Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 22, 2019 | |
Document And Entity Information [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-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 84,452,945 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 1-12002 | |
Entity Tax Identification Number | 232715194 | |
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 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Operating real estate, net | $ 3,269,564 | $ 3,160,851 |
Real estate under development | 211,199 | 120,297 |
Net investments in real estate | 3,480,763 | 3,281,148 |
Notes receivable, net | 94,662 | 109,613 |
Investments in and advances to unconsolidated affiliates | 320,477 | 262,410 |
Other assets, net | 200,124 | 208,570 |
Assets of properties held for sale | 6,291 | |
Cash and cash equivalents | 33,749 | 21,268 |
Rents receivable | 61,438 | 62,191 |
Restricted cash | 12,418 | 13,580 |
Total assets | 4,209,922 | 3,958,780 |
LIABILITIES | ||
Mortgage and other notes payable, net | 1,025,869 | 1,017,288 |
Unsecured notes payable, net | 620,207 | 533,257 |
Unsecured line of credit | 39,000 | |
Accounts payable and other liabilities | 384,290 | 286,072 |
Dividends and distributions payable | 25,418 | 24,593 |
Distributions in excess of income from, and investments in, unconsolidated affiliates | 15,032 | 15,623 |
Total liabilities | 2,109,816 | 1,876,833 |
Commitments and contingencies | ||
Acadia Shareholders' Equity | ||
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 84,452,945 and 81,557,472 shares, respectively | 84 | 82 |
Additional paid-in capital | 1,625,906 | 1,548,603 |
Accumulated other comprehensive (loss) income | (29,570) | 516 |
Distributions in excess of accumulated earnings | (115,224) | (89,696) |
Total Acadia shareholders’ equity | 1,481,196 | 1,459,505 |
Noncontrolling interests | 618,910 | 622,442 |
Total equity | 2,100,106 | 2,081,947 |
Total liabilities and equity | $ 4,209,922 | $ 3,958,780 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
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) | 84,452,945 | 81,557,472 |
Common shares, outstanding (in shares) | 84,452,945 | 81,557,472 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Rental income | $ 69,942 | $ 51,322 | $ 143,945 | $ 102,101 |
Expense reimbursements | 10,598 | 21,806 | ||
Revenues | 71,062 | 63,569 | 145,862 | 126,693 |
Operating expenses | ||||
Depreciation and amortization | 30,304 | 29,503 | 60,637 | 58,079 |
General and administrative | 9,034 | 7,907 | 17,357 | 16,377 |
Real estate taxes | 9,852 | 7,031 | 19,455 | 15,990 |
Property operating | 13,386 | 12,524 | 25,733 | 22,862 |
Impairment charge | 1,400 | 1,400 | ||
Other operating | 305 | 385 | ||
Total operating expenses | 63,976 | 57,270 | 124,582 | 113,693 |
Gain on disposition of properties | 33 | 2,014 | 33 | |
Operating income | 7,086 | 6,332 | 23,294 | 13,033 |
Equity in earnings of unconsolidated affiliates | 3,559 | 5,019 | 5,830 | 6,703 |
Interest and other income | 4,142 | 3,289 | 6,412 | 7,026 |
Interest expense | (19,759) | (16,915) | (37,618) | (32,805) |
Loss from continuing operations before income taxes | (4,972) | (2,275) | (2,082) | (6,043) |
Income tax (provision) benefit | (265) | 5 | (219) | (387) |
Net income (loss) | (5,237) | (2,270) | (2,301) | (6,430) |
Net loss attributable to noncontrolling interests | 14,317 | 9,935 | 23,578 | 21,514 |
Net income attributable to Acadia | $ 9,080 | $ 7,665 | $ 21,277 | $ 15,084 |
Basic and diluted earnings per share (in dollars per share) | $ 0.11 | $ 0.09 | $ 0.26 | $ 0.18 |
Other | ||||
Revenues | $ 1,120 | $ 1,649 | $ 1,917 | $ 2,786 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (5,237) | $ (2,270) | $ (2,301) | $ (6,430) |
Other comprehensive (loss) income: | ||||
Unrealized (loss) income on valuation of swap agreements | (22,652) | 2,950 | (35,958) | 8,603 |
Reclassification of realized interest on swap agreements | (535) | 109 | (1,086) | 472 |
Other comprehensive (loss) income | (23,187) | 3,059 | (37,044) | 9,075 |
Comprehensive (loss) income | (28,424) | 789 | (39,345) | 2,645 |
Comprehensive loss attributable to noncontrolling interests | 18,955 | 9,638 | 30,536 | 19,963 |
Comprehensive (loss) income attributable to Acadia | $ (9,469) | $ 10,427 | $ (8,809) | $ 22,608 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Shares | Additional Paid-in Capital | AOCI Attributable to Parent | Retained Earnings | Parent | Noncontrolling Interests |
Beginning 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 | 1,123 | 1,123 | (1,123) | |||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 64,000 | ||||||
Repurchase of Common Shares | (55,057) | $ (2) | (55,055) | (55,057) | |||
Repurchase of Common Shares (in shares) | (2,294,000) | ||||||
Dividends/distributions declared ($0.28, $0.27, $0.56 and $0.57 per Common Share/OP Unit for three months and six months ended june 30, 2019 and 2018) | (47,701) | (44,267) | (44,267) | (3,434) | |||
Employee and trustee stock compensation, net | 6,113 | 271 | 271 | 5,842 | |||
Employee and trustee stock compensation, net (in Shares) | 25,000 | ||||||
Noncontrolling interest distributions | (15,640) | (15,640) | |||||
Noncontrolling interest contributions | 6,550 | 6,550 | |||||
Comprehensive (loss) income | 2,645 | 7,524 | 15,084 | 22,608 | (19,963) | ||
Reallocation of noncontrolling interests | 0 | 798 | 798 | (798) | |||
Ending Balance at Jun. 30, 2018 | 2,112,549 | $ 82 | 1,543,651 | 10,138 | (61,196) | 1,492,675 | 619,874 |
Balance (in Shares) at Jun. 30, 2018 | 81,503,000 | ||||||
Beginning 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] | |||||||
Repurchase of Common Shares | $ (55,100) | ||||||
Repurchase of Common Shares (in shares) | (2,294,235) | ||||||
Ending 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 | 81,557,472 | 81,557,000 | |||||
Beginning Balance at Mar. 31, 2018 | $ 2,164,667 | $ 82 | 1,564,067 | 7,376 | (46,856) | 1,524,669 | 639,998 |
Balance (in Shares) at Mar. 31, 2018 | 82,451,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 0 | 481 | 481 | (481) | |||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 28,000 | ||||||
Repurchase of Common Shares | (23,095) | (23,095) | (23,095) | ||||
Repurchase of Common Shares (in shares) | (990,000) | ||||||
Dividends/distributions declared ($0.28, $0.27, $0.56 and $0.57 per Common Share/OP Unit for three months and six months ended june 30, 2019 and 2018) | (23,718) | (22,005) | (22,005) | (1,713) | |||
Employee and trustee stock compensation, net | 2,301 | 175 | 175 | 2,126 | |||
Employee and trustee stock compensation, net (in Shares) | 14,000 | ||||||
Noncontrolling interest distributions | (14,945) | (14,945) | |||||
Noncontrolling interest contributions | 6,550 | 6,550 | |||||
Comprehensive (loss) income | 789 | 2,762 | 7,665 | 10,427 | (9,638) | ||
Reallocation of noncontrolling interests | 0 | 2,023 | 2,023 | (2,023) | |||
Ending Balance at Jun. 30, 2018 | 2,112,549 | $ 82 | 1,543,651 | 10,138 | (61,196) | 1,492,675 | 619,874 |
Balance (in Shares) at Jun. 30, 2018 | 81,503,000 | ||||||
Beginning 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 | 81,557,472 | 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 | 3,510 | 3,510 | (3,510) | |||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 208,000 | ||||||
Repurchase of Common Shares (in shares) | 0 | ||||||
Issuance of Common Shares | $ 75,115 | $ 2 | 75,113 | 75,115 | |||
Issuance of Common Shares (in Shares) | 2,667,000 | ||||||
Dividends/distributions declared ($0.28, $0.27, $0.56 and $0.57 per Common Share/OP Unit for three months and six months ended june 30, 2019 and 2018) | (50,362) | (46,805) | (46,805) | (3,557) | |||
Employee and trustee stock compensation, net | 5,442 | 247 | 247 | 5,195 | |||
Employee and trustee stock compensation, net (in Shares) | 21,000 | ||||||
Noncontrolling interest distributions | (4,882) | (4,882) | |||||
Noncontrolling interest contributions | 32,191 | 32,191 | |||||
Comprehensive (loss) income | (39,345) | (30,086) | 21,277 | (8,809) | (30,536) | ||
Reallocation of noncontrolling interests | 0 | (1,567) | (1,567) | 1,567 | |||
Ending Balance at Jun. 30, 2019 | $ 2,100,106 | $ 84 | 1,625,906 | (29,570) | (115,224) | 1,481,196 | 618,910 |
Balance (in Shares) at Jun. 30, 2019 | 84,452,945 | 84,453,000 | |||||
Beginning Balance at Mar. 31, 2019 | $ 2,106,352 | $ 83 | 1,577,503 | (11,021) | (100,634) | 1,465,931 | 640,421 |
Balance (in Shares) at Mar. 31, 2019 | 82,708,000 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 0 | 557 | 557 | (557) | |||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 33,000 | ||||||
Issuance of Common Shares | 47,281 | $ 1 | 47,280 | 47,281 | |||
Issuance of Common Shares (in Shares) | 1,697,000 | ||||||
Dividends/distributions declared ($0.28, $0.27, $0.56 and $0.57 per Common Share/OP Unit for three months and six months ended june 30, 2019 and 2018) | (25,446) | (23,670) | (23,670) | (1,776) | |||
Employee and trustee stock compensation, net | 1,988 | 153 | 153 | 1,835 | |||
Employee and trustee stock compensation, net (in Shares) | 15,000 | ||||||
Noncontrolling interest distributions | (1,645) | (1,645) | |||||
Comprehensive (loss) income | (28,424) | (18,549) | 9,080 | (9,469) | (18,955) | ||
Reallocation of noncontrolling interests | 0 | 413 | 413 | (413) | |||
Ending Balance at Jun. 30, 2019 | $ 2,100,106 | $ 84 | $ 1,625,906 | $ (29,570) | $ (115,224) | $ 1,481,196 | $ 618,910 |
Balance (in Shares) at Jun. 30, 2019 | 84,452,945 | 84,453,000 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Stockholders Equity [Abstract] | ||||
Cash dividends declared per common share (in dollars per share) | $ 0.28 | $ 0.27 | $ 0.56 | $ 0.54 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||||
Net loss | $ (5,237) | $ (2,270) | $ (2,301) | $ (6,430) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Depreciation and amortization | 60,637 | 58,079 | |||
Distributions of operating income from unconsolidated affiliates | 5,378 | 10,210 | |||
Equity in earnings and gains of unconsolidated affiliates | (3,559) | (5,019) | (5,830) | (6,703) | |
Stock compensation expense | 5,442 | 6,113 | |||
Amortization of financing costs | 3,903 | 2,743 | |||
Impairment charge | 1,400 | 1,400 | |||
Gain on disposition of properties | (33) | (2,014) | (33) | ||
Other, net | (6,979) | (4,450) | |||
Changes in assets and liabilities: | |||||
Other liabilities | (8,499) | 680 | |||
Prepaid expenses and other assets | 8,583 | (1,883) | |||
Rents receivable | 742 | (4,252) | |||
Accounts payable and accrued expenses | 1,767 | (5,038) | |||
Net cash provided by operating activities | 62,229 | 49,036 | |||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||
Acquisition of real estate | (138,716) | (46,171) | |||
Development, construction and property improvement costs | (55,872) | (41,937) | |||
Issuance of or advances on notes receivable | (3,002) | ||||
Proceeds from the disposition of properties, net | 12,252 | 25,218 | |||
Investments in and advances to unconsolidated affiliates and other | (99,592) | (2,265) | |||
Return of capital from unconsolidated affiliates and other | 36,423 | 19,512 | |||
Proceeds from notes receivable | 15,250 | 26,000 | |||
Return of deposits for properties under contract | 568 | 1,750 | |||
Payment of deferred leasing costs | (3,831) | (1,645) | |||
Net cash used in investing activities | (233,518) | (22,540) | |||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||
Principal payments on mortgage and other notes | (122,492) | (48,272) | |||
Principal payments on unsecured debt | (200,900) | (519,300) | |||
Proceeds received on mortgage and other notes | 131,459 | 119,752 | |||
Proceeds from unsecured debt | 327,300 | 482,300 | |||
Payments for repurchase of Common Shares | (55,057) | ||||
Payments of finance lease obligations | (1,500) | ||||
Proceeds from the sale of Common Stock, net | 75,115 | ||||
Capital contributions from noncontrolling interests | 32,191 | 6,550 | |||
Distributions to noncontrolling interests | (8,424) | (19,004) | |||
Dividends paid to Common Shareholders | (45,994) | (44,863) | |||
Deferred financing and other costs | (4,147) | (3,185) | |||
Net cash provided by (used in) financing activities | 182,608 | (81,079) | |||
Increase (decrease) in cash and restricted cash | 11,319 | (54,583) | |||
Cash of $21,268 and $74,823 and restricted cash of $13,580 and $10,846, respectively, beginning of period | 34,848 | 85,669 | $ 85,669 | ||
Cash of $33,749 and $17,330 and restricted cash of $12,418 and $13,756, respectively, end of period | $ 46,167 | $ 31,086 | 46,167 | 31,086 | $ 34,848 |
Supplemental disclosure of cash flow information | |||||
Cash paid during the period for interest, net of capitalized interest of $5,326 and $2,836 respectively | 35,385 | 29,219 | |||
Cash paid for income taxes, net of refunds | 258 | ||||
Supplemental disclosure of non-cash investing and financing activities | |||||
Assumption of accounts payable and accrued expenses through acquisition of real estate | 1,796 | 425 | |||
Right-of-use assets, finance leases obtained in exchange for finance lease liabilities | 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 | 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 | ||||
Acquisition of undivided interest in a property through conversion of notes receivable | $ 22,201 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Cash Flows [Abstract] | ||
Cash and cash equivalents, beginning balance | $ 21,268 | $ 74,823 |
Cash and cash equivalents, ending balance | 33,749 | 17,330 |
Restricted cash, beginning balance | 13,580 | 10,846 |
Restricted cash, ending balance | 12,418 | 13,756 |
Cash paid for capitalized interest | $ 5,326 | $ 2,836 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization, Basis of Presentation and Summary of Significant Accounting Policies | 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization Acadia Realty Trust and subsidiaries (collectively, the “Company”) is a fully-integrated equity real estate investment trust (“REIT”) focused on the ownership, acquisition, development, and management of retail properties located primarily in high-barrier-to-entry, supply-constrained, densely-populated metropolitan areas in the United States. All of the Company’s assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the “Operating Partnership”) and entities in which the Operating Partnership owns an interest. As of June 30, 2019 and December 31, 2018, the Company controlled approximately 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 of the Company (“Common Shares”). This structure is referred to as an umbrella partnership REIT or “UPREIT.” As of June 30, 2019, the Company has ownership interests in 123 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 57 properties within its opportunity funds (the “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”). The 180 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 June 30, 2019 Unfunded Commitment Equity Interest Held By Operating Partnership (a) Preferred Return Total Distributions as of June 30, 2019 (b) Fund II and Mervyns II (c) 6/2004 28.33 % $ 347.1 $ 15.0 28.33 % 8 % $ 146.6 Fund III 5/2007 24.54 % 426.3 23.7 24.54 % 6 % 554.8 Fund IV 5/2012 23.12 % 425.4 104.6 23.12 % 6 % 147.4 Fund V 8/2016 20.10 % 118.3 401.7 20.10 % 6 % 2.0 (a) Amount represents the current economic ownership at June 30, 2019, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund. (b) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. (c) During April 2018, a distribution of $15.0 million was made to the Fund II investors, including $4.3 million to the Operating Partnership. This amount remains subject to re-contribution to Fund II until April 2021. Basis of Presentation Segments At June 30, 2019, 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 interim consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income. The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items. These interim consolidated financial statements should be read in conjunction with the Company’s 2018 Annual Report on Form 10-K, as filed with the SEC on February 19, 2019. Use of Estimates GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the interim consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Reclassifications Certain prior period amounts with regard to gains on dispositions of properties have been reclassified to conform to the current period presentation. Recently Adopted Accounting Pronouncements Lease Accounting In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842). Revenue from Contracts with Customers • A package of three practical expedients that must be elected together for all leases and includes: (i) not reassessing expired or existing contracts as to whether they are or contain leases; (ii) not reassessing lease classification of existing leases and (iii) not reassessing the amount of capitalized initial direct costs for existing leases; • A practical expedient to use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets; • Lessees may make an accounting policy election by class of underlying asset not to separate lease components from non-lease components; and • Lessees may make an accounting policy election not to apply the recognition and measurement requirements to short-term leases. ASU 2016-02 was modified by the following subsequently issued ASU’s (together with ASU 2016-02, “Topic 842”), many of which provided additional transition practical expedients: • ASU 2018-01, Land Easements Practical Expedient for Transition to Topic 842 added a transition practical expedient to not reassess existing or expired land easement agreements not previously accounted for as leases • ASU No. 2018-10, Codification Improvements to Topic 842, Leases . These amendments provide minor clarifications and corrections to ASU 2016-02. • ASU 2018-11, Leases (Topic 842): Targeted Improvements . o The amendments in this Update provide entities with an additional optional transition method to adopt ASU 2016-02. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting under this additional transition method for the comparative periods presented in the financial statements in which it adopts the new leases standard would continue to be in accordance with former GAAP (Topic 840, Leases). o The amendments in this Update also provide lessors with a practical expedient, by class of underlying asset, to make a policy election to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606). Conditions are required to elect the practical expedient, and if met, the single component will be accounted for under either under Topic 842 or Topic 606 depending on which component(s) are predominant. The lessor practical expedient to not separate non-lease components from the associated component must be elected for all existing and new leases. • ASU 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors . This ASU modifies ASU No. 2016-02 to permit lessors, as an accounting policy election, not to evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, those lessors will account for those costs as if they are lessee costs. Consequently, a lessor making this election will exclude from the consideration in the contract and from variable payments not included in the consideration in the contract all collections from lessees of taxes within the scope of the election and will provide certain disclosures (includes sales, use, value added, and some excise taxes and excludes real estate taxes). • ASU 2019-01, Leases (Topic 842), Codification Improvements . There are three codification updates to Topic 842 covered by this ASU: Issue 1 provides guidance on how to compute fair value of leased items for lessors who are non-dealers or manufacturers; Issue 2 relates to cash flow presentation for lessors of sales-type and direct financing leases; and Issue 3 clarifies that certain transition disclosures will only be required in annual disclosures. Under the new leasing guidance, contract consideration shall be allocated to its lease components (such as the lease of retail properties) and non-lease components (such as maintenance). For lessors, any non-lease components will be accounted for under Topic 606 former GAAP (Topic 840, Leases ). The Company adopted Topic 842 effective January 1, 2019 utilizing the new transition method described in ASU 2018-11 and has availed itself of all the available practical expedients described above except it did not use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets. As lessor, the Company has more than 1,000 leases primarily with retail tenants and to a lesser extent with office and residential tenants. A significant majority of its leases are on a triple-net basis. The impact of adoption of ASU 2016-02 for the Company as lessor was as follows: • The Company has elected the lessor practical expedient to not separate common area maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. Common area maintenance is considered a non-lease component within the scope of Topic 606 and reimbursements of taxes and insurance are considered contractual payments that do not transfer a good or service to the tenant; however, such revenues related to leases, which were formerly reported as reimbursed expenses, will be reported within lease revenues in the presentation of the statement of income subsequent to the implementation of ASC 842. Prior year classifications under ASC 840 will not be adjusted. • Due to its election of available practical expedients, the Company expects that post-adoption substantially all existing leases, and new leases compared to similar existing leases, will have no change in the timing of revenue recognition. • The Company’s internal leasing costs will be expensed as incurred, as opposed to being capitalized and deferred. Commissions subsequent to successful lease execution will continue to be capitalized. After adoption, the Company will no longer capitalize internal leasing costs that were previously capitalized (the Company capitalized $ million of internal leasing costs during the year ended December 31, 2018 ). • The Company has existing easement arrangements that have not been previously identified as leases. The Company expects that its existing and similar future easement arrangements will not be classified as rental revenue but as other revenues as these arrangements do not transfer control to the counterparty. • The Company makes a policy election to continue to account for only those taxes described under ASU 2018-20 that it pays on behalf of the tenant as reimbursable costs and will not account for those taxes paid directly by the lessee which are considered lessee costs. As lessee, the Company was party to 13 ground, office and equipment leases with future payment obligations aggregating $203.1 million at December 31, 2018 follows ( Note 11 ): • As lessee, the Company has applied the following practical expedients in the implementation ASU 2016-02: (i) to not separate non-lease components from the associated lease component as described above and (ii) to not apply the right-of-use recognition requirements to short-term leases. As such, there were no changes in the timing of recognition of expenses related to its operating leases. • The Company recognized right-of-use assets and lease liabilities of $11.9 million and $12.8 million, respectively, related to its operating leases. • The Company reclassified its existing capital lease asset of $77.0 million and capital lease liability of $71.1 million to a right-of-use asset and a lease liability, respectively, pertaining to finance leases. • Subsequent to the adoption of and in accordance with Topic 842, the Company reassessed the circumstances surrounding three of its operating ground leases and determined that it had made significant leasehold improvements and was now reasonably certain to exercise their purchase options. Accordingly, the Company reclassified the existing right-of-use assets and lease liabilities from operating leases to finance leases and adjusted the leases’ right-of-use assets and corresponding lease liabilities to $5.7 million and $5.7 million, respectively, to incorporate the present value of the purchase options, which totaled $4.7 million at January 1, 2019. • With the adoption of ASC Topic 842, the Company will first apply 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 may apply a general reserve, as provided under ASC 450-20, if applicable. The Company did not record any cumulative effect of change in accounting principle upon the adoption of ASC Topic 842 as lessor or lessee. Consistent with the transition guidance under ASU 2018-11, all prior period disclosures remain in accordance with ASC Topic 840. Other Accounting Topics In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements Recently Issued Accounting Pronouncements In April 2019, the FASB issued ASU No. 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, updates related to ASU 2017-12 are effective for the Company on January 1, 2020. The updates related to ASU 2016-01 are effective for fiscal years beginning after December 15, 2019 . The Company is currently evaluating the impact of this new standard on its consolidated financial statements. In May 2019, the FASB issued ASU No. 2019-05 Financial Instruments — Credit Losses (Topic 326) In November 2018, the FASB issued ASU No. 2018-19 Codification Improvements to Topic 326, Financial Instruments — Credit Losses Financial Instruments – Credit Losses – Measure at Amortized Cost Leases. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses In June 2018, the FASB issued ASU No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Revenue from Contracts with Customers In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement In August 2018, the FASB issued ASU No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract |
Real Estate
Real Estate | 6 Months Ended |
Jun. 30, 2019 | |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | |
Real Estate | 2. Real Estate The Company’s consolidated real estate is comprised of the following (in thousands): June 30, 2019 December 31, 2018 Land $ 732,422 $ 710,469 Buildings and improvements 2,638,585 2,594,828 Tenant improvements 170,523 151,154 Construction in progress 36,721 44,092 Properties under capital lease ( Note 11 ) — 76,965 Right-of-use assets - finance leases ( Note 11 ) 93,796 — Right-of-use assets - operating leases ( Note 11 ) 56,279 — Total 3,728,326 3,577,508 Less: Accumulated depreciation (458,762 ) (416,657 ) Operating real estate, net 3,269,564 3,160,851 Real estate under development, at cost 211,199 120,297 Net investments in real estate $ 3,480,763 $ 3,281,148 Acquisitions and Conversions During the six months ended June 30, 2019 and the year ended December 31, 2018, the Company acquired the following consolidated retail properties (dollars in thousands): Property and Location Percent Acquired Date of Acquisition Purchase Price 2019 Acquisitions Core Soho Portfolio - 41, 51 and 53 Greene Street - New York, NY (a) 100% Mar 15, 2019 Mar 27, 2019 May 29, 2019 $ 49,569 Subtotal Core 49,569 Fund V Palm Coast Landing - Palm Coast, FL 100% May 6, 2019 36,644 Lincoln Commons - Lincoln, RI 100% June 21, 2019 54,299 Subtotal Fund V 90,943 Total 2019 Acquisitions $ 140,512 2018 Acquisitions and Conversions Core Bedford Green Land Parcel - Bedford Hills, NY 100% Mar 23, 2018 $ 1,337 Subtotal Core 1,337 Fund IV Broughton Street Partners I - Savannah, GA (Conversion) ( Note 4 ) 100% Oct 11, 2018 36,104 Subtotal Fund IV 36,104 Fund V Trussville Promenade - Trussville, AL 100% Feb 21, 2018 45,259 Elk Grove Commons - Elk Grove, CA 100% Jul 18, 2018 59,320 Hiram Pavilion - Hiram, GA 100% Oct 23, 2018 44,443 Subtotal Fund V 149,022 Total 2018 Acquisitions and Conversions $ 186,463 (a) The Soho Portfolio is a collection of six properties located in New York, NY with an aggregate purchase price of approximately $96.0 million. The acquisitions of the remaining three properties are expected to be finalized through early 2020. The 2019 Acquisitions and 2018 Acquisitions and Conversions were considered asset acquisitions based on accounting guidance effective as of January 1, 2018. For the six months ended June 30, 2019 and 2018, the Company capitalized $0.6 million and $0.1 million, of acquisition costs. No debt was assumed in any of the 2019 Acquisitions or 2018 Acquisitions or Conversions. Purchase Price Allocations The purchase prices for the 2019 Acquisitions and the 2018 Acquisitions and Conversions were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the six months ended June 30, 2019 and the year ended December 31, 2018 (in thousands): Six Months Ended June 30, 2019 Year Ended December 31, 2018 Net Assets Acquired Land $ 35,865 $ 38,086 Buildings and improvements 92,468 129,586 Acquisition-related intangible assets ( Note 6 ) 17,355 26,693 Acquisition-related intangible liabilities ( Note 6 ) (5,176 ) (7,902 ) Net assets acquired $ 140,512 $ 186,463 Consideration Cash $ 138,716 $ 147,985 Liabilities assumed 1,796 2,597 Existing interest in previously unconsolidated investment — 35,881 Total consideration $ 140,512 $ 186,463 Dispositions During the six months ended June 30, 2019 and the year ended December 31, 2018, the Company disposed of the following consolidated properties (in thousands): Property and Location Owner Date Sold Sale Price Gain on Sale 2019 Dispositions 3104 M Street - Washington, DC ( Note 4 ) Fund III Jan 24, 2019 $ 10,500 $ 2,014 210 Bowery - 1 Residential Condo - New York, NY Fund IV May 17, 2019 2,700 — Total 2019 Dispositions $ 13,200 $ 2,014 2018 Dispositions Sherman Avenue - New York, NY Fund II Apr 17, 2018 $ 26,000 $ 33 Lake Montclair - Dumfries, VA Fund IV Aug 27, 2018 22,450 2,923 1861 Union Street - San Francisco, CA Fund IV Aug 29, 2018 6,000 2,184 210 Bowery - 4 Residential Condos - New York, NY Fund IV Nov 30, 2018, Dec 10, 2018, Dec 17, 2018, Dec 21, 2018 12,050 — Total 2018 Dispositions $ 66,500 $ 5,140 The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during the three months ended June 30, 2019 and year ended December 31, 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues $ 10 $ 772 $ 53 $ 1,564 Expenses (180 ) (947 ) (257 ) (1,691 ) Gain on disposition of properties — 33 2,014 33 Net (income) loss attributable to noncontrolling interests 9 496 154 395 Net income attributable to Acadia $ (161 ) $ 354 $ 1,964 $ 301 Properties Held for Sale At June 30, 2019, the Company had one property in Fund IV classified as held-for-sale, JFK Plaza, with total assets of $6.3 million. The property had insignificant net income for the six months ended June 30, 2019 and 2018. Real Estate Under Development and Construction in Progress Real estate under development represents the Company’s consolidated properties that have not yet been placed into service while undergoing substantial development or construction. Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands): December 31, 2018 Six Months Ended 2019 June 30, 2019 Number of Properties Carrying Value Transfers In Capitalized Costs Transfers Out Number of Properties Carrying Value Core 1 $ 7,759 $ 57,342 $ 5,382 $ — 2 $ 70,483 Fund II — 7,462 — 1,254 — — 8,716 Fund III 1 21,242 12,313 1,446 — 1 35,001 Fund IV 1 83,834 9,166 3,999 — 2 96,999 Total 3 $ 120,297 $ 78,821 $ 12,081 $ — 5 $ 211,199 The number of properties in the table above refers to projects comprising the entire property; however, certain projects represent a portion of a property. During the six months ended June 30, 2019, the Company placed the following projects into development: • a portion of City Center (Core) • a portion of Cortlandt Crossing (Fund III) • its 1238 Wisconsin Avenue property (Core, Note 11 ) • a portion of 110 University Place (Fund IV, Note 11 ) No projects were placed into service during the six months ended, June 30, 2019. Fund II amounts relate to the City Point Phase III project. During the year ended December 31, 2018, the Company placed one Core development project into service. In addition to the consolidated projects noted above, the Company had one unconsolidated project in development at December 31, 2017, which it placed into service during the year ended December 31, 2018. Construction in progress pertains to construction activity at the Company’s operating properties which are in service and continue to operate during the construction period. |
Notes Receivable, Net
Notes Receivable, Net | 6 Months Ended |
Jun. 30, 2019 | |
Accounts And Notes Receivable Net [Abstract] | |
Notes Receivable, Net | 3. Notes Receivable, Net The Company’s notes receivable, net were generally collateralized either by the underlying properties or the borrower’s ownership interest in the entities that own the properties, and were as follows (dollars in thousands): June 30, December 31, June 30, 2019 Description 2019 2018 Number Maturity Date Interest Rate Core Portfolio $ 56,475 $ 56,475 2 Oct 2019 - Apr 2020 6.0% - 8.1% Fund II 32,881 32,582 1 Dec 2020 1.75% Fund III 5,306 5,306 1 Jul 2020 18.0% Fund IV — 15,250 — Feb 2021 15.3% $ 94,662 $ 109,613 4 During the six months ended June 30, 2019, the Company: • increased the balance of a Fund II note receivable by the interest accrued of $0.3 million; • redeemed its $15.25 million Fund IV investment plus accrued interest of $10.0 million; • stopped accruing interest on one 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 June 30, 2019; and • extended the maturity for Brandywine’s note receivable to October 31, 2019. During the year ended December 31, 2018, the Company: • exchanged $22.0 million of a Core note receivable plus accrued interest thereon of $0.3 million for an additional undivided interest in the Town Center property ( Note 4 ); • received full payment on $26.0 million of Core notes receivable plus accrued interest of $0.2 million; • funded an additional $2.8 million to its existing $15.0 million Core note receivable and entered into an agreement to extend the maturity to April 1, 2020; • advanced an additional $0.2 million on a Fund III note receivable; and • increased the balance of a Fund II note receivable by the interest accrued of $0.8 million. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral and the prospects of the borrower. Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment ( Note 12 ). |
Investments in and Advances to
Investments in and Advances to Unconsolidated Affiliates | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in and Advances to Unconsolidated Affiliates | 4. Investments in and Advances to Unconsolidated Affiliates The Company accounts for its investments in and advances to unconsolidated affiliates primarily under the equity method of accounting as it has the ability to exercise significant influence, but does not have financial or operating control over the investment, which is maintained by each of the unaffiliated partners who co-invest with the Company. The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Nominal Ownership Interest June 30, December 31, Portfolio Property June 30, 2019 2019 2018 Core: 840 N. Michigan (a) 88.43% $ 64,622 $ 65,013 Renaissance Portfolio 20% 32,675 32,458 Gotham Plaza 49% 29,546 29,550 Town Center (a, b) 75.22% 98,805 99,758 Georgetown Portfolio 50% 4,808 4,653 230,456 231,432 Mervyns I & II: KLA/Mervyn's, LLC (c) 10.5% — — Fund III: Fund III Other Portfolio 90% 17 21 Self Storage Management (d) 95% 206 206 223 227 Fund IV: Broughton Street Portfolio (e) 50% 12,579 3,236 Fund IV Other Portfolio 90% 14,433 14,540 650 Bald Hill Road 90% 12,557 12,880 39,569 30,656 Fund V: Family Center at Riverdale (a) 90% 14,514 — Tri-City Plaza 90% 36,636 — 51,150 — Various Funds: Due (to) from Related Parties (1,477 ) (461 ) Other (f) 556 556 Investments in and advances to unconsolidated affiliates $ 320,477 $ 262,410 Core: Crossroads (g) 49% $ 15,032 $ 15,623 Distributions in excess of income from, and investments in, unconsolidated affiliates $ 15,032 $ 15,623 (a) Represents a tenancy-in-common interest. (b) During November 2017 and March 2018, as discussed below, the Company increased its ownership in Town Center. (c) Distributions, discussed below, have exceeded the Company’s non-recourse investment, therefore the carrying value is zero. (d) Represents a variable interest entity for which the Company was determined not to be the primary beneficiary. (e) The Company is entitled to a 15% return on its cumulative capital contribution which was $5.9 million and $3.0 million at June 30, 2019 and December 31, 2018, respectively. In addition, the Company is entitled to a 9% preferred return on a portion of its equity, which was $9.4 million and $2.8 million at June 30, 2019 and December 31, 2018, respectively. (f) Includes a cost-method investment in Albertson’s ( Note 8 ), Storage Post 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 2019 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. Brandywine Portfolio, Market Square and Town Center The Company owns an interest in an approximately one million square foot retail portfolio (the “Brandywine Portfolio” joint venture) located in Wilmington, Delaware, which includes two properties referred to as “Market Square” and “Town Center.” Prior to the second quarter of 2016, the Company had a controlling interest in the Brandywine Portfolio, and it was therefore consolidated within the Company’s financial statements. During April 2016, the arrangement with the partners of the Brandywine Portfolio was modified to change the legal ownership from a partnership to a tenancy-in-common interest, as well as to provide certain participating rights to the outside partners. As a result of these modifications, the Company de-consolidated the Brandywine Portfolio and accounted for its interest under the equity method of accounting effective May 1, 2016. Furthermore, as the owners of the Brandywine Portfolio had consistent ownership interests before and after the modification and the underlying net assets were unchanged, the Company reflected the change from consolidation to equity method based upon its historical cost. The Brandywine Portfolio and Market Square ventures do not include the property held by Brandywine Holdings, an entity consolidated by the Company. Additionally, in April 2016, the Company repaid the outstanding balance of $140.0 million of non-recourse debt collateralized by the Brandywine Portfolio and provided a note receivable collateralized by the partners’ tenancy-in-common interest in the Brandywine Portfolio for their proportionate share of the repayment. On May 1, 2017, the Company exchanged $16.0 million of the $153.4 million notes receivable (the “Brandywine Notes Receivable”) ( Note 3 ) 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. The exchange was deemed to be a business combination and as a result, the property was consolidated and a gain on change of control of $5.6 million was recorded ( Note 2 ). On November 16, 2017, the Company exchanged $60.7 million of the Brandywine Notes Receivable plus accrued interest of $0.9 million for one of the partner’s 38.89% tenancy-in-common interests in Town Center. The incremental investment in Town Center was recorded at $61.6 million and the excess of this amount over the venture’s book value associated with this interest, or $34.5 million, is being amortized over the remaining depreciable lives of the venture’s assets. The Company previously had a 22.22% interest in Town Center which then became 61.11% following the November 2017 transaction. On March 28, 2018, the Company exchanged $22.0 million of its Brandywine Notes Receivable plus accrued interest of $0.3 million for one of the partner’s 14.11% tenancy-in-common interests in Town Center. The incremental investment in Town Center was recorded at $ 22.3 million and the excess of this amount over the venture’s book value associated with this interest, or $12.7 million, is being amortized over the remaining depreciable lives of the venture’s assets. The Company continues to apply the equity method of accounting for its aggregate 75.22% noncontrolling interest in Town Center after the March 2018 transaction. At June 30, 2019, $38.7 million of the Brandywine Note Receivable remains outstanding ( Note 3 ), which is collateralized by the remaining 24.78% undivided interest in Town Center. Fund Investments 2019 Acquisitions of Unconsolidated Investments On March 19, 2019, Fund V acquired an interest in a venture which invested in a 428,000 square-foot property located in Riverdale, Utah referred to as “Family Center at Riverdale” for $48.5 million. 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 an 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. 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 ). Fund IV accounted for this transaction as an asset purchase at fair value whereby its existing preferred and common interests were deemed consideration for the properties and no gain or loss was recognized. At June 30, 2019, the Broughton Street portfolio had 13 remaining properties, . 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. On May 15, 2018, the Storage Post venture, 2018 Dispositions of Unconsolidated Investments On January 18, 2018, Fund IV’s Broughton Street Portfolio venture sold two properties for aggregate proceeds of $8.0 million, resulting in a net loss of $0.4 million at the property level of which the Fund’s share and the Operating Partnership’s proportionate share of the loss was zero, due to Fund IV’s preferred return. On June 29, 2018, Fund IV’s Broughton Street Portfolio venture terminated its master leases on two of its properties resulting in a net loss of $1.0 million at the property level for which the Operating Partnership’s share was less than $0.1 million. On August 29, 2018, Fund IV’s Broughton Street Portfolio venture sold a property for proceeds of $2.1 million, resulting in a net loss of $0.3 million at the property level, of which the Operating Partnership’s share was less than $0.1 million. Fees from Unconsolidated Affiliates The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $0.3 million for each of the three months ended June 30, 2019 and 2018 and $0.5 million for each of the six months ended June 30, 2019 and June 30, 2018, which is included in other revenues in the consolidated financial statements. In addition, the Company paid to certain unaffiliated partners of its joint ventures, $0.3 million and $0.4 million for the three months ended June 30, 2019 and 2018, and $0.7 million and $0.9 million for the six months ended June 30, 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 Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates (in thousands): June 30, 2019 December 31, 2018 Combined and Condensed Balance Sheets Assets: Rental property, net $ 599,595 $ 488,000 Investment in unconsolidated affiliates 6,853 6,853 Other assets 73,773 91,497 Total assets $ 680,221 $ 586,350 Liabilities and partners’ equity: Mortgage notes payable $ 459,484 $ 408,967 Other liabilities 57,919 54,675 Partners’ equity 162,818 122,708 Total liabilities and partners’ equity $ 680,221 $ 586,350 Company's share of accumulated equity $ 202,320 $ 141,384 Basis differential 102,637 104,084 Deferred fees, net of portion related to the Company's interest 1,965 1,780 Amounts payable by the Company (1,477 ) (461 ) Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates 305,445 246,787 Company's share of distributions in excess of income from and investments in unconsolidated affiliates 15,032 15,623 Investments in and advances to unconsolidated affiliates $ 320,477 $ 262,410 Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Combined and Condensed Statements of Income Total revenues $ 22,740 $ 19,603 $ 42,713 $ 39,759 Operating and other expenses (5,236 ) (5,531 ) (10,342 ) (11,453 ) Interest expense (5,639 ) (5,250 ) (10,415 ) (10,125 ) Depreciation and amortization (5,795 ) (5,801 ) (10,587 ) (11,856 ) Loss on disposition of properties — (992 ) — (1,410 ) Net income attributable to unconsolidated affiliates $ 6,070 $ 2,029 $ 11,369 $ 4,915 Company’s share of equity in net income of unconsolidated affiliates $ 4,282 $ 5,895 $ 7,277 $ 8,260 Basis differential amortization (723 ) (876 ) (1,447 ) (1,557 ) Company’s equity in earnings of unconsolidated affiliates $ 3,559 $ 5,019 $ 5,830 $ 6,703 |
Other Assets, Net and Accounts
Other Assets, Net and Accounts Payable and Other Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
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) June 30, 2019 December 31, 2018 Other Assets, Net: Lease intangibles, net ( Note 6 ) $ 117,074 $ 115,939 Deferred charges, net (a) 29,804 28,619 Prepaid expenses 16,529 18,422 Other receivables 12,046 5,058 Accrued interest receivable 9,308 17,046 Deposits 4,091 4,611 Due from seller 4,000 4,000 Deferred tax assets 2,050 2,032 Derivative financial instruments ( Note 8 ) 1,057 7,018 Due from related parties 612 1,802 Corporate assets 1,776 1,953 Income taxes receivable 1,777 2,070 $ 200,124 $ 208,570 (a) Deferred Charges, Net: Deferred leasing and other costs $ 48,729 $ 45,011 Deferred financing costs related to line of credit 8,970 8,960 57,699 53,971 Accumulated amortization (27,895 ) (25,352 ) Deferred charges, net $ 29,804 $ 28,619 Accounts Payable and Other Liabilities: Lease intangibles, net ( Note 6 ) $ 89,388 $ 95,045 Capital lease obligations ( Note 11 ) — 71,111 Lease liability - finance leases, net ( Note 11 ) 87,784 — Lease liability - operating leases, net ( Note 11 ) 57,397 — Accounts payable and accrued expenses 72,892 65,215 Deferred income 27,582 34,052 Tenant security deposits, escrow and other 11,759 10,588 Derivative financial instruments ( Note 8 ) 37,354 7,304 Income taxes payable — 19 Other 134 2,738 $ 384,290 $ 286,072 |
Lease Intangibles
Lease Intangibles | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Lease Intangibles | 6. Lease Intangibles Upon acquisitions of real estate ( Note 2 ), the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable. Intangible assets and liabilities are included in other assets and other liabilities ( Note 5 ) on the consolidated balance sheet and summarized as follows (in thousands): June 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease intangible assets $ 234,479 $ (122,067 ) $ 112,412 $ 216,021 $ (105,972 ) $ 110,049 Above-market rent 17,991 (13,329 ) 4,662 18,169 (12,279 ) 5,890 $ 252,470 $ (135,396 ) $ 117,074 $ 234,190 $ (118,251 ) $ 115,939 Amortizable Intangible Liabilities Below-market rent $ (157,657 ) $ 68,818 $ (88,839 ) $ (152,188 ) $ 57,721 $ (94,467 ) Above-market ground lease (671 ) 122 (549 ) (671 ) 93 (578 ) $ (158,328 ) $ 68,940 $ (89,388 ) $ (152,859 ) $ 57,814 $ (95,045 ) During the six months ended June 30, 2019, the Company acquired in-place lease intangible assets of $17.1 million, above-market rents of $0.2 million, and below-market rents of $5.2 million with weighted-average useful lives of 6.3, 10.3, and 21.4 years, respectively. During the year ended December 31, 2018, the Company acquired in-place lease intangible assets of $24.2 million, above-market rents of $2.5 million, and below-market rents of $7.9 million with weighted-average useful lives of 5.2, 5.1, and 20.5 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 income. Amortization of above-market ground leases are recorded as a reduction to rent expense in the consolidated statements of income. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of June 30, 2019 is as follows (in thousands): Years Ending December 31, Net Increase in Lease Revenues Increase to Amortization Reduction of Rent Expense Net (Expense) Income 2019 (Remainder) $ 2,805 $ (15,140 ) $ 29 $ (12,306 ) 2020 8,011 (24,067 ) 58 (15,998 ) 2021 7,512 (17,514 ) 58 (9,944 ) 2022 7,141 (12,551 ) 58 (5,352 ) 2023 7,134 (9,919 ) 58 (2,727 ) Thereafter 51,574 (33,221 ) 288 18,641 Total $ 84,177 $ (112,412 ) $ 549 $ (27,686 ) |
Debt
Debt | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, December 31, Maturity Date at June 30, December 31, 2019 2018 June 30, 2019 2019 2018 Mortgages Payable Core Fixed Rate 3.88%-6.00% 3.88%-6.00% Feb 2024 - Apr 2035 $ 177,250 $ 178,271 Core Variable Rate - Swapped (a) 3.41%-5.67% 3.41%-5.67% Jan 2023 - Nov 2028 33,074 82,583 Total Core Mortgages Payable 210,324 260,854 Fund II Fixed Rate 1.00%-4.75% 1.00%-4.75% May 2020 - Aug 2042 205,263 205,262 Fund II Variable Rate LIBOR+1.39%-LIBOR+3.00% — March 2022 23,598 — Fund II Variable Rate - Swapped (a) 4.27% 4.27% Nov 2021 19,201 19,325 Total Fund II Mortgages Payable 248,062 224,587 Fund III Variable Rate LIBOR+2.65%-LIBOR+4.65% Prime+0.50%-LIBOR+4.65% Jun 2020 - Jul 2020 91,211 90,096 Fund IV Fixed Rate 3.40%-4.50% 3.40%-4.50% Oct 2025 - Jun 2026 8,190 8,189 Fund IV Variable Rate LIBOR+1.60%-LIBOR+3.40% LIBOR+1.60%-LIBOR+3.95% July 2019 - Apr 2022 176,270 233,065 Fund IV Variable Rate - Swapped (a) 3.67%-4.81% 3.67%-4.23% Mar 2020 - Dec 2022 93,214 71,841 Total Fund IV Mortgages Payable 277,674 313,095 Fund V Variable Rate LIBOR+2.15%-LIBOR+2.25% LIBOR+2.25% Oct 2020 - Jan 2021 51,506 51,506 Fund V Variable Rate - Swapped (a) 4.01%-4.78% 4.61%-4.78% Feb 2021 - Mar 2024 156,900 86,570 Total Fund V Mortgage Payable 208,406 138,076 Net unamortized debt issuance costs (10,510 ) (10,173 ) Unamortized premium 702 753 Total Mortgages Payable $ 1,025,869 $ 1,017,288 Unsecured Notes Payable Core Term Loans — LIBOR+1.25% Mar 2023 $ — $ 383 Core Variable Rate Unsecured Term Loans - Swapped (a) 2.49%-5.02% 2.54%-3.59% Mar 2023 350,000 349,617 Total Core Unsecured Notes Payable 350,000 350,000 Fund II Unsecured Notes Payable LIBOR+1.65% LIBOR+1.40% Sep 2020 40,000 40,000 Fund IV Term Loan/Subscription Facility LIBOR+1.65%-LIBOR+2.00% LIBOR+1.65%-LIBOR+2.75% Dec 2019 - June 2021 87,625 40,825 Fund V Subscription Facility LIBOR+1.60% LIBOR+1.60% May 2020 143,400 102,800 Net unamortized debt issuance costs (818 ) (368 ) Total Unsecured Notes Payable $ 620,207 $ 533,257 Unsecured Line of Credit Core Unsecured Line of Credit — — — $ — $ — Core Unsecured Line of Credit - Swapped (a) 2.49%-5.02% — Mar 2022 39,000 — Total Unsecured Line of Credit $ 39,000 $ — Total Debt - Fixed Rate (b)(c) $ 1,198,592 $ 1,001,658 Total Debt - Variable Rate (d) 497,110 558,675 Total Debt 1,695,702 1,560,333 Net unamortized debt issuance costs (11,328 ) (10,541 ) Unamortized premium 702 753 Total Indebtedness $ 1,685,076 $ 1,550,545 (a) At June 30, 2019, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 1.39% for Fund II variable-rate debt; LIBOR + 2.65% to LIBOR + 4.65% for Fund III variable-rate debt; LIBOR + 1.60% to LIBOR +3.40% for Fund IV variable-rate debt; LIBOR + 2.15% to LIBOR + 2.25% for Fund V variable-rate debt; LIBOR + 1.25% for Core variable-rate unsecured term loans; and LIBOR + 1.35% for Core variable-rate unsecured lines of credit. (b) Includes $691.4 million and $609.9 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 June 30, 2019 includes $165.5 million of swaps that are not designated to specific debt instruments. (d) Includes $157.5 million and $143.8 million, respectively, of variable-rate debt that is subject to interest cap agreements. Credit Facility On February 20, 2018, the Company entered into a $500.0 million senior unsecured credit facility (the “Credit Facility”), comprised of a $150.0 million senior unsecured revolving credit facility (the “Revolver”) which bears interest at LIBOR + 1.35%, and a $350.0 million senior unsecured term loan (the “Term Loan”) which bears interest at LIBOR + 1.25%. The Credit Facility refinanced the Company’s existing $300.0 million credit facility (comprised of the $150.0 million Core unsecured revolving line of credit and the $150.0 million term loan), $150.0 million in Core unsecured term loans and repaid a $40.4 million mortgage secured by its 664 North Michigan Property. The Revolver and Term Loans mature on March 31, 2022 and March 31, 2023, respectively. Mortgages Payable During the six months ended June 30, 2019: • The Company obtained four new Fund mortgages totaling $118.3 million with a weighted-average interest rate of LIBOR + 1.64% collateralized by four properties and maturing in 2022 through 2024. The Company also refinanced a Fund IV loan in the amount of $23.8 million, of which $18.9 million had been drawn at June 30, 2019, and which bears interest at a rate of LIBOR + 1.75% and matures in 2022. • The Company drew down $5.9 million on a Fund III construction loan. • Fund III mortgage, which had a balance of $4.7 million and an interest rate of Prime + 0.5%, was assumed by the purchasing venture in a property sale ( Note 2 ). 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 modified one Core loan to provide for a temporary prepayment of $49.0 million which is required to be re-borrowed within six months in order to avoid a pre-payment fee. The Company also modified two Fund IV loans to increase the commitment of BSP Venture I’s mortgage by $9.4 million; and to decrease the 717 North Michigan Avenue mortgage balance by $9.9 million, decrease future availability by $3.9 million and reduce the interest rate to LIBOR + 3.10%. • The Company entered into interest rate swap contracts to effectively fix the variable portion of the interest rates of four of the new obligations with a notional value of $91.5 million at a weighted average interest rate of 2.74%. • The Company made scheduled principal payments of $3.2 million. At June 30, 2019 and December 31, 2018, the Company’s mortgages were collateralized by 44 and 43 properties, respectively, and the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. A portion of the Company’s variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions ( Note 8 ). The mortgage loan related to Brandywine Holdings in the Company’s Core Portfolio, which was originated in June 2006 and had an original principal amount of $26.3 Unsecured Notes Payable Unsecured notes payable for which total availability was $15.2 million and $62.3 million at June 30, 2019 and December 31, 2018, respectively, are comprised of the following: • As discussed above, the Core unsecured term loans totaling $300.0 million were refinanced in February 2018, into one $350.0 million term loan with an interest rate of LIBOR+ 1.25% and maturing in March 2023. The outstanding balance of the Core term loans was $350.0 • 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 $0.0 • At Fund IV there is a $80.2 million bridge facility and a $27.0 million subscription line, which were modified from their previous limits of $41.8 million and $15.0 million, respectively, during the second quarter of 2019. The outstanding balance of the Fund IV bridge facility was $ 79.2 million at June 30, 2019 and $ 40.8 million at December 31, 2018 . Total availability was $ 1.0 million at each of June 30, 2019 and December 31, 2018 . The outstanding balance of the Fund IV subscription line was $ 8.4 million at June 30, 2019 and $ 0 at December 31, 2018. T otal available credit was $ 7.6 million at both June 30, 2019 and December 31, 2018 , reflecting letters of credit of $ 11.0 million and $ 7.4 million, respectively . • Fund V has a $150.0 million subscription line collateralized by Fund V’s unfunded capital commitments and guaranteed by the Operating Partnership. The outstanding balance and total available credit of the Fund V subscription line was $143.4 million and $6.6 million, respectively at June 30, 2019. The outstanding balance and total available credit of the Fund V subscription line was $102.8 million and $47.2 million, respectively at December 31, 2018. Unsecured Revolving Line of Credit As discussed above, the Core unsecured revolving line of credit was refinanced in February 2018. The Company had a total of $90.7 million and $137.7 million, respectively, available under its $150.0 million Core unsecured revolving lines of credit reflecting borrowings of $39.0 million and $0 million, respectively, and letters of credit of $20.3 million and $12.3 million at June 30, 2019 and December 31, 2018, respectively. At June 30, 2019 and December 31, 2018, all of the Core unsecured revolving line of credit was swapped to a fixed rate. Scheduled Debt Principal Payments The scheduled principal repayments of the Company’s consolidated indebtedness, as of June 30, 2019 are as follows (in thousands): Year Ending December 31, 2019 (Remainder) $ 165,255 2020 573,416 2021 217,873 2022 134,070 2023 412,305 Thereafter 192,783 1,695,702 Unamortized premium 702 Net unamortized debt issuance costs (11,328 ) Total indebtedness $ 1,685,076 See Note 4 for information about liabilities of the Company’s unconsolidated affiliates. |
