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v3.23.3

Segment Reporting | 9 Months Ended
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Sep. 30, 2023
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 condensed 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, 2023 |
|  | Core Portfolio |  |  | Funds |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Revenues |  | $ | 47,334 |  |  | $ | 34,058 |  |  | $ | — |  |  | $ | — |  |  | $ | 81,392 |
Depreciation and amortization |  |  | (18,847 | ) |  |  | (14,879 | ) |  |  | — |  |  |  | — |  |  |  | (33,726 | )
Property operating expenses and real estate taxes |  |  | (15,553 | ) |  |  | (11,427 | ) |  |  | — |  |  |  | — |  |  |  | (26,980 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,309 | ) |  |  | (10,309 | )
Impairment charges |  |  | — |  |  |  | (3,686 | ) |  |  | — |  |  |  | — |  |  |  | (3,686 | )
Gain on disposition of properties |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Operating income |  |  | 12,934 |  |  |  | 4,066 |  |  |  | — |  |  |  | (10,309 | ) |  |  | 6,691 |
Interest and other income |  |  | — |  |  |  | — |  |  |  | 5,087 |  |  |  | — |  |  |  | 5,087 |
Realized and unrealized holding gains (losses) on investments and other |  |  | 1,729 |  |  |  | — |  |  |  | (65 | ) |  |  | — |  |  |  | 1,664 |
Equity in losses of unconsolidated affiliates |  |  | (825 | ) |  |  | (4,040 | ) |  |  | — |  |  |  | — |  |  |  | (4,865 | )
Interest expense |  |  | (11,388 | ) |  |  | (13,497 | ) |  |  | — |  |  |  | — |  |  |  | (24,885 | )
Income tax benefit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 40 |  |  |  | 40 |
Net income (loss) |  |  | 2,450 |  |  |  | (13,471 | ) |  |  | 5,022 |  |  |  | (10,269 | ) |  |  | (16,268 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 2,495 |  |  |  | — |  |  |  | — |  |  |  | 2,495 |
Net (income) loss attributable to noncontrolling interests |  |  | (176 | ) |  |  | 12,523 |  |  |  | — |  |  |  | — |  |  |  | 12,347 |
Net income attributable to Acadia |  | $ | 2,274 |  |  | $ | 1,547 |  |  | $ | 5,022 |  |  | $ | (10,269 | ) |  | $ | (1,426 | )
|  | For the Three Months Ended September 30, 2022 |
|  | Core Portfolio |  |  | Funds |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Revenues |  | $ | 50,076 |  |  | $ | 29,870 |  |  | $ | — |  |  | $ | — |  |  | $ | 79,946 |
Depreciation and amortization |  |  | (18,811 | ) |  |  | (14,933 | ) |  |  | — |  |  |  | — |  |  |  | (33,744 | )
Property operating expenses and real estate taxes |  |  | (14,808 | ) |  |  | (10,751 | ) |  |  | — |  |  |  | — |  |  |  | (25,559 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,170 | ) |  |  | (10,170 | )
Impairment charges |  |  | — |  |  |  | (33,311 | ) |  |  | — |  |  |  | — |  |  |  | (33,311 | )
Gain on disposition of properties |  |  | — |  |  |  | 8,885 |  |  |  | — |  |  |  | — |  |  |  | 8,885 |
Operating income (loss) |  |  | 16,457 |  |  |  | (20,240 | ) |  |  | — |  |  |  | (10,170 | ) |  |  | (13,953 | )
Interest and other income |  |  | — |  |  |  | — |  |  |  | 3,994 |  |  |  | — |  |  |  | 3,994 |
Realized and unrealized holding (losses) gains on investments and other |  |  | — |  |  |  | (7,257 | ) |  |  | (605 | ) |  |  | — |  |  |  | (7,862 | )
Equity in losses of unconsolidated affiliates |  |  | (49,806 | ) |  |  | (773 | ) |  |  | — |  |  |  | — |  |  |  | (50,579 | )
Interest expense |  |  | (10,428 | ) |  |  | (10,734 | ) |  |  | — |  |  |  | — |  |  |  | (21,162 | )
Income tax benefit |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17 |  |  |  | 17 |
Net income (loss) |  |  | (43,777 | ) |  |  | (39,004 | ) |  |  | 3,389 |  |  |  | (10,153 | ) |  |  | (89,545 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 3,193 |  |  |  | — |  |  |  | — |  |  |  | 3,193 |
Net loss attributable to noncontrolling interests |  |  | 2,884 |  |  |  | 27,577 |  |  |  | — |  |  |  | — |  |  |  | 30,461 |
Net loss attributable to Acadia |  | $ | (40,893 | ) |  | $ | (8,234 | ) |  | $ | 3,389 |  |  | $ | (10,153 | ) |  | $ | (55,891 | )
|  | As of or for the Nine Months Ended September 30, 2023 |
|  | Core Portfolio |  |  | Funds |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Revenues |  | $ | 153,506 |  |  | $ | 99,673 |  |  | $ | — |  |  | $ | — |  |  | $ | 253,179 |
Depreciation and amortization |  |  | (57,541 | ) |  |  | (43,414 | ) |  |  | — |  |  |  | — |  |  |  | (100,955 | )
Property operating expenses and real estate taxes |  |  | (46,717 | ) |  |  | (32,466 | ) |  |  | — |  |  |  | — |  |  |  | (79,183 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (30,898 | ) |  |  | (30,898 | )
