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Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2023
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, 2023

 

 

 

Core
Portfolio

 

 

Funds

 

 

Structured
Financing

 

 

Unallocated

 

 

Total

 

Total revenues

 

$

203,545

 

 

$

135,147

 

 

$

—

 

 

$

—

 

 

$

338,692

 

Depreciation and amortization expenses

 

 

(76,642

)

 

 

(59,342

)

 

 

—

 

 

 

—

 

 

 

(135,984

)

General and administrative expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(41,470

)

 

 

(41,470

)

Property operating expenses, other operating and real estate taxes

 

 

(64,382

)

 

 

(44,094

)

 

 

—

 

 

 

—

 

 

 

(108,476

)

Impairment charges

 

 

—

 

 

 

(3,686

)

 

 

—

 

 

 

—

 

 

 

(3,686

)

Operating income

 

 

62,521

 

 

 

28,025

 

 

 

—

 

 

 

(41,470

)

 

 

49,076

 

Equity in earnings (losses) of unconsolidated affiliates

 

 

2,734

 

 

 

(10,411

)

 

 

—

 

 

 

—

 

 

 

(7,677

)

Interest income

 

 

—

 

 

 

—

 

 

 

19,993

 

 

 

—

 

 

 

19,993

 

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

 

 

5,756

 

 

 

24,995

 

 

 

(338

)

 

 

—

 

 

 

30,413

 

Interest expense

 

 

(44,521

)

 

 

(48,732

)

 

 

—

 

 

 

—

 

 

 

(93,253

)

Income tax provision

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(301

)

 

 

(301

)

Net income (loss)

 

 

26,490

 

 

 

(6,123

)

 

 

19,655

 

 

 

(41,771

)

 

 

(1,749

)

Net loss attributable to redeemable noncontrolling interests

 

 

—

 

 

 

8,239

 

 

 

—

 

 

 

—

 

 

 

8,239

 

Net (income) loss attributable to noncontrolling interests

 

 

(1,937

)

 

 

15,320

 

 

 

—

 

 

 

—

 

 

 

13,383

 

Net income (loss) attributable to Acadia shareholders

 

$

24,553

 

 

$

17,436

 

 

$

19,655

 

 

$

(41,771

)

 

$

19,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate at cost (a)

 

$

2,646,831

 

 

$

1,788,688

 

 

$

—

 

 

$

—

 

 

$

4,435,519

 

Total assets (a)

 

$

2,566,450

 

 

$

1,599,755

 

 

$

124,949

 

 

$

—

 

 

$

4,291,154

 

Cash paid for acquisition of real estate

 

$

—

 

 

$

126,545

 

 

$

—

 

 

$

—

 

 

$

126,545

 

Cash paid for development, construction and property improvement costs

 

$

44,428

 

 

$

25,112

 

 

$

—

 

 

$

—

 

 

$

69,540

 

 

 

 

As of or for the Year Ended December 31, 2022

 

 

 

Core
Portfolio

 

 

Funds

 

 

Structured
Financing

 

 

Unallocated

 

 

Total

 

Total revenues

 

$

202,547

 

 

$

123,743

 

 

$

—

 

 

$

—

 

 

$

326,290

 

Depreciation and amortization expenses

 

 

(75,614

)

 

 

(60,303

)

 

 

—

 

 

 

—

 

 

 

(135,917

)

General and administrative expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(44,066

)

 

 

(44,066

)

Property operating expenses, other operating and real estate taxes

 

 

(60,306

)

 

 

(41,621

)

 

 

—

 

 

 

—

 

 

 

(101,927

)

Impairment charges

 

 

—

 

 

 

(33,311

)

 

 

—

 

 

 

—

 

 

 

(33,311

)

Gain on disposition of properties

 

 

7,245

 

 

 

49,916

 

 

 

—

 

 

 

—

 

 

 

57,161

 

Operating income (loss)

 

 

73,872

 

 

 

38,424

 

 

 

—

 

 

 

(44,066

)

 

 

68,230

 

Equity in (losses) earnings of unconsolidated affiliates

 

 

(45,919

)

 

 

13,012

 

 

 

—

 

 

 

—

 

 

 

(32,907

)

Interest income

 

 

—

 

 

 

—

 

 

 

14,641

 

 

 

—

 

 

 

14,641

 

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

 

 

1,163

 

 

 

(35,559

)

 

 

(598

)

 

 

—

 

 

 

(34,994

)

Interest expense

 

 

(37,892

)

 

 

(42,317

)

 

 

—

 

 

 

—

 

 

 

(80,209

)

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, construction 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

 

Total revenues

 

$

181,332

 

 

$

111,165

 

 

$

—

 

 

$

—

 

 

$

292,497

 

Depreciation and amortization expenses

 

 

(69,103

)

 

 

(54,336

)

 

 

—

 

 

 

—

 

 

 

(123,439

)

General and administrative expenses

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(40,125

)

 

 

(40,125

)

Property operating expenses, other operating and real estate taxes

 

 

(56,957

)

 

 

(41,916

)

 

 

—

 

 

 

—

 

 

 

(98,873

)

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

 

Equity in earnings of unconsolidated affiliates

 

 

353

 

 

 

4,977

 

 

 

—

 

 

 

—

 

 

 

5,330

 

Interest income

 

 

—

 

 

 

—

 

 

 

9,065

 

 

 

—

 

 

 

9,065

 

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

 

 

—

 

 

 

53,654

 

 

 

(4,534

)

 

 

—

 

 

 

49,120

 

Interest expense

 

 

(29,454

)

 

 

(38,594

)

 

 

—

 

 

 

—

 

 

 

(68,048

)

Income tax provision

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(93

)

 

 

(93

)

Net income (loss)

 

 

30,783

 

 

 

30,934

 

 

 

4,531

 

 

 

(40,218

)

 

 

26,030

 

Net income attributable to noncontrolling interests

 

 

(2,276

)

 

 

(206

)

 

 

—

 

 

 

—

 

 

 

(2,482

)

Net income (loss) 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 and leasehold interest

 

$

26,176

 

 

$

135,670

 

 

$

—

 

 

$

—

 

 

$

161,846

 

Cash paid for development, construction and property improvement costs

 

$

13,625

 

 

$

27,046

 

 

$

—

 

 

$

—

 

 

$

40,671

 

 

 

 

a)
Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively.