Net income (loss) 11,151 (49,842 ) 8,979 (36,326 ) (66,038 ) Net (income) loss attributable to noncontrolling interests (5,837 ) 63,116 — — 57,279 Net income (loss) attributable to Acadia (a) $ 5,314 $ 13,274 $ 8,979 $ (36,326 ) $ (8,759 ) Real estate at cost (b) $ 2,330,116 $ 1,764,172 $ — $ — $ 4,094,288 Total Assets (b) $ 2,254,680 $ 1,830,752 $ 101,450 $ — $ 4,186,882 Cash paid for acquisition of real estate and leasehold interest $ 19,963 $ 1,245 $ — $ — $ 21,208 Cash paid for development and property improvement costs $ 11,170 $ 29,313 $ — $ — $ 40,483 As of or for the Year Ended December 31, 2019 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 173,177 $ 122,150 $ — $ — $ 295,327 Depreciation and amortization (61,819 ) (63,624 ) — — (125,443 ) Property operating expenses, other operating and real estate taxes (47,032 ) (43,436 ) — — (90,468 ) General and administrative expenses — — — (35,416 ) (35,416 ) Impairment charges — (1,721 ) — — (1,721 ) Gain on disposition of properties 16,771 13,553 — — 30,324 Operating income (loss) 81,097 26,922 — (35,416 ) 72,603 Interest income — — 7,988 — 7,988 Equity in earnings (loss) of unconsolidated affiliates inclusive of gains on disposition of properties 9,020 (98 ) — — 8,922 Interest expense (28,304 ) (45,484 ) — — (73,788 ) Realized and unrealized holding (losses) gains on investments and other 327 6,620 — — 6,947 Income tax provision — — — (1,468 ) (1,468 ) Net income (loss) 62,140 (12,040 ) 7,988 (36,884 ) 21,204 Net loss attributable to noncontrolling interests 337 31,504 — — 31,841 Net income attributable to Acadia (a) $ 62,477 $ 19,464 $ 7,988 $ (36,884 ) $ 53,045 Real estate at cost (b) $ 2,252,230 $ 1,787,306 $ — $ — $ 4,039,536 Total Assets (b) $ 2,350,833 $ 1,843,338 $ 114,943 $ — $ 4,309,114 Cash paid for acquisition of real estate $ 173,892 $ 184,812 $ — $ — $ 358,704 Cash paid for development and property improvement costs $ 22,724 $ 66,546 $ — $ — $ 89,270 As of or for the Year Ended December 31, 2018 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 166,816 $ 92,865 $ — $ — $ 259,681 Depreciation and amortization (60,903 ) (56,646 ) — — (117,549 ) Property operating expenses, other operating and real estate taxes (44,060 ) (36,188 ) — — (80,248 ) General and administrative expenses — — — (34,343 ) (34,343 ) Gain on disposition of properties — 5,140 — — 5,140 Operating income (loss) 61,853 5,171 — (34,343 ) 32,681 Interest income — — 13,231 — 13,231 Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties 7,415 1,887 — — 9,302 Interest expense (27,575 ) (42,403 ) — — (69,978 ) Income tax provision — — — (934 ) (934 ) Net income 41,693 (35,345 ) 13,231 (35,277 ) (15,698 ) Net loss attributable to noncontrolling interests 752 46,385 — — 47,137 Net income attributable to Acadia (a) $ 42,445 $ 11,040 $ 13,231 $ (35,277 ) $ 31,439 Real estate at cost $ 2,069,439 $ 1,628,366 $ — $ — $ 3,697,805 Total assets $ 2,232,695 $ 1,616,472 $ 109,613 $ — $ 3,958,780 Cash paid for acquisition of real estate $ 1,343 $ 146,642 $ — $ — $ 147,985 Cash paid for development and property improvement costs $ 32,662 $ 62,172 $ — $ — $ 94,834 (a) Net income attributable to Acadia for the Core segment includes $2.2 million, $4.7 million and $4.1 million associated with one property, Town Center, for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts include the results of three entities, including the unconsolidated Town Center venture and the consolidated Brandywine Holdings ( Note 4 ) and Brandywine Maintenance Corp., which on a combined basis constitute the operating results of the shopping center. In April 2020, the Town Center venture was consolidated ( Note 4 ). (b) Real estate at cost and total assets for the Funds segment include $641.7 million and $603.3 million, or $186.5 million and $174.7 million net of non-controlling interests, related to Fund II’s City Point property at December 31, 2020 and 2019, respectively. |
Share Incentive and Other Compe
Share Incentive and Other Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share Incentive and Other Compensation | 13. Share Incentive and Other Compensation Share Incentive Plan On March 23, 2020, the Company’s Board approved the 2020 Share Incentive Plan (the “2020 Plan”), which increased the aggregate number of Common Shares authorized for issuance by 2,650,000 shares. The 2020 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 December 31, 2020 a total of 2,738,013 shares remained available to be issued under the Share Incentive Plan. Restricted Shares and LTIP Units During the year ended December 31, 2020, the Company issued 396,149 LTIP Units and 13,766 restricted share units (“Restricted Share Units”) to employees of the Company pursuant to the Share Incentive Plan. Certain of these equity awards were granted in performance-based Restricted Share Units or LTIP Units with market conditions as described below (“2019 Performance Shares”). These awards were measured at their fair value on the grant date, incorporating the following factors: • A portion of these annual equity awards 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, the 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 three -year 1/3 three-year • If the Company’s performance fails to achieve the aforementioned hurdles at the culmination of the three-year For valuation of the 2020 and 2019 Performance Shares, a Monte Carlo simulation was used to estimate the fair values based on probability of satisfying the market conditions and the projected share prices at the time of payments, discounted to the valuation dates over the three-year 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 $8.4 million, In addition, members of the Board have been issued shares and units under the Share Incentive Plan. During 2020, the Company issued 42,680 LTIP Units and 53,058 Restricted Shares to Trustees of the Company in connection with Trustee fees. Vesting with respect to 17,492 of the LTIP Units and 19,474 of the Restricted Shares will be on the first anniversary of the date of issuance and 25,188 of the LTIP Units and 33,584 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 $1.4 million for each of the years ended December 31, 2020 and 2019, respectively. 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 , IV and V . As of December 31, 2020 , t he 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 and % of the potential Promote payments from Fund V 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. The Company did not recognize any compensation expense for the years ended December 31, 2020, 2019, and 2018, related to the Program in connection with Fund III, Fund IV or Fund V. 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, 2018 41,327 $ 26.92 910,099 $ 28.28 Granted 22,817 23.65 425,880 26.80 Vested (25,261 ) 30.79 (431,827 ) 29.72 Forfeited (428 ) 27.25 (12,266 ) 28.57 Unvested at December 31, 2018 38,455 $ 22.44 891,886 $ 26.87 Granted 25,359 28.56 350,726 32.75 Vested (21,424 ) 27.12 (290,753 ) 29.30 Forfeited — — (15,679 ) 31.49 Unvested at December 31, 2019 42,390 23.73 936,180 28.24 Granted 66,824 13.70 440,829 19.64 Vested (19,264 ) 27.72 (250,241 ) 30.44 Forfeited (39 ) 24.77 (3,879 ) 24.67 Unvested at December 31, 2020 89,911 $ 15.42 1,122,889 $ 24.38 The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the years ended December 31, 2020 and 2019 were $18.86 and $32.50, respectively. As of December 31, 2020, there was $15.1 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 1.5 years. The total fair value of Restricted Shares that vested for the years ended December 31, 2020 and 2019, was $0.5 million and $0.6 million, respectively. The total fair value of LTIP Units that vested (LTIP units vest primarily in the first quarter) during the years ended December 31, 2020 and 2019, was $7.6 million and $8.5 million, respectively. Other Plans On a combined basis, the Company incurred a total of $0.3 million of compensation expense related to the following employee benefit plans for each of the years ended December 31, 2020, 2019 and 2018: 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 than $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 5,266 and 2,320 Common Shares were purchased by employees under the Purchase Plan for the year ended December 31, 2020 and 2019, 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 $19,000, for the year ended December 31, 2020. |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | 14. Federal Income Taxes The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the Code, and intends at all times to qualify as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to corporate Federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. As the Company distributed sufficient taxable income for the years ended December 31, 2020, 2019 and 2018, no U.S. Federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to Federal income taxes at the regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and Federal income and excise taxes on any undistributed taxable income. In addition, taxable income from non-REIT activities managed through the Company’s TRS’s is subject to Federal, state and local income taxes. No more than 20% of the value of our total assets may consist of the securities of one or more TRS. In the normal course of business, the Company or one or more of its subsidiaries is subject to examination by Federal, state and local jurisdictions, in which it operates, where applicable. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense. For the three years ended December 31, 2020, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2020, the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2017 and forward. Reconciliation of Net Income to Taxable Income Reconciliation of GAAP net income attributable to Acadia to taxable income is as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Net income attributable to Acadia $ (8,759 ) $ 53,045 $ 31,439 Deferred cancellation of indebtedness income — — 2,050 Deferred rental and other income (a) (2,498 ) 1,203 1,222 Book/tax difference - depreciation and amortization (a) 27,052 21,688 23,166 Straight-line rent and above- and below-market rent adjustments (a) 8,630 (10,949 ) (12,129 ) Book/tax differences - equity-based compensation 6,825 7,177 6,042 Joint venture equity in earnings, net (a) (163 ) 15,571 13,905 Impairment charges and reserves 18,734 — — Acquisition costs (a) 14 63 326 Gain on disposition of properties 4,936 2,375 — Book/tax differences - miscellaneous (253 ) (1,473 ) (2,821 ) Taxable income $ 54,518 $ 88,700 $ 63,200 Distributions declared (b) $ 24,937 $ 96,310 $ 89,122 (a) Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.” (b) The entire fourth quarter Characterization of Distributions The Company has determined that the cash distributed to the shareholders for the periods presented is characterized as follows for Federal income tax purposes: Year Ended December 31, 2020 2019 2018 Per Share % Per Share % Per Share % Ordinary income - Non-Section 199A $ — — % $ — — % — — % Ordinary income - Section 199A 0.520 90 % 0.820 77 % 0.870 100 % Qualified dividend — — % — — % — — % Capital gain 0.060 10 % 0.240 23 % — — % Total (b) $ 0.580 100 % $ 1.060 100 % 0.870 100 % (c) The fourth quarter 2019 regular dividend was $0.29 per common share, all of which is allocable to 2020. The fourth quarter 2018 regular dividend was $0.28 per common share of which approximately $0.06 was allocable to 2018 and approximately $0.22 is allocable to 2019. Taxable REIT Subsidiaries Income taxes have been provided for using the liability method as required by ASC Topic 740, “Income Taxes.” The Company’s TRS income and provision for income taxes associated with the TRS for the periods presented are summarized as follows (in thousands): Year Ended December 31, 2020 2019 2018 TRS loss before income taxes $ (3,856 ) $ (3,117 ) $ (2,609 ) (Provision) benefit for income taxes: Federal 376 754 (377 ) State and local (268 ) 317 26 TRS net loss before noncontrolling interests (3,748 ) (2,046 ) (2,960 ) Noncontrolling interests 746 (369 ) 4 TRS net loss $ (3,002 ) $ (2,415 ) $ (2,956 ) The income tax provision for the Company differs from the amount computed by applying the statutory Federal income tax rate to income before income taxes as follows. Amounts are not adjusted for temporary book/tax differences (in thousands): Year Ended December 31, 2020 2019 2018 Federal tax benefit at statutory tax rate $ (810 ) $ (655 ) $ (548 ) TRS state and local taxes, net of Federal benefit (244 ) (197 ) (165 ) Tax effect of: Permanent differences, net 227 239 951 Prior year over-accrual, net — — — Effect of Tax Cuts and Jobs Act — — — Adjustment to deferred tax reserve 851 1,748 (1,530 ) Other (131 ) (112 ) 1,702 REIT state and local income and franchise taxes 378 445 524 Total provision for income taxes $ 271 $ 1,468 $ 934 As of December 31, 2020, and 2019, the Company’s deferred tax assets were $0 and $0.9 million net of applicable reserves of $2.6 million and $1.7 million, respectively and were comprised of capital loss carryovers of $0.1 and $0.1 million and net operating loss carryovers of $2.5 million and $2.5 million, respectively. Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. During 2020, the Company determined that the realization of its deferred tax assets was not likely and as such, the Company recorded a valuation allowance against its deferred tax assets of $0.9 million. |
(Loss) Earnings Per Common Shar
(Loss) Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
(Loss) Earnings Per Common Share | 15. (Loss) Earnings Per Common Share Basic earnings (loss) per Common Share is computed by dividing net income (loss) attributable to Common Shareholders by the weighted average Common Shares outstanding ( Note 10 ). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. 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 issued under the Company’s Share Incentive Plans ( Note 13 ). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. 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. Year Ended December 31, (dollars in thousands) 2020 2019 2018 Numerator: Net (loss) income attributable to Acadia $ (8,759 ) $ 53,045 $ 31,439 Less: net income attributable to participating securities (233 ) (413 ) (267 ) (Loss) income from continuing operations net of income attributable to participating securities $ (8,992 ) $ 52,632 $ 31,172 Denominator: Weighted average shares for basic earnings per share 86,441,922 84,435,826 82,080,159 Effect of dilutive securities: Employee unvested restricted shares — — — Denominator for diluted earnings per share 86,441,922 84,435,826 82,080,159 Basic (loss) income and diluted earnings per Common Share from continuing operations attributable to Acadia $ (0.10 ) $ 0.62 $ 0.38 Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units 188 188 188 Series A Preferred OP Units - Common share equivalent 25,067 25,067 25,067 Series C Preferred OP Units 126,593 136,593 136,593 Series C Preferred OP Units - Common share equivalent 439,556 474,278 474,278 Restricted shares 76,394 40,821 36,879 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events COVID-19 Pandemic Update The information provided about the impact of the COVID-19 Pandemic in Note 1 is updated for activity subsequent to December 31, 2020 as follows: • Tenant Operating Status (Unaudited) – The following table illustrates the percentage of the Company’s consolidated and unconsolidated ABR derived from stores which were open or partially open for business as of the dates indicated: Percentage of Tenants Open for Business as of June 30, 2020 September 30, 2020 December 31, 2020 January 31, 2021 Core 74 % 86 % 88 % 89 % Fund 74 % 88 % 82 % 85 % • Rent Collections – The following table depicts collections of pre-COVID billings (original contract rents without regard to deferral or abatement agreements) and excludes the impact of any security deposits applied against tenant accounts as of the dates shown (Fund collections rates exclude data for non-managed properties): Collections as of: September 30, 2020 for December 31, 2020 for January 31, 2021 for Second Quarter 2020 Third Quarter 2020 Second Quarter 2020 Third Quarter 2020 Fourth Quarter 2020 Fourth Quarter 2020 (Unaudited) Core 74 % 85 % 76 % 87 % 91 % 92 % Fund 65 % 77 % 67 % 79 % 82 % 84 % • Rent Concession Agreements – During January 2021, the Company executed 13 rent concession arrangements with tenants comprised of five agreements for rent deferral and eight agreements for rent forgiveness related to the COVID-19 Pandemic. The Company is currently determining how it will account for these agreements. At December 31, 2020, the Company had executed a total of 288 rent concession agreements related to the COVID-19 Pandemic ( Note 1 ). • Bankruptcy Risk – Subsequent to December 31, 2020 and through January 31, 2021, there have been no additional bankruptcies of national retailers, that are tenants of the Company. As of January 31, 2021, for all bankruptcies announced during 2020, the Core Portfolio has four operating stores with ABR attributable to Acadia totaling $1.2 million, or 0.9% of Core ABR, and the Fund Portfolio has seven operating stores with ABR attributable to Acadia totaling $0.2 million, or 0.8% of Fund ABR, for which these leases may be rejected in the future. Dispositions On January 4, 2021, Fund V sold two outparcels at an unconsolidated property for a total of $10.5 million and repaid the $7.9 million mortgage on the property. On January 29, 2021, the Company sold its consolidated Core Portfolio 60 Orange Street property for $16.4 million and repaid the $6.7 million mortgage on the property. Loan Modifications On February 12, 2021, Fund IV extended the maturity date on one of its mortgages payable by one year to February 2022 On February 16, 2021, to address a liquidity covenant violation at December 31, 2020 ( Note 7 ), Fund IV modified certain terms of its Bridge facility which had an outstanding balance of $79.2 million at December 31, 2020. In connection with the modification, Fund IV repaid $10.0 million at closing and agreed to repay an additional $5.0 million by September 1, 2021. In addition, the maturity date was extended from June 30, 2021 to December 31, 2021. Fund IV may exercise an option to extend the loan’s maturity to June 30, 2022, which would require an additional $5.0 million repayment. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | Balance at Beginning of Year Charged to Expenses Adjustments to Valuation Accounts Deductions Balance at End of Year Year Ended December 31, 2020: Allowance for deferred tax asset $ 1,748 $ — $ 851 $ — $ 2,599 Allowance for uncollectible accounts 11,408 46,844 (12,844 ) — 45,408 Allowance for notes receivable 400 250 — — 650 Year Ended December 31, 2019: Allowance for deferred tax asset $ — $ — $ 1,748 $ — $ 1,748 Allowance for uncollectible accounts 7,921 4,402 (915 ) — 11,408 Allowance for notes receivable — — — — — Year Ended December 31, 2018: Allowance for deferred tax asset $ 1,530 $ — $ (1,530 ) — $ — Allowance for uncollectible accounts 5,920 2,532 (531 ) — 7,921 Allowance for notes receivable — — — — — |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | ACADIA REALTY TRUST SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2020 Initial Cost to Company Amount at Which Carried at December 31, 2020 Description and Location Encumbrances Land Buildings & Improvements Increase (Decrease) in Net Investments Land Buildings & Improvements Total Accumulated Depreciation Date of Acquisition (a) Construction (c) Life on which Depreciation in Latest Statement of Operations is Compared Core Portfolio: Crescent Plaza Brockton, MA — 1,147 7,425 3,357 1,147 10,782 11,929 8,766 1993 (a) 40 years New Loudon Center Latham, NY — 505 4,161 14,736 505 18,897 19,402 16,143 1993 (a) 40 years Mark Plaza Edwardsville, PA — — 3,396 — — 3,396 3,396 3,074 1993 (c) 40 years Plaza 422 Lebanon, PA — 190 3,004 2,809 190 5,813 6,003 5,298 1993 (c) 40 years Route 6 Mall Honesdale, PA — 1,664 — 12,515 1,664 12,515 14,179 10,658 1994 (c) 40 years Abington Towne Center Abington, PA — 799 3,197 3,872 799 7,069 7,868 4,444 1998 (a) 40 years Bloomfield Town Square Bloomfield Hills, MI — 3,207 13,774 22,705 3,207 36,479 39,686 25,390 1998 (a) 40 years Elmwood Park Shopping Center Elmwood Park, NJ — 3,248 12,992 18,143 3,798 30,585 34,383 20,969 1998 (a) 40 years Merrillville Plaza Hobart, IN — 4,288 17,152 6,269 4,288 23,421 27,709 14,854 1998 (a) 40 years Marketplace of Absecon Absecon, NJ — 2,573 10,294 5,193 2,577 15,483 18,060 9,548 1998 (a) 40 years 239 Greenwich Avenue Greenwich, CT 26,212 1,817 15,846 1,086 1,817 16,932 18,749 9,190 1998 (a) 40 years Hobson West Plaza Naperville, IL — 1,793 7,172 5,308 1,793 12,480 14,273 6,374 1998 (a) 40 years Village Commons Shopping Center Smithtown, NY — 3,229 12,917 5,238 3,229 18,155 21,384 11,063 1998 (a) 40 years Town Line Plaza Rocky Hill, CT — 878 3,510 8,008 907 11,489 12,396 9,505 1998 (a) 40 years Branch Shopping Center Smithtown, NY — 3,156 12,545 16,470 3,401 28,770 32,171 15,894 1998 (a) 40 years Methuen Shopping Center Methuen, MA — 956 3,826 1,695 961 5,516 6,477 3,057 1998 (a) 40 years The Gateway Shopping Center South Burlington, VT — 1,273 5,091 12,751 1,273 17,842 19,115 11,258 1999 (a) 40 years Mad River Station Dayton, OH — 2,350 9,404 2,254 2,350 11,658 14,008 6,827 1999 (a) 40 years Brandywine Holdings Wilmington, DE — 5,063 15,252 2,495 5,201 17,609 22,810 8,002 2003 (a) 40 years Bartow Avenue Bronx, NY — 1,691 5,803 1,331 1,691 7,134 8,825 3,647 2005 (c) 40 years Amboy Road Staten Island, NY — — 11,909 3,195 — 15,104 15,104 8,911 2005 (a) 40 years Chestnut Hill Philadelphia, PA — 8,289 5,691 4,509 8,289 10,200 18,489 5,372 2006 (a) 40 years 2914 Third Avenue Bronx, NY — 11,108 8,038 5,231 11,855 12,522 24,377 3,778 2006 (a) 40 years West Shore Expressway Staten Island, NY — 3,380 13,499 62 3,380 13,561 16,941 5,259 2007 (a) 40 years West 54th Street Manhattan, NY — 16,699 18,704 1,308 16,699 20,012 36,711 7,290 2007 (a) 40 years 5-7 East 17th Street Manhattan, NY — 3,048 7,281 6,145 3,048 13,426 16,474 8,502 2008 (a) 40 years 651-671 W Diversey Chicago, IL — 8,576 17,256 15 8,576 17,271 25,847 4,136 2011 (a) 40 years 15 Mercer Street Manhattan, NY — 1,887 2,483 1 1,887 2,484 4,371 590 2011 (a) 40 years 4401 White Plains Bronx, NY — 1,581 5,054 — 1,581 5,054 6,635 1,179 2011 (a) 40 years 56 E. Walton Chicago, IL — 994 6,126 2,666 994 8,792 9,786 534 2011 (a) 40 years 841 W. Armitage Chicago, IL — 728 1,989 422 728 2,411 3,139 647 2011 (a) 40 years Initial Cost to Company Amount at Which Carried at December 31, 2020 Description and Location Encumbrances Land Buildings & Improvements Increase (Decrease) in Net Investments Land Buildings & Improvements Total Accumulated Depreciation Date of Acquisition (a) Construction (c) Life on which Depreciation in Latest Statement of Operations is Compared 2731 N. Clark Chicago, IL — 557 1,839 32 557 1,871 2,428 451 2011 (a) 40 years 2140 N. Clybourn Chicago, IL — 306 788 — 306 788 1,094 187 2011 (a) 40 years 853 W. Armitage Chicago, IL — 557 1,946 439 557 2,385 2,942 688 2011 (a) 40 years 2299 N. Clybourn Avenue Chicago, IL — 177 484 — 177 484 661 114 2011 (a) 40 years 843-45 W. Armitage Chicago, IL — 731 2,730 228 731 2,958 3,689 682 2012 (a) 40 years 1525 W. Belmont Avenue Chicago, IL — 1,480 3,338 711 1,480 4,049 5,529 890 2012 (a) 40 years 2206-08 N. Halsted Chicago, IL — 1,183 3,540 351 1,183 3,891 5,074 1,119 2012 (a) 40 years 2633 N. Halsted Chicago, IL — 960 4,096 359 998 4,417 5,415 961 2012 (a) 40 years 50-54 E. Walton Chicago, IL — 2,848 12,694 576 2,848 13,270 16,118 2,985 2012 (a) 40 years 662 W. Diversey Chicago, IL — 1,713 1,603 10 1,713 1,613 3,326 324 2012 (a) 40 years 837 W. Armitage Chicago, IL — 780 1,758 237 780 1,995 2,775 471 2012 (a) 40 years 823 W. Armitage Chicago, IL — 717 1,149 95 717 1,244 1,961 258 2012 (a) 40 years 851 W. Armitage Chicago, IL — 545 209 139 545 348 893 127 2012 (a) 40 years 1240 W. Belmont Avenue Chicago, IL — 2,137 1,589 1,357 2,137 2,946 5,083 587 2012 (a) 40 years 21 E. Chestnut Chicago, IL — 1,318 8,468 43 1,318 8,511 9,829 1,717 2012 (a) 40 years 819 W. Armitage Chicago, IL — 790 1,266 142 790 1,408 2,198 386 2012 (a) 40 years 1520 Milwaukee Avenue Chicago, IL — 2,110 1,306 290 2,110 1,596 3,706 366 2012 (a) 40 years 330-340 River St Cambridge, MA 10,875 8,404 14,235 — 8,404 14,235 22,639 3,282 2012 (a) 40 years Rhode Island Place Shopping Center Washington, D.C. — 7,458 15,968 2,209 7,458 18,177 25,635 4,615 2012 (a) 40 years 930 Rush Street Chicago, IL — 4,933 14,587 — 4,933 14,587 19,520 3,191 2012 (a) 40 years 28 Jericho Turnpike Westbury, NY 12,895 6,220 24,416 34 6,220 24,450 30,670 5,496 2012 (a) 40 years 181 Main Street Westport, CT — 1,908 12,158 409 1,908 12,567 14,475 2,613 2012 (a) 40 years 83 Spring Street Manhattan, NY — 1,754 9,200 1 1,754 9,201 10,955 1,955 2012 (a) 40 years 60 Orange Street Bloomfield, NJ 6,727 3,609 10,790 — 3,609 10,790 14,399 2,454 2012 (a) 40 years 179-53 & 1801-03 Connecticut Avenue Washington, D.C. — 11,690 10,135 1,167 11,690 11,302 22,992 2,567 2012 (a) 40 years 639 West Diversey Chicago, IL — 4,429 6,102 1,082 4,429 7,184 11,613 1,735 2012 (a) 40 years 664 North Michigan Chicago, IL — 15,240 65,331 302 15,240 65,633 80,873 12,866 2013 (a) 40 years 8-12 E. Walton Chicago, IL — 5,398 15,601 977 5,398 16,578 21,976 3,425 2013 (a) 40 years 3200-3204 M Street Washington, DC — 6,899 4,249 168 6,899 4,417 11,316 965 2013 (a) 40 years 868 Broadway Manhattan, NY — 3,519 9,247 5 3,519 9,252 12,771 1,637 2013 (a) 40 years Initial Cost to Company Amount at Which Carried at December 31, 2020 Description and Location Encumbrances Land Buildings & Improvements Increase (Decrease) in Net Investments Land Buildings & Improvements Total Accumulated Depreciation Date of Acquisition (a) Construction (c) Life on which Depreciation in Latest Statement of Operations is Compared 313-315 Bowery Manhattan, NY — — 5,516 — — 5,516 5,516 1,563 2013 (a) 40 years 120 West Broadway Manhattan, NY — — 32,819 1,167 — 33,986 33,986 4,009 2013 (a) 40 years 11 E. Walton Chicago, IL — 16,744 28,346 784 16,744 29,130 45,874 5,124 2014 (a) 40 years 61 Main Street Westport, CT — 4,578 2,645 1,740 4,578 4,385 8,963 601 2014 (a) 40 years 865 W. North Avenue Chicago, IL — 1,893 11,594 3,729 1,893 15,323 17,216 1,983 2014 (a) 40 years 152-154 Spring St. Manhattan, NY — 8,544 27,001 177 8,544 27,178 35,722 4,615 2014 (a) 40 years 2520 Flatbush Ave Brooklyn, NY — 6,613 10,419 303 6,613 10,722 17,335 1,855 2014 (a) 40 years 252-256 Greenwich Avenue Greenwich, CT — 10,175 12,641 958 10,175 13,599 23,774 2,404 2014 (a) 40 years Bedford Green Bedford Hills, NY — 12,425 32,730 4,445 13,763 35,837 49,600 6,381 2014 (a) 40 years 131-135 Prince Street Manhattan, NY — — 57,536 592 — 58,128 58,128 17,475 2014 (a) 40 years Shops at Grand Ave Queens, NY — 20,264 33,131 1,814 20,264 34,945 55,209 5,580 2014 (a) 40 years 201 Needham Street Newton, MA — 4,550 4,459 105 4,550 4,564 9,114 768 2014 (a) 40 years City Center San Francisco, CA — 36,063 109,098 (20,435 ) 26,386 98,340 124,726 17,050 2015 (a) 40 years 163 Highland Avenue Needham, MA 8,298 12,679 11,213 (107 ) 12,529 11,256 23,785 1,775 2015 (a) 40 years Roosevelt Galleria Chicago, IL — 4,838 14,574 79 4,838 14,653 19,491 1,957 2015 (a) 40 years Route 202 Shopping Center Wilmington, DE — — 6,346 501 — 6,847 6,847 1,463 2015 (a) 40 years 991 Madison Avenue Manhattan, NY — — 76,965 (75,359 ) — 1,606 1,606 359 2016 (a) 40 years 165 Newbury Street Boston, MA — 1,918 3,980 — 1,918 3,980 5,898 464 2016 (a) 40 years Concord & Milwaukee Chicago, IL 2,568 2,739 2,746 246 2,739 2,992 5,731 380 2016 (a) 40 years State & Washington Chicago, IL 23,298 3,907 70,943 6,225 3,907 77,168 81,075 8,505 2016 (a) 40 years 151 N. State Street Chicago, IL 13,253 1,941 25,529 — 1,941 25,529 27,470 2,819 2016 (a) 40 years North & Kingsbury Chicago, IL 11,756 18,731 16,292 664 18,731 16,956 35,687 1,868 2016 (a) 40 years Sullivan Center Chicago, IL 50,000 13,443 137,327 1,481 13,443 138,808 152,251 15,288 2016 (a) 40 years California & Armitage Chicago, IL 2,428 6,770 2,292 4 6,770 2,296 9,066 274 2016 (a) 40 years 555 9th Street San Francisco, CA 60,000 75,591 73,268 278 75,591 73,546 149,137 7,707 2016 (a) 40 years Market Square Wilmington, DE — 8,100 31,221 312 8,100 31,533 39,633 2,680 2017 (a) 40 years 613-623 W. Diversey Chicago, IL — 10,061 2,773 11,123 10,061 13,896 23,957 3,689 2018 (c) 40 years 51 Greene Street Manhattan, NY — 4,488 8,992 — 4,488 8,992 13,480 412 2019 (a) 40 years 53 Greene Street Manhattan, NY — 3,605 12,177 — 3,605 12,177 15,782 533 2019 (a) 40 years 41 Greene Street Manhattan, NY — 6,276 9,582 — 6,276 9,582 15,858 379 2019 (a) 40 years Initial Cost to Company Amount at Which Carried at December 31, 2020 Description and Location Encumbrances Land Buildings & Improvements Increase (Decrease) in Net Investments Land Buildings & Improvements Total Accumulated Depreciation Date of Acquisition (a) Construction (c) Life on which Depreciation in Latest Statement of Operations is Compared 47 Greene Street Manhattan, NY — 6,265 16,758 — 6,265 16,758 23,023 594 2019 (a) 40 years 849 W Armitage Chicago, IL — 837 2,731 — 837 2,731 3,568 96 2019 (a) 40 years 912 W Armitage Chicago, IL — 982 2,868 — 982 2,868 3,850 100 2019 (a) 40 years Melrose Place Collection Los Angeles, CA — 20,490 26,788 — 20,490 26,788 47,278 784 2019 (a) 40 years 45 Greene Street Manhattan, NY — 2,903 8,487 2 2,903 8,489 11,392 248 2019 (a) 40 years 565 Broadway Manhattan, NY — — 22,491 12 — 22,503 22,503 609 2019 (a) 40 years 907 W Armitage Chicago, IL — 700 2,081 — 700 2,081 2,781 62 2019 (a) 40 years 37 Greene Street Manhattan, NY — 6,721 9,119 — 6,721 9,119 15,840 228 2020 (a) 40 years 917 W Armitage Chicago, IL — 901 2,368 — 901 2,368 3,269 59 2020 (a) 40 years Brandywine Town Center Wilmington, DE — 15,632 101,861 72 15,632 101,933 117,565 2,192 2020 (a) 40 years Fund II: City Point Brooklyn, NY 247,086 — 100,316 466,763 — 567,079 567,079 76,384 2007 (c) 40 years Fund III: 654 Broadway Manhattan, NY — 9,040 3,654 (2,126 ) 5,034 5,534 10,568 1,853 2011 (a) 40 years 640 Broadway Manhattan, NY 35,970 12,503 19,960 16,526 12,503 36,486 48,989 8,203 2012 (a) 40 years Cortlandt Crossing Mohegan Lake, NY 35,948 11,000 — 41,666 8,648 44,018 52,666 3,162 2012 (c) 40 years Fund IV: 210 Bowery Manhattan, NY — 1,875 5,625 (3,500 ) 1,875 2,125 4,000 109 2012 (c) 40 years Paramus Plaza Paramus, NJ 20,810 11,052 7,037 14,946 11,052 21,983 33,035 5,160 2013 (a) 40 years 27 E. 61st Street Manhattan, NY — 4,813 14,438 8,424 4,813 22,862 27,675 1,781 2014 (c) 40 years 17 E. 71st Street Manhattan, NY 15,385 7,391 20,176 322 7,391 20,498 27,889 3,281 2014 (a) 40 years 1035 Third Avenue Manhattan, NY — 12,759 37,431 5,753 14,099 41,844 55,943 6,880 2015 (a) 40 years 801 Madison Avenue Manhattan, NY — 4,178 28,470 (5,185 ) 2,922 24,541 27,463 2,599 2015 (c) 40 years 2208-2216 Fillmore Street San Francisco, CA 5,606 3,027 6,376 137 3,027 6,513 9,540 840 2015 (a) 40 years 2207 Fillmore Street San Francisco, CA 1,120 1,498 1,735 125 1,498 1,860 3,358 249 2015 (a) 40 years 146 Geary St. San Francisco, CA 22,900 9,500 28,500 (227 ) 8,037 29,736 37,773 186 2015 (a) 40 years 1964 Union Street San Francisco, CA 1,456 563 1,688 2,056 563 3,744 4,307 305 2016 (c) 40 years Restaurants at Fort Point Boston, MA 5,958 1,041 10,905 182 1,041 11,087 12,128 1,391 2016 (a) 40 years Wakeforest Crossing Wake Forest, NC 22,949 7,570 24,829 574 7,570 25,403 32,973 3,438 2016 (a) 40 years Airport Mall Bangor, ME 5,186 2,294 7,067 2,534 2,006 9,889 11,895 1,193 2016 (a) 40 years Dauphin Plaza Harrisburg, PA 12,466 5,290 9,464 3,069 5,290 12,533 17,823 2,089 2016 (a) 40 years Initial Cost to Company Amount at Which Carried at December 31, 2020 Description and Location Encumbrances Land Buildings & Improvements Increase (Decrease) in Net Investments Land Buildings & Improvements Total Accumulated Depreciation Date of Acquisition (a) Construction (c) Life on which Depreciation in Latest Statement of Operations is Compared Mayfair Shopping Center Philadelphia, PA 11,597 6,178 9,266 1,095 6,178 10,361 16,539 1,344 2016 (a) 40 years Shaw's Plaza Waterville, ME 7,478 828 11,814 271 828 12,085 12,913 1,418 2016 (a) 40 years Wells Plaza Wells, ME 5,587 1,892 2,585 484 1,892 3,069 4,961 540 2016 (a) 40 years 717 N. Michigan Chicago, IL 14,810 20,674 10,093 (4,251 ) 17,652 8,864 26,516 1,021 2016 (c) 40 years Shaw's Plaza North Windham, ME 5,551 1,876 6,696 56 1,876 6,752 8,628 657 2017 (a) 40 years Lincoln Place Fairview Heights, IL 23,100 7,149 22,201 2,098 7,149 24,299 31,448 2,872 2017 (a) 40 years 18 E. Broughton St. Savannah, GA 2,032 609 1,513 22 609 1,535 2,144 87 2018 (a) 40 years 20 E. Broughton St. Savannah, GA 1,258 588 937 — 588 937 1,525 53 2018 (a) 40 years 25 E. Broughton St. Savannah, GA 3,302 1,324 2,459 362 1,324 2,821 4,145 197 2018 (a) 40 years 109 W. Broughton St. Savannah, GA 8,809 2,343 6,560 271 2,343 6,831 9,174 387 2018 (a) 40 years 204-206 W. Broughton St. Savannah, GA 590 547 439 45 547 484 1,031 30 2018 (a) 40 years 216-218 W. Broughton St. Savannah, GA 3,674 1,160 2,736 2,179 1,160 4,915 6,075 218 2018 (a) 40 years 220 W. Broughton St. Savannah, GA 2,416 619 1,799 1,109 619 2,908 3,527 165 2018 (a) 40 years 223 W. Broughton St. Savannah, GA 924 465 688 — 465 688 1,153 39 2018 (a) 40 years 226-228 W. Broughton St. Savannah, GA 2,551 660 1,900 34 660 1,934 2,594 110 2018 (a) 40 years 309/311 W. Broughton St. Savannah, GA 3,619 1,160 2,695 — 1,160 2,695 3,855 152 2018 (a) 40 years 110 University Manhattan, NY — — 1,370 (361 ) — 1,009 1,009 60 2019 (a) 40 years 230-240 W. Broughton St. Savannah, GA — 2,185 9,597 4 2,185 9,601 11,786 140 2020 (a) 40 years 102 E. Broughton St. Savannah, GA — — 514 — — 514 514 7 2020 (a) 40 years Fund V: Plaza Santa Fe Santa Fe, NM 22,893 — 28,214 680 — 28,894 28,894 2,886 2017 (a) 40 years Hickory Ridge Hickory, NC 29,876 7,852 29,998 1,472 7,852 31,470 39,322 3,140 2017 (a) 40 years New Towne Plaza Canton, MI 16,688 5,040 17,391 726 5,040 18,117 23,157 1,756 2017 (a) 40 years Fairlane Green Allen Park, MI 40,300 18,121 37,143 324 18,121 37,467 55,588 3,096 2017 (a) 40 years Trussville Promenade Birmingham, AL 29,370 7,587 34,285 43 7,587 34,328 41,915 2,652 2018 (a) 40 years Elk Grove Commons Elk Grove, CA 41,500 6,204 48,008 494 6,204 48,502 54,706 3,079 2018 (a) 40 years Hiram Pavilion Hiram, GA 28,830 13,029 25,446 259 13,029 25,705 38,734 1,800 2018 (a) 40 years Palm Coast Landing Palm Coast, FL 26,500 7,066 27,299 314 7,066 27,613 34,679 1,393 2019 (a) 40 years Lincoln Commons Lincoln, RI 38,820 14,429 34,417 316 14,429 34,733 49,162 1,561 2019 (a) 40 years Landstown Commons Virginia Beach, VA 60,900 10,222 69,005 676 10,222 69,681 79,903 2,632 2019 (a) 40 years Initial Cost to Company Amount at Which Carried at December 31, 2020 Description and Location Encumbrances Land Buildings & Improvements Increase (Decrease) in Net Investments Land Buildings & Improvements Total Accumulated Depreciation Date of Acquisition (a) Construction (c) Life on which Depreciation in Latest Statement of Operations is Compared Real Estate Under Development 37,190 73,469 25,347 148,533 83,146 164,203 247,349 — Unamortized Loan Costs (6,507 ) — — — — — — — Unamortized Premium 548 — — — — — — — Total $ 1,125,356 $ 867,524 $ 2,395,406 $ 831,358 $ 859,421 $ 3,234,867 $ 4,094,288 $ 586,800 Notes: 1. Depreciation on buildings and improvements reflected in the consolidated statements of operations is calculated over the estimated useful life of the assets as follows: Buildings at 40 years and improvements at the shorter of lease term or useful life. 2. The aggregate gross cost of property included above for Federal income tax purposes was approximately $4.2 billion as of December 31, 2020. The following table reconciles the activity for real estate properties from January 1, 2018 to December 31, 2020 (in thousands): Year Ended December 31, 2020 2019 2018 Balance at beginning of year $ 4,039,536 $ 3,697,805 $ 3,466,482 Improvements and other 75,246 97,000 99,594 Property acquisitions 19,109 303,884 134,559 Property dispositions or held for sale assets (19,659 ) (84,243 ) (34,666 ) Right-of-use assets - finance leases obtained and reclassified (76,965 ) 102,055 — Capital lease reclassified as Right-of-use assets - finance lease — (76,965 ) — Consolidation of previously unconsolidated investments 129,863 — 31,836 Impairment charges (72,842 ) — — Balance at end of year $ 4,094,288 $ 4,039,536 $ 3,697,805 The following table reconciles accumulated depreciation from January 1, 2018 to December 31, 2020 (in thousands): Year Ended December 31, 2020 2019 2018 Balance at beginning of year $ 490,227 $ 416,657 $ 339,862 Depreciation related to real estate 104,049 85,317 78,453 Property dispositions (939 ) (11,747 ) (1,658 ) Right-of-use assets - finance leases reclassified (6,537 ) — — Balance at end of year $ 586,800 $ 490,227 $ 416,657 |
SCHEDULE IV - MORTGAGE LOANS ON
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2020 | |
