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Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30, 2024
		Core Portfolio				Investment