Segment Reporting

6 Months Ended

Jun. 30, 2022

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, 2022
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	53,225		$	31,034		$	—	$	—		$	84,259
Depreciation and amortization		(20,061	)		(14,910	)		—		—			(34,971	)
Property operating expenses and real estate taxes		(14,932	)		(10,263	)		—		—			(25,195	)
General and administrative expenses		—			—			—		(10,661	)		(10,661	)
Gain on disposition of properties		—			12,216			—		—			12,216
Operating income		18,232			18,077			—		(10,661	)		25,648
Interest and other income		—			—			2,961		—			2,961
Realized and unrealized holding losses on investments and other		—			(26,383	)		100		—			(26,283	)
Equity in earnings of unconsolidated affiliates		788			492			—		—			1,280
Interest expense		(8,519	)		(10,703	)		—		—			(19,222	)
Income tax provision		—			—			—		(209	)		(209	)
Net income (loss)		10,501			(18,517	)		3,061		(10,870	)		(15,825	)
Net (income) loss attributable to noncontrolling interests		(366	)		15,817			—		—			15,451
Net income (loss) attributable to Acadia	$	10,135		$	(2,700	)	$	3,061	$	(10,870	)	$	(374	)

	For the Three Months Ended June 30, 2021 (As Restated)
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	46,000		$	27,057		$	—		$	—		$	73,057
Depreciation and amortization		(17,333	)		(13,207	)		—			—			(30,540	)
Property operating expenses and real estate taxes		(14,205	)		(10,645	)		—			—			(24,850	)
General and administrative expenses		—			—			—			(10,653	)		(10,653	)
Gain on disposition of properties		—			5,909			—			—			5,909
Operating income		14,462			9,114			—			(10,653	)		12,923
Interest and other income		—			—			2,054			—			2,054
Realized and unrealized holding gains on investments and other		—			2,841			(999	)		—			1,842
Equity in earnings of unconsolidated affiliates		669			230			—			—			899
Interest expense		(7,350	)		(9,724	)		—			—			(17,074	)
Income tax provision		—			—			—			(192	)		(192	)
Net income		7,781			2,461			1,055			(10,845	)		452
Net (income) loss attributable to noncontrolling interests		(406	)		3,665			—			—			3,259
Net income attributable to Acadia	$	7,375		$	6,126		$	1,055		$	(10,845	)	$	3,711

	As of or for the Six Months Ended June 30, 2022
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	101,574		$	64,192		$	—	$	—		$	165,766
Depreciation and amortization		(37,736	)		(30,948	)		—		—			(68,684	)
Property operating expenses and real estate taxes		(29,572	)		(20,253	)		—		—			(49,825	)
General and administrative expenses		—			—			—		(22,598	)		(22,598	)
Gain on disposition of properties		—			41,031			—		—			41,031
Operating income		34,266			54,022			—		(22,598	)		65,690
Interest and other income		—			—			5,896		—			5,896
Realized and unrealized holding losses on investments and other		1,163			(11,816	)		100		—			(10,553	)
Equity in earnings of unconsolidated affiliates		2,405			2,005			—		—			4,410
Interest expense		(16,115	)		(21,032	)		—		—			(37,147	)
Income tax provision		—			—			—		(24	)		(24	)
Net income		21,719			23,179			5,996		(22,622	)		28,272
Net income attributable to noncontrolling interests		(1,486	)		(10,322	)		—		—			(11,808	)
Net income attributable to Acadia	$	20,233		$	12,857		$	5,996	$	(22,622	)	$	16,464
Real estate at cost (a)	$	2,606,083		$	1,729,074		$	—	$	—		$	4,335,157
Total assets (a)	$	2,513,011		$	1,788,567		$	137,306	$	—		$	4,438,884
Cash paid for acquisition of real estate	$	242,633		$	—		$	—	$	—		$	242,633
Cash paid for development and property improvement costs	$	16,248		$	9,033		$	—	$	—		$	25,281

	As of or for the Six Months Ended June 30, 2021 As Restated
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Revenues	$	88,350		$	52,894		$	—		$	—		$	141,244
Depreciation and amortization		(34,220	)		(26,960	)		—			—			(61,180	)
Property operating expenses and real estate taxes		(27,862	)		(21,403	)		—			—			(49,265	)
General and administrative expenses		—			—			—			(19,645	)		(19,645	)
Gain on disposition of properties		4,612			5,909			—			—			10,521
Operating income		30,880			10,440			—			(19,645	)		21,675
Interest and other income		—			—			3,754			—			3,754
Realized and unrealized holding gains (losses) on investments and other		—			9,388			(2,421	)		—			6,967
Equity in (losses) earnings of unconsolidated affiliates		(459	)		3,240			—			—			2,781
Interest expense		(14,564	)		(19,124	)		—			—			(33,688	)
Income tax provision		—			—			—			(340	)		(340	)
Net income		15,857			3,944			1,333			(19,985	)		1,149
Net (income) loss attributable to noncontrolling interests		(1,013	)		8,392			—			—			7,379
Net income attributable to Acadia	$	14,844		$	12,336		$	1,333		$	(19,985	)	$	8,528
Real estate at cost (a)	$	2,323,767		$	1,649,667		$	—		$	—		$	3,973,434
Total assets (a)	$	2,209,033		$	1,705,799		$	114,461		$	—		$	4,029,293
Cash paid for acquisition of real estate	$	—		$	—		$	—		$	—		$	—
Cash paid for development and property improvement costs	$	5,465		$	10,275		$	—		$	—		$	15,740

a)Real estate at cost and total assets for the Funds segment include $660.0 million and $650.6 million, or $270.7 million and $189.0 million net of non-controlling interests, related to Fund II’s City Point property at June 30, 2022 and 2021, respectively.