Segment Reporting

6 Months Ended

Jun. 30, 2019

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 June 30, 2019
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	43,212		$	27,850		$	—	$	—		$	71,062
Depreciation and amortization		(15,092	)		(15,212	)		—		—			(30,304	)
Property operating expenses, other operating and real estate taxes		(12,217	)		(11,021	)		—		—			(23,238	)
General and administrative expenses		—			—			—		(9,034	)		(9,034	)
Impairment charge		—			(1,400	)		—		—			(1,400	)
Operating income (loss)		15,903			217			—		(9,034	)		7,086
Interest and other income		327			1,586			2,229		—			4,142
Equity in earnings of unconsolidated affiliates		3,254			305			—		—			3,559
Interest expense		(6,839	)		(12,920	)		—		—			(19,759	)
Income tax provision		—			—			—		(265	)		(265	)
Net income (loss)		12,645			(10,812	)		2,229		(9,299	)		(5,237	)
Net loss attributable to noncontrolling interests		425			13,892			—		—			14,317
Net income attributable to Acadia	$	13,070		$	3,080		$	2,229	$	(9,299	)	$	9,080

	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	)
Gain on disposition of properties		—			33			—		—			33
Operating income (loss)		15,102			(863	)		—		(7,907	)		6,332
Interest and other income		—			—			3,289		—			3,289
Equity in earnings of unconsolidated affiliates		1,726			3,293			—		—			5,019
Interest expense		(7,001	)		(9,914	)		—		—			(16,915	)
Income tax benefit		—			—			—		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

	As of or for the Six Months Ended June 30, 2019
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	89,899		$	55,963		$	—	$	—		$	145,862
Depreciation and amortization		(30,770	)		(29,867	)		—		—			(60,637	)
Property operating expenses, other operating and real estate taxes		(24,211	)		(20,977	)		—		—			(45,188	)
General and administrative expenses		—			—			—		(17,357	)		(17,357	)
Impairment charge		—			(1,400	)		—		—			(1,400	)
Gain on disposition of properties		—			2,014			—		—			2,014
Operating income		34,918			5,733			—		(17,357	)		23,294
Interest and other income		327			1,586			4,499		—			6,412
Equity in earnings of unconsolidated affiliates		5,524			306			—		—			5,830
Interest expense		(13,532	)		(24,086	)		—		—			(37,618	)
Income tax provision		—			—			—		(219	)		(219	)
Net income (loss)		27,237			(16,461	)		4,499		(17,576	)		(2,301	)
Net loss attributable to noncontrolling interests		385			23,193			—		—			23,578
Net income attributable to Acadia	$	27,622		$	6,732		$	4,499	$	(17,576	)	$	21,277

Real estate at cost	$	2,154,630		$	1,784,895		$	—	$	—		$	3,939,525
Total assets	$	2,267,022		$	1,848,238		$	94,662	$	—		$	4,209,922
Cash paid for acquisition of real estate	$	49,402		$	89,314		$	—	$	—		$	138,716
Cash paid for development and property improvement costs	$	26,876		$	28,996		$	—	$	—		$	55,872

	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	)
Gain on disposition of properties		—			33			—		—			33
Operating income (loss)		30,336			(926	)		—		(16,377	)		13,033
Interest and other income		—			—			7,026		—			7,026
Equity in earnings of unconsolidated affiliates		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