Segment Reporting

12 Months Ended

Dec. 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 segment 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 segment 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 (Note 3) which are held within the Core Portfolio or the Funds. 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, 2023
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Total revenues	$	203,545		$	135,147		$	—		$	—		$	338,692
Depreciation and amortization expenses		(76,642	)		(59,342	)		—			—			(135,984	)
General and administrative expenses		—			—			—			(41,470	)		(41,470	)
Property operating expenses, other operating and real estate taxes		(64,382	)		(44,094	)		—			—			(108,476	)
Impairment charges		—			(3,686	)		—			—			(3,686	)
Operating income		62,521			28,025			—			(41,470	)		49,076
Equity in earnings (losses) of unconsolidated affiliates		2,734			(10,411	)		—			—			(7,677	)
Interest income		—			—			19,993			—			19,993
Realized and unrealized holding gains (losses) on investments and other		5,756			24,995			(338	)		—			30,413
Interest expense		(44,521	)		(48,732	)		—			—			(93,253	)
Income tax provision		—			—			—			(301	)		(301	)
Net income (loss)		26,490			(6,123	)		19,655			(41,771	)		(1,749	)
Net loss attributable to redeemable noncontrolling interests		—			8,239			—			—			8,239
Net (income) loss attributable to noncontrolling interests		(1,937	)		15,320			—			—			13,383
Net income (loss) attributable to Acadia shareholders	$	24,553		$	17,436		$	19,655		$	(41,771	)	$	19,873
Real estate at cost (a)	$	2,646,831		$	1,788,688		$	—		$	—		$	4,435,519
Total assets (a)	$	2,566,450		$	1,599,755		$	124,949		$	—		$	4,291,154
Cash paid for acquisition of real estate	$	—		$	126,545		$	—		$	—		$	126,545
Cash paid for development, construction and property improvement costs	$	44,428		$	25,112		$	—		$	—		$	69,540

	As of or for the Year Ended December 31, 2022
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Total revenues	$	202,547		$	123,743		$	—		$	—		$	326,290
Depreciation and amortization expenses		(75,614	)		(60,303	)		—			—			(135,917	)
General and administrative expenses		—			—			—			(44,066	)		(44,066	)
Property operating expenses, other operating and real estate taxes		(60,306	)		(41,621	)		—			—			(101,927	)
Impairment charges		—			(33,311	)		—			—			(33,311	)
Gain on disposition of properties		7,245			49,916			—			—			57,161
Operating income (loss)		73,872			38,424			—			(44,066	)		68,230
Equity in (losses) earnings of unconsolidated affiliates		(45,919	)		13,012			—			—			(32,907	)
Interest income		—			—			14,641			—			14,641
Realized and unrealized holding gains (losses) on investments and other		1,163			(35,559	)		(598	)		—			(34,994	)
Interest expense		(37,892	)		(42,317	)		—			—			(80,209	)
Income tax provision		—			—			—			(12	)		(12	)
Net (loss) income		(8,776	)		(26,440	)		14,043			(44,078	)		(65,251	)
Net loss attributable to redeemable noncontrolling interests		—			5,536			—			—			5,536
Net loss attributable to noncontrolling interests		1,000			23,270			—			—			24,270
Net (loss) income attributable to Acadia	$	(7,776	)	$	2,366		$	14,043		$	(44,078	)	$	(35,445	)
Real estate at cost (a)	$	2,597,394		$	1,655,616		$	—		$	—		$	4,253,010
Total assets (a)	$	2,599,268		$	1,579,411		$	123,903		$	—		$	4,302,582
Cash paid for acquisition of real estate	$	242,633		$	—		$	—		$	—		$	242,633
Cash paid for development, construction and property improvement costs	$	32,406		$	18,640		$	—		$	—		$	51,046

	As of or for the Year Ended December 31, 2021
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Total revenues	$	181,332		$	111,165		$	—		$	—		$	292,497
Depreciation and amortization expenses		(69,103	)		(54,336	)		—			—			(123,439	)
General and administrative expenses		—			—			—			(40,125	)		(40,125	)
Property operating expenses, other operating and real estate taxes		(56,957	)		(41,916	)		—			—			(98,873	)
Impairment charges		—			(9,925	)		—			—			(9,925	)
Gain on disposition of properties		4,612			5,909			—			—			10,521
Operating income (loss)		59,884			10,897			—			(40,125	)		30,656
Equity in earnings of unconsolidated affiliates		353			4,977			—			—			5,330
Interest income		—			—			9,065			—			9,065
Realized and unrealized holding gains (losses) on investments and other		—			53,654			(4,534	)		—			49,120
Interest expense		(29,454	)		(38,594	)		—			—			(68,048	)
Income tax provision		—			—			—			(93	)		(93	)
Net income (loss)		30,783			30,934			4,531			(40,218	)		26,030
Net income attributable to noncontrolling interests		(2,276	)		(206	)		—			—			(2,482	)
Net income (loss) 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 and leasehold interest	$	26,176		$	135,670		$	—		$	—		$	161,846
Cash paid for development, construction and property improvement costs	$	13,625		$	27,046		$	—		$	—		$	40,671

a)Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively.