XML 32 R21.htm IDEA: XBRL DOCUMENT
v3.21.2

Segment Reporting | 9 Months Ended
--- | ---
Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Reporting | 12. Segmen t 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, 2021 |
|  | Core Portfolio |  |  | Funds |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Revenues |  | $ | 45,942 |  |  | $ | 27,504 |  |  | $ | — |  |  | $ | — |  |  | $ | 73,446 |
Depreciation and amortization |  |  | (17,678 | ) |  |  | (13,188 | ) |  |  | — |  |  |  | — |  |  |  | (30,866 | )
Property operating expenses, other operating and real estate taxes |  |  | (13,911 | ) |  |  | (10,107 | ) |  |  | — |  |  |  | — |  |  |  | (24,018 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,978 | ) |  |  | (9,978 | )
Impairment charges |  |  | — |  |  |  | (9,925 | ) |  |  | — |  |  |  | — |  |  |  | (9,925 | )
Operating income (loss) |  |  | 14,353 |  |  |  | (5,716 | ) |  |  | — |  |  |  | (9,978 | ) |  |  | (1,341 | )
Interest income |  |  | — |  |  |  | — |  |  |  | 2,354 |  |  |  | — |  |  |  | 2,354 |
Realized and unrealized holding gains on investments and other |  |  | — |  |  |  | 47,643 |  |  |  | (350 | ) |  |  | — |  |  |  | 47,293 |
Equity in (losses) earnings of unconsolidated affiliates |  |  | (485 | ) |  |  | 1,129 |  |  |  | — |  |  |  | — |  |  |  | 644 |
Interest expense |  |  | (7,446 | ) |  |  | (9,888 | ) |  |  | — |  |  |  | — |  |  |  | (17,334 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (59 | ) |  |  | (59 | )
Net income |  |  | 6,422 |  |  |  | 33,168 |  |  |  | 2,004 |  |  |  | (10,037 | ) |  |  | 31,557 |
Net income attributable to noncontrolling interests |  |  | (906 | ) |  |  | (18,582 | ) |  |  | — |  |  |  | — |  |  |  | (19,488 | )
Net income attributable to Acadia |  | $ | 5,516 |  |  | $ | 14,586 |  |  | $ | 2,004 |  |  | $ | (10,037 | ) |  | $ | 12,069 |
|  | For the Three Months Ended September 30, 2020 |
|  | Core Portfolio |  |  | Funds |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Revenues |  | $ | 38,848 |  |  | $ | 12,433 |  |  | $ | — |  |  | $ | — |  |  | $ | 51,281 |
Depreciation and amortization |  |  | (17,987 | ) |  |  | (16,470 | ) |  |  | — |  |  |  | — |  |  |  | (34,457 | )
Property operating expenses, other operating and real estate taxes |  |  | (12,709 | ) |  |  | (9,539 | ) |  |  | — |  |  |  | — |  |  |  | (22,248 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,625 | ) |  |  | (8,625 | )
Gain on disposition of properties |  |  | — |  |  |  | 24 |  |  |  | — |  |  |  | — |  |  |  | 24 |
Operating income (loss) |  |  | 8,152 |  |  |  | (13,552 | ) |  |  | — |  |  |  | (8,625 | ) |  |  | (14,025 | )
Interest income |  |  | — |  |  |  | — |  |  |  | 2,132 |  |  |  | — |  |  |  | 2,132 |
Realized and unrealized holding losses on investments and other |  |  | — |  |  |  | (7,906 | ) |  |  | (40 | ) |  |  | — |  |  |  | (7,946 | )
Equity in (losses) earnings of unconsolidated affiliates |  |  | (784 | ) |  |  | 160 |  |  |  | — |  |  |  | — |  |  |  | (624 | )
Interest expense |  |  | (8,276 | ) |  |  | (9,476 | ) |  |  | — |  |  |  | — |  |  |  | (17,752 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (74 | ) |  |  | (74 | )
Net (loss) income |  |  | (908 | ) |  |  | (30,774 | ) |  |  | 2,092 |  |  |  | (8,699 | ) |  |  | (38,289 | )
Net loss attributable to noncontrolling interests |  |  | 1,407 |  |  |  | 27,852 |  |  |  | — |  |  |  | — |  |  |  | 29,259 |
Net income (loss) attributable to Acadia |  | $ | 499 |  |  | $ | (2,922 | ) |  | $ | 2,092 |  |  | $ | (8,699 | ) |  | $ | (9,030 | )
|  | As of or for the Nine Months Ended September 30, 2021 |
|  | Core Portfolio |  |  | Funds |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Revenues |  | $ | 134,292 |  |  | $ | 83,208 |  |  | $ | — |  |  | $ | — |  |  | $ | 217,500 |
Depreciation and amortization |  |  | (51,898 | ) |  |  | (41,703 | ) |  |  | — |  |  |  | — |  |  |  | (93,601 | )
Property operating expenses, other operating and real estate taxes |  |  | (41,773 | ) |  |  | (32,578 | ) |  |  | — |  |  |  | — |  |  |  | (74,351 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (29,645 | ) |  |  | (29,645 | )
Impairment charges |  |  | — |  |  |  | (9,925 | ) |  |  | — |  |  |  | - |  |  |  | (9,925 | )
