Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Summary of Segment Information

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

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.