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v3.24.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Summary of Segment Information | The following tables set forth certain segment information for the Company (in thousands):
|  | For the Three Months Ended June 30, 2024 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Total Revenues |  | $ | 48,895 |  |  | $ | 38,359 |  |  | $ | — |  |  | $ | — |  |  | $ | 87,254 |
Depreciation and amortization expenses |  |  | (17,966 | ) |  |  | (16,315 | ) |  |  | — |  |  |  | — |  |  |  | (34,281 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,179 | ) |  |  | (10,179 | )
Property operating expenses, other operating and real estate taxes |  |  | (14,379 | ) |  |  | (11,383 | ) |  |  | — |  |  |  | — |  |  |  | (25,762 | )
Loss (gain) on disposition of properties |  |  | (2,213 | ) |  |  | 2,970 |  |  |  | — |  |  |  | — |  |  |  | 757 |
Operating income |  |  | 14,337 |  |  |  | 13,631 |  |  |  | — |  |  |  | (10,179 | ) |  |  | 17,789 |
Equity in earnings of unconsolidated affiliates |  |  | 640 |  |  |  | 3,840 |  |  |  | — |  |  |  | — |  |  |  | 4,480 |
Interest income |  |  | — |  |  |  | — |  |  |  | 5,413 |  |  |  | — |  |  |  | 5,413 |
Realized and unrealized holding (losses) gains on investments and other |  |  | (2,155 | ) |  |  | — |  |  |  | (209 | ) |  |  | — |  |  |  | (2,364 | )
Interest expense |  |  | (9,940 | ) |  |  | (13,641 | ) |  |  | — |  |  |  | — |  |  |  | (23,581 | )
Income (loss) from continuing operations before income taxes |  |  | 2,882 |  |  |  | 3,830 |  |  |  | 5,204 |  |  |  | (10,179 | ) |  |  | 1,737 |
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (155 | ) |  |  | (155 | )
Net income |  |  | 2,882 |  |  |  | 3,830 |  |  |  | 5,204 |  |  |  | (10,334 | ) |  |  | 1,582 |
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 2,292 |  |  |  | — |  |  |  | — |  |  |  | 2,292 |
Net income attributable to noncontrolling interests |  |  | (194 | ) |  |  | (2,237 | ) |  |  | — |  |  |  | — |  |  |  | (2,431 | )
Net income attributable to Acadia shareholders |  | $ | 2,688 |  |  | $ | 3,885 |  |  | $ | 5,204 |  |  | $ | (10,334 | ) |  | $ | 1,443 |
|  | For the Three Months Ended June 30, 2023 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Total Revenues |  | $ | 56,376 |  |  | $ | 33,572 |  |  | $ | — |  |  | $ | — |  |  | $ | 89,948 |
Depreciation and amortization expenses |  |  | (20,035 | ) |  |  | (14,021 | ) |  |  | — |  |  |  | — |  |  |  | (34,056 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,643 | ) |  |  | (10,643 | )
Property operating expenses, other operating and real estate taxes |  |  | (15,055 | ) |  |  | (10,536 | ) |  |  | — |  |  |  | — |  |  |  | (25,591 | )
Operating income |  |  | 21,286 |  |  |  | 9,015 |  |  |  | — |  |  |  | (10,643 | ) |  |  | 19,658 |
Equity in earnings (losses) of unconsolidated affiliates |  |  | 924 |  |  |  | (2,361 | ) |  |  | — |  |  |  | — |  |  |  | (1,437 | )
Interest income |  |  | — |  |  |  | — |  |  |  | 4,970 |  |  |  | — |  |  |  | 4,970 |
Realized and unrealized holding gains (losses) on investments and other |  |  | 1,815 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,815 |
Interest expense |  |  | (10,990 | ) |  |  | (11,099 | ) |  |  | — |  |  |  | — |  |  |  | (22,089 | )
Income (loss) from continuing operations before income taxes |  |  | 13,035 |  |  |  | (4,445 | ) |  |  | 4,970 |  |  |  | (10,643 | ) |  |  | 2,917 |
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (165 | ) |  |  | (165 | )
Net income (loss) |  |  | 13,035 |  |  |  | (4,445 | ) |  |  | 4,970 |  |  |  | (10,808 | ) |  |  | 2,752 |
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 1,091 |  |  |  | — |  |  |  | — |  |  |  | 1,091 |
Net (income) loss attributable to noncontrolling interests |  |  | (735 | ) |  |  | 6,168 |  |  |  | — |  |  |  | — |  |  |  | 5,433 |
Net income attributable to Acadia shareholders |  | $ | 12,300 |  |  | $ | 2,814 |  |  | $ | 4,970 |  |  | $ | (10,808 | ) |  | $ | 9,276 |
|  | As of or for the Six Months Ended June 30, 2024 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Total Revenues |  | $ | 102,433 |  |  | $ | 76,177 |  |  | $ | — |  |  | $ | — |  |  | $ | 178,610 |
Depreciation and amortization expenses |  |  | (36,232 | ) |  |  | (32,989 | ) |  |  | — |  |  |  | — |  |  |  | (69,221 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (19,947 | ) |  |  | (19,947 | )
