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Segment Reporting | 6 Months Ended
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Jun. 30, 2018
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The Company’s Core Portfolio 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 Funds hold 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 the Funds (Note 3). Fees earned by the Company as the general partner or managing member of the Funds 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):
|  | For the Three Months Ended June 30, 2018
|  | Core Portfolio |  | Funds |  | Structured Financing |  | Unallocated |  | Total
Revenues |  | $ | 40,539 |  |  | $ | 23,030 |  |  | $ | — |  |  | $ | — |  |  | $ | 63,569 |
Depreciation and amortization |  | (14,927 | ) |  | (14,576 | ) |  | — |  |  | — |  |  | (29,503 | )
Property operating expenses, other operating and real estate taxes |  | (10,510 | ) |  | (9,350 | ) |  | — |  |  | — |  |  | (19,860 | )
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | (7,907 | ) |  | (7,907 | )
Operating income (loss) |  | 15,102 |  |  | (896 | ) |  | — |  |  | (7,907 | ) |  | 6,299 |
Gain on disposition of properties |  | — |  |  | 33 |  |  | — |  |  | — |  |  | 33 |
Interest income |  | — |  |  | — |  |  | 3,289 |  |  | — |  |  | 3,289 |
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties |  | 1,726 |  |  | 3,293 |  |  | — |  |  | — |  |  | 5,019 |
Interest expense |  | (7,001 | ) |  | (9,914 | ) |  | — |  |  | — |  |  | (16,915 | )
Income tax provision |  | — |  |  | — |  |  | — |  |  | 5 |  |  | 5 |
Net income (loss) |  | 9,827 |  |  | (7,484 | ) |  | 3,289 |  |  | (7,902 | ) |  | (2,270 | )
Net loss attributable to noncontrolling interests |  | 200 |  |  | 9,735 |  |  | — |  |  | — |  |  | 9,935 |
Net income attributable to Acadia |  | $ | 10,027 |  |  | $ | 2,251 |  |  | $ | 3,289 |  |  | $ | (7,902 | ) |  | $ | 7,665 |
|  | For the Three Months Ended June 30, 2017
|  | Core Portfolio |  | Funds |  | Structured Financing |  | Unallocated |  | Total
Revenues |  | $ | 41,488 |  |  | $ | 18,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 59,504 |
Depreciation and amortization |  | (15,534 | ) |  | (10,523 | ) |  | — |  |  | — |  |  | (26,057 | )
Property operating expenses, other operating and real estate taxes |  | (10,160 | ) |  | (7,681 | ) |  | — |  |  | — |  |  | (17,841 | )
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | (8,864 | ) |  | (8,864 | )
Operating income (loss) |  | 15,794 |  |  | (188 | ) |  | — |  |  | (8,864 | ) |  | 6,742 |
Interest income |  | — |  |  | — |  |  | 8,203 |  |  | — |  |  | 8,203 |
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties |  | 982 |  |  | 3,358 |  |  | — |  |  | — |  |  | 4,340 |
Interest expense |  | (6,933 | ) |  | (5,817 | ) |  | — |  |  | — |  |  | (12,750 | )
Income tax provision |  | — |  |  | — |  |  | — |  |  | (427 | ) |  | (427 | )
Net income |  | 9,843 |  |  | (2,647 | ) |  | 8,203 |  |  | (9,291 | ) |  | 6,108 |
Net (income) loss attributable to noncontrolling interests |  | (372 | ) |  | 6,324 |  |  | — |  |  | — |  |  | 5,952 |
Net income attributable to Acadia |  | $ | 9,471 |  |  | $ | 3,677 |  |  | $ | 8,203 |  |  | $ | (9,291 | ) |  | $ | 12,060 |
|  | As of or for the Six Months Ended June 30, 2018
|  | Core Portfolio |  | Funds |  | Structured Financing |  | Unallocated |  | Total
Revenues |  | $ | 82,166 |  |  | $ | 44,527 |  |  | $ | — |  |  | $ | — |  |  | $ | 126,693 |
Depreciation and amortization |  | (30,425 | ) |  | (27,654 | ) |  | — |  |  | — |  |  | (58,079 | )
