Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

12. Segment Reporting

The Company has three reportable segments: Core Portfolio, Investment Management, and Structured Financing. The Company’s Core Portfolio segment 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 Investment Management segment holds 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 Investment Management (Note 3). Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s condensed consolidated financial statements and are not presented in the Company’s segments.

The Company renamed its historical Funds segment as the Investment Management segment. No prior period information was recast and the designation change did not impact the Company’s condensed consolidated financial statements. Refer to Note 1.

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

	For the Three Months Ended June 30, 2024
	Core Portfolio			Investment Management			Structured Financing			Unallocated			Total
Total Revenues	$	48,895		$	38,359		$	—		$	—		$	87,254
Depreciation and amortization expenses		(17,966	)		(16,315	)		—			—			(34,281	)
General and administrative expenses		—			—			—			(10,179	)		(10,179	)
Property operating expenses, other operating and real estate taxes		(14,379	)		(11,383	)		—			—			(25,762	)
Loss (gain) on disposition of properties		(2,213	)		2,970			—			—			757
Operating income		14,337			13,631			—			(10,179	)		17,789
Equity in earnings of unconsolidated affiliates		640			3,840			—			—			4,480
Interest income		—			—			5,413			—			5,413
Realized and unrealized holding (losses) gains on investments and other		(2,155	)		—			(209	)		—			(2,364	)
Interest expense		(9,940	)		(13,641	)		—			—			(23,581	)
Income (loss) from continuing operations before income taxes		2,882			3,830			5,204			(10,179	)		1,737
Income tax provision		—			—			—			(155	)		(155	)
Net income		2,882			3,830			5,204			(10,334	)		1,582
Net loss attributable to redeemable noncontrolling interests		—			2,292			—			—			2,292
Net income attributable to noncontrolling interests		(194	)		(2,237	)		—			—			(2,431	)
Net income attributable to Acadia shareholders	$	2,688		$	3,885		$	5,204		$	(10,334	)	$	1,443

	For the Three Months Ended June 30, 2023
	Core Portfolio			Investment Management			Structured Financing		Unallocated			Total
Total Revenues	$	56,376		$	33,572		$	—	$	—		$	89,948
Depreciation and amortization expenses		(20,035	)		(14,021	)		—		—			(34,056	)
General and administrative expenses		—			—			—		(10,643	)		(10,643	)
Property operating expenses, other operating and real estate taxes		(15,055	)		(10,536	)		—		—			(25,591	)
Operating income		21,286			9,015			—		(10,643	)		19,658
Equity in earnings (losses) of unconsolidated affiliates		924			(2,361	)		—		—			(1,437	)
Interest income		—			—			4,970		—			4,970
Realized and unrealized holding gains (losses) on investments and other		1,815			—			—		—			1,815
Interest expense		(10,990	)		(11,099	)		—		—			(22,089	)
Income (loss) from continuing operations before income taxes		13,035			(4,445	)		4,970		(10,643	)		2,917
Income tax provision		—			—			—		(165	)		(165	)
Net income (loss)		13,035			(4,445	)		4,970		(10,808	)		2,752
Net loss attributable to redeemable noncontrolling interests		—			1,091			—		—			1,091
Net (income) loss attributable to noncontrolling interests		(735	)		6,168			—		—			5,433
Net income attributable to Acadia shareholders	$	12,300		$	2,814		$	4,970	$	(10,808	)	$	9,276

	As of or for the Six Months Ended June 30, 2024
	Core Portfolio			Investment Management			Structured Financing			Unallocated			Total
Total Revenues	$	102,433		$	76,177		$	—		$	—		$	178,610
Depreciation and amortization expenses		(36,232	)		(32,989	)		—			—			(69,221	)
General and administrative expenses		—			—			—			(19,947	)		(19,947	)
Property operating expenses, other operating and real estate taxes		(32,298	)		(24,906	)		—			—			(57,204	)
Loss (gain) on disposition of properties		(2,213	)		1,772			—			—			(441	)
Operating income		31,690			20,054			—			(19,947	)		31,797
Equity in earnings of unconsolidated affiliates		2,747			1,421			—			—			4,168
Interest income		—			—			10,651			—			10,651
Realized and unrealized holding (losses) gains on investments and other		(4,018	)		—			(397	)		—			(4,415	)
Interest expense		(19,977	)		(27,313	)		—			—			(47,290	)
Income (loss) from continuing operations before income taxes		10,442			(5,838	)		10,254			(19,947	)		(5,089	)
Income tax provision		—			—			—			(186	)		(186	)
Net income (loss)		10,442			(5,838	)		10,254			(20,133	)		(5,275	)
Net loss attributable to redeemable noncontrolling interests		—			4,846			—			—			4,846
Net (income) loss attributable to noncontrolling interests		(563	)		5,704			—			—			5,141
Net income attributable to Acadia shareholders	$	9,879		$	4,712		$	10,254		$	(20,133	)	$	4,712
Real estate at cost (a)	$	2,616,224		$	1,804,484		$	—		$	—		$	4,420,708
Total assets (a)	$	2,543,067		$	1,581,318		$	126,653		$	—		$	4,251,038
Cash paid for development and property improvement costs	$	29,023		$	8,389		$	—		$	—		$	37,412

	As of or for the Six Months Ended June 30, 2023
	Core Portfolio			Investment Management			Structured Financing		Unallocated			Total
Total Revenues	$	106,172		$	65,615		$	—	$	—		$	171,787
Depreciation and amortization expenses		(38,694	)		(28,535	)		—		—			(67,229	)
General and administrative expenses		—			—			—		(20,589	)		(20,589	)
Property operating expenses, other operating and real estate taxes		(31,164	)		(21,039	)		—		—			(52,203	)
Operating income		36,314			16,041			—		(20,589	)		31,766
Equity in earnings (losses) of unconsolidated affiliates		2,723			(4,131	)		—		—			(1,408	)
Interest income		—			—			9,788		—			9,788
Realized and unrealized holding gains on investments and other		3,393			24,995			184		—			28,572
Interest expense		(21,660	)		(22,016	)		—		—			(43,676	)
Income (loss) from continuing operations before income taxes		20,770			14,889			9,972		(20,589	)		25,042
Income tax provision		—			—			—		(288	)		(288	)
Net income		20,770			14,889			9,972		(20,877	)		24,754
Net loss attributable to redeemable noncontrolling interests		—			3,166			—		—			3,166
Net income attributable to noncontrolling interests		(1,637	)		(3,647	)		—		—			(5,284	)
Net income attributable to Acadia shareholders	$	19,133		$	14,408		$	9,972	$	(20,877	)	$	22,636
Real estate at cost (a)	$	2,613,206		$	1,669,773		$	—	$	—		$	4,282,979
Total assets (a)	$	2,580,565		$	1,499,692		$	123,902	$	—		$	4,204,159
Cash paid for development and property improvement costs	$	15,560		$	15,010		$	—	$	—		$	30,570

(a)Total assets for the Investment Management segment include $549.3 million and $672.7 million related to Fund II’s City Point property as of June 30, 2024 and 2023, respectively.