Mortgage Loans On Real Estate [Abstract] | |
SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE | Description Effective Interest Rate Final Maturity Date Face Amount of Notes Receivable Net Carrying Amount of Notes Receivable as of December 31, 2020 First Mortgage Loan 6.00% 4/1/2020 $ 17,810 $ 17,802 Mezzanine Loan 18.00% 7/1/2020 5,306 5,306 Other 3.16% 4/10/2021 462 462 First Mortgage Loan 5.50% 10/28/2021 13,530 13,530 Mezzanine Loan 9.00% 1/13/2023 54,000 54,000 Other 4.65% 4/12/2026 6,000 6,000 Mezzanine Loan 8.00% 12/11/2027 5,000 5,000 Total $ 102,108 102,100 Allowance for credit loss (650 ) Net carrying amount of notes receivable $ 101,450 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, the personal guarantees of the borrower and the prospects of the borrower. The following table reconciles the activity for loans on real estate from January 1, 2018 to December 31, 2020 (in thousands): Reconciliation of Loans on Real Estate Year Ended December 31, 2020 2019 2018 Balance at beginning of year $ 114,943 $ 111,775 $ 160,991 Additions 59,585 18,418 3,805 Repayments — (15,250 ) (31,000 ) Conversion to real estate through receipt of deed (72,428 ) — (22,021 ) Allowance for credit loss (650 ) — — Balance at end of year $ 101,450 $ 114,943 $ 111,775 |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Segments | Segments At December 31, 2020, 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-level basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital. |
Principles of Consolidation | Principles of Consolidation The 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 FASB Accounting Standards Codification Topic 810 “Consolidation.” 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 (loss) income. |
Use of Estimates | Use of Estimates GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the 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. Reclassifications Certain prior year amounts with regard to right-of-use assets – operating leases, lease liabilities – operating leases and credit losses have been reclassified to conform to the current year presentation. These reclassifications had no effect on the reported results of operations. |
Reclassifications | Reclassifications Certain prior year amounts with regard to right-of-use assets – operating leases, lease liabilities – operating leases and credit losses have been reclassified to conform to the current year presentation. These reclassifications had no effect on the reported results of operations. |
Real Estate | Real Estate Land, buildings, and personal property are carried at cost less accumulated depreciation. Improvements and significant renovations that extend the useful life of the properties are capitalized, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Real estate under development includes costs for significant property expansion and development. Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows: Buildings and improvements Useful lives of Furniture and fixtures Useful lives, ranging from Tenant improvements Shorter of economic life or lease terms Purchase Accounting – Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above- and below-market leases and acquired in-place leases) and acquired liabilities in accordance with and “ and allocates the acquisition price based on these assessments. When acquisitions of properties do not meet the criteria for business combinations, no goodwill is recorded and acquisition costs are capitalized The Company assesses fair value of its tangible assets acquired and assumed liabilities based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information at the measurement period. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. In determining the value of above- and below-market leases, the Company estimates the present value difference between contractual rent obligations and estimated market rate of leases at the time of the transaction. To the extent there were fixed-rate options at below-market rental rates, the Company included these along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized to rental income over the remaining applicable lease term, inclusive of any option periods. In determining the value of acquired in-place leases, the Company considers market conditions at the time of the transaction and values the costs to execute similar leases during the expected lease-up period from vacancy to existing occupancy, including carrying costs. The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off. The Company estimates the value of any assumption of mortgage debt based on market conditions at the time of acquisitions including prevailing interest rates, terms and ability to obtain financing for a similar asset. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument. Real Estate Under Development – The Company capitalizes certain costs related to the development of real estate. Interest and real estate taxes incurred during the period of the construction, expansion or development of real estate are capitalized and depreciated over the estimated useful life of the building. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed. Real Estate Impairment – The Company reviews its real estate, real estate under development and right-of-use assets for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates made by management, and considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its estimated fair value. See Note 8 for information about impairment charges recorded during the periods presented. |
Dispositions of Real Estate | Dispositions of Real Estate – The Company recognizes property sales in accordance with “ Sales of real estate include the sale of land, operating properties and investments in real estate joint ventures. Beginning January 1, 2018, gains on sale of investment properties are recognized, and the related real estate derecognized, when the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date upon transfer of the property’s ownership. |
Real Estate Held for Sale | Real Estate Held for Sale – The Company generally considers assets to be held for sale when it has entered into a contract to sell the property, all material due diligence requirements have been satisfied, and management believes it is probable that the disposition will occur within one year. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell. |
Notes Receivable | Notes Receivable Notes receivable include certain loans that are held for investment and are collateralized by real estate-related investments and may be subordinate to other senior loans. Notes receivable are reported net of allowance for credit loss and are recorded at stated principal amounts or at initial investment less accretive yield for loans purchased at a discount, which is accreted over the life of the note. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. The Company evaluates the collectability of both principal and interest based upon an assessment of the underlying collateral value to determine whether it is impaired. Allowance for credit loss represents management’s estimate of future losses based on national historical economic loss rates for similar obligations, management’s estimate of future economic impacts and factors specific to the borrower. Certain of the Company’s loans are considered “collateral dependent” in that settlement of the amount is likely to be achieved by obtaining access to the collateral (e.g. notes in default). The same valuation techniques are used to value the collateral for such collateral dependent instruments as those used to determine the fair value of real estate investments for impairment purposes. Given the small number of notes outstanding, the Company believes the characteristics of its notes are not sufficiently similar to allow an evaluation as a group for credit loss allowance. As such, all of the Company’s notes are evaluated individually for this purpose. Interest income on performing notes is accrued as earned. A note is placed on non-accrual status when, based upon current information and events, it is probable that the Company will not be able to collect all amounts due according to the existing contractual terms. Income accrual is generally suspended for loans when recovery of income and principal becomes doubtful. Interest received is then recorded as a reduction in the outstanding principal balance until the accrual is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms of the notes. |
Investments in and Advances to Unconsolidated Joint Ventures | Investments in and Advances to Unconsolidated Joint Ventures Some of the Company’s joint ventures obtain non-recourse third-party financing on their property investments, contractually limiting the Company’s exposure to losses. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability. When characterizing distributions from equity investees within the Company's consolidated statements of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered return of investment. In such cases, the distribution is classified as cash inflows from investing activities. To the extent that the Company’s carrying basis in an unconsolidated affiliate is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in (loss) earnings of unconsolidated affiliates the joint venture. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment, is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the periods presented there were no impairment charges related to the Company’s investments in unconsolidated joint ventures. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the limits insured by the Federal Deposit Insurance Corporation. |
Restricted Cash | Restricted Cash Restricted cash consists principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy and property operating income requirements at specific properties as required by certain loan agreements. |
Deferred Costs | Deferred Costs External fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. External fees and costs incurred in connection with obtaining financing are deferred and amortized as a component of interest expense over the term of the related debt obligation on a straight-line basis, which approximates the effective interest method. Effective January 1, 2019, internal leasing costs are no longer being capitalized as discussed further below under ASU 2016-02. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company measures derivative instruments at fair value and records them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. Although the Company's derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the consolidated balance sheets. The Company does not use derivatives for trading or speculative purposes. For the periods presented, all of the Company's derivatives qualified and were designated as cash flow hedges, and none of its derivatives were deemed ineffective. |
NonControlling Interests | Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s consolidated balance sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s consolidated statements of operations . Noncontrolling interests also include amounts related to common and preferred OP Units issued to unrelated third parties in connection with certain property acquisitions. In addition, the Company periodically issues common OP Units and LTIPs to certain employees of the Company under its share-based incentive program. Unit holders generally have the right to redeem their units for Common Shares subject to blackout and other limitations. Common and restricted OP Units are included in the caption Noncontrolling interest within the equity section on the Company’s consolidated balance sheets. |
Revenue Recognition and Accounts Receivable | Revenue Recognition and Accounts Receivable Effective January 1, 2019, and as further described below, the Company accounts for its leases under ASC 842. Pursuant to ASC 842, the Company has made an accounting policy election to not separate the non-lease components from its leases, such as common area maintenance, and has accounted for each of its leases as a single lease component. In addition, the Company has elected to account only for those taxes that it pays on behalf of the tenant as reimbursable costs and will not account for those taxes paid directly by the tenant. Minimum rents from tenants are recognized using the straight-line method over the non-cancelable lease term of the respective leases. Lease termination fees are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. As of December 31, 2020 and 2019, unbilled rents receivable relating to the straight-lining of rents of $41.4 million and $48.4 million, respectively, are included in Rents Receivable, net on the accompanying consolidated balance sheets. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. The Company assesses the collectability of its accounts receivable related to tenant revenues. The Company applies the guidance under ASC 842 in assessing its rents receivable: if collection of rents under specific operating leases is not probable, then the Company recognizes the lesser of that lease’s rental income on a straight-line basis or cash received, plus variable rents as earned. Once this initial assessment is completed, the Company applies a general reserve, as provided under ASC 450-20, if applicable. Rents receivable at December 31, 2020 and 2019 are shown net of an allowance for doubtful accounts of $45.4 million and $11.4 million, respectively. Rental income for the years ended and 2018 are reported net of adjustments of $46.8 million, $4.4 million and $2.5 million respectively, to allowance for doubtful accounts reflecting additional reserves, net of write-offs and recoveries, during 2020 due to the impact of the COVID-19 Pandemic ( Note 1 ). |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. The Company recognizes these compensation costs for only those shares or units expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. The Company includes stock-based compensation within general and administrative expense on the consolidated statements of operations. |
Income Taxes | Income Taxes The Company has made an election to be taxed, and believes it qualifies, as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To maintain REIT status for Federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to Federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. In connection with the REIT Modernization Act, the Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code. As such, the Company is subject to Federal and state income taxes on the income from these activities. The Tax Cut and Jobs Act was enacted in December 2017 and is generally effective for tax years beginning in 2018. This new legislation did not have a material adverse effect on the Company’s business and allows non-corporate shareholders to deduct a portion of the Company’s dividends. Although it may qualify for REIT status for federal income tax purposes, the Company is subject to state or local income or franchise taxes in certain jurisdictions in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s Taxable REIT Subsidiary (“TRS”) is fully subject to federal, state and local income taxes. The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, “Income Taxes.” Under the liability method, deferred income taxes are recognized for the temporary differences between the GAAP basis and tax basis of the TRS income, assets and liabilities. The recently enacted Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) temporarily relaxes existing limitations on the use and carryback of net operating losses incurred by our TRSs. Net operating losses generated in taxable years beginning in 2018, 2019 or 2020 can be carried back to the preceding 5 years. In addition, TRSs can fully offset their taxable income for taxable years beginning before 2021 using net operating loss carrybacks and carryforwards and can fully offset their taxable income for taxable years beginning after 2020 using pre-2018 net operating loss carryforwards. Any post-2017 net operating loss carryforwards can be used to offset up to 80% of taxable income after using pre-2018 net operating loss carryforwards. In 2020, the Company carried back $3.1 million of net operating losses, resulting in a refund of $1.0 million. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. In 2019 and 2020, the Company recorded valuation allowances to reduce deferred tax assets when it determined that an uncertainty existed regarding their realization, which increased the provision for income taxes. In making such determination, the Company considered all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carry-forwards, tax planning strategies and recent results of operations. Several of these considerations require assumptions and significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is utilizing to manage its business. To the extent facts and circumstances change in the future, further adjustments to the valuation allowances may be required. |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Credit Losses In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses In May 2019, the FASB issued ASU 2019-05, Financial Instruments — Credit Losses (Topic 326) ASU 2016-13, and its related ASUs have been adopted by the Company effective January 1, 2020. Retrospective adjustments were applied through a cumulative-effect adjustment to distributions in excess of accumulated earnings in shareholders equity. Upon implementation of ASU 2016-13 and other related guidance, the Company recorded loan loss allowances related to its Structured Financing portfolio (Note 3) of $0.4 million with a cumulative effect adjustment to distributions in excess of accumulated earnings. The Company recorded a credit loss allowance of $0.3 million during year ended December 31, 2020 Note 3 ), however, the Company has not made any changes to its accounting policies for accounting for credit losses for its receivables arising from operating leases. In November 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments — Credit Losses. Other Accounting Topics In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities; Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, In August 2018, the FASB issued ASU 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting On April 8, 2020, the FASB issued a Q&A allowing for reporting entities to make an accounting policy election to account for lease concessions related to the effects of COVID-19 consistent with how those concessions would be accounted for under Topic 842, which is as though the enforceable rights and obligations for those concessions existed regardless of whether those enforceable rights and obligations for the concessions explicitly exist in the contract. This election is available for concessions that result in the total cash flows required by the modified contract being substantially the same or less than total cash flows required by the original contract. Effective April 1, 2020, the Company has made the accounting policy election noted above. The Company entered into concession agreements both as lessor and lessee during the year ended December 31, 2020 ( Note 1 ). The Company expects that it will grant further concessions during subsequent periods. Recently Issued Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes. In January 2020, the FASB issued ASU 2020-01 Investments—Equity securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 In August 2020, the FASB issued ASU 2020-06— Debt with conversion and other options (Subtopic 470-20) and derivatives and hedging—contracts in entity's own equity (Subtopic 815-40)—accounting for convertible instruments and contracts in an entity's own equity During October 2020, the SEC issued new rules modernizing certain Regulation S-K disclosure requirements. The final rule is intended to improve the readability of disclosures, reduce repetition, and eliminate immaterial information, thereby simplifying compliance for registrants and making disclosures more meaningful for investors. These changes will be effective for all filings on or after November 7, 2020. The Company has made minor disclosure changes to the "Business" and "Risk Factors" sections of this Form 10-K. In October 2020, the FASB issued ASU 2020-08 Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs December 15, 2020. Early application is not permitted. Currently, the Company does not have any such callable debt securities. As a result, the implementation of this guidance is not expected to have a material effect on the Company’s consolidated financial statements. In January 2021, the FASB issued ASU 2021-01 Reference Rate Reform (Topic 848) |
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. |
(Loss) Earnings Per Common Share | Basic earnings (loss) per Common Share is computed by dividing net income (loss) attributable to Common Shareholders by the weighted average Common Shares outstanding ( Note 10 ). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. 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 issued under the Company’s Share Incentive Plans ( Note 13 ). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. 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. |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020 (b) Unfunded Commitment (b, c) Equity Interest Held By Operating Partnership (a) Preferred Return Total Distributions as of December 31, 2020 (b, c) Fund II and Mervyns II (c) 6/2004 28.33 % $ 369.6 $ 15.7 28.33 % 8 % $ 169.8 Fund III 5/2007 24.54 % 448.1 1.9 24.54 % 6 % 568.8 Fund IV 5/2012 23.12 % 469.5 60.5 23.12 % 6 % 193.1 Fund V 8/2016 20.10 % 217.1 302.9 20.10 % 6 % 24.6 (a) Amount represents the current economic ownership at December 31, 2020, 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 , which amount was re-contribut ed to Fund II in April 202 0 . During June 2020, a distribution was made by Mervyn’s II to its investors which was re-contributed to Fund II in the amount of $ 7.5 million. During August 2020, a recallable distribution of $ 15.7 million was made by Mervyn’s II to its investors, of which $ 4.5 million was the Company’s share . |
Schedule of Tenant Operating Status | Tenant Operating Status (Unaudited) – The following table illustrates the percentage of the Company’s consolidated and unconsolidated annualized base rents (“ABR”) derived from stores which were open or partially open for business as of the dates indicated: Percentage of Tenants Open for Business as of June 30, 2020 September 30, 2020 December 31 , 2020 Core 74 % 86 % 88 % Fund 74 % 88 % 82 % • Tenant Operating Status (Unaudited) – The following table illustrates the percentage of the Company’s consolidated and unconsolidated ABR derived from stores which were open or partially open for business as of the dates indicated: Percentage of Tenants Open for Business as of June 30, 2020 September 30, 2020 December 31, 2020 January 31, 2021 Core 74 % 86 % 88 % 89 % Fund 74 % 88 % 82 % 85 % |
Schedule of Rent Collections | Rent Collections – The following table depicts collections of pre-COVID billings (original contract rents without regard to deferral or abatement agreements) and excludes the impact of any security deposits applied against tenant accounts as of the dates shown: Collections as of: September 30, 2020 for December 31, 2020 for Second Quarter 2020 Third Quarter 2020 Second Quarter 2020 Third Quarter 2020 Fourth Quarter 2020 Core 74 % 85 % 76 % 87 % 91 % Fund 65 % 77 % 67 % 79 % 82 % • Rent Collections – The following table depicts collections of pre-COVID billings (original contract rents without regard to deferral or abatement agreements) and excludes the impact of any security deposits applied against tenant accounts as of the dates shown (Fund collections rates exclude data for non-managed properties): Collections as of: September 30, 2020 for December 31, 2020 for January 31, 2021 for Second Quarter 2020 Third Quarter 2020 Second Quarter 2020 Third Quarter 2020 Fourth Quarter 2020 Fourth Quarter 2020 (Unaudited) Core 74 % 85 % 76 % 87 % 91 % 92 % Fund 65 % 77 % 67 % 79 % 82 % 84 % |
Schedule of Earnings Impact | The rental income reductions and impairment charges impacted net earnings and segment performance as follows: Year Ended December 31, 2020 Consolidated Non-Controlling Interests Unconsolidated Attributable to Acadia Credit Loss - Billed Rents Core $ 12,870 $ (37 ) $ 1,564 $ 14,397 Funds 11,901 (9,969 ) 1,017 2,949 Total 24,771 (10,006 ) 2,581 17,346 Straight - Line Rent Reserves Core 8,413 (86 ) 509 8,836 Funds 13,660 (11,184 ) 1,263 3,739 Total 22,073 (11,270 ) 1,772 12,575 Rent Abatements Core 1,616 — 868 2,484 Funds 419 (381 ) 56 94 Total 2,035 (381 ) 924 2,578 Impairment charges Core 419 — — 419 Funds 85,179 (65,004 ) — 20,175 Total 85,598 (65,004 ) — 20,594 COVID Earnings Impact Core 23,318 (123 ) 2,941 26,136 Funds 111,159 (86,538 ) 2,336 26,957 Total $ 134,477 $ (86,661 ) $ 5,277 $ 53,093 |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | |
Schedule of Consolidated Real Estate | The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands): December 31, 2020 December 31, 2019 Land $ 776,275 $ 756,297 Buildings and improvements 2,848,781 2,740,479 Tenant improvements 191,046 173,686 Construction in progress 5,751 13,617 Right-of-use assets - finance leases (Note 11) 25,086 102,055 Total 3,846,939 3,786,134 Less: Accumulated depreciation and amortization (586,800 ) (490,227 ) Operating real estate, net 3,260,139 3,295,907 Real estate under development 247,349 253,402 Net investments in real estate $ 3,507,488 $ 3,549,309 |
Schedule of Business Acquisitions, by Acquisition | During the years ended December 31, 2020 and 2019, the Company acquired the following consolidated retail properties and other real estate investments (dollars in thousands): Property and Location Percent Acquired Date of Acquisition Purchase Price 2020 Acquisitions and Conversions Core Soho Acquisitions - 37 Greene Street - New York, NY 100% Jan 9, 2020 $ 15,689 917 W. Armitage - Chicago, IL 100% Feb 13, 2020 3,515 Town Center - Wilmington, DE (Conversion) (Note 4) 100% Apr 1, 2020 138,939 Subtotal Core 158,143 Fund IV 230-240 W. Broughton Street - Savannah, GA 100% May 26, 2020 13,219 102 E. Broughton Street - Savannah, GA 100% May 26, 2020 790 Subtotal Fund IV 14,009 Total 2020 Acquisitions and Conversions $ 172,152 2019 Acquisitions Core Soho Acquisitions - 41, 45, 47, 51 and 53 Greene Street - New York, NY 100% Mar 15, 2019 Mar 27, 2019 May 29, 2019 Jul 30, 2019 Nov 8, 2019 $ 87,006 849, 907 and 912 W. Armitage - Chicago, IL 100% Sep 11, 2019 Dec 11, 2019 10,738 8436-8452 Melrose Place - Los Angeles, CA 100% Oct 25, 2019 48,691 Subtotal Core 146,435 Fund V Palm Coast Landing - Palm Coast, FL 100% May 6, 2019 36,644 Lincoln Commons - Lincoln, RI 100% Jun 21, 2019 54,299 Landstown Commons - Virginia Beach, VA 100% Aug 2, 2019 86,961 Subtotal Fund V 177,904 Total 2019 Acquisitions $ 324,339 |
Schedule of Purchase Price Allocations | The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 Year Ended December 31, 2019 Net Assets Acquired Land $ 25,440 $ 78,263 Buildings and improvements 123,459 221,185 Accounts receivable, prepaids and other assets 5,770 — Acquisition-related intangible assets ( Note 6 ) 23,061 34,972 Right-of-use asset - Operating lease (Note 11) 234 — Acquisition-related intangible liabilities ( Note 6 ) (4,569 ) (10,081 ) Lease liability - Operating lease (Note 11) (234 ) — Accounts payable and other liabilities (1,009 ) — Net assets acquired $ 172,152 $ 324,339 Consideration Cash $ 21,208 $ 319,673 Conversion of note receivable 38,674 — Conversion of accrued interest 1,995 — Liabilities assumed 116 4,666 Existing interest in previously unconsolidated investment 109,571 — Acquisition of noncontrolling interests 588 — Total consideration $ 172,152 $ 324,339 |
Schedule of Property Dispositions | During the years ended December 31, 2020 and 2019, the Company disposed of the following consolidated properties and other real estate investments (in thousands): Property and Location Owner Date Sold Sale Price Gain (Loss) on Sale 2020 Dispositions 163 Highland Ave. (Easement) - Needham, MA Core Mar 19, 2020 $ 238 $ 88 Colonie Plaza - Albany, NY Fund IV Apr 13, 2020 15,250 485 Airport Mall (Parcel) - Bangor, ME Fund IV Sep 10, 2020 400 24 Cortlandt Crossing (Sewer Project and Retention Pond) - Cortlandt, NY Fund III Nov 30, 2020 6,325 — Union Township (Parcel) - New Castle, PA Core Dec 11, 2020 200 86 Total 2020 Dispositions $ 22,413 $ 683 2019 Dispositions 3104 M Street - Washington, DC (Note 4) Fund III Jan 24, 2019 $ 10,500 $ 2,014 210 Bowery - 3 Residential Condos - New York, NY Fund IV May 17, 2019 Sep 23, 2019 Nov 7, 2019 8,826 (242 ) JFK Plaza - Waterville, ME Fund IV Jul 24, 2019 7,800 2,075 3780-3858 Nostrand Avenue - New York, NY Fund III Aug 22, 2019 27,650 2,562 938 W North Avenue - Chicago, IL Fund IV Sep 27, 2019 32,000 7,144 Pacesetter Park - Pomona, NY Core Oct 28, 2019 22,550 16,771 Total 2019 Dispositions $ 109,326 $ 30,324 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during the years ended December 31, 2020, 2019 and 2018 were as follows (in thousands): Year Ended December 31, 2020 2019 2018 Revenues $ 724 $ 9,786 $ 14,010 Expenses (1,018 ) (8,561 ) (11,946 ) Gain on disposition of properties 683 30,324 5,140 Net income attributable to noncontrolling interests (127 ) (10,770 ) (5,131 ) Net income attributable to Acadia $ 262 $ 20,779 $ 2,073 |
Schedule Of Development In Process Activities | Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands): January 1, 2020 Year Ended December 31, 2020 December 31, 2020 Number of Properties Carrying Value Transfers In Capitalized Costs Transfers Out Number of Properties Carrying Value Core — $ 60,863 $ — $ 3,012 $ — — $ 63,875 Fund II (a) — 10,703 66,812 3,612 6,470 — 74,657 Fund III 1 36,240 — 70 13,171 1 23,139 Fund IV (b) 2 145,596 — 1,368 61,286 2 85,678 Total 3 $ 253,402 $ 66,812 $ 8,062 $ 80,927 3 $ 247,349 (a) Transfers in include $33.8 million of non-cash Fund II additions obtained through the conversion of a note receivable ( Note 3 ). (b) Transfers out include impairment charges totaling $16.5 million on two Fund IV development properties ( Note 8 ). January 1, 2019 Year Ended December 31, 2019 December 31, 2019 Number of Properties Carrying Value Transfers In Capitalized Costs Transfers Out Number of Properties Carrying Value Core 1 $ 7,759 $ 57,342 $ 5,581 $ 9,819 — $ 60,863 Fund II — 7,462 — 3,241 — — 10,703 Fund III 1 21,242 12,313 2,685 — 1 36,240 Fund IV 1 83,834 47,689 14,073 — 2 145,596 Total 3 $ 120,297 $ 117,344 $ 25,580 $ 9,819 3 $ 253,402 |
Notes Receivable, Net (Tables)
Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts And Notes Receivable Net [Abstract] | |
Schedule of Notes Receivable | The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands): December 31, December 31, December 31, 2020 Description 2020 2019 Number Maturity Date Interest Rate Core Portfolio (a) $ 96,794 $ 76,467 6 Apr 2020 - Dec 2027 2.81% - 9.00% Fund II — 33,170 — Dec 2020 1.75% Fund III 5,306 5,306 1 Jul 2020 18.00% Total notes receivable 102,100 114,943 Allowance for credit loss (650 ) — Notes receivable, net $ 101,450 $ 114,943 7 (a) Includes two notes receivable from OP Unit holders, with balances totaling $6.5 million at December 31, 2020 and 2019. |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Affiliates (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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): Ownership Interest December 31, December 31, Portfolio Property December 31, 2020 2020 2019 Core: 840 N. Michigan (a) 88.43% $ 55,863 $ 61,260 Renaissance Portfolio 20% 29,270 31,815 Gotham Plaza 49% 28,683 29,466 Town Center (a, b) 100% — 97,674 Georgetown Portfolio 50% 4,624 4,498 1238 Wisconsin Avenue 80% 2,571 1,194 121,011 225,907 Mervyns I & II: KLA/ABS (c) 36.7% 72,391 402 Fund III: Fund III Other Portfolio 94.23% — 17 Self Storage Management (d) 95% 207 207 207 224 Fund IV: Broughton Street Portfolio (e) 100% — 12,702 Fund IV Other Portfolio 98.57% 11,719 14,733 650 Bald Hill Road 90% 12,550 12,450 24,269 39,885 Fund V: Family Center at Riverdale (a) 89.42% 11,824 13,329 Tri-City Plaza (h) 90% 7,024 10,250 Frederick County Acquisitions 90% 10,837 15,070 29,685 38,649 Various: Due from (to) Related Parties 363 (1,902 ) Other (f) 1,881 1,932 Investments in and advances to unconsolidated affiliates $ 249,807 $ 305,097 Core: Crossroads (g) 49% $ 15,616 $ 15,362 Distributions in excess of income from, and investments in, unconsolidated affiliates $ 15,616 $ 15,362 (a) Represents a tenancy-in-common interest. (b) During November 2017, March 2018 and April 2020, as discussed below, the Company gradually increased its ownership to 100% and consolidated Town Center. (c) Includes an interest in Albertsons (at fair value at December 31, 2020 and at cost at December 31, 2019, as described below ( Note 8 (d) Represents a variable interest entity for which the Company was determined not to be the primary beneficiary. (e) During May 2020, as discussed below, the Company increased its ownership in Broughton Street Portfolio to 100% and consolidated the underlying properties. (f) Includes cost-method investments in, Storage Post, Fifth Wall and other investments. ( g ) 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 Operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates (in thousands): December 31, 2020 December 31, 2019 Combined and Condensed Balance Sheets Assets: Rental property, net $ 563,997 $ 656,265 Real estate under development 14,517 1,341 Other assets 61,969 85,540 Total assets $ 640,483 $ 743,146 Liabilities and partners’ equity: Mortgage notes payable $ 512,490 $ 502,036 Other liabilities 74,872 77,785 Partners’ equity 53,121 163,325 Total liabilities and partners’ equity $ 640,483 $ 743,146 Company's share of accumulated equity $ 100,767 $ 186,864 Basis differential 55,017 100,962 Deferred fees, net of portion related to the Company's interest 3,565 1,270 Amounts receivable/payable by the Company 363 (1,902 ) Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates 159,712 287,194 Cost method investments 74,479 2,541 Company's share of distributions in excess of income from and investments in unconsolidated affiliates 15,616 15,362 Investments in and advances to unconsolidated affiliates $ 249,807 $ 305,097 |
Schedule of Condensed Income Statement | Year Ended December 31, 2020 2019 2018 Combined and Condensed Statements of Operations Total revenues $ 73,478 $ 88,893 $ 79,555 Operating and other expenses (26,389 ) (24,932 ) (22,957 ) Interest expense (20,172 ) (21,874 ) (19,954 ) Depreciation and amortization (28,102 ) (25,358 ) (22,228 ) Loss on disposition of properties — — (1,673 ) Net (loss) income attributable to unconsolidated affiliates $ (1,185 ) $ 16,729 $ 12,743 Company’s share of equity in net (loss) income of unconsolidated affiliates $ 965 $ 11,772 $ 12,345 Basis differential amortization (2,202 ) (2,850 ) (3,043 ) Company’s equity in (losses) earnings of unconsolidated affiliates $ (1,237 ) $ 8,922 $ 9,302 |
Other Assets, Net and Account_2
Other Assets, Net and Accounts Payable and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: (in thousands) December 31, 2020 December 31, 2019 Other Assets, Net: Lease intangibles, net ( Note 6 ) $ 100,732 $ 116,820 Deferred charges, net (a) 30,488 28,746 Prepaid expenses 17,468 18,873 Accrued interest receivable 13,917 9,872 Due from seller 3,682 3,682 Income taxes receivable 2,433 1,755 Other receivables 2,058 3,996 Deposits 1,728 1,853 Corporate assets, net 1,302 1,565 Derivative financial instruments ( Note 8 ) 1 2,583 Deferred tax assets — 913 $ 173,809 $ 190,658 (a) Deferred Charges, Net: Deferred leasing and other costs $ 57,533 $ 49,081 Deferred financing costs related to line of credit 11,341 10,051 68,874 59,132 Accumulated amortization (38,386 ) (30,386 ) Deferred charges, net $ 30,488 $ 28,746 Accounts Payable and Other Liabilities: Derivative financial instruments ( Note 8 ) $ 90,139 $ 39,061 Lease intangibles, net ( Note 6 ) 76,434 82,926 Accounts payable and accrued expenses 53,031 68,838 Deferred income 31,842 33,682 Tenant security deposits, escrow and other 12,178 12,590 Lease liability - finance leases, net ( Note 11 6,287 77,657 $ 269,911 $ 314,754 |
Lease Intangibles (Tables)
Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities | Intangible assets and liabilities are included in Other assets and Accounts payable and other liabilities ( Note 5 ) on the consolidated balance sheet and summarized as follows (in thousands): December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease intangible assets $ 268,335 $ (171,856 ) $ 96,479 $ 249,961 $ (137,108 ) $ 112,853 Above-market rent 19,188 (14,935 ) 4,253 17,227 (13,260 ) 3,967 $ 287,523 $ (186,791 ) $ 100,732 $ 267,188 $ (150,368 ) $ 116,820 Amortizable Intangible Liabilities Below-market rent $ (164,923 ) $ 88,951 $ (75,972 ) $ (160,721 ) $ 78,315 $ (82,406 ) Above-market ground lease (671 ) 209 (462 ) (671 ) 151 (520 ) $ (165,594 ) $ 89,160 $ (76,434 ) $ (161,392 ) $ 78,466 $ (82,926 ) |
Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities | The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2020 is as follows (in thousands): Years Ending December 31, Net Increase in Lease Revenues Increase to Amortization Reduction of Rent Expense Net (Expense) Income 2021 $ 6,920 $ (24,599 ) $ 58 $ (17,621 ) 2022 6,251 (18,089 ) 58 (11,780 ) 2023 5,784 (13,428 ) 58 (7,586 ) 2024 5,433 (9,486 ) 58 (3,995 ) 2025 4,767 (8,376 ) 58 (3,551 ) Thereafter 42,564 (22,501 ) 172 20,235 Total $ 71,719 $ (96,479 ) $ 462 $ (24,298 ) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, December 31, Maturity Date at December 31, December 31, 2020 2019 December 31, 2020 2020 2019 Mortgages Payable Core Fixed Rate 3.88%-5.89% 3.88%-6.00% Feb 2024 - Apr 2035 $ 147,810 $ 176,176 Core Variable Rate - Swapped (a) 3.41%-4.54% 3.41%-4.54% Jan 2023 - Nov 2028 80,500 81,559 Total Core Mortgages Payable 228,310 257,735 Fund II Fixed Rate — 4.75% — 200,000 Fund II Variable Rate LIBOR+3.00% - PRIME+2.00% LIBOR+3.00% Mar 2022 - May 2022 228,282 24,225 Fund II Variable Rate - Swapped (a) 2.88% 2.88% Nov 2021 18,803 19,073 Total Fund II Mortgages Payable 247,085 243,298 Fund III Variable Rate LIBOR+2.75%-LIBOR+3.10% LIBOR+2.75%-LIBOR+3.10% Jun 2021 - Jul 2022 71,918 74,554 Fund IV Fixed Rate 3.40%-4.50% 3.40%-4.50% Oct 2025 - Jun 2026 6,726 8,189 Fund IV Variable Rate LIBOR+1.60%-LIBOR+3.40% LIBOR+1.60%-LIBOR+3.40% Feb 2021 - Oct 2025 175,009 157,015 Fund IV Variable Rate - Swapped (a) 3.48%-4.61% 3.48%-4.61% Apr 2022 - Dec 2022 66,590 102,699 Total Fund IV Mortgages Payable 248,325 267,903 Fund V Variable Rate LIBOR+1.50%-LIBOR+2.20% LIBOR+1.50%-LIBOR+2.20% Feb 2021 - Dec 2024 1,354 1,387 Fund V Variable Rate - Swapped (a) 2.95%-4.78% 2.95%-4.78% Feb 2021 - Dec 2024 334,323 334,626 Total Fund V Mortgage Payable 335,677 336,013 Net unamortized debt issuance costs (6,507 ) (10,078 ) Unamortized premium 548 651 Total Mortgages Payable $ 1,125,356 $ 1,170,076 Unsecured Notes Payable Core Variable Rate Unsecured Term Loans LIBOR+2.55% — Jun 2021 $ 30,000 $ — Core Variable Rate Unsecured Term Loans - Swapped (a) 2.49%-5.02% 2.49%-5.02% Mar 2023 350,000 350,000 Total Core Unsecured Notes Payable 380,000 350,000 Fund II Unsecured Notes Payable LIBOR+1.65% LIBOR+1.65% Sep 2021 40,000 40,000 Fund IV Term Loan/Subscription Facility LIBOR+1.90%-LIBOR+2.00% LIBOR+1.65%-LIBOR+2.00% Jun 2021 - Dec 2021 80,089 87,625 Fund V Subscription Facility LIBOR+1.60% — May 2021 250 — Net unamortized debt issuance costs (256 ) (305 ) Total Unsecured Notes Payable $ 500,083 $ 477,320 Unsecured Line of Credit Core Unsecured Line of Credit -Swapped (a) 2.49%-5.02% 2.49%-5.02% Mar 2022 $ 138,400 $ 60,800 Total Debt - Fixed Rate (b, c ) $ 1,143,152 $ 1,403,324 Total Debt - Variable Rate (d) 626,902 314,604 Total Debt 1,770,054 1,717,928 Net unamortized debt issuance costs (6,763 ) (10,383 ) Unamortized premium 548 651 Total Indebtedness $ 1,763,839 $ 1,708,196 (a) At December 31, 2020, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.90% LIBOR + 1.39% LIBOR + 2.75% to LIBOR + 3.10% LIBOR + 1.75% to LIBOR +2.25% LIBOR + 1.50% to LIBOR + 2.20% LIBOR + 1.25% (b) Includes $988.6 million and $948.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. (c) Fixed-rate debt at December 31, 2020 and 2019 includes $3.2 million and $70.2 million, respectively of Core swaps that may be used to hedge debt instruments of the Funds. (d) Includes $139.2 million and $143.3 million, respectively, of variable-rate debt that is subject to interest cap agreements. |
Scheduled Principal Repayments | The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of December 31, 2020 are as follows (in thousands): Year Ending December 31, 2021 $ 416,614 2022 528,008 2023 415,506 2024 212,020 2025 65,325 Thereafter 132,581 1,770,054 Unamortized premium 548 Net unamortized debt issuance costs (6,763 ) Total indebtedness $ 1,763,839 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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): December 31, 2020 December 31, 2019 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Money market funds $ — $ — $ — $ — $ — $ — Derivative financial instruments — 1 — — 2,583 — Investment in Albertsons (Note 4) 72,391 — — — — — Liabilities Derivative financial instruments — 90,139 — — 39,061 — |
Schedule of Items Measured at Fair Value on Nonrecurring Basis | During 2020, the Company was impacted by the COVID-19 Pandemic ( Note 1 ), which caused the Company to reduce its holding periods and forecasted operating income at certain properties. As a result, several impairments were recorded. Impairment charges for the periods presented are as follows (in thousands): Property and Location Owner Triggering Event Level 3 Inputs Effective Date Total Acadia's Share 2020 Impairment Charges Cortlandt Crossing, Mohegan Lake, NY Fund III Reduced holding period, reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Mar 31, 2020 $ 27,402 $ 6,726 654 Broadway, New York, NY Fund III Reduced holding period Projections of: holding period, net operating income, cap rate, incremental costs Mar 31, 2020 6,398 1,570 146 Geary Street, San Francisco, CA Fund IV Reduced holding period, reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Mar 31, 2020 6,718 1,553 801 Madison Avenue, New York, NY Fund IV Reduced holding period, reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Mar 31, 2020 11,031 2,551 717 N. Michigan Avenue, Chicago, IL Fund IV Reduced holding period, reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Dec 31, 2020 17,392 4,021 110 University, New York, NY Fund IV Reduced holding period, reduced projected operating income Projections of: holding period, net operating income, cap rate, incremental costs Dec 31, 2020 16,238 3,754 Fifth Wall Investment Core Decline in fair value Projections of: reported fair value of net assets Dec 31, 2020 419 419 Total 2020 Impairment Charges $ 85,598 $ 20,594 2019 Impairment Charges 210 Bowery residential units Fund IV Reduced selling price Contract sales price Sep 30, 2019 $ 321 $ 74 210 Bowery residential units Fund IV Reduced selling price Offering price Jun 30, 2019 1,400 321 Total 2019 Impairment Charges $ 1,721 $ 395 |
Schedule of Derivative Financial Instruments | The Company had the following interest rate swaps and caps 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 December 31, 2020 December 31, 2019 Core Interest Rate Swaps $ 532,796 Dec 2012-Apr 2023 Jun 2021-Apr 2033 1.24 % — 3.77 % Other Liabilities (a) $ (74,990 ) $ (33,750 ) Interest Rate Swap 39,352 Nov 2015 Jan 2021 1.31 % — 1.31 % Other Assets — 456 $ 572,148 $ (74,990 ) $ (33,294 ) Fund II Interest Rate Swap $ 18,803 Oct 2014 Nov 2021 2.88 % — 2.88 % Other Liabilities $ (219 ) $ (139 ) Interest Rate Cap 45,000 Mar 2019 Mar 2022 3.50 % — 3.50 % Other Assets — 1 $ 63,803 $ (219 ) $ (138 ) Fund III Interest Rate Caps $ 39,470 Jan 2020 -Jan 2021 Jan 2021-Jul 2022 3.00 % — 3.00 % Other Assets (b) $ — $ — Fund IV Interest Rate Swaps $ — — — — — — Other Assets $ — $ 22 Interest Rate Swaps 66,590 Mar 2017 - Dec 2019 Apr 2022 - Dec 2022 1.48 % — 4.00 % Other Liabilities (1,713 ) (812 ) Interest Rate Caps 77,400 July 2019 - Dec 2020 Jul 2021 - Dec 2022 3.00 % — 3.50 % Other Assets 1 — $ 143,990 $ (1,712 ) $ (790 ) Fund V Interest Rate Swaps $ — — — — — — Other Assets $ — $ 2,104 Interest Rate Swaps 334,323 Jan 2018-Nov 2019 Feb 2021-Oct 2024 1.25 % — 2.88 % Other Liabilities (13,217 ) (4,360 ) $ 334,323 $ (13,217 ) $ (2,256 ) Total asset derivatives $ 1 $ 2,583 Total liability derivatives $ (90,139 ) $ (39,061 ) (a) Includes one swap with an aggregate value of ($1.8) million (b) Includes one cap with an aggregate fair value of zero at December 31, 2020, which was acquired during November 2020 with a notional value of zero and is not effective until January 2021. |
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): December 31, 2020 December 31, 2019 Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes Receivable (a) 3 $ 101,450 $ 102,135 $ 114,943 $ 113,422 Mortgage and Other Notes Payable (a) 3 1,131,315 1,111,354 1,179,503 1,191,281 Investment in non-traded equity securities (b) 3 1,726 1,456 1,778 57,964 Unsecured notes payable and Unsecured line of credit (c) 2 638,739 623,392 538,425 539,362 (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 the Operating Partnership’s cost-method investment in Fifth Wall ( Note 4 ). Fair value as of December 31, 2019 also represents Mervyns II’s cost-method Investment in Albertsons, which is carried at fair value at December 31, 2020 and, therefore, is no longer reflected in the table above. (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 Loss (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | |
Schedule of Dividends Declared and Paid | The following table sets forth the distributions declared and/or paid during the periods presented: Date Declared Amount Per Share Record Date Payment Date November 13, 2018 $ 0.28 December 31, 2018 January 15, 2019 February 28, 2019 $ 0.28 March 29, 2019 April 15, 2019 May 9, 2019 $ 0.28 June 28, 2019 July 15, 2019 August 13, 2019 $ 0.28 September 30, 2019 October 15, 2019 November 5, 2019 $ 0.29 December 31, 2019 January 15, 2020 February 26, 2020 $ 0.29 March 31, 2020 April 15, 2020 |
Summary of Activity in Accumulated Other Comprehensive Loss | The following tables set forth the activity in accumulated other comprehensive loss for the years ended December 31, 2020, 2019 and 2018 (in thousands): Gains or Losses on Derivative Instruments Balance at January 1, 2020 $ (31,175 ) Other comprehensive loss before reclassifications - swap agreements (74,236 ) Reclassification of realized interest on swap agreements 15,203 Net current period other comprehensive loss (59,033 ) Net current period other comprehensive loss attributable to noncontrolling interests 15,317 Balance at December 31, 2020 $ (74,891 ) Balance at January 1, 2019 $ 516 Other comprehensive loss before reclassifications - swap agreements (35,674 ) Reclassification of realized interest on swap agreements (872 ) Net current period other comprehensive loss (36,546 ) Net current period other comprehensive loss attributable to noncontrolling interests 4,855 Balance at December 31, 2019 $ (31,175 ) Balance at January 1, 2018 $ 2,614 Other comprehensive loss before reclassifications (2,659 ) Reclassification of realized interest on swap agreements 71 Net current period other comprehensive loss (2,588 ) Net current period other comprehensive income attributable to noncontrolling interests 490 Balance at December 31, 2018 $ 516 |
Summary of Change in Noncontrolling Interest | The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2020, 2019 and 2018 (dollars in thousands): Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially-Owned Affiliates (b) Total Balance at January 1, 2020 $ 97,670 $ 546,987 $ 644,657 Distributions declared of $0.29 per Common OP Unit (2,218 ) — (2,218 ) Net income (loss) for the year ended December 31, 2020 125 (57,404 ) (57,279 ) Conversion of 407,594 Common OP Units to Common Shares by limited partners of the Operating Partnership (6,544 ) — (6,544 ) Other comprehensive loss - unrealized loss on valuation of swap agreements (2,709 ) (18,246 ) (20,955 ) Cumulative effect of change in accounting principle (Note 1) — (11 ) (11 ) Acquisition of noncontrolling interest (Note 7) — 15,918 15,918 Reclassification of realized interest expense on swap agreements 174 5,464 5,638 Noncontrolling interest contributions — 52,674 52,674 Noncontrolling interest distributions — (27,574 ) (27,574 ) Employee Long-term Incentive Plan Unit Awards 10,130 — 10,130 Reallocation of noncontrolling interests (c) (7,197 ) — (7,197 ) Balance at December 31, 2020 $ 89,431 $ 517,808 $ 607,239 Balance at January 1, 2019 $ 104,223 $ 518,219 $ 622,442 Distributions declared of 1.13 per Common OP Unit (7,124 ) — (7,124 ) Net income (loss) for the year ended December 31, 2019 3,836 (35,677 ) (31,841 ) Conversion of 307,663 Common OP Units to Common Shares by limited partners of the Operating Partnership (5,104 ) — (5,104 ) Other comprehensive income - unrealized loss on valuation of swap agreements (1,899 ) (3,036 ) (4,935 ) Reclassification of realized interest expense on swap agreements (62 ) 142 80 Noncontrolling interest contributions — 161,628 161,628 Noncontrolling interest distributions — (94,289 ) (94,289 ) Employee Long-term Incentive Plan Unit Awards 10,411 — 10,411 Reallocation of noncontrolling interests (c) (6,611 ) — (6,611 ) Balance at December 31, 2019 $ 97,670 $ 546,987 $ 644,657 Balance at January 1, 2018 $ 102,921 $ 545,519 $ 648,440 Distributions declared of 1.09 per Common OP Unit (6,888 ) — (6,888 ) Net income (loss) for the year ended December 31, 2018 2,572 (49,709 ) (47,137 ) Conversion of 117,978 Common OP Units to Common Shares by limited partners of the Operating Partnership (2,068 ) — (2,068 ) Other comprehensive loss - unrealized loss on valuation of swap agreements (129 ) (681 ) (810 ) Reclassification of realized interest expense on swap agreements (3 ) 323 320 Noncontrolling interest contributions — 47,560 47,560 Noncontrolling interest distributions — (24,793 ) (24,793 ) Employee Long-term Incentive Plan Unit Awards 12,374 — 12,374 Rebalancing adjustment (c) (4,556 ) — (4,556 ) Balance at December 31, 2018 $ 104,223 $ 518,219 $ 622,442 (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,101,958, 3,250,603 and 3,329,640 Common OP Units at December 31, 2020, 2019 and 2018, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2020, 2019 and 2018; (iii) 126,593 Series C Preferred OP Units at December 31, 2020, and 136,593 at December 31, 2019 and 2018; and (iv) 2,886,207, 2,673,484 and 2,569,044 LTIP units at December 31, 2020, 2019 and 2018, respectively, as discussed in Share Incentive Plan ( Note 13 (b) Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and five 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. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Assets and Liabilities in Connection With Acquisitions of Leasehold Interests | The Company recorded the following assets and liabilities in connection with acquisitions of leasehold interests: Year Ended December 31, 2020 Year Ended December 31, 2019 Amounts recorded upon acquisition of leasehold interests: Right of use asset - operating lease $ — $ 50,147 Right of use asset - finance lease — 19,422 Leasehold improvements — 13,354 Lease intangibles (Note 6) — 1,760 Lease liability - operating lease — (45,293 ) Acquisition-related intangible liabilities ( Note 6 ) — (359 ) Cash paid upon acquisition of leasehold interests $ — $ 39,031 |
Schedule of Lease Cost | Year Ended December 31, 2020 2019 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 1,595 $ 1,603 Interest on lease liabilities 1,635 2,755 Subtotal 3,230 4,358 Operating lease cost 7,661 3,037 Variable lease cost 143 119 Total lease cost $ 11,034 $ 7,514 Other Information Weighted-average remaining lease term - finance leases (years) 33.4 42.5 Weighted-average remaining lease term - operating leases (years) 26.4 34.1 Weighted-average discount rate - finance leases 6.2 % 4.5 % Weighted-average discount rate - operating leases 5.6 % 5.8 % |
Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases | The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of December 31, 2020, are summarized as follows (in thousands): Minimum Rental Payments Year Ending December 31, Minimum Rental Revenues (a) Operating Leases (b) Finance Leases (b) 2021 $ 206,451 $ 8,531 $ 134 2022 196,633 7,779 95 2023 174,947 7,801 69 2024 149,532 7,983 47 2025 119,738 8,020 — Thereafter 525,288 150,435 12,289 Total $ 1,372,589 $ 190,549 $ 12,634 (a) Amount represents contractual lease maturities at December 31, 2020 including any extension options that management determined were reasonably certain of exercise. During the end of March 2020, numerous tenants were forced to suspend operations by government mandate as a result of the COVID-19 Pandemic. The Company has negotiated payment agreements with selected tenants which resulted in rent concessions or deferral of rents as discussed further in Note 1 . (b) Minimum rental payments include $101.8 million of interest related to operating leases and $6.4 million related to finance leases and exclude options or renewals not reasonably certain of exercise. |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following tables set forth certain segment information for the Company (in thousands): As of or for the Year Ended December 31, 2020 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 160,262 $ 95,222 $ — $ — $ 255,484 Depreciation and amortization (76,125 ) (73,668 ) — — (149,793 ) Property operating expenses, other operating and real estate taxes (57,246 ) (42,854 ) — — (100,100 ) General and administrative expenses — — — (36,055 ) (36,055 ) Impairment charges (419 ) (85,179 ) — — (85,598 ) Gain on disposition of properties 174 509 — — 683 Operating income (loss) 26,646 (105,970 ) — (36,055 ) (115,379 ) Interest income — — 8,979 — 8,979 Equity in losses of unconsolidated affiliates inclusive of gains on disposition of properties (874 ) (363 ) — — (1,237 ) Interest expense (33,185 ) (38,875 ) — — (72,060 ) Realized and unrealized holding gains on investments and other 18,564 95,366 — — 113,930 Income tax provision — — — (271 ) (271 ) Net income (loss) 11,151 (49,842 ) 8,979 (36,326 ) (66,038 ) Net (income) loss attributable to noncontrolling interests (5,837 ) 63,116 — — 57,279 Net income (loss) attributable to Acadia (a) $ 5,314 $ 13,274 $ 8,979 $ (36,326 ) $ (8,759 ) Real estate at cost (b) $ 2,330,116 $ 1,764,172 $ — $ — $ 4,094,288 Total Assets (b) $ 2,254,680 $ 1,830,752 $ 101,450 $ — $ 4,186,882 Cash paid for acquisition of real estate and leasehold interest $ 19,963 $ 1,245 $ — $ — $ 21,208 Cash paid for development and property improvement costs $ 11,170 $ 29,313 $ — $ — $ 40,483 As of or for the Year Ended December 31, 2019 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 173,177 $ 122,150 $ — $ — $ 295,327 Depreciation and amortization (61,819 ) (63,624 ) — — (125,443 ) Property operating expenses, other operating and real estate taxes (47,032 ) (43,436 ) — — (90,468 ) General and administrative expenses — — — (35,416 ) (35,416 ) Impairment charges — (1,721 ) — — (1,721 ) Gain on disposition of properties 16,771 13,553 — — 30,324 Operating income (loss) 81,097 26,922 — (35,416 ) 72,603 Interest income — — 7,988 — 7,988 Equity in earnings (loss) of unconsolidated affiliates inclusive of gains on disposition of properties 9,020 (98 ) — — 8,922 Interest expense (28,304 ) (45,484 ) — — (73,788 ) Realized and unrealized holding (losses) gains on investments and other 327 6,620 — — 6,947 Income tax provision — — — (1,468 ) (1,468 ) Net income (loss) 62,140 (12,040 ) 7,988 (36,884 ) 21,204 Net loss attributable to noncontrolling interests 337 31,504 — — 31,841 Net income attributable to Acadia (a) $ 62,477 $ 19,464 $ 7,988 $ (36,884 ) $ 53,045 Real estate at cost (b) $ 2,252,230 $ 1,787,306 $ — $ — $ 4,039,536 Total Assets (b) $ 2,350,833 $ 1,843,338 $ 114,943 $ — $ 4,309,114 Cash paid for acquisition of real estate $ 173,892 $ 184,812 $ — $ — $ 358,704 Cash paid for development and property improvement costs $ 22,724 $ 66,546 $ — $ — $ 89,270 As of or for the Year Ended December 31, 2018 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 166,816 $ 92,865 $ — $ — $ 259,681 Depreciation and amortization (60,903 ) (56,646 ) — — (117,549 ) Property operating expenses, other operating and real estate taxes (44,060 ) (36,188 ) — — (80,248 ) General and administrative expenses — — — (34,343 ) (34,343 ) Gain on disposition of properties — 5,140 — — 5,140 Operating income (loss) 61,853 5,171 — (34,343 ) 32,681 Interest income — — 13,231 — 13,231 Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties 7,415 1,887 — — 9,302 Interest expense (27,575 ) (42,403 ) — — (69,978 ) Income tax provision — — — (934 ) (934 ) Net income 41,693 (35,345 ) 13,231 (35,277 ) (15,698 ) Net loss attributable to noncontrolling interests 752 46,385 — — 47,137 Net income attributable to Acadia (a) $ 42,445 $ 11,040 $ 13,231 $ (35,277 ) $ 31,439 Real estate at cost $ 2,069,439 $ 1,628,366 $ — $ — $ 3,697,805 Total assets $ 2,232,695 $ 1,616,472 $ 109,613 $ — $ 3,958,780 Cash paid for acquisition of real estate $ 1,343 $ 146,642 $ — $ — $ 147,985 Cash paid for development and property improvement costs $ 32,662 $ 62,172 $ — $ — $ 94,834 (a) Net income attributable to Acadia for the Core segment includes $2.2 million, $4.7 million and $4.1 million associated with one property, Town Center, for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts include the results of three entities, including the unconsolidated Town Center venture and the consolidated Brandywine Holdings ( Note 4 ) and Brandywine Maintenance Corp., which on a combined basis constitute the operating results of the shopping center. In April 2020, the Town Center venture was consolidated ( Note 4 ). (b) Real estate at cost and total assets for the Funds segment include $641.7 million and $603.3 million, or $186.5 million and $174.7 million net of non-controlling interests, related to Fund II’s City Point property at December 31, 2020 and 2019, respectively. |
Share Incentive and Other Com_2
Share Incentive and Other Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2018 41,327 $ 26.92 910,099 $ 28.28 Granted 22,817 23.65 425,880 26.80 Vested (25,261 ) 30.79 (431,827 ) 29.72 Forfeited (428 ) 27.25 (12,266 ) 28.57 Unvested at December 31, 2018 38,455 $ 22.44 891,886 $ 26.87 Granted 25,359 28.56 350,726 32.75 Vested (21,424 ) 27.12 (290,753 ) 29.30 Forfeited — — (15,679 ) 31.49 Unvested at December 31, 2019 42,390 23.73 936,180 28.24 Granted 66,824 13.70 440,829 19.64 Vested (19,264 ) 27.72 (250,241 ) 30.44 Forfeited (39 ) 24.77 (3,879 ) 24.67 Unvested at December 31, 2020 89,911 $ 15.42 1,122,889 $ 24.38 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Net Income to Taxable Income | Reconciliation of GAAP net income attributable to Acadia to taxable income is as follows: Year Ended December 31, (in thousands) 2020 2019 2018 Net income attributable to Acadia $ (8,759 ) $ 53,045 $ 31,439 Deferred cancellation of indebtedness income — — 2,050 Deferred rental and other income (a) (2,498 ) 1,203 1,222 Book/tax difference - depreciation and amortization (a) 27,052 21,688 23,166 Straight-line rent and above- and below-market rent adjustments (a) 8,630 (10,949 ) (12,129 ) Book/tax differences - equity-based compensation 6,825 7,177 6,042 Joint venture equity in earnings, net (a) (163 ) 15,571 13,905 Impairment charges and reserves 18,734 — — Acquisition costs (a) 14 63 326 Gain on disposition of properties 4,936 2,375 — Book/tax differences - miscellaneous (253 ) (1,473 ) (2,821 ) Taxable income $ 54,518 $ 88,700 $ 63,200 Distributions declared (b) $ 24,937 $ 96,310 $ 89,122 (a) Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.” (b) The entire fourth quarter |
Schedule of Tax Status of Dividends | The Company has determined that the cash distributed to the shareholders for the periods presented is characterized as follows for Federal income tax purposes: Year Ended December 31, 2020 2019 2018 Per Share % Per Share % Per Share % Ordinary income - Non-Section 199A $ — — % $ — — % — — % Ordinary income - Section 199A 0.520 90 % 0.820 77 % 0.870 100 % Qualified dividend — — % — — % — — % Capital gain 0.060 10 % 0.240 23 % — — % Total (b) $ 0.580 100 % $ 1.060 100 % 0.870 100 % (c) The fourth quarter 2019 regular dividend was $0.29 per common share, all of which is allocable to 2020. The fourth quarter 2018 regular dividend was $0.28 per common share of which approximately $0.06 was allocable to 2018 and approximately $0.22 is allocable to 2019. |
Schedule of TRS Income and Provision for Income Taxes | Income taxes have been provided for using the liability method as required by ASC Topic 740, “Income Taxes.” The Company’s TRS income and provision for income taxes associated with the TRS for the periods presented are summarized as follows (in thousands): Year Ended December 31, 2020 2019 2018 TRS loss before income taxes $ (3,856 ) $ (3,117 ) $ (2,609 ) (Provision) benefit for income taxes: Federal 376 754 (377 ) State and local (268 ) 317 26 TRS net loss before noncontrolling interests (3,748 ) (2,046 ) (2,960 ) Noncontrolling interests 746 (369 ) 4 TRS net loss $ (3,002 ) $ (2,415 ) $ (2,956 ) |
Schedule of Effective Income Tax Rate Reconciliation | The income tax provision for the Company differs from the amount computed by applying the statutory Federal income tax rate to income before income taxes as follows. Amounts are not adjusted for temporary book/tax differences (in thousands): Year Ended December 31, 2020 2019 2018 Federal tax benefit at statutory tax rate $ (810 ) $ (655 ) $ (548 ) TRS state and local taxes, net of Federal benefit (244 ) (197 ) (165 ) Tax effect of: Permanent differences, net 227 239 951 Prior year over-accrual, net — — — Effect of Tax Cuts and Jobs Act — — — Adjustment to deferred tax reserve 851 1,748 (1,530 ) Other (131 ) (112 ) 1,702 REIT state and local income and franchise taxes 378 445 524 Total provision for income taxes $ 271 $ 1,468 $ 934 |
(Loss) Earnings Per Common Sh_2
(Loss) Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Year Ended December 31, (dollars in thousands) 2020 2019 2018 Numerator: Net (loss) income attributable to Acadia $ (8,759 ) $ 53,045 $ 31,439 Less: net income attributable to participating securities (233 ) (413 ) (267 ) (Loss) income from continuing operations net of income attributable to participating securities $ (8,992 ) $ 52,632 $ 31,172 Denominator: Weighted average shares for basic earnings per share 86,441,922 84,435,826 82,080,159 Effect of dilutive securities: Employee unvested restricted shares — — — Denominator for diluted earnings per share 86,441,922 84,435,826 82,080,159 Basic (loss) income and diluted earnings per Common Share from continuing operations attributable to Acadia $ (0.10 ) $ 0.62 $ 0.38 Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units 188 188 188 Series A Preferred OP Units - Common share equivalent 25,067 25,067 25,067 Series C Preferred OP Units 126,593 136,593 136,593 Series C Preferred OP Units - Common share equivalent 439,556 474,278 474,278 Restricted shares 76,394 40,821 36,879 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Schedule of Tenant Operating Status | Tenant Operating Status (Unaudited) – The following table illustrates the percentage of the Company’s consolidated and unconsolidated annualized base rents (“ABR”) derived from stores which were open or partially open for business as of the dates indicated: Percentage of Tenants Open for Business as of June 30, 2020 September 30, 2020 December 31 , 2020 Core 74 % 86 % 88 % Fund 74 % 88 % 82 % • Tenant Operating Status (Unaudited) – The following table illustrates the percentage of the Company’s consolidated and unconsolidated ABR derived from stores which were open or partially open for business as of the dates indicated: Percentage of Tenants Open for Business as of June 30, 2020 September 30, 2020 December 31, 2020 January 31, 2021 Core 74 % 86 % 88 % 89 % Fund 74 % 88 % 82 % 85 % |
Schedule of Rent Collections | Rent Collections – The following table depicts collections of pre-COVID billings (original contract rents without regard to deferral or abatement agreements) and excludes the impact of any security deposits applied against tenant accounts as of the dates shown: Collections as of: September 30, 2020 for December 31, 2020 for Second Quarter 2020 Third Quarter 2020 Second Quarter 2020 Third Quarter 2020 Fourth Quarter 2020 Core 74 % 85 % 76 % 87 % 91 % Fund 65 % 77 % 67 % 79 % 82 % • Rent Collections – The following table depicts collections of pre-COVID billings (original contract rents without regard to deferral or abatement agreements) and excludes the impact of any security deposits applied against tenant accounts as of the dates shown (Fund collections rates exclude data for non-managed properties): Collections as of: September 30, 2020 for December 31, 2020 for January 31, 2021 for Second Quarter 2020 Third Quarter 2020 Second Quarter 2020 Third Quarter 2020 Fourth Quarter 2020 Fourth Quarter 2020 (Unaudited) Core 74 % 85 % 76 % 87 % 91 % 92 % Fund 65 % 77 % 67 % 79 % 82 % 84 % |
Organization, Basis of Presen_4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020USD ($)propertyPortfolioTenant$ / shares | Sep. 30, 2020 | Dec. 31, 2020USD ($)propertyAgreementStoresegment$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Limited partnership to common stock conversion ratio | 100.00% | ||||
Common shares of beneficial interest, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | ||
Number of retail properties | property | 187 | 187 | |||
Number of sores having bankruptcies, in core portfolio | Store | 4 | ||||
Core portfolio annualized base rents for stores of bankruptcies | $ 1,200,000 | ||||
Core portfolio annualized base rents for stores of bankruptcies percentage | 0.90% | ||||
Number of sores having bankruptcies, in fund portfolio | Store | 6 | ||||
Fund portfolio annualized base rents for stores of bankruptcies | $ 100,000 | ||||
Fund portfolio annualized base rents for stores of bankruptcies percentage | 0.70% | ||||
Number of core portfolio | Portfolio | 5 | ||||
Number of fund tenants | Tenant | 11 | ||||
Number of reportable segments | segment | 3 | ||||
Amount of goodwill recorded and acquisition costs capitalized | $ 0 | ||||
Deferred Rent Receivables, Net | $ 41,400,000 | 41,400,000 | $ 48,400,000 | ||
Allowance for doubtful accounts receivable | 45,400,000 | 45,400,000 | 11,400,000 | ||
Allowance for doubtful accounts receivable adjustments. | 46,800,000 | 4,400,000 | $ 2,500,000 | ||
Net operating losses carried back, CARES Act | 3,100,000 | ||||
Tax refund on net operating loss carried back, CARES Act | 1,000,000 | ||||
Distributions in excess of accumulated earnings | (167,046,000) | (167,046,000) | $ (132,961,000) | ||
Credit loss allowance | $ 300,000 | $ 300,000 | |||
ASU 2016-13 | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Change in accounting principle, adopted | true | true | |||
Change in accounting principle, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | |||
ASU 2018-19 | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Change in accounting principle, adopted | true | true | |||
Change in accounting principle, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | |||
Change in accounting principle, immaterial effect | true | true | |||
ASU 2019-04 | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Change in accounting principle, adopted | true | true | |||
Change in accounting principle, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | |||
Change in accounting principle, immaterial effect | true | true | |||
ASU 2018-13 | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Change in accounting principle, adopted | true | true | |||
Change in accounting principle, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | |||
Change in accounting principle, immaterial effect | true | true | |||
ASU 2020-03 | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Change in accounting principle, adopted | true | true | |||
Change in accounting principle, adoption date | Jan. 1, 2020 | Jan. 1, 2020 | |||
Change in accounting principle, immaterial effect | true | true | |||
REIT | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Percentage of distribute taxable income | 90.00% | ||||
Percentage of taxable income. | 100.00% | ||||
Maximum | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Percentage of taxable income offset by net operating loss carryforwards | 80.00% | ||||
Buildings | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Property, plant and equipment, useful life | 40 years | ||||
Building Improvements | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Property, plant and equipment, useful life | 15 years | ||||
Furniture and fixtures | Minimum | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Property, plant and equipment, useful life | 5 years | ||||
Furniture and fixtures | Maximum | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Property, plant and equipment, useful life | 10 years | ||||
SBA Paycheck Protection Program | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Borrowings, amount | $ 0 | $ 0 | |||
COVID-19 | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of rent concession agreements | Agreement | 288 | ||||
Number of rent concession agreements for rent deferral | Agreement | 226 | ||||
Number of rent concession agreements for rent abatements | Agreement | 60 | ||||
Number of rent concession agreements accounted as no change in contract | Agreement | 217 | ||||
Allowance for doubtful accounts | 2,400,000 | $ 2,400,000 | |||
Deferred receivables | $ 10,700,000 | $ 10,700,000 | |||
Pro rata core leased occupancy rate percentage | 91.10% | 90.90% | |||
Pro rata fund leased occupancy rate percentage | 89.80% | 88.30% | |||
Core Portfolio | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of retail properties | property | 131 | 131 | |||
Properties owned percentage | 100.00% | 100.00% | |||
Opportunity Funds | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Number of retail properties | property | 56 | 56 | |||
Structured Financing | Cumulative Effect of Change in Accounting Principle | ASU 2016-13 | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Distributions in excess of accumulated earnings | $ 400,000 | $ 400,000 | |||
Operating Partnership, as General Partner or Managing Member | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Remaining funds rate of distribution to operating partnership (in percent) | 20.00% | 20.00% | |||
Operating Partnership, as General Partner or Managing Member | Acadia's OP Ownership | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Equity interest held by Operating Partnership | 95.00% | 94.00% | |||
Institutional Investors | |||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||
Remaining funds rate of distribution to all partners (in percent) | 80.00% | 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 | 12 Months Ended | ||
Aug. 31, 2020 | Jun. 30, 2020 | Apr. 30, 2018 | Dec. 31, 2020 | |
Mervyns II | ||||
Variable Interest Entity [Line Items] | ||||
Recallable distributions | $ 15.7 | |||
Mervyns II | Acadia | ||||
Variable Interest Entity [Line Items] | ||||
Recallable distributions | $ 4.5 | |||
Operating Partnership, as General Partner or Managing Member | ||||
Variable Interest Entity [Line Items] | ||||
Total Distributions | $ 4.3 | |||
Fund II and Mervyns II | ||||
Variable Interest Entity [Line Items] | ||||
Operating Partnership Share of Capital | 28.33% | |||
Capital Called | $ 369.6 | |||
Unfunded Commitment | $ 15.7 | |||
Equity interest held by Operating Partnership | 28.33% | |||
Preferred Return | 8.00% | |||
Total Distributions | $ 169.8 | |||
Fund III | ||||
Variable Interest Entity [Line Items] | ||||
Operating Partnership Share of Capital | 24.54% | |||
Capital Called | $ 448.1 | |||
Unfunded Commitment | $ 1.9 | |||
Equity interest held by Operating Partnership | 24.54% | |||
Preferred Return | 6.00% | |||
Total Distributions | $ 568.8 | |||
Fund IV | ||||
Variable Interest Entity [Line Items] | ||||
Operating Partnership Share of Capital | 23.12% | |||
Capital Called | $ 469.5 | |||
Unfunded Commitment | $ 60.5 | |||
Equity interest held by Operating Partnership | 23.12% | |||
Preferred Return | 6.00% | |||
Total Distributions | $ 193.1 | |||
Fund V | ||||
Variable Interest Entity [Line Items] | ||||
Operating Partnership Share of Capital | 20.10% | |||
Capital Called | $ 217.1 | |||
Unfunded Commitment | $ 302.9 | |||
Equity interest held by Operating Partnership | 20.10% | |||
Preferred Return | 6.00% | |||
Total Distributions | $ 24.6 | |||
Fund II | ||||
Variable Interest Entity [Line Items] | ||||
Total Distributions | $ 15 | |||
Fund II | Mervyns II | ||||
Variable Interest Entity [Line Items] | ||||
Total Distributions | $ 7.5 |
Organization, Basis of Presen_6
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Tenant Operating Status (Details) | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 |
Core Portfolio | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of Tenants Open for Business | 88.00% | 86.00% | 74.00% |
Opportunity Funds | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of Tenants Open for Business | 82.00% | 88.00% | 74.00% |
COVID-19 | Core Portfolio | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of Tenants Open for Business | 88.00% | 86.00% | 74.00% |
COVID-19 | Opportunity Funds | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of Tenants Open for Business | 82.00% | 88.00% | 74.00% |
Organization, Basis of Presen_7
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Rent Collections (Details) - COVID-19 | Dec. 31, 2020 | Sep. 30, 2020 |
Core Portfolio | Second Quarter 2020 | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of rent collections | 76.00% | 74.00% |