Financial Instruments and Fair
Financial Instruments and Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments and Fair Value Measurements | 8. Financial Instruments and Fair Value Measurements The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and interest rate swaps; and Level 3, for financial instruments or other assets/liabilities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring the Company to develop its own assumptions. Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, the Company has also provided the unobservable inputs along with their weighted-average ranges. Money Market Funds — The Company has money market funds, which are included in Cash and cash equivalents in the consolidated financial statements, are comprised of government securities and/or U.S. Treasury bills. These funds were classified as Level 1 as we used quoted prices from active markets to determine their fair values. Derivative Assets — The Company has derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of interest rate swaps and caps. The derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below. Derivative Liabilities — The Company has derivative liabilities, which are included in Accounts payable and other liabilities in the consolidated financial statements, are comprised of interest rate swaps. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below. The Company did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the six months ended June 30, 2019 or 2018. 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): June 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Money Market Funds $ — $ — $ — $ 4,504 $ — $ — Derivative financial instruments — 1,057 — — 7,018 — Liabilities Derivative financial instruments — 37,354 — — 7,304 — 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 2018, the Company began selling the residential units of its 210 Bowery property in Fund IV. As the projected aggregate selling prices net of selling costs were in line with the carrying amount of the property through the first quarter 2019, no gain or loss has been recognized on the units sold to date and no impairment was previously deemed necessary. During the second quarter 2019, an amendment to the offering memorandum at this property was executed which reduced the selling price of the remaining three units. Accordingly, the Company recognized a $1.4 million impairment charge, inclusive of an amount attributable to a noncontrolling interest of $1.1 million, to adjust the carrying value to the estimated selling price less estimated costs to sell. The Company did not record any impairment charges during the six months ended June 30, 2018. 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 June 30, 2019 December 31, 2018 Core Interest Rate Swaps $ 424,074 Dec 2012-July 2020 Mar 2022-July 2030 1.71 % — 3.77 % Other Liabilities (a) $ (31,570 ) $ (6,332 ) Interest Rate Swaps 163,500 Oct 2014 - July 2016 Nov 2019-June 2021 1.24 % — 1.70 % Other Assets 1,025 6,022 $ 587,574 $ (30,545 ) $ (310 ) Fund II Interest Rate Swap $ 19,201 Oct 2014 Nov 2021 2.88 % — 2.88 % Other Liabilities $ (150 ) $ — Interest Rate Swap — — — — — — Other Assets — 108 Interest Rate Cap 23,300 Mar 2019 Mar 2022 3.50 % — 3.50 % Other Assets 9 — $ 42,501 $ (141 ) $ 108 Fund III Interest Rate Cap $ 58,000 Dec 2016 Jan 2020 3.00 % — 3.00 % Other Assets $ — $ 8 Fund IV Interest Rate Swaps $ 23,100 Mar 2017 Mar 2020 1.82 % — 1.82 % Other Assets $ 23 $ 851 Interest Rate Swap 70,114 Mar 2017 - May 2019 Apr 2022 - Dec 2022 1.97 % — 4.00 % Other Liabilities (878 ) — Interest Rate Caps 108,900 July 2016 - Nov 2016 Aug 2019 - Dec 2019 3.00 % — 3.00 % Other Assets — 8 $ 202,114 $ (855 ) $ 859 Fund V Interest Rate Swap $ — — — — — — Other Assets $ — $ 21 Interest Rate Swaps 156,900 Jan 2018-Mar 2019 Feb 2021-Mar 2024 2.27 % — 2.88 % Other Liabilities (4,756 ) (972 ) $ 156,900 $ (4,756 ) $ (951 ) Total asset derivatives $ 1,057 $ 7,018 Total liability derivatives $ (37,354 ) $ (7,304 ) (a) Includes two swaps with an aggregate fair value of ($10.6) million and ($2.9) million at June 30, 2019 and December 31, 2018, respectively, which were acquired during July 2018 and are not effective until July 2020. 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 $3.4 million included in accumulated other comprehensive (loss) income related to derivatives will be reclassified to interest expense within the next twelve months. As of June 30, 2019 and December 31, 2018, 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): June 30, 2019 December 31, 2018 Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes Receivable (a) 3 $ 94,662 $ 93,532 $ 109,613 $ 107,370 Mortgage and Other Notes Payable (a) 3 1,035,677 1,040,198 1,026,708 1,021,075 Investment in non-traded equity securities (b) 3 — 23,208 — 23,208 Unsecured notes payable and Unsecured line of credit (c) 2 660,025 660,734 533,625 533,954 (a) The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. (b) Represents Fund II’s cost-method investment in Albertson’s supermarkets ( Note 4 ). (c) The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. The Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and certain financial instruments included in other assets and other liabilities had fair values that approximated their carrying values at June 30, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies The Company is involved in various matters of litigation arising in the normal course of business. While the Company is unable to predict with certainty the amounts involved, the Company’s management and counsel are of the opinion that, when such litigation is resolved, the Company’s resulting liability, if any, will not have a significant effect on the Company’s consolidated financial position, results of operations, or liquidity. The Company's policy is to accrue legal expenses as they are incurred. Commitments and Guaranties In conjunction with the development and expansion of various properties, the Company has entered into agreements with general contractors for the construction or development of properties aggregating approximately $52.1 million and $55.5 million as of June 30, 2019 and December 31, 2018, respectively. At June 30, 2019 and December 31, 2018, the Company had letters of credit outstanding of $31.3 million and $19.7 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 Income | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | |
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income | 10. Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Income Common Shares and Units In addition to the ATM Program activity discussed below, the Company completed the following transactions in its common shares during the six months ended June 30, 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 totaling $3.7 million in connection with Restricted Shares and Units ( Note 13 ) for the six months ended June 30, 2019 compared to $4.3 million for the six months ended June 30, 2018. 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, 2018: • The Company withheld 3,288 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. • The Company recognized Common Share and Common OP Unit-based compensation totaling $8.4 million in connection with Restricted Shares and Units ( Note 13 ). ATM Program The Company has an at-the-market (“ATM”) equity issuance program which provides the Company an efficient and low-cost vehicle for raising public equity to fund its capital needs. During the three months ended June 30, 2019, the Company sold 1,696,516 shares under its ATM program for gross proceeds of $48.0 million, or $47.3 million net of issuance costs, at a weighted-average gross price per share of $28.29. During the six months ended June 30, 2019, the Company sold 2,667,351 shares under its ATM program for gross proceeds of $76.2 million, or $75.1 million net of issuance costs, at a weighted-average gross price per share of $28.58. In the second quarter, the Company entered into a new $250.0 million ATM program that replaced its existing program and also included an optional “forward purchase” component. Share Repurchase Program During 2018, the Company’s board of trustees 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 repurchased 2,294,235 shares for $55.1 million, inclusive of $0.1 million of fees, during the year ended December 31, 2018. During the six months ended June 30, 2019 the Company made no repurchases under the share repurchase program, under which $144.9 million currently remains available. Dividends and Distributions The following table sets forth the dividends declared and/or paid during the six months ended June 30, 2019: Date Declared Amount Per Share Record Date Payment Date November 15, 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 Accumulated Other Comprehensive Income The following tables set forth the activity in accumulated other comprehensive income for the three and six months ended June 30, 2019 and 2018 (in thousands): Gains or Losses on Derivative Instruments Balance at April 1, 2019 $ (11,021 ) Other comprehensive loss before reclassifications (22,652 ) Reclassification of realized interest on swap agreements (535 ) Net current period other comprehensive loss (23,187 ) Net current period other comprehensive loss attributable to noncontrolling interests 4,638 Balance at June 30, 2019 $ (29,570 ) Balance at April 1, 2018 $ 7,376 Other comprehensive income before reclassifications 2,950 Reclassification of realized interest on swap agreements 109 Net current period other comprehensive income 3,059 Net current period other comprehensive income attributable to noncontrolling interests (297 ) Balance at June 30, 2018 $ 10,138 Gains or Losses on Derivative Instruments Balance at January 1, 2019 $ 516 Other comprehensive loss before reclassifications (35,958 ) Reclassification of realized interest on swap agreements (1,086 ) Net current period other comprehensive loss (37,044 ) Net current period other comprehensive loss attributable to noncontrolling interests 6,958 Balance at June 30, 2019 $ (29,570 ) Balance at January 1, 2018 $ 2,614 Other comprehensive income before reclassifications 8,603 Reclassification of realized interest on swap agreements 472 Net current period other comprehensive income 9,075 Net current period other comprehensive income attributable to noncontrolling interests (1,551 ) Balance at June 30, 2018 $ 10,138 Noncontrolling Interests The following tables summarize the change in the noncontrolling interests for the three and six months ended June 30, 2019 and 2018 (dollars in thousands): Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially-Owned Affiliates (b) Total Balance at April 1, 2019 $ 105,044 $ 535,377 $ 640,421 Distributions declared of $0.28 per Common OP Unit (1,776 ) — (1,776 ) Net income (loss) for the three months ended June 30, 2019 722 (15,039 ) (14,317 ) Conversion of 33,289 Common OP Units to Common Shares by limited partners of the Operating Partnership (557 ) — (557 ) Other comprehensive loss - unrealized loss on valuation of swap agreements (1,127 ) (3,464 ) (4,591 ) Reclassification of realized interest expense on swap agreements (23 ) (24 ) (47 ) Noncontrolling interest distributions — (1,645 ) (1,645 ) Employee Long-term Incentive Plan Unit Awards 1,835 — 1,835 Reallocation of noncontrolling interests (c) (413 ) — (413 ) Balance at June 30, 2019 $ 103,705 $ 515,205 $ 618,910 Balance at April 1, 2018 $ 106,395 $ 533,603 $ 639,998 Distributions declared of $0.27 per Common OP Unit (1,713 ) — (1,713 ) Net income (loss) for the three months ended June 30, 2018 633 (10,568 ) (9,935 ) Conversion of 28,512 Common OP Units to Common Shares by limited partners of the Operating Partnership (481 ) — (481 ) Other comprehensive income - unrealized gain on valuation of swap agreements 154 44 198 Reclassification of realized interest expense on swap agreements 9 90 99 Noncontrolling interest contributions — 6,550 6,550 Noncontrolling interest distributions — (14,945 ) (14,945 ) Employee Long-term Incentive Plan Unit Awards 2,126 — 2,126 Reallocation of noncontrolling interests (c) (2,023 ) — (2,023 ) Balance at June 30, 2018 $ 105,100 $ 514,774 $ 619,874 Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially-Owned Affiliates (b) Total Balance at January 1, 2019 $ 104,223 $ 518,219 $ 622,442 Distributions declared of $0.56 per Common OP Unit (3,557 ) — (3,557 ) Net income (loss) for the six months ended June 30, 2019 1,653 (25,231 ) (23,578 ) Conversion of 207,818 Common OP Units to Common Shares by limited partners of the Operating Partnership (3,510 ) — (3,510 ) Other comprehensive loss - unrealized loss on valuation of swap agreements (1,822 ) (5,068 ) (6,890 ) Reclassification of realized interest expense on swap agreements (44 ) (24 ) (68 ) Noncontrolling interest contributions — 32,191 32,191 Noncontrolling interest distributions — (4,882 ) (4,882 ) Employee Long-term Incentive Plan Unit Awards 5,195 — 5,195 Reallocation of noncontrolling interests (c) 1,567 — 1,567 Balance at June 30, 2019 $ 103,705 $ 515,205 $ 618,910 Balance at January 1, 2018 $ 102,921 $ 545,519 $ 648,440 Distributions declared of $0.54 per Common OP Unit (3,434 ) — (3,434 ) Net income (loss) for the six months ended June 30, 2018 1,245 (22,759 ) (21,514 ) Conversion of 64,638 Common OP Units to Common Shares by limited partners of the Operating Partnership (1,123 ) — (1,123 ) Other comprehensive income - unrealized gain on valuation of swap agreements 428 930 1,358 Reclassification of realized interest expense on swap agreements 19 174 193 Noncontrolling interest contributions — 6,550 6,550 Noncontrolling interest distributions — (15,640 ) (15,640 ) Employee Long-term Incentive Plan Unit Awards 5,842 — 5,842 Reallocation of noncontrolling interests (c) (798 ) — (798 ) Balance at June 30, 2018 $ 105,100 $ 514,774 $ 619,874 (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,320,325 and 3,331,440 Common OP Units at June 30, 2019 and June 30, 2018; (ii) 188 Series A Preferred OP Units at June 30, 2019 and June 30, 2018; (iii) 136,593 Series C Preferred OP Units at June 30, 2019 and June 30, 2018; and (iv) 2,715,679 and 2,606,221 LTIP units at June 30, 2019 and June 30, 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 six other subsidiaries. (c) Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership. Preferred OP Units There were no issuances of Preferred OP Units during the six months ended June 30, 2019. In 1999 the Operating Partnership issued 1,580 Series A Preferred OP Units in connection with the acquisition of a property, which have a stated value of $1,000 per unit, and are entitled to a preferred quarterly distribution of the greater of (i) $22.50 (9% annually) per Series A Preferred OP Unit or (ii) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit. Through June 30, 2019, 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 June 30, 2019, 5,000 Series C Preferred OP Units were converted into 17,165 Common OP Units and then into Common Shares. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | 11. Leases As Lessor The Company implemented ASC Topic 842, Leases Note 1 ). As lessor, there were no accounting adjustments required, however, the presentation of the Company’s lease revenues in 2019 includes amounts previously reported as reimbursed expenses. There was no cumulative effect adjustment to retained earnings required upon adoption of the new standard. In addition, the Company began expensing internal leasing costs, which have historically been capitalized. 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 three and six months ended June 30, 2019, the Company earned $13.2 million and $26.6 million, respectively, in variable lease revenues, primarily for real estate taxes and common area maintenance charges, which are included in lease revenues in the consolidated statements of income. As Lessee As lessee, upon implementation of ASC Topic 842, the Company recorded right-of-use assets and corresponding lease liabilities 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, of the total. Three finance leases were recorded post-implementation upon assessment of triggering events whereby the Company’s cumulative leasehold investment made it reasonably certain that the Company would exercise its purchase options. During the three months ended June 30, 2019, the Company entered into two new master leases, one of which is a finance lease, (1238 Wisconsin Avenue, acquired on May 2, 2019) and one of which was an operating lease (110 University Place, acquired on May 1, 2019 by Fund IV for $10.5 million) and recorded a right-of-use asset – finance lease of $11.2 million and a right of use asset - operating lease of $45.3 million and a corresponding lease liability – finance lease of $10.7 million and a lease liability - operating lease of $45.3 million. Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Lease Cost (Not applicable) (Not applicable) Finance lease cost: Amortization of right-of-use assets $ 542 $ 1,038 Interest on lease liabilities 934 1,777 Subtotal 1,476 2,815 Operating lease cost 1,107 1,643 Variable lease cost 25 57 Total lease cost $ 2,608 $ 4,515 Other Information Weighted-average remaining lease term - finance leases (years) 45.4 Weighted-average remaining lease term - operating leases (years) 33.8 Weighted-average discount rate - finance leases 4.5 % Weighted-average discount rate - operating leases 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 Disclosures Related to Prior Periods The Company leased land at six of its shopping centers, which were accounted for as operating leases through December 31, 2018 which generally provided the Company with renewal options. Ground rent expense was $0.8 million (including capitalized ground rent at a property under development of $0.3 million) for the six months ended June 30, 2018. The leases terminate at various dates between 2020 and 2066. These leases provide the Company with options to renew for additional terms aggregating up to 25 to 71 years. The Company also leases space for its corporate office. Office rent expense under this lease was $0.5 million for the six months ended June 30, 2018. During 2016, the Company entered into a 49-year master lease, which was accounted for as a capital lease through December 31, 2018 and was later reclassified as a finance lease upon implementation of ASC 842 as described above. During the six months ended June 30, 2018, payments for this lease totaled $1.3 million. The property under the capital lease is included in Note 2 . Lease Obligations The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of June 30, 2019, are summarized as follows (in thousands): Year Ending December 31, Minimum Rental Revenues Minimum Rental Payments (a, b) 2019 (Remainder) $ 94,448 $ 3,606 2020 193,637 7,139 2021 176,109 7,073 2022 156,178 7,082 2023 137,655 7,075 Thereafter 598,691 334,761 Total $ 1,356,718 $ 366,736 (a) A ground lease expiring during 2078 provides the Company with an option to purchase the underlying land during 2031. If the Company does not exercise the option, the rents that will be due are based on future values and as such are not determinable at this time. Accordingly, the above table does not include rents for this lease beyond 2031. (b) Minimum rental payments include $222.6 million of interest related to finance leases. During the three and six months ended June 30, 2019 and 2018, no single tenant or property collectively comprised more than 10% of the Company’s consolidated total revenues. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2019 | |
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): For the Three Months Ended June 30, 2019 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 43,212 $ 27,850 $ — $ — $ 71,062 Depreciation and amortization (15,092 ) (15,212 ) — — (30,304 ) Property operating expenses, other operating and real estate taxes (12,217 ) (11,021 ) — — (23,238 ) General and administrative expenses — — — (9,034 ) (9,034 ) Impairment charge — (1,400 ) — — (1,400 ) Operating income (loss) 15,903 217 — (9,034 ) 7,086 Interest and other income 327 1,586 2,229 — 4,142 Equity in earnings of unconsolidated affiliates 3,254 305 — — 3,559 Interest expense (6,839 ) (12,920 ) — — (19,759 ) Income tax provision — — — (265 ) (265 ) Net income (loss) 12,645 (10,812 ) 2,229 (9,299 ) (5,237 ) Net loss attributable to noncontrolling interests 425 13,892 — — 14,317 Net income attributable to Acadia $ 13,070 $ 3,080 $ 2,229 $ (9,299 ) $ 9,080 For the Three Months Ended June 30, 2018 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 40,539 $ 23,030 $ — $ — $ 63,569 Depreciation and amortization (14,927 ) (14,576 ) — — (29,503 ) Property operating expenses, other operating and real estate taxes (10,510 ) (9,350 ) — — (19,860 ) General and administrative expenses — — — (7,907 ) (7,907 ) Gain on disposition of properties — 33 — — 33 Operating income (loss) 15,102 (863 ) — (7,907 ) 6,332 Interest and other income — — 3,289 — 3,289 Equity in earnings of unconsolidated affiliates 1,726 3,293 — — 5,019 Interest expense (7,001 ) (9,914 ) — — (16,915 ) Income tax benefit — — — 5 5 Net income (loss) 9,827 (7,484 ) 3,289 (7,902 ) (2,270 ) Net loss attributable to noncontrolling interests 200 9,735 — — 9,935 Net income attributable to Acadia $ 10,027 $ 2,251 $ 3,289 $ (7,902 ) $ 7,665 As of or for the Six Months Ended June 30, 2019 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 89,899 $ 55,963 $ — $ — $ 145,862 Depreciation and amortization (30,770 ) (29,867 ) — — (60,637 ) Property operating expenses, other operating and real estate taxes (24,211 ) (20,977 ) — — (45,188 ) General and administrative expenses — — — (17,357 ) (17,357 ) Impairment charge — (1,400 ) — — (1,400 ) Gain on disposition of properties — 2,014 — — 2,014 Operating income 34,918 5,733 — (17,357 ) 23,294 Interest and other income 327 1,586 4,499 — 6,412 Equity in earnings of unconsolidated affiliates 5,524 306 — — 5,830 Interest expense (13,532 ) (24,086 ) — — (37,618 ) Income tax provision — — — (219 ) (219 ) Net income (loss) 27,237 (16,461 ) 4,499 (17,576 ) (2,301 ) Net loss attributable to noncontrolling interests 385 23,193 — — 23,578 Net income attributable to Acadia $ 27,622 $ 6,732 $ 4,499 $ (17,576 ) $ 21,277 Real estate at cost $ 2,154,630 $ 1,784,895 $ — $ — $ 3,939,525 Total assets $ 2,267,022 $ 1,848,238 $ 94,662 $ — $ 4,209,922 Cash paid for acquisition of real estate $ 49,402 $ 89,314 $ — $ — $ 138,716 Cash paid for development and property improvement costs $ 26,876 $ 28,996 $ — $ — $ 55,872 As of or for the Six Months Ended June 30, 2018 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 82,166 $ 44,527 $ — $ — $ 126,693 Depreciation and amortization (30,425 ) (27,654 ) — — (58,079 ) Property operating expenses, other operating and real estate taxes (21,405 ) (17,832 ) — — (39,237 ) General and administrative expenses — — — (16,377 ) (16,377 ) Gain on disposition of properties — 33 — — 33 Operating income (loss) 30,336 (926 ) — (16,377 ) 13,033 Interest and other income — — 7,026 — 7,026 Equity in earnings of unconsolidated affiliates 3,152 3,551 — — 6,703 Interest expense (13,502 ) (19,303 ) — — (32,805 ) Income tax provision — — — (387 ) (387 ) Net income (loss) 19,986 (16,678 ) 7,026 (16,764 ) (6,430 ) Net loss attributable to noncontrolling interests 128 21,386 — — 21,514 Net income attributable to Acadia $ 20,114 $ 4,708 $ 7,026 $ (16,764 ) $ 15,084 Real estate at cost $ 2,047,672 $ 1,500,371 $ — $ — $ 3,548,043 Total assets $ 2,236,405 $ 1,535,154 $ 109,209 $ — $ 3,880,768 Cash paid for acquisition of real estate $ 1,343 $ 44,828 $ — $ — $ 46,171 Cash paid for development and property improvement costs $ 15,293 $ 26,644 $ — $ — $ 41,937 |
Share Incentive and Other Compe
Share Incentive and Other Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share Incentive and Other Compensation | 13. Share Incentive and Other Compensation Share Incentive Plan The Second Amended and Restated 2006 Incentive Plan (the “Share Incentive Plan”) authorizes the Company to issue options, Restricted Shares, LTIP Units and other securities (collectively “Awards”) to, among others, the Company’s officers, trustees and employees. At June 30, 2019 a total of 692,409 shares remained available to be issued under the Share Incentive Plan. Restricted Shares and LTIP Units During the six months ended June 30, 2019, the Company issued 330,718 LTIP Units and 8,041 Restricted Share Units to employees of the Company pursuant to the Share Incentive Plan. These awards were measured at their fair value on the grant date, based on a valuation provided by an independent third-party appraiser incorporating the following factors: • A portion of these annual equity 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, Relative TSR vesting percentage is determined using a straight-line linear interpolation between 50% and 100% and in the event that the Relative TSR percentile falls between the 50th percentile and 75th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 100% and 200%. • Two-thirds (2/3) of the performance-based LTIP Units will vest based on the Company’s total shareholder return (“TSR”) for the three-year forward-looking performance period ending December 31, 2021 relative to the constituents of the SNL U.S. REIT Retail Shopping Center Index and one-third (1/3) on the Company’s TSR for the three-year forward-looking performance period as compared to the constituents of the SNL U.S. REIT Retail Index (both on a non-weighted basis). • If the Company’s performance fails to achieve the aforementioned hurdles at the culmination of the three -year performance period, all performance-based shares will be forfeited. Any earned performance-based shares vest 60% at the end of the performance period, with the remaining 40% of shares vesting ratably over the next two years. For valuation of the 201 9 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 performance periods. The assumptions include volatility (19.60%) and risk-free interest rates (2.5%) . The total value of the above Restricted Share Units and LTIP Units as of the grant date was $ 11.1 million. Total long-term incentive compensation expense, including the expense related to the Share Incentive Plan, was $1.8 million, $3.7 million, $2.2 million and $4.3 million for the three and six months ended June 30, 2019 and 2018, respectively and is recorded in General and Administrative on the Consolidated Statements of Income. In addition, members of the Board of Trustees (the “Board”) have been issued shares and units under the Share Incentive Plan. During 2019, the Company issued 18,009 LTIP Units and 17,318 Restricted Shares to Trustees of the Company in connection with Trustee fees. Vesting with respect to 6,463 of the LTIP Units and 3,996 of the Restricted Shares will be on the first anniversary of the date of issuance and 11,546 of the LTIP Units and 13,322 of the Restricted Shares vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares, but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Total trustee fee expense, including the expense related to the Share Incentive Plan, was $0.7 million and $0.6 million for the six months ended June 30, 2019 and 2018. 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. The Company has granted such awards to employees representing 25% of the potential Promote payments from Fund III to the Operating Partnership, 22.8% of the potential Promote payments from Fund IV to the Operating Partnership and 2.2% 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. No compensation expense was recognized for the six months ended June 30, 2019 and 2018, respectively, 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 28.56 348,726 32.78 Vested (21,424 ) 27.12 (290,753 ) 29.30 Forfeited — — (3,609 ) 27.57 Unvested at June 30, 2019 42,390 $ 23.73 946,250 $ 28.30 The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the six months ended June 30, 2019 and the year ended December 31, 2018 were $32.50 and $26.64, respectively. As of June 30, 2019, there was $20.5 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 1.9 years. The total fair value of Restricted Shares that vested for the six months ended June 30, 2019 and the year ended December 31, 2018, was $0.6 million and $0.8 million, respectively. The total fair value of LTIP Units that vested (LTIP units vest primarily during the first quarter) during the six months ended June 30, 2019 and the year ended December 31, 2018, was $8.5 million and $12.8 million, respectively. Other Plans On a combined basis, the Company incurred a total of $0.2 million related to the following employee benefit plans for each of the six months ended June 30, 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 the $25,000 in Common Shares per year. Compensation expense will be recognized by the Company to the extent of the above discount to the closing price of the Common Shares with respect to the applicable quarter. A total of 1,352 and 2,174 Common Shares were purchased by employees under the Purchase Plan for the six months ended June 30, 2019 and 2018, 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 ending December 31, 2019. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | 14. Earnings Per Common Share Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding ( Note 10 ). 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 (“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. Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2019 2018 2019 2018 Numerator: Net income attributable to Acadia $ 9,080 $ 7,665 $ 21,277 $ 15,084 Less: net income attributable to participating securities (27 ) (47 ) (99 ) (91 ) Income from continuing operations net of income attributable to participating securities $ 9,053 $ 7,618 $ 21,178 $ 14,993 Denominator: Weighted average shares for basic earnings per share 83,703,886 81,755,702 82,872,977 82,590,256 Effect of dilutive securities: Employee unvested restricted shares — — — 1,968 Denominator for diluted earnings per share 83,703,886 81,755,702 82,872,977 82,592,224 Basic and diluted earnings per Common Share from continuing operations attributable to Acadia $ 0.11 $ 0.09 $ 0.26 $ 0.18 Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units 188 188 188 188 Series A Preferred OP Units - Common share equivalent 25,067 25,067 25,067 25,067 Series C Preferred OP Units 136,593 136,593 136,593 136,593 Series C Preferred OP Units - Common share equivalent 474,278 474,278 474,278 474,278 Restricted shares 40,821 38,831 40,821 — |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 15. Subsequent Events Fund Equity Effective in July 2019, Funds III, IV and V called $10.1 million, $12.7 million and $57.8 million, respectively, of capital for which the Company’s total share was $17.0 million. Disposition On July 24, 2019, the Company sold its Fund IV JFK Plaza property for $7.8 million ( Note 2 Financing On July 15, 2019, the Company modified the terms of one of its Fund IV mortgages and paid down the balance by $4.8 million. |
Organization, Basis of Presen_2
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Segments | Segments At June 30, 2019, 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 interim consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income. The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items. These interim consolidated financial statements should be read in conjunction with the Company’s 2018 Annual Report on Form 10-K, as filed with the SEC on February 19, 2019. |
Use of Estimates | Use of Estimates GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the interim consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. |
Reclassifications | Reclassifications Certain prior period amounts with regard to gains on dispositions of properties have been reclassified to conform to the current period presentation. |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements Lease Accounting In February 2016, the FASB issued ASU No. 2016-02 , Leases (Topic 842). Revenue from Contracts with Customers • A package of three practical expedients that must be elected together for all leases and includes: (i) not reassessing expired or existing contracts as to whether they are or contain leases; (ii) not reassessing lease classification of existing leases and (iii) not reassessing the amount of capitalized initial direct costs for existing leases; • A practical expedient to use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets; • Lessees may make an accounting policy election by class of underlying asset not to separate lease components from non-lease components; and • Lessees may make an accounting policy election not to apply the recognition and measurement requirements to short-term leases. ASU 2016-02 was modified by the following subsequently issued ASU’s (together with ASU 2016-02, “Topic 842”), many of which provided additional transition practical expedients: • ASU 2018-01, Land Easements Practical Expedient for Transition to Topic 842 added a transition practical expedient to not reassess existing or expired land easement agreements not previously accounted for as leases • ASU No. 2018-10, Codification Improvements to Topic 842, Leases . These amendments provide minor clarifications and corrections to ASU 2016-02. • ASU 2018-11, Leases (Topic 842): Targeted Improvements . o The amendments in this Update provide entities with an additional optional transition method to adopt ASU 2016-02. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting under this additional transition method for the comparative periods presented in the financial statements in which it adopts the new leases standard would continue to be in accordance with former GAAP (Topic 840, Leases). o The amendments in this Update also provide lessors with a practical expedient, by class of underlying asset, to make a policy election to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606). Conditions are required to elect the practical expedient, and if met, the single component will be accounted for under either under Topic 842 or Topic 606 depending on which component(s) are predominant. The lessor practical expedient to not separate non-lease components from the associated component must be elected for all existing and new leases. • ASU 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors . This ASU modifies ASU No. 2016-02 to permit lessors, as an accounting policy election, not to evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, those lessors will account for those costs as if they are lessee costs. Consequently, a lessor making this election will exclude from the consideration in the contract and from variable payments not included in the consideration in the contract all collections from lessees of taxes within the scope of the election and will provide certain disclosures (includes sales, use, value added, and some excise taxes and excludes real estate taxes). • ASU 2019-01, Leases (Topic 842), Codification Improvements . There are three codification updates to Topic 842 covered by this ASU: Issue 1 provides guidance on how to compute fair value of leased items for lessors who are non-dealers or manufacturers; Issue 2 relates to cash flow presentation for lessors of sales-type and direct financing leases; and Issue 3 clarifies that certain transition disclosures will only be required in annual disclosures. Under the new leasing guidance, contract consideration shall be allocated to its lease components (such as the lease of retail properties) and non-lease components (such as maintenance). For lessors, any non-lease components will be accounted for under Topic 606 former GAAP (Topic 840, Leases ). The Company adopted Topic 842 effective January 1, 2019 utilizing the new transition method described in ASU 2018-11 and has availed itself of all the available practical expedients described above except it did not use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets. As lessor, the Company has more than 1,000 leases primarily with retail tenants and to a lesser extent with office and residential tenants. A significant majority of its leases are on a triple-net basis. The impact of adoption of ASU 2016-02 for the Company as lessor was as follows: • The Company has elected the lessor practical expedient to not separate common area maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. Common area maintenance is considered a non-lease component within the scope of Topic 606 and reimbursements of taxes and insurance are considered contractual payments that do not transfer a good or service to the tenant; however, such revenues related to leases, which were formerly reported as reimbursed expenses, will be reported within lease revenues in the presentation of the statement of income subsequent to the implementation of ASC 842. Prior year classifications under ASC 840 will not be adjusted. • Due to its election of available practical expedients, the Company expects that post-adoption substantially all existing leases, and new leases compared to similar existing leases, will have no change in the timing of revenue recognition. • The Company’s internal leasing costs will be expensed as incurred, as opposed to being capitalized and deferred. Commissions subsequent to successful lease execution will continue to be capitalized. After adoption, the Company will no longer capitalize internal leasing costs that were previously capitalized (the Company capitalized $ million of internal leasing costs during the year ended December 31, 2018 ). • The Company has existing easement arrangements that have not been previously identified as leases. The Company expects that its existing and similar future easement arrangements will not be classified as rental revenue but as other revenues as these arrangements do not transfer control to the counterparty. • The Company makes a policy election to continue to account for only those taxes described under ASU 2018-20 that it pays on behalf of the tenant as reimbursable costs and will not account for those taxes paid directly by the lessee which are considered lessee costs. As lessee, the Company was party to 13 ground, office and equipment leases with future payment obligations aggregating $203.1 million at December 31, 2018 follows ( Note 11 ): • As lessee, the Company has applied the following practical expedients in the implementation ASU 2016-02: (i) to not separate non-lease components from the associated lease component as described above and (ii) to not apply the right-of-use recognition requirements to short-term leases. As such, there were no changes in the timing of recognition of expenses related to its operating leases. • The Company recognized right-of-use assets and lease liabilities of $11.9 million and $12.8 million, respectively, related to its operating leases. • The Company reclassified its existing capital lease asset of $77.0 million and capital lease liability of $71.1 million to a right-of-use asset and a lease liability, respectively, pertaining to finance leases. • Subsequent to the adoption of and in accordance with Topic 842, the Company reassessed the circumstances surrounding three of its operating ground leases and determined that it had made significant leasehold improvements and was now reasonably certain to exercise their purchase options. Accordingly, the Company reclassified the existing right-of-use assets and lease liabilities from operating leases to finance leases and adjusted the leases’ right-of-use assets and corresponding lease liabilities to $5.7 million and $5.7 million, respectively, to incorporate the present value of the purchase options, which totaled $4.7 million at January 1, 2019. • With the adoption of ASC Topic 842, the Company will first apply 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 may apply a general reserve, as provided under ASC 450-20, if applicable. The Company did not record any cumulative effect of change in accounting principle upon the adoption of ASC Topic 842 as lessor or lessee. Consistent with the transition guidance under ASU 2018-11, all prior period disclosures remain in accordance with ASC Topic 840. Other Accounting Topics In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements Recently Issued Accounting Pronouncements In April 2019, the FASB issued ASU No. 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, updates related to ASU 2017-12 are effective for the Company on January 1, 2020. The updates related to ASU 2016-01 are effective for fiscal years beginning after December 15, 2019 . The Company is currently evaluating the impact of this new standard on its consolidated financial statements. In May 2019, the FASB issued ASU No. 2019-05 Financial Instruments — Credit Losses (Topic 326) In November 2018, the FASB issued ASU No. 2018-19 Codification Improvements to Topic 326, Financial Instruments — Credit Losses Financial Instruments – Credit Losses – Measure at Amortized Cost Leases. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses In June 2018, the FASB issued ASU No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. Revenue from Contracts with Customers In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract |
Organization, Basis of Presen_3
Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2019 Unfunded Commitment Equity Interest Held By Operating Partnership (a) Preferred Return Total Distributions as of June 30, 2019 (b) Fund II and Mervyns II (c) 6/2004 28.33 % $ 347.1 $ 15.0 28.33 % 8 % $ 146.6 Fund III 5/2007 24.54 % 426.3 23.7 24.54 % 6 % 554.8 Fund IV 5/2012 23.12 % 425.4 104.6 23.12 % 6 % 147.4 Fund V 8/2016 20.10 % 118.3 401.7 20.10 % 6 % 2.0 (a) Amount represents the current economic ownership at June 30, 2019, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund. (b) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. (c) During April 2018, a distribution of $15.0 million was made to the Fund II investors, including $4.3 million to the Operating Partnership. This amount remains subject to re-contribution to Fund II until April 2021. |
Real Estate (Tables)
Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | |
Schedule of Consolidated Real Estate | The Company’s consolidated real estate is comprised of the following (in thousands): June 30, 2019 December 31, 2018 Land $ 732,422 $ 710,469 Buildings and improvements 2,638,585 2,594,828 Tenant improvements 170,523 151,154 Construction in progress 36,721 44,092 Properties under capital lease ( Note 11 ) — 76,965 Right-of-use assets - finance leases ( Note 11 ) 93,796 — Right-of-use assets - operating leases ( Note 11 ) 56,279 — Total 3,728,326 3,577,508 Less: Accumulated depreciation (458,762 ) (416,657 ) Operating real estate, net 3,269,564 3,160,851 Real estate under development, at cost 211,199 120,297 Net investments in real estate $ 3,480,763 $ 3,281,148 |
Schedule of Business Acquisitions, by Acquisition | During the six months ended June 30, 2019 and the year ended December 31, 2018, the Company acquired the following consolidated retail properties (dollars in thousands): Property and Location Percent Acquired Date of Acquisition Purchase Price 2019 Acquisitions Core Soho Portfolio - 41, 51 and 53 Greene Street - New York, NY (a) 100% Mar 15, 2019 Mar 27, 2019 May 29, 2019 $ 49,569 Subtotal Core 49,569 Fund V Palm Coast Landing - Palm Coast, FL 100% May 6, 2019 36,644 Lincoln Commons - Lincoln, RI 100% June 21, 2019 54,299 Subtotal Fund V 90,943 Total 2019 Acquisitions $ 140,512 2018 Acquisitions and Conversions Core Bedford Green Land Parcel - Bedford Hills, NY 100% Mar 23, 2018 $ 1,337 Subtotal Core 1,337 Fund IV Broughton Street Partners I - Savannah, GA (Conversion) ( Note 4 ) 100% Oct 11, 2018 36,104 Subtotal Fund IV 36,104 Fund V Trussville Promenade - Trussville, AL 100% Feb 21, 2018 45,259 Elk Grove Commons - Elk Grove, CA 100% Jul 18, 2018 59,320 Hiram Pavilion - Hiram, GA 100% Oct 23, 2018 44,443 Subtotal Fund V 149,022 Total 2018 Acquisitions and Conversions $ 186,463 (a) The Soho Portfolio is a collection of six properties located in New York, NY with an aggregate purchase price of approximately $96.0 million. The acquisitions of the remaining three properties are expected to be finalized through early 2020. |
Schedule of Purchase Price Allocations | The following table summarizes the allocation of the purchase price of properties acquired during the six months ended June 30, 2019 and the year ended December 31, 2018 (in thousands): Six Months Ended June 30, 2019 Year Ended December 31, 2018 Net Assets Acquired Land $ 35,865 $ 38,086 Buildings and improvements 92,468 129,586 Acquisition-related intangible assets ( Note 6 ) 17,355 26,693 Acquisition-related intangible liabilities ( Note 6 ) (5,176 ) (7,902 ) Net assets acquired $ 140,512 $ 186,463 Consideration Cash $ 138,716 $ 147,985 Liabilities assumed 1,796 2,597 Existing interest in previously unconsolidated investment — 35,881 Total consideration $ 140,512 $ 186,463 |
Schedule of Property Dispositions | During the six months ended June 30, 2019 and the year ended December 31, 2018, the Company disposed of the following consolidated properties (in thousands): Property and Location Owner Date Sold Sale Price Gain on Sale 2019 Dispositions 3104 M Street - Washington, DC ( Note 4 ) Fund III Jan 24, 2019 $ 10,500 $ 2,014 210 Bowery - 1 Residential Condo - New York, NY Fund IV May 17, 2019 2,700 — Total 2019 Dispositions $ 13,200 $ 2,014 2018 Dispositions Sherman Avenue - New York, NY Fund II Apr 17, 2018 $ 26,000 $ 33 Lake Montclair - Dumfries, VA Fund IV Aug 27, 2018 22,450 2,923 1861 Union Street - San Francisco, CA Fund IV Aug 29, 2018 6,000 2,184 210 Bowery - 4 Residential Condos - New York, NY Fund IV Nov 30, 2018, Dec 10, 2018, Dec 17, 2018, Dec 21, 2018 12,050 — Total 2018 Dispositions $ 66,500 $ 5,140 |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during the three months ended June 30, 2019 and year ended December 31, 2018 were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Revenues $ 10 $ 772 $ 53 $ 1,564 Expenses (180 ) (947 ) (257 ) (1,691 ) Gain on disposition of properties — 33 2,014 33 Net (income) loss attributable to noncontrolling interests 9 496 154 395 Net income attributable to Acadia $ (161 ) $ 354 $ 1,964 $ 301 |
Schedule of Development in Process Activities | Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands): December 31, 2018 Six Months Ended 2019 June 30, 2019 Number of Properties Carrying Value Transfers In Capitalized Costs Transfers Out Number of Properties Carrying Value Core 1 $ 7,759 $ 57,342 $ 5,382 $ — 2 $ 70,483 Fund II — 7,462 — 1,254 — — 8,716 Fund III 1 21,242 12,313 1,446 — 1 35,001 Fund IV 1 83,834 9,166 3,999 — 2 96,999 Total 3 $ 120,297 $ 78,821 $ 12,081 $ — 5 $ 211,199 |
Notes Receivable, Net (Tables)
Notes Receivable, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts And Notes Receivable Net [Abstract] | |
Schedule of Notes Receivable | The Company’s notes receivable, net were generally collateralized either by the underlying properties or the borrower’s ownership interest in the entities that own the properties, and were as follows (dollars in thousands): June 30, December 31, June 30, 2019 Description 2019 2018 Number Maturity Date Interest Rate Core Portfolio $ 56,475 $ 56,475 2 Oct 2019 - Apr 2020 6.0% - 8.1% Fund II 32,881 32,582 1 Dec 2020 1.75% Fund III 5,306 5,306 1 Jul 2020 18.0% Fund IV — 15,250 — Feb 2021 15.3% $ 94,662 $ 109,613 4 |
Investments in and Advances t_2
Investments in and Advances to Unconsolidated Affiliates (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Nominal Ownership Interest June 30, December 31, Portfolio Property June 30, 2019 2019 2018 Core: 840 N. Michigan (a) 88.43% $ 64,622 $ 65,013 Renaissance Portfolio 20% 32,675 32,458 Gotham Plaza 49% 29,546 29,550 Town Center (a, b) 75.22% 98,805 99,758 Georgetown Portfolio 50% 4,808 4,653 230,456 231,432 Mervyns I & II: KLA/Mervyn's, LLC (c) 10.5% — — Fund III: Fund III Other Portfolio 90% 17 21 Self Storage Management (d) 95% 206 206 223 227 Fund IV: Broughton Street Portfolio (e) 50% 12,579 3,236 Fund IV Other Portfolio 90% 14,433 14,540 650 Bald Hill Road 90% 12,557 12,880 39,569 30,656 Fund V: Family Center at Riverdale (a) 90% 14,514 — Tri-City Plaza 90% 36,636 — 51,150 — Various Funds: Due (to) from Related Parties (1,477 ) (461 ) Other (f) 556 556 Investments in and advances to unconsolidated affiliates $ 320,477 $ 262,410 Core: Crossroads (g) 49% $ 15,032 $ 15,623 Distributions in excess of income from, and investments in, unconsolidated affiliates $ 15,032 $ 15,623 (a) Represents a tenancy-in-common interest. (b) During November 2017 and March 2018, as discussed below, the Company increased its ownership in Town Center. (c) Distributions, discussed below, have exceeded the Company’s non-recourse investment, therefore the carrying value is zero. (d) Represents a variable interest entity for which the Company was determined not to be the primary beneficiary. (e) The Company is entitled to a 15% return on its cumulative capital contribution which was $5.9 million and $3.0 million at June 30, 2019 and December 31, 2018, respectively. In addition, the Company is entitled to a 9% preferred return on a portion of its equity, which was $9.4 million and $2.8 million at June 30, 2019 and December 31, 2018, respectively. (f) Includes a cost-method investment in Albertson’s ( Note 8 ), Storage Post 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 Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates (in thousands): June 30, 2019 December 31, 2018 Combined and Condensed Balance Sheets Assets: Rental property, net $ 599,595 $ 488,000 Investment in unconsolidated affiliates 6,853 6,853 Other assets 73,773 91,497 Total assets $ 680,221 $ 586,350 Liabilities and partners’ equity: Mortgage notes payable $ 459,484 $ 408,967 Other liabilities 57,919 54,675 Partners’ equity 162,818 122,708 Total liabilities and partners’ equity $ 680,221 $ 586,350 Company's share of accumulated equity $ 202,320 $ 141,384 Basis differential 102,637 104,084 Deferred fees, net of portion related to the Company's interest 1,965 1,780 Amounts payable by the Company (1,477 ) (461 ) Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates 305,445 246,787 Company's share of distributions in excess of income from and investments in unconsolidated affiliates 15,032 15,623 Investments in and advances to unconsolidated affiliates $ 320,477 $ 262,410 |
Schedule of Condensed Income Statement | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Combined and Condensed Statements of Income Total revenues $ 22,740 $ 19,603 $ 42,713 $ 39,759 Operating and other expenses (5,236 ) (5,531 ) (10,342 ) (11,453 ) Interest expense (5,639 ) (5,250 ) (10,415 ) (10,125 ) Depreciation and amortization (5,795 ) (5,801 ) (10,587 ) (11,856 ) Loss on disposition of properties — (992 ) — (1,410 ) Net income attributable to unconsolidated affiliates $ 6,070 $ 2,029 $ 11,369 $ 4,915 Company’s share of equity in net income of unconsolidated affiliates $ 4,282 $ 5,895 $ 7,277 $ 8,260 Basis differential amortization (723 ) (876 ) (1,447 ) (1,557 ) Company’s equity in earnings of unconsolidated affiliates $ 3,559 $ 5,019 $ 5,830 $ 6,703 |
Other Assets, Net and Account_2
Other Assets, Net and Accounts Payable and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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) June 30, 2019 December 31, 2018 Other Assets, Net: Lease intangibles, net ( Note 6 ) $ 117,074 $ 115,939 Deferred charges, net (a) 29,804 28,619 Prepaid expenses 16,529 18,422 Other receivables 12,046 5,058 Accrued interest receivable 9,308 17,046 Deposits 4,091 4,611 Due from seller 4,000 4,000 Deferred tax assets 2,050 2,032 Derivative financial instruments ( Note 8 ) 1,057 7,018 Due from related parties 612 1,802 Corporate assets 1,776 1,953 Income taxes receivable 1,777 2,070 $ 200,124 $ 208,570 (a) Deferred Charges, Net: Deferred leasing and other costs $ 48,729 $ 45,011 Deferred financing costs related to line of credit 8,970 8,960 57,699 53,971 Accumulated amortization (27,895 ) (25,352 ) Deferred charges, net $ 29,804 $ 28,619 Accounts Payable and Other Liabilities: Lease intangibles, net ( Note 6 ) $ 89,388 $ 95,045 Capital lease obligations ( Note 11 ) — 71,111 Lease liability - finance leases, net ( Note 11 ) 87,784 — Lease liability - operating leases, net ( Note 11 ) 57,397 — Accounts payable and accrued expenses 72,892 65,215 Deferred income 27,582 34,052 Tenant security deposits, escrow and other 11,759 10,588 Derivative financial instruments ( Note 8 ) 37,354 7,304 Income taxes payable — 19 Other 134 2,738 $ 384,290 $ 286,072 |
Lease Intangibles (Tables)
Lease Intangibles (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Liabilities Included in Other Assets and Other Liabilities | Intangible assets and liabilities are included in other assets and other liabilities ( Note 5 ) on the consolidated balance sheet and summarized as follows (in thousands): June 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Amortizable Intangible Assets In-place lease intangible assets $ 234,479 $ (122,067 ) $ 112,412 $ 216,021 $ (105,972 ) $ 110,049 Above-market rent 17,991 (13,329 ) 4,662 18,169 (12,279 ) 5,890 $ 252,470 $ (135,396 ) $ 117,074 $ 234,190 $ (118,251 ) $ 115,939 Amortizable Intangible Liabilities Below-market rent $ (157,657 ) $ 68,818 $ (88,839 ) $ (152,188 ) $ 57,721 $ (94,467 ) Above-market ground lease (671 ) 122 (549 ) (671 ) 93 (578 ) $ (158,328 ) $ 68,940 $ (89,388 ) $ (152,859 ) $ 57,814 $ (95,045 ) |
Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities | The scheduled amortization of acquired lease intangible assets and assumed liabilities as of June 30, 2019 is as follows (in thousands): Years Ending December 31, Net Increase in Lease Revenues Increase to Amortization Reduction of Rent Expense Net (Expense) Income 2019 (Remainder) $ 2,805 $ (15,140 ) $ 29 $ (12,306 ) 2020 8,011 (24,067 ) 58 (15,998 ) 2021 7,512 (17,514 ) 58 (9,944 ) 2022 7,141 (12,551 ) 58 (5,352 ) 2023 7,134 (9,919 ) 58 (2,727 ) Thereafter 51,574 (33,221 ) 288 18,641 Total $ 84,177 $ (112,412 ) $ 549 $ (27,686 ) |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, December 31, Maturity Date at June 30, December 31, 2019 2018 June 30, 2019 2019 2018 Mortgages Payable Core Fixed Rate 3.88%-6.00% 3.88%-6.00% Feb 2024 - Apr 2035 $ 177,250 $ 178,271 Core Variable Rate - Swapped (a) 3.41%-5.67% 3.41%-5.67% Jan 2023 - Nov 2028 33,074 82,583 Total Core Mortgages Payable 210,324 260,854 Fund II Fixed Rate 1.00%-4.75% 1.00%-4.75% May 2020 - Aug 2042 205,263 205,262 Fund II Variable Rate LIBOR+1.39%-LIBOR+3.00% — March 2022 23,598 — Fund II Variable Rate - Swapped (a) 4.27% 4.27% Nov 2021 19,201 19,325 Total Fund II Mortgages Payable 248,062 224,587 Fund III Variable Rate LIBOR+2.65%-LIBOR+4.65% Prime+0.50%-LIBOR+4.65% Jun 2020 - Jul 2020 91,211 90,096 Fund IV Fixed Rate 3.40%-4.50% 3.40%-4.50% Oct 2025 - Jun 2026 8,190 8,189 Fund IV Variable Rate LIBOR+1.60%-LIBOR+3.40% LIBOR+1.60%-LIBOR+3.95% July 2019 - Apr 2022 176,270 233,065 Fund IV Variable Rate - Swapped (a) 3.67%-4.81% 3.67%-4.23% Mar 2020 - Dec 2022 93,214 71,841 Total Fund IV Mortgages Payable 277,674 313,095 Fund V Variable Rate LIBOR+2.15%-LIBOR+2.25% LIBOR+2.25% Oct 2020 - Jan 2021 51,506 51,506 Fund V Variable Rate - Swapped (a) 4.01%-4.78% 4.61%-4.78% Feb 2021 - Mar 2024 156,900 86,570 Total Fund V Mortgage Payable 208,406 138,076 Net unamortized debt issuance costs (10,510 ) (10,173 ) Unamortized premium 702 753 Total Mortgages Payable $ 1,025,869 $ 1,017,288 Unsecured Notes Payable Core Term Loans — LIBOR+1.25% Mar 2023 $ — $ 383 Core Variable Rate Unsecured Term Loans - Swapped (a) 2.49%-5.02% 2.54%-3.59% Mar 2023 350,000 349,617 Total Core Unsecured Notes Payable 350,000 350,000 Fund II Unsecured Notes Payable LIBOR+1.65% LIBOR+1.40% Sep 2020 40,000 40,000 Fund IV Term Loan/Subscription Facility LIBOR+1.65%-LIBOR+2.00% LIBOR+1.65%-LIBOR+2.75% Dec 2019 - June 2021 87,625 40,825 Fund V Subscription Facility LIBOR+1.60% LIBOR+1.60% May 2020 143,400 102,800 Net unamortized debt issuance costs (818 ) (368 ) Total Unsecured Notes Payable $ 620,207 $ 533,257 Unsecured Line of Credit Core Unsecured Line of Credit — — — $ — $ — Core Unsecured Line of Credit - Swapped (a) 2.49%-5.02% — Mar 2022 39,000 — Total Unsecured Line of Credit $ 39,000 $ — Total Debt - Fixed Rate (b)(c) $ 1,198,592 $ 1,001,658 Total Debt - Variable Rate (d) 497,110 558,675 Total Debt 1,695,702 1,560,333 Net unamortized debt issuance costs (11,328 ) (10,541 ) Unamortized premium 702 753 Total Indebtedness $ 1,685,076 $ 1,550,545 (a) At June 30, 2019, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 1.39% for Fund II variable-rate debt; LIBOR + 2.65% to LIBOR + 4.65% for Fund III variable-rate debt; LIBOR + 1.60% to LIBOR +3.40% for Fund IV variable-rate debt; LIBOR + 2.15% to LIBOR + 2.25% for Fund V variable-rate debt; LIBOR + 1.25% for Core variable-rate unsecured term loans; and LIBOR + 1.35% for Core variable-rate unsecured lines of credit. (b) Includes $691.4 million and $609.9 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 June 30, 2019 includes $165.5 million of swaps that are not designated to specific debt instruments. (d) Includes $157.5 million and $143.8 million, respectively, of variable-rate debt that is subject to interest cap agreements. |
Scheduled Principal Repayments | The scheduled principal repayments of the Company’s consolidated indebtedness, as of June 30, 2019 are as follows (in thousands): Year Ending December 31, 2019 (Remainder) $ 165,255 2020 573,416 2021 217,873 2022 134,070 2023 412,305 Thereafter 192,783 1,695,702 Unamortized premium 702 Net unamortized debt issuance costs (11,328 ) Total indebtedness $ 1,685,076 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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): June 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Money Market Funds $ — $ — $ — $ 4,504 $ — $ — Derivative financial instruments — 1,057 — — 7,018 — Liabilities Derivative financial instruments — 37,354 — — 7,304 — |
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 June 30, 2019 December 31, 2018 Core Interest Rate Swaps $ 424,074 Dec 2012-July 2020 Mar 2022-July 2030 1.71 % — 3.77 % Other Liabilities (a) $ (31,570 ) $ (6,332 ) Interest Rate Swaps 163,500 Oct 2014 - July 2016 Nov 2019-June 2021 1.24 % — 1.70 % Other Assets 1,025 6,022 $ 587,574 $ (30,545 ) $ (310 ) Fund II Interest Rate Swap $ 19,201 Oct 2014 Nov 2021 2.88 % — 2.88 % Other Liabilities $ (150 ) $ — Interest Rate Swap — — — — — — Other Assets — 108 Interest Rate Cap 23,300 Mar 2019 Mar 2022 3.50 % — 3.50 % Other Assets 9 — $ 42,501 $ (141 ) $ 108 Fund III Interest Rate Cap $ 58,000 Dec 2016 Jan 2020 3.00 % — 3.00 % Other Assets $ — $ 8 Fund IV Interest Rate Swaps $ 23,100 Mar 2017 Mar 2020 1.82 % — 1.82 % Other Assets $ 23 $ 851 Interest Rate Swap 70,114 Mar 2017 - May 2019 Apr 2022 - Dec 2022 1.97 % — 4.00 % Other Liabilities (878 ) — Interest Rate Caps 108,900 July 2016 - Nov 2016 Aug 2019 - Dec 2019 3.00 % — 3.00 % Other Assets — 8 $ 202,114 $ (855 ) $ 859 Fund V Interest Rate Swap $ — — — — — — Other Assets $ — $ 21 Interest Rate Swaps 156,900 Jan 2018-Mar 2019 Feb 2021-Mar 2024 2.27 % — 2.88 % Other Liabilities (4,756 ) (972 ) $ 156,900 $ (4,756 ) $ (951 ) Total asset derivatives $ 1,057 $ 7,018 Total liability derivatives $ (37,354 ) $ (7,304 ) (a) Includes two swaps with an aggregate fair value of ($10.6) million and ($2.9) million at June 30, 2019 and December 31, 2018, respectively, which were acquired during July 2018 and are not effective until July 2020. |
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): June 30, 2019 December 31, 2018 Level Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes Receivable (a) 3 $ 94,662 $ 93,532 $ 109,613 $ 107,370 Mortgage and Other Notes Payable (a) 3 1,035,677 1,040,198 1,026,708 1,021,075 Investment in non-traded equity securities (b) 3 — 23,208 — 23,208 Unsecured notes payable and Unsecured line of credit (c) 2 660,025 660,734 533,625 533,954 (a) The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. (b) Represents Fund II’s cost-method investment in Albertson’s supermarkets ( Note 4 ). (c) The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants. |
Shareholders' Equity, Noncont_2
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract] | |
Schedule of Dividends Declared and Paid | The following table sets forth the dividends declared and/or paid during the six months ended June 30, 2019: Date Declared Amount Per Share Record Date Payment Date November 15, 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 |
Summary of Activity in Accumulated Other Comprehensive Income | The following tables set forth the activity in accumulated other comprehensive income for the three and six months ended June 30, 2019 and 2018 (in thousands): Gains or Losses on Derivative Instruments Balance at April 1, 2019 $ (11,021 ) Other comprehensive loss before reclassifications (22,652 ) Reclassification of realized interest on swap agreements (535 ) Net current period other comprehensive loss (23,187 ) Net current period other comprehensive loss attributable to noncontrolling interests 4,638 Balance at June 30, 2019 $ (29,570 ) Balance at April 1, 2018 $ 7,376 Other comprehensive income before reclassifications 2,950 Reclassification of realized interest on swap agreements 109 Net current period other comprehensive income 3,059 Net current period other comprehensive income attributable to noncontrolling interests (297 ) Balance at June 30, 2018 $ 10,138 Gains or Losses on Derivative Instruments Balance at January 1, 2019 $ 516 Other comprehensive loss before reclassifications (35,958 ) Reclassification of realized interest on swap agreements (1,086 ) Net current period other comprehensive loss (37,044 ) Net current period other comprehensive loss attributable to noncontrolling interests 6,958 Balance at June 30, 2019 $ (29,570 ) Balance at January 1, 2018 $ 2,614 Other comprehensive income before reclassifications 8,603 Reclassification of realized interest on swap agreements 472 Net current period other comprehensive income 9,075 Net current period other comprehensive income attributable to noncontrolling interests (1,551 ) Balance at June 30, 2018 $ 10,138 |
Summary of Change in Noncontrolling Interest | The following tables summarize the change in the noncontrolling interests for the three and six months ended June 30, 2019 and 2018 (dollars in thousands): Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially-Owned Affiliates (b) Total Balance at April 1, 2019 $ 105,044 $ 535,377 $ 640,421 Distributions declared of $0.28 per Common OP Unit (1,776 ) — (1,776 ) Net income (loss) for the three months ended June 30, 2019 722 (15,039 ) (14,317 ) Conversion of 33,289 Common OP Units to Common Shares by limited partners of the Operating Partnership (557 ) — (557 ) Other comprehensive loss - unrealized loss on valuation of swap agreements (1,127 ) (3,464 ) (4,591 ) Reclassification of realized interest expense on swap agreements (23 ) (24 ) (47 ) Noncontrolling interest distributions — (1,645 ) (1,645 ) Employee Long-term Incentive Plan Unit Awards 1,835 — 1,835 Reallocation of noncontrolling interests (c) (413 ) — (413 ) Balance at June 30, 2019 $ 103,705 $ 515,205 $ 618,910 Balance at April 1, 2018 $ 106,395 $ 533,603 $ 639,998 Distributions declared of $0.27 per Common OP Unit (1,713 ) — (1,713 ) Net income (loss) for the three months ended June 30, 2018 633 (10,568 ) (9,935 ) Conversion of 28,512 Common OP Units to Common Shares by limited partners of the Operating Partnership (481 ) — (481 ) Other comprehensive income - unrealized gain on valuation of swap agreements 154 44 198 Reclassification of realized interest expense on swap agreements 9 90 99 Noncontrolling interest contributions — 6,550 6,550 Noncontrolling interest distributions — (14,945 ) (14,945 ) Employee Long-term Incentive Plan Unit Awards 2,126 — 2,126 Reallocation of noncontrolling interests (c) (2,023 ) — (2,023 ) Balance at June 30, 2018 $ 105,100 $ 514,774 $ 619,874 Noncontrolling Interests in Operating Partnership (a) Noncontrolling Interests in Partially-Owned Affiliates (b) Total Balance at January 1, 2019 $ 104,223 $ 518,219 $ 622,442 Distributions declared of $0.56 per Common OP Unit (3,557 ) — (3,557 ) Net income (loss) for the six months ended June 30, 2019 1,653 (25,231 ) (23,578 ) Conversion of 207,818 Common OP Units to Common Shares by limited partners of the Operating Partnership (3,510 ) — (3,510 ) Other comprehensive loss - unrealized loss on valuation of swap agreements (1,822 ) (5,068 ) (6,890 ) Reclassification of realized interest expense on swap agreements (44 ) (24 ) (68 ) Noncontrolling interest contributions — 32,191 32,191 Noncontrolling interest distributions — (4,882 ) (4,882 ) Employee Long-term Incentive Plan Unit Awards 5,195 — 5,195 Reallocation of noncontrolling interests (c) 1,567 — 1,567 Balance at June 30, 2019 $ 103,705 $ 515,205 $ 618,910 Balance at January 1, 2018 $ 102,921 $ 545,519 $ 648,440 Distributions declared of $0.54 per Common OP Unit (3,434 ) — (3,434 ) Net income (loss) for the six months ended June 30, 2018 1,245 (22,759 ) (21,514 ) Conversion of 64,638 Common OP Units to Common Shares by limited partners of the Operating Partnership (1,123 ) — (1,123 ) Other comprehensive income - unrealized gain on valuation of swap agreements 428 930 1,358 Reclassification of realized interest expense on swap agreements 19 174 193 Noncontrolling interest contributions — 6,550 6,550 Noncontrolling interest distributions — (15,640 ) (15,640 ) Employee Long-term Incentive Plan Unit Awards 5,842 — 5,842 Reallocation of noncontrolling interests (c) (798 ) — (798 ) Balance at June 30, 2018 $ 105,100 $ 514,774 $ 619,874 (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,320,325 and 3,331,440 Common OP Units at June 30, 2019 and June 30, 2018; (ii) 188 Series A Preferred OP Units at June 30, 2019 and June 30, 2018; (iii) 136,593 Series C Preferred OP Units at June 30, 2019 and June 30, 2018; and (iv) 2,715,679 and 2,606,221 LTIP units at June 30, 2019 and June 30, 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 six other subsidiaries. (c) Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Cost | Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Lease Cost (Not applicable) (Not applicable) Finance lease cost: Amortization of right-of-use assets $ 542 $ 1,038 Interest on lease liabilities 934 1,777 Subtotal 1,476 2,815 Operating lease cost 1,107 1,643 Variable lease cost 25 57 Total lease cost $ 2,608 $ 4,515 Other Information Weighted-average remaining lease term - finance leases (years) 45.4 Weighted-average remaining lease term - operating leases (years) 33.8 Weighted-average discount rate - finance leases 4.5 % Weighted-average discount rate - operating leases 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 June 30, 2019, are summarized as follows (in thousands): Year Ending December 31, Minimum Rental Revenues Minimum Rental Payments (a, b) 2019 (Remainder) $ 94,448 $ 3,606 2020 193,637 7,139 2021 176,109 7,073 2022 156,178 7,082 2023 137,655 7,075 Thereafter 598,691 334,761 Total $ 1,356,718 $ 366,736 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | The following tables set forth certain segment information for the Company (in thousands): For the Three Months Ended June 30, 2019 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 43,212 $ 27,850 $ — $ — $ 71,062 Depreciation and amortization (15,092 ) (15,212 ) — — (30,304 ) Property operating expenses, other operating and real estate taxes (12,217 ) (11,021 ) — — (23,238 ) General and administrative expenses — — — (9,034 ) (9,034 ) Impairment charge — (1,400 ) — — (1,400 ) Operating income (loss) 15,903 217 — (9,034 ) 7,086 Interest and other income 327 1,586 2,229 — 4,142 Equity in earnings of unconsolidated affiliates 3,254 305 — — 3,559 Interest expense (6,839 ) (12,920 ) — — (19,759 ) Income tax provision — — — (265 ) (265 ) Net income (loss) 12,645 (10,812 ) 2,229 (9,299 ) (5,237 ) Net loss attributable to noncontrolling interests 425 13,892 — — 14,317 Net income attributable to Acadia $ 13,070 $ 3,080 $ 2,229 $ (9,299 ) $ 9,080 For the Three Months Ended June 30, 2018 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 40,539 $ 23,030 $ — $ — $ 63,569 Depreciation and amortization (14,927 ) (14,576 ) — — (29,503 ) Property operating expenses, other operating and real estate taxes (10,510 ) (9,350 ) — — (19,860 ) General and administrative expenses — — — (7,907 ) (7,907 ) Gain on disposition of properties — 33 — — 33 Operating income (loss) 15,102 (863 ) — (7,907 ) 6,332 Interest and other income — — 3,289 — 3,289 Equity in earnings of unconsolidated affiliates 1,726 3,293 — — 5,019 Interest expense (7,001 ) (9,914 ) — — (16,915 ) Income tax benefit — — — 5 5 Net income (loss) 9,827 (7,484 ) 3,289 (7,902 ) (2,270 ) Net loss attributable to noncontrolling interests 200 9,735 — — 9,935 Net income attributable to Acadia $ 10,027 $ 2,251 $ 3,289 $ (7,902 ) $ 7,665 As of or for the Six Months Ended June 30, 2019 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 89,899 $ 55,963 $ — $ — $ 145,862 Depreciation and amortization (30,770 ) (29,867 ) — — (60,637 ) Property operating expenses, other operating and real estate taxes (24,211 ) (20,977 ) — — (45,188 ) General and administrative expenses — — — (17,357 ) (17,357 ) Impairment charge — (1,400 ) — — (1,400 ) Gain on disposition of properties — 2,014 — — 2,014 Operating income 34,918 5,733 — (17,357 ) 23,294 Interest and other income 327 1,586 4,499 — 6,412 Equity in earnings of unconsolidated affiliates 5,524 306 — — 5,830 Interest expense (13,532 ) (24,086 ) — — (37,618 ) Income tax provision — — — (219 ) (219 ) Net income (loss) 27,237 (16,461 ) 4,499 (17,576 ) (2,301 ) Net loss attributable to noncontrolling interests 385 23,193 — — 23,578 Net income attributable to Acadia $ 27,622 $ 6,732 $ 4,499 $ (17,576 ) $ 21,277 Real estate at cost $ 2,154,630 $ 1,784,895 $ — $ — $ 3,939,525 Total assets $ 2,267,022 $ 1,848,238 $ 94,662 $ — $ 4,209,922 Cash paid for acquisition of real estate $ 49,402 $ 89,314 $ — $ — $ 138,716 Cash paid for development and property improvement costs $ 26,876 $ 28,996 $ — $ — $ 55,872 As of or for the Six Months Ended June 30, 2018 Core Portfolio Funds Structured Financing Unallocated Total Revenues $ 82,166 $ 44,527 $ — $ — $ 126,693 Depreciation and amortization (30,425 ) (27,654 ) — — (58,079 ) Property operating expenses, other operating and real estate taxes (21,405 ) (17,832 ) — — (39,237 ) General and administrative expenses — — — (16,377 ) (16,377 ) Gain on disposition of properties — 33 — — 33 Operating income (loss) 30,336 (926 ) — (16,377 ) 13,033 Interest and other income — — 7,026 — 7,026 Equity in earnings of unconsolidated affiliates 3,152 3,551 — — 6,703 Interest expense (13,502 ) (19,303 ) — — (32,805 ) Income tax provision — — — (387 ) (387 ) Net income (loss) 19,986 (16,678 ) 7,026 (16,764 ) (6,430 ) Net loss attributable to noncontrolling interests 128 21,386 — — 21,514 Net income attributable to Acadia $ 20,114 $ 4,708 $ 7,026 $ (16,764 ) $ 15,084 Real estate at cost $ 2,047,672 $ 1,500,371 $ — $ — $ 3,548,043 Total assets $ 2,236,405 $ 1,535,154 $ 109,209 $ — $ 3,880,768 Cash paid for acquisition of real estate $ 1,343 $ 44,828 $ — $ — $ 46,171 Cash paid for development and property improvement costs $ 15,293 $ 26,644 $ — $ — $ 41,937 |
Share Incentive and Other Com_2
Share Incentive and Other Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 28.56 348,726 32.78 Vested (21,424 ) 27.12 (290,753 ) 29.30 Forfeited — — (3,609 ) 27.57 Unvested at June 30, 2019 42,390 $ 23.73 946,250 $ 28.30 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Three Months Ended June 30, Six Months Ended June 30, (dollars in thousands) 2019 2018 2019 2018 Numerator: Net income attributable to Acadia $ 9,080 $ 7,665 $ 21,277 $ 15,084 Less: net income attributable to participating securities (27 ) (47 ) (99 ) (91 ) Income from continuing operations net of income attributable to participating securities $ 9,053 $ 7,618 $ 21,178 $ 14,993 Denominator: Weighted average shares for basic earnings per share 83,703,886 81,755,702 82,872,977 82,590,256 Effect of dilutive securities: Employee unvested restricted shares — — — 1,968 Denominator for diluted earnings per share 83,703,886 81,755,702 82,872,977 82,592,224 Basic and diluted earnings per Common Share from continuing operations attributable to Acadia $ 0.11 $ 0.09 $ 0.26 $ 0.18 Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units 188 188 188 188 Series A Preferred OP Units - Common share equivalent 25,067 25,067 25,067 25,067 Series C Preferred OP Units 136,593 136,593 136,593 136,593 Series C Preferred OP Units - Common share equivalent 474,278 474,278 474,278 474,278 Restricted shares 40,821 38,831 40,821 — |
Organization, Basis of Presen_4
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) | Jan. 01, 2019USD ($) | Jun. 30, 2019USD ($)propertysegment | Dec. 31, 2018USD ($) |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Limited partnership to common stock conversion ratio | 100.00% | ||
Number of retail properties | property | 180 | ||
Number of reportable segments | segment | 3 | ||
Capitalized internal leasing costs | $ 1,800,000 | ||
Operating lease, right-of-use asset | $ 56,279,000 | ||
Operating lease, liability | 12,800,000 | ||
Finance lease, right-of-use asset | 93,796,000 | ||
Finance lease, liability | 87,784,000 | ||
Accounting Standards Update 2016-02 | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Leases, future payment obligations | $ 203,100 | ||
Operating lease, right-of-use asset | 11,900,000 | ||
Finance lease, right-of-use asset | 5,700,000 | ||
Finance lease, liability | 5,700,000 | ||
Present value of lease purchase options | $ 4,700,000 | ||
Capital Lease Liability | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Finance lease, liability | 71,100,000 | ||
Capital Leases Asset | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Finance lease, right-of-use asset | $ 77,000,000 | ||
Core Portfolio | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of retail properties | property | 123 | ||
Properties owned percentage | 100.00% | ||
Opportunity Funds | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of retail properties | property | 57 | ||
Operating Partnership, as General Partner or Managing Member | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Equity interest held by Operating Partnership | 94.00% | 94.00% | |
Remaining funds rate of distribution to operating partnership (in percent) | 20.00% | ||
Institutional Investors | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Remaining funds rate of distribution to all partners (in percent) | 80.00% |
Organization, Basis of Presen_5
Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Apr. 30, 2018 | Jun. 30, 2019 | |
Fund II and Mervyns II | ||
Variable Interest Entity [Line Items] | ||
Operating Partnership Share of Capital | 28.33% | |
Capital Called | $ 347.1 | |
Unfunded Commitment | $ 15 | |
Equity interest held by Operating Partnership | 28.33% | |
Preferred Return | 8.00% | |
Total Distributions | $ 146.6 | |
Fund III | ||
Variable Interest Entity [Line Items] | ||
Operating Partnership Share of Capital | 24.54% | |
Capital Called | $ 426.3 | |
Unfunded Commitment | $ 23.7 | |
Equity interest held by Operating Partnership | 24.54% | |
Preferred Return | 6.00% | |
Total Distributions | $ 554.8 | |
Fund IV | ||
Variable Interest Entity [Line Items] | ||
Operating Partnership Share of Capital | 23.12% | |
Capital Called | $ 425.4 | |
Unfunded Commitment | $ 104.6 | |
Equity interest held by Operating Partnership | 23.12% | |
Preferred Return | 6.00% | |
Total Distributions | $ 147.4 | |
Fund V | ||
Variable Interest Entity [Line Items] | ||
Operating Partnership Share of Capital | 20.10% | |
Capital Called | $ 118.3 | |
Unfunded Commitment | $ 401.7 | |
Equity interest held by Operating Partnership | 20.10% | |
Preferred Return | 6.00% | |
Total Distributions | $ 2 | |
Fund II | ||
Variable Interest Entity [Line Items] | ||
Total Distributions | $ 15 | |
Operating Partnership, as General Partner or Managing Member | ||
Variable Interest Entity [Line Items] | ||
Total Distributions | $ 4.3 |
Real Estate - Schedule of Real
Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | ||
Land | $ 732,422 | $ 710,469 |
Buildings and improvements | 2,638,585 | 2,594,828 |
Tenant improvements | 170,523 | 151,154 |
Construction in progress | 36,721 | 44,092 |
Properties under capital lease | 76,965 | |
Finance lease, right-of-use asset | 93,796 | |
Operating lease, right-of-use asset | 56,279 | |
Total | 3,728,326 | 3,577,508 |
Less: Accumulated depreciation | (458,762) | (416,657) |
Operating real estate, net | 3,269,564 | 3,160,851 |
Real estate under development, at cost | 211,199 | 120,297 |
Net investments in real estate | $ 3,480,763 | $ 3,281,148 |
Real Estate - Schedule of Acqui
Real Estate - Schedule of Acquisitions and Conversions (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Purchase Price | $ 140,512 | $ 186,463 |
