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Segment Reporting (Tables)
12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Summary of Segment Information

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

 

 

 

As of or for the Year Ended December 31, 2022

 

 

 

Core
Portfolio

 

 

Funds

 

 

Structured
Financing

 

 

Unallocated

 

 

Total

 

Revenues

 

$

202,547

 

 

$

123,743

 

 

$

 

 

$

 

 

$

326,290

 

Depreciation and amortization

 

 

(75,614

)

 

 

(60,303

)

 

 

 

 

 

 

 

 

(135,917

)

Property operating expenses, other operating and real estate taxes

 

 

(60,306

)

 

 

(41,621

)

 

 

 

 

 

 

 

 

(101,927

)

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

(44,066

)

 

 

(44,066

)

Impairment charges

 

 

 

 

 

(33,311

)

 

 

 

 

 

 

 

 

(33,311

)

Gain on disposition of properties

 

 

7,245

 

 

 

49,916

 

 

 

 

 

 

 

 

 

57,161

 

Operating income

 

 

73,872

 

 

 

38,424

 

 

 

 

 

 

(44,066

)

 

 

68,230

 

Interest income

 

 

 

 

 

 

 

 

14,641

 

 

 

 

 

 

14,641

 

Equity in (losses) earnings of unconsolidated affiliates
  inclusive of gains on disposition of properties

 

 

(45,919

)

 

 

13,012

 

 

 

 

 

 

 

 

 

(32,907

)

Interest expense

 

 

(37,892

)

 

 

(42,317

)

 

 

 

 

 

 

 

 

(80,209

)

Realized and unrealized holding gains (losses) on investments and other

 

 

1,163

 

 

 

(35,559

)

 

 

(598

)

 

 

 

 

 

(34,994

)

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

(12

)

Net (loss) income

 

 

(8,776

)

 

 

(26,440

)

 

 

14,043

 

 

 

(44,078

)

 

 

(65,251

)

Net loss attributable to redeemable noncontrolling interests

 

 

 

 

 

5,536

 

 

 

 

 

 

 

 

 

5,536

 

Net loss attributable to noncontrolling interests

 

 

1,000

 

 

 

23,270

 

 

 

 

 

 

 

 

 

24,270

 

Net (loss) income attributable to Acadia

 

$

(7,776

)

 

$

2,366

 

 

$

14,043

 

 

$

(44,078

)

 

$

(35,445

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate at cost (a)

 

$

2,597,394

 

 

$

1,655,616

 

 

$

 

 

$

 

 

$

4,253,010

 

Total Assets (a)

 

$

2,599,268

 

 

$

1,579,411

 

 

$

123,903

 

 

$

 

 

$

4,302,582

 

Cash paid for acquisition of real estate

 

$

242,633

 

 

$

 

 

$

 

 

$

 

 

$

242,633

 

Cash paid for development and property improvement costs

 

$

32,406

 

 

$

18,640

 

 

$

 

 

$

 

 

$

51,046

 

 

 

 

 

As of or for the Year Ended December 31, 2021

 

 

 

Core
Portfolio

 

 

Funds

 

 

Structured
Financing

 

 

Unallocated

 

 

Total

 

Revenues

 

$

181,332

 

 

$

111,165

 

 

$

 

 

$

 

 

$

292,497

 

Depreciation and amortization

 

 

(69,103

)

 

 

(54,336

)

 

 

 

 

 

 

 

 

(123,439

)

Property operating expenses, other operating and real estate taxes

 

 

(56,957

)

 

 

(41,916

)

 

 

 

 

 

 

 

 

(98,873

)

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

(40,125

)

 

 

(40,125

)

Impairment charges

 

 

 

 

 

(9,925

)

 

 

 

 

 

 

 

 

(9,925

)

Gain on disposition of properties

 

 

4,612

 

 

 

5,909

 

 

 

 

 

 

 

 

 

10,521

 

Operating income (loss)

 

 

59,884

 

 

 

10,897

 

 

 

 

 

 

(40,125

)

 

 

30,656

 

Interest income

 

 

 

 

 

 

 

 

9,065

 

 

 

 

 

 

9,065

 

Equity in income of unconsolidated affiliates
  inclusive of gains on disposition of properties

 

 

353

 

 

 

4,977

 

 

 

 

 

 

 

 

 

5,330

 

Interest expense

 