Impairment charges |  |  | — |  |  |  | (3,686 | ) |  |  | — |  |  |  | — |  |  |  | (3,686 | )
Operating income |  |  | 49,248 |  |  |  | 20,107 |  |  |  | — |  |  |  | (30,898 | ) |  |  | 38,457 |
Interest and other income |  |  | — |  |  |  | — |  |  |  | 14,875 |  |  |  | — |  |  |  | 14,875 |
Realized and unrealized holding gains on investments and other |  |  | 5,218 |  |  |  | 24,995 |  |  |  | 23 |  |  |  | — |  |  |  | 30,236 |
Equity in earnings (losses) of unconsolidated affiliates |  |  | 1,897 |  |  |  | (8,170 | ) |  |  | — |  |  |  | — |  |  |  | (6,273 | )
Interest expense |  |  | (33,048 | ) |  |  | (35,513 | ) |  |  | — |  |  |  | — |  |  |  | (68,561 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (248 | ) |  |  | (248 | )
Net income |  |  | 23,315 |  |  |  | 1,419 |  |  |  | 14,898 |  |  |  | (31,146 | ) |  |  | 8,486 |
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 5,661 |  |  |  | — |  |  |  | — |  |  |  | 5,661 |
Net (income) loss attributable to noncontrolling interests |  |  | (1,813 | ) |  |  | 8,876 |  |  |  | — |  |  |  | — |  |  |  | 7,063 |
Net income attributable to Acadia |  | $ | 21,502 |  |  | $ | 15,956 |  |  | $ | 14,898 |  |  | $ | (31,146 | ) |  | $ | 21,210 |
Real estate at cost (a) |  | $ | 2,639,893 |  |  | $ | 1,735,200 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,375,093 |
Total assets (a) |  | $ | 2,596,241 |  |  | $ | 1,560,724 |  |  | $ | 123,813 |  |  | $ | — |  |  | $ | 4,280,778 |
Cash paid for acquisition of real estate |  | $ | — |  |  | $ | 48,909 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,909 |
Cash paid for development and property improvement costs |  | $ | 33,599 |  |  | $ | 17,681 |  |  | $ | — |  |  | $ | — |  |  | $ | 51,280 |
|  | As of or for the Nine Months Ended September 30, 2022 |
|  | Core Portfolio |  |  | Funds |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Revenues |  | $ | 151,650 |  |  | $ | 94,062 |  |  | $ | — |  |  | $ | — |  |  | $ | 245,712 |
Depreciation and amortization |  |  | (56,547 | ) |  |  | (45,881 | ) |  |  | — |  |  |  | — |  |  |  | (102,428 | )
Property operating expenses and real estate taxes |  |  | (44,379 | ) |  |  | (31,005 | ) |  |  | — |  |  |  | — |  |  |  | (75,384 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (32,768 | ) |  |  | (32,768 | )
Impairment charges |  |  | — |  |  |  | (33,311 | ) |  |  | — |  |  |  | — |  |  |  | (33,311 | )
Gain on disposition of properties |  |  | — |  |  |  | 49,916 |  |  |  | — |  |  |  | — |  |  |  | 49,916 |
Operating income |  |  | 50,724 |  |  |  | 33,781 |  |  |  | — |  |  |  | (32,768 | ) |  |  | 51,737 |
Interest and other income |  |  | — |  |  |  | — |  |  |  | 9,890 |  |  |  | — |  |  |  | 9,890 |
Realized and unrealized holding gains (losses) on investments and other |  |  | 1,163 |  |  |  | (19,073 | ) |  |  | (505 | ) |  |  | — |  |  |  | (18,415 | )
Equity in (losses) earnings of unconsolidated affiliates |  |  | (47,402 | ) |  |  | 1,233 |  |  |  | — |  |  |  | — |  |  |  | (46,169 | )
Interest expense |  |  | (26,543 | ) |  |  | (31,766 | ) |  |  | — |  |  |  | — |  |  |  | (58,309 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (7 | ) |  |  | (7 | )
Net income |  |  | (22,058 | ) |  |  | (15,825 | ) |  |  | 9,385 |  |  |  | (32,775 | ) |  |  | (61,273 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 3,193 |  |  |  | — |  |  |  | — |  |  |  | 3,193 |
Net loss attributable to noncontrolling interests |  |  | 1,398 |  |  |  | 17,255 |  |  |  | — |  |  |  | — |  |  |  | 18,653 |
Net (loss) income attributable to Acadia |  | $ | (20,660 | ) |  | $ | 4,623 |  |  | $ | 9,385 |  |  | $ | (32,775 | ) |  | $ | (39,427 | )
Real estate at cost (a) |  | $ | 2,614,103 |  |  | $ | 1,651,319 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,265,422 |
Total assets (a) |  | $ | 2,636,041 |  |  | $ | 1,603,491 |  |  | $ | 123,966 |  |  | $ | — |  |  | $ | 4,363,498 |
Cash paid for acquisition of real estate |  | $ | 242,633 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 242,633 |
Cash paid for development and property improvement costs |  | $ | 22,325 |  |  | $ | 14,538 |  |  | $ | — |  |  | $ | — |  |  | $ | 36,863 |
(a) Real estate at cost and total assets for the Funds segment include $670.1 million and $661.7 million, or $423.8 million and $418.5 million net of noncontrolling interests, related to Fund II’s City Point property at September 30, 2023 and 2022, respectively.

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