12. 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 September 30, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	42,290		$	23,785		$	—	$	—		$	66,075
Depreciation and amortization		(14,856	)		(13,820	)		—		—			(28,676	)
Property operating expenses, other operating and real estate taxes		(12,195	)		(10,274	)		—		—			(22,469	)
General and administrative expenses		—			—			—		(7,982	)		(7,982	)
Operating income (loss)		15,239			(309	)		—		(7,982	)		6,948
Gain on disposition of properties		—			5,107			—		—			5,107
Interest income		—			—			3,513		—			3,513
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties		2,005			(1,629	)		—		—			376
Interest expense		(6,972	)		(11,105	)		—		—			(18,077	)
Income tax provision		—			—			—		(464	)		(464	)
Net income (loss)		10,272			(7,936	)		3,513		(8,446	)		(2,597	)
Net loss attributable to noncontrolling interests		115			11,707			—		—			11,822
Net income attributable to Acadia	$	10,387		$	3,771		$	3,513	$	(8,446	)	$	9,225

	For the Three Months Ended September 30, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	41,196		$	21,482		$	—	$	—		$	62,678
Depreciation and amortization		(14,746	)		(11,906	)		—		—			(26,652	)
Property operating expenses, other operating and real estate taxes		(10,327	)		(8,162	)		—		—			(18,489	)
General and administrative expenses		—			—			—		(7,953	)		(7,953	)
Impairment charge		—			(3,840	)		—		—			(3,840	)
Operating income (loss)		16,123			(2,426	)		—		(7,953	)		5,744
Gain on disposition of properties		—			12,972			—		—			12,972
Interest income		—			—			6,461		—			6,461
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties		805			3,196			—		—			4,001
Interest expense		(6,695	)		(8,733	)		—		—			(15,428	)
Income tax provision		—			—			—		(465	)		(465	)
Net income (loss)		10,233			5,009			6,461		(8,418	)		13,285
Net (income) loss attributable to noncontrolling interests		(353	)		(65	)		—		—			(418	)
Net income attributable to Acadia	$	9,880		$	4,944		$	6,461	$	(8,418	)	$	12,867

	As of or for the Nine Months Ended September 30, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	124,456		$	68,312		$	—	$	—		$	192,768
Depreciation and amortization		(45,283	)		(41,472	)		—		—			(86,755	)
Property operating expenses, other operating and real estate taxes		(33,599	)		(28,107	)		—		—			(61,706	)
General and administrative expenses		—			—			—		(24,359	)		(24,359	)
Operating income (loss)		45,574			(1,267	)		—		(24,359	)		19,948
Gain on disposition of properties		—			5,140			—		—			5,140
Interest income		—			—			10,539		—			10,539
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties		5,171			1,908			—		—			7,079
Interest expense		(20,475	)		(30,407	)		—		—			(50,882	)
Income tax provision		—			—			—		(851	)		(851	)
Net income (loss)		30,270			(24,626	)		10,539		(25,210	)		(9,027	)
Net loss attributable to noncontrolling interests		241			33,095			—		—			33,336
Net income attributable to Acadia	$	30,511		$	8,469		$	10,539	$	(25,210	)	$	24,309

Real estate at cost	$	2,060,024		$	1,553,150		$	—	$	—		$	3,613,174
Total assets	$	2,234,521		$	1,574,785		$	109,410	$	—		$	3,918,716
Cash paid for acquisition of real estate	$	1,343		$	103,559		$	—	$	—		$	104,902
Cash paid for development and property improvement costs	$	22,892		$	43,346		$	—	$	—		$	66,238

	As of or for the Nine Months Ended September 30, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	127,130		$	57,051		$	—	$	—		$	184,181
Depreciation and amortization		(46,719	)		(30,526	)		—		—			(77,245	)
Property operating expenses, other operating and real estate taxes		(33,339	)		(22,088	)		—		—			(55,427	)
General and administrative expenses		—			—			—		(25,286	)		(25,286	)
Impairment charge		—			(3,840	)		—		—			(3,840	)
Operating income (loss)		47,072			597			—		(25,286	)		22,383
Gain on disposition of properties		—			12,972			—		—			12,972
Interest income		—			—			23,648		—			23,648
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties		2,348			18,696			—		—			21,044
Interest expense		(20,783	)		(18,883	)		—		—			(39,666	)
Income tax provision		—			—			—		(1,017	)		(1,017	)
Net income (loss)		28,637			13,382			23,648		(26,303	)		39,364
Net (income) loss attributable to noncontrolling interests		(1,157	)		2,351			—		—			1,194
Net income attributable to Acadia	$	27,480		$	15,733		$	23,648	$	(26,303	)	$	40,558

Real estate at cost	$	1,987,501		$	1,492,894		$	—	$	—		$	3,480,395
Total assets	$	2,237,334		$	1,605,429		$	250,194	$	—		$	4,092,957
Cash paid for acquisition of real estate	$	—		$	138,429		$	—	$	—		$	138,429
Cash paid for development and property improvement costs	$	4,355		$	80,199		$	—	$	—		$	84,554