Segment Reporting

9 Months Ended

Sep. 30, 2019

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, 2019
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	42,142		$	31,185		$	—	$	—		$	73,327
Depreciation and amortization		(15,179	)		(16,991	)		—		—			(32,170	)
Property operating expenses, other operating and real estate taxes		(11,205	)		(12,200	)		—		—			(23,405	)
General and administrative expenses		—			—			—		(8,222	)		(8,222	)
Impairment charge		—			(321	)		—		—			(321	)
Gain on disposition of properties		—			12,056			—		—			12,056
Operating income (loss)		15,758			13,729			—		(8,222	)		21,265
Interest income		—			—			1,748		—			1,748
Other income		—			5,034			—		—			5,034
Equity in earnings (losses) of unconsolidated affiliates		1,798			(499	)		—		—			1,299
Interest expense		(7,333	)		(11,770	)		—		—			(19,103	)
Income tax provision		—			—			—		(1,403	)		(1,403	)
Net income (loss)		10,223			6,494			1,748		(9,625	)		8,840
Net loss attributable to noncontrolling interests		263			1,355			—		—			1,618
Net income attributable to Acadia	$	10,486		$	7,849		$	1,748	$	(9,625	)	$	10,458

	For the Three Months Ended September 30, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	41,742		$	23,785		$	—	$	—		$	65,527
Depreciation and amortization		(14,856	)		(13,820	)		—		—			(28,676	)
Property operating expenses, other operating and real estate taxes		(11,910	)		(10,011	)		—		—			(21,921	)
General and administrative expenses		—			—			—		(7,982	)		(7,982	)
Gain on disposition of properties		—			5,107			—		—			5,107
Operating income (loss)		14,976			5,061			—		(7,982	)		12,055
Interest income		—			—			3,513		—			3,513
Equity in earnings (losses) of unconsolidated affiliates		2,005			(1,629	)		—		—			376
Interest expense		(6,972	)		(11,105	)		—		—			(18,077	)
Income tax provision		—			—			—		(464	)		(464	)
Net income (loss)		10,009			(7,673	)		3,513		(8,446	)		(2,597	)
Net loss attributable to noncontrolling interests		115			11,707			—		—			11,822
Net income attributable to Acadia	$	10,124		$	4,034		$	3,513	$	(8,446	)	$	9,225

	As of or for the Nine Months Ended September 30, 2019
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	131,356		$	86,187		$	—	$	—		$	217,543
Depreciation and amortization		(45,949	)		(46,858	)		—		—			(92,807	)
Property operating expenses, other operating and real estate taxes		(34,730	)		(32,217	)		—		—			(66,947	)
General and administrative expenses		—			—			—		(25,579	)		(25,579	)
Impairment charge		—			(1,721	)		—		—			(1,721	)
Gain on disposition of properties		—			14,070			—		—			14,070
Operating income (loss)		50,677			19,461			—		(25,579	)		44,559
Interest income		—			—			6,247		—			6,247
Other income		327			6,620			—		—			6,947
Equity in earnings (losses) of unconsolidated affiliates		7,322			(193	)		—		—			7,129
Interest expense		(20,866	)		(35,855	)		—		—			(56,721	)
Income tax provision		—			—			—		(1,622	)		(1,622	)
Net income (loss)		37,460			(9,967	)		6,247		(27,201	)		6,539
Net loss attributable to noncontrolling interests		648			24,548			—		—			25,196
Net income attributable to Acadia	$	38,108		$	14,581		$	6,247	$	(27,201	)	$	31,735
Real estate at cost	$	2,190,281		$	1,821,853		$	—	$	—		$	4,012,134
Total assets	$	2,316,683		$	1,918,055		$	94,807	$	—		$	4,329,545
Cash paid for acquisition of real estate	$	82,125		$	174,522		$	—	$	—		$	256,647
Cash paid for development and property improvement costs	$	19,059		$	58,577		$	—	$	—		$	77,636

	As of or for the Nine Months Ended September 30, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	122,959		$	66,995		$	—	$	—		$	189,954
Depreciation and amortization		(45,283	)		(41,472	)		—		—			(86,755	)
Property operating expenses, other operating and real estate taxes		(32,102	)		(26,790	)		—		—			(58,892	)
General and administrative expenses		—			—			—		(24,359	)		(24,359	)
Gain on disposition of properties		—			5,140			—		—			5,140
Operating income (loss)		45,574			3,873			—		(24,359	)		25,088
Interest and other income		—			—			10,539		—			10,539
Equity in earnings of unconsolidated affiliates		5,171			1,908			—		—			7,079
Interest expense		(20,475	)		(30,407	)		—		—			(50,882	)
Income tax provision		—			—			—		(851	)		(851	)
Net income (loss)		30,270			(24,626	)		10,539		(25,210	)		(9,027	)
Net loss attributable to noncontrolling interests		241			33,095			—		—			33,336
Net income attributable to Acadia	$	30,511		$	8,469		$	10,539	$	(25,210	)	$	24,309
Real estate at cost	$	2,060,024		$	1,553,150		$	—	$	—		$	3,613,174
Total assets	$	2,234,521		$	1,574,785		$	109,410	$	—		$	3,918,716
Cash paid for acquisition of real estate	$	1,343		$	103,559		$	—	$	—		$	104,902
Cash paid for development and property improvement costs	$	22,892		$	43,346		$	—	$	—		$	66,238