Gain on disposition of properties |  |  | 4,612 |  |  |  | 5,909 |  |  |  | — |  |  |  | — |  |  |  | 10,521 |
Operating income |  |  | 45,233 |  |  |  | 4,911 |  |  |  | — |  |  |  | (29,645 | ) |  |  | 20,499 |
Interest income |  |  | — |  |  |  | — |  |  |  | 6,108 |  |  |  | — |  |  |  | 6,108 |
Realized and unrealized holding gains on investments and other |  |  | — |  |  |  | 57,031 |  |  |  | (520 | ) |  |  | — |  |  |  | 56,511 |
Equity in (losses) earnings of unconsolidated affiliates |  |  | (944 | ) |  |  | 4,957 |  |  |  | — |  |  |  | — |  |  |  | 4,013 |
Interest expense |  |  | (22,010 | ) |  |  | (30,070 | ) |  |  | — |  |  |  | — |  |  |  | (52,080 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (403 | ) |  |  | (403 | )
Net income |  |  | 22,279 |  |  |  | 36,829 |  |  |  | 5,588 |  |  |  | (30,048 | ) |  |  | 34,648 |
Net income attributable to noncontrolling interests |  |  | (1,919 | ) |  |  | (11,580 | ) |  |  | — |  |  |  | — |  |  |  | (13,499 | )
Net income attributable to Acadia |  | $ | 20,360 |  |  | $ | 25,249 |  |  | $ | 5,588 |  |  | $ | (30,048 | ) |  | $ | 21,149 |
Real estate at cost (a) |  | $ | 2,328,208 |  |  | $ | 1,807,120 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,135,328 |
Total assets (a) |  | $ | 2,201,871 |  |  | $ | 1,884,306 |  |  | $ | 158,468 |  |  | $ | — |  |  | $ | 4,244,645 |
Cash paid for acquisition of real estate |  | $ | — |  |  | $ | 63,425 |  |  | $ | — |  |  | $ | — |  |  | $ | 63,425 |
Cash paid for development and property improvement costs |  | $ | 11,601 |  |  | $ | 15,596 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,197 |
|  | As of or for the Nine Months Ended September 30, 2020 |
|  | Core Portfolio |  |  | Funds |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Revenues |  | $ | 117,383 |  |  | $ | 69,091 |  |  | $ | — |  |  | $ | — |  |  | $ | 186,474 |
Depreciation and amortization |  |  | (53,193 | ) |  |  | (48,434 | ) |  |  | — |  |  |  | — |  |  |  | (101,627 | )
Property operating expenses, other operating and real estate taxes |  |  | (42,484 | ) |  |  | (31,034 | ) |  |  | — |  |  |  | — |  |  |  | (73,518 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (26,415 | ) |  |  | (26,415 | )
Impairment charges |  |  | — |  |  |  | (51,549 | ) |  |  | — |  |  |  | — |  |  |  | (51,549 | )
Gain on disposition of properties |  |  | — |  |  |  | 509 |  |  |  | — |  |  |  | — |  |  |  | 509 |
Operating income (loss) |  |  | 21,706 |  |  |  | (61,417 | ) |  |  | — |  |  |  | (26,415 | ) |  |  | (66,126 | )
Interest income |  |  | — |  |  |  | — |  |  |  | 7,156 |  |  |  | — |  |  |  | 7,156 |
Realized and unrealized holding gains on investments and other |  |  | — |  |  |  | 79,845 |  |  |  | (510 | ) |  |  | — |  |  |  | 79,335 |
Equity in (losses) earnings of unconsolidated affiliates |  |  | (212 | ) |  |  | 57 |  |  |  | — |  |  |  | — |  |  |  | (155 | )
Interest expense |  |  | (25,127 | ) |  |  | (29,246 | ) |  |  | — |  |  |  | — |  |  |  | (54,373 | )
Income tax benefit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 741 |  |  |  | 741 |
Net (loss) income |  |  | (3,633 | ) |  |  | (10,761 | ) |  |  | 6,646 |  |  |  | (25,674 | ) |  |  | (33,422 | )
Net loss attributable to noncontrolling interests |  |  | 7,691 |  |  |  | 27,697 |  |  |  | — |  |  |  | — |  |  |  | 35,388 |
Net income attributable to Acadia |  | $ | 4,058 |  |  | $ | 16,936 |  |  | $ | 6,646 |  |  | $ | (25,674 | ) |  | $ | 1,966 |
Real estate at cost (a) |  | $ | 2,365,426 |  |  | $ | 1,802,865 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,168,291 |
Total assets (a) |  | $ | 2,291,730 |  |  | $ | 1,824,880 |  |  | $ | 134,798 |  |  | $ | — |  |  | $ | 4,251,408 |
Cash paid for acquisition of real estate |  | $ | 19,963 |  |  | $ | 1,245 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,208 |
Cash paid for development and property improvement costs |  | $ | 7,522 |  |  | $ | 20,427 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,949 |
a) Real estate at cost and total assets for the Funds segment include $654.0 million and $606.6 million, or $190.0 million and $176.5 million net of non-controlling interests, related to Fund II’s City Point property at September 30, 2021 and 2020, respectively.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration