Segment Reporting

12 Months Ended

Dec. 31, 2021

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 4). Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements and are not presented in the Company’s segments.

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

	As of or for the Year Ended December 31, 2021
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	181,332		$	111,165		$	—		$	—		$	292,497
Depreciation and amortization		(69,103	)		(54,336	)		—			—			(123,439	)
Property operating expenses, other operating and real estate taxes		(56,957	)		(41,916	)		—			—			(98,873	)
General and administrative expenses		—			—			—			(40,125	)		(40,125	)
Impairment charges		—			(9,925	)		—			—			(9,925	)
Gain on disposition of properties		4,612			5,909			—			—			10,521
Operating income		59,884			10,897			—			(40,125	)		30,656
Interest income		—			—			9,065			—			9,065
Equity in earnings of unconsolidated affiliates   inclusive of gains on disposition of properties		353			4,977			—			—			5,330
Interest expense		(29,454	)		(38,594	)		—			—			(68,048	)
Realized and unrealized holding gains on investments and other		—			53,654			(4,534	)		—			49,120
Income tax provision		—			—			—			(93	)		(93	)
Net income		30,783			30,934			4,531			(40,218	)		26,030
Net income attributable to noncontrolling interests		(2,276	)		(206	)		—			—			(2,482	)
Net income attributable to Acadia	$	28,507		$	30,728		$	4,531		$	(40,218	)	$	23,548
Real estate at cost (a)	$	2,356,645		$	1,714,962		$	—		$	—		$	4,071,607
Total Assets (a)	$	2,212,877		$	1,894,983		$	153,886		$	—		$	4,261,746
Cash paid for acquisition of real estate	$	26,176		$	135,670		$	—		$	—		$	161,846
Cash paid for development and property improvement costs	$	13,625		$	27,046		$	—		$	—		$	40,671

	As of or for the Year Ended December 31, 2020 As Restated
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	160,262		$	90,646		$	—		$	—		$	250,908
Depreciation and amortization		(76,125	)		(71,104	)		—			—			(147,229	)
Property operating expenses, other operating and real estate taxes		(57,246	)		(40,782	)		—			—			(98,028	)
General and administrative expenses		—			—			—			(35,798	)		(35,798	)
Impairment charges		(419	)		(85,179	)		—			—			(85,598	)
Gain on disposition of properties		174			509			—			—			683
Operating income (loss)		26,646			(105,910	)		—			(35,798	)		(115,062	)
Interest income		—			—			8,979			—			8,979
Equity in losses of unconsolidated affiliates   inclusive of gains on disposition of properties		(874	)		(2,183	)		—			—			(3,057	)
Interest expense		(33,185	)		(36,486	)		—			—			(69,671	)
Realized and unrealized holding gains on investments and other		18,564			95,366			(568	)		—			113,362
Income tax provision		—			—			—			(269	)		(269	)
Net income (loss)		11,151			(49,213	)		8,411			(36,067	)		(65,718	)
Net (income) loss attributable to noncontrolling interests		(5,837	)		62,579			—			—			56,742
Net income (loss) attributable to Acadia	$	5,314		$	13,366		$	8,411		$	(36,067	)	$	(8,976	)
Real estate at cost (a)	$	2,330,116		$	1,681,210		$	—		$	—		$	4,011,326
Total Assets (a)	$	2,254,680		$	1,775,507		$	100,882		$	—		$	4,131,069
Cash paid for acquisition of real estate	$	19,963		$	1,245		$	—		$	—		$	21,208
Cash paid for development and property improvement costs	$	11,170		$	25,409		$	—		$	—		$	36,579

	As of or for the Year Ended December 31, 2019 As Restated
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	173,177		$	116,408		$	—	$	—		$	289,585
Depreciation and amortization		(61,819	)		(60,761	)		—		—			(122,580	)
Property operating expenses, other operating and real estate taxes		(47,032	)		(41,199	)		—		—			(88,231	)
General and administrative expenses		—			—			—		(34,299	)		(34,299	)
Impairment charges		—			(1,721	)		—		—			(1,721	)
Gain on disposition of properties		16,771			13,553			—		—			30,324
Operating income		81,097			26,280			—		(34,299	)		73,078
Interest income		—			—			7,988		—			7,988
Equity in earnings (loss) of unconsolidated affiliates   inclusive of gains on disposition of properties		9,020			(3,121	)		—		—			5,899
Interest expense		(28,304	)		(40,909	)		—		—			(69,213	)
Realized and unrealized holding gains on investments and other		327			6,620			—		—			6,947
Income tax provision		—			—			—		(1,465	)		(1,465	)
Net income (loss)		62,140			(11,130	)		7,988		(35,764	)		23,234
Net loss attributable to noncontrolling interests		337			30,146			—		—			30,483
Net income attributable to Acadia	$	62,477		$	19,016		$	7,988	$	(35,764	)	$	53,717
Real estate at cost	$	2,252,230		$	1,708,181		$	—	$	—		$	3,960,411
Total Assets	$	2,350,833		$	1,785,919		$	114,943	$	—		$	4,251,695
Cash paid for acquisition of real estate and leasehold interest	$	173,892		$	184,812		$	—	$	—		$	358,704
Cash paid for development and property improvement costs	$	22,724		$	66,661		$	—	$	—		$	89,385

a)Real estate at cost and total assets for the Funds segment include $657.0 million and $641.7 million, or $190.9 million and $186.5 million net of non-controlling interests, related to Fund II’s City Point property at December 31, 2021 and 2020, respectively.