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Segment Reporting | 3 Months Ended
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Mar. 31, 2024
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 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):
|  | As of or for the Three Months Ended March 31, 2024 |
|  | Core Portfolio |  |  | Funds |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Total Revenues |  | $ | 53,538 |  |  | $ | 37,818 |  |  | $ | — |  |  | $ | — |  |  | $ | 91,356 |
Depreciation and amortization expenses |  |  | (18,267 | ) |  |  | (16,673 | ) |  |  | — |  |  |  | — |  |  |  | (34,940 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,768 | ) |  |  | (9,768 | )
Property operating expenses, other operating and real estate taxes |  |  | (17,919 | ) |  |  | (13,523 | ) |  |  | — |  |  |  | — |  |  |  | (31,442 | )
Loss related to a previously disposed property |  |  | — |  |  |  | (1,198 | ) |  |  | — |  |  |  | — |  |  |  | (1,198 | )
Operating income |  |  | 17,352 |  |  |  | 6,424 |  |  |  | — |  |  |  | (9,768 | ) |  |  | 14,008 |
Equity in earnings (losses) of unconsolidated affiliates |  |  | 2,107 |  |  |  | (2,419 | ) |  |  | — |  |  |  | — |  |  |  | (312 | )
Interest income |  |  | — |  |  |  | — |  |  |  | 5,238 |  |  |  | — |  |  |  | 5,238 |
Realized and unrealized holding (losses) gains on investments and other |  |  | (1,862 | ) |  |  | — |  |  |  | (189 | ) |  |  | — |  |  |  | (2,051 | )
Interest expense |  |  | (10,037 | ) |  |  | (13,672 | ) |  |  | — |  |  |  | — |  |  |  | (23,709 | )
Income (loss) from continuing operations before income taxes |  |  | 7,560 |  |  |  | (9,667 | ) |  |  | 5,049 |  |  |  | (9,768 | ) |  |  | (6,826 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (31 | ) |  |  | (31 | )
Net income (loss) |  |  | 7,560 |  |  |  | (9,667 | ) |  |  | 5,049 |  |  |  | (9,799 | ) |  |  | (6,857 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 2,554 |  |  |  | — |  |  |  | — |  |  |  | 2,554 |
Net (income) loss attributable to noncontrolling interests |  |  | (366 | ) |  |  | 7,938 |  |  |  | — |  |  |  | — |  |  |  | 7,572 |
Net income attributable to Acadia shareholders |  | $ | 7,194 |  |  | $ | 825 |  |  | $ | 5,049 |  |  | $ | (9,799 | ) |  | $ | 3,269 |
Real estate at cost (a) |  | $ | 2,652,732 |  |  | $ | 1,798,288 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,451,020 |
Total assets (a) |  | $ | 2,564,745 |  |  | $ | 1,588,160 |  |  | $ | 118,877 |  |  | $ | — |  |  | $ | 4,271,782 |
Cash paid for development and property improvement costs |  | $ | 8,079 |  |  | $ | 4,696 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,775 |
|  | As of or for the Three Months Ended March 31, 2023 |
|  | Core Portfolio |  |  | Funds |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Total Revenues |  | $ | 49,796 |  |  | $ | 32,043 |  |  | $ | — |  |  | $ | — |  |  | $ | 81,839 |
Depreciation and amortization expenses |  |  | (18,659 | ) |  |  | (14,514 | ) |  |  | — |  |  |  | — |  |  |  | (33,173 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,946 | ) |  |  | (9,946 | )
Property operating expenses, other operating and real estate taxes |  |  | (16,109 | ) |  |  | (10,503 | ) |  |  | — |  |  |  | — |  |  |  | (26,612 | )
Operating income |  |  | 15,028 |  |  |  | 7,026 |  |  |  | — |  |  |  | (9,946 | ) |  |  | 12,108 |
Equity in earnings (losses) of unconsolidated affiliates |  |  | 1,800 |  |  |  | (1,771 | ) |  |  | — |  |  |  | — |  |  |  | 29 |
Interest income |  |  | — |  |  |  | — |  |  |  | 4,818 |  |  |  | — |  |  |  | 4,818 |
Realized and unrealized holding gains on investments and other |  |  | 1,482 |  |  |  | 24,995 |  |  |  | 280 |  |  |  | — |  |  |  | 26,757 |
Interest expense |  |  | (10,670 | ) |  |  | (10,917 | ) |  |  | — |  |  |  | — |  |  |  | (21,587 | )
Income (loss) from continuing operations before income taxes |  |  | 7,640 |  |  |  | 19,333 |  |  |  | 5,098 |  |  |  | (9,946 | ) |  |  | 22,125 |
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (123 | ) |  |  | (123 | )
Net income |  |  | 7,640 |  |  |  | 19,333 |  |  |  | 5,098 |  |  |  | (10,069 | ) |  |  | 22,002 |
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 2,075 |  |  |  | — |  |  |  | — |  |  |  | 2,075 |
Net income attributable to noncontrolling interests |  |  | (923 | ) |  |  | (9,794 | ) |  |  | — |  |  |  | — |  |  |  | (10,717 | )
Net income attributable to Acadia shareholders |  | $ | 6,717 |  |  | $ | 11,614 |  |  | $ | 5,098 |  |  | $ | (10,069 | ) |  | $ | 13,360 |
Real estate at cost (a) |  | $ | 2,604,244 |  |  | $ | 1,664,665 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,268,909 |
Total assets (a) |  | $ | 2,568,946 |  |  | $ | 1,501,297 |  |  | $ | 123,967 |  |  | $ | — |  |  | $ | 4,194,210 |
Cash paid for development and property improvement costs |  | $ | 6,686 |  |  | $ | 5,843 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,529 |
(a) T otal assets for the Funds segment includ e $553.4 million and $670.8 million related to Fund II’s City Point property as of March 31, 2024 and 2023, respectively.

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- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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