 

(29,454

)

 

 

(38,594

)

 

 

 

 

 

 

 

 

(68,048

)

Realized and unrealized holding gains (losses) on investments and other

 

 

 

 

 

53,654

 

 

 

(4,534

)

 

 

 

 

 

49,120

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

(93

)

 

 

(93

)

Net income

 

 

30,783

 

 

 

30,934

 

 

 

4,531

 

 

 

(40,218

)

 

 

26,030

 

Net (income) attributable to redeemable noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (income) attributable to noncontrolling interests

 

 

(2,276

)

 

 

(206

)

 

 

 

 

 

 

 

 

(2,482

)

Net income attributable to Acadia

 

$

28,507

 

 

$

30,728

 

 

$

4,531

 

 

$

(40,218

)

 

$

23,548

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate at cost (a)

 

$

2,356,645

 

 

$

1,714,962

 

 

$

 

 

$

 

 

$

4,071,607

 

Total Assets (a)

 

$

2,212,877

 

 

$

1,894,983

 

 

$

153,886

 

 

$

 

 

$

4,261,746

 

Cash paid for acquisition of real estate

 

$

26,176

 

 

$

135,670

 

 

$

 

 

$

 

 

$

161,846

 

Cash paid for development and property improvement costs

 

$

13,625

 

 

$

27,046

 

 

$

 

 

$

 

 

$

40,671

 

 

 

 

As of or for the Year Ended December 31, 2020

 

 

 

Core
Portfolio

 

 

Funds

 

 

Structured
Financing

 

 

Unallocated

 

 

Total

 

Revenues

 

$

160,262

 

 

$

90,646

 

 

$

 

 

$

 

 

$

250,908

 

Depreciation and amortization

 

 

(76,125

)

 

 

(71,104

)

 

 

 

 

 

 

 

 

(147,229

)

Property operating expenses, other operating and real estate taxes

 

 

(57,246

)

 

 

(40,782

)

 

 

 

 

 

 

 

 

(98,028

)

General and administrative expenses

 

 

 

 

 

 

 

 

 

 

 

(35,798

)

 

 

(35,798

)

Impairment charges

 

 

(419

)

 

 

(85,179

)

 

 

 

 

 

 

 

 

(85,598

)

Gain on disposition of properties

 

 

174

 

 

 

509

 

 

 

 

 

 

 

 

 

683

 

Operating income (loss)

 

 

26,646

 

 

 

(105,910

)

 

 

 

 

 

(35,798

)

 

 

(115,062

)

Interest income

 

 

 

 

 

 

 

 

8,979

 

 

 

 

 

 

8,979

 

Equity in losses of unconsolidated affiliates
  inclusive of gains on disposition of properties

 

 

(874

)

 

 

(2,183

)

 

 

 

 

 

 

 

 

(3,057

)

Interest expense

 

 

(33,185

)

 

 

(36,486

)

 

 

 

 

 

 

 

 

(69,671

)

Realized and unrealized holding gains (losses) on investments and other

 

 

18,564

 

 

 

95,366

 

 

 

(568

)

 

 

 

 

 

113,362

 

Income tax provision

 

 

 

 

 

 

 

 

 

 

 

(269

)

 

 

(269

)

Net income (loss)

 

 

11,151

 

 

 

(49,213

)

 

 

8,411

 

 

 

(36,067

)

 

 

(65,718

)

Net (income) loss attributable to redeemable noncontrolling interests

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (income) loss attributable to noncontrolling interests

 

 

(5,837

)

 

 

62,579

 

 

 

 

 

 

 

 

 

56,742

 

Net income (loss) attributable to Acadia

 

$

5,314

 

 

$

13,366

 

 

$

8,411

 

 

$

(36,067

)

 

$

(8,976

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate at cost

 

$

2,330,116

 

 

$

1,681,210

 

 

$

 

 

$

 

 

$

4,011,326

 

Total Assets

 

$

2,254,680

 

 

$

1,775,507

 

 

$

100,882

 

 

$

 

 

$

4,131,069

 

Cash paid for acquisition of real estate and leasehold interest

 

$

19,963

 

 

$

1,245

 

 

$

 

 

$

 

 

$

21,208

 

Cash paid for development and property improvement costs

 

$

11,170

 

 

$

25,409

 

 

$

 

 

$

 

 

$

36,579