Core Portfolio | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 49,569 | $ 1,337 |
Core Portfolio | Soho Portfolio | 41, 51 and 53 Greene Street - New York, NY | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 49,569 | |
Core Portfolio | Bedford Green Land Parcel | Bedford Hills N Y | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 1,337 | |
Fund V | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 90,943 | $ 149,022 |
Fund V | Palm Coast Landing | Palm Coast, FL | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 36,644 | |
Fund V | Trussville Promenade - Trussville, AL | Trussville, AL | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 45,259 | |
Fund V | Lincoln Commons | Lincoln, RI | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 54,299 | |
Fund V | Elk Grove Commons - Elk Grove, CA | Elk Grove, CA | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 59,320 | |
Fund V | Hiram Pavilion | Hiram G A | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 44,443 | |
Fund IV | ||
Business Acquisition [Line Items] | ||
Purchase Price | $ 36,104 | |
Fund IV | Broughton Street Partners I | Savannah G A | ||
Business Acquisition [Line Items] | ||
Percent Acquired | 100.00% | |
Purchase Price | $ 36,104 |
Real Estate - Schedule of Acq_2
Real Estate - Schedule of Acquisitions and Conversions (Parenthetical) (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)property | Dec. 31, 2018USD ($) | |
Business Acquisition [Line Items] | ||
Aggregate purchase price | $ 140,512 | $ 186,463 |
Soho Portfolio | New York, NY | ||
Business Acquisition [Line Items] | ||
Number of real estate properties held by Acquiree | property | 6 | |
Aggregate purchase price | $ 96,000 |
Real Estate - Acquisitions and
Real Estate - Acquisitions and Conversions - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract] | ||
Capitalized acquisition costs | $ 600,000 | $ 100,000 |
Debt assumed | $ 0 | $ 0 |
Real Estate - Schedule of Purch
Real Estate - Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Purchase Price Allocation | ||
Land | $ 35,865 | $ 38,086 |
Buildings and improvements | 92,468 | 129,586 |
Acquisition-related intangible assets (Note 6) | 17,355 | 26,693 |
Acquisition-related intangible liabilities (Note 6) | (5,176) | (7,902) |
Net assets acquired | 140,512 | 186,463 |
Consideration | ||
Cash | 138,716 | 147,985 |
Liabilities assumed | 1,796 | 2,597 |
Existing interest in previously unconsolidated investment | 0 | 35,881 |
Total consideration | $ 140,512 | $ 186,463 |
Real Estate - Schedule of Prope
Real Estate - Schedule of Property Dispositions (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain on disposition of properties | $ 33 | $ 2,014 | $ 33 | |
Disposal Group, Not Discontinued Operations | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Sale Price | 13,200 | $ 66,500 | ||
Gain on disposition of properties | $ 33 | $ 2,014 | $ 33 | $ 5,140 |
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 on disposition of properties | $ 2,014 | |||
Fund II | Disposal Group, Not Discontinued Operations | Sherman Avenue | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | Apr. 17, 2018 | |||
Sale Price | $ 26,000 | |||
Gain on disposition of properties | $ 33 | |||
Fund IV | Disposal Group, Not Discontinued Operations | 210 Bowery - 1 Residential Condo - New York, NY | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | May 17, 2019 | |||
Sale Price | $ 2,700 | |||
Fund IV | Disposal Group, Not Discontinued Operations | Lake Montclair | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | Aug. 27, 2018 | |||
Sale Price | $ 22,450 | |||
Gain on disposition of properties | $ 2,923 | |||
Fund IV | Disposal Group, Not Discontinued Operations | 1861 Union Street | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | Aug. 29, 2018 | |||
Sale Price | $ 6,000 | |||
Gain on disposition of properties | $ 2,184 | |||
Fund IV | Disposal Group, Not Discontinued Operations | Bowery4 Residential Condos New York N Y | Scenario One | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | Nov. 30, 2018 | |||
Sale Price | $ 12,050 | |||
Fund IV | Disposal Group, Not Discontinued Operations | Bowery4 Residential Condos New York N Y | Scenario Two | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | Dec. 10, 2018 | |||
Fund IV | Disposal Group, Not Discontinued Operations | Bowery4 Residential Condos New York N Y | Scenario Three | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | Dec. 17, 2018 | |||
Fund IV | Disposal Group, Not Discontinued Operations | Bowery4 Residential Condos New York N Y | Scenario Four | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Date Sold | Dec. 21, 2018 |
Real Estate - Schedule of Dispo
Real Estate - Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
STATEMENTS OF INCOME | |||||
Gain on disposition of properties | $ 33 | $ 2,014 | $ 33 | ||
Disposal Group, Not Discontinued Operations | |||||
STATEMENTS OF INCOME | |||||
Revenues | $ 10 | 772 | 53 | 1,564 | |
Expenses | (180) | (947) | (257) | (1,691) | |
Gain on disposition of properties | 33 | 2,014 | 33 | $ 5,140 | |
Net (income) loss attributable to noncontrolling interests | 9 | 496 | 154 | 395 | |
Net income attributable to Acadia | $ (161) | $ 354 | $ 1,964 | $ 301 |
Real Estate - Properties Held f
Real Estate - Properties Held for Sale - Additional Information (Details) - Fund IV $ in Millions | Jun. 30, 2019USD ($)property |
Business Acquisition [Line Items] | |
Number of properties held-for-sale | property | 1 |
Properties held-for-sale | $ | $ 6.3 |
Real Estate - Schedule of Devel
Real Estate - Schedule of Development in Process Activities (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)property | Dec. 31, 2018USD ($)property | |
Property, Plant and Equipment [Line Items] | ||
Number of properties under development | property | 5 | 3 |
Real estate under development | $ 211,199 | $ 120,297 |
Transfers In | 78,821 | |
Capitalized Costs | 12,081 | |
Transfers Out | $ 0 | |
Core Portfolio | ||
Property, Plant and Equipment [Line Items] | ||
Number of properties under development | property | 2 | 1 |
Real estate under development | $ 70,483 | $ 7,759 |
Transfers In | 57,342 | |
Capitalized Costs | 5,382 | |
Transfers Out | $ 0 | |
Fund Portfolio | Fund II | ||
Property, Plant and Equipment [Line Items] | ||
Number of properties under development | property | 0 | 0 |
Real estate under development | $ 8,716 | $ 7,462 |
Transfers In | 0 | |
Capitalized Costs | 1,254 | |
Transfers Out | $ 0 | |
Fund Portfolio | Fund III | ||
Property, Plant and Equipment [Line Items] | ||
Number of properties under development | property | 1 | 1 |
Real estate under development | $ 35,001 | $ 21,242 |
Transfers In | 12,313 | |
Capitalized Costs | 1,446 | |
Transfers Out | $ 0 | |
Fund Portfolio | Fund IV | ||
Property, Plant and Equipment [Line Items] | ||
Number of properties under development | property | 2 | 1 |
Real estate under development | $ 96,999 | $ 83,834 |
Transfers In | 9,166 | |
Capitalized Costs | 3,999 | |
Transfers Out | $ 0 |
Real Estate - Real Estate Under
Real Estate - Real Estate Under Development and Construction in Progress - Additional Information (Details) - property | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Number of projects put into service during period | 0 | ||
Number of unconsolidated project in development | 1 | ||
Core Portfolio | |||
Property, Plant and Equipment [Line Items] | |||
Number of projects put into service during period | 1 |
Notes Receivable, Net - Schedul
Notes Receivable, Net - Schedule of Notes Receivable (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)debtinstrument | Dec. 31, 2018USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Net carrying amount of notes receivable | $ 94,662 | $ 109,613 |
Number of instruments held | debtinstrument | 4 | |
Core Portfolio | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Net carrying amount of notes receivable | $ 56,475 | 56,475 |
Number of instruments held | debtinstrument | 2 | |
Core Portfolio | Minimum | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Maturity Date | 2019-10 | |
Effective interest rate | 6.00% | |
Core Portfolio | Maximum | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Maturity Date | 2020-04 | |
Effective interest rate | 8.10% | |
Fund Portfolio | Fund II | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Net carrying amount of notes receivable | $ 32,881 | 32,582 |
Number of instruments held | debtinstrument | 1 | |
Maturity Date | 2020-12 | |
Effective interest rate | 1.75% | |
Fund Portfolio | Fund III | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Net carrying amount of notes receivable | $ 5,306 | 5,306 |
Number of instruments held | debtinstrument | 1 | |
Maturity Date | 2020-07 | |
Effective interest rate | 18.00% | |
Fund Portfolio | Fund IV | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Net carrying amount of notes receivable | $ 15,250 | |
Maturity Date | 2021-02 | |
Effective interest rate | 15.30% |
Notes Receivable, Net - Additio
Notes Receivable, Net - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Note receivable accrued interest | $ 4,700 | $ 4,700 | |
Proceeds from notes receivable | 15,250 | $ 26,000 | |
Additional advance | 131,459 | $ 119,752 | |
Core Portfolio | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Note receivable accrued interest | 200 | ||
Proceeds from notes receivable | 26,000 | ||
Core Portfolio | Note Receivable Due April 1, 2020 | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Proceeds from notes receivable | 15,000 | ||
Additional advance | 2,800 | ||
Town Center | Core Portfolio | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Note receivable accrued interest | 300 | ||
Note receivable exchanged | 22,000 | ||
Fund II | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Note receivable accrued interest | 300 | 800 | |
Fund IV | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Note receivable accrued interest | 10,000 | ||
Proceeds from notes receivable | $ 15,250 | ||
Fund III | |||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||
Additional advance | $ 200 |
Investments in and Advances t_3
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Mar. 28, 2018 | Nov. 16, 2017 |
Schedule of Equity Method Investments [Line Items] | ||||
Due from related parties | $ (1,477) | $ (461) | ||
Other | 556 | 556 | ||
Investments in and advances to unconsolidated affiliates | 320,477 | 262,410 | ||
Distributions in excess of income from, and investments in, unconsolidated affiliates | $ 15,032 | 15,623 | ||
KLA Mervyns LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 10.50% | |||
Equity method investments | $ 0 | 0 | ||
Fund III Other Portfolio | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 90.00% | |||
Equity method investments | $ 17 | 21 | ||
Self Storage Management | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 95.00% | |||
Equity method investments | $ 206 | 206 | ||
Fund III | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 223 | 227 | ||
Broughton St. Portfolio Savannah, GA | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Equity method investments | $ 12,579 | 3,236 | ||
Fund IV Other Portfolio | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 90.00% | |||
Equity method investments | $ 14,433 | 14,540 | ||
650 Bald Hill Road | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 90.00% | |||
Equity method investments | $ 12,557 | 12,880 | ||
Fund IV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 39,569 | 30,656 | ||
Fund V Family Center at Riverdale | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 90.00% | |||
Equity method investments | $ 14,514 | $ 0 | ||
Tri City Plaza | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 90.00% | |||
Equity method investments | $ 36,636 | |||
Fund V | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $ 51,150 | |||
Core Portfolio | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 75.22% | 61.11% | 22.22% | |
Equity method investments | $ 230,456 | $ 231,432 | $ 22,300 | $ 61,600 |
Core Portfolio | Renaissance Portfolio | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 20.00% | |||
Equity method investments | $ 32,675 | 32,458 | ||
Core Portfolio | Gotham Plaza | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 49.00% | |||
Equity method investments | $ 29,546 | 29,550 | ||
Core Portfolio | Town Center | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 75.22% | |||
Equity method investments | $ 98,805 | 99,758 | ||
Core Portfolio | Georgetown Portfolio | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Equity method investments | $ 4,808 | 4,653 | ||
Core Portfolio | 840 N. Michigan | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investment, ownership percentage | 88.43% | |||
Equity method investments | $ 64,622 | 65,013 | ||
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 | $ 15,032 | $ 15,623 |
Investments in and Advances t_4
Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Parenthetical) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
KLA Mervyns LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 0 | $ 0 |
Broughton St. Portfolio Savannah, GA | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 12,579 | 3,236 |
Cumulative capital contribution, percentage | 15.00% | |
Cumulative capital contribution | $ 5,900 | 3,000 |
Preferred return percentage | 9.00% | |
Preferred return | $ 9,400 | $ 2,800 |
Investments in and Advances t_5
Investments in and Advances to Unconsolidated Affiliates - Core Portfolio - Additional Information (Details) $ in Thousands | Jan. 24, 2019USD ($)ft² | Mar. 28, 2018USD ($) | Nov. 16, 2017USD ($) | May 01, 2017USD ($) | Apr. 29, 2016USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 31, 2019USD ($)ft² |
Schedule of Equity Method Investments [Line Items] | ||||||||
Purchase Price | $ 140,512 | $ 186,463 | ||||||
Notes receivable, net | 94,662 | 109,613 | ||||||
Note receivable accrued interest | 4,700 | 4,700 | ||||||
Brandywine Portfolio | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Preferred return | $ 5,600 | |||||||
Core Portfolio | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Purchase Price | 49,569 | 1,337 | ||||||
Notes receivable, net | $ 56,475 | 56,475 | ||||||
Note receivable accrued interest | $ 200 | |||||||
Equity method investment, ownership percentage by third party | 14.11% | 38.89% | 24.78% | |||||
Equity method investment, ownership percentage | 22.22% | 75.22% | 61.11% | |||||
Equity method investments | $ 22,300 | $ 61,600 | $ 230,456 | $ 231,432 | ||||
Gain on equity method investment | 12,700 | 34,500 | ||||||
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% | |||||||
Equity method investments | $ 32,675 | $ 32,458 | ||||||
Core Portfolio | Brandywine Portfolio | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Square footage of real estate property (in square feet) | ft² | 1,000,000 | |||||||
Repayments of debt | $ 140,000 | |||||||
Note receivable exchanged | 22,000 | $ 16,000 | ||||||
Notes receivable, net | 153,400 | $ 38,700 | ||||||
Note receivable accrued interest | $ 300 | $ 300 | ||||||
Core Portfolio | Brandywine Portfolio | Exchange Transaction One | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Note receivable exchanged | 16,000 | |||||||
Note receivable accrued interest | 600 | |||||||
Core Portfolio | Brandywine Portfolio | Exchange Transaction Two | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Note receivable exchanged | 60,700 | |||||||
Note receivable accrued interest | $ 900 | |||||||
Core Portfolio | Market Square | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment, ownership percentage by third party | 38.89% | 38.89% | ||||||
Equity method investment, ownership percentage | 22.22% | 61.11% | ||||||
Equity method investments | $ 16,300 | |||||||
Gain on equity method investment | $ 9,800 | |||||||
Core Portfolio | 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 | |||||||
Purchase price less the assumption of the outstanding mortgage | $ 4,700 |
Investments in and Advances t_6
Investments in and Advances to Unconsolidated Affiliates - Fund Investments - Additional Information (Details) | Jun. 29, 2019USD ($) | Apr. 30, 2019USD ($)ft² | Mar. 19, 2019USD ($)ft² | Aug. 29, 2018USD ($)property | Jun. 29, 2018USD ($)property | May 15, 2018USD ($) | Jan. 18, 2018USD ($)property | Jun. 30, 2019USD ($)property | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2014propertyJointVenture | Oct. 31, 2018segment |
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Purchase Price | $ 140,512,000 | $ 186,463,000 | ||||||||||
Number of retail properties | property | 180 | |||||||||||
Proceeds from the disposition of properties, net | $ 12,252,000 | $ 25,218,000 | ||||||||||
Fund V Family Center at Riverdale | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Equity method investment, ownership percentage | 90.00% | |||||||||||
Tri City Plaza | ||||||||||||
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] | ||||||||||||
Equity method investment, ownership percentage | 50.00% | |||||||||||
Number of businesses acquired | property | 23 | |||||||||||
Number of retail properties | property | 13 | |||||||||||
Fund I Vs Broughton Street Portfolio Venture | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of retail properties | property | 2 | 8 | ||||||||||
Losses on cost method investments | $ 1,000,000 | |||||||||||
Fund I Vs Broughton Street Portfolio Venture | Partnership Interest | Maximum | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Losses on cost method investments | $ 100,000 | |||||||||||
Fund IV | Disposed of by sale | Broughton St. Portfolio Savannah, GA | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of retail properties | property | 1 | 2 | 2 | |||||||||
Proceeds from the disposition of properties, net | $ 2,100,000 | $ 8,000,000 | ||||||||||
Gain (loss) on disposal | (300,000) | (400,000) | ||||||||||
Fund IV | Disposed of by sale | Broughton St. Portfolio Savannah, GA | Partnership Interest | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain (loss) on disposal | $ 0 | |||||||||||
Fund IV | Disposed of by sale | Broughton St. Portfolio Savannah, GA | Partnership Interest | Maximum | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Gain (loss) on disposal | $ (100,000) | |||||||||||
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 | Unconsolidated 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 | $ 3,200,000 | ||||||||||
Cost method investments | 0 | |||||||||||
Fund III's Storage Post venture | Partnership Interest | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Distribution from cost method investment | $ 400,000 | $ 800,000 | ||||||||||
Riverdale, Utah | Fund V Family Center at Riverdale | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
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] | ||||||||||||
Square footage of real estate property (in square feet) | ft² | 300,000 | |||||||||||
Purchase Price | $ 36,700,000 |
Investments in and Advances t_7
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Additional Information (Details) - Equity Method Investee - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Schedule of Equity Method Investments [Line Items] | ||||
Related party revenue | $ 0.3 | $ 0.3 | $ 0.5 | $ 0.5 |
Expenses, related party | $ 0.3 | $ 0.4 | $ 0.7 | $ 0.9 |
Investments in and Advances t_8
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Combined and Condensed Balance Sheets | |||
Other assets | $ 200,124 | $ 208,570 | |
Total assets | 4,209,922 | 3,958,780 | $ 3,880,768 |
Total liabilities and equity | 4,209,922 | 3,958,780 | |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 15,032 | 15,623 | |
Investments in and advances to unconsolidated affiliates | 320,477 | 262,410 | |
Unconsolidated Affiliates | |||
Combined and Condensed Balance Sheets | |||
Rental property, net | 599,595 | 488,000 | |
Investment in unconsolidated affiliates | 6,853 | 6,853 | |
Other assets | 73,773 | 91,497 | |
Total assets | 680,221 | 586,350 | |
Mortgage notes payable | 459,484 | 408,967 | |
Other liabilities | 57,919 | 54,675 | |
Partners’ equity | 162,818 | 122,708 | |
Total liabilities and equity | 680,221 | 586,350 | |
Company's share of accumulated equity | 202,320 | 141,384 | |
Basis differential | 102,637 | 104,084 | |
Deferred fees, net of portion related to the Company's interest | 1,965 | 1,780 | |
Amounts payable by the Company | (1,477) | (461) | |
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 305,445 | 246,787 | |
Company's share of distributions in excess of income from and investments in unconsolidated affiliates | 15,032 | 15,623 | |
Investments in and advances to unconsolidated affiliates | $ 320,477 | $ 262,410 |
Investments in and Advances t_9
Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Combined and Condensed Statements of Income | ||||
Revenues | $ 71,062 | $ 63,569 | $ 145,862 | $ 126,693 |
Operating and other expenses | (63,976) | (57,270) | (124,582) | (113,693) |
Depreciation and amortization | (30,304) | (29,503) | (60,637) | (58,079) |
Company’s share of equity in net income of unconsolidated affiliates | 4,282 | 5,895 | 7,277 | 8,260 |
Equity in earnings of unconsolidated affiliates | 3,559 | 5,019 | 5,830 | 6,703 |
Unconsolidated Affiliates | ||||
Combined and Condensed Statements of Income | ||||
Revenues | 22,740 | 19,603 | 42,713 | 39,759 |
Operating and other expenses | (5,236) | (5,531) | (10,342) | (11,453) |
Interest expense | (5,639) | (5,250) | (10,415) | (10,125) |
Depreciation and amortization | (5,795) | (5,801) | (10,587) | (11,856) |
Loss on disposition of properties | (992) | (1,410) | ||
Net income attributable to unconsolidated affiliates | 6,070 | 2,029 | 11,369 | 4,915 |
Operating Partnership, as General Partner or Managing Member | ||||
Combined and Condensed Statements of Income | ||||
Basis differential amortization | $ (723) | $ (876) | $ (1,447) | $ (1,557) |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Other Assets, Net: | ||
Lease intangibles, net (Note 6) | $ 117,074 | $ 115,939 |
Deferred charges, net | 29,804 | 28,619 |
Prepaid expenses | 16,529 | 18,422 |
Other receivables | 12,046 | 5,058 |
Accrued interest receivable | 9,308 | 17,046 |
Deposits | 4,091 | 4,611 |
Due from seller | 4,000 | 4,000 |
Deferred tax assets | 2,050 | 2,032 |
Derivative financial instruments (Note 8) | 1,057 | 7,018 |
Due from related parties | 612 | 1,802 |
Corporate assets | 1,776 | 1,953 |
Income taxes receivable | 1,777 | 2,070 |
Other assets, net | 200,124 | 208,570 |
Deferred Charges, Net: | ||
Deferred leasing and other costs | 48,729 | 45,011 |
Deferred financing costs related to line of credit | 8,970 | 8,960 |
Deferred costs, gross | 57,699 | 53,971 |
Accumulated amortization | (27,895) | (25,352) |
Deferred charges, net | 29,804 | 28,619 |
Accounts Payable and Other Liabilities: | ||
Lease intangibles, net (Note 6) | 89,388 | 95,045 |
Capital lease obligations (Note 11) | 71,111 | |
Finance lease, liability | 87,784 | |
Lease liability - operating leases, net (Note 11) | 57,397 | |
Accounts payable and accrued expenses | 72,892 | 65,215 |
Deferred income | 27,582 | 34,052 |
Tenant security deposits, escrow and other | 11,759 | 10,588 |
Derivative financial instruments (Note 8) | 37,354 | 7,304 |
Income taxes payable | 19 | |
Other | 134 | 2,738 |
Accounts payable and other liabilities | $ 384,290 | $ 286,072 |
Lease Intangibles - Schedule of
Lease Intangibles - Schedule of Intangible Assets and Liabilities Included in Other Assets and Other Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | $ 252,470 | $ 234,190 |
Amortizable Intangible Assets, Accumulated Amortization | (135,396) | (118,251) |
Amortizable Intangible Assets, Net Carrying Amount | 117,074 | 115,939 |
Amortizable Intangible Liabilities | ||
Amortizable Intangible Liabilities, Gross Carrying Amount | (157,657) | (152,188) |
Amortizable Intangible Liabilities, Accumulated Amortization | 68,818 | 57,721 |
Amortizable Intangible Liabilities, Net Carrying Amount | (88,839) | (94,467) |
Above-market Ground Lease, Gross | (671) | (671) |
Above-market Ground Lease, Accumulated Amortization | 122 | 93 |
Above-market Ground Lease, Net | (549) | (578) |
Finite-Lived Intangible Liabilities, Gross | (158,328) | (152,859) |
Finite-Lived Intangible Liabilities, Accumulated Amortization | 68,940 | 57,814 |
Finite-Lived Intangible Liabilities, Net | (89,388) | (95,045) |
In-place lease intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 234,479 | 216,021 |
Amortizable Intangible Assets, Accumulated Amortization | (122,067) | (105,972) |
Amortizable Intangible Assets, Net Carrying Amount | 112,412 | 110,049 |
Amortizable Intangible Liabilities | ||
Amortizable Intangible Liabilities, Net Carrying Amount | (84,177) | |
Above-market rent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortizable Intangible Assets, Gross Carrying Amount | 17,991 | 18,169 |
Amortizable Intangible Assets, Accumulated Amortization | (13,329) | (12,279) |
Amortizable Intangible Assets, Net Carrying Amount | $ 4,662 | $ 5,890 |
Lease Intangibles - Additional
Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Below market rents, acquired | $ 5.2 | $ 7.9 |
Below market rents acquired, weighted average useful life | 21 years 4 months 24 days | 20 years 6 months |
In-place lease intangible assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 17.1 | $ 24.2 |
Acquired intangible assets, weighted average useful life | 6 years 3 months 18 days | 5 years 2 months 12 days |
Above-market rent | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets acquired | $ 0.2 | $ 2.5 |
Acquired intangible assets, weighted average useful life | 10 years 3 months 18 days | 5 years 1 month 6 days |
Lease Intangibles - Scheduled A
Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Acquired Lease Intangibles [Abstract] | ||
Net Increase In Lease Revenues, Total | $ 88,839 | $ 94,467 |
Amortizable Intangible Assets, Net Carrying Amount | (117,074) | (115,939) |
In-place lease intangible assets | ||
Acquired Lease Intangibles [Abstract] | ||
2019 (Remainder), Net Increase In Lease Revenues | 2,805 | |
2020, Net Increase In Lease Revenues | 8,011 | |
2021, Net Increase In Lease Revenues | 7,512 | |
2022, Net Increase In Lease Revenues | 7,141 | |
2023, Net Increase In Lease Revenues | 7,134 | |
Thereafter, Net Increase In Lease Revenues | 51,574 | |
Net Increase In Lease Revenues, Total | 84,177 | |
2019 (Remainder), Increase to Amortization | (15,140) | |
2020, Increase to Amortization | (24,067) | |
2021, Increase to Amortization | (17,514) | |
2022, Increase to Amortization | (12,551) | |
2023, Increase to Amortization | (9,919) | |
Thereafter, Increase to Amortization | (33,221) | |
Amortizable Intangible Assets, Net Carrying Amount | (112,412) | $ (110,049) |
