Segment Reporting

6 Months Ended

Jun. 30, 2021

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 June 30, 2021
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	46,000		$	28,660		$	—		$	—		$	74,660
Depreciation and amortization		(17,333	)		(14,012	)		—			—			(31,345	)
Property operating expenses, other operating and real estate taxes		(14,205	)		(11,189	)		—			—			(25,394	)
General and administrative expenses		—			—			—			(10,671	)		(10,671	)
Gain on disposition of properties		—			5,909			—			—			5,909
Operating income		14,462			9,368			—			(10,671	)		13,159
Interest income		—			—			2,054			—			2,054
Realized and unrealized holding gains on investments and other		—			2,841			(130	)		—			2,711
Equity in earnings of unconsolidated affiliates		669			437			—			—			1,106
Interest expense		(7,350	)		(10,255	)		—			—			(17,605	)
Income tax provision		—			—			—			(194	)		(194	)
Net income		7,781			2,391			1,924			(10,865	)		1,231
Net (income) loss attributable to noncontrolling interests		(406	)		3,093			—			—			2,687
Net income attributable to Acadia	$	7,375		$	5,484		$	1,924		$	(10,865	)	$	3,918

	For the Three Months Ended June 30, 2020
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	38,602		$	25,171		$	—	$	—		$	63,773
Depreciation and amortization		(18,150	)		(15,643	)		—		—			(33,793	)
Property operating expenses, other operating and real estate taxes		(17,961	)		(9,542	)		—		—			(27,503	)
General and administrative expenses		—			—			—		(8,720	)		(8,720	)
Gain on disposition of properties		—			485			—		—			485
Operating income		2,491			471			—		(8,720	)		(5,758	)
Interest income		—			—			2,095		—			2,095
Realized and unrealized holding gains on investments and other		—			87,751			60		—			87,811
Equity in (losses) earnings of unconsolidated affiliates		(1,070	)		284			—		—			(786	)
Interest expense		(8,602	)		(9,717	)		—		—			(18,319	)
Income tax provision		—			—			—		(137	)		(137	)
Net (loss) income		(7,181	)		78,789			2,155		(8,857	)		64,906
Net loss (income) attributable to noncontrolling interests		5,068			(50,564	)		—		—			(45,496	)
Net (loss) income attributable to Acadia	$	(2,113	)	$	28,225		$	2,155	$	(8,857	)	$	19,410

	As of or for the Six Months Ended June 30, 2021
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	88,350		$	55,704		$	—		$	—		$	144,054
Depreciation and amortization		(34,220	)		(28,515	)		—			—			(62,735	)
Property operating expenses, other operating and real estate taxes		(27,862	)		(22,471	)		—			—			(50,333	)
General and administrative expenses		—			—			—			(19,667	)		(19,667	)
Gain on disposition of properties		4,612			5,909			—			—			10,521
Operating income		30,880			10,627			—			(19,667	)		21,840
Interest income		—			—			3,754			—			3,754
Realized and unrealized holding gains on investments and other		—			9,388			(170	)		—			9,218
Equity in (losses) earnings of unconsolidated affiliates		(459	)		3,828			—			—			3,369
Interest expense		(14,564	)		(20,182	)		—			—			(34,746	)
Income tax provision		—			—			—			(344	)		(344	)
Net income		15,857			3,661			3,584			(20,011	)		3,091
Net (income) loss attributable to noncontrolling interests		(1,013	)		7,002			—			—			5,989
Net income attributable to Acadia	$	14,844		$	10,663		$	3,584		$	(20,011	)	$	9,080
Real estate at cost (a)	$	2,323,767		$	1,719,486		$	—		$	—		$	4,043,253
Total assets (a)	$	2,209,033		$	1,763,299		$	117,280		$	—		$	4,089,612
Cash paid for acquisition of real estate	$	—		$	—		$	—		$	—		$	—
Cash paid for development and property improvement costs	$	5,465		$	11,155		$	—		$	—		$	16,620

	As of or for the Six Months Ended June 30, 2020
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	78,535		$	56,658		$	—		$	—		$	135,193
Depreciation and amortization		(35,207	)		(31,963	)		—			—			(67,170	)
Property operating expenses, other operating and real estate taxes		(29,775	)		(21,495	)		—			—			(51,270	)
General and administrative expenses		—			—			—			(17,790	)		(17,790	)
Impairment charges		—			(51,549	)		—			—			(51,549	)
Gain on disposition of properties		—			485			—			—			485
Operating income (loss)		13,553			(47,864	)		—			(17,790	)		(52,101	)
Interest income		—			—			5,024			—			5,024
Realized and unrealized holding gains on investments and other		—			87,751			(470	)		—			87,281
Equity in earnings (losses) of unconsolidated affiliates		572			(103	)		—			—			469
Interest expense		(16,852	)		(19,769	)		—			—			(36,621	)
Income tax benefit		—			—			—			815			815
Net (loss) income		(2,727	)		20,015			4,554			(16,975	)		4,867
Net loss (income) attributable to noncontrolling interests		6,284			(155	)		—			—			6,129
Net income attributable to Acadia	$	3,557		$	19,860		$	4,554		$	(16,975	)	$	10,996
Real estate at cost (a)	$	2,362,334		$	1,799,890		$	—		$	—		$	4,162,224
Total assets (a)	$	2,323,986		$	1,870,070		$	134,692		$	—		$	4,328,748
Cash paid for acquisition of real estate	$	19,963		$	1,245		$	—		$	—		$	21,208
Cash paid for development and property improvement costs	$	6,443		$	14,090		$	—		$	—		$	20,533

a)Real estate at cost and total assets for the Funds segment include $650.6 million and $604.8 million, or $189.0 million and $176.0 million net of non-controlling interests, related to Fund II’s City Point property at June 30, 2021 and 2020, respectively.