Segment Reporting

9 Months Ended

Sep. 30, 2022

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 September 30, 2022
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	50,076		$	29,870		$	—		$	—		$	79,946
Depreciation and amortization		(18,811	)		(14,933	)		—			—			(33,744	)
Property operating expenses and real estate taxes		(14,808	)		(10,751	)		—			—			(25,559	)
General and administrative expenses		—			—			—			(10,170	)		(10,170	)
Impairment charges		—			(33,311	)		—			—			(33,311	)
Gain on disposition of properties		—			8,885			—			—			8,885
Operating income (loss)		16,457			(20,240	)		—			(10,170	)		(13,953	)
Interest and other income		—			—			3,994			—			3,994
Realized and unrealized holding losses on investments and other		—			(7,257	)		(605	)		—			(7,862	)
Equity in losses of unconsolidated affiliates		(49,806	)		(773	)		—			—			(50,579	)
Interest expense		(10,428	)		(10,734	)		—			—			(21,162	)
Income tax benefit		—			—			—			17			17
Net loss		(43,777	)		(39,004	)		3,389			(10,153	)		(89,545	)
Net loss attributable to redeemable noncontrolling interests		—			3,193			—			—			3,193
Net loss attributable to noncontrolling interests		2,884			27,577			—			—			30,461
Net loss attributable to Acadia	$	(40,893	)	$	(8,234	)	$	3,389		$	(10,153	)	$	(55,891	)

	For the Three Months Ended September 30, 2021 (As Restated)
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	45,942		$	25,954		$	—		$	—		$	71,896
Depreciation and amortization		(17,678	)		(12,386	)		—			—			(30,064	)
Property operating expenses and real estate taxes		(13,911	)		(9,560	)		—			—			(23,471	)
General and administrative expenses		—			—			—			(9,910	)		(9,910	)
Impairment charges		—			(9,925	)		—			—			(9,925	)
Operating income (loss)		14,353			(5,917	)		—			(9,910	)		(1,474	)
Interest and other income		—			—			2,354			—			2,354
Realized and unrealized holding gains (losses) on investments and other		—			47,643			(1,150	)		—			46,493
Equity in (losses) earnings of unconsolidated affiliates		(485	)		857			—			—			372
Interest expense		(7,322	)		(9,292	)		—			—			(16,614	)
Income tax provision		—			—			—			(59	)		(59	)
Net income		6,546			33,291			1,204			(9,969	)		31,072
Net income attributable to noncontrolling interests		(912	)		(18,153	)		—			—			(19,065	)
Net income attributable to Acadia	$	5,634		$	15,138		$	1,204		$	(9,969	)	$	12,007

	As of or for the Nine Months Ended September 30, 2022
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	151,650		$	94,062		$	—		$	—		$	245,712
Depreciation and amortization		(56,547	)		(45,881	)		—			—			(102,428	)
Property operating expenses and real estate taxes		(44,379	)		(31,005	)		—			—			(75,384	)
General and administrative expenses		—			—			—			(32,768	)		(32,768	)
Impairment charges		—			(33,311	)		—			—			(33,311	)
Gain on disposition of properties		—			49,916			—			—			49,916
Operating income		50,724			33,781			—			(32,768	)		51,737
Interest and other income		—			—			9,890			—			9,890
Realized and unrealized holding gains (losses) on investments and other		1,163			(19,073	)		(505	)		—			(18,415	)
Equity in (losses) earnings of unconsolidated affiliates		(47,402	)		1,233			—			—			(46,169	)
Interest expense		(26,543	)		(31,766	)		—			—			(58,309	)
Income tax provision		—			—			—			(7	)		(7	)
Net loss		(22,058	)		(15,825	)		9,385			(32,775	)		(61,273	)
Net loss attributable to redeemable noncontrolling interests		—			3,193			—			—			3,193
Net loss attributable to noncontrolling interests		1,398			17,255			—			—			18,653
Net (loss) income attributable to Acadia	$	(20,660	)	$	4,623		$	9,385		$	(32,775	)	$	(39,427	)
Real estate at cost (a)	$	2,614,103		$	1,651,319		$	—		$	—		$	4,265,422
Total assets (a)	$	2,636,041		$	1,603,491		$	123,966		$	—		$	4,363,498
Cash paid for acquisition of real estate	$	242,633		$	—		$	—		$	—		$	242,633
Cash paid for development and property improvement costs	$	22,325		$	14,538		$	—		$	—		$	36,863

	As of or for the Nine Months Ended September 30, 2021 As Restated
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	134,292		$	78,848		$	—		$	—		$	213,140
Depreciation and amortization		(51,898	)		(39,346	)		—			—			(91,244	)
Property operating expenses and real estate taxes		(41,773	)		(30,963	)		—			—			(72,736	)
General and administrative expenses		—			—			—			(29,555	)		(29,555	)
Impairment charges		—			(9,925	)		—			—			(9,925	)
Gain on disposition of properties		4,612			5,909			—			—			10,521
Operating income		45,233			4,523			—			(29,555	)		20,201
Interest and other income		—			—			6,108			—			6,108
Realized and unrealized holding gains (losses) on investments and other		—			57,031			(3,571	)		—			53,460
Equity in (losses) earnings of unconsolidated affiliates		(944	)		4,097			—			—			3,153
Interest expense		(21,863	)		(28,439	)		—			—			(50,302	)
Income tax provision		—			—			—			(399	)		(399	)
Net income		22,426			37,212			2,537			(29,954	)		32,221
Net income attributable to noncontrolling interests		(1,926	)		(9,760	)		—			—			(11,686	)
Net income attributable to Acadia	$	20,500		$	27,452		$	2,537		$	(29,954	)	$	20,535
Real estate at cost (a)	$	2,328,208		$	1,737,786		$	—		$	—		$	4,065,994
Total assets (a)	$	2,201,871		$	1,827,565		$	154,849		$	—		$	4,184,285
Cash paid for acquisition of real estate	$	—		$	63,425		$	—		$	—		$	63,425
Cash paid for development and property improvement costs	$	11,601		$	14,334		$	—		$	—		$	25,935

a)Real estate at cost and total assets for the Funds segment include $661.7 million and $654.0 million, or $418.5 million and $190.0 million net of non-controlling interests, related to Fund II’s City Point property at September 30, 2022 and 2021, respectively.