Core Portfolio | Third Quarter 2020 | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of rent collections | 87.00% | 85.00% |
Core Portfolio | Fourth Quarter 2020 | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of rent collections | 91.00% | |
Opportunity Funds | Second Quarter 2020 | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of rent collections | 67.00% | 65.00% |
Opportunity Funds | Third Quarter 2020 | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of rent collections | 79.00% | 77.00% |
Opportunity Funds | Fourth Quarter 2020 | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Percentage of rent collections | 82.00% |
Organization, Basis of Presen_8
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Earnings Impact (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Straight - Line Rent Reserves | $ 5,096 | $ 5,198 | $ 8,616 |
Impairment charges | 85,598 | 1,721 | |
COVID Earnings Impact | (66,038) | $ 21,204 | $ (15,698) |
COVID-19 | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Credit Loss - Billed Rents | 24,771 | ||
Straight - Line Rent Reserves | 22,073 | ||
Rent Abatements | 2,035 | ||
Impairment charges | 85,598 | ||
COVID Earnings Impact | 134,477 | ||
COVID-19 | Noncontrolling Interests | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Credit Loss - Billed Rents | (10,006) | ||
Straight - Line Rent Reserves | (11,270) | ||
Rent Abatements | (381) | ||
Impairment charges | (65,004) | ||
COVID Earnings Impact | (86,661) | ||
COVID-19 | Unconsolidated | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Credit Loss - Billed Rents | 2,581 | ||
Straight - Line Rent Reserves | 1,772 | ||
Rent Abatements | 924 | ||
COVID Earnings Impact | 5,277 | ||
COVID-19 | Acadia | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Credit Loss - Billed Rents | 17,346 | ||
Straight - Line Rent Reserves | 12,575 | ||
Rent Abatements | 2,578 | ||
Impairment charges | 20,594 | ||
COVID Earnings Impact | 53,093 | ||
Core Portfolio | COVID-19 | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Credit Loss - Billed Rents | 12,870 | ||
Straight - Line Rent Reserves | 8,413 | ||
Rent Abatements | 1,616 | ||
Impairment charges | 419 | ||
COVID Earnings Impact | 23,318 | ||
Core Portfolio | COVID-19 | Noncontrolling Interests | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Credit Loss - Billed Rents | (37) | ||
Straight - Line Rent Reserves | (86) | ||
COVID Earnings Impact | (123) | ||
Core Portfolio | COVID-19 | Unconsolidated | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Credit Loss - Billed Rents | 1,564 | ||
Straight - Line Rent Reserves | 509 | ||
Rent Abatements | 868 | ||
COVID Earnings Impact | 2,941 | ||
Core Portfolio | COVID-19 | Acadia | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Credit Loss - Billed Rents | 14,397 | ||
Straight - Line Rent Reserves | 8,836 | ||
Rent Abatements | 2,484 | ||
Impairment charges | 419 | ||
COVID Earnings Impact | 26,136 | ||
Opportunity Funds | COVID-19 | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Credit Loss - Billed Rents | 11,901 | ||
Straight - Line Rent Reserves | 13,660 | ||
Rent Abatements | 419 | ||
Impairment charges | 85,179 | ||
COVID Earnings Impact | 111,159 | ||
Opportunity Funds | COVID-19 | Noncontrolling Interests | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Credit Loss - Billed Rents | (9,969) | ||
Straight - Line Rent Reserves | (11,184) | ||
Rent Abatements | (381) | ||
Impairment charges | (65,004) | ||
COVID Earnings Impact | (86,538) | ||
Opportunity Funds | COVID-19 | Unconsolidated | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Credit Loss - Billed Rents | 1,017 | ||
Straight - Line Rent Reserves | 1,263 | ||
Rent Abatements | 56 | ||
COVID Earnings Impact | 2,336 | ||
Opportunity Funds | COVID-19 | Acadia | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Credit Loss - Billed Rents | 2,949 | ||
Straight - Line Rent Reserves | 3,739 | ||
Rent Abatements | 94 | ||
Impairment charges | 20,175 | ||
COVID Earnings Impact | $ 26,957 |
Real Estate - Schedule of Real
Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | |||
Land | $ 776,275 | $ 756,297 | |
Buildings and improvements | 2,848,781 | 2,740,479 | |
Tenant improvements | 191,046 | 173,686 | |
Construction in progress | 5,751 | 13,617 | |
Right-of-use assets - finance leases | 25,086 | 102,055 | |
Total | 3,846,939 | 3,786,134 | |
Less: Accumulated depreciation and amortization | (586,800) | (490,227) | |
Operating real estate, net | 3,260,139 | 3,295,907 | |
Real estate under development | 247,349 | 253,402 | $ 120,297 |
Net investments in real estate | $ 3,507,488 | $ 3,549,309 |
Real Estate - Schedule of Acqui
Real Estate - Schedule of Acquisitions and Conversions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | ||
Purchase Price | $ 172,152 | $ 324,339 |
Core Portfolio | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 158,143 | $ 146,435 |
Core Portfolio | 917 W. Armitage - Chicago, IL | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 3,515 | |
Core Portfolio | 849, 907 and 912 W. Armitage - Chicago, IL | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 10,738 | |
Core Portfolio | 8436-8452 Melrose Place - Los Angeles, CA | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 48,691 | |
Core Portfolio | Soho Acquisitions | 37 Greene Street - New York, NY | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 15,689 | |
Core Portfolio | Soho Acquisitions | 41,45, 47, 51 and 53 Greene Street - New York, NY | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 87,006 | |
Core Portfolio | Town Center | Wilmington, DE | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 138,939 | |
Fund IV | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 14,009 | |
Fund IV | 230-240 W. Broughton Street | GEORGIA | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 13,219 | |
Fund IV | 102 E. Broughton Street | GEORGIA | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 790 | |
Fund V | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 177,904 | |
Fund V | Palm Coast Landing | Palm Coast, FL | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 36,644 | |
Fund V | Lincoln Commons | Lincoln, RI | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 54,299 | |
Fund V | Landstown Commons | Virginia Beach, VA | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 86,961 |
Real Estate - Acquisitions and
Real Estate - Acquisitions and Conversions - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | ||
Capitalized acquisition costs | $ 1,300,000 | $ 2,600,000 |
Debt assumed | $ 0 | $ 0 |
Real Estate - Schedule of Purch
Real Estate - Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Purchase Price Allocation | ||
Land | $ 25,440 | $ 78,263 |
Buildings and improvements | 123,459 | 221,185 |
Accounts receivable, prepaids and other assets | 5,770 | 0 |
Acquisition-related intangible assets | 23,061 | 34,972 |
Right-of-use asset - Operating lease | 234 | 0 |
Acquisition-related intangible liabilities | (4,569) | (10,081) |
Lease liability - Operating lease | (234) | 0 |
Net assets acquired | 172,152 | 324,339 |
Accounts payable and other liabilities | (1,009) | 0 |
Consideration | ||
Cash | 21,208 | 319,673 |
Conversion of note receivable | 38,674 | 0 |
Conversion of accrued interest | 1,995 | 0 |
Liabilities assumed | 116 | 4,666 |
Existing interest in previously unconsolidated investment | 109,571 | 0 |
Acquisition of noncontrolling interests | 588 | 0 |
Total consideration | $ 172,152 | $ 324,339 |
Real Estate - Schedule of Prope
Real Estate - Schedule of Property Dispositions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Gain (Loss) on Sale | $ 683 | $ 30,324 | $ 5,140 |
Disposed of by sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sale Price | 22,413 | ||
Gain (Loss) on Sale | 683 | ||
Disposal Group, Not Discontinued Operations | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Sale Price | 109,326 | ||
Gain (Loss) on Sale | $ 683 | $ 30,324 | $ 5,140 |
Core Portfolio | Disposed of by sale | 163 Highland Ave. (Easement) - Needham, MA | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | Mar. 19, 2020 | ||
Sale Price | $ 238 | ||
Gain (Loss) on Sale | $ 88 | ||
Core Portfolio | Disposed of by sale | Union Township (Parcel) - New Castle, PA | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | Dec. 11, 2020 | ||
Sale Price | $ 200 | ||
Gain (Loss) on Sale | $ 86 | ||
Core Portfolio | Disposal Group, Not Discontinued Operations | Pacesetter Park - Pomona, NY | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | Oct. 28, 2019 | ||
Sale Price | $ 22,550 | ||
Gain (Loss) on Sale | $ 16,771 | ||
Fund III | Disposed of by sale | Cortlandt Crossing (Sewer Project and Retention Pond) - Cortlandt, NY | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | Nov. 30, 2020 | ||
Sale Price | $ 6,325 | ||
Fund III | Disposal Group, Not Discontinued Operations | A3104 M St. Washington D C | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | Jan. 24, 2019 | ||
Sale Price | $ 10,500 | ||
Gain (Loss) on Sale | $ 2,014 | ||
Fund III | Disposal Group, Not Discontinued Operations | 3780-3858 Nostrand Avenue - New York, NY | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | Aug. 22, 2019 | ||
Sale Price | $ 27,650 | ||
Gain (Loss) on Sale | $ 2,562 | ||
Fund IV | Disposed of by sale | Colonie Plaza - Albany, NY | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | Apr. 13, 2020 | ||
Sale Price | $ 15,250 | ||
Gain (Loss) on Sale | $ 485 | ||
Fund IV | Disposed of by sale | Airport Mall (Parcel) - Bangor, ME | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | Sep. 10, 2020 | ||
Sale Price | $ 400 | ||
Gain (Loss) on Sale | $ 24 | ||
Fund IV | Disposal Group, Not Discontinued Operations | 210 Bowery - 3 Residential Condos - New York, NY | Scenario One | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | May 17, 2019 | ||
Sale Price | $ 8,826 | ||
Gain (Loss) on Sale | $ (242) | ||
Fund IV | Disposal Group, Not Discontinued Operations | 210 Bowery - 3 Residential Condos - New York, NY | Scenario Two | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | Sep. 23, 2019 | ||
Fund IV | Disposal Group, Not Discontinued Operations | 210 Bowery - 3 Residential Condos - New York, NY | Scenario Three | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | Nov. 7, 2019 | ||
Fund IV | Disposal Group, Not Discontinued Operations | JFK Plaza - Waterville, ME | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | Jul. 24, 2019 | ||
Sale Price | $ 7,800 | ||
Gain (Loss) on Sale | $ 2,075 | ||
Fund IV | Disposal Group, Not Discontinued Operations | 938 W North Avenue - Chicago, IL | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Date Sold | Sep. 27, 2019 | ||
Sale Price | $ 32,000 | ||
Gain (Loss) on Sale | $ 7,144 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
STATEMENTS OF INCOME | |||
Gain on disposition of properties | $ 683 | $ 30,324 | $ 5,140 |
Disposal Group, Not Discontinued Operations | |||
STATEMENTS OF INCOME | |||
Revenues | 724 | 9,786 | 14,010 |
Expenses | (1,018) | (8,561) | (11,946) |
Gain on disposition of properties | 683 | 30,324 | 5,140 |
Net income attributable to noncontrolling interests | (127) | (10,770) | (5,131) |
Net income attributable to Acadia | $ 262 | $ 20,779 | $ 2,073 |
Real Estate - Schedule of Devel
Real Estate - Schedule of Development in Process Activities (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($)property | |
Property, Plant and Equipment [Line Items] | |||
Number of properties under development | property | 3 | 3 | 3 |
Real estate under development, beginning balance | $ 247,349 | $ 253,402 | $ 120,297 |
Transfers In | 66,812 | 117,344 | |
Capitalized Costs | 8,062 | 25,580 | |
Transfers Out | $ 80,927 | $ 9,819 | |
Core Portfolio | |||
Property, Plant and Equipment [Line Items] | |||
Number of properties under development | property | 0 | 0 | 1 |
Real estate under development, beginning balance | $ 63,875 | $ 60,863 | $ 7,759 |
Transfers In | 0 | 57,342 | |
Capitalized Costs | 3,012 | 5,581 | |
Transfers Out | $ 0 | $ 9,819 | |
Fund Portfolio | Fund II | |||
Property, Plant and Equipment [Line Items] | |||
Number of properties under development | property | 0 | 0 | 0 |
Real estate under development, beginning balance | $ 74,657 | $ 10,703 | $ 7,462 |
Transfers In | 66,812 | 0 | |
Capitalized Costs | 3,612 | 3,241 | |
Transfers Out | $ 6,470 | $ 0 | |
Fund Portfolio | Fund III | |||
Property, Plant and Equipment [Line Items] | |||
Number of properties under development | property | 1 | 1 | 1 |
Real estate under development, beginning balance | $ 23,139 | $ 36,240 | $ 21,242 |
Transfers In | 0 | 12,313 | |
Capitalized Costs | 70 | 2,685 | |
Transfers Out | $ 13,171 | $ 0 | |
Fund Portfolio | Fund IV | |||
Property, Plant and Equipment [Line Items] | |||
Number of properties under development | property | 2 | 2 | 1 |
Real estate under development, beginning balance | $ 85,678 | $ 145,596 | $ 83,834 |
Transfers In | 0 | 47,689 | |
Capitalized Costs | 1,368 | 14,073 | |
Transfers Out | $ 61,286 | $ 0 |
Real Estate - Schedule of Dev_2
Real Estate - Schedule of Development in Process Activities (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||||
Notes receivable, net | $ 101,450 | $ 114,943 | $ 111,775 | $ 160,991 |
Impairment charge | 72,842 | |||
Fund II | ||||
Property, Plant and Equipment [Line Items] | ||||
Notes receivable, net | 33,800 | |||
Fund Portfolio | Fund IV | ||||
Property, Plant and Equipment [Line Items] | ||||
Impairment charge | $ 16,500 |
Real Estate - Real Estate Under
Real Estate - Real Estate Under Development and Construction in Progress - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Notes receivable, net | $ | $ 101,450 | $ 114,943 | $ 111,775 | $ 160,991 |
Impairment charge | $ | 72,842 | |||
Fund II | ||||
Property, Plant and Equipment [Line Items] | ||||
Notes receivable, net | $ | $ 33,800 | |||
Fund IV | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of projects put into service during period | property | 1 | |||
Cortlandt Crossing | Fund III | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of projects put into service during period | property | 1 | |||
Fund Portfolio | Fund IV | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of projects put into service during period | property | 2 | |||
Impairment charge | $ | $ 16,500 | |||
Core Portfolio | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of projects put into service during period | property | 1 |
Notes Receivable, Net - Schedul
Notes Receivable, Net - Schedule of Notes Receivable (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)NotesReceivable | Nov. 02, 2020USD ($) | Dec. 31, 2019USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Total notes receivable | $ 102,100 | $ 114,943 | |
Allowance for credit loss | (650) | ||
Notes receivable, net | $ 101,450 | 114,943 | |
Number | NotesReceivable | 7 | ||
Core Portfolio | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total notes receivable | $ 96,794 | 76,467 | |
Number | NotesReceivable | 6 | ||
Core Portfolio | Minimum | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Maturity Date | 2020-04 | ||
Interest Rate | 2.81% | ||
Core Portfolio | Maximum | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Maturity Date | 2027-12 | ||
Interest Rate | 9.00% | ||
Fund II | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total notes receivable | $ 33,800 | ||
Fund II | Fund Portfolio | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total notes receivable | 33,170 | ||
Maturity Date | 2020-12 | ||
Interest Rate | 1.75% | ||
Fund III | Fund Portfolio | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Total notes receivable | $ 5,306 | $ 5,306 | |
Number | NotesReceivable | 1 | ||
Maturity Date | 2020-07 | ||
Interest Rate | 18.00% |
Notes Receivable, Net - Sched_2
Notes Receivable, Net - Schedule of Notes Receivable (Parenthetical) (Details) $ in Thousands | Dec. 31, 2020USD ($)NotesReceivable | Dec. 31, 2019USD ($) |
Accounts Notes And Loans Receivable [Line Items] | ||
Number of notes receivable | NotesReceivable | 7 | |
Notes receivable | $ | $ 102,100 | $ 114,943 |
Core Portfolio | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of notes receivable | NotesReceivable | 6 | |
Notes receivable | $ | $ 96,794 | 76,467 |
OP Unit Holders | Core Portfolio | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Number of notes receivable | NotesReceivable | 2 | |
Notes receivable | $ | $ 6,500 | $ 6,500 |
Notes Receivable, Net - Additio
Notes Receivable, Net - Additional Information (Details) - USD ($) | Feb. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 02, 2020 | Nov. 01, 2020 | Apr. 01, 2020 | Jan. 14, 2020 | Mar. 28, 2018 | Dec. 31, 2017 | Nov. 16, 2017 |
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Notes receivable | $ 102,100,000 | $ 114,943,000 | |||||||||
Note receivable accrued interest | 13,917,000 | 9,872,000 | |||||||||
Credit loss reserve | 650,000 | ||||||||||
Notes receivable, net | 101,450,000 | 114,943,000 | $ 111,775,000 | $ 160,991,000 | |||||||
Additional credit loss reserve | 300,000 | ||||||||||
Proceeds from notes receivable | 15,250,000 | 26,000,000 | |||||||||
Credit loss reserves | 101,450,000 | 114,943,000 | |||||||||
LUF Portfolio | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Note receivable accrued interest | $ 5,000,000 | ||||||||||
Interest Rate | 8.00% | ||||||||||
Percentage of mortgage loan collateralized | 50.00% | ||||||||||
Core Note | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Notes receivable modified, subsequent payment default | 21,600,000 | $ 21,600,000 | |||||||||
850 Third Avenue Brooklyn, NY | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Notes receivable, net | $ 54,000,000 | ||||||||||
Interest Rate | 9.00% | ||||||||||
Pacesetter Park | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Interest Rate | 5.10% | ||||||||||
Note receivable exchanged for sale of real estate | $ 13,500,000 | ||||||||||
Fund II | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Notes receivable | $ 33,800,000 | ||||||||||
Note receivable accrued interest | 400,000 | $ 600,000 | |||||||||
Notes receivable, net | 33,800,000 | ||||||||||
Fund III | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Note receivable accrued interest | 4,700,000 | $ 4,700,000 | |||||||||
Notes receivable modified, subsequent payment default | 10,000,000 | ||||||||||
Fund IV | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Proceeds from notes receivable | 15,300,000 | ||||||||||
Note receivable accrued interest | 10,000,000 | ||||||||||
ASU 2016-13 | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Credit loss reserve | 400,000 | ||||||||||
Core Portfolio | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Notes receivable | 96,794,000 | 76,467,000 | |||||||||
Equity method investment, ownership percentage by third party | 14.11% | 38.89% | |||||||||
Notes receivable modified, subsequent payment default | 20,800,000 | ||||||||||
Proceeds from notes receivable | 4,300,000 | ||||||||||
Notes receivable defer interest until maturity | $ 400,000 | ||||||||||
Structured Financing | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Note receivable accrued interest | 8,700,000 | ||||||||||
Loans amortized cost | 0 | ||||||||||
Credit loss reserves | 38,300,000 | ||||||||||
Structured Financing | Non-Collateral Dependent Loans | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Note receivable accrued interest | 5,200,000 | ||||||||||
Credit loss reserve | 700,000 | ||||||||||
Loans amortized cost | $ 77,700,000 | ||||||||||
Brandywine Portfolio | Core Portfolio | |||||||||||
Accounts Notes And Loans Receivable [Line Items] | |||||||||||
Notes receivable | $ 38,700,000 | ||||||||||
Note receivable accrued interest | $ 2,000,000 | ||||||||||
Equity method investment, ownership percentage by third party | 24.78% |
Investments in and Advances t_3
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 28, 2018 | Nov. 16, 2017 |
Schedule of Equity Method Investments [Line Items] | |||||
Due from (to) Related Parties | $ 363 | $ (1,902) | |||
Other | 1,881 | 1,932 | |||
Investments in and advances to unconsolidated affiliates | 249,807 | 305,097 | |||
Distributions in excess of income from, and investments in, unconsolidated affiliates | $ 15,616 | 15,362 | |||
KLA/ABS | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Cost method investment, ownership percentage | 36.70% | ||||
Cost Method Investment | $ 72,391 | 402 | |||
Fund III Other Portfolio | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 94.23% | ||||
Equity method investments | 17 | ||||
Self Storage Management | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 95.00% | ||||
Equity method investments | $ 207 | 207 | |||
Fund III | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 207 | 224 | |||
Broughton St. Portfolio Savannah, GA | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 100.00% | ||||
Equity method investments | 12,702 | ||||
Fund IV Other Portfolio | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 98.57% | ||||
Equity method investments | $ 11,719 | 14,733 | |||
650 Bald Hill Road | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 90.00% | ||||
Equity method investments | $ 12,550 | 12,450 | |||
Fund IV | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 24,269 | 39,885 | |||
Fund V Family Center at Riverdale | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 89.42% | ||||
Equity method investments | $ 11,824 | 13,329 | |||
Tri City Plaza | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 90.00% | ||||
Equity method investments | $ 7,024 | 10,250 | |||
Frederick County Acquisitions | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 90.00% | ||||
Equity method investments | $ 10,837 | 15,070 | |||
Fund V | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investments | $ 29,685 | 38,649 | |||
Core Portfolio | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 75.22% | 61.11% | 22.22% | ||
Equity method investments | $ 121,011 | 225,907 | $ 22,300 | $ 61,600 | |
Other | $ 1,700 | ||||
Core Portfolio | 840 N. Michigan | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 88.43% | ||||
Equity method investments | $ 55,863 | 61,260 | |||
Core Portfolio | Renaissance Portfolio | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 20.00% | ||||
Equity method investments | $ 29,270 | 31,815 | |||
Core Portfolio | Gotham Plaza | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 49.00% | ||||
Equity method investments | $ 28,683 | 29,466 | |||
Core Portfolio | Town Center | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 100.00% | ||||
Equity method investments | 97,674 | ||||
Core Portfolio | Georgetown Portfolio | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 50.00% | ||||
Equity method investments | $ 4,624 | 4,498 | |||
Core Portfolio | 1238 Wisconsin Avenue | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percentage | 80.00% | ||||
Equity method investments | $ 2,571 | 1,194 | |||
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 | $ 15,616 | $ 15,362 |
Investments in and Advances t_4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Parenthetical) (Details) | Dec. 31, 2020 | Dec. 31, 2018 | Nov. 16, 2017 |
Broughton St. Portfolio Savannah, GA | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 100.00% | ||
Core Portfolio | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 75.22% | 61.11% | 22.22% |
Core Portfolio | Town Center | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investment, ownership percentage | 100.00% |
Investments in and Advances t_5
Investments in and Advances to Unconsolidated Affiliates - Core Portfolio - Additional Information (Details) | Apr. 01, 2020USD ($) | Aug. 08, 2019USD ($) | Jan. 24, 2019USD ($)ft² | Mar. 28, 2018USD ($) | Nov. 16, 2017USD ($) | May 01, 2017USD ($) | Apr. 29, 2016USD ($) | Dec. 31, 2020USD ($)ft² | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Purchase Price | $ 172,152,000 | $ 324,339,000 | ||||||||||
Cost method investments | $ 1,881,000 | 1,881,000 | 1,932,000 | |||||||||
Gain (loss) on investment | 113,930,000 | 6,947,000 | ||||||||||
Notes receivable, net | $ 101,450,000 | $ 101,450,000 | 114,943,000 | $ 111,775,000 | $ 160,991,000 | |||||||
Acadia Brandywine Holdings, LLC | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 22.22% | 22.22% | ||||||||||
Core Portfolio | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Purchase Price | $ 158,143,000 | 146,435,000 | ||||||||||
Cost method investments | $ 1,700,000 | 1,700,000 | ||||||||||
Impairment of Investment | $ 400,000 | |||||||||||
Gain (loss) on investment | $ 0 | |||||||||||
Equity method investment, ownership percentage by third party | 14.11% | 38.89% | ||||||||||
Equity method investment, ownership percentage | 22.22% | 75.22% | 75.22% | 61.11% | ||||||||
Equity method investments | $ 22,300,000 | $ 61,600,000 | $ 121,011,000 | $ 121,011,000 | 225,907,000 | |||||||
Gain on equity method investment | 12,700,000 | 34,500,000 | ||||||||||
Core Portfolio | Renaissance Portfolio | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Percentage of voting interests acquired | 20.00% | |||||||||||
Equity method investment, ownership percentage | 20.00% | 20.00% | ||||||||||
Equity method investments | $ 29,270,000 | $ 29,270,000 | 31,815,000 | |||||||||
Core Portfolio | Fifth Wall Ventures Retail Fund, L.P. | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Cost method investments | $ 1,800,000 | $ 200,000 | $ 200,000 | |||||||||
Maximum amount commitment to invest | $ 5,000,000 | |||||||||||
Cost method investment ownership percentage | 5.00% | |||||||||||
Core Portfolio | Brandywine Portfolio | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square footage of real estate property (in square feet) | ft² | 1,000,000 | 1,000,000 | ||||||||||
Repayments of debt | $ 140,000,000 | |||||||||||
Note receivable exchanged | $ 38,700,000 | 22,000,000 | $ 16,000,000 | |||||||||
Notes receivable, net | 153,400,000 | |||||||||||
Note receivable accrued interest | $ 2,000,000 | $ 300,000 | $ 300,000 | |||||||||
Equity method investment, ownership percentage by third party | 24.78% | |||||||||||
Equity method investment, controlling interest percentage | 100.00% | |||||||||||
Core Portfolio | Brandywine Portfolio | Exchange Transaction One | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Note receivable exchanged | 16,000,000 | |||||||||||
Note receivable accrued interest | 600,000 | |||||||||||
Core Portfolio | Brandywine Portfolio | Exchange Transaction Two | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Note receivable exchanged | 60,700,000 | |||||||||||
Note receivable accrued interest | $ 900,000 | |||||||||||
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 | $ 16,300,000 | |||||||||||
Gain on equity method investment | $ 9,800,000 | |||||||||||
Core Portfolio | Town Center | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage by third party | 24.78% | |||||||||||
Equity method investment, ownership percentage | 100.00% | 100.00% | ||||||||||
Equity method investments | $ 97,674,000 | |||||||||||
Equity method investment, controlling interest percentage | 100.00% | |||||||||||
Core Portfolio | Washington, D.C. | Renaissance Portfolio | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Square footage of real estate property (in square feet) | ft² | 7,300 | |||||||||||
Purchase Price | $ 10,700,000 | |||||||||||
Purchase price less the assumption of the outstanding mortgage | $ 4,700,000 |
Investments in and Advances t_6
Investments in and Advances to Unconsolidated Affiliates - Fund Investments - Additional Information (Details) | Jun. 29, 2019USD ($) | Dec. 31, 2014propertyJointVenture | Dec. 31, 2020property | Jun. 30, 2020property | May 26, 2020USD ($)property | Aug. 21, 2019USD ($)ft² | Apr. 30, 2019USD ($)ft² | Mar. 19, 2019USD ($)ft² | Oct. 31, 2018segment |
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of retail properties | property | 187 | ||||||||
Fund V Family Center at Riverdale | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 89.42% | ||||||||
Tri City Plaza | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 90.00% | ||||||||
Frederick County Acquisitions | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 90.00% | ||||||||
BSP I and BSP II | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 50.00% | ||||||||
Number of Joint Ventures | JointVenture | 2 | ||||||||
Broughton St. Portfolio Savannah, GA | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Purchase Price | $ 1,300,000 | ||||||||
Equity method investment, ownership percentage | 100.00% | ||||||||
Number of businesses acquired | property | 23 | ||||||||
Number of retail properties | property | 2 | ||||||||
Fund I Vs Broughton Street Portfolio Venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of retail properties | property | 8 | ||||||||
Fund IV | Disposed of by sale | Broughton St. Portfolio Savannah, GA | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of retail properties | property | 2 | ||||||||
BSP I | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 100.00% | ||||||||
BSP I | Consolidated Entity | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of retail properties | segment | 11 | ||||||||
BSP II | Consolidated Affiliates | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of retail properties | property | 2 | ||||||||
Fund III's Storage Post venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Distribution from cost method investment | $ 1,600,000 | ||||||||
Cost method investments | 0 | ||||||||
Fund III's Storage Post venture | Partnership Interest | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Distribution from cost method investment | $ 400,000 | ||||||||
Riverdale, Utah | Fund V Family Center at Riverdale | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Joint venture interest percentage | 99.35% | ||||||||
Undivided interest in property percentage | 90.00% | ||||||||
Square footage of real estate property (in square feet) | ft² | 428,000 | ||||||||
Purchase Price | $ 48,500,000 | ||||||||
Vernon, Connecticut | Tri City Plaza | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Joint venture interest percentage | 90.00% | ||||||||
Square footage of real estate property (in square feet) | ft² | 300,000 | ||||||||
Purchase Price | $ 36,700,000 | ||||||||
Frederick County, Maryland | Frederick County Acquisitions | 225,000 Square Foot Property | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Joint venture interest percentage | 90.00% | ||||||||
Square footage of real estate property (in square feet) | ft² | 225,000 | ||||||||
Purchase Price | $ 21,800,000 | ||||||||
Frederick County, Maryland | Frederick County Acquisitions | 300,00 Square Foot Property | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Joint venture interest percentage | 90.00% | ||||||||
Square footage of real estate property (in square feet) | ft² | 300,000 | ||||||||
Purchase Price | $ 33,100,000 |
Investments in and Advances t_7
Investments in and Advances to Unconsolidated Affiliates - Mervyns I & II - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | |
Mervyns II | |||
Schedule of Equity Method Investments [Line Items] | |||
Cost method investment, ownership percentage | 28.33% | 28.33% | |
Realized gain on investment | $ 0.4 | $ 22.8 | |
Cost method investments effective ownership, shares | 4.1 | 4.1 | |
Cost method investments effective ownership interest | 1.00% | 1.00% | |
Unrealized gain on investment | $ 64.9 | ||
Albertson | |||
Schedule of Equity Method Investments [Line Items] | |||
Cost method investment, ownership percentage | 36.67% | 36.67% | |
Albertson | Mervyns II | |||
Schedule of Equity Method Investments [Line Items] | |||
Unrealized gain on investment | $ 7.5 |
Investments in and Advances t_8
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Additional Information (Details) - Equity Method Investee - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Related party revenue | $ 0.4 | $ 0.3 | $ 0.5 |
Expenses, related party | $ 2.1 | $ 1.3 | $ 1.7 |
Investments in and Advances t_9
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Combined and Condensed Balance Sheets | |||
Real estate under development | $ 247,349 | $ 253,402 | |
Other assets | 173,809 | 190,658 | |
Total assets | 4,186,882 | 4,309,114 | $ 3,958,780 |
Total liabilities and equity | 4,186,882 | 4,309,114 | |
Cost method investments | 1,881 | 1,932 | |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 15,616 | 15,362 | |
Investments in and advances to unconsolidated affiliates | 249,807 | 305,097 | |
Unconsolidated Affiliates | |||
Combined and Condensed Balance Sheets | |||
Rental property, net | 563,997 | 656,265 | |
Real estate under development | 14,517 | 1,341 | |
Other assets | 61,969 | 85,540 | |
Total assets | 640,483 | 743,146 | |
Mortgage notes payable | 512,490 | 502,036 | |
Other liabilities | 74,872 | 77,785 | |
Partners’ equity | 53,121 | 163,325 | |
Total liabilities and equity | 640,483 | 743,146 | |
Company's share of accumulated equity | 100,767 | 186,864 | |
Basis differential | 55,017 | 100,962 | |
Deferred fees, net of portion related to the Company's interest | 3,565 | 1,270 | |
Amounts receivable/payable by the Company | 363 | (1,902) | |
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 159,712 | 287,194 | |
Cost method investments | 74,479 | 2,541 | |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 15,616 | 15,362 | |
Investments in and advances to unconsolidated affiliates | $ 249,807 | $ 305,097 |
Investments in and Advances _10
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Combined and Condensed Statements of Operations | |||
Total revenues | $ 255,484 | $ 295,327 | $ 259,681 |
Depreciation and amortization | (149,793) | (125,443) | (117,549) |
Company’s equity in (losses) earnings of unconsolidated affiliates | (1,237) | 8,922 | 9,302 |
Unconsolidated Affiliates | |||
Combined and Condensed Statements of Operations | |||
Total revenues | 73,478 | 88,893 | 79,555 |
Operating and other expenses | (26,389) | (24,932) | (22,957) |
Interest expense | (20,172) | (21,874) | (19,954) |
Depreciation and amortization | (28,102) | (25,358) | (22,228) |
Loss on disposition of properties | (1,673) | ||
Net (loss) income attributable to unconsolidated affiliates | (1,185) | 16,729 | 12,743 |
Company’s share of equity in net (loss) income of unconsolidated affiliates | 965 | 11,772 | 12,345 |
Operating Partnership, as General Partner or Managing Member | |||
Combined and Condensed Statements of Operations | |||
Basis differential amortization | $ (2,202) | $ (2,850) | $ (3,043) |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets, Net: | ||
Lease intangibles, net (Note 6) | $ 100,732 | $ 116,820 |
Deferred charges, net | 30,488 | 28,746 |
Prepaid expenses | 17,468 | 18,873 |
Note receivable accrued interest | 13,917 | 9,872 |
Due from seller | 3,682 | 3,682 |
Income taxes receivable | 2,433 | 1,755 |
Other receivables | 2,058 | 3,996 |
Deposits | 1,728 | 1,853 |
Corporate assets, net | 1,302 | 1,565 |
Derivative financial instruments (Note 8) | 1 | 2,583 |
Deferred tax assets | 913 | |
Other assets, net | 173,809 | 190,658 |
Deferred Charges, Net: | ||
Deferred leasing and other costs | 57,533 | 49,081 |
Deferred financing costs related to line of credit | 11,341 | 10,051 |
Deferred costs, gross | 68,874 | 59,132 |
Accumulated amortization | (38,386) | (30,386) |
Deferred charges, net | 30,488 | 28,746 |
Accounts Payable and Other Liabilities: | ||
Derivative financial instruments (Note 8) | $ 90,139 | $ 39,061 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent |
Lease intangibles, net (Note 6) | $ 76,434 | $ 82,926 |
Accounts payable and accrued expenses | 53,031 | 68,838 |
Deferred income | 31,842 | 33,682 |
Tenant security deposits, escrow and other | 12,178 | 12,590 |
Lease liability - finance leases, net (Note 11) | 6,287 | 77,657 |
Accounts payable and other liabilities | $ 269,911 | $ 314,754 |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | $ 287,523 | $ 267,188 |
Amortizable Intangible Assets, Accumulated Amortization | (186,791) | (150,368) |
Amortizable Intangible Assets, Net Carrying Amount | 100,732 | 116,820 |
Amortizable Intangible Liabilities | ||
Amortizable Intangible Liabilities, Gross Carrying Amount | (164,923) | (160,721) |
Amortizable Intangible Liabilities, Accumulated Amortization | 88,951 | 78,315 |
Amortizable Intangible Liabilities, Net Carrying Amount | (75,972) | (82,406) |
Above-market Ground Lease, Gross | (671) | (671) |
Above-market Ground Lease, Accumulated Amortization | 209 | 151 |
Above-market Ground Lease, Net | (462) | (520) |
Finite-Lived Intangible Liabilities, Gross | (165,594) | (161,392) |
Finite-Lived Intangible Liabilities, Accumulated Amortization | 89,160 | 78,466 |
Finite-Lived Intangible Liabilities, Net | (76,434) | (82,926) |
In-place lease intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 268,335 | 249,961 |
Amortizable Intangible Assets, Accumulated Amortization | (171,856) | (137,108) |
Amortizable Intangible Assets, Net Carrying Amount | 96,479 | 112,853 |
