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 Year Ended December 31, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	169,975		$	80,287		$	—	$	—		$	250,262
Depreciation and amortization	(61,705		)	(43,229		)	—		—			(104,934		)
Property operating expenses, other operating and real estate taxes	(45,349		)	(34,449		)	—		—			(79,798		)
Impairment charges	—			(14,455		)	—		—			(14,455		)
General and administrative expenses	—			—			—		(33,756		)	(33,756		)
Operating income	62,921			(11,846		)	—		(33,756		)	17,319
Gain on disposition of properties	—			48,886			—		—			48,886
Interest income	—			—			29,143		—			29,143
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties	3,735			19,636			—		—			23,371
Interest expense	(28,618		)	(30,360		)	—		—			(58,978		)
Gain on change in control	5,571			—			—		—			5,571
Income tax provision	—			—			—		(1,004		)	(1,004		)
Net income	43,609			26,316			29,143		(34,760		)	64,308
Net income attributable to noncontrolling interests	(1,107		)	(1,731		)	—		—			(2,838		)
Net income attributable to Acadia	$	42,502		$	24,585		$	29,143	$	(34,760	)	$	61,470

Real estate at cost	$	2,032,485		$	1,433,997		$	—	$	—		$	3,466,482
Total assets	$	2,305,663		$	1,500,755		$	153,829	$	—		$	3,960,247
Cash paid for acquisition of real estate	$	—		$	200,429		$	—	$	—		$	200,429
Cash paid for development and property improvement costs	$	49,339		$	66,116		$	—	$	—		$	115,455



	As of or for the Year Ended December 31, 2016
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	150,211		$	39,728		$	—	$	—		$	189,939
Depreciation and amortization	(54,582		)	(15,429		)	—		—			(70,011		)
Property operating expenses, other operating and real estate taxes	(39,598		)	(17,793		)	—		—			(57,391		)
General and administrative expenses	—			—			—		(40,648		)	(40,648		)
Operating income	56,031			6,506			—		(40,648		)	21,889
Gain on disposition of properties	—			81,965			—		—			81,965
Interest income	—			—			25,829		—			25,829
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties	3,774			35,675			—		—			39,449
Interest expense	(27,435		)	(7,210		)	—		—			(34,645		)
Income tax benefit	—			—			—		105			105
Net income	32,370			116,936			25,829		(40,543		)	134,592
Net income attributable to noncontrolling interests	(3,411		)	(58,405		)	—		—			(61,816		)
Net income attributable to Acadia	$	28,959		$	58,531		$	25,829	$	(40,543	)	$	72,776

Real estate at cost	$	1,982,763		$	1,399,237		$	—	$	—		$	3,382,000
Total assets	$	2,271,620		$	1,448,177		$	276,163	$	—		$	3,995,960
Cash paid for acquisition of real estate	$	323,880		$	171,764		$	—	$	—		$	495,644
Cash paid for development and property improvement costs	$	13,434		$	136,000		$	—	$	—		$	149,434



	As of or for the Year Ended December 31, 2015
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	150,015		$	49,048		$	—	$	—		$	199,063
Depreciation and amortization	(46,223		)	(14,528		)	—		—			(60,751		)
Property operating expenses, other operating and real estate taxes	(37,259		)	(21,223		)	—		—			(58,482		)
Impairment charges	(5,000		)	—			—		—			(5,000		)
General and administrative expenses	—			—			—		(30,368		)	(30,368		)
Operating income	61,533			13,297			—		(30,368		)	44,462
Gain on disposition of properties	—			89,063			—		—			89,063
Interest income	—			—			16,603		—			16,603
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties	1,169			36,161			—		—			37,330
Other	—			—			1,596		—			1,596
Interest expense	(27,945		)	(9,352		)	—		—			(37,297		)
Income tax provision	—			—			—		(1,787		)	(1,787		)
Net income	34,757			129,169			18,199		(32,155		)	149,970
Net income attributable to noncontrolling interests	(140		)	(84,122		)	—		—			(84,262		)
Net income attributable to Acadia	$	34,617		$	45,047		$	18,199	$	(32,155	)	$	65,708

Real estate at cost	$	1,572,681		$	1,163,602		$	—	$	—		$	2,736,283
Total assets	$	1,662,092		$	1,223,039		$	147,188	$	—		$	3,032,319
Cash paid for acquisition of real estate	$	181,884		$	156,816		$	—	$	—		$	338,700
Cash paid for development and property improvement costs	$	16,505		$	147,810		$	—	$	—		$	164,315