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Segment Reporting
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Segment Reporting

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, 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.