Segment Reporting

3 Months Ended

Mar. 31, 2017

Segment Reporting [Abstract]

Segment Reporting

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. During 2016, the Company revised how it allocates general and administrative and income tax expenses among its segments to reflect all such expenses as unallocated corporate expenses. The presentation of the 2016 interim periods have been revised to reflect this change.

The following tables set forth certain segment information for the Company (in thousands):

	As of or for the Three Months Ended March 31, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	44,446		$	17,553		$	—	$	—		$	61,999
Depreciation and amortization	(16,439		)	(8,097		)	—		—			(24,536		)
Property operating expenses, other operating and real estate taxes	(12,853		)	(6,244		)	—		—			(19,097		)
General and administrative expenses	—			—			—		(8,469		)	(8,469		)
Operating income	15,154			3,212			—		(8,469		)	9,897
Interest income	—			—			8,984		—			8,984
Equity in earnings of unconsolidated affiliates	560			12,143			—		—			12,703
Interest expense	(7,155		)	(4,333		)	—		—			(11,488		)
Income tax provision	—			—			—		(125		)	(125		)
Net income	8,559			11,022			8,984		(8,594		)	19,971
Net income attributable to noncontrolling interests	(432		)	(3,908		)	—		—			(4,340		)
Net income attributable to Acadia	8,127			7,114			8,984		(8,594		)	15,631
Real estate at cost	$	1,983,365		$	1,480,201		$	—	$	—		$	3,463,566
Total assets	$	2,246,037		$	1,498,045		$	276,507	$	—		$	4,020,589
Acquisition of real estate	$	—		$	34,688		$	—	$	—		$	34,688
Development and property improvement costs	$	996		$	26,019		$	—	$	—		$	27,015

	As of or for the Three Months Ended March 31, 2016
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	38,107		$	9,938		$	—	$	—		$	48,045
Depreciation and amortization	(13,495		)	(3,354		)	—		—			(16,849		)
Property operating expenses, other operating and real estate taxes	(8,562		)	(3,431		)	—		—			(11,993		)
General and administrative expenses	—			—			—		(9,352		)	(9,352		)
Operating income	16,050			3,153			—		(9,352		)	9,851
Gain on disposition of properties	—			65,393			—		—			65,393
Interest income	—			—			4,638		—			4,638
Equity in earnings of unconsolidated affiliates	592			1,362			—		—			1,954
Interest expense	(6,764		)	(1,274		)	—		—			(8,038		)
Income tax benefit	—			—			—		77			77
Net income	9,878			68,634			4,638		(9,275		)	73,875
Net income attributable to noncontrolling interests	(2,822		)	(42,128		)	—		—			(44,950		)
Net income attributable to Acadia	7,056			26,506			4,638		(9,275		)	28,925
Real estate at cost	$	1,641,312		$	1,104,902		$	—	$	—		$	2,746,214
Total assets	$	1,827,059		$	1,166,589		$	154,679	$	—		$	3,148,327
Acquisition of real estate	$	—		$	12,287		$	—	$	—		$	12,287
Development and property improvement costs	$	3,248		$	34,215		$	—	$	—		$	37,463