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 June 30, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	40,539		$	23,030		$	—	$	—		$	63,569
Depreciation and amortization	(14,927		)	(14,576		)	—		—			(29,503		)
Property operating expenses, other operating and real estate taxes	(10,510		)	(9,350		)	—		—			(19,860		)
General and administrative expenses	—			—			—		(7,907		)	(7,907		)
Operating income (loss)	15,102			(896		)	—		(7,907		)	6,299
Gain on disposition of properties	—			33			—		—			33
Interest income	—			—			3,289		—			3,289
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties	1,726			3,293			—		—			5,019
Interest expense	(7,001		)	(9,914		)	—		—			(16,915		)
Income tax provision	—			—			—		5			5
Net income (loss)	9,827			(7,484		)	3,289		(7,902		)	(2,270		)
Net loss attributable to noncontrolling interests	200			9,735			—		—			9,935
Net income attributable to Acadia	$	10,027		$	2,251		$	3,289	$	(7,902	)	$	7,665



	For the Three Months Ended June 30, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	41,488		$	18,016		$	—	$	—		$	59,504
Depreciation and amortization	(15,534		)	(10,523		)	—		—			(26,057		)
Property operating expenses, other operating and real estate taxes	(10,160		)	(7,681		)	—		—			(17,841		)
General and administrative expenses	—			—			—		(8,864		)	(8,864		)
Operating income (loss)	15,794			(188		)	—		(8,864		)	6,742
Interest income	—			—			8,203		—			8,203
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties	982			3,358			—		—			4,340
Interest expense	(6,933		)	(5,817		)	—		—			(12,750		)
Income tax provision	—			—			—		(427		)	(427		)
Net income	9,843			(2,647		)	8,203		(9,291		)	6,108
Net (income) loss attributable to noncontrolling interests	(372		)	6,324			—		—			5,952
Net income attributable to Acadia	$	9,471		$	3,677		$	8,203	$	(9,291	)	$	12,060



	As of or for the Six Months Ended June 30, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	82,166		$	44,527		$	—	$	—		$	126,693
Depreciation and amortization	(30,425		)	(27,654		)	—		—			(58,079		)
Property operating expenses, other operating and real estate taxes	(21,405		)	(17,832		)	—		—			(39,237		)
General and administrative expenses	—			—			—		(16,377		)	(16,377		)
Operating income (loss)	30,336			(959		)	—		(16,377		)	13,000
Gain on disposition of properties	—			33			—		—			33
Interest income	—			—			7,026		—			7,026
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties	3,152			3,551			—		—			6,703
Interest expense	(13,502		)	(19,303		)	—		—			(32,805		)
Income tax provision	—			—			—		(387		)	(387		)
Net income (loss)	19,986			(16,678		)	7,026		(16,764		)	(6,430		)
Net loss attributable to noncontrolling interests	128			21,386			—		—			21,514
Net income attributable to Acadia	$	20,114		$	4,708		$	7,026	$	(16,764	)	$	15,084

Real estate at cost	$	2,047,672		$	1,500,371		$	—	$	—		$	3,548,043
Total assets	$	2,236,405		$	1,535,154		$	109,209	$	—		$	3,880,768
Cash paid for acquisition of real estate	$	1,343		$	44,828		$	—	$	—		$	46,171
Cash paid for development and property improvement costs	$	15,293		$	26,644		$	—	$	—		$	41,937



	As of or for the Six Months Ended June 30, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	85,933		$	35,570		$	—	$	—		$	121,503
Depreciation and amortization	(31,973		)	(18,620		)	—		—			(50,593		)
Property operating expenses, other operating and real estate taxes	(23,012		)	(13,926		)	—		—			(36,938		)
General and administrative expenses	—			—			—		(17,333		)	(17,333		)
Operating income (loss)	30,948			3,024			—		(17,333		)	16,639
Interest income	—			—			17,187		—			17,187
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties	1,542			15,501			—		—			17,043
Interest expense	(14,088		)	(10,150		)	—		—			(24,238		)
Income tax provision	—			—			—		(552		)	(552		)
Net income	18,402			8,375			17,187		(17,885		)	26,079
Net (income) loss attributable to noncontrolling interests	(804		)	2,416			—		—			1,612
Net income attributable to Acadia	$	17,598		$	10,791		$	17,187	$	(17,885	)	$	27,691

Real estate at cost	$	1,984,601		$	1,501,406		$	—	$	—		$	3,486,007
Total assets	$	2,252,390		$	1,546,607		$	249,848	$	—		$	4,048,845
Cash paid for acquisition of real estate	$	—		$	77,785		$	—	$	—		$	77,785
Cash paid for development and property improvement costs	$	3,753		$	42,550		$	—	$	—		$	46,303