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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Segment Reporting
Segment Reporting

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Investments in the Core Portfolio are typically held long-term. Given the contemplated finite life of the Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements. The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2015, 2014 and 2013:
2015
(dollars in thousands)
 
Core Portfolio
 
Funds
 
Structured Financing
 
Total
Revenues
 
$
150,015

 
$
49,048

 
$
18,199

 
$
217,262

Property operating expenses, other operating and real estate taxes
 
(37,259
)
 
(21,223
)
 
—

 
(58,482
)
General and administrative expenses
 
(28,600
)
 
(1,768
)
 
—

 
(30,368
)
Depreciation and amortization
 
(46,223
)
 
(14,528
)
 
—

 
(60,751
)
Impairment of asset
 
(5,000
)
 
—

 
—

 
(5,000
)
Operating income
 
32,933

 
11,529

 
18,199

 
62,661

Equity in earnings of unconsolidated affiliates
 
1,169

 
12,118

 
—

 
13,287

Gain on disposition of properties of unconsolidated affiliates
 
—

 
24,043

 
—

 
24,043

Loss on debt extinguishment
 
—

 
(135
)
 
—

 
(135
)
Interest and other finance expense
 
(27,945
)
 
(9,217
)
 
—

 
(37,162
)
Gain on disposition of property
 
—

 
89,063

 
—

 
89,063

Income tax provision
 
(604
)
 
(1,183
)
 
—

 
(1,787
)
Net income
 
5,553

 
126,218

 
18,199

 
149,970

Noncontrolling interests
 
 
 
 
 
 
 
 
Income from continuing operations
 
(140
)
 
(84,122
)
 
—

 
(84,262
)
Net income attributable to noncontrolling interests
 
(140
)
 
(84,122
)
 
—

 
(84,262
)
Net income attributable to Common Shareholders
 
$
5,413

 
$
42,096

 
$
18,199

 
$
65,708

 
 
 
 
 
 
 
 
 
Real estate at cost
 
$
1,572,681

 
$
1,163,602

 
$
—

 
$
2,736,283

Total assets
 
$
1,662,092

 
$
1,223,039

 
$
147,188

 
$
3,032,319

Acquisition of real estate
 
$
188,835

 
$
155,641

 
$
—

 
$
344,476

Redevelopment and property improvement costs
 
$
16,505

 
$
147,810

 
$
—

 
$
164,315



ACADIA REALTY TRUST AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued
2014
(dollars in thousands)
 
Core Portfolio
 
Funds
 
Structured Financing
 
Total
Revenues
 
$
125,022

 
$
54,659

 
$
15,331

 
$
195,012

Property operating expenses, other operating and real estate taxes
 
(33,097
)
 
(18,574
)
 
—

 
(51,671
)
General and administrative expenses
 
(24,853
)
 
(1,665
)
 
(915
)
 
(27,433
)
Depreciation and amortization
 
(35,875
)
 
(13,770
)
 
—

 
(49,645
)
Operating income
 
31,197

 
20,650

 
14,416

 
66,263

Equity in (losses) earnings of unconsolidated affiliates
 
(77
)
 
8,800

 
—

 
8,723

Gain on disposition of properties of unconsolidated affiliates
 
—

 
102,855

 
—

 
102,855

Loss on debt extinguishment
 
(3
)
 
(332
)
 
—

 
(335
)
Interest and other finance expense
 
(27,021
)
 
(12,070
)
 
—

 
(39,091
)
Gain on disposition of property
 
12,577

 
561

 
—

 
13,138

Income tax provision
 
(176
)
 
(453
)
 
—

 
(629
)
Income from continuing operations
 
16,497

 
120,011

 
14,416

 
150,924

Discontinued operations
 

 

 

 


Gain on disposition of properties
 
—

 
1,222

 
—

 
1,222

Income from discontinued operations
 
—

 
1,222

 
—

 
1,222

Net income
 
16,497

 
121,233

 
14,416

 
152,146

Noncontrolling interests
 

 

 

 


Income from continuing operations
 
(3,213
)
 
(76,846
)
 
—

 
(80,059
)
Income from discontinued operations
 
(9
)
 
(1,014
)
 
—

 
(1,023
)
Net income attributable to noncontrolling interests
 
(3,222
)
 
(77,860
)
 
—

 
(81,082
)
Net income attributable to Common Shareholders
 
$
13,275

 
$
43,373

 
$
14,416

 
$
71,064

 
 
 
 
 
 
 
 
 
Real estate at cost
 
$
1,366,017

 
$
842,578

 
$
—

 
$
2,208,595

Total assets
 
$
1,613,290

 
$
1,005,145

 
$
102,286

 
$
2,720,721

Acquisition of real estate
 
$
203,103

 
$
47,250

 
$
—

 
$
250,353

Redevelopment and property improvement costs
 
$
5,432

 
$
134,686

 
$
—

 
$
140,118






ACADIA REALTY TRUST AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued
2013
(dollars in thousands)
 
Core Portfolio
 
Funds
 
Structured Financing
 
Total
Revenues
 
$
110,355

 
$
46,131

 
$
11,800

 
$
168,286

Property operating expenses, other operating and real estate taxes
 
(29,040
)
 
(17,513
)
 
—

 
(46,553
)
General and administrative expenses
 
(24,387
)
 
(1,168
)
 
—

 
(25,555
)
Depreciation and amortization
 
(28,989
)
 
(11,310
)
 
—

 
(40,299
)
Impairment of asset
 
(1,500
)
 
—

 
—

 
(1,500
)
Operating income
 
26,439

 
16,140

 
11,800

 
54,379

Equity in (losses) earnings of unconsolidated affiliates
 
(99
)
 
12,481

 
—

 
12,382

Loss on debt extinguishment
 
(309
)
 
(456
)
 
—

 
(765
)
Interest and other finance expense
 
(26,158
)
 
(13,316
)
 
—

 
(39,474
)
Income tax benefit (provision)
 
131

 
(150
)
 
—

 
(19
)
Income from continuing operations
 
4

 
14,699

 
11,800

 
26,503

Discontinued operations
 
 
 
 
 
 
 
 
Operating income from discontinued operations
 
535

 
6,283

 
—

 
6,818

Impairment of asset
 
—

 
(6,683
)
 
—

 
(6,683
)
Loss on debt extinguishment
 
(145
)
 
(655
)
 
—

 
(800
)
Gain on disposition of properties
 
6,488

 
12,314

 
—

 
18,802

Income from discontinued operations
 
6,878

 
11,259

 
—

 
18,137

Net income
 
6,882

 
25,958

 
11,800

 
44,640

Noncontrolling interests
 
 
 
 
 
 
 
 
(Income) loss from continuing operations
 
(1,002
)
 
8,525

 
—

 
7,523

Income from discontinued operations
 
(2,406
)
 
(9,642
)
 
—

 
(12,048
)
Net income attributable to noncontrolling interests
 
(3,408
)
 
(1,117
)
 
—

 
(4,525
)
Net income attributable to Common Shareholders
 
$
3,474

 
$
24,841

 
$
11,800

 
$
40,115

 
 
 
 
 
 
 
 
 
Real estate at cost
 
$
1,059,257

 
$
759,796

 
$
—

 
$
1,819,053

Total assets
 
$
1,012,553

 
$
1,105,264

 
$
126,706

 
$
2,244,523

Acquisition of real estate
 
$
143,616

 
$
76,425

 
$
—

 
$
220,041

Redevelopment and property improvement costs
 
$
10,611

 
$
96,272

 
$
—

 
$
106,883