Property operating expenses, other operating and real estate taxes |  | (21,405 | ) |  | (17,832 | ) |  | — |  |  | — |  |  | (39,237 | )
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | (16,377 | ) |  | (16,377 | )
Operating income (loss) |  | 30,336 |  |  | (959 | ) |  | — |  |  | (16,377 | ) |  | 13,000 |
Gain on disposition of properties |  | — |  |  | 33 |  |  | — |  |  | — |  |  | 33 |
Interest income |  | — |  |  | — |  |  | 7,026 |  |  | — |  |  | 7,026 |
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties |  | 3,152 |  |  | 3,551 |  |  | — |  |  | — |  |  | 6,703 |
Interest expense |  | (13,502 | ) |  | (19,303 | ) |  | — |  |  | — |  |  | (32,805 | )
Income tax provision |  | — |  |  | — |  |  | — |  |  | (387 | ) |  | (387 | )
Net income (loss) |  | 19,986 |  |  | (16,678 | ) |  | 7,026 |  |  | (16,764 | ) |  | (6,430 | )
Net loss attributable to noncontrolling interests |  | 128 |  |  | 21,386 |  |  | — |  |  | — |  |  | 21,514 |
Net income attributable to Acadia |  | $ | 20,114 |  |  | $ | 4,708 |  |  | $ | 7,026 |  |  | $ | (16,764 | ) |  | $ | 15,084 |
Real estate at cost |  | $ | 2,047,672 |  |  | $ | 1,500,371 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,548,043 |
Total assets |  | $ | 2,236,405 |  |  | $ | 1,535,154 |  |  | $ | 109,209 |  |  | $ | — |  |  | $ | 3,880,768 |
Cash paid for acquisition of real estate |  | $ | 1,343 |  |  | $ | 44,828 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,171 |
Cash paid for development and property improvement costs |  | $ | 15,293 |  |  | $ | 26,644 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,937 |
|  | As of or for the Six Months Ended June 30, 2017
|  | Core Portfolio |  | Funds |  | Structured Financing |  | Unallocated |  | Total
Revenues |  | $ | 85,933 |  |  | $ | 35,570 |  |  | $ | — |  |  | $ | — |  |  | $ | 121,503 |
Depreciation and amortization |  | (31,973 | ) |  | (18,620 | ) |  | — |  |  | — |  |  | (50,593 | )
Property operating expenses, other operating and real estate taxes |  | (23,012 | ) |  | (13,926 | ) |  | — |  |  | — |  |  | (36,938 | )
General and administrative expenses |  | — |  |  | — |  |  | — |  |  | (17,333 | ) |  | (17,333 | )
Operating income (loss) |  | 30,948 |  |  | 3,024 |  |  | — |  |  | (17,333 | ) |  | 16,639 |
Interest income |  | — |  |  | — |  |  | 17,187 |  |  | — |  |  | 17,187 |
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties |  | 1,542 |  |  | 15,501 |  |  | — |  |  | — |  |  | 17,043 |
Interest expense |  | (14,088 | ) |  | (10,150 | ) |  | — |  |  | — |  |  | (24,238 | )
Income tax provision |  | — |  |  | — |  |  | — |  |  | (552 | ) |  | (552 | )
Net income |  | 18,402 |  |  | 8,375 |  |  | 17,187 |  |  | (17,885 | ) |  | 26,079 |
Net (income) loss attributable to noncontrolling interests |  | (804 | ) |  | 2,416 |  |  | — |  |  | — |  |  | 1,612 |
Net income attributable to Acadia |  | $ | 17,598 |  |  | $ | 10,791 |  |  | $ | 17,187 |  |  | $ | (17,885 | ) |  | $ | 27,691 |
Real estate at cost |  | $ | 1,984,601 |  |  | $ | 1,501,406 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,486,007 |
Total assets |  | $ | 2,252,390 |  |  | $ | 1,546,607 |  |  | $ | 249,848 |  |  | $ | — |  |  | $ | 4,048,845 |
Cash paid for acquisition of real estate |  | $ | — |  |  | $ | 77,785 |  |  | $ | — |  |  | $ | — |  |  | $ | 77,785 |
Cash paid for development and property improvement costs |  | $ | 3,753 |  |  | $ | 42,550 |  |  | $ | — |  |  | $ | — |  |  | $ | 46,303 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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