Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

12. Segment Reporting

The Company has identified three reportable segments: Core Portfolio, Investment Management and Structured Financing. The Company’s Chief Operating Decision Maker (“CODM”), its Chief Executive Officer, evaluates the performance of these segments and allocates resources based on financial information presented at the segment level. The CODM primarily uses net income as the key measure of segment profitability, as it reflects 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 consolidated Investment Management entities are eliminated in the Company’s Condensed Consolidated Financial Statements and are not presented in the Company’s segments.

The following tables present selected financial information for each reportable segment (in thousands):

	For the Three Months Ended June 30, 2025
	Core Portfolio			Investment Management			Structured Financing		Unallocated			Total
Rental revenue	$	57,699		$	40,598		$	—	$	—		$	98,297
Other revenue		604			1,691			—		—			2,295
Depreciation and amortization expenses		(22,446	)		(16,823	)		—		—			(39,269	)
Property operating expenses		(8,639	)		(8,885	)		—		—			(17,524	)
Real estate taxes		(8,780	)		(4,537	)		—		—			(13,317	)
General and administrative expenses		—			—			—		(11,532	)		(11,532	)
Impairment charges		—			(18,190	)		—		—			(18,190	)
Operating income (loss)		18,438			(6,146	)		—		(11,532	)		760
Interest income		—			—			6,358		—			6,358
Equity in earnings of unconsolidated affiliates		(522	)		(3,669	)		—		—			(4,191	)
Interest expense		(9,555	)		(14,049	)		—		—			(23,604	)
Realized and unrealized holding (losses) gains on investments and other		(411	)		—			357		—			(54	)
Income tax provision		—			—			—		(211	)		(211	)
Net income (loss)		7,950			(23,864	)		6,715		(11,743	)		(20,942	)
Net loss attributable to redeemable noncontrolling interests		—			1,724			—		—			1,724
Net loss attributable to noncontrolling interests		136			21,045			—		—			21,181
Net income (loss) attributable to Acadia shareholders	$	8,086		$	(1,095	)	$	6,715	$	(11,743	)	$	1,963

	For the Three Months Ended June 30, 2024
	Core Portfolio			Investment Management			Structured Financing			Unallocated			Total
Rental revenue	$	47,787		$	37,839		$	—		$	—		$	85,626
Other revenue		1,108			520			—			—			1,628
Depreciation and amortization expenses		(17,966	)		(16,315	)		—			—			(34,281	)
Property operating expenses		(7,696	)		(8,085	)		—			—			(15,781	)
Real estate taxes		(6,683	)		(3,298	)		—			—			(9,981	)
General and administrative expenses		—			—			—			(10,179	)		(10,179	)
(Loss) gain related to a previously disposed property		(2,213	)		2,970			—			—			757
Operating income		14,337			13,631			—			(10,179	)		17,789
Interest income		—			—			5,413			—			5,413
Equity in earnings of unconsolidated affiliates		640			3,840			—			—			4,480
Interest expense		(9,940	)		(13,641	)		—			—			(23,581	)
Realized and unrealized holding (losses) gains on investments and other		(2,155	)		—			(209	)		—			(2,364	)
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

	As of or for the Six Months Ended June 30, 2025
	Core Portfolio			Investment Management			Structured Financing		Unallocated			Total
Rental revenue	$	121,473		$	79,464		$	—	$	—		$	200,937
Other revenue		1,287			2,762			—		—			4,049
Depreciation and amortization expenses		(46,129	)		(32,580	)		—		—			(78,709	)
Property operating expenses		(18,192	)		(17,612	)		—		—			(35,804	)
Real estate taxes		(17,738	)		(8,882	)		—		—			(26,620	)
General and administrative expenses		—			—			—		(23,129	)		(23,129	)
Impairment charges		—			(24,640	)		—		—			(24,640	)
Operating income		40,701			(1,488	)		—		(23,129	)		16,084
Interest income		—			—			12,454		—			12,454
Equity in earnings (losses) of unconsolidated affiliates		(209	)		(5,695	)		—		—			(5,904	)
Interest expense		(18,934	)		(27,917	)		—		—			(46,851	)
Loss on change in control		(9,622	)		—			—		—			(9,622	)
Realized and unrealized holding gains (losses) on investments and other		1,374			—			193		—			1,567
Income tax provision		—			—			—		(327	)		(327	)
Net income (loss)		13,310			(35,100	)		12,647		(23,456	)		(32,599	)
Net loss attributable to redeemable noncontrolling interests		—			3,393			—		—			3,393
Net loss attributable to noncontrolling interests		345			32,432			—		—			32,777
Net income attributable to Acadia shareholders	$	13,655		$	725		$	12,647	$	(23,456	)	$	3,571
Real estate at cost (a)	$	3,281,496		$	1,815,145		$	—	$	—		$	5,096,641
Total assets (a)	$	3,112,930		$	1,607,957		$	154,682	$	—		$	4,875,569
Cash paid for acquisition of real estate	$	276,852		$	67,795		$	—	$	—		$	344,647
Cash paid for development and property improvement costs	$	42,030		$	5,498		$	—	$	—		$	47,528

	As of or for the Six Months Ended June 30, 2024
	Core Portfolio			Investment Management			Structured Financing			Unallocated			Total
Rental revenue	$	96,570		$	75,093		$	—		$	—		$	171,663
Other revenue		5,863			1,084			—			—			6,947
Depreciation and amortization expenses		(36,232	)		(32,989	)		—			—			(69,221	)
Property operating expenses		(17,428	)		(17,449	)		—			—			(34,877	)
Real estate taxes		(14,870	)		(7,457	)		—			—			(22,327	)
General and administrative expenses		—			—			—			(19,947	)		(19,947	)
Loss related to a previously disposed property		(2,213	)		1,772			—			—			(441	)
Operating income		31,690			20,054			—			(19,947	)		31,797
Interest income		—			—			10,651			—			10,651
Equity in earnings (losses) of unconsolidated affiliates		2,747			1,421			—			—			4,168
Interest expense		(19,977	)		(27,313	)		—			—			(47,290	)
Realized and unrealized holding losses on investments and other		(4,018	)		—			(397	)		—			(4,415	)
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 loss 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

(a)Total assets for the Investment Management segment include $533.7 million and $549.3 million related to Fund II’s City Point property as of June 30, 2025 and 2024, respectively.