Property operating expenses, other operating and real estate taxes |  |  | (32,298 | ) |  |  | (24,906 | ) |  |  | — |  |  |  | — |  |  |  | (57,204 | )
Loss (gain) on disposition of properties |  |  | (2,213 | ) |  |  | 1,772 |  |  |  | — |  |  |  | — |  |  |  | (441 | )
Operating income |  |  | 31,690 |  |  |  | 20,054 |  |  |  | — |  |  |  | (19,947 | ) |  |  | 31,797 |
Equity in earnings of unconsolidated affiliates |  |  | 2,747 |  |  |  | 1,421 |  |  |  | — |  |  |  | — |  |  |  | 4,168 |
Interest income |  |  | — |  |  |  | — |  |  |  | 10,651 |  |  |  | — |  |  |  | 10,651 |
Realized and unrealized holding (losses) gains on investments and other |  |  | (4,018 | ) |  |  | — |  |  |  | (397 | ) |  |  | — |  |  |  | (4,415 | )
Interest expense |  |  | (19,977 | ) |  |  | (27,313 | ) |  |  | — |  |  |  | — |  |  |  | (47,290 | )
Income (loss) from continuing operations before income taxes |  |  | 10,442 |  |  |  | (5,838 | ) |  |  | 10,254 |  |  |  | (19,947 | ) |  |  | (5,089 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (186 | ) |  |  | (186 | )
Net income (loss) |  |  | 10,442 |  |  |  | (5,838 | ) |  |  | 10,254 |  |  |  | (20,133 | ) |  |  | (5,275 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 4,846 |  |  |  | — |  |  |  | — |  |  |  | 4,846 |
Net (income) loss attributable to noncontrolling interests |  |  | (563 | ) |  |  | 5,704 |  |  |  | — |  |  |  | — |  |  |  | 5,141 |
Net income attributable to Acadia shareholders |  | $ | 9,879 |  |  | $ | 4,712 |  |  | $ | 10,254 |  |  | $ | (20,133 | ) |  | $ | 4,712 |
Real estate at cost (a) |  | $ | 2,616,224 |  |  | $ | 1,804,484 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,420,708 |
Total assets (a) |  | $ | 2,543,067 |  |  | $ | 1,581,318 |  |  | $ | 126,653 |  |  | $ | — |  |  | $ | 4,251,038 |
Cash paid for development and property improvement costs |  | $ | 29,023 |  |  | $ | 8,389 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,412 |
|  | As of or for the Six Months Ended June 30, 2023 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Total Revenues |  | $ | 106,172 |  |  | $ | 65,615 |  |  | $ | — |  |  | $ | — |  |  | $ | 171,787 |
Depreciation and amortization expenses |  |  | (38,694 | ) |  |  | (28,535 | ) |  |  | — |  |  |  | — |  |  |  | (67,229 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (20,589 | ) |  |  | (20,589 | )
Property operating expenses, other operating and real estate taxes |  |  | (31,164 | ) |  |  | (21,039 | ) |  |  | — |  |  |  | — |  |  |  | (52,203 | )
Operating income |  |  | 36,314 |  |  |  | 16,041 |  |  |  | — |  |  |  | (20,589 | ) |  |  | 31,766 |
Equity in earnings (losses) of unconsolidated affiliates |  |  | 2,723 |  |  |  | (4,131 | ) |  |  | — |  |  |  | — |  |  |  | (1,408 | )
Interest income |  |  | — |  |  |  | — |  |  |  | 9,788 |  |  |  | — |  |  |  | 9,788 |
Realized and unrealized holding gains on investments and other |  |  | 3,393 |  |  |  | 24,995 |  |  |  | 184 |  |  |  | — |  |  |  | 28,572 |
Interest expense |  |  | (21,660 | ) |  |  | (22,016 | ) |  |  | — |  |  |  | — |  |  |  | (43,676 | )
Income (loss) from continuing operations before income taxes |  |  | 20,770 |  |  |  | 14,889 |  |  |  | 9,972 |  |  |  | (20,589 | ) |  |  | 25,042 |
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (288 | ) |  |  | (288 | )
Net income |  |  | 20,770 |  |  |  | 14,889 |  |  |  | 9,972 |  |  |  | (20,877 | ) |  |  | 24,754 |
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 3,166 |  |  |  | — |  |  |  | — |  |  |  | 3,166 |
Net income attributable to noncontrolling interests |  |  | (1,637 | ) |  |  | (3,647 | ) |  |  | — |  |  |  | — |  |  |  | (5,284 | )
Net income attributable to Acadia shareholders |  | $ | 19,133 |  |  | $ | 14,408 |  |  | $ | 9,972 |  |  | $ | (20,877 | ) |  | $ | 22,636 |
Real estate at cost (a) |  | $ | 2,613,206 |  |  | $ | 1,669,773 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,282,979 |
Total assets (a) |  | $ | 2,580,565 |  |  | $ | 1,499,692 |  |  | $ | 123,902 |  |  | $ | — |  |  | $ | 4,204,159 |
Cash paid for development and property improvement costs |  | $ | 15,560 |  |  | $ | 15,010 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,570 |
Total assets for the Investment Management segment includ e $549.3 million and $672.7 million related to Fund II’s City Point property as of June 30, 2024 and 2023, respectively.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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