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):

	As of or for the Year Ended December 31, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	167,894		$	94,319		$	—	$	—		$	262,213
Depreciation and amortization		(60,903	)		(56,646	)		—		—			(117,549	)
Property operating expenses, other operating and real estate taxes		(45,138	)		(37,642	)		—		—			(82,780	)
General and administrative expenses		—			—			—		(34,343	)		(34,343	)
Operating income		61,853			31			—		(34,343	)		27,541
Gain on disposition of properties		—			5,140			—		—			5,140
Interest income		—			—			13,231		—			13,231
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties ^(a)		7,415			1,887			—		—			9,302
Interest expense		(27,575	)		(42,403	)		—		—			(69,978	)
Income tax provision		—			—			—		(934	)		(934	)
Net income		41,693			(35,345	)		13,231		(35,277	)		(15,698	)
Net loss attributable to noncontrolling interests		752			46,385			—		—			47,137
Net income attributable to Acadia	$	42,445		$	11,040		$	13,231	$	(35,277	)	$	31,439

Real estate at cost	$	2,069,439		$	1,628,366		$	—	$	—		$	3,697,805
Total assets	$	2,232,695		$	1,616,472		$	109,613	$	—		$	3,958,780
Cash paid for acquisition of real estate	$	1,343		$	146,642		$	—	$	—		$	147,985
Cash paid for development and property improvement costs	$	32,662		$	62,172		$	—	$	—		$	94,834

	As of or for the Year Ended December 31, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	169,975		$	80,287		$	—	$	—		$	250,262
Depreciation and amortization		(61,705	)		(43,229	)		—		—			(104,934	)
Property operating expenses, other operating and real estate taxes		(45,349	)		(34,449	)		—		—			(79,798	)
General and administrative expenses		—			—			—		(33,756	)		(33,756	)
Impairment charge		—			(14,455	)		—		—			(14,455	)
Operating income (loss)		62,921			(11,846	)		—		(33,756	)		17,319
Gain on disposition of properties		—			48,886			—		—			48,886
Interest income		—			—			29,143		—			29,143
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties ^(a)		3,735			19,636			—		—			23,371
Interest expense		(28,618	)		(30,360	)		—		—			(58,978	)
Gain on change in control		5,571			—			—		—			5,571
Income tax provision		—			—			—		(1,004	)		(1,004	)
Net income		43,609			26,316			29,143		(34,760	)		64,308
Net income attributable to noncontrolling interests		(1,107	)		(1,731	)		—		—			(2,838	)
Net income attributable to Acadia	$	42,502		$	24,585		$	29,143	$	(34,760	)	$	61,470

Real estate at cost	$	2,032,485		$	1,433,997		$	—	$	—		$	3,466,482
Total assets	$	2,305,663		$	1,500,755		$	153,829	$	—		$	3,960,247
Cash paid for acquisition of real estate	$	—		$	200,429		$	—	$	—		$	200,429
Cash paid for development and property improvement costs	$	42,026		$	66,116		$	—	$	—		$	108,142

	As of or for the Year Ended December 31, 2016
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	150,211		$	39,728		$	—	$	—		$	189,939
Depreciation and amortization		(54,582	)		(15,429	)		—		—			(70,011	)
Property operating expenses, other operating and real estate taxes		(39,598	)		(17,793	)		—		—			(57,391	)
General and administrative expenses		—			—			—		(40,648	)		(40,648	)
Operating income		56,031			6,506			—		(40,648	)		21,889
Gain on disposition of properties		—			81,965			—		—			81,965
Interest income		—			—			25,829		—			25,829
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties ^(a)		3,774			35,675			—		—			39,449
Interest expense		(27,435	)		(7,210	)		—		—			(34,645	)
Income tax benefit		—			—			—		105			105
Net income		32,370			116,936			25,829		(40,543	)		134,592
Net income attributable to noncontrolling interests		(3,411	)		(58,405	)		—		—			(61,816	)
Net income attributable to Acadia	$	28,959		$	58,531		$	25,829	$	(40,543	)	$	72,776

Real estate at cost	$	1,982,763		$	1,399,237		$	—	$	—		$	3,382,000
Total assets	$	2,271,620		$	1,448,177		$	276,163	$	—		$	3,995,960
Cash paid for acquisition of real estate	$	323,880		$	171,764		$	—	$	—		$	495,644
Cash paid for development and property improvement costs	$	13,434		$	136,000		$	—	$	—		$	149,434

(a)

Equity in earnings of unconsolidated affiliates for the Core segment includes $5.8 million, $1.9 million and $0.9 million related to one unconsolidated affiliate, Town Center, for the years ended December 31, 2018, 2017 and 2016, respectively. During 2017 and 2018, the Company increased its ownership in its Town Center investment from 22.22% to 75.22% (). Effective in 2018, the Company consolidated a property association entity that incurs all property-related costs associated with Town Center. Such costs aggregated $0.7 million for the year ended December 31, 2018 and are included in depreciation and amortization and property operating expenses other operating and real estate taxes within the Core segment.