2019 (Remainder), Reduction of Rent Expense | 29 | |
2020, Reduction of Rent Expense | 58 | |
2021, Reduction of Rent Expense | 58 | |
2022, Reduction of Rent Expense | 58 | |
2023, Reduction of Rent Expense | 58 | |
Thereafter, Reduction of Rent Expense | 288 | |
Reduction of Rent Expense, Total | 549 | |
2019 (Remainder), Net Income (Expense) | (12,306) | |
2020, Net Income (Expense) | (15,998) | |
2021, Net Income (Expense) | (9,944) | |
2022, Net Income (Expense) | (5,352) | |
2023, Net Income (Expense) | (2,727) | |
Thereafter, Net Income (Expense) | 18,641 | |
Total, Net Income (Expense) | $ (27,686) |
Debt - Summary of Consolidated
Debt - Summary of Consolidated Indebtedness (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,695,702 | $ 1,560,333 |
Net unamortized debt issuance costs | (11,328) | (10,541) |
Unamortized fair market value of assumed debt | 702 | 753 |
Mortgage and other notes payable, net | 1,025,869 | 1,017,288 |
Unsecured notes payable, net | 620,207 | 533,257 |
Unsecured line of credit | 39,000 | |
Total Indebtedness | 1,685,076 | 1,550,545 |
Mortgages | ||
Debt Instrument [Line Items] | ||
Net unamortized debt issuance costs | (10,510) | (10,173) |
Unamortized fair market value of assumed debt | 702 | 753 |
Mortgage and other notes payable, net | $ 1,025,869 | 1,017,288 |
Mortgages | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Net unamortized debt issuance costs | $ (818) | (368) |
Unsecured notes payable, net | 620,207 | 533,257 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Unsecured line of credit | $ 39,000 | |
Core Portfolio | Minimum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2019-10 | |
Core Portfolio | Maximum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2020-04 | |
Core Portfolio | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.50% | |
Core Portfolio | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.90% | |
Core Portfolio | Unsecured Line of Credit | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.35% | |
Core Portfolio | Unsecured Notes Payable | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.25% | |
Core Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 210,324 | 260,854 |
Core Portfolio | Mortgages | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 177,250 | $ 178,271 |
Core Portfolio | Mortgages | Fixed Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 3.88% | 3.88% |
Maturity Date | 2024-02 | |
Core Portfolio | Mortgages | Fixed Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 6.00% | 6.00% |
Maturity Date | 2035-04 | |
Core Portfolio | Mortgages | Variable Rate - Swapped | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 33,074 | $ 82,583 |
Core Portfolio | Mortgages | Variable Rate - Swapped | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 3.41% | 3.41% |
Maturity Date | 2023-01 | |
Core Portfolio | Mortgages | Variable Rate - Swapped | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 5.67% | 5.67% |
Maturity Date | 2028-11 | |
Core Portfolio | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 383 | |
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 1.25% | |
Maturity Date | 2023-03 | |
Long-term debt, gross | $ 350,000 | $ 349,617 |
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 2.49% | 2.54% |
Core Portfolio | Unsecured Debt | Variable Rate Unsecured Term Loans - Swapped | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 5.02% | 3.59% |
Core Portfolio | Line of Credit | Unsecured Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | |
Core Portfolio | Line of Credit | Unsecured Line of Credit - Swapped | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2022-03 | |
Long-term debt, gross | $ 39,000 | |
Core Portfolio | Line of Credit | Unsecured Line of Credit - Swapped | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 2.49% | |
Core Portfolio | Line of Credit | Unsecured Line of Credit - Swapped | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 5.02% | |
Fund Portfolio | Mortgages | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.64% | |
Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,198,592 | $ 1,001,658 |
Variable Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 497,110 | 558,675 |
Fund II | Fund Portfolio | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2020-12 | |
Long-term debt, gross | $ 23,598 | |
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] | ||
Maturity Date | 2022-03 | |
Long-term debt, gross | $ 248,062 | 224,587 |
Fund II | Fund Portfolio | Mortgages | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 205,263 | $ 205,262 |
Fund II | Fund Portfolio | Mortgages | Fixed Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 1.00% | 1.00% |
Maturity Date | 2020-05 | |
Fund II | Fund Portfolio | Mortgages | Fixed Rate | Maximum | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 4.75% | 4.75% |
Maturity Date | 2042-08 | |
Fund II | Fund Portfolio | Mortgages | Variable Rate - Swapped | ||
Debt Instrument [Line Items] | ||
Interest rate, stated percentage | 4.27% | 4.27% |
Maturity Date | 2021-11 | |
Long-term debt, gross | $ 19,201 | $ 19,325 |
Fund II | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.39% | |
Fund II | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.00% | |
Fund II | Fund Portfolio | Unsecured Debt | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.65% | 1.40% |
Fund II | Fund Portfolio | Unsecured Debt | Unsecured Notes Payable | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 40,000 | $ 40,000 |
Fund II | Fund Portfolio | Unsecured Debt | Unsecured Notes Payable | LIBOR | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2020-09 | |
Fund III | Fund Portfolio | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2020-07 | |
Fund III | Fund Portfolio | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.65% | |
Fund III | Fund Portfolio | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.65% | |
Fund III | Fund Portfolio | Mortgages | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 91,211 | $ 90,096 |
Fund III | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.65% | |
Maturity Date | 2020-06 | |
Fund III | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.65% | 4.65% |
Maturity Date | 2020-07 | |
Fund III | Fund Portfolio | Mortgages | Variable Rate Debt | Prime Rate | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.50% | |
Fund IV | Fund Portfolio | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2021-02 | |
Fund IV | Fund Portfolio | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.60% | |
Fund IV | Fund Portfolio | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.40% | |
Fund IV | Fund Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 277,674 | $ 313,095 |
Fund IV | Fund Portfolio | Mortgages | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 8,190 | $ 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 | $ 93,214 | $ 71,841 |
Fund IV | Fund Portfolio | Mortgages | Variable Rate - Swapped | Minimum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2020-03 | |
Fund IV | Fund Portfolio | Mortgages | Variable Rate - Swapped | Maximum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2022-12 | |
Fund IV | Fund Portfolio | Mortgages | Variable Rate - Swapped | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.67% | 3.67% |
Fund IV | Fund Portfolio | Mortgages | Variable Rate - Swapped | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.81% | 4.23% |
Fund IV | Fund Portfolio | Mortgages | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 176,270 | $ 233,065 |
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 | 2019-07 | |
Fund IV | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.40% | 3.95% |
Maturity Date | 2022-04 | |
Fund IV | Fund Portfolio | Unsecured Debt | Term Loan / Subscription Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 87,625 | $ 40,825 |
Fund IV | Fund Portfolio | Unsecured Debt | Term Loan / Subscription Facility | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.65% | 1.65% |
Maturity Date | 2019-12 | |
Fund IV | Fund Portfolio | Unsecured Debt | Term Loan / Subscription Facility | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | 2.75% |
Maturity Date | 2021-06 | |
Fund V | Fund Portfolio | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.15% | |
Fund V | Fund Portfolio | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Fund V | Fund Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 208,406 | $ 138,076 |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 156,900 | $ 86,570 |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | Minimum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2021-02 | |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | Maximum | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2024-03 | |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.01% | 4.61% |
Fund V | Fund Portfolio | Mortgages | Variable Rate - Swapped | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.78% | 4.78% |
Fund V | Fund Portfolio | Mortgages | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 51,506 | $ 51,506 |
Fund V | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Fund V | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.15% | |
Maturity Date | 2020-10 | |
Fund V | Fund Portfolio | Mortgages | Variable Rate Debt | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Maturity Date | 2021-01 | |
Fund V | Fund Portfolio | Unsecured Debt | Subscription Line | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 143,400 | $ 102,800 |
Fund V | Fund Portfolio | Unsecured Debt | Subscription Line | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.60% | 1.60% |
Maturity Date | 2020-05 |
Debt - Summary of Consolidate_2
Debt - Summary of Consolidated Indebtedness (Parenthetical) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,695,702 | $ 1,560,333 |
Variable-rate debt that subject to interest cap agreements | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 157,500 | 143,800 |
Interest Rate Swaps | Not Designated | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 165,500 | |
Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 691,400 | $ 609,900 |
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 | 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 | $ 23,598 | |
Fund II | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.39% | |
Fund III | Minimum | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.65% | |
Fund III | Maximum | Fund Portfolio | Variable Rate Debt | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.65% | |
Fund IV | Minimum | Fund Portfolio | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.60% | |
Fund IV | Maximum | Fund Portfolio | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.40% | |
Fund V | Minimum | Fund Portfolio | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.15% | |
Fund V | Maximum | Fund Portfolio | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% |
Debt - Credit Facility - Additi
Debt - Credit Facility - Additional Information (Details) - USD ($) | Feb. 20, 2018 | Jun. 30, 2019 |
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 300,000,000 | |
Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 31, 2023 | |
Unsecured Debt | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 150,000,000 | |
Basis spread on variable rate | 1.35% | |
Maturity date | Mar. 31, 2022 | |
Unsecured Debt | Senior Unsecured Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 500,000,000 | |
Unsecured Debt | $300 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 350,000,000 | |
Basis spread on variable rate | 1.25% | |
Unsecured Debt | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 150,000,000 | |
Other Secured Financings | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 40,400,000 | |
Core Portfolio | Unsecured Debt | Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | 150,000,000 | $ 150,000,000 |
Core Portfolio | Unsecured Debt | $150 Million Term Loan | ||
Debt Instrument [Line Items] | ||
Maximum borrowing capacity | $ 150,000,000 |
Debt - Mortgage Payable - Addit
Debt - Mortgage Payable - Additional Information (Details) | 6 Months Ended | |
Jun. 30, 2019USD ($)propertyloan | Dec. 31, 2018USD ($)property | |
Debt Instrument [Line Items] | ||
Unsecured line of credit | $ 39,000,000 | |
Mortgages | ||
Debt Instrument [Line Items] | ||
Scheduled principal payment | $ 3,200,000 | |
Number of properties collateralized | property | 44 | 43 |
Interest Rate Swaps | ||
Debt Instrument [Line Items] | ||
Derivative, notional amount | $ 156,000,000 | |
Derivative weighted average interest rate | 2.43% | |
Interest Rate Swaps | Mortgages | ||
Debt Instrument [Line Items] | ||
Derivative, notional amount | $ 91,500,000 | |
Derivative weighted average interest rate | 2.74% | |
Fund Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Number of mortgage loans | loan | 4 | |
Borrowings, amount | $ 118,300,000 | |
Fund IV | Mortgages | ||
Debt Instrument [Line Items] | ||
Borrowings, amount | 23,800,000 | |
Unsecured line of credit | 18,900,000 | |
Repayments of debt | 38,200,000 | |
Decrease in future availability of mortgage loan | 3,900,000 | |
Fund IV | BSP I | Mortgages | ||
Debt Instrument [Line Items] | ||
Increase (decrease) in mortgage loans | 9,400,000 | |
Fund IV | 717 North Michigan Avenue | Mortgages | ||
Debt Instrument [Line Items] | ||
Increase (decrease) in mortgage loans | (9,900,000) | |
Fund III | Mortgages | ||
Debt Instrument [Line Items] | ||
Repayments of debt | 4,700,000 | |
Fund III | Construction Loans | ||
Debt Instrument [Line Items] | ||
Unsecured line of credit | 5,900,000 | |
Core Portfolio | ||
Debt Instrument [Line Items] | ||
Derivative, notional amount | 587,574,000 | |
Core Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Prepayment of line of credit | 49,000,000 | |
Core Portfolio | Mortgages | Brandywine Portfolio | ||
Debt Instrument [Line Items] | ||
Debt default, amount | $ 26,300,000 | $ 26,300,000 |
Interest rate, stated percentage | 6.00% | |
Debt default interest | 5.00% | |
Interest owner percentage in property | 22.00% | |
LIBOR | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | |
LIBOR | Fund Portfolio | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.64% | |
LIBOR | Fund IV | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.35% | |
LIBOR | Fund IV | Variable Rate Debt | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.10% | |
LIBOR | Fund III | Mortgages | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 0.50% |
Debt - Unsecured Notes Payable
Debt - Unsecured Notes Payable - Additional Information (Details) - USD ($) | Feb. 20, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Mar. 31, 2019 |
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 300,000,000 | |||
Long-term debt outstanding | $ 1,695,702,000 | $ 1,560,333,000 | ||
Letters of credit, outstanding amount | 31,300,000 | 19,700,000 | ||
Core Portfolio | ||||
Debt Instrument [Line Items] | ||||
Derivative, notional amount | 587,574,000 | |||
Fund Portfolio | Fund II | ||||
Debt Instrument [Line Items] | ||||
Long-term debt outstanding | 23,598,000 | |||
Derivative, notional amount | 42,501,000 | |||
Fund Portfolio | Fund IV | ||||
Debt Instrument [Line Items] | ||||
Derivative, notional amount | 202,114,000 | |||
Fund Portfolio | Fund V | ||||
Debt Instrument [Line Items] | ||||
Derivative, notional amount | 156,900,000 | |||
Interest Rate Swaps | ||||
Debt Instrument [Line Items] | ||||
Derivative, notional amount | $ 156,000,000 | |||
Derivative weighted average interest rate | 2.43% | |||
Unsecured Debt | Fund IV | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Letters of credit, outstanding amount | $ 11,000,000 | 7,400,000 | ||
Unsecured Debt | Core Portfolio | ||||
Debt Instrument [Line Items] | ||||
Long-term debt outstanding | 383,000 | |||
Unsecured Notes Payable | Unsecured Debt | ||||
Debt Instrument [Line Items] | ||||
Debt available balance | 15,200,000 | 62,300,000 | ||
Unsecured Notes Payable | Unsecured Debt | Fund Portfolio | Fund II | ||||
Debt Instrument [Line Items] | ||||
Long-term debt outstanding | 40,000,000 | 40,000,000 | ||
$300 Million Term Loan | Unsecured Debt | Core Portfolio | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 300,000,000 | |||
$350 Million Term Loan | Unsecured Debt | Core Portfolio | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 350,000,000 | |||
Long-term debt outstanding | 350,000,000 | 350,000,000 | ||
$350 Million Term Loan | Unsecured Debt | Core Portfolio | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.25% | |||
Term Loan Maturing In September 2020 | Secured Debt | Fund II | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 40,000,000 | |||
Long-term line of credit, noncurrent | 40,000,000 | 40,000,000 | ||
Remaining borrowing capacity | 0 | 0 | ||
Bridge facility | Unsecured Debt | Fund IV | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 80,200,000 | $ 41,800,000 | ||
Long-term line of credit, noncurrent | 79,200,000 | 40,800,000 | ||
Remaining borrowing capacity | 1,000,000 | 1,000,000 | ||
Subscription Line | Unsecured Debt | Fund IV | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 27,000,000 | $ 15,000,000 | ||
Long-term line of credit, noncurrent | 8,400,000 | 0 | ||
Remaining borrowing capacity | 7,600,000 | 7,600,000 | ||
Subscription Line | Unsecured Debt | Fund V | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 150,000,000 | |||
Long-term line of credit, noncurrent | 143,400,000 | |||
Remaining borrowing capacity | 6,600,000 | |||
Subscription Line | Unsecured Debt | Fund Portfolio | Fund V | ||||
Debt Instrument [Line Items] | ||||
Long-term debt outstanding | $ 143,400,000 | 102,800,000 | ||
Remaining borrowing capacity | $ 47,200,000 | |||
Subscription Line | Unsecured Debt | Fund Portfolio | LIBOR | Fund V | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.60% | 1.60% |
Debt - Unsecured Revolving Line
Debt - Unsecured Revolving Lines of Credit - Additional Information (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Feb. 20, 2018 |
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 300,000,000 | ||
Letters of credit, outstanding amount | $ 31,300,000 | $ 19,700,000 | |
Revolving Credit Facility | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | 150,000,000 | ||
Core Portfolio | Revolving Credit Facility | Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Debt available balance | 90,700,000 | 137,700,000 | |
Maximum borrowing capacity | 150,000,000 | $ 150,000,000 | |
Credit facility amount outstanding | 39,000,000 | 0 | |
Letters of credit, outstanding amount | $ 20,300,000 | $ 12,300,000 |
Debt - Scheduled Principal Repa
Debt - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2019 (Remainder) | $ 165,255 | |
2020 | 573,416 | |
2021 | 217,873 | |
2022 | 134,070 | |
2023 | 412,305 | |
Thereafter | 192,783 | |
Long-term debt and convertible notes payable | 1,695,702 | $ 1,560,333 |
Unamortized premium | 702 | 753 |
Net unamortized debt issuance costs | (11,328) | (10,541) |
Total Indebtedness | $ 1,685,076 | $ 1,550,545 |
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 | Jun. 30, 2019 | Dec. 31, 2018 |
Assets | ||
Derivative financial instruments | $ 1,057 | $ 7,018 |
Liabilities | ||
Derivative financial instruments | 37,354 | 7,304 |
Recurring | Level 1 | ||
Assets | ||
Money Market Funds | 0 | 4,504 |
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Derivative financial instruments | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Money Market Funds | 0 | 0 |
Derivative financial instruments | 1,057 | 7,018 |
Liabilities | ||
Derivative financial instruments | 37,354 | 7,304 |
Recurring | Level 3 | ||
Assets | ||
Money Market Funds | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Liabilities | ||
Derivative financial instruments | $ 0 | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Gain on disposition of properties | $ 33,000 | $ 2,014,000 | $ 33,000 | ||
Impairment charges | $ 1,400,000 | 1,400,000 | |||
Reclassification adjustment related to derivatives from AOCI to interest expense | 3,400,000 | ||||
Derivatives designated as fair value hedges | 0 | 0 | $ 0 | ||
Derivative designated to hedges of net investments in foreign operations | 0 | $ 0 | 0 | ||
Nonrecurring | Disposal group, held-for-sale | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment charges | $ 0 | ||||
Nonrecurring | Disposal group, held-for-sale | Fund IV | 210 Bowery property | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Gain on disposition of properties | 0 | ||||
Impairment charges | 1,400,000 | $ 0 | |||
Nonrecurring | Noncontrolling Interests | Disposal group, held-for-sale | Fund IV | 210 Bowery property | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Impairment charges | $ 1,100,000 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivatives, Fair Value [Line Items] | ||
Fair value, liability derivatives | $ (37,354) | $ (7,304) |
Fair value, asset derivatives | 1,057 | 7,018 |
Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 156,000 | |
Core Portfolio | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 587,574 | |
Fair value, derivatives, net | $ (30,545) | (310) |
Core Portfolio | Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2020-07 | |
Fair value, liability derivatives | $ (10,600) | (2,900) |
Core Portfolio | Interest Rate Swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 424,074 | |
Fair value, liability derivatives | (31,570) | (6,332) |
Core Portfolio | Interest Rate Swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 163,500 | |
Fair value, asset derivatives | $ 1,025 | 6,022 |
Core Portfolio | Interest Rate Swaps | Minimum | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2012-12 | |
Derivative Maturity Date | 2022-03 | |
Strike Rate | 1.71% | |
Core Portfolio | Interest Rate Swaps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2014-10 | |
Derivative Maturity Date | 2019-11 | |
Strike Rate | 1.24% | |
Core Portfolio | Interest Rate Swaps | Maximum | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2020-07 | |
Derivative Maturity Date | 2030-07 | |
Strike Rate | 3.77% | |
Core Portfolio | Interest Rate Swaps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2016-07 | |
Derivative Maturity Date | 2021-06 | |
Strike Rate | 1.70% | |
Fund Portfolio | Fund II | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 42,501 | |
Fair value, derivatives, net | (141) | 108 |
Fund Portfolio | Fund II | Interest Rate Swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 19,201 | |
Derivative Effective Date | 2014-10 | |
Derivative Maturity Date | 2021-11 | |
Fair value, liability derivatives | $ (150) | 0 |
Fund Portfolio | Fund II | Interest Rate Swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value, asset derivatives | $ 0 | 108 |
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 Cap | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 23,300 | |
Derivative Effective Date | 2019-03 | |
Derivative Maturity Date | 2022-03 | |
Fair value, asset derivatives | $ 9 | 0 |
Fund Portfolio | Fund II | Interest Rate Cap | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 3.50% | |
Fund Portfolio | Fund II | Interest Rate Cap | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 3.50% | |
Fund Portfolio | Fund IV | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 202,114 | |
Fair value, derivatives, net | (855) | 859 |
Fund Portfolio | Fund IV | Interest Rate Swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 70,114 | |
Fair value, liability derivatives | (878) | 0 |
Fund Portfolio | Fund IV | Interest Rate Swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 23,100 | |
Derivative Effective Date | 2017-03 | |
Derivative Maturity Date | 2020-03 | |
Fair value, asset derivatives | $ 23 | 851 |
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 | 1.97% | |
Fund Portfolio | Fund IV | Interest Rate Swaps | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 1.82% | |
Fund Portfolio | Fund IV | Interest Rate Swaps | Maximum | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2019-05 | |
Derivative Maturity Date | 2022-12 | |
Strike Rate | 4.00% | |
Fund Portfolio | Fund IV | Interest Rate Swaps | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 1.82% | |
Fund Portfolio | Fund IV | Interest Rate Cap | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 108,900 | |
Fair value, asset derivatives | $ 0 | 8 |
Fund Portfolio | Fund IV | Interest Rate Cap | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2016-07 | |
Derivative Maturity Date | 2019-08 | |
Strike Rate | 3.00% | |
Fund Portfolio | Fund IV | Interest Rate Cap | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2016-11 | |
Derivative Maturity Date | 2019-12 | |
Strike Rate | 3.00% | |
Fund Portfolio | Fund III | Interest Rate Cap | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 58,000 | |
Derivative Effective Date | 2016-12 | |
Derivative Maturity Date | 2020-01 | |
Fair value, asset derivatives | $ 0 | 8 |
Fund Portfolio | Fund III | Interest Rate Cap | Minimum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 3.00% | |
Fund Portfolio | Fund III | Interest Rate Cap | Maximum | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Strike Rate | 3.00% | |
Fund Portfolio | Fund V | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | $ 156,900 | |
Fair value, derivatives, net | (4,756) | (951) |
Fund Portfolio | Fund V | Interest Rate Swaps | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 156,900 | |
Fair value, liability derivatives | (4,756) | (972) |
Fund Portfolio | Fund V | Interest Rate Swaps | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Aggregate Notional Amount | 0 | |
Fair value, asset derivatives | $ 0 | $ 21 |
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 | 2.27% | |
Fund Portfolio | Fund V | Interest Rate Swaps | Maximum | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Effective Date | 2019-03 | |
Derivative Maturity Date | 2024-03 | |
Strike Rate | 2.88% |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Parenthetical) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)derivative | Dec. 31, 2018USD ($) | |
Derivatives, Fair Value [Line Items] | ||
Fair value, liability derivatives | $ (37,354) | $ (7,304) |
Core Portfolio | Interest Rate Swaps | ||
Derivatives, Fair Value [Line Items] | ||
Number of derivative instruments held | derivative | 2 | |
Fair value, liability derivatives | $ (10,600) | $ (2,900) |
Derivative Effective Date | 2020-07 |
Financial Instruments and Fai_7
Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Receivable | $ 94,662 | $ 109,613 |
Mortgage and Other Notes Payable | 1,685,076 | 1,550,545 |
Unsecured notes payable and Unsecured line of credit | 620,207 | 533,257 |
