Segment Reporting

3 Months Ended

Mar. 31, 2023

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):

	As of or for the Three Months Ended March 31, 2023
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	49,796		$	32,043		$	—	$	—		$	81,839
Depreciation and amortization		(18,659	)		(14,514	)		—		—			(33,173	)
Property operating expenses and real estate taxes		(16,109	)		(10,503	)		—		—			(26,612	)
General and administrative expenses		—			—			—		(9,946	)		(9,946	)
Operating income		15,028			7,026			—		(9,946	)		12,108
Interest and other income		—			—			4,818		—			4,818
Realized and unrealized holding gains on investments and other		1,482			24,995			280		—			26,757
Equity in earnings (losses) of unconsolidated affiliates		1,800			(1,771	)		—		—			29
Interest expense		(10,670	)		(10,917	)		—		—			(21,587	)
Income tax provision		—			—			—		(123	)		(123	)
Net income		7,640			19,333			5,098		(10,069	)		22,002
Net loss attributable to redeemable noncontrolling interests		—			2,075			—		—			2,075
Net income attributable to noncontrolling interests		(923	)		(9,794	)		—		—			(10,717	)
Net income attributable to Acadia	$	6,717		$	11,614		$	5,098	$	(10,069	)	$	13,360
Real estate at cost (a)	$	2,604,244		$	1,664,665		$	—	$	—		$	4,268,909
Total assets (a)	$	2,568,946		$	1,501,297		$	123,967	$	—		$	4,194,210
Cash paid for acquisition of real estate	$	—		$	—		$	—	$	—		$	—
Cash paid for development and property improvement costs	$	6,686		$	5,843		$	—	$	—		$	12,529

	As of or for the Three Months Ended March 31, 2022
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	48,350		$	33,157		$	—	$	—		$	81,507
Depreciation and amortization		(17,675	)		(16,038	)		—		—			(33,713	)
Property operating expenses and real estate taxes		(14,639	)		(9,991	)		—		—			(24,630	)
General and administrative expenses		—			—			—		(11,937	)		(11,937	)
Gain on disposition of properties		—			28,815			—		—			28,815
Operating income		16,036			35,943			—		(11,937	)		40,042
Interest and other income		—			—			2,935		—			2,935
Realized and unrealized holding gains on investments and other		1,163			14,567			—		—			15,730
Equity in earnings of unconsolidated affiliates		1,617			1,513			—		—			3,130
Interest expense		(7,597	)		(10,328	)		—		—			(17,925	)
Income tax benefit		—			—			—		185			185
Net income		11,219			41,695			2,935		(11,752	)		44,097
Net income attributable to noncontrolling interests		(1,121	)		(26,138	)		—		—			(27,259	)
Net income attributable to Acadia	$	10,098		$	15,557		$	2,935	$	(11,752	)	$	16,838
Real estate at cost (a)	$	2,511,417		$	1,757,058		$	—	$	—		$	4,268,475
Total assets (a)	$	2,398,426		$	1,944,594		$	153,161	$	—		$	4,496,181
Cash paid for acquisition of real estate	$	159,599		$	—		$	—	$	—		$	159,599
Cash paid for development and property improvement costs	$	3,752		$	4,179		$	—	$	—		$	7,931

a)Real estate at cost and total assets for the Funds segment include $670.8 million and $657.9 million, or $275.1 million and $191.1 million net of noncontrolling interests, related to Fund II’s City Point property at March 31, 2023 and 2022, respectively.