Amortizable Intangible Liabilities | ||
Amortizable Intangible Liabilities, Net Carrying Amount | (71,719) | |
Above-market rent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 19,188 | 17,227 |
Amortizable Intangible Assets, Accumulated Amortization | (14,935) | (13,260) |
Amortizable Intangible Assets, Net Carrying Amount | $ 4,253 | $ 3,967 |
Lease Intangibles - Additional
Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Below market rents, acquired | $ 4.6 | $ 10.4 |
Below market rents acquired, weighted average useful life | 20 years 2 months 12 days | 21 years 8 months 12 days |
In-place lease intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 21 | $ 36.1 |
Acquired intangible assets, weighted average useful life | 4 years 10 months 24 days | 7 years 10 months 24 days |
Above-market rent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 2 | $ 0.6 |
Acquired intangible assets, weighted average useful life | 5 years 9 months 18 days | 6 years 8 months 12 days |
Lease Intangibles - Scheduled A
Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Acquired Lease Intangibles [Abstract] | ||
Net Increase In Lease Revenues, Total | $ 75,972 | $ 82,406 |
Amortizable Intangible Assets, Net Carrying Amount | (100,732) | (116,820) |
In-place lease intangible assets | ||
Acquired Lease Intangibles [Abstract] | ||
2021, Net Increase In Lease Revenues | 6,920 | |
2022, Net Increase In Lease Revenues | 6,251 | |
2023, Net Increase In Lease Revenues | 5,784 | |
2024, Net Increase In Lease Revenues | 5,433 | |
2025, Net Increase In Lease Revenues | 4,767 | |
Thereafter, Net Increase In Lease Revenues | 42,564 | |
Net Increase In Lease Revenues, Total | 71,719 | |
2021, Increase to Amortization | (24,599) | |
2022, Increase to Amortization | (18,089) | |
2023, Increase to Amortization | (13,428) | |
2024, Increase to Amortization | (9,486) | |
2025, Increase to Amortization | (8,376) | |
Thereafter, Increase to Amortization | (22,501) | |
Amortizable Intangible Assets, Net Carrying Amount | (96,479) | $ (112,853) |
2021, Reduction of Rent Expense | 58 | |
2022, Reduction of Rent Expense | 58 | |
2023, Reduction of Rent Expense | 58 | |
2024, Reduction of Rent Expense | 58 | |
2025, Reduction of Rent Expense | 58 | |
Thereafter, Reduction of Rent Expense | 172 | |
Reduction of Rent Expense, Total | 462 | |
2021, Net Income (Expense) | (17,621) | |
2022, Net Income (Expense) | (11,780) | |
2023, Net Income (Expense) | (7,586) | |
2024, Net Income (Expense) | (3,995) | |
2025, Net Income (Expense) | (3,551) | |
Thereafter, Net Income (Expense) | 20,235 | |
Total, Net Income (Expense) | $ (24,298) |
Debt - Summary of Consolidated
Debt - Summary of Consolidated Indebtedness (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,770,054 | $ 1,717,928 |
Net unamortized debt issuance costs | (6,763) | (10,383) |
Unamortized fair market value of assumed debt | 548 | 651 |
Mortgage and other notes payable, net | 1,125,356 | 1,170,076 |
Unsecured notes payable, net | 500,083 | 477,320 |
Total Indebtedness | 1,763,839 | 1,708,196 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Net unamortized debt issuance costs | (6,507) | (10,078) |
Unamortized fair market value of assumed debt | 548 | 651 |
Mortgage and other notes payable, net | 1,125,356 | $ 1,170,076 |
Mortgages | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.70% | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Net unamortized debt issuance costs | (256) | $ (305) |
Unsecured notes payable, net | $ 500,083 | 477,320 |
Core Portfolio | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Core Portfolio | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.90% | |
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 | $ 228,310 | 257,735 |
Core Portfolio | Mortgages | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 147,810 | $ 176,176 |
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 | 5.89% | 6.00% |
Maturity Date | 2035-04 | |
Core Portfolio | Mortgages | Variable Rate - Swapped | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 80,500 | $ 81,559 |
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 | 4.54% | 4.54% |
Maturity Date | 2028-11 | |
Core Portfolio | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 380,000 | $ 350,000 |
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2023-03 | |
Long-term debt, gross | $ 350,000 | $ 350,000 |
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 2.49% | 2.49% |
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 5.02% | 5.02% |
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped | LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 2.55% | |
Maturity Date | 2021-06 | |
Core Portfolio | Unsecured Debt | Unsecured Line of Credit - Swapped | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2022-03 | |
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 30,000 | |
Core Portfolio | Line of Credit | Unsecured Line of Credit - Swapped | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 138,400 | $ 60,800 |
Core Portfolio | Line of Credit | Unsecured Line of Credit - Swapped | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 2.49% | 2.49% |
Core Portfolio | Line of Credit | Unsecured Line of Credit - Swapped | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 5.02% | 5.02% |
Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,143,152 | $ 1,403,324 |
Variable Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 626,902 | 314,604 |
Fund II | Fund Portfolio | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 228,282 | 24,225 |
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 | $ 247,085 | $ 243,298 |
Fund II | Fund Portfolio | Mortgages | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 4.75% | |
Long-term debt, gross | $ 200,000 | |
Fund II | Fund Portfolio | Mortgages | Variable Rate - Swapped | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 2.88% | 2.88% |
Maturity Date | 2021-11 | |
Long-term debt, gross | $ 18,803 | $ 19,073 |
Fund II | Fund Portfolio | Mortgages | Variable Rate Debt | Minimum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2022-03 | |
Fund II | Fund Portfolio | Mortgages | Variable Rate Debt | Maximum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2022-05 | |
Fund II | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.00% | 3.00% |
Fund II | Fund Portfolio | Mortgages | Variable Rate Debt | Prime Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Fund II | Fund Portfolio | Unsecured Debt | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.65% | 1.65% |
Fund II | Fund Portfolio | Unsecured Debt | Unsecured Notes Payable | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 40,000 | $ 40,000 |
Fund II | Fund Portfolio | Unsecured Debt | Unsecured Notes Payable | LIBOR | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2021-09 | |
Fund III | Fund Portfolio | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.75% | |
Fund III | Fund Portfolio | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.10% | |
Fund III | Fund Portfolio | Mortgages | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 71,918 | $ 74,554 |
Fund III | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.75% | 2.75% |
Maturity Date | 2021-06 | |
Fund III | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.10% | 3.10% |
Maturity Date | 2022-07 | |
Fund IV | Fund Portfolio | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Fund IV | Fund Portfolio | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Fund IV | Fund Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 248,325 | $ 267,903 |
Fund IV | Fund Portfolio | Mortgages | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 6,726 | $ 8,189 |
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 | $ 66,590 | $ 102,699 |
Fund IV | Fund Portfolio | Mortgages | Variable Rate - Swapped | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.48% | 3.48% |
Maturity Date | 2022-04 | |
Fund IV | Fund Portfolio | Mortgages | Variable Rate - Swapped | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.61% | 4.61% |
Maturity Date | 2022-12 | |
Fund IV | Fund Portfolio | Mortgages | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 175,009 | $ 157,015 |
Fund IV | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.60% | 1.60% |
Maturity Date | 2021-02 | |
Fund IV | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.40% | 3.40% |
Maturity Date | 2025-10 | |
Fund IV | Fund Portfolio | Unsecured Debt | Term Loan / Subscription Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 80,089 | $ 87,625 |
Fund IV | Fund Portfolio | Unsecured Debt | Term Loan / Subscription Facility | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.90% | 1.65% |
Maturity Date | 2021-06 | |
Fund IV | Fund Portfolio | Unsecured Debt | Term Loan / Subscription Facility | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | 2.00% |
Maturity Date | 2021-12 | |
Fund V | Fund Portfolio | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Fund V | Fund Portfolio | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.20% | |
Fund V | Fund Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 335,677 | $ 336,013 |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 334,323 | $ 334,626 |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.95% | 2.95% |
Maturity Date | 2021-02 | |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.78% | 4.78% |
Maturity Date | 2024-12 | |
Fund V | Fund Portfolio | Mortgages | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,354 | $ 1,387 |
Fund V | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | 1.50% |
Maturity Date | 2021-02 | |
Fund V | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.20% | 2.20% |
Maturity Date | 2024-12 | |
Fund V | Fund Portfolio | Unsecured Debt | Subscription Line | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 250 | $ 0 |
Fund V | Fund Portfolio | Unsecured Debt | Subscription Line | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.60% | |
Maturity Date | 2021-05 |
Debt - Summary of Consolidate_2
Debt - Summary of Consolidated Indebtedness (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,770,054 | $ 1,717,928 |
Variable-rate debt that subject to interest cap agreements | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 139,200 | 143,300 |
Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 988,600 | 948,800 |
Core Portfolio | Interest Rate Swaps | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 3,200 | 70,200 |
Minimum | Core Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
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 [Member] | 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 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 228,282 | $ 24,225 |
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 | 2.75% | |
Fund III | Maximum | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.10% | |
Fund IV | Minimum | Fund Portfolio | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Fund IV | Maximum | Fund Portfolio | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Fund V | Minimum | Fund Portfolio | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Fund V | Maximum | Fund Portfolio | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.20% |
Debt - Credit Facility - Additi
Debt - Credit Facility - Additional Information (Details) - USD ($) | Oct. 08, 2019 | Feb. 20, 2018 | Dec. 31, 2020 | Dec. 17, 2020 | Jul. 31, 2020 |
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 750,000,000 | ||||
Unsecured Debt | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 600,000,000 | ||||
Maturity date | Mar. 31, 2023 | ||||
Unsecured Debt | Revolving Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 250,000,000 | $ 150,000,000 | |||
Basis spread on variable rate | 1.40% | ||||
Maturity date | Mar. 31, 2022 | ||||
Unsecured Debt | Senior Unsecured Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 100,000,000 | $ 500,000,000 | |||
Unsecured Debt | $300 Million Term Loan | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 350,000,000 | $ 350,000,000 | |||
Basis spread on variable rate | 1.30% | ||||
Term Loan | |||||
Debt Instrument [Line Items] | |||||
Term loan | $ 30,000,000 | $ 30,000,000 | $ 30,000,000 |
Debt - Mortgage Payable - Addit
Debt - Mortgage Payable - Additional Information (Details) | Oct. 30, 2020USD ($) | Oct. 02, 2020 | Jun. 24, 2020USD ($) | Nov. 09, 2017USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2020USD ($)propertyloan | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($)propertyloan | Dec. 31, 2012USD ($) | Jul. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Notes receivable, net | $ 101,450,000 | $ 114,943,000 | $ 111,775,000 | $ 160,991,000 | ||||||||
Scheduled principal payment | 6,100,000 | |||||||||||
Amount of share failed to meet liquidity requirements. | 27,100,000 | |||||||||||
Mortgages failed to meet debt yield and debt service coverage ratio | 124,100,000 | |||||||||||
Amount of share failed to meet debt yield and debt service coverage ratio | 25,600,000 | |||||||||||
Gain on debt extinguishment | 18,339,000 | |||||||||||
Acquisition of noncontrolling interest | 588,000 | |||||||||||
Interest Rate Swaps | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Derivative, notional amount | $ 50,000,000 | $ 30,400,000 | ||||||||||
Mortgages | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Scheduled principal payment | 5,900,000 | |||||||||||
Borrowings, amount | $ 258,900,000 | |||||||||||
Number of properties collateralized | property | 42 | 44 | ||||||||||
Mortgages | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.70% | |||||||||||
Mortgages | Subscription Line | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes receivable, net | $ 46,000,000 | |||||||||||
Number of mortgage loans | loan | 7 | |||||||||||
Mortgages | Subscription Line 1 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes receivable, net | $ 51,300,000 | |||||||||||
Mortgages | Subscription Line 2 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes receivable, net | 40,000,000 | |||||||||||
Mortgages | Subscription Line 3 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes receivable, net | $ 88,000,000 | |||||||||||
Mortgages | Maturing from May 2019 to January 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of mortgage loans | loan | 3 | |||||||||||
Borrowings, amount | $ 69,000,000 | |||||||||||
Mortgages | Maturing from May 2019 to January 2021 | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.08% | |||||||||||
Mortgages | Maturing from April 2022 though December 2024. | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Borrowings, amount | $ 71,800,000 | |||||||||||
Mortgages | Maturing from April 2022 though December 2024. | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 1.86% | |||||||||||
Mortgages | Maturities Ranging from November 2019 through January 2020 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of mortgage loans | loan | 3 | |||||||||||
Borrowings, amount | $ 135,900,000 | |||||||||||
Mortgages | Maturities Ranging from November 2019 through January 2020 | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 3.65% | |||||||||||
Mortgages | Maturing Ranging from December 2020 though May 2021 | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Borrowings, amount | $ 125,300,000 | |||||||||||
Mortgages | Maturing Ranging from December 2020 though May 2021 | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.96% | |||||||||||
Mortgages | Interest Rate Swaps | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Derivative, notional amount | $ 283,600,000 | |||||||||||
Derivative weighted average interest rate | 1.78% | |||||||||||
Fund II | New Market Tax Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Percentage of tax credits on qualifying invested equity loans | 39.00% | |||||||||||
Transfer of tax credit transactions to investors exchange amount | $ 5,200,000 | |||||||||||
Redemption of loan expiration period | 7 years | |||||||||||
Fund II | Realized and Unrealized Holding Gains on Investments and Other | New Market Tax Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Income recognized from tax credit transactions | $ 5,000,000 | $ 1,400,000 | ||||||||||
Fund II | City Point Project | New Market Tax Credit | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Income recognized from tax credit transactions | $ 5,000,000 | |||||||||||
Fund II | Mortgages | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Notes receivable, net | 200,000,000 | |||||||||||
Number of mortgage loans | loan | 1 | |||||||||||
Fund IV | Mortgages | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of mortgage loans | loan | 3 | |||||||||||
Holdback mortgage loan | 23,800,000 | |||||||||||
Holdback mortgage loan outstanding | 18,900,000 | |||||||||||
Holdback mortgage loan drew an additional | 1,000,000 | $ 900,000 | ||||||||||
Repayments of debt | $ 38,200,000 | |||||||||||
Fund IV | Mortgages | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 2.35% | |||||||||||
Fund IV | Mortgages One | Colonie Plaza - Albany, NY | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of debt | 11,600,000 | |||||||||||
Fund IV | Mortgages Two | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of debt | $ 18,400,000 | |||||||||||
Fund III and Fund IV | Mortgages | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Holdback mortgage loan | 103,400,000 | |||||||||||
Fund loans repaid | 11,500,000 | |||||||||||
Core Portfolio | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Derivative, notional amount | 572,148,000 | |||||||||||
Repayments of debt | $ 26,300,000 | |||||||||||
Core Portfolio | Mortgages | Brandywine Portfolio | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt default, amount | $ 26,300,000 | |||||||||||
Debt instrument, maturity date | Jul. 1, 2016 | |||||||||||
Interest rate, stated percentage | 6.00% | |||||||||||
Debt default interest | 5.00% | |||||||||||
Claim amount exclusive of accruing interest, default interest, late charges, and fees and costs | $ 33,000,000 | |||||||||||
Increase the alleged balance | $ 46,800,000 | |||||||||||
Default interest | 300,000 | |||||||||||
Attorneys fees | 200,000 | |||||||||||
Suspense funds | 1,500,000 | $ 1,300,000 | ||||||||||
Parties jointly and severally liable amount | 33,200,000 | |||||||||||
Default interest per diem | $ 8,017 | |||||||||||
Legal and other costs | 6,800,000 | |||||||||||
Proportionate share | $ 1,500,000 | |||||||||||
Cross appeal stay period | 90 days | |||||||||||
Gain (loss) on litigation settlement | $ 30,000,000 | |||||||||||
Acquisition of noncontrolling interest | 15,900,000 | |||||||||||
Core Portfolio | Mortgages | Brandywine Portfolio | Realized and Unrealized Holding Gains on Investments and Other | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Proportionate share | 4,100,000 | |||||||||||
Gain on debt extinguishment | $ 18,300,000 | |||||||||||
Core Portfolio | Mortgages | Brandywine Portfolio | Acadia's OP Ownership | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Equity interest held by Operating Partnership | 78.22% | |||||||||||
Fund V | Mortgages | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Number of mortgage loans | loan | 5 | |||||||||||
Fund III | Mortgages | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of debt | $ 4,700,000 | |||||||||||
Fund III | Mortgages | LIBOR | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||
Fund III | Mortgages One | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Repayments of debt | $ 9,800,000 | |||||||||||
Fund Mortgage And Fund I V | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Term loans failed to meet liquidity requirements | $ 115,200,000 |
Debt - Unsecured Notes Payable
Debt - Unsecured Notes Payable - Additional Information (Details) - USD ($) | Jul. 31, 2020 | Dec. 31, 2020 | Dec. 17, 2020 | Sep. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Oct. 08, 2019 |
Debt Instrument [Line Items] | |||||||
Long-term debt outstanding | $ 1,770,054,000 | $ 1,717,928,000 | |||||
Maximum borrowing capacity | $ 750,000,000 | ||||||
Letters of credit, outstanding amount | 35,600,000 | 19,800,000 | |||||
Fund Portfolio | Fund II | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt outstanding | 228,282,000 | 24,225,000 | |||||
Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 600,000,000 | ||||||
Unsecured Debt | Fund IV | Operating Partnership | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 50,800,000 | ||||||
Unsecured Debt | Fund IV | Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit, outstanding amount | 3,600,000 | 4,100,000 | |||||
Unsecured Debt | Core Portfolio | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt outstanding | 380,000,000 | 350,000,000 | |||||
Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Debt available balance | 0 | ||||||
Term loan | $ 30,000,000 | 30,000,000 | $ 30,000,000 | ||||
Debt instrument, maturity date | Jun. 30, 2021 | ||||||
LIBOR plus | 2.55% | ||||||
LIBOR floor | 0.75% | ||||||
Term Loan | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Debt available balance | $ 90,000,000 | ||||||
Unsecured Notes Payable | Unsecured Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt available balance | 128,700,000 | 152,500,000 | |||||
Unsecured Notes Payable | Unsecured Debt | Fund Portfolio | Fund II | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt outstanding | 40,000,000 | 40,000,000 | |||||
Three Hundred And Fifty Millions Term Loan | Unsecured Debt | Core Portfolio | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt outstanding | 350,000,000 | 350,000,000 | |||||
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 | 40,000,000 | 40,000,000 | |||||
Remaining borrowing capacity | 0 | 0 | |||||
Bridge facility | Fund IV | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 79,200,000 | ||||||
Bridge facility | Unsecured Debt | Fund IV | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 79,200,000 | ||||||
Long-term line of credit, noncurrent | 79,200,000 | 79,200,000 | |||||
Remaining borrowing capacity | 0 | 0 | |||||
Subscription Line | Unsecured Debt | Fund IV | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 5,000,000 | $ 15,000,000 | |||||
Long-term line of credit, noncurrent | 900,000 | 8,400,000 | |||||
Remaining borrowing capacity | 500,000 | 2,500,000 | |||||
Subscription Line | Unsecured Debt | Fund V | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 150,000,000 | ||||||
Long-term line of credit, noncurrent | 300,000 | ||||||
Remaining borrowing capacity | 128,200,000 | ||||||
Subscription Line | Unsecured Debt | Fund V | Letter of Credit | |||||||
Debt Instrument [Line Items] | |||||||
Letters of credit, outstanding amount | 21,500,000 | ||||||
Subscription Line | Unsecured Debt | Fund Portfolio | Fund V | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt outstanding | $ 250,000 | 0 | |||||
Remaining borrowing capacity | $ 150,000,000 |
Debt - Unsecured Revolving Line
Debt - Unsecured Revolving Lines of Credit - Additional Information (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 08, 2019 | Feb. 20, 2018 |
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 750,000,000 | |||
Letters of credit, outstanding amount | $ 35,600,000 | $ 19,800,000 | ||
Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 600,000,000 | |||
Revolving Credit Facility | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 250,000,000 | $ 150,000,000 | ||
Core Portfolio | Revolving Credit Facility | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Debt available balance | 101,100,000 | 173,600,000 | ||
Maximum borrowing capacity | 250,000,000 | |||
Credit facility amount outstanding | 138,400,000 | 60,800,000 | ||
Letters of credit, outstanding amount | $ 10,500,000 | $ 15,600,000 |
Debt - Scheduled Principal Repa
Debt - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 416,614 | |
2022 | 528,008 | |
2023 | 415,506 | |
2024 | 212,020 | |
2025 | 65,325 | |
Thereafter | 132,581 | |
Long-term debt and convertible notes payable | 1,770,054 | $ 1,717,928 |
Unamortized premium | 548 | 651 |
Net unamortized debt issuance costs | (6,763) | (10,383) |
Total Indebtedness | $ 1,763,839 | $ 1,708,196 |
Debt - Scheduled Principal Re_2
Debt - Scheduled Principal Repayments - Additional Information (Details) | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
Contractual due 2021 | $ 416,614,000 |
Contractual due 2022 | 528,008,000 |
Contractual due 2023 | 415,506,000 |
Debt With Extension Options | |
Debt Instrument [Line Items] | |
Contractual due 2021 | 231,300 |
Contractual due 2022 | 266,300 |
Contractual due 2023 | $ 41,500 |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Derivative financial instruments | $ 1 | $ 2,583 |
Liabilities | ||
Derivative financial instruments | 90,139 | 39,061 |
Recurring | Level 1 | ||
Assets | ||
Money market funds | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Investment in Albertsons (Note 4) | 72,391 | 0 |
Liabilities | ||
Derivative financial instruments | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Money market funds | 0 | 0 |
Derivative financial instruments | 1 | 2,583 |
Investment in Albertsons (Note 4) | 0 | 0 |
Liabilities | ||
Derivative financial instruments | 90,139 | 39,061 |
Recurring | Level 3 | ||
Assets | ||
Money market funds | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Investment in Albertsons (Note 4) | 0 | 0 |
Liabilities | ||
Derivative financial instruments | $ 0 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Schedule of Items Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |||||
Impairment charges | $ 85,598 | $ 1,721 | |||
Fair Value, Measurements, Nonrecurring | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment charges | 85,598 | 1,721 | |||
Fair Value, Measurements, Nonrecurring | Acadia Realty Trust | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment charges | $ 20,594 | $ 395 | |||
Fair Value, Measurements, Nonrecurring | Cortlandt Crossing, Mohegan Lake, NY | Fund III | Level 3 Inputs Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Triggering Event | Reduced holding period, reduced projected operating income | ||||
Impairment charges | $ 27,402 | ||||
Fair Value, Measurements, Nonrecurring | Cortlandt Crossing, Mohegan Lake, NY | Acadia Realty Trust | Fund III | Level 3 Inputs Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment charges | $ 6,726 | ||||
Fair Value, Measurements, Nonrecurring | 654 Broadway, New York, NY | Fund III | Level 3 Inputs Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Triggering Event | Reduced holding period | ||||
Impairment charges | $ 6,398 | ||||
Fair Value, Measurements, Nonrecurring | 654 Broadway, New York, NY | Acadia Realty Trust | Fund III | Level 3 Inputs Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment charges | $ 1,570 | ||||
Fair Value, Measurements, Nonrecurring | 146 Geary Street, San Francisco, CA | Fund IV | Level 3 Inputs Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Triggering Event | Reduced holding period, reduced projected operating income | ||||
Impairment charges | $ 6,718 | ||||
Fair Value, Measurements, Nonrecurring | 146 Geary Street, San Francisco, CA | Acadia Realty Trust | Fund IV | Level 3 Inputs Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment charges | $ 1,553 | ||||
Fair Value, Measurements, Nonrecurring | 801 Madison Avenue, New York, NY | Fund IV | Level 3 Inputs Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Triggering Event | Reduced holding period, reduced projected operating income | ||||
Impairment charges | $ 11,031 | ||||
Fair Value, Measurements, Nonrecurring | 801 Madison Avenue, New York, NY | Acadia Realty Trust | Fund IV | Level 3 Inputs Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment charges | $ 2,551 | ||||
Fair Value, Measurements, Nonrecurring | 717 N. Michigan Avenue, Chicago, IL | Fund IV | Level 3 Inputs Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Triggering Event | Reduced holding period, reduced projected operating income | ||||
Impairment charges | $ 17,392 | ||||
Fair Value, Measurements, Nonrecurring | 717 N. Michigan Avenue, Chicago, IL | Acadia Realty Trust | Fund IV | Level 3 Inputs Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment charges | $ 4,021 | ||||
Fair Value, Measurements, Nonrecurring | 110 University, New York, NY | Fund IV | Level 3 Inputs Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Triggering Event | Reduced holding period, reduced projected operating income | ||||
Impairment charges | $ 16,238 | ||||
Fair Value, Measurements, Nonrecurring | 110 University, New York, NY | Acadia Realty Trust | Fund IV | Level 3 Inputs Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment charges | $ 3,754 | ||||
Fair Value, Measurements, Nonrecurring | Fifth Wall Investment | Core Portfolio | Level 3 Inputs Fair Value of Net Assets Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Triggering Event | Decline in fair value | ||||
Impairment charges | $ 419 | ||||
Fair Value, Measurements, Nonrecurring | Fifth Wall Investment | Acadia Realty Trust | Core Portfolio | Level 3 Inputs Fair Value of Net Assets Projections | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment charges | $ 419 | ||||
Fair Value, Measurements, Nonrecurring | 210 Bowery Residential Units | Fund IV | Level 3 Inputs Contract Sales Price | |||||
Derivatives, Fair Value [Line Items] | |||||
Triggering Event | Reduced selling price | ||||
Impairment charges | $ 321 | ||||
Fair Value, Measurements, Nonrecurring | 210 Bowery Residential Units | Fund IV | Level 3 Inputs Offering Price | |||||
Derivatives, Fair Value [Line Items] | |||||
Triggering Event | Reduced selling price | ||||
Impairment charges | $ 1,400 | ||||
Fair Value, Measurements, Nonrecurring | 210 Bowery Residential Units | Acadia Realty Trust | Fund IV | Level 3 Inputs Contract Sales Price | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment charges | $ 74 | ||||
Fair Value, Measurements, Nonrecurring | 210 Bowery Residential Units | Acadia Realty Trust | Fund IV | Level 3 Inputs Offering Price | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment charges | $ 321 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Jul. 31, 2020 | Dec. 31, 2019 | |
Derivatives, Fair Value [Line Items] | |||
Fair value, liability derivatives | $ (90,139) | $ (39,061) | |
Fair value, asset derivatives | 1 | 2,583 | |
Interest Rate Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | 50,000 | $ 30,400 | |
Core Portfolio | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | 572,148 | ||
Fair value, derivatives, net | (74,990) | (33,294) | |
Core Portfolio | Interest Rate Swaps | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | 532,796 | ||
Fair value, liability derivatives | (74,990) | (33,750) | |
Core Portfolio | Interest Rate Swaps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 39,352 | ||
Derivative Effective Date | 2015-11 | ||
Derivative Maturity Date | 2021-01 | ||
Fair value, asset derivatives | $ 0 | 456 | |
Core Portfolio | Interest Rate Swaps | Minimum | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2012-12 | ||
Derivative Maturity Date | 2021-06 | ||
Strike Rate | 1.24% | ||
Core Portfolio | Interest Rate Swaps | Minimum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.31% | ||
Core Portfolio | Interest Rate Swaps | Maximum | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2023-04 | ||
Derivative Maturity Date | 2033-04 | ||
Strike Rate | 3.77% | ||
Core Portfolio | Interest Rate Swaps | Maximum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.31% | ||
Fund Portfolio | Fund II | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 63,803 | ||
Fair value, derivatives, net | (219) | (138) | |
Fund Portfolio | Fund II | Interest Rate Swaps | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 18,803 | ||
Derivative Effective Date | 2014-10 | ||
Derivative Maturity Date | 2021-11 | ||
Fair value, liability derivatives | $ (219) | (139) | |
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 | Maximum | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 2.88% | ||
Fund Portfolio | Fund II | Interest Rate Caps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 45,000 | ||
Derivative Effective Date | 2019-03 | ||
Derivative Maturity Date | 2022-03 | ||
Fair value, asset derivatives | $ 0 | 1 | |
Fund Portfolio | Fund II | Interest Rate Caps | Minimum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 3.50% | ||
Fund Portfolio | Fund II | Interest Rate Caps | Maximum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 3.50% | ||
Fund Portfolio | Fund III | Interest Rate Caps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 39,470 | ||
Fair value, asset derivatives | $ 0 | 0 | |
Fund Portfolio | Fund III | Interest Rate Caps | Minimum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2020-01 | ||
Derivative Maturity Date | 2021-01 | ||
Strike Rate | 3.00% | ||
Fund Portfolio | Fund III | Interest Rate Caps | Maximum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2021-01 | ||
Derivative Maturity Date | 2022-07 | ||
Strike Rate | 3.00% | ||
Fund Portfolio | Fund IV | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 143,990 | ||
Fair value, derivatives, net | (1,712) | (790) | |
Fund Portfolio | Fund IV | Interest Rate Swaps | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | 66,590 | ||
Fair value, liability derivatives | (1,713) | (812) | |
Fund Portfolio | Fund IV | Interest Rate Swaps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | 0 | ||
Fair value, asset derivatives | $ 0 | 22 | |
Fund Portfolio | Fund IV | Interest Rate Swaps | Minimum | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2017-03 | ||
Derivative Maturity Date | 2022-04 | ||
Strike Rate | 1.48% | ||
Fund Portfolio | Fund IV | Interest Rate Swaps | Maximum | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2019-12 | ||
Derivative Maturity Date | 2022-12 | ||
Strike Rate | 4.00% | ||
Fund Portfolio | Fund IV | Interest Rate Caps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 77,400 | ||
Fair value, asset derivatives | $ 1 | 0 | |
Fund Portfolio | Fund IV | Interest Rate Caps | Minimum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2019-07 | ||
Derivative Maturity Date | 2021-07 | ||
Strike Rate | 3.00% | ||
Fund Portfolio | Fund IV | Interest Rate Caps | Maximum | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2020-12 | ||
Derivative Maturity Date | 2022-12 | ||
Strike Rate | 3.50% | ||
Fund Portfolio | Fund V | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | $ 334,323 | ||
Fair value, derivatives, net | (13,217) | (2,256) | |
Fund Portfolio | Fund V | Interest Rate Swaps | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | 334,323 | ||
Fair value, liability derivatives | (13,217) | (4,360) | |
Fund Portfolio | Fund V | Interest Rate Swaps | Other Assets | |||
Derivatives, Fair Value [Line Items] | |||
Aggregate Notional Amount | 0 | ||
Fair value, asset derivatives | $ 0 | $ 2,104 | |
Fund Portfolio | Fund V | Interest Rate Swaps | Minimum | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2018-01 | ||
Derivative Maturity Date | 2021-02 | ||
Strike Rate | 1.25% | ||
Fund Portfolio | Fund V | Interest Rate Swaps | Maximum | Other Liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Derivative Effective Date | 2019-11 | ||
Derivative Maturity Date | 2024-10 | ||
Strike Rate | 2.88% |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Parenthetical) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)derivative | Dec. 31, 2019USD ($) | Jul. 31, 2020USD ($) | |
Derivatives, Fair Value [Line Items] | |||
Fair value, liability derivatives | $ (90,139) | $ (39,061) | |
Core Portfolio | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, notional amount | 572,148 | ||
Interest Rate Swaps | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, notional amount | $ 50,000 | $ 30,400 | |
Interest Rate Swaps | Core Portfolio | February 2020 Swap One Acquisition | |||
Derivatives, Fair Value [Line Items] | |||
Number of derivative instruments held | derivative | 1 | ||
Fair value, liability derivatives | $ (1,800) | ||
Derivative Effective Date | 2022-04 | ||
Derivative, notional amount | $ 50,000 | ||
Interest Rate Swaps | Core Portfolio | February 2020 Swap Two Acquisition | |||
Derivatives, Fair Value [Line Items] | |||
Number of derivative instruments held | derivative | 1 | ||
Fair value, liability derivatives | $ (1,300) | ||
Derivative Effective Date | 2023-04 | ||
Derivative, notional amount | $ 50,000 | ||
Interest Rate Swaps | Core Portfolio | November 2020 Swap Three Acquisition | |||
Derivatives, Fair Value [Line Items] | |||
Number of derivative instruments held | derivative | 1 | ||
Fair value, liability derivatives | $ 0 | ||
Derivative Effective Date | 2021-01 | ||
Derivative, notional amount | $ 0 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Reclassification adjustment related to derivatives from AOCI to interest expense | $ 20,200,000 | |
Derivatives designated as fair value hedges | 0 | $ 0 |
Derivative designated to hedges of net investments in foreign operations | $ 0 | $ 0 |
Financial Instruments and Fai_8
Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes Receivable | $ 101,450 | $ 114,943 | $ 111,775 | $ 160,991 |
Mortgage and Other Notes Payable | 1,763,839 | 1,708,196 | ||
Unsecured notes payable and Unsecured line of credit | 500,083 | 477,320 | ||
Level 3 | Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes Receivable | 101,450 | 114,943 | ||
Mortgage and Other Notes Payable | 1,131,315 | 1,179,503 | ||
Investment in non-traded equity securities | 1,726 | 1,778 | ||
Level 3 | Estimated Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Notes Receivable | 102,135 | 113,422 | ||
Mortgage and Other Notes Payable | 1,111,354 | 1,191,281 | ||
Investment in non-traded equity securities | 1,456 | 57,964 | ||
Level 2 | Carrying Amount | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Unsecured notes payable and Unsecured line of credit | 638,739 | 538,425 | ||
Level 2 | Estimated Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Unsecured notes payable and Unsecured line of credit | $ 623,392 | $ 539,362 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
Contractual obligation | $ 32.7 | $ 41.1 |
Letters of credit, outstanding amount | $ 35.6 | $ 19.8 |
Shareholders' Equity, Noncont_3
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Common Shares and Units - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted shares | ||
Class of Stock [Line Items] | ||
Restricted stock, shares canceled for tax withholding for share based compensation (in shares) | 2,075 | 2,468 |
LTIP Units and Restricted Stock | ||
Class of Stock [Line Items] | ||
Unit based compensation expense | $ 8.4 | $ 8.8 |
Shareholders' Equity, Noncont_4
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - ATM Program - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||||
Weighted Average Share Price | $ 18.29 | |||
ATM Program | ||||
Class of Stock [Line Items] | ||||
Issuance of ordinary shares (in shares) | 0 | 5,164,055 | ||
Gross proceeds | $ 147.7 | |||
Weighted Average Share Price | $ 28.61 | |||
Proceeds from stock plans net of issuance costs | $ 145.5 | |||
Purchase new program included an optional forward purchase component | $ 250 |
Shareholders' Equity, Noncont_5
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Share Repurchases - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | ||||
Authorized amount | $ 200,000,000 | |||
Number of shares repurchased during period (in shares) | 1,219,065 | 0 | ||
Shares repurchased during period | $ 22,400,000 | $ 22,386,000 | $ 55,111,000 | |
Stock repurchase fees | $ 100,000 | |||
Weighted Average Share Price | $ 18.29 | |||
Remaining authorized repurchase amount | $ 122,600,000 |
Shareholders' Equity, Noncont_6
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Schedule of Distributions Declared and paid (Details) - $ / shares | Feb. 26, 2020 | Nov. 05, 2019 | Aug. 13, 2019 | May 09, 2019 | Feb. 28, 2019 | Nov. 13, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | |||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.29 | $ 0.28 | $ 0.29 | $ 1.13 | $ 1.09 | ||||||
Fourth Quarter Two Thousand Eighteen | |||||||||||
Class of Stock [Line Items] | |||||||||||
Cash dividends, declared date | Nov. 13, 2018 | ||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.28 | ||||||||||
Cash dividends, record date | Dec. 31, 2018 | ||||||||||
Cash dividends, paid date | Jan. 15, 2019 | ||||||||||
First Quarter Two Thousand Nineteen | |||||||||||
Class of Stock [Line Items] | |||||||||||
Cash dividends, declared date | Feb. 28, 2019 | ||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.28 | ||||||||||
Cash dividends, record date | Mar. 29, 2019 | ||||||||||
Cash dividends, paid date | Apr. 15, 2019 | ||||||||||
Second Quarter Two Thousand Nineteen | |||||||||||
Class of Stock [Line Items] | |||||||||||
Cash dividends, declared date | May 9, 2019 | ||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.28 | ||||||||||
Cash dividends, record date | Jun. 28, 2019 | ||||||||||
Cash dividends, paid date | Jul. 15, 2019 | ||||||||||
Third Quarter Two Thousand Nineteen | |||||||||||
Class of Stock [Line Items] | |||||||||||
Cash dividends, declared date | Aug. 13, 2019 | ||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.28 | ||||||||||
Cash dividends, record date | Sep. 30, 2019 | ||||||||||
Cash dividends, paid date | Oct. 15, 2019 | ||||||||||
Fourth Quarter Two Thousand Nineteen | |||||||||||
Class of Stock [Line Items] | |||||||||||
Cash dividends, declared date | Nov. 5, 2019 | ||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.29 | ||||||||||
Cash dividends, record date | Dec. 31, 2019 | ||||||||||
Cash dividends, paid date | Jan. 15, 2020 | ||||||||||
First Quarter Two Thousand Twenty | |||||||||||
Class of Stock [Line Items] | |||||||||||
Cash dividends, declared date | Feb. 26, 2020 | ||||||||||
Cash dividends declared per common share (in dollars per share) | $ 0.29 | ||||||||||
Cash dividends, record date | Mar. 31, 2020 | ||||||||||
Cash dividends, paid date | Apr. 15, 2020 |
Shareholders' Equity, Noncont_7
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Dividends and Distributions - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | |
Preferred Stock | |||
Class of Stock [Line Items] | |||
Distributions payable | $ 0.1 | $ 0.1 | $ 0.1 |
Shareholders' Equity, Noncont_8
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Activity in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | $ 2,186,965 | $ 2,081,947 | $ 2,215,639 |
Other comprehensive loss before reclassifications - swap agreements | (74,236) | (35,674) | (2,659) |
Reclassification of realized interest on swap agreements | 15,203 | (872) | 71 |
Net current period other comprehensive loss | (59,033) | (36,546) | (2,588) |
Balance | 2,048,553 | 2,186,965 | 2,081,947 |
AOCI Attributable to Parent | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance | (31,175) | 516 | 2,614 |
Balance | (74,891) | (31,175) | 516 |
AOCI Attributable to Noncontrolling Interest | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Net current period other comprehensive loss | $ 15,317 | $ 4,855 | $ 490 |
Shareholders' Equity, Noncont_9
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Change in Noncontrolling Interest (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | $ 644,657 | ||
Net income (loss) | (66,038) | $ 21,204 | $ (15,698) |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 0 | 0 | 0 |
Other comprehensive income (loss) - unrealized loss on valuation of swap agreements | (74,236) | (35,674) | (2,659) |
Acquisition of noncontrolling interest | 588 | ||
Reclassification of realized interest on swap agreements | 15,203 | (872) | 71 |
Noncontrolling interest contributions | 52,674 | 161,628 | 47,560 |
Noncontrolling interest distributions | (27,574) | (94,289) | (24,793) |
Employee Long-term Incentive Plan Unit Awards | 10,912 | 10,957 | 12,948 |
Reallocation of noncontrolling interests / Rebalancing adjustment | 0 | 0 | 0 |
Ending Balance | 607,239 | 644,657 | |
Noncontrolling Interests | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | 644,657 | 622,442 | 648,440 |
Distributions declared per Common OP Unit | (2,218) | (7,124) | (6,888) |
Net income (loss) | (57,279) | (31,841) | (47,137) |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | (6,544) | (5,104) | (2,068) |
Other comprehensive income (loss) - unrealized loss on valuation of swap agreements | (20,955) | (4,935) | (810) |
Acquisition of noncontrolling interest | 15,918 | ||
Reclassification of realized interest on swap agreements | 5,638 | 80 | 320 |
Noncontrolling interest contributions | 52,674 | 161,628 | 47,560 |
Noncontrolling interest distributions | (27,574) | (94,289) | (24,793) |
Employee Long-term Incentive Plan Unit Awards | 10,130 | 10,411 | 12,374 |
Reallocation of noncontrolling interests / Rebalancing adjustment | (7,197) | (6,611) | (4,556) |
Ending Balance | 607,239 | 644,657 | 622,442 |
Noncontrolling Interests | Cumulative Effect of Change in Accounting Principle | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | (11) | ||
Ending Balance | (11) | ||
Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | 546,987 | 518,219 | 545,519 |
Distributions declared per Common OP Unit | 0 | 0 | 0 |
Net income (loss) | (57,404) | (35,677) | (49,709) |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 0 | 0 | 0 |
Other comprehensive income (loss) - unrealized loss on valuation of swap agreements | (18,246) | (3,036) | (681) |
Acquisition of noncontrolling interest | 15,918 | ||
Reclassification of realized interest on swap agreements | 5,464 | 142 | 323 |
Noncontrolling interest contributions | 52,674 | 161,628 | 47,560 |
Noncontrolling interest distributions | (27,574) | (94,289) | (24,793) |
Employee Long-term Incentive Plan Unit Awards | 0 | 0 | 0 |
Reallocation of noncontrolling interests / Rebalancing adjustment | 0 | 0 | 0 |
Ending Balance | 517,808 | 546,987 | 518,219 |
Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates | Cumulative Effect of Change in Accounting Principle | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | (11) | ||
Ending Balance | (11) | ||
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | 97,670 | 104,223 | 102,921 |
Distributions declared per Common OP Unit | (2,218) | (7,124) | (6,888) |
Net income (loss) | 125 | 3,836 | 2,572 |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | (6,544) | (5,104) | (2,068) |
Other comprehensive income (loss) - unrealized loss on valuation of swap agreements | (2,709) | (1,899) | (129) |
Acquisition of noncontrolling interest | 0 | ||
Reclassification of realized interest on swap agreements | 174 | (62) | (3) |
Noncontrolling interest contributions | 0 | 0 | 0 |
Noncontrolling interest distributions | 0 | 0 | 0 |
Employee Long-term Incentive Plan Unit Awards | 10,130 | 10,411 | 12,374 |
Reallocation of noncontrolling interests / Rebalancing adjustment | (7,197) | (6,611) | (4,556) |
Ending Balance | 89,431 | 97,670 | $ 104,223 |
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member | Cumulative Effect of Change in Accounting Principle | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | $ 0 | ||
Ending Balance | $ 0 |
Shareholders' Equity, Noncon_10
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Change in Noncontrolling Interest (Parenthetical) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Minority Interest [Line Items] | |||||
Distributions declared (in dollars per share) | $ 0.29 | $ 0.28 | $ 0.29 | $ 1.13 | $ 1.09 |
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership (in shares) | 407,594 | 307,663 | 117,978 | ||
Operating Partnership, as General Partner or Managing Member | |||||
Minority Interest [Line Items] | |||||
Series A Preferred OP Units (in shares) | 3,250,603 | 3,329,640 | 3,101,958 | 3,250,603 | 3,329,640 |
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 | 188 | 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 | 126,593 | 136,593 | 136,593 |
LTIP Units | |||||
Minority Interest [Line Items] | |||||
LTIP units outstanding (in shares) | 2,673,484 | 2,569,044 | 2,886,207 | 2,673,484 | 2,569,044 |
Shareholders' Equity, Noncon_11
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Preferred OP Units - Additional Information (Details) - $ / shares | 12 Months Ended | 60 Months Ended | 264 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2016 | Dec. 31, 1999 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2018 | |
Class of Stock [Line Items] | |||||||
Denominator for Series A Preferred OP Unit conversion | $ 7.50 | $ 7.50 | $ 7.50 | ||||
Common Shares | |||||||
Class of Stock [Line Items] | |||||||
Issuance of common shares, net of issuance costs (in Shares) | 5,164,000 | ||||||
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) | 3,101,958 | 3,250,603 | 3,101,958 | 3,101,958 | 3,329,640 | ||
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 | 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) | 126,593 | 136,593 | 126,593 | 126,593 | 136,593 |
Leases - Additional Information
Leases - Additional Information (Details) | Jan. 01, 2019item | Sep. 30, 2020USD ($)item | Jun. 30, 2020item | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($)item |
Operating Leased Assets [Line Items] | |||||
Variable lease revenues | $ 57,700,000 | ||||
Number of operating lease | item | 9 | ||||
Lease liability - operating lease | 88,816,000 | $ 56,762,000 | |||
Lease agreement purchase price | 14,500 | ||||
Operating lease right-of-use asset | 76,268,000 | $ 60,006,000 | |||
Number of finance lease | item | 4 | ||||
Finance lease, right-of-use asset | 25,086,000 | $ 102,055,000 | |||
565 Broadway | Core Portfolio | |||||
Operating Leased Assets [Line Items] | |||||
Operating lease right-of-use asset | 4,900,000 | ||||
Finance lease, right-of-use asset | 19,400,000 | ||||
110 University Place | |||||
Operating Leased Assets [Line Items] | |||||
Operating lease right-of-use asset | 45,300,000 | ||||
Operating lease liability | 45,300,000 | ||||
Capital Lease Liability | |||||
Operating Leased Assets [Line Items] | |||||
Finance lease liabilities | 71,100,000 | ||||
Fund IV Property | |||||
Operating Leased Assets [Line Items] | |||||
Impairment charge of right-of-use asset | $ 12,300,000 | ||||
BSP II | |||||
Operating Leased Assets [Line Items] | |||||
Number of operating lease | item | 1 | ||||
Branch Plaza | |||||
Operating Leased Assets [Line Items] | |||||
Number of operating lease | item | 1 | ||||
Operating Lease term | 22 years | ||||
1238 Wisconsin | |||||
Operating Leased Assets [Line Items] | |||||
Lease agreement purchase price | $ 11,500 | ||||
Operating lease right-of-use asset | 1,900 | ||||
Operating lease liability | $ 1,900 | ||||
Accounting Standards Update 2016-02 | |||||
Operating Leased Assets [Line Items] | |||||
Operating lease right-of-use asset | 11,900,000 | ||||
Operating lease liability | 12,800,000 | ||||
Number of finance lease | item | 3 | ||||
Accounting Standards Update 2016-02 | 991 Madison Avenue Manhattan, NY | |||||
Operating Leased Assets [Line Items] | |||||
Capital lease term | 49 years | ||||
Operating Lease term | 15 years | ||||
Office Lease | |||||
Operating Leased Assets [Line Items] | |||||
Number of operating lease | item | 1 | ||||
Lease liability - operating lease | $ 1,700 | ||||
Ground, Office and Equipment Leases | |||||
Operating Leased Assets [Line Items] | |||||
Operating lease right-of-use asset | 82,600,000 | ||||
Operating lease liability | 76,600,000 | ||||
Capital Leases Asset | |||||
Operating Leased Assets [Line Items] | |||||
Finance lease, right-of-use asset | $ 77,000,000 | ||||
Minimum | |||||
Operating Leased Assets [Line Items] | |||||
Operating lease term | 1 month | ||||
Maximum | |||||
Operating Leased Assets [Line Items] | |||||
Operating lease term | 60 years |
Leases - Schedule of Assets and
Leases - Schedule of Assets and Liabilities in Connection With Acquisitions of Leasehold Interests (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amounts recorded upon acquisition of leasehold interests: | ||
Right-of-use assets - operating leases, net | $ 76,268 | $ 60,006 |
Right-of-use assets - finance leases | 25,086 | 102,055 |
Lease liability - operating lease | $ (88,816) | (56,762) |
Leasehold Interests Acquisition | ||
Amounts recorded upon acquisition of leasehold interests: | ||
Right-of-use assets - operating leases, net | 50,147 | |
Right-of-use assets - finance leases | 19,422 | |
Leasehold improvements | 13,354 | |
Lease intangibles (Note 6) | 1,760 | |
Lease liability - operating lease | (45,293) | |
Acquisition-related intangible liabilities (Note 6) | (359) | |
Cash paid upon acquisition of leasehold interests | $ 39,031 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease cost: | ||
Amortization of right-of-use assets | $ 1,595 | $ 1,603 |
Interest on lease liabilities | 1,635 | 2,755 |
Subtotal | 3,230 | 4,358 |
Operating lease cost | 7,661 | 3,037 |
Variable lease cost | 143 | 119 |
Total lease cost | $ 11,034 | $ 7,514 |
Weighted-average remaining lease term - finance leases (years) | 33 years 4 months 24 days | 42 years 6 months |
Weighted-average remaining lease term - operating leases (years) | 26 years 4 months 24 days | 34 years 1 month 6 days |
Weighted-average discount rate - finance leases | 6.20% | 4.50% |
Weighted-average discount rate - operating leases | 5.60% | 5.80% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Minimum Rental Revenues | |
2021 | $ 206,451 |
2022 | 196,633 |
2023 | 174,947 |
2024 | 149,532 |
2025 | 119,738 |
Thereafter | 525,288 |
Total | 1,372,589 |
Minimum Rental Payments, Operating Leases | |
2021 | 8,531 |
2022 | 7,779 |
2023 | 7,801 |
2024 | 7,983 |
2025 | 8,020 |
Thereafter | 150,435 |
Total | 190,549 |
Minimum Rental Payments, Finance Leases | |
2021 | 134 |
2022 | 95 |
2023 | 69 |
2024 | 47 |
Thereafter | 12,289 |
Total | $ 12,634 |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases (Parenthetical) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
Minimum rental payments of interest related to finance lease | $ 6.4 |
Minimum rental payments of interest related to operating lease | $ 101.8 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 255,484,000 | $ 295,327,000 | $ 259,681,000 |
Depreciation and amortization | (149,793,000) | (125,443,000) | (117,549,000) |
Property operating expenses, other operating and real estate taxes | (100,100,000) | (90,468,000) | (80,248,000) |
General and administrative expenses | (36,055,000) | (35,416,000) | (34,343,000) |
Impairment charges | (85,598,000) | (1,721,000) | |
Gain on disposition of properties | 683,000 | 30,324,000 | 5,140,000 |
Operating (loss) income | (115,379,000) | 72,603,000 | 32,681,000 |
Interest income | 8,979,000 | 7,988,000 | 13,231,000 |
Equity in earnings (losses) of unconsolidated affiliates inclusive of gains on disposition of properties | (1,237,000) | 8,922,000 | 9,302,000 |
Interest expense | (72,060,000) | (73,788,000) | (69,978,000) |
Gain (loss) on investment | 113,930,000 | 6,947,000 | |
Income tax provision | (271,000) | (1,468,000) | (934,000) |
Net (loss) income | (66,038,000) | 21,204,000 | (15,698,000) |
Net loss attributable to noncontrolling interests | 57,279,000 | 31,841,000 | 47,137,000 |
Net (loss) income attributable to Acadia | (8,759,000) | 53,045,000 | 31,439,000 |
Real estate at cost | 4,094,288,000 | 4,039,536,000 | 3,697,805,000 |
Total Assets | 4,186,882,000 | 4,309,114,000 | 3,958,780,000 |
Cash paid for acquisition of real estate and leasehold interest | 21,208,000 | 319,673,000 | 147,985,000 |
Cash paid for development and property improvement costs | 40,483,000 | 89,270,000 | 94,834,000 |
Cash paid for acquisition of real estate | 358,704,000 | ||
Core Portfolio | |||
Segment Reporting Information [Line Items] | |||
Gain (loss) on investment | 0 | ||
Operating Segments | Core Portfolio | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 160,262,000 | 173,177,000 | 166,816,000 |
Depreciation and amortization | (76,125,000) | (61,819,000) | (60,903,000) |
Property operating expenses, other operating and real estate taxes | (57,246,000) | (47,032,000) | (44,060,000) |
General and administrative expenses | 0 | 0 | 0 |
Impairment charges | (419,000) | 0 | |
Gain on disposition of properties | 174,000 | 16,771,000 | 0 |
Operating (loss) income | 26,646,000 | 81,097,000 | 61,853,000 |
Interest income | 0 | 0 | 0 |
Equity in earnings (losses) of unconsolidated affiliates inclusive of gains on disposition of properties | (874,000) | 9,020,000 | 7,415,000 |
Interest expense | (33,185,000) | (28,304,000) | (27,575,000) |
Gain (loss) on investment | 18,564,000 | 327,000 | |
Income tax provision | 0 | 0 | 0 |
Net (loss) income | 11,151,000 | 62,140,000 | 41,693,000 |
Net loss attributable to noncontrolling interests | (5,837,000) | 337,000 | 752,000 |
Net (loss) income attributable to Acadia | 5,314,000 | 62,477,000 | 42,445,000 |
Real estate at cost | 2,330,116,000 | 2,252,230,000 | 2,069,439,000 |
Total Assets | 2,254,680,000 | 2,350,833,000 | 2,232,695,000 |
Cash paid for acquisition of real estate and leasehold interest | 19,963,000 | 1,343,000 | |
Cash paid for development and property improvement costs | 11,170,000 | 22,724,000 | 32,662,000 |
Cash paid for acquisition of real estate | 173,892,000 | ||
Operating Segments | Opportunity Funds | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 95,222,000 | 122,150,000 | 92,865,000 |
Depreciation and amortization | (73,668,000) | (63,624,000) | (56,646,000) |
Property operating expenses, other operating and real estate taxes | (42,854,000) | (43,436,000) | (36,188,000) |
General and administrative expenses | 0 | 0 | 0 |
Impairment charges | (85,179,000) | (1,721,000) | |
Gain on disposition of properties | 509,000 | 13,553,000 | 5,140,000 |
Operating (loss) income | (105,970,000) | 26,922,000 | 5,171,000 |
Interest income | 0 | 0 | 0 |
Equity in earnings (losses) of unconsolidated affiliates inclusive of gains on disposition of properties | (363,000) | (98,000) | 1,887,000 |
Interest expense | (38,875,000) | (45,484,000) | (42,403,000) |
Gain (loss) on investment | 95,366,000 | 6,620,000 | |
Income tax provision | 0 | 0 | 0 |
Net (loss) income | (49,842,000) | (12,040,000) | (35,345,000) |
Net loss attributable to noncontrolling interests | 63,116,000 | 31,504,000 | 46,385,000 |
Net (loss) income attributable to Acadia | 13,274,000 | 19,464,000 | 11,040,000 |
Real estate at cost | 1,764,172,000 | 1,787,306,000 | 1,628,366,000 |
Total Assets | 1,830,752,000 | 1,843,338,000 | 1,616,472,000 |
Cash paid for acquisition of real estate and leasehold interest | 1,245,000 | 146,642,000 | |
Cash paid for development and property improvement costs | 29,313,000 | 66,546,000 | 62,172,000 |
Cash paid for acquisition of real estate | 184,812,000 | ||
Operating Segments | Structured Financing | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Property operating expenses, other operating and real estate taxes | 0 | 0 | 0 |
General and administrative expenses | 0 | 0 | 0 |
Impairment charges | 0 | 0 | |
Gain on disposition of properties | 0 | 0 | 0 |
Operating (loss) income | 0 | 0 | 0 |
Interest income | 8,979,000 | 7,988,000 | 13,231,000 |
Equity in earnings (losses) of unconsolidated affiliates inclusive of gains on disposition of properties | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Gain (loss) on investment | 0 | 0 | |
Income tax provision | 0 | 0 | 0 |
Net (loss) income | 8,979,000 | 7,988,000 | 13,231,000 |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 |
Net (loss) income attributable to Acadia | 8,979,000 | 7,988,000 | 13,231,000 |
Real estate at cost | 0 | 0 | 0 |
Total Assets | 101,450,000 | 114,943,000 | 109,613,000 |
Cash paid for acquisition of real estate and leasehold interest | 0 | 0 | |
Cash paid for development and property improvement costs | 0 | 0 | 0 |
Cash paid for acquisition of real estate | 0 | ||
Unallocated | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 |
Property operating expenses, other operating and real estate taxes | 0 | 0 | 0 |
General and administrative expenses | (36,055,000) | (35,416,000) | (34,343,000) |
Impairment charges | 0 | 0 | |
Gain on disposition of properties | 0 | 0 | 0 |
Operating (loss) income | (36,055,000) | (35,416,000) | (34,343,000) |
Interest income | 0 | 0 | 0 |
Equity in earnings (losses) of unconsolidated affiliates inclusive of gains on disposition of properties | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Gain (loss) on investment | 0 | 0 | |
Income tax provision | (271,000) | (1,468,000) | (934,000) |
Net (loss) income | (36,326,000) | (36,884,000) | (35,277,000) |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 |
Net (loss) income attributable to Acadia | (36,326,000) | (36,884,000) | (35,277,000) |
Real estate at cost | 0 | 0 | 0 |
Total Assets | 0 | 0 | 0 |
Cash paid for acquisition of real estate and leasehold interest | 0 | 0 | |
Cash paid for development and property improvement costs | $ 0 | 0 | $ 0 |
Cash paid for acquisition of real estate | $ 0 |
Segment Reporting - Summary o_2
Segment Reporting - Summary of Segment Information (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||
Net income attributable to Acadia | $ (8,759) | $ 53,045 | $ 31,439 |
Real estate at cost | 4,094,288 | 4,039,536 | 3,697,805 |
Total Assets | 4,186,882 | 4,309,114 | 3,958,780 |
Net (income) loss attributable to noncontrolling interests | (57,279) | (31,841) | (47,137) |
Funds | Fund II's City Point Property | |||
Segment Reporting Information [Line Items] | |||
Real estate at cost | 641,700 | ||
Total Assets | 603,300 | ||
Net (income) loss attributable to noncontrolling interests | 186,500 | 174,700 | |
Operating Segments | Core Portfolio | |||
Segment Reporting Information [Line Items] | |||
Net income attributable to Acadia | 5,314 | 62,477 | 42,445 |
Real estate at cost | 2,330,116 | 2,252,230 | 2,069,439 |
Total Assets | 2,254,680 | 2,350,833 | 2,232,695 |
Net (income) loss attributable to noncontrolling interests | 5,837 | (337) | (752) |
Operating Segments | Core Portfolio | Town Center | |||
Segment Reporting Information [Line Items] | |||
Net income attributable to Acadia | 2,200 | 4,700 | 4,100 |
Operating Segments | Funds | |||
Segment Reporting Information [Line Items] | |||
Net income attributable to Acadia | 13,274 | 19,464 | 11,040 |
Real estate at cost | 1,764,172 | 1,787,306 | 1,628,366 |
Total Assets | 1,830,752 | 1,843,338 | 1,616,472 |
Net (income) loss attributable to noncontrolling interests | $ (63,116) | $ (31,504) | $ (46,385) |
Share Incentive and Other Com_3
Share Incentive and Other Compensation - Additional Information (Details) - USD ($) | Mar. 23, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2009 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unit based compensation | $ 10,912,000 | $ 10,957,000 | $ 12,948,000 | ||
Trustee fees | 1,400,000 | 1,400,000 | |||
Total unrecognized compensation cost related to nonvested awards | $ 15,100,000 | ||||
Weighted-average period over which cost is expected to be recognized | 1 year 6 months | ||||
Performance Period Ending December 31, 2021 | |||||
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 | $ 7,600,000 | 8,500,000 | |||
LTIP Units | Trustee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued during period, share-based compensation, net of forfeitures | 42,680 | ||||
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date | 17,492 | ||||
LTIP Units | Performance Period Ending December 31, 2021 | |||||
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 | 25,188 | ||||
Restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total fair value of shares that vested | $ 500,000 | $ 600,000 | |||
Restricted shares | Trustee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued during period, share-based compensation, net of forfeitures | 53,058 | ||||
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date | 19,474 | ||||
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 | 33,584 | ||||
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) | $ 18.86 | $ 32.50 | |||
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 | $ 8,400,000 | $ 8,800,000 | 8,400,000 | ||
LTIP Units and Restricted Stock | Performance Period Ending December 31, 2021 | |||||
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 | 300,000 | ||
2020 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Increase in number of shares authorized | 2,650,000 | ||||
Number of shares authorized | 2,738,013 | ||||
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 | 396,149 | ||||
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 | 13,766 | ||||
Performance Shares 2019 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance period | 3 years | 3 years | |||
Volatility rate | 21.00% | 19.60% | |||
Risk-free interest rates | 1.40% | 2.50% | |||
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 | $ 0 | 0 | ||
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 | ||||
Compensation expense | $ 0 | 0 | 0 | ||
Long Term Investment Alignment Program | Fund V | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of promote awarded as share based compensation award | 4.20% | ||||
Awards in connection with fund to have intrinsic value | $ 0 | ||||
Compensation expense | $ 0 | $ 0 | $ 0 |
Share Incentive and Other Com_4
Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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) | 42,390 | 38,455 | 41,327 |
Shares granted (in shares) | 66,824 | 25,359 | 22,817 |
Shares vested (in shares) | (19,264) | (21,424) | (25,261) |
Shares forfeited (in shares) | (39) | (428) | |
Shares unvested, End of period (in shares) | 89,911 | 42,390 | 38,455 |
Weighted Grant-Date Fair Value | |||
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 23.73 | $ 22.44 | $ 26.92 |
Shares granted, Weighted average grant date fair value (in dollars per share) | 13.70 | 28.56 | 23.65 |
Shares vested, Weighted average grant date fair value (in dollars per share) | 27.72 | 27.12 | 30.79 |
Shares forfeited, Weighted average grant date fair value (in dollars per share) | 24.77 | 27.25 | |
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share) | $ 15.42 | $ 23.73 | $ 22.44 |
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) | 936,180 | 891,886 | 910,099 |
Shares granted (in shares) | 440,829 | 350,726 | 425,880 |
Shares vested (in shares) | (250,241) | (290,753) | (431,827) |
Shares forfeited (in shares) | (3,879) | (15,679) | (12,266) |
Shares unvested, End of period (in shares) | 1,122,889 | 936,180 | 891,886 |
Weighted Grant-Date Fair Value | |||
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 28.24 | $ 26.87 | $ 28.28 |
Shares granted, Weighted average grant date fair value (in dollars per share) | 19.64 | 32.75 | 26.80 |
Shares vested, Weighted average grant date fair value (in dollars per share) | 30.44 | 29.30 | 29.72 |
Shares forfeited, Weighted average grant date fair value (in dollars per share) | 24.67 | 31.49 | 28.57 |
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share) | $ 24.38 | $ 28.24 | $ 26.87 |
Share Incentive and Other Com_5
Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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) | 5,266 | 2,320 |
Share Incentive and Other Com_6
Share Incentive and Other Compensation - Employee 401 (k) Plan - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
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% |
Maximum employee annual salary contribution amount | $ 19,000 |
Federal Income Taxes - Addition
Federal Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Minimum distribution percentage of annual taxable income to qualify as REIT | 90.00% | |
Maximum percentage of total assets consisting of securities of TRS | 20.00% | |
Deferred tax assets, net | $ 0 | $ 0.9 |
Deferred tax assets, applicable reserves | 2.6 | 1.7 |
Deferred tax assets, capital loss carryforwards | 0.1 | 0.1 |
Deferred tax assets, operating loss carryforwards | $ 2.5 | $ 2.5 |
Minimum percentage of unrealized deferred tax asset required for qualification of valuation allowance | 50.00% | |
Deferred tax assets valuation allowance | $ 0.9 |
Federal Income Taxes - Reconcil
Federal Income Taxes - Reconciliation of Net Income to Taxable Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Net income attributable to Acadia | $ (8,759) | $ 53,045 | $ 31,439 |
Deferred cancellation of indebtedness income | 0 | 0 | 2,050 |
Deferred rental and other income | (2,498) | 1,203 | 1,222 |
Book/tax difference - depreciation and amortization | 27,052 | 21,688 | 23,166 |
Straight-line rent and above- and below-market rent adjustments | 8,630 | (10,949) | (12,129) |
Book/tax differences - equity-based compensation | 6,825 | 7,177 | 6,042 |
Joint venture equity in earnings, net | (163) | 15,571 | 13,905 |
Impairment charges and reserves | 18,734 | 0 | 0 |
Acquisition costs | 14 | 63 | 326 |
Gain on disposition of properties | 4,936 | 2,375 | 0 |
Book/tax differences - miscellaneous | (253) | (1,473) | (2,821) |
Taxable income | 54,518 | 88,700 | 63,200 |
Distributions declared | $ 24,937 | $ 96,310 | $ 89,122 |
Federal Income Taxes - Reconc_2
Federal Income Taxes - Reconciliation of Net Income to Taxable Income (Parenthetical) (Details) - Fourth Quarter Two Thousand Nineteen | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Income Taxes [Line Items] | |
Dividend paid | $ 25,200 |
Dividends payable, month and year | 2020-01 |
Federal Income Taxes - Tax Stat
Federal Income Taxes - Tax Status of Dividends (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Contingency [Line Items] | |||||
Total (in dollars per share) | $ 0.29 | $ 0.28 | $ 0.29 | $ 1.13 | $ 1.09 |
Characterization Of Distributions For Federal Income Tax Purposes | |||||
Income Tax Contingency [Line Items] | |||||
Qualified dividend (in dollars per share) | 0 | 0 | 0 | ||
Capital gain (in dollars per share) | 0.060 | 0.240 | 0 | ||
Total (in dollars per share) | $ 0.580 | $ 1.060 | $ 0.870 | ||
Qualified dividend | 0.00% | 0.00% | 0.00% | ||
Capital gain | 10.00% | 23.00% | 0.00% | ||
Total | 100.00% | 100.00% | 100.00% | ||
Non-Section 199A | Characterization Of Distributions For Federal Income Tax Purposes | |||||
Income Tax Contingency [Line Items] | |||||
Ordinary income (in dollars per share) | $ 0 | $ 0 | $ 0 | ||
Ordinary income | 0.00% | 0.00% | 0.00% | ||
Section 199A | Characterization Of Distributions For Federal Income Tax Purposes | |||||
Income Tax Contingency [Line Items] | |||||
Ordinary income (in dollars per share) | $ 0.520 | $ 0.820 | $ 0.870 | ||
Ordinary income | 90.00% | 77.00% | 100.00% |
Federal Income Taxes - Tax St_2
Federal Income Taxes - Tax Status of Dividends (Parenthetical) (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||
Dividend per common share | $ 0.29 | $ 0.28 | $ 0.29 | $ 1.13 | $ 1.09 |
Dividend per common share, 2018 | 0.06 | ||||
Dividend per common share, 2019 | $ 0.22 |
Federal Income Taxes - Income a
Federal Income Taxes - Income and Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
(Provision) benefit for income taxes: | |||
Net (loss) income | $ (66,038) | $ 21,204 | $ (15,698) |
Noncontrolling interests | 57,279 | 31,841 | 47,137 |
Net (loss) income attributable to Acadia | (8,759) | 53,045 | 31,439 |
TRS [Member] | |||
Income Tax Contingency [Line Items] | |||
TRS loss before income taxes | (3,856) | (3,117) | (2,609) |
(Provision) benefit for income taxes: | |||
Federal | 376 | 754 | (377) |
State and local | (268) | 317 | 26 |
Net (loss) income | (3,748) | (2,046) | (2,960) |
Noncontrolling interests | 746 | (369) | 4 |
Net (loss) income attributable to Acadia | $ (3,002) | $ (2,415) | $ (2,956) |
Federal Income Taxes - Tax Reco
Federal Income Taxes - Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal tax benefit at statutory tax rate | $ (810) | $ (655) | $ (548) |
TRS state and local taxes, net of Federal benefit | (244) | (197) | (165) |
Permanent differences, net | 227 | 239 | 951 |
Prior year over-accrual, net | 0 | 0 | 0 |
Effect of Tax Cuts and Jobs Act | 0 | 0 | 0 |
Adjustment to deferred tax reserve | 851 | 1,748 | (1,530) |
Other | (131) | (112) | 1,702 |
REIT state and local income and franchise taxes | 378 | 445 | 524 |
Total provision for income taxes | $ 271 | $ 1,468 | $ 934 |
(Loss) Earnings Per Common Sh_3
(Loss) Earnings Per Common Share - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2020 | |
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% |
(Loss) Earnings Per Common Sh_4
(Loss) Earnings Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
Net (loss) income attributable to Acadia | $ (8,759) | $ 53,045 | $ 31,439 |
Less: net income attributable to participating securities | (233) | (413) | (267) |
(Loss) income from continuing operations net of income attributable to participating securities | $ (8,992) | $ 52,632 | $ 31,172 |
Denominator: | |||
Weighted average shares for basic earnings per share (in shares) | 86,441,922 | 84,435,826 | 82,080,159 |
Effect of dilutive securities: | |||
Employee unvested restricted shares (in shares) | 0 | 0 | 0 |
Denominator for diluted earnings per share (in shares) | 86,441,922 | 84,435,826 | 82,080,159 |
Basic (loss) income and diluted earnings per Common Share from continuing operations attributable to Acadia | $ (0.10) | $ 0.62 | $ 0.38 |
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 |
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 |
Series C Preferred OP Units | |||
Anti-Dilutive Shares Excluded from Denominator: | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 126,593 | 136,593 | 136,593 |
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) | 439,556 | 474,278 | 474,278 |
Restricted shares | |||
Anti-Dilutive Shares Excluded from Denominator: | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 76,394 | 40,821 | 36,879 |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Tenant Operating Status (Details) | Jan. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 |
Core Portfolio | ||||
Subsequent Event [Line Items] | ||||
Percentage of Tenants Open for Business | 88.00% | 86.00% | 74.00% | |
Core Portfolio | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Percentage of Tenants Open for Business | 89.00% | |||
