Segment Reporting

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The Company’s Core Portfolio consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon. The Company’s Funds hold primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company’s Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable which are held within the Core Portfolio or the Funds (Note 3). Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements and are not presented in the Company’s segments.

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



	As of or for the Three Months Ended March 31, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	41,628		$	21,496		$	—	$	—		$	63,124
Depreciation and amortization	(15,498		)	(13,078		)	—		—			(28,576		)
Property operating expenses, other operating and real estate taxes	(10,894		)	(8,483		)	—		—			(19,377		)
General and administrative expenses	—			—			—		(8,470		)	(8,470		)
Operating income (loss)	15,236			(65		)	—		(8,470		)	6,701
Interest income	—			—			3,737		—			3,737
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties	1,426			258			—		—			1,684
Interest expense	(6,502		)	(9,388		)	—		—			(15,890		)
Income tax provision	—			—			—		(392		)	(392		)
Net income (loss)	10,160			(9,195		)	3,737		(8,862		)	(4,160		)
Net income (loss) attributable to noncontrolling interests	(73		)	11,652			—		—			11,579
Net income attributable to Acadia	$	10,087		$	2,457		$	3,737	$	(8,862	)	$	7,419

Real estate at cost	$	2,042,280		$	1,487,525		$	—	$	—		$	3,529,805
Total assets	$	2,283,451		$	1,546,566		$	108,959	$	—		$	3,938,976
Cash paid for acquisition of real estate	$	1,337		$	44,834		$	—	$	—		$	46,171
Cash paid for development and property improvement costs	$	5,946		$	12,190		$	—	$	—		$	18,136



	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 inclusive of gains on disposition of properties	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
Cash paid for acquisition of real estate	$	—		$	34,688		$	—	$	—		$	34,688
Cash paid for development and property improvement costs	$	996		$	26,019		$	—	$	—		$	27,015