Level 3 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Receivable | 94,662 | 109,613 |
Mortgage and Other Notes Payable | 1,035,677 | 1,026,708 |
Investment in non-traded equity securities | 0 | 0 |
Level 3 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Receivable | 93,532 | 107,370 |
Mortgage and Other Notes Payable | 1,040,198 | 1,021,075 |
Investment in non-traded equity securities | 23,208 | 23,208 |
Level 2 | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured notes payable and Unsecured line of credit | 660,025 | 533,625 |
Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured notes payable and Unsecured line of credit | $ 660,734 | $ 533,954 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments And Contingencies Disclosure [Abstract] | ||
Contractual obligation | $ 52.1 | $ 55.5 |
Letters of credit, outstanding amount | $ 31.3 | $ 19.7 |
Shareholders' Equity, Noncont_3
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Common Shares and Units - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Restricted shares | |||
Class Of Stock [Line Items] | |||
Restricted stock, shares canceled for tax withholding for share based compensation (in shares) | 2,468 | 3,288 | |
LTIP Units and Restricted Stock | |||
Class Of Stock [Line Items] | |||
Unit based compensation | $ 3.7 | $ 4.3 | $ 8.4 |
Shareholders' Equity, Noncont_4
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - ATM Program - Additional Information (Details) - ATM Program - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Class Of Stock [Line Items] | ||
Issuance of ordinary shares (in shares) | 1,696,516 | 2,667,351 |
Gross proceeds | $ 48 | $ 76.2 |
Weighted Average Share Price | $ 28.29 | $ 28.58 |
Proceeds from stock plans net of issuance costs | $ 47.3 | $ 75.1 |
Purchase new program included an optional forward purchase component | $ 250 |
Shareholders' Equity, Noncont_5
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Share Repurchases - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | 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) | 0 | 2,294,235 | ||
Shares repurchased during period | $ 23,095,000 | $ 55,057,000 | $ 55,100,000 | |
Stock repurchase fees | $ 100,000 | |||
Remaining authorized repurchase amount | $ 144,900,000 |
Shareholders' Equity, Noncont_6
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Schedule of Dividends Declared and paid (Details) - $ / shares | May 09, 2019 | Feb. 28, 2019 | Nov. 15, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Class Of Stock [Line Items] | |||||||
Cash dividends declared per common share (in dollars per share) | $ 0.28 | $ 0.27 | $ 0.56 | $ 0.54 | |||
Fourth Quarter Two Thousand Eighteen | |||||||
Class Of Stock [Line Items] | |||||||
Cash dividends, declared date | Nov. 15, 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 |
Shareholders' Equity, Noncont_7
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Summary of Activity in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 2,106,352 | $ 2,164,667 | $ 2,081,947 | $ 2,215,639 |
Other comprehensive loss before reclassifications | (22,652) | 2,950 | (35,958) | 8,603 |
Reclassification of realized interest on swap agreements | (535) | 109 | (1,086) | 472 |
Net current period other comprehensive Income (loss) | (23,187) | 3,059 | (37,044) | 9,075 |
Ending Balance | 2,100,106 | 2,112,549 | 2,100,106 | 2,112,549 |
AOCI Attributable to Noncontrolling Interest | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Net current period other comprehensive Income (loss) | 4,638 | (297) | 6,958 | (1,551) |
AOCI Attributable to Parent | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Beginning Balance | (11,021) | 7,376 | 516 | 2,614 |
Ending Balance | $ (29,570) | $ 10,138 | $ (29,570) | $ 10,138 |
Shareholders' Equity, Noncont_8
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Summary of Change in Noncontrolling Interest (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | $ 622,442 | |||
Net income (loss) | $ (5,237) | $ (2,270) | (2,301) | $ (6,430) |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 0 | 0 | 0 | 0 |
Other comprehensive loss - unrealized loss on valuation of swap agreements | (22,652) | 2,950 | (35,958) | 8,603 |
Reclassification of realized interest on swap agreements | (535) | 109 | (1,086) | 472 |
Noncontrolling interest contributions | 6,550 | 32,191 | 6,550 | |
Noncontrolling interest distributions | (1,645) | (14,945) | (4,882) | (15,640) |
Employee Long-term Incentive Plan Unit Awards | 1,988 | 2,301 | 5,442 | 6,113 |
Reallocation of noncontrolling interests | 0 | 0 | 0 | 0 |
Ending Balance | 618,910 | 618,910 | ||
Noncontrolling Interests | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 640,421 | 639,998 | 622,442 | 648,440 |
Distributions declared of $0.28, 0.27 and $0.56, $0.54 per Common OP Unit for three and six months ended June 30, 2019 and 2018, respectively | (1,776) | (1,713) | (3,557) | (3,434) |
Net income (loss) | (14,317) | (9,935) | (23,578) | (21,514) |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | (557) | (481) | (3,510) | (1,123) |
Other comprehensive loss - unrealized loss on valuation of swap agreements | (4,591) | 198 | (6,890) | 1,358 |
Reclassification of realized interest on swap agreements | (47) | 99 | (68) | 193 |
Noncontrolling interest contributions | 6,550 | 32,191 | 6,550 | |
Noncontrolling interest distributions | (1,645) | (14,945) | (4,882) | (15,640) |
Employee Long-term Incentive Plan Unit Awards | 1,835 | 2,126 | 5,195 | 5,842 |
Reallocation of noncontrolling interests | (413) | (2,023) | 1,567 | (798) |
Ending Balance | 618,910 | 619,874 | 618,910 | 619,874 |
Noncontrolling Interests | Restatement Adjustment | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Ending Balance | 1,567 | 1,567 | ||
Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 535,377 | 533,603 | 518,219 | 545,519 |
Distributions declared of $0.28, 0.27 and $0.56, $0.54 per Common OP Unit for three and six months ended June 30, 2019 and 2018, respectively | 0 | 0 | 0 | 0 |
Net income (loss) | (15,039) | (10,568) | (25,231) | (22,759) |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | 0 | 0 | 0 | |
Other comprehensive loss - unrealized loss on valuation of swap agreements | (3,464) | 44 | (5,068) | 930 |
Reclassification of realized interest on swap agreements | (24) | 90 | (24) | 174 |
Noncontrolling interest contributions | 6,550 | 32,191 | 6,550 | |
Noncontrolling interest distributions | (1,645) | (14,945) | (4,882) | (15,640) |
Employee Long-term Incentive Plan Unit Awards | 0 | 0 | 0 | 0 |
Reallocation of noncontrolling interests | 0 | 0 | 0 | 0 |
Ending Balance | 515,205 | 514,774 | 515,205 | 514,774 |
Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates | Restatement Adjustment | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Ending Balance | 0 | 0 | ||
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning Balance | 105,044 | 106,395 | 104,223 | 102,921 |
Distributions declared of $0.28, 0.27 and $0.56, $0.54 per Common OP Unit for three and six months ended June 30, 2019 and 2018, respectively | (1,776) | (1,713) | (3,557) | (3,434) |
Net income (loss) | 722 | 633 | 1,653 | 1,245 |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership | (557) | (481) | (3,510) | (1,123) |
Other comprehensive loss - unrealized loss on valuation of swap agreements | (1,127) | 154 | (1,822) | 428 |
Reclassification of realized interest on swap agreements | (23) | 9 | (44) | 19 |
Noncontrolling interest contributions | 0 | 0 | 0 | |
Noncontrolling interest distributions | 0 | 0 | 0 | 0 |
Employee Long-term Incentive Plan Unit Awards | 1,835 | 2,126 | 5,195 | 5,842 |
Reallocation of noncontrolling interests | (413) | (2,023) | 1,567 | (798) |
Ending Balance | 103,705 | $ 105,100 | 103,705 | $ 105,100 |
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member | Restatement Adjustment | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Ending Balance | $ 1,567 | $ 1,567 |
Shareholders' Equity, Noncont_9
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Summary of Change in Noncontrolling Interest (Parenthetical) (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Minority Interest [Line Items] | ||||
Distributions declared (in dollars per share) | $ 0.28 | $ 0.27 | $ 0.56 | $ 0.54 |
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership (in shares) | 33,289 | 28,512 | 207,818 | 64,638 |
Operating Partnership, as General Partner or Managing Member | ||||
Minority Interest [Line Items] | ||||
Series A Preferred OP Units (in shares) | 3,320,325 | 3,331,440 | 3,320,325 | 3,331,440 |
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 |
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 | 136,593 | 136,593 |
LTIP Units | ||||
Minority Interest [Line Items] | ||||
LTIP units outstanding (in shares) | 2,715,679 | 2,606,221 | 2,715,679 | 2,606,221 |
Shareholders' Equity, Noncon_10
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Preferred OP Units - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 42 Months Ended | 246 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2016 | Dec. 31, 1999 | Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Class Of Stock [Line Items] | |||||||
Denominator for Series A Preferred OP Unit conversion | $ 7,500 | $ 7,500 | $ 7,500 | $ 7,500 | |||
Common Shares | |||||||
Class Of Stock [Line Items] | |||||||
Issuance of common shares, net of issuance costs (in Shares) | 1,697,000 | 2,667,000 | |||||
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) | 3,320,325 | 3,320,325 | 3,320,325 | 3,320,325 | 3,331,440 | ||
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 | $ 1,000 | |||
Per unit conversion amount, Series A Preferred OP Units (in dollars per unit) | $ 22.50 | $ 22.50 | $ 22.50 | $ 22.50 | |||
Per unit conversion annual rate, Preferred OP Units | 9.00% | 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) | 136,593 | 136,593 | 136,593 | 136,593 | 136,593 |
Leases - Operating Leases - Add
Leases - Operating Leases - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2019USD ($)shopping_center | Jun. 30, 2019USD ($)itemshopping_center | Jun. 30, 2018USD ($) | |
Operating Leased Assets [Line Items] | |||
Variable lease revenues | $ 13,200 | $ 26,600 | |
Cumulative effect adjustment to retained earnings required upon adoption of the new standard | 0 | 0 | |
Operating lease, right-of-use asset | 56,279 | $ 56,279 | |
Number of operating lease | item | 9 | ||
Number of finance lease | item | 4 | ||
Finance lease, right-of-use asset | 93,796 | $ 93,796 | |
Finance lease, liability | 87,784 | 87,784 | |
Operating lease liabilities | $ 57,397 | 57,397 | |
Acquisition of real estate | $ 138,716 | $ 46,171 | |
Number of shopping centers with land leases | shopping_center | 6 | 6 | |
Ground lease expense | 800 | ||
Rent expense capitalized | 300 | ||
Rent expense | 500 | ||
Capital lease term | 49 years | ||
1238 Wisconsin Avenue | |||
Operating Leased Assets [Line Items] | |||
Finance lease, right-of-use asset | $ 11,200 | $ 11,200 | |
Finance lease, liability | 10,700 | 10,700 | |
110 University Place | |||
Operating Leased Assets [Line Items] | |||
Operating lease, right-of-use asset | 45,300 | 45,300 | |
Operating lease liabilities | 45,300 | 45,300 | |
Acquisition of real estate | 10,500 | ||
Capital Lease Liability | |||
Operating Leased Assets [Line Items] | |||
Finance lease liabilities | 71,100 | 71,100 | |
Finance lease, liability | 71,100 | 71,100 | |
Repayments capital lease obligations | $ 1,300 | ||
Ground, Office and Equipment Leases | |||
Operating Leased Assets [Line Items] | |||
Operating lease, right-of-use asset | 82,600 | 82,600 | |
Operating lease liabilities | 76,600 | 76,600 | |
Capital Leases Asset | |||
Operating Leased Assets [Line Items] | |||
Finance lease, right-of-use asset | 77,000 | 77,000 | |
Accounting Standards Update 2016-02 | |||
Operating Leased Assets [Line Items] | |||
Operating lease, right-of-use asset | 11,900 | 11,900 | |
Operating lease liabilities | 12,800 | 12,800 | |
Finance lease, right-of-use asset | 5,700 | 5,700 | |
Finance lease, liability | $ 5,700 | $ 5,700 | |
Minimum | |||
Operating Leased Assets [Line Items] | |||
Operating lease term | 1 month | 1 month | |
Period of lease term | 25 years | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Operating lease term | 60 years | 60 years | |
Period of lease term | 71 years |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Finance lease cost: | ||
Amortization of right-of-use assets | $ 542 | $ 1,038 |
Interest on lease liabilities | 934 | 1,777 |
Subtotal | 1,476 | 2,815 |
Operating lease cost | 1,107 | 1,643 |
Variable lease cost | 25 | 57 |
Total lease cost | $ 2,608 | $ 4,515 |
Weighted-average remaining lease term - finance leases (years) | 45 years 4 months 24 days | 45 years 4 months 24 days |
Weighted-average remaining lease term - operating leases (years) | 33 years 9 months 18 days | 33 years 9 months 18 days |
Weighted-average discount rate - finance leases | 4.50% | 4.50% |
Weighted-average discount rate - operating leases | 5.80% | 5.80% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Minimum Rental Revenues | |
2019 (Remainder) | $ 94,448 |
2020 | 193,637 |
2021 | 176,109 |
2022 | 156,178 |
2023 | 137,655 |
Thereafter | 598,691 |
Total | 1,356,718 |
Minimum Rental Payments | |
2019 (Remainder) | 3,606 |
2020 | 7,139 |
2021 | 7,073 |
2022 | 7,082 |
2023 | 7,075 |
Thereafter | 334,761 |
Total | $ 366,736 |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases (Parenthetical) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Minimum rental payments of interest related to finance lease | $ 222.6 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Segment Reporting - Summary of
Segment Reporting - Summary of Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 71,062 | $ 63,569 | $ 145,862 | $ 126,693 | |
Depreciation and amortization | (30,304) | (29,503) | (60,637) | (58,079) | |
Property operating expenses, other operating and real estate taxes | (23,238) | (19,860) | (45,188) | (39,237) | |
General and administrative expenses | (9,034) | (7,907) | (17,357) | (16,377) | |
Impairment charge | (1,400) | (1,400) | |||
Gain on disposition of properties | 33 | 2,014 | 33 | ||
Operating income | 7,086 | 6,332 | 23,294 | 13,033 | |
Interest and other income | 4,142 | 3,289 | 6,412 | 7,026 | |
Equity in earnings of unconsolidated affiliates | 3,559 | 5,019 | 5,830 | 6,703 | |
Interest expense | (19,759) | (16,915) | (37,618) | (32,805) | |
Income tax (provision) benefit | (265) | 5 | (219) | (387) | |
Net income (loss) | (5,237) | (2,270) | (2,301) | (6,430) | |
Net loss attributable to noncontrolling interests | 14,317 | 9,935 | 23,578 | 21,514 | |
Net income attributable to Acadia | 9,080 | 7,665 | 21,277 | 15,084 | |
Real estate at cost | 3,939,525 | 3,548,043 | 3,939,525 | 3,548,043 | |
Total assets | 4,209,922 | 3,880,768 | 4,209,922 | 3,880,768 | $ 3,958,780 |
Acquisition of real estate | 138,716 | 46,171 | |||
Cash paid for development and property improvement costs | 55,872 | 41,937 | |||
Operating Segments | Core Portfolio | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 43,212 | 40,539 | 89,899 | 82,166 | |
Depreciation and amortization | (15,092) | (14,927) | (30,770) | (30,425) | |
Property operating expenses, other operating and real estate taxes | (12,217) | (10,510) | (24,211) | (21,405) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Impairment charge | 0 | 0 | |||
Gain on disposition of properties | 0 | 0 | 0 | ||
Operating income | 15,903 | 15,102 | 34,918 | 30,336 | |
Interest and other income | 327 | 0 | 327 | 0 | |
Equity in earnings of unconsolidated affiliates | 3,254 | 1,726 | 5,524 | 3,152 | |
Interest expense | (6,839) | (7,001) | (13,532) | (13,502) | |
Income tax (provision) benefit | 0 | 0 | 0 | 0 | |
Net income (loss) | 12,645 | 9,827 | 27,237 | 19,986 | |
Net loss attributable to noncontrolling interests | 425 | 200 | 385 | 128 | |
Net income attributable to Acadia | 13,070 | 10,027 | 27,622 | 20,114 | |
Real estate at cost | 2,154,630 | 2,047,672 | 2,154,630 | 2,047,672 | |
Total assets | 2,267,022 | 2,236,405 | 2,267,022 | 2,236,405 | |
Acquisition of real estate | 49,402 | 1,343 | |||
Cash paid for development and property improvement costs | 26,876 | 15,293 | |||
Operating Segments | Opportunity Funds | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 27,850 | 23,030 | 55,963 | 44,527 | |
Depreciation and amortization | (15,212) | (14,576) | (29,867) | (27,654) | |
Property operating expenses, other operating and real estate taxes | (11,021) | (9,350) | (20,977) | (17,832) | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Impairment charge | (1,400) | (1,400) | |||
Gain on disposition of properties | 33 | 2,014 | 33 | ||
Operating income | 217 | (863) | 5,733 | (926) | |
Interest and other income | 1,586 | 0 | 1,586 | 0 | |
Equity in earnings of unconsolidated affiliates | 305 | 3,293 | 306 | 3,551 | |
Interest expense | (12,920) | (9,914) | (24,086) | (19,303) | |
Income tax (provision) benefit | 0 | 0 | 0 | 0 | |
Net income (loss) | (10,812) | (7,484) | (16,461) | (16,678) | |
Net loss attributable to noncontrolling interests | 13,892 | 9,735 | 23,193 | 21,386 | |
Net income attributable to Acadia | 3,080 | 2,251 | 6,732 | 4,708 | |
Real estate at cost | 1,784,895 | 1,500,371 | 1,784,895 | 1,500,371 | |
Total assets | 1,848,238 | 1,535,154 | 1,848,238 | 1,535,154 | |
Acquisition of real estate | 89,314 | 44,828 | |||
Cash paid for development and property improvement costs | 28,996 | 26,644 | |||
Operating Segments | Structured Financing | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Property operating expenses, other operating and real estate taxes | 0 | 0 | 0 | 0 | |
General and administrative expenses | 0 | 0 | 0 | 0 | |
Impairment charge | 0 | 0 | |||
Gain on disposition of properties | 0 | 0 | 0 | ||
Operating income | 0 | 0 | 0 | 0 | |
Interest and other income | 2,229 | 3,289 | 4,499 | 7,026 | |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Income tax (provision) benefit | 0 | 0 | 0 | 0 | |
Net income (loss) | 2,229 | 3,289 | 4,499 | 7,026 | |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income attributable to Acadia | 2,229 | 3,289 | 4,499 | 7,026 | |
Real estate at cost | 0 | 0 | 0 | 0 | |
Total assets | 94,662 | 109,209 | 94,662 | 109,209 | |
Acquisition of real estate | 0 | 0 | |||
Cash paid for development and property improvement costs | 0 | 0 | |||
Unallocated | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Property operating expenses, other operating and real estate taxes | 0 | 0 | 0 | 0 | |
General and administrative expenses | (9,034) | (7,907) | (17,357) | (16,377) | |
Impairment charge | 0 | 0 | |||
Gain on disposition of properties | 0 | 0 | 0 | ||
Operating income | (9,034) | (7,907) | (17,357) | (16,377) | |
Interest and other income | 0 | 0 | 0 | 0 | |
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Income tax (provision) benefit | (265) | 5 | (219) | (387) | |
Net income (loss) | (9,299) | (7,902) | (17,576) | (16,764) | |
Net loss attributable to noncontrolling interests | 0 | 0 | 0 | 0 | |
Net income attributable to Acadia | (9,299) | (7,902) | (17,576) | (16,764) | |
Real estate at cost | 0 | 0 | 0 | 0 | |
Total assets | $ 0 | $ 0 | 0 | 0 | |
Acquisition of real estate | 0 | 0 | |||
Cash paid for development and property improvement costs | $ 0 | $ 0 |
Share Incentive and Other Com_3
Share Incentive and Other Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unit based compensation | $ 5,442,000 | $ 6,113,000 | ||||
Trustee fees | 700,000 | 600,000 | ||||
Total unrecognized compensation cost related to nonvested awards | $ 20,500,000 | $ 20,500,000 | ||||
Weighted-average period over which cost is expected to be recognized | 1 year 10 months 24 days | |||||
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 | $ 8,500,000 | $ 12,800,000 | ||||
LTIP Units | Trustee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued during period, share-based compensation, net of forfeitures | 18,009 | |||||
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date | 6,463 | 6,463 | ||||
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 | 11,546 | |||||
Restricted shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total fair value of shares that vested | $ 600,000 | $ 800,000 | ||||
Restricted shares | Trustee | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares issued during period, share-based compensation, net of forfeitures | 17,318 | |||||
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date | 3,996 | 3,996 | ||||
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 | 13,322 | |||||
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 | $ 11,100,000 | |||||
Weighted average grant date fair value, grants (in dollars per share) | $ 32.50 | $ 26.64 | ||||
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 | $ 1,800,000 | $ 2,200,000 | $ 3,700,000 | 4,300,000 | ||
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 | $ 200,000 | 200,000 | ||||
Share Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized | 692,409 | 692,409 | ||||
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 | 330,718 | |||||
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 | 8,041 | |||||
Performance Shares 2018 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period | 3 years | |||||
Volatility rate | (19.60%) | |||||
Risk-free interest rates | (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 | ||||
Long Term Investment Alignment Program | Fund IV | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of promote awarded as share based compensation award | 22.80% | |||||
Awards in connection with fund to have intrinsic value | $ 0 | 0 | ||||
Compensation expense | 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 | 2.20% | |||||
Awards in connection with fund to have intrinsic value | $ 0 | 0 | ||||
Compensation expense | $ 0 | $ 0 |
Share Incentive and Other Com_4
Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 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) | 38,455 | 41,327 |
Shares granted (in shares) | 25,359 | 22,817 |
Shares vested (in shares) | (21,424) | (25,261) |
Shares forfeited (in shares) | (428) | |
Shares unvested, End of period (in shares) | 42,390 | 38,455 |
Weighted Grant-Date Fair Value | ||
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 22.44 | $ 26.92 |
Shares granted, Weighted average grant date fair value (in dollars per share) | 28.56 | 23.65 |
Shares vested, Weighted average grant date fair value (in dollars per share) | 27.12 | 30.79 |
Shares forfeited, Weighted average grant date fair value (in dollars per share) | 27.25 | |
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share) | $ 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) | 891,886 | 910,099 |
Shares granted (in shares) | 348,726 | 425,880 |
Shares vested (in shares) | (290,753) | (431,827) |
Shares forfeited (in shares) | (3,609) | (12,266) |
Shares unvested, End of period (in shares) | 946,250 | 891,886 |
Weighted Grant-Date Fair Value | ||
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 26.87 | $ 28.28 |
Shares granted, Weighted average grant date fair value (in dollars per share) | 32.78 | 26.80 |
Shares vested, Weighted average grant date fair value (in dollars per share) | 29.30 | 29.72 |
Shares forfeited, Weighted average grant date fair value (in dollars per share) | 27.57 | 28.57 |
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share) | $ 28.30 | $ 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 ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
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) | 1,352 | 2,174 |
Share Incentive and Other Com_6
Share Incentive and Other Compensation - Employee 401 (k) Plan - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employer matching contribution | 50.00% |
Maximum annual contribution per employee | 6.00% |
Maximum employee annual salary contribution | 15.00% |
Earnings Per Common Share - Add
Earnings Per Common Share - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Description of conversion of common OP units to common shares | The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. |
Conversion of common OP units to common shares | 100.00% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||||
Net income attributable to Acadia | $ 9,080 | $ 7,665 | $ 21,277 | $ 15,084 |
Less: net income attributable to participating securities | (27) | (47) | (99) | (91) |
Income from continuing operations net of income attributable to participating securities | $ 9,053 | $ 7,618 | $ 21,178 | $ 14,993 |
Denominator: | ||||
Weighted average shares for basic earnings per share (in shares) | 83,703,886 | 81,755,702 | 82,872,977 | 82,590,256 |
Effect of dilutive securities: | ||||
Employee unvested restricted shares (in shares) | 0 | 0 | 0 | 1,968 |
Denominator for diluted earnings per share (in shares) | 83,703,886 | 81,755,702 | 82,872,977 | 82,592,224 |
Basic and diluted earnings per share (in dollars per share) | $ 0.11 | $ 0.09 | $ 0.26 | $ 0.18 |
Series A Preferred OP Units | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 188 | 188 | 188 | 188 |
Series A Preferred OP Units - Common Share Equivalent | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 25,067 | 25,067 | 25,067 | 25,067 |
Series C Preferred OP Units | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 136,593 | 136,593 | 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) | 474,278 | 474,278 | 474,278 | 474,278 |
Restricted shares | ||||
Anti-Dilutive Shares Excluded from Denominator: | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 40,821 | 38,831 | 40,821 | 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands | Jul. 24, 2019 | Jul. 15, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Subsequent Event [Line Items] | ||||
Mortgages paid | $ 122,492 | $ 48,272 | ||
Fund III | ||||
Subsequent Event [Line Items] | ||||
Capital called | 426,300 | |||
Fund IV | ||||
Subsequent Event [Line Items] | ||||
Capital called | 425,400 | |||
Fund V | ||||
Subsequent Event [Line Items] | ||||
Capital called | $ 118,300 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Capital called | $ 17,000 | |||
Repayments of debt obligations | 4,300 | |||
Subsequent Event | Fund IV | ||||
Subsequent Event [Line Items] | ||||
Sale of property | 7,800 | |||
Subsequent Event | Fund IV | Mortgages | ||||
Subsequent Event [Line Items] | ||||
Mortgages paid | $ 4,800 | |||
Subsequent Event | Fund III | ||||
Subsequent Event [Line Items] | ||||
Capital called | 10,100 | |||
Subsequent Event | Fund IV | ||||
Subsequent Event [Line Items] | ||||
Capital called | 12,700 | |||
Subsequent Event | Fund V | ||||
Subsequent Event [Line Items] | ||||
Capital called | $ 57,800 |