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Segment Reporting
 3 Months Ended
Mar. 31, 2024
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):

 

 

 

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)
Total assets for the Funds segment include $553.4 million and $670.8 million related to Fund II’s City Point property as of March 31, 2024 and 2023, respectively.