Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

12. Segment Reporting

During the second quarter of 2024, 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 consolidated financial statements. Additionally, in the current year, the Company adopted ASU 2023-07, which provided for incremental disclosures of the Company’s reportable segments. Refer to Note 1.

The Company has three reportable segments: Core Portfolio, Investment Management and Structured Financing. The Company’s Chief Operating Decision Maker, its Chief Executive Officer (CEO), reviews the financial information presented for purposes of allocating resources and evaluating its financial performance. The CODM primarily uses net income as a measure of profitability for each of its segments because it provides a comprehensive view of the segments’ financial performance, including all revenues and expenses. 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 (Note 3). Fees earned by the Company as the general partner or managing member through Investment Management 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):

	As of or for the Year Ended December 31, 2024
	Core Portfolio			Investment Management			Structured Financing			Unallocated			Total
Rental revenue	$	193,581		$	155,949		$	—		$	—		$	349,530
Other revenue		6,829			3,330			—			—			10,159
Depreciation and amortization		(73,460	)		(65,450	)		—			—			(138,910	)
Property operating expenses		(32,439	)		(33,561	)		—			—			(66,000	)
Real estate taxes		(29,648	)		(16,401	)		—			—			(46,049	)
General and administrative expenses		—			—			—			(40,559	)		(40,559	)
Impairment charges		(508	)		(1,170	)		—			—			(1,678	)
(Loss) gain on disposition of properties		(2,213	)		1,379			—			—			(834	)
Operating income		62,142			44,076			—			(40,559	)		65,659
Interest income		—			—			25,085			—			25,085
Equity in earnings of unconsolidated affiliates   inclusive of gains on disposition of properties		4,771			10,407			—			—			15,178
Interest expense		(36,898	)		(55,659	)		—			—			(92,557	)
Realized and unrealized holding (losses) gains on investments and other		(4,064	)		—			(950	)		—			(5,014	)
Income tax provision		—			—			—			(212	)		(212	)
Net income (loss)		25,951			(1,176	)		24,135			(40,771	)		8,139
Net loss attributable to redeemable noncontrolling interests		—			7,915			—			—			7,915
Net loss attributable to noncontrolling interests		(1,629	)		7,225			—			—			5,596
Net income (loss) attributable to Acadia shareholders	$	24,322		$	13,964		$	24,135		$	(40,771	)	$	21,650
Real estate at cost (a)	$	2,783,801		$	1,815,814		$	—		$	—		$	4,599,615
Total Assets (a)	$	2,675,808		$	1,568,811		$	126,584		$	—		$	4,371,203
Cash paid for acquisition of real estate	$	131,978		$	29,555		$	—		$	—		$	161,533
Cash paid for development and property improvement costs	$	50,676		$	29,574		$	—		$	—		$	80,250

	As of or for the Year Ended December 31, 2023
	Core Portfolio			Investment Management			Structured Financing			Unallocated			Total
Rental revenue	$	200,842		$	132,202		$	—		$	—		$	333,044
Other revenue		2,703			2,945			—			—			5,648
Depreciation and amortization		(76,642	)		(59,342	)		—			—			(135,984	)
Property operating expenses		(32,471	)		(29,355	)		—			—			(61,826	)
Real estate taxes		(31,911	)		(14,739	)		—			—			(46,650	)
General and administrative expenses		—			—			—			(41,470	)		(41,470	)
Impairment charges		—			(3,686	)		—			—			(3,686	)
Gain on disposition of properties		—			—			—			—			—
Operating income (loss)		62,521			28,025			—			(41,470	)		49,076
Interest income		—			—			19,993			—			19,993
Equity in earnings (losses) of unconsolidated affiliates   inclusive of gains on disposition of properties		2,734			(10,411	)		—			—			(7,677	)
Interest expense		(44,521	)		(48,732	)		—			—			(93,253	)
Realized and unrealized holding gains (losses) on investments and other		5,756			24,995			(338	)		—			30,413
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 and property improvement costs	$	44,428		$	25,112		$	—		$	—		$	69,540

	As of or for the Year Ended December 31, 2022
	Core Portfolio			Investment Management			Structured Financing			Unallocated			Total
Rental revenue	$	195,960		$	121,854		$	—		$	—		$	317,814
Other revenue		6,587			1,889			—			—			8,476
Depreciation and amortization		(75,614	)		(60,303	)		—			—			(135,917	)
Property operating expenses		(30,067	)		(26,928	)		—			—			(56,995	)
Real estate taxes		(30,239	)		(14,693	)		—			—			(44,932	)
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 (loss)		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 shareholders	$	(7,776	)	$	2,366		$	14,043		$	(44,078	)	$	(35,445	)
Real estate at cost	$	2,597,394		$	1,655,616		$	—		$	—		$	4,253,010
Total Assets	$	2,599,268		$	1,579,411		$	123,903		$	—		$	4,302,582
Cash paid for acquisition of real estate and leasehold interest	$	242,633		$	—		$	—		$	—		$	242,633
Cash paid for development and property improvement costs	$	32,406		$	18,640		$	—		$	—		$	51,046

a)Total assets for the Investment Management segment include $515.2 million, $555.8 million, and $569.1 million related to Fund II’s City Point property at December 31, 2024, 2023, and 2022, respectively.