Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2020

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

	For the Three Months Ended September 30, 2020
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	38,848		$	12,433		$	—		$	—		$	51,281
Depreciation and amortization		(17,987	)		(16,470	)		—			—			(34,457	)
Property operating expenses, other operating and real estate taxes		(12,709	)		(9,539	)		—			—			(22,248	)
General and administrative expenses		—			—			—			(8,625	)		(8,625	)
Gain on disposition of properties		—			24			—			—			24
Operating income (loss)		8,152			(13,552	)		—			(8,625	)		(14,025	)
Interest income		—			—			2,132			—			2,132
Realized and unrealized holding losses on investments and other		—			(7,906	)		(40	)		—			(7,946	)
Equity in (losses) earnings of unconsolidated affiliates		(784	)		160			—			—			(624	)
Interest expense		(8,276	)		(9,476	)		—			—			(17,752	)
Income tax provision		—			—			—			(74	)		(74	)
Net (loss) income		(908	)		(30,774	)		2,092			(8,699	)		(38,289	)
Net loss attributable to noncontrolling interests		1,407			27,852			—			—			29,259
Net (loss) income attributable to Acadia	$	499		$	(2,922	)	$	2,092		$	(8,699	)	$	(9,030	)

	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 charges		—			(321	)		—		—			(321	)
Gain on disposition of properties		—			12,056			—		—			12,056
Operating income		15,758			13,729			—		(8,222	)		21,265
Interest and other income		—			5,034			1,748		—			6,782
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		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

	As of or for the Nine Months Ended September 30, 2020
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	117,383		$	69,091		$	—		$	—		$	186,474
Depreciation and amortization		(53,193	)		(48,434	)		—			—			(101,627	)
Property operating expenses, other operating and real estate taxes		(42,484	)		(31,034	)		—			—			(73,518	)
General and administrative expenses		—			—			—			(26,415	)		(26,415	)
Impairment charges		—			(51,549	)		—			—			(51,549	)
Gain on disposition of properties		—			509			—			—			509
Operating income (loss)		21,706			(61,417	)		—			(26,415	)		(66,126	)
Interest income		—			—			7,156			—			7,156
Realized and unrealized holding gains on investments and other		—			79,845			(510	)		—			79,335
Equity in (losses) earnings of unconsolidated affiliates		(212	)		57			—			—			(155	)
Interest expense		(25,127	)		(29,246	)		—			—			(54,373	)
Income tax benefit		—			—			—			741			741
Net (loss) income		(3,633	)		(10,761	)		6,646			(25,674	)		(33,422	)
Net loss attributable to noncontrolling interests		7,691			27,697			—			—			35,388
Net income attributable to Acadia^(a)	$	4,058		$	16,936		$	6,646		$	(25,674	)	$	1,966

Real estate at cost^(b)	$	2,365,426		$	1,802,865		$	—		$	—		$	4,168,291
Total assets^(b)	$	2,291,730		$	1,824,880		$	134,798		$	—		$	4,251,408
Cash paid for acquisition of real estate	$	19,963		$	1,245		$	—		$	—		$	21,208
Cash paid for development and property improvement costs	$	7,522		$	20,427		$	—		$	—		$	27,949

	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 charges		—			(1,721	)		—		—			(1,721	)
Gain on disposition of properties		—			14,070			—		—			14,070
Operating income		50,677			19,461			—		(25,579	)		44,559
Interest and other income		327			6,620			6,247		—			13,194
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 ^(a)	$	38,108		$	14,581		$	6,247	$	(27,201	)	$	31,735

Real estate at cost ^(b)	$	2,190,281		$	1,821,853		$	—	$	—		$	4,012,134
Total assets^(b)	$	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

(a)

Net income attributable to Acadia for the Core segment includes $1.0 million, and $3.7 million associated with one property, Town Center, for the nine months ended September 30, 2020 and 2019, respectively. These amounts include the results of three entities, including the unconsolidated Town Center venture and the consolidated Brandywine Holdings and Brandywine Maintenance Corp., which on a combined basis constitute the operating results of the shopping center. In April 2020, the Town Center venture was consolidated (Note 4).

(b)

Real estate at cost and total assets for the Funds segment include $606.6 million and $598.1 million, or $176.5 million and $173.5 million net of non-controlling interests, related to Fund II’s City Point property at September 30, 2020 and December 31, 2019, respectively.