Opportunity Funds | ||||
Subsequent Event [Line Items] | ||||
Percentage of Tenants Open for Business | 82.00% | 88.00% | 74.00% | |
Opportunity Funds | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Percentage of Tenants Open for Business | 85.00% |
Subsequent Events -Schedule of
Subsequent Events -Schedule of Rent Collections (Details) - COVID-19 | Jan. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Core Portfolio | Second Quarter 2020 | |||
Subsequent Event [Line Items] | |||
Percentage of rent collections | 76.00% | 74.00% | |
Core Portfolio | Third Quarter 2020 | |||
Subsequent Event [Line Items] | |||
Percentage of rent collections | 87.00% | 85.00% | |
Core Portfolio | Fourth Quarter 2020 | |||
Subsequent Event [Line Items] | |||
Percentage of rent collections | 91.00% | ||
Core Portfolio | Fourth Quarter 2020 | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Percentage of rent collections | 92.00% | ||
Opportunity Funds | Second Quarter 2020 | |||
Subsequent Event [Line Items] | |||
Percentage of rent collections | 67.00% | 65.00% | |
Opportunity Funds | Third Quarter 2020 | |||
Subsequent Event [Line Items] | |||
Percentage of rent collections | 79.00% | 77.00% | |
Opportunity Funds | Fourth Quarter 2020 | |||
Subsequent Event [Line Items] | |||
Percentage of rent collections | 82.00% | ||
Opportunity Funds | Fourth Quarter 2020 | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Percentage of rent collections | 84.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | Sep. 01, 2021USD ($) | Feb. 16, 2021USD ($) | Feb. 12, 2021USD ($) | Jan. 29, 2021USD ($) | Jan. 04, 2021USD ($)Outparcel | Jan. 31, 2021USD ($)AgreementStore | Dec. 31, 2020USD ($)Agreement | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 08, 2019USD ($) |
Subsequent Event [Line Items] | ||||||||||
Percentage of annual base rent | 0.90% | |||||||||
Proceeds from the disposition of properties, net | $ 20,930,000 | $ 88,738,000 | $ 63,866,000 | |||||||
Principal payments on mortgages payable | 55,449,000 | $ 168,211,000 | $ 81,726,000 | |||||||
Maximum borrowing capacity | $ 750,000,000 | |||||||||
Fund IV | Bridge facility | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Maximum borrowing capacity | $ 79,200,000 | |||||||||
Maturity date | Jun. 30, 2021 | |||||||||
Fund IV | Bridge facility | Scenario Forecast | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Repayments of debt | $ 5,000,000 | |||||||||
Core Portfolio | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Repayments of debt | $ 26,300,000 | |||||||||
COVID-19 | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of rent concession agreements | Agreement | 288 | |||||||||
Number of rent concession agreements for rent deferral | Agreement | 226 | |||||||||
Subsequent Event | Fund V | Disposed of by sale | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of outparcels sold at unconsolidated property | Outparcel | 2 | |||||||||
Proceeds from the disposition of properties, net | $ 10,500,000 | |||||||||
Repayments of mortgage on property | $ 7,900,000 | |||||||||
Subsequent Event | Fund IV | Mortgages | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Debt instrument, maturity date | Feb. 28, 2022 | |||||||||
Principal payments on mortgages payable | $ 1,700,000 | |||||||||
Subsequent Event | Fund IV | Bridge facility | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Repayments of debt | $ 10,000,000 | |||||||||
Maturity date | Dec. 31, 2021 | |||||||||
Line of credit facility option to extend maturity date | Jun. 30, 2022 | |||||||||
Additional repayments of lines of credit | $ 5,000,000 | |||||||||
Subsequent Event | Core Portfolio | Disposed of by sale | 60 Orange Street | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Proceeds from the disposition of properties, net | $ 16,400,000 | |||||||||
Repayments of mortgage on property | $ 6,700,000 | |||||||||
Subsequent Event | COVID-19 | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of rent concession agreements | Agreement | 13 | |||||||||
Number of rent concession agreements for rent deferral | Agreement | 5 | |||||||||
Number of rent concession agreements for rent forgiveness | Agreement | 8 | |||||||||
Subsequent Event | COVID-19 | Core Portfolio | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of stores | Store | 4 | |||||||||
Annual base rent amount | $ 1,200,000 | |||||||||
Percentage of annual base rent | 0.90% | |||||||||
Subsequent Event | COVID-19 | Fund Portfolio | ||||||||||
Subsequent Event [Line Items] | ||||||||||
Number of stores | Store | 7 | |||||||||
Annual base rent amount | $ 200,000 | |||||||||
Percentage of annual base rent | 0.80% |
SCHEDULE II - VALUATION AND Q_2
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for deferred tax asset | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 1,748 | $ 0 | $ 1,530 |
Charged to Expenses | 0 | 0 | 0 |
Adjustments to Valuation Accounts | 851 | 1,748 | (1,530) |
Deductions | 0 | 0 | 0 |
Balance at End of Year | 2,599 | 1,748 | 0 |
Allowance for uncollectible accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 11,408 | 7,921 | 5,920 |
Charged to Expenses | 46,844 | 4,402 | 2,532 |
Adjustments to Valuation Accounts | (12,844) | (915) | (531) |
Deductions | 0 | 0 | 0 |
Balance at End of Year | 45,408 | 11,408 | 7,921 |
Allowance for notes receivable | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 0 | 0 | 0 |
Charged to Expenses | 250 | 0 | 0 |
Adjustments to Valuation Accounts | 0 | 0 | 0 |
Deductions | 0 | 0 | 0 |
Balance at End of Year | 650 | 0 | $ 0 |
Allowance for notes receivable | ASU 2019-05 | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 400 | ||
Balance at End of Year | $ 400 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,125,356 | |||
Initial Cost to Company of Land | 867,524 | |||
Initial Cost to Company of Buildings and Improvements | 2,395,406 | |||
Increase (Decrease) in Net Investments | 831,358 | |||
Carrying Amount of Land | 859,421 | |||
Carrying Amount of Buildings and Improvements | 3,234,867 | |||
Total Carrying Amount | 4,094,288 | $ 4,039,536 | $ 3,697,805 | $ 3,466,482 |
Accumulated Depreciation | 586,800 | 490,227 | $ 416,657 | $ 339,862 |
Unamortized Loan Costs | (6,507) | |||
Unamortized Premium | 548 | 651 | ||
Real estate, federal income tax basis | 4,200,000 | |||
Right-of-use assets - operating leases, net | $ 76,268 | $ 60,006 | ||
Buildings | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Real Estate Under Development | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 37,190 | |||
Initial Cost to Company of Land | 73,469 | |||
Initial Cost to Company of Buildings and Improvements | 25,347 | |||
Increase (Decrease) in Net Investments | 148,533 | |||
Carrying Amount of Land | 83,146 | |||
Carrying Amount of Buildings and Improvements | 164,203 | |||
Total Carrying Amount | 247,349 | |||
Core Portfolio | Crescent Plaza Brockton, MA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | 1,147 | |||
Initial Cost to Company of Buildings and Improvements | 7,425 | |||
Increase (Decrease) in Net Investments | 3,357 | |||
Carrying Amount of Land | 1,147 | |||
Carrying Amount of Buildings and Improvements | 10,782 | |||
Total Carrying Amount | 11,929 | |||
Accumulated Depreciation | $ 8,766 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | New Loudon Center Latham, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 505 | |||
Initial Cost to Company of Buildings and Improvements | 4,161 | |||
Increase (Decrease) in Net Investments | 14,736 | |||
Carrying Amount of Land | 505 | |||
Carrying Amount of Buildings and Improvements | 18,897 | |||
Total Carrying Amount | 19,402 | |||
Accumulated Depreciation | $ 16,143 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Mark Plaza Edwardsville, PA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Buildings and Improvements | $ 3,396 | |||
Carrying Amount of Buildings and Improvements | 3,396 | |||
Total Carrying Amount | 3,396 | |||
Accumulated Depreciation | $ 3,074 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Plaza 422 Lebanon, PA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 190 | |||
Initial Cost to Company of Buildings and Improvements | 3,004 | |||
Increase (Decrease) in Net Investments | 2,809 | |||
Carrying Amount of Land | 190 | |||
Carrying Amount of Buildings and Improvements | 5,813 | |||
Total Carrying Amount | 6,003 | |||
Accumulated Depreciation | $ 5,298 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Route 6 Mall Honesdale, PA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,664 | |||
Increase (Decrease) in Net Investments | 12,515 | |||
Carrying Amount of Land | 1,664 | |||
Carrying Amount of Buildings and Improvements | 12,515 | |||
Total Carrying Amount | 14,179 | |||
Accumulated Depreciation | $ 10,658 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Abington Towne Center Abington, PA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 799 | |||
Initial Cost to Company of Buildings and Improvements | 3,197 | |||
Increase (Decrease) in Net Investments | 3,872 | |||
Carrying Amount of Land | 799 | |||
Carrying Amount of Buildings and Improvements | 7,069 | |||
Total Carrying Amount | 7,868 | |||
Accumulated Depreciation | $ 4,444 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Bloomfield Town Square Bloomfield Hills, MI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 3,207 | |||
Initial Cost to Company of Buildings and Improvements | 13,774 | |||
Increase (Decrease) in Net Investments | 22,705 | |||
Carrying Amount of Land | 3,207 | |||
Carrying Amount of Buildings and Improvements | 36,479 | |||
Total Carrying Amount | 39,686 | |||
Accumulated Depreciation | $ 25,390 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Elmwood Park Shopping Center Elmwood Park, NJ | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 3,248 | |||
Initial Cost to Company of Buildings and Improvements | 12,992 | |||
Increase (Decrease) in Net Investments | 18,143 | |||
Carrying Amount of Land | 3,798 | |||
Carrying Amount of Buildings and Improvements | 30,585 | |||
Total Carrying Amount | 34,383 | |||
Accumulated Depreciation | $ 20,969 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Merrillville Plaza Hobart, IN | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 4,288 | |||
Initial Cost to Company of Buildings and Improvements | 17,152 | |||
Increase (Decrease) in Net Investments | 6,269 | |||
Carrying Amount of Land | 4,288 | |||
Carrying Amount of Buildings and Improvements | 23,421 | |||
Total Carrying Amount | 27,709 | |||
Accumulated Depreciation | $ 14,854 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Marketplace of Absecon Absecon, NJ | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 2,573 | |||
Initial Cost to Company of Buildings and Improvements | 10,294 | |||
Increase (Decrease) in Net Investments | 5,193 | |||
Carrying Amount of Land | 2,577 | |||
Carrying Amount of Buildings and Improvements | 15,483 | |||
Total Carrying Amount | 18,060 | |||
Accumulated Depreciation | $ 9,548 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 239 Greenwich Avenue Greenwich, CT | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 26,212 | |||
Initial Cost to Company of Land | 1,817 | |||
Initial Cost to Company of Buildings and Improvements | 15,846 | |||
Increase (Decrease) in Net Investments | 1,086 | |||
Carrying Amount of Land | 1,817 | |||
Carrying Amount of Buildings and Improvements | 16,932 | |||
Total Carrying Amount | 18,749 | |||
Accumulated Depreciation | $ 9,190 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Hobson West Plaza Naperville, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,793 | |||
Initial Cost to Company of Buildings and Improvements | 7,172 | |||
Increase (Decrease) in Net Investments | 5,308 | |||
Carrying Amount of Land | 1,793 | |||
Carrying Amount of Buildings and Improvements | 12,480 | |||
Total Carrying Amount | 14,273 | |||
Accumulated Depreciation | $ 6,374 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Village Commons Shopping Center Smithtown, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 3,229 | |||
Initial Cost to Company of Buildings and Improvements | 12,917 | |||
Increase (Decrease) in Net Investments | 5,238 | |||
Carrying Amount of Land | 3,229 | |||
Carrying Amount of Buildings and Improvements | 18,155 | |||
Total Carrying Amount | 21,384 | |||
Accumulated Depreciation | $ 11,063 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Town Line Plaza Rocky Hill, CT | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 878 | |||
Initial Cost to Company of Buildings and Improvements | 3,510 | |||
Increase (Decrease) in Net Investments | 8,008 | |||
Carrying Amount of Land | 907 | |||
Carrying Amount of Buildings and Improvements | 11,489 | |||
Total Carrying Amount | 12,396 | |||
Accumulated Depreciation | $ 9,505 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Branch Shopping Center Smithtown, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 3,156 | |||
Initial Cost to Company of Buildings and Improvements | 12,545 | |||
Increase (Decrease) in Net Investments | 16,470 | |||
Carrying Amount of Land | 3,401 | |||
Carrying Amount of Buildings and Improvements | 28,770 | |||
Total Carrying Amount | 32,171 | |||
Accumulated Depreciation | $ 15,894 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Methuen Shopping Center Methuen, MA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 956 | |||
Initial Cost to Company of Buildings and Improvements | 3,826 | |||
Increase (Decrease) in Net Investments | 1,695 | |||
Carrying Amount of Land | 961 | |||
Carrying Amount of Buildings and Improvements | 5,516 | |||
Total Carrying Amount | 6,477 | |||
Accumulated Depreciation | $ 3,057 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | The Gateway Shopping Center South Burlington, VT | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,273 | |||
Initial Cost to Company of Buildings and Improvements | 5,091 | |||
Increase (Decrease) in Net Investments | 12,751 | |||
Carrying Amount of Land | 1,273 | |||
Carrying Amount of Buildings and Improvements | 17,842 | |||
Total Carrying Amount | 19,115 | |||
Accumulated Depreciation | $ 11,258 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Mad River Station Dayton, OH | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 2,350 | |||
Initial Cost to Company of Buildings and Improvements | 9,404 | |||
Increase (Decrease) in Net Investments | 2,254 | |||
Carrying Amount of Land | 2,350 | |||
Carrying Amount of Buildings and Improvements | 11,658 | |||
Total Carrying Amount | 14,008 | |||
Accumulated Depreciation | $ 6,827 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Brandywine Portfolio | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 5,063 | |||
Initial Cost to Company of Buildings and Improvements | 15,252 | |||
Increase (Decrease) in Net Investments | 2,495 | |||
Carrying Amount of Land | 5,201 | |||
Carrying Amount of Buildings and Improvements | 17,609 | |||
Total Carrying Amount | 22,810 | |||
Accumulated Depreciation | $ 8,002 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Bartow Avenue Bronx, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,691 | |||
Initial Cost to Company of Buildings and Improvements | 5,803 | |||
Increase (Decrease) in Net Investments | 1,331 | |||
Carrying Amount of Land | 1,691 | |||
Carrying Amount of Buildings and Improvements | 7,134 | |||
Total Carrying Amount | 8,825 | |||
Accumulated Depreciation | $ 3,647 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Amboy Road Staten Island, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Buildings and Improvements | $ 11,909 | |||
Increase (Decrease) in Net Investments | 3,195 | |||
Carrying Amount of Buildings and Improvements | 15,104 | |||
Total Carrying Amount | 15,104 | |||
Accumulated Depreciation | $ 8,911 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Chestnut Hill Philadelphia, PA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 8,289 | |||
Initial Cost to Company of Buildings and Improvements | 5,691 | |||
Increase (Decrease) in Net Investments | 4,509 | |||
Carrying Amount of Land | 8,289 | |||
Carrying Amount of Buildings and Improvements | 10,200 | |||
Total Carrying Amount | 18,489 | |||
Accumulated Depreciation | $ 5,372 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 2914 Third Avenue Bronx, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 11,108 | |||
Initial Cost to Company of Buildings and Improvements | 8,038 | |||
Increase (Decrease) in Net Investments | 5,231 | |||
Carrying Amount of Land | 11,855 | |||
Carrying Amount of Buildings and Improvements | 12,522 | |||
Total Carrying Amount | 24,377 | |||
Accumulated Depreciation | $ 3,778 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | West Shore Expressway Staten Island, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 3,380 | |||
Initial Cost to Company of Buildings and Improvements | 13,499 | |||
Increase (Decrease) in Net Investments | 62 | |||
Carrying Amount of Land | 3,380 | |||
Carrying Amount of Buildings and Improvements | 13,561 | |||
Total Carrying Amount | 16,941 | |||
Accumulated Depreciation | $ 5,259 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | West 54th Street Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 16,699 | |||
Initial Cost to Company of Buildings and Improvements | 18,704 | |||
Increase (Decrease) in Net Investments | 1,308 | |||
Carrying Amount of Land | 16,699 | |||
Carrying Amount of Buildings and Improvements | 20,012 | |||
Total Carrying Amount | 36,711 | |||
Accumulated Depreciation | $ 7,290 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 5-7 East 17th Street Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 3,048 | |||
Initial Cost to Company of Buildings and Improvements | 7,281 | |||
Increase (Decrease) in Net Investments | 6,145 | |||
Carrying Amount of Land | 3,048 | |||
Carrying Amount of Buildings and Improvements | 13,426 | |||
Total Carrying Amount | 16,474 | |||
Accumulated Depreciation | $ 8,502 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 651-671 W Diversey Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 8,576 | |||
Initial Cost to Company of Buildings and Improvements | 17,256 | |||
Increase (Decrease) in Net Investments | 15 | |||
Carrying Amount of Land | 8,576 | |||
Carrying Amount of Buildings and Improvements | 17,271 | |||
Total Carrying Amount | 25,847 | |||
Accumulated Depreciation | $ 4,136 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 15 Mercer Street Manhattan NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,887 | |||
Initial Cost to Company of Buildings and Improvements | 2,483 | |||
Increase (Decrease) in Net Investments | 1 | |||
Carrying Amount of Land | 1,887 | |||
Carrying Amount of Buildings and Improvements | 2,484 | |||
Total Carrying Amount | 4,371 | |||
Accumulated Depreciation | $ 590 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 4401 White Plains Bronx, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,581 | |||
Initial Cost to Company of Buildings and Improvements | 5,054 | |||
Carrying Amount of Land | 1,581 | |||
Carrying Amount of Buildings and Improvements | 5,054 | |||
Total Carrying Amount | 6,635 | |||
Accumulated Depreciation | $ 1,179 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 56E Walton Chicago IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 994 | |||
Initial Cost to Company of Buildings and Improvements | 6,126 | |||
Increase (Decrease) in Net Investments | 2,666 | |||
Carrying Amount of Land | 994 | |||
Carrying Amount of Buildings and Improvements | 8,792 | |||
Total Carrying Amount | 9,786 | |||
Accumulated Depreciation | $ 534 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 841 W. Armitage Chicago IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 728 | |||
Initial Cost to Company of Buildings and Improvements | 1,989 | |||
Increase (Decrease) in Net Investments | 422 | |||
Carrying Amount of Land | 728 | |||
Carrying Amount of Buildings and Improvements | 2,411 | |||
Total Carrying Amount | 3,139 | |||
Accumulated Depreciation | $ 647 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 2731 N Clark Chicago IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 557 | |||
Initial Cost to Company of Buildings and Improvements | 1,839 | |||
Increase (Decrease) in Net Investments | 32 | |||
Carrying Amount of Land | 557 | |||
Carrying Amount of Buildings and Improvements | 1,871 | |||
Total Carrying Amount | 2,428 | |||
Accumulated Depreciation | $ 451 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 1520 Milwaukee Avenue Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 2,110 | |||
Initial Cost to Company of Buildings and Improvements | 1,306 | |||
Increase (Decrease) in Net Investments | 290 | |||
Carrying Amount of Land | 2,110 | |||
Carrying Amount of Buildings and Improvements | 1,596 | |||
Total Carrying Amount | 3,706 | |||
Accumulated Depreciation | $ 366 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 2140 N Clyboum Chicago IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 306 | |||
Initial Cost to Company of Buildings and Improvements | 788 | |||
Carrying Amount of Land | 306 | |||
Carrying Amount of Buildings and Improvements | 788 | |||
Total Carrying Amount | 1,094 | |||
Accumulated Depreciation | $ 187 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 853 W. Armitage Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 557 | |||
Initial Cost to Company of Buildings and Improvements | 1,946 | |||
Increase (Decrease) in Net Investments | 439 | |||
Carrying Amount of Land | 557 | |||
Carrying Amount of Buildings and Improvements | 2,385 | |||
Total Carrying Amount | 2,942 | |||
Accumulated Depreciation | $ 688 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Rhode Island Place Shopping Center Washington, D.C. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 7,458 | |||
Initial Cost to Company of Buildings and Improvements | 15,968 | |||
Increase (Decrease) in Net Investments | 2,209 | |||
Carrying Amount of Land | 7,458 | |||
Carrying Amount of Buildings and Improvements | 18,177 | |||
Total Carrying Amount | 25,635 | |||
Accumulated Depreciation | $ 4,615 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 2299 N. Clybourn Avenue Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 177 | |||
Initial Cost to Company of Buildings and Improvements | 484 | |||
Carrying Amount of Land | 177 | |||
Carrying Amount of Buildings and Improvements | 484 | |||
Total Carrying Amount | 661 | |||
Accumulated Depreciation | $ 114 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 930 Rush Street Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 4,933 | |||
Initial Cost to Company of Buildings and Improvements | 14,587 | |||
Carrying Amount of Land | 4,933 | |||
Carrying Amount of Buildings and Improvements | 14,587 | |||
Total Carrying Amount | 19,520 | |||
Accumulated Depreciation | $ 3,191 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 843-45 W. Armitage Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 731 | |||
Initial Cost to Company of Buildings and Improvements | 2,730 | |||
Increase (Decrease) in Net Investments | 228 | |||
Carrying Amount of Land | 731 | |||
Carrying Amount of Buildings and Improvements | 2,958 | |||
Total Carrying Amount | 3,689 | |||
Accumulated Depreciation | $ 682 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 28 Jericho Turnpike Westbury, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 12,895 | |||
Initial Cost to Company of Land | 6,220 | |||
Initial Cost to Company of Buildings and Improvements | 24,416 | |||
Increase (Decrease) in Net Investments | 34 | |||
Carrying Amount of Land | 6,220 | |||
Carrying Amount of Buildings and Improvements | 24,450 | |||
Total Carrying Amount | 30,670 | |||
Accumulated Depreciation | $ 5,496 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 1525 W. Belmont Avenue Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,480 | |||
Initial Cost to Company of Buildings and Improvements | 3,338 | |||
Increase (Decrease) in Net Investments | 711 | |||
Carrying Amount of Land | 1,480 | |||
Carrying Amount of Buildings and Improvements | 4,049 | |||
Total Carrying Amount | 5,529 | |||
Accumulated Depreciation | $ 890 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 181 Main Street Westport, CT | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,908 | |||
Initial Cost to Company of Buildings and Improvements | 12,158 | |||
Increase (Decrease) in Net Investments | 409 | |||
Carrying Amount of Land | 1,908 | |||
Carrying Amount of Buildings and Improvements | 12,567 | |||
Total Carrying Amount | 14,475 | |||
Accumulated Depreciation | $ 2,613 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 2206-08 N. Halsted Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,183 | |||
Initial Cost to Company of Buildings and Improvements | 3,540 | |||
Increase (Decrease) in Net Investments | 351 | |||
Carrying Amount of Land | 1,183 | |||
Carrying Amount of Buildings and Improvements | 3,891 | |||
Total Carrying Amount | 5,074 | |||
Accumulated Depreciation | $ 1,119 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 83 Spring Street Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,754 | |||
Initial Cost to Company of Buildings and Improvements | 9,200 | |||
Increase (Decrease) in Net Investments | 1 | |||
Carrying Amount of Land | 1,754 | |||
Carrying Amount of Buildings and Improvements | 9,201 | |||
Total Carrying Amount | 10,955 | |||
Accumulated Depreciation | $ 1,955 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 2633 N. Halsted Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 960 | |||
Initial Cost to Company of Buildings and Improvements | 4,096 | |||
Increase (Decrease) in Net Investments | 359 | |||
Carrying Amount of Land | 998 | |||
Carrying Amount of Buildings and Improvements | 4,417 | |||
Total Carrying Amount | 5,415 | |||
Accumulated Depreciation | $ 961 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 60 Orange Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 6,727 | |||
Initial Cost to Company of Land | 3,609 | |||
Initial Cost to Company of Buildings and Improvements | 10,790 | |||
Carrying Amount of Land | 3,609 | |||
Carrying Amount of Buildings and Improvements | 10,790 | |||
Total Carrying Amount | 14,399 | |||
Accumulated Depreciation | $ 2,454 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 50-54 E. Walton Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 2,848 | |||
Initial Cost to Company of Buildings and Improvements | 12,694 | |||
Increase (Decrease) in Net Investments | 576 | |||
Carrying Amount of Land | 2,848 | |||
Carrying Amount of Buildings and Improvements | 13,270 | |||
Total Carrying Amount | 16,118 | |||
Accumulated Depreciation | $ 2,985 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 179-53 & 1801-03 Connecticut Avenue Washington, D.C. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 11,690 | |||
Initial Cost to Company of Buildings and Improvements | 10,135 | |||
Increase (Decrease) in Net Investments | 1,167 | |||
Carrying Amount of Land | 11,690 | |||
Carrying Amount of Buildings and Improvements | 11,302 | |||
Total Carrying Amount | 22,992 | |||
Accumulated Depreciation | $ 2,567 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 662 W. Diversey Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,713 | |||
Initial Cost to Company of Buildings and Improvements | 1,603 | |||
Increase (Decrease) in Net Investments | 10 | |||
Carrying Amount of Land | 1,713 | |||
Carrying Amount of Buildings and Improvements | 1,613 | |||
Total Carrying Amount | 3,326 | |||
Accumulated Depreciation | $ 324 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 639 West Diversey Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 4,429 | |||
Initial Cost to Company of Buildings and Improvements | 6,102 | |||
Increase (Decrease) in Net Investments | 1,082 | |||
Carrying Amount of Land | 4,429 | |||
Carrying Amount of Buildings and Improvements | 7,184 | |||
Total Carrying Amount | 11,613 | |||
Accumulated Depreciation | $ 1,735 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 837 W. Armitage Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 780 | |||
Initial Cost to Company of Buildings and Improvements | 1,758 | |||
Increase (Decrease) in Net Investments | 237 | |||
Carrying Amount of Land | 780 | |||
Carrying Amount of Buildings and Improvements | 1,995 | |||
Total Carrying Amount | 2,775 | |||
Accumulated Depreciation | $ 471 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 664 North Michigan Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 15,240 | |||
Initial Cost to Company of Buildings and Improvements | 65,331 | |||
Increase (Decrease) in Net Investments | 302 | |||
Carrying Amount of Land | 15,240 | |||
Carrying Amount of Buildings and Improvements | 65,633 | |||
Total Carrying Amount | 80,873 | |||
Accumulated Depreciation | $ 12,866 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 823 W. Armitage Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 717 | |||
Initial Cost to Company of Buildings and Improvements | 1,149 | |||
Increase (Decrease) in Net Investments | 95 | |||
Carrying Amount of Land | 717 | |||
Carrying Amount of Buildings and Improvements | 1,244 | |||
Total Carrying Amount | 1,961 | |||
Accumulated Depreciation | $ 258 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 8-12 E. Walton Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 5,398 | |||
Initial Cost to Company of Buildings and Improvements | 15,601 | |||
Increase (Decrease) in Net Investments | 977 | |||
Carrying Amount of Land | 5,398 | |||
Carrying Amount of Buildings and Improvements | 16,578 | |||
Total Carrying Amount | 21,976 | |||
Accumulated Depreciation | $ 3,425 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 851 W. Armitage Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 545 | |||
Initial Cost to Company of Buildings and Improvements | 209 | |||
Increase (Decrease) in Net Investments | 139 | |||
Carrying Amount of Land | 545 | |||
Carrying Amount of Buildings and Improvements | 348 | |||
Total Carrying Amount | 893 | |||
Accumulated Depreciation | $ 127 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 3200-3204 M Street Washington, DC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 6,899 | |||
Initial Cost to Company of Buildings and Improvements | 4,249 | |||
Increase (Decrease) in Net Investments | 168 | |||
Carrying Amount of Land | 6,899 | |||
Carrying Amount of Buildings and Improvements | 4,417 | |||
Total Carrying Amount | 11,316 | |||
Accumulated Depreciation | $ 965 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 1240 W. Belmont Avenue Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 2,137 | |||
Initial Cost to Company of Buildings and Improvements | 1,589 | |||
Increase (Decrease) in Net Investments | 1,357 | |||
Carrying Amount of Land | 2,137 | |||
Carrying Amount of Buildings and Improvements | 2,946 | |||
Total Carrying Amount | 5,083 | |||
Accumulated Depreciation | $ 587 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 868 Broadway Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 3,519 | |||
Initial Cost to Company of Buildings and Improvements | 9,247 | |||
Increase (Decrease) in Net Investments | 5 | |||
Carrying Amount of Land | 3,519 | |||
Carrying Amount of Buildings and Improvements | 9,252 | |||
Total Carrying Amount | 12,771 | |||
Accumulated Depreciation | $ 1,637 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 21 E. Chestnut Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,318 | |||
Initial Cost to Company of Buildings and Improvements | 8,468 | |||
Increase (Decrease) in Net Investments | 43 | |||
Carrying Amount of Land | 1,318 | |||
Carrying Amount of Buildings and Improvements | 8,511 | |||
Total Carrying Amount | 9,829 | |||
Accumulated Depreciation | $ 1,717 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 313-315 Bowery Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Buildings and Improvements | $ 5,516 | |||
Carrying Amount of Buildings and Improvements | 5,516 | |||
Total Carrying Amount | 5,516 | |||
Accumulated Depreciation | $ 1,563 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 819 W. Armitage Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 790 | |||
Initial Cost to Company of Buildings and Improvements | 1,266 | |||
Increase (Decrease) in Net Investments | 142 | |||
Carrying Amount of Land | 790 | |||
Carrying Amount of Buildings and Improvements | 1,408 | |||
Total Carrying Amount | 2,198 | |||
Accumulated Depreciation | $ 386 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 120 West Broadway Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Buildings and Improvements | $ 32,819 | |||
Increase (Decrease) in Net Investments | 1,167 | |||
Carrying Amount of Buildings and Improvements | 33,986 | |||
Total Carrying Amount | 33,986 | |||
Accumulated Depreciation | $ 4,009 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 11 E. Walton Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 16,744 | |||
Initial Cost to Company of Buildings and Improvements | 28,346 | |||
Increase (Decrease) in Net Investments | 784 | |||
Carrying Amount of Land | 16,744 | |||
Carrying Amount of Buildings and Improvements | 29,130 | |||
Total Carrying Amount | 45,874 | |||
Accumulated Depreciation | $ 5,124 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 330-340 River St Cambridge, MA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 10,875 | |||
Initial Cost to Company of Land | 8,404 | |||
Initial Cost to Company of Buildings and Improvements | 14,235 | |||
Carrying Amount of Land | 8,404 | |||
Carrying Amount of Buildings and Improvements | 14,235 | |||
Total Carrying Amount | 22,639 | |||
Accumulated Depreciation | $ 3,282 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 61 Main St. Westport, CT | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 4,578 | |||
Initial Cost to Company of Buildings and Improvements | 2,645 | |||
Increase (Decrease) in Net Investments | 1,740 | |||
Carrying Amount of Land | 4,578 | |||
Carrying Amount of Buildings and Improvements | 4,385 | |||
Total Carrying Amount | 8,963 | |||
Accumulated Depreciation | $ 601 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 865 W. North Avenue Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,893 | |||
Initial Cost to Company of Buildings and Improvements | 11,594 | |||
Increase (Decrease) in Net Investments | 3,729 | |||
Carrying Amount of Land | 1,893 | |||
Carrying Amount of Buildings and Improvements | 15,323 | |||
Total Carrying Amount | 17,216 | |||
Accumulated Depreciation | $ 1,983 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 152-154 Spring St. Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 8,544 | |||
Initial Cost to Company of Buildings and Improvements | 27,001 | |||
Increase (Decrease) in Net Investments | 177 | |||
Carrying Amount of Land | 8,544 | |||
Carrying Amount of Buildings and Improvements | 27,178 | |||
Total Carrying Amount | 35,722 | |||
Accumulated Depreciation | $ 4,615 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 2520 Flatbush Ave Brooklyn, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 6,613 | |||
Initial Cost to Company of Buildings and Improvements | 10,419 | |||
Increase (Decrease) in Net Investments | 303 | |||
Carrying Amount of Land | 6,613 | |||
Carrying Amount of Buildings and Improvements | 10,722 | |||
Total Carrying Amount | 17,335 | |||
Accumulated Depreciation | $ 1,855 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 252-256 Greenwich Avenue Greenwich, CT | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 10,175 | |||
Initial Cost to Company of Buildings and Improvements | 12,641 | |||
Increase (Decrease) in Net Investments | 958 | |||
Carrying Amount of Land | 10,175 | |||
Carrying Amount of Buildings and Improvements | 13,599 | |||
Total Carrying Amount | 23,774 | |||
Accumulated Depreciation | $ 2,404 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Bedford Green Bedford Hills, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 12,425 | |||
Initial Cost to Company of Buildings and Improvements | 32,730 | |||
Increase (Decrease) in Net Investments | 4,445 | |||
Carrying Amount of Land | 13,763 | |||
Carrying Amount of Buildings and Improvements | 35,837 | |||
Total Carrying Amount | 49,600 | |||
Accumulated Depreciation | $ 6,381 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 131-135 Prince Street Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Buildings and Improvements | $ 57,536 | |||
Increase (Decrease) in Net Investments | 592 | |||
Carrying Amount of Buildings and Improvements | 58,128 | |||
Total Carrying Amount | 58,128 | |||
Accumulated Depreciation | $ 17,475 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Shops at Grand Ave Queens, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 20,264 | |||
Initial Cost to Company of Buildings and Improvements | 33,131 | |||
Increase (Decrease) in Net Investments | 1,814 | |||
Carrying Amount of Land | 20,264 | |||
Carrying Amount of Buildings and Improvements | 34,945 | |||
Total Carrying Amount | 55,209 | |||
Accumulated Depreciation | $ 5,580 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 201 Needham St. Newton, MA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 4,550 | |||
Initial Cost to Company of Buildings and Improvements | 4,459 | |||
Increase (Decrease) in Net Investments | 105 | |||
Carrying Amount of Land | 4,550 | |||
Carrying Amount of Buildings and Improvements | 4,564 | |||
Total Carrying Amount | 9,114 | |||
Accumulated Depreciation | $ 768 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | City Center San Francisco, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 36,063 | |||
Initial Cost to Company of Buildings and Improvements | 109,098 | |||
Increase (Decrease) in Net Investments | (20,435) | |||
Carrying Amount of Land | 26,386 | |||
Carrying Amount of Buildings and Improvements | 98,340 | |||
Total Carrying Amount | 124,726 | |||
Accumulated Depreciation | $ 17,050 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 163 Highland Avenue Needham, MA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,298 | |||
Initial Cost to Company of Land | 12,679 | |||
Initial Cost to Company of Buildings and Improvements | 11,213 | |||
Increase (Decrease) in Net Investments | (107) | |||
Carrying Amount of Land | 12,529 | |||
Carrying Amount of Buildings and Improvements | 11,256 | |||
Total Carrying Amount | 23,785 | |||
Accumulated Depreciation | $ 1,775 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Roosevelt Galleria Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 4,838 | |||
Initial Cost to Company of Buildings and Improvements | 14,574 | |||
Increase (Decrease) in Net Investments | 79 | |||
Carrying Amount of Land | 4,838 | |||
Carrying Amount of Buildings and Improvements | 14,653 | |||
Total Carrying Amount | 19,491 | |||
Accumulated Depreciation | $ 1,957 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Route 202 Shopping Center Wilmington, DE | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Buildings and Improvements | $ 6,346 | |||
Increase (Decrease) in Net Investments | 501 | |||
Carrying Amount of Buildings and Improvements | 6,847 | |||
Total Carrying Amount | 6,847 | |||
Accumulated Depreciation | $ 1,463 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 165 Newbury Street - Boston, MA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,918 | |||
Initial Cost to Company of Buildings and Improvements | 3,980 | |||
Carrying Amount of Land | 1,918 | |||
Carrying Amount of Buildings and Improvements | 3,980 | |||
Total Carrying Amount | 5,898 | |||
Accumulated Depreciation | $ 464 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Concord & Milwaukee - Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,568 | |||
Initial Cost to Company of Land | 2,739 | |||
Initial Cost to Company of Buildings and Improvements | 2,746 | |||
Increase (Decrease) in Net Investments | 246 | |||
Carrying Amount of Land | 2,739 | |||
Carrying Amount of Buildings and Improvements | 2,992 | |||
Total Carrying Amount | 5,731 | |||
Accumulated Depreciation | $ 380 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | State & Washington - Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 23,298 | |||
Initial Cost to Company of Land | 3,907 | |||
Initial Cost to Company of Buildings and Improvements | 70,943 | |||
Increase (Decrease) in Net Investments | 6,225 | |||
Carrying Amount of Land | 3,907 | |||
Carrying Amount of Buildings and Improvements | 77,168 | |||
Total Carrying Amount | 81,075 | |||
Accumulated Depreciation | $ 8,505 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 151 N. State Street Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 13,253 | |||
Initial Cost to Company of Land | 1,941 | |||
Initial Cost to Company of Buildings and Improvements | 25,529 | |||
Carrying Amount of Land | 1,941 | |||
Carrying Amount of Buildings and Improvements | 25,529 | |||
Total Carrying Amount | 27,470 | |||
Accumulated Depreciation | $ 2,819 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | North & Kingsbury - Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,756 | |||
Initial Cost to Company of Land | 18,731 | |||
Initial Cost to Company of Buildings and Improvements | 16,292 | |||
Increase (Decrease) in Net Investments | 664 | |||
Carrying Amount of Land | 18,731 | |||
Carrying Amount of Buildings and Improvements | 16,956 | |||
Total Carrying Amount | 35,687 | |||
Accumulated Depreciation | $ 1,868 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Sullivan Center - Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 50,000 | |||
Initial Cost to Company of Land | 13,443 | |||
Initial Cost to Company of Buildings and Improvements | 137,327 | |||
Increase (Decrease) in Net Investments | 1,481 | |||
Carrying Amount of Land | 13,443 | |||
Carrying Amount of Buildings and Improvements | 138,808 | |||
Total Carrying Amount | 152,251 | |||
Accumulated Depreciation | $ 15,288 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | California & Armitage - Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,428 | |||
Initial Cost to Company of Land | 6,770 | |||
Initial Cost to Company of Buildings and Improvements | 2,292 | |||
Increase (Decrease) in Net Investments | 4 | |||
Carrying Amount of Land | 6,770 | |||
Carrying Amount of Buildings and Improvements | 2,296 | |||
Total Carrying Amount | 9,066 | |||
Accumulated Depreciation | $ 274 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 555 9th Street - San Francisco, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 60,000 | |||
Initial Cost to Company of Land | 75,591 | |||
Initial Cost to Company of Buildings and Improvements | 73,268 | |||
Increase (Decrease) in Net Investments | 278 | |||
Carrying Amount of Land | 75,591 | |||
Carrying Amount of Buildings and Improvements | 73,546 | |||
Total Carrying Amount | 149,137 | |||
Accumulated Depreciation | $ 7,707 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Market Square Wilmington, DE | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 8,100 | |||
Initial Cost to Company of Buildings and Improvements | 31,221 | |||
Increase (Decrease) in Net Investments | 312 | |||
Carrying Amount of Land | 8,100 | |||
Carrying Amount of Buildings and Improvements | 31,533 | |||
Total Carrying Amount | 39,633 | |||
Accumulated Depreciation | $ 2,680 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 991 Madison Avenue Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Buildings and Improvements | $ 76,965 | |||
Increase (Decrease) in Net Investments | (75,359) | |||
Carrying Amount of Buildings and Improvements | 1,606 | |||
Total Carrying Amount | 1,606 | |||
Accumulated Depreciation | $ 359 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 613-623 W. Diversey Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 10,061 | |||
Initial Cost to Company of Buildings and Improvements | 2,773 | |||
Increase (Decrease) in Net Investments | 11,123 | |||
Carrying Amount of Land | 10,061 | |||
Carrying Amount of Buildings and Improvements | 13,896 | |||
Total Carrying Amount | 23,957 | |||
Accumulated Depreciation | $ 3,689 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 51 Greene Street Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 4,488 | |||
Initial Cost to Company of Buildings and Improvements | 8,992 | |||
Carrying Amount of Land | 4,488 | |||
Carrying Amount of Buildings and Improvements | 8,992 | |||
Total Carrying Amount | 13,480 | |||
Accumulated Depreciation | $ 412 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 53 Greene Street Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 3,605 | |||
Initial Cost to Company of Buildings and Improvements | 12,177 | |||
Carrying Amount of Land | 3,605 | |||
Carrying Amount of Buildings and Improvements | 12,177 | |||
Total Carrying Amount | 15,782 | |||
Accumulated Depreciation | $ 533 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 41 Greene Street Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 6,276 | |||
Initial Cost to Company of Buildings and Improvements | 9,582 | |||
Carrying Amount of Land | 6,276 | |||
Carrying Amount of Buildings and Improvements | 9,582 | |||
Total Carrying Amount | 15,858 | |||
Accumulated Depreciation | $ 379 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 47 Greene Street Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 6,265 | |||
Initial Cost to Company of Buildings and Improvements | 16,758 | |||
Carrying Amount of Land | 6,265 | |||
Carrying Amount of Buildings and Improvements | 16,758 | |||
Total Carrying Amount | 23,023 | |||
Accumulated Depreciation | $ 594 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 849 W Armitage Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 837 | |||
Initial Cost to Company of Buildings and Improvements | 2,731 | |||
Carrying Amount of Land | 837 | |||
Carrying Amount of Buildings and Improvements | 2,731 | |||
Total Carrying Amount | 3,568 | |||
Accumulated Depreciation | $ 96 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 912 W Armitage Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 982 | |||
Initial Cost to Company of Buildings and Improvements | 2,868 | |||
Carrying Amount of Land | 982 | |||
Carrying Amount of Buildings and Improvements | 2,868 | |||
Total Carrying Amount | 3,850 | |||
Accumulated Depreciation | $ 100 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Melrose Place Collection Los Angeles, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 20,490 | |||
Initial Cost to Company of Buildings and Improvements | 26,788 | |||
Carrying Amount of Land | 20,490 | |||
Carrying Amount of Buildings and Improvements | 26,788 | |||
Total Carrying Amount | 47,278 | |||
Accumulated Depreciation | $ 784 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 45 Greene Street Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 2,903 | |||
Initial Cost to Company of Buildings and Improvements | 8,487 | |||
Increase (Decrease) in Net Investments | 2 | |||
Carrying Amount of Land | 2,903 | |||
Carrying Amount of Buildings and Improvements | 8,489 | |||
Total Carrying Amount | 11,392 | |||
Accumulated Depreciation | $ 248 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 565 Broadway Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Buildings and Improvements | $ 22,491 | |||
Increase (Decrease) in Net Investments | 12 | |||
Carrying Amount of Buildings and Improvements | 22,503 | |||
Total Carrying Amount | 22,503 | |||
Accumulated Depreciation | $ 609 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 907 W Armitage Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 700 | |||
Initial Cost to Company of Buildings and Improvements | 2,081 | |||
Carrying Amount of Land | 700 | |||
Carrying Amount of Buildings and Improvements | 2,081 | |||
Total Carrying Amount | 2,781 | |||
Accumulated Depreciation | $ 62 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 37 Greene Street Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 6,721 | |||
Initial Cost to Company of Buildings and Improvements | 9,119 | |||
Carrying Amount of Land | 6,721 | |||
Carrying Amount of Buildings and Improvements | 9,119 | |||
Total Carrying Amount | 15,840 | |||
Accumulated Depreciation | $ 228 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | 917 W Armitage Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 901 | |||
Initial Cost to Company of Buildings and Improvements | 2,368 | |||
Carrying Amount of Land | 901 | |||
Carrying Amount of Buildings and Improvements | 2,368 | |||
Total Carrying Amount | 3,269 | |||
Accumulated Depreciation | $ 59 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Core Portfolio | Brandywine Town Center Wilmington, DE | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 15,632 | |||
Initial Cost to Company of Buildings and Improvements | 101,861 | |||
Increase (Decrease) in Net Investments | 72 | |||
Carrying Amount of Land | 15,632 | |||
Carrying Amount of Buildings and Improvements | 101,933 | |||
Total Carrying Amount | 117,565 | |||
Accumulated Depreciation | $ 2,192 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund II | City Point Brooklyn, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 247,086 | |||
Initial Cost to Company of Buildings and Improvements | 100,316 | |||
Increase (Decrease) in Net Investments | 466,763 | |||
Carrying Amount of Buildings and Improvements | 567,079 | |||
Total Carrying Amount | 567,079 | |||
Accumulated Depreciation | $ 76,384 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund III | 654 Broadway Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 9,040 | |||
Initial Cost to Company of Buildings and Improvements | 3,654 | |||
Increase (Decrease) in Net Investments | (2,126) | |||
Carrying Amount of Land | 5,034 | |||
Carrying Amount of Buildings and Improvements | 5,534 | |||
Total Carrying Amount | 10,568 | |||
Accumulated Depreciation | $ 1,853 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund III | 640 Broadway Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 35,970 | |||
Initial Cost to Company of Land | 12,503 | |||
Initial Cost to Company of Buildings and Improvements | 19,960 | |||
Increase (Decrease) in Net Investments | 16,526 | |||
Carrying Amount of Land | 12,503 | |||
Carrying Amount of Buildings and Improvements | 36,486 | |||
Total Carrying Amount | 48,989 | |||
Accumulated Depreciation | $ 8,203 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund III | Cortlandt Crossing, Mohegan Lake, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 35,948 | |||
Initial Cost to Company of Land | 11,000 | |||
Increase (Decrease) in Net Investments | 41,666 | |||
Carrying Amount of Land | 8,648 | |||
Carrying Amount of Buildings and Improvements | 44,018 | |||
Total Carrying Amount | 52,666 | |||
Accumulated Depreciation | $ 3,162 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 210 Bowery Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 1,875 | |||
Initial Cost to Company of Buildings and Improvements | 5,625 | |||
Increase (Decrease) in Net Investments | (3,500) | |||
Carrying Amount of Land | 1,875 | |||
Carrying Amount of Buildings and Improvements | 2,125 | |||
Total Carrying Amount | 4,000 | |||
Accumulated Depreciation | $ 109 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | Paramus Plaza Paramus, NJ | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 20,810 | |||
Initial Cost to Company of Land | 11,052 | |||
Initial Cost to Company of Buildings and Improvements | 7,037 | |||
Increase (Decrease) in Net Investments | 14,946 | |||
Carrying Amount of Land | 11,052 | |||
Carrying Amount of Buildings and Improvements | 21,983 | |||
Total Carrying Amount | 33,035 | |||
Accumulated Depreciation | $ 5,160 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 27 E. 61st Street Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 4,813 | |||
Initial Cost to Company of Buildings and Improvements | 14,438 | |||
Increase (Decrease) in Net Investments | 8,424 | |||
Carrying Amount of Land | 4,813 | |||
Carrying Amount of Buildings and Improvements | 22,862 | |||
Total Carrying Amount | 27,675 | |||
Accumulated Depreciation | $ 1,781 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 17 E. 71st Street Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 15,385 | |||
Initial Cost to Company of Land | 7,391 | |||
Initial Cost to Company of Buildings and Improvements | 20,176 | |||
Increase (Decrease) in Net Investments | 322 | |||
Carrying Amount of Land | 7,391 | |||
Carrying Amount of Buildings and Improvements | 20,498 | |||
Total Carrying Amount | 27,889 | |||
Accumulated Depreciation | $ 3,281 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 1035 Third Ave Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 12,759 | |||
Initial Cost to Company of Buildings and Improvements | 37,431 | |||
Increase (Decrease) in Net Investments | 5,753 | |||
Carrying Amount of Land | 14,099 | |||
Carrying Amount of Buildings and Improvements | 41,844 | |||
Total Carrying Amount | 55,943 | |||
Accumulated Depreciation | $ 6,880 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 801 Madison Avenue Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 4,178 | |||
Initial Cost to Company of Buildings and Improvements | 28,470 | |||
Increase (Decrease) in Net Investments | (5,185) | |||
Carrying Amount of Land | 2,922 | |||
Carrying Amount of Buildings and Improvements | 24,541 | |||
Total Carrying Amount | 27,463 | |||
Accumulated Depreciation | $ 2,599 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 2208-2216 Fillmore Street San Francisco, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,606 | |||
Initial Cost to Company of Land | 3,027 | |||
Initial Cost to Company of Buildings and Improvements | 6,376 | |||
Increase (Decrease) in Net Investments | 137 | |||
Carrying Amount of Land | 3,027 | |||
Carrying Amount of Buildings and Improvements | 6,513 | |||
Total Carrying Amount | 9,540 | |||
Accumulated Depreciation | $ 840 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 2207 Fillmore Street San Francisco, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,120 | |||
Initial Cost to Company of Land | 1,498 | |||
Initial Cost to Company of Buildings and Improvements | 1,735 | |||
Increase (Decrease) in Net Investments | 125 | |||
Carrying Amount of Land | 1,498 | |||
Carrying Amount of Buildings and Improvements | 1,860 | |||
Total Carrying Amount | 3,358 | |||
Accumulated Depreciation | $ 249 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 1964 Union Street San Francisco, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,456 | |||
Initial Cost to Company of Land | 563 | |||
Initial Cost to Company of Buildings and Improvements | 1,688 | |||
Increase (Decrease) in Net Investments | 2,056 | |||
Carrying Amount of Land | 563 | |||
Carrying Amount of Buildings and Improvements | 3,744 | |||
Total Carrying Amount | 4,307 | |||
Accumulated Depreciation | $ 305 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | Restaurants at Fort Point - Boston, MA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,958 | |||
Initial Cost to Company of Land | 1,041 | |||
Initial Cost to Company of Buildings and Improvements | 10,905 | |||
Increase (Decrease) in Net Investments | 182 | |||
Carrying Amount of Land | 1,041 | |||
Carrying Amount of Buildings and Improvements | 11,087 | |||
Total Carrying Amount | 12,128 | |||
Accumulated Depreciation | $ 1,391 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | Wake Forest Crossing - Wake Forest, NC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 22,949 | |||
Initial Cost to Company of Land | 7,570 | |||
Initial Cost to Company of Buildings and Improvements | 24,829 | |||
Increase (Decrease) in Net Investments | 574 | |||
Carrying Amount of Land | 7,570 | |||
Carrying Amount of Buildings and Improvements | 25,403 | |||
Total Carrying Amount | 32,973 | |||
Accumulated Depreciation | $ 3,438 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | Airport Mall - Bangor, ME | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,186 | |||
Initial Cost to Company of Land | 2,294 | |||
Initial Cost to Company of Buildings and Improvements | 7,067 | |||
Increase (Decrease) in Net Investments | 2,534 | |||
Carrying Amount of Land | 2,006 | |||
Carrying Amount of Buildings and Improvements | 9,889 | |||
Total Carrying Amount | 11,895 | |||
Accumulated Depreciation | $ 1,193 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | Dauphin Plaza - Harrisburg, PA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 12,466 | |||
Initial Cost to Company of Land | 5,290 | |||
Initial Cost to Company of Buildings and Improvements | 9,464 | |||
Increase (Decrease) in Net Investments | 3,069 | |||
Carrying Amount of Land | 5,290 | |||
Carrying Amount of Buildings and Improvements | 12,533 | |||
Total Carrying Amount | 17,823 | |||
Accumulated Depreciation | $ 2,089 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | Mayfair Shopping Center - Philadelphia, PA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 11,597 | |||
Initial Cost to Company of Land | 6,178 | |||
Initial Cost to Company of Buildings and Improvements | 9,266 | |||
Increase (Decrease) in Net Investments | 1,095 | |||
Carrying Amount of Land | 6,178 | |||
Carrying Amount of Buildings and Improvements | 10,361 | |||
Total Carrying Amount | 16,539 | |||
Accumulated Depreciation | $ 1,344 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | Shaw's Plaza Waterville, ME | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 7,478 | |||
Initial Cost to Company of Land | 828 | |||
Initial Cost to Company of Buildings and Improvements | 11,814 | |||
Increase (Decrease) in Net Investments | 271 | |||
Carrying Amount of Land | 828 | |||
Carrying Amount of Buildings and Improvements | 12,085 | |||
Total Carrying Amount | 12,913 | |||
Accumulated Depreciation | $ 1,418 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | Wells Plaza - Wells, ME | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,587 | |||
Initial Cost to Company of Land | 1,892 | |||
Initial Cost to Company of Buildings and Improvements | 2,585 | |||
Increase (Decrease) in Net Investments | 484 | |||
Carrying Amount of Land | 1,892 | |||
Carrying Amount of Buildings and Improvements | 3,069 | |||
Total Carrying Amount | 4,961 | |||
Accumulated Depreciation | $ 540 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 717 N Michigan - Chicago, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 14,810 | |||
Initial Cost to Company of Land | 20,674 | |||
Initial Cost to Company of Buildings and Improvements | 10,093 | |||
Increase (Decrease) in Net Investments | (4,251) | |||
Carrying Amount of Land | 17,652 | |||
Carrying Amount of Buildings and Improvements | 8,864 | |||
Total Carrying Amount | 26,516 | |||
Accumulated Depreciation | $ 1,021 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | Shaw's Plaza North Windham, ME | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 5,551 | |||
Initial Cost to Company of Land | 1,876 | |||
Initial Cost to Company of Buildings and Improvements | 6,696 | |||
Increase (Decrease) in Net Investments | 56 | |||
Carrying Amount of Land | 1,876 | |||
Carrying Amount of Buildings and Improvements | 6,752 | |||
Total Carrying Amount | 8,628 | |||
Accumulated Depreciation | $ 657 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | Lincoln Place Fairview Heights, IL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 23,100 | |||
Initial Cost to Company of Land | 7,149 | |||
Initial Cost to Company of Buildings and Improvements | 22,201 | |||
Increase (Decrease) in Net Investments | 2,098 | |||
Carrying Amount of Land | 7,149 | |||
Carrying Amount of Buildings and Improvements | 24,299 | |||
Total Carrying Amount | 31,448 | |||
Accumulated Depreciation | $ 2,872 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 18 E. Broughton St. Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,032 | |||
Initial Cost to Company of Land | 609 | |||
Initial Cost to Company of Buildings and Improvements | 1,513 | |||
Increase (Decrease) in Net Investments | 22 | |||
Carrying Amount of Land | 609 | |||
Carrying Amount of Buildings and Improvements | 1,535 | |||
Total Carrying Amount | 2,144 | |||
Accumulated Depreciation | $ 87 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 20 E. Broughton St. Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,258 | |||
Initial Cost to Company of Land | 588 | |||
Initial Cost to Company of Buildings and Improvements | 937 | |||
Carrying Amount of Land | 588 | |||
Carrying Amount of Buildings and Improvements | 937 | |||
Total Carrying Amount | 1,525 | |||
Accumulated Depreciation | $ 53 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 25 E. Broughton St. Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,302 | |||
Initial Cost to Company of Land | 1,324 | |||
Initial Cost to Company of Buildings and Improvements | 2,459 | |||
Increase (Decrease) in Net Investments | 362 | |||
Carrying Amount of Land | 1,324 | |||
Carrying Amount of Buildings and Improvements | 2,821 | |||
Total Carrying Amount | 4,145 | |||
Accumulated Depreciation | $ 197 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 109 W. Broughton St. Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 8,809 | |||
Initial Cost to Company of Land | 2,343 | |||
Initial Cost to Company of Buildings and Improvements | 6,560 | |||
Increase (Decrease) in Net Investments | 271 | |||
Carrying Amount of Land | 2,343 | |||
Carrying Amount of Buildings and Improvements | 6,831 | |||
Total Carrying Amount | 9,174 | |||
Accumulated Depreciation | $ 387 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 204-206 W. Broughton St. Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 590 | |||
Initial Cost to Company of Land | 547 | |||
Initial Cost to Company of Buildings and Improvements | 439 | |||
Increase (Decrease) in Net Investments | 45 | |||
Carrying Amount of Land | 547 | |||
Carrying Amount of Buildings and Improvements | 484 | |||
Total Carrying Amount | 1,031 | |||
Accumulated Depreciation | $ 30 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 216-218 W. Broughton St. Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,674 | |||
Initial Cost to Company of Land | 1,160 | |||
Initial Cost to Company of Buildings and Improvements | 2,736 | |||
Increase (Decrease) in Net Investments | 2,179 | |||
Carrying Amount of Land | 1,160 | |||
Carrying Amount of Buildings and Improvements | 4,915 | |||
Total Carrying Amount | 6,075 | |||
Accumulated Depreciation | $ 218 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 220 W. Broughton St. Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,416 | |||
Initial Cost to Company of Land | 619 | |||
Initial Cost to Company of Buildings and Improvements | 1,799 | |||
Increase (Decrease) in Net Investments | 1,109 | |||
Carrying Amount of Land | 619 | |||
Carrying Amount of Buildings and Improvements | 2,908 | |||
Total Carrying Amount | 3,527 | |||
Accumulated Depreciation | $ 165 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 223 W. Broughton St. Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 924 | |||
Initial Cost to Company of Land | 465 | |||
Initial Cost to Company of Buildings and Improvements | 688 | |||
Carrying Amount of Land | 465 | |||
Carrying Amount of Buildings and Improvements | 688 | |||
Total Carrying Amount | 1,153 | |||
Accumulated Depreciation | $ 39 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 226-228 W. Broughton St. Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 2,551 | |||
Initial Cost to Company of Land | 660 | |||
Initial Cost to Company of Buildings and Improvements | 1,900 | |||
Increase (Decrease) in Net Investments | 34 | |||
Carrying Amount of Land | 660 | |||
Carrying Amount of Buildings and Improvements | 1,934 | |||
Total Carrying Amount | 2,594 | |||
Accumulated Depreciation | $ 110 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 309/311 W. Broughton St. Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,619 | |||
Initial Cost to Company of Land | 1,160 | |||
Initial Cost to Company of Buildings and Improvements | 2,695 | |||
Carrying Amount of Land | 1,160 | |||
Carrying Amount of Buildings and Improvements | 2,695 | |||
Total Carrying Amount | 3,855 | |||
Accumulated Depreciation | $ 152 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 110 University Manhattan, NY | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Buildings and Improvements | $ 1,370 | |||
Increase (Decrease) in Net Investments | (361) | |||
Carrying Amount of Buildings and Improvements | 1,009 | |||
Total Carrying Amount | 1,009 | |||
Accumulated Depreciation | $ 60 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 230-240 W. Broughton St. Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Land | $ 2,185 | |||
Initial Cost to Company of Buildings and Improvements | 9,597 | |||
Increase (Decrease) in Net Investments | 4 | |||
Carrying Amount of Land | 2,185 | |||
Carrying Amount of Buildings and Improvements | 9,601 | |||
Total Carrying Amount | 11,786 | |||
Accumulated Depreciation | $ 140 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 102 E. Broughton St. Savannah, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Initial Cost to Company of Buildings and Improvements | $ 514 | |||
Carrying Amount of Buildings and Improvements | 514 | |||
Total Carrying Amount | 514 | |||
Accumulated Depreciation | $ 7 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund IV | 146 Geary St. San Francisco, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 22,900 | |||
Initial Cost to Company of Land | 9,500 | |||
Initial Cost to Company of Buildings and Improvements | 28,500 | |||
Increase (Decrease) in Net Investments | (227) | |||
Carrying Amount of Land | 8,037 | |||
Carrying Amount of Buildings and Improvements | 29,736 | |||
Total Carrying Amount | 37,773 | |||
Accumulated Depreciation | $ 186 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund V | Plaza Santa Fe Santa Fe, NM | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 22,893 | |||
Initial Cost to Company of Buildings and Improvements | 28,214 | |||
Increase (Decrease) in Net Investments | 680 | |||
Carrying Amount of Buildings and Improvements | 28,894 | |||
Total Carrying Amount | 28,894 | |||
Accumulated Depreciation | $ 2,886 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund V | Hickory Ridge - Hickory, NC | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 29,876 | |||
Initial Cost to Company of Land | 7,852 | |||
Initial Cost to Company of Buildings and Improvements | 29,998 | |||
Increase (Decrease) in Net Investments | 1,472 | |||
Carrying Amount of Land | 7,852 | |||
Carrying Amount of Buildings and Improvements | 31,470 | |||
Total Carrying Amount | 39,322 | |||
Accumulated Depreciation | $ 3,140 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund V | New Towne Plaza - Canton, MI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 16,688 | |||
Initial Cost to Company of Land | 5,040 | |||
Initial Cost to Company of Buildings and Improvements | 17,391 | |||
Increase (Decrease) in Net Investments | 726 | |||
Carrying Amount of Land | 5,040 | |||
Carrying Amount of Buildings and Improvements | 18,117 | |||
Total Carrying Amount | 23,157 | |||
Accumulated Depreciation | $ 1,756 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund V | Fairlane Green Allen Park, MI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 40,300 | |||
Initial Cost to Company of Land | 18,121 | |||
Initial Cost to Company of Buildings and Improvements | 37,143 | |||
Increase (Decrease) in Net Investments | 4 | |||
Carrying Amount of Land | 18,121 | |||
Carrying Amount of Buildings and Improvements | 37,467 | |||
Total Carrying Amount | 55,588 | |||
Accumulated Depreciation | $ 3,096 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund V | Trussville Promenade Birmingham, AL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 29,370 | |||
Initial Cost to Company of Land | 7,587 | |||
Initial Cost to Company of Buildings and Improvements | 34,285 | |||
Increase (Decrease) in Net Investments | 43 | |||
Carrying Amount of Land | 7,587 | |||
Carrying Amount of Buildings and Improvements | 34,328 | |||
Total Carrying Amount | 41,915 | |||
Accumulated Depreciation | $ 2,652 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund V | Elk Grove Commons Elk Grove, CA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 41,500 | |||
Initial Cost to Company of Land | 6,204 | |||
Initial Cost to Company of Buildings and Improvements | 48,008 | |||
Increase (Decrease) in Net Investments | 494 | |||
Carrying Amount of Land | 6,204 | |||
Carrying Amount of Buildings and Improvements | 48,502 | |||
Total Carrying Amount | 54,706 | |||
Accumulated Depreciation | $ 3,079 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund V | Hiram Pavilion Hiram, GA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 28,830 | |||
Initial Cost to Company of Land | 13,029 | |||
Initial Cost to Company of Buildings and Improvements | 25,446 | |||
Increase (Decrease) in Net Investments | 259 | |||
Carrying Amount of Land | 13,029 | |||
Carrying Amount of Buildings and Improvements | 25,705 | |||
Total Carrying Amount | 38,734 | |||
Accumulated Depreciation | $ 1,800 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund V | Palm Coast Landing Palm Coast, FL | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 26,500 | |||
Initial Cost to Company of Land | 7,066 | |||
Initial Cost to Company of Buildings and Improvements | 27,299 | |||
Increase (Decrease) in Net Investments | 314 | |||
Carrying Amount of Land | 7,066 | |||
Carrying Amount of Buildings and Improvements | 27,613 | |||
Total Carrying Amount | 34,679 | |||
Accumulated Depreciation | $ 1,393 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund V | Lincoln Commons Lincoln, RI | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 38,820 | |||
Initial Cost to Company of Land | 14,429 | |||
Initial Cost to Company of Buildings and Improvements | 34,417 | |||
Increase (Decrease) in Net Investments | 316 | |||
Carrying Amount of Land | 14,429 | |||
Carrying Amount of Buildings and Improvements | 34,733 | |||
Total Carrying Amount | 49,162 | |||
Accumulated Depreciation | $ 1,561 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years | |||
Opportunity Funds | Fund V | Landstown Commons Virginia Beach, VA | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 60,900 | |||
Initial Cost to Company of Land | 10,222 | |||
Initial Cost to Company of Buildings and Improvements | 69,005 | |||
Increase (Decrease) in Net Investments | 676 | |||
Carrying Amount of Land | 10,222 | |||
Carrying Amount of Buildings and Improvements | 69,681 | |||
Total Carrying Amount | 79,903 | |||
Accumulated Depreciation | $ 2,632 | |||
Life on which Depreciation in Latest Statement of Operations is Compared | 40 years |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |||
Balance at beginning of year | $ 4,039,536 | $ 3,697,805 | $ 3,466,482 |
Improvements and other | 75,246 | 97,000 | 99,594 |
Property acquisitions | 19,109 | 303,884 | 134,559 |
Property dispositions or held for sale assets | (19,659) | (84,243) | (34,666) |
Right-of-use assets - finance leases obtained and reclassified | (76,965) | 102,055 | |
Capital lease reclassified as Right-of-use assets - finance lease | (76,965) | ||
Consolidation of previously unconsolidated investments | 129,863 | 31,836 | |
Impairment charges | (72,842) | ||
Balance at end of year | $ 4,094,288 | $ 4,039,536 | $ 3,697,805 |
SCHEDULE III - REAL ESTATE AN_4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |||
Balance at beginning of year | $ 490,227 | $ 416,657 | $ 339,862 |
Depreciation related to real estate | 104,049 | 85,317 | 78,453 |
Property dispositions | (939) | (11,747) | (1,658) |
Right-of-use assets - finance leases reclassified | (6,537) | ||
Balance at end of year | $ 586,800 | $ 490,227 | $ 416,657 |
SCHEDULE IV - MORTGAGE LOANS _2
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Loans On Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage Loans on Real Estate [Line Items] | ||
Face Amount of Notes Receivable | $ 102,108 | |
Notes receivable | 102,100 | $ 114,943 |
Allowance for credit loss | (650) | |
Notes receivable, net | $ 101,450 | $ 114,943 |
First Mortgage Loan, 6.00% Loan, Due 4/1/2020 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Effective Interest Rate | 6.00% | |
Face Amount of Notes Receivable | $ 17,810 | |
Notes receivable | $ 17,802 | |
Mezzanine Loan, 6.00% Loan, Due 7/1/2020 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Effective Interest Rate | 18.00% | |
Face Amount of Notes Receivable | $ 5,306 | |
Notes receivable | $ 5,306 | |
First Mortgage Loan, 5.50% Loan, Due 10/28/2021 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Effective Interest Rate | 5.50% | |
Face Amount of Notes Receivable | $ 13,530 | |
Notes receivable | $ 13,530 | |
Mezzanine Loan 9.00% Loan Due 1/13/2023 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Effective Interest Rate | 9.00% | |
Face Amount of Notes Receivable | $ 54,000 | |
Notes receivable | $ 54,000 | |
Other, 4.65% Loan, Due 4/12/2026 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Effective Interest Rate | 4.65% | |
Face Amount of Notes Receivable | $ 6,000 | |
Notes receivable | $ 6,000 | |
Other, 4.82% Loan, Due 4/10/2021 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Effective Interest Rate | 3.16% | |
Face Amount of Notes Receivable | $ 462 | |
Notes receivable | $ 462 | |
Mezzanine Loan 8.00% Loan, Due 12/11/2027 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Effective Interest Rate | 8.00% | |
Face Amount of Notes Receivable | $ 5,000 | |
Notes receivable | $ 5,000 |
SCHEDULE IV - MORTGAGE LOANS _3
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Reconciliation of Loans on Real Estate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at beginning of year | $ 114,943 | $ 111,775 | $ 160,991 |
Additions | 59,585 | 18,418 | 3,805 |
Repayments | (15,250) | (31,000) | |
Conversion to real estate through receipt of deed | (72,428) | (22,021) | |
Allowance for credit loss | (650) | ||
Balance at end of year | $ 101,450 | $ 114,943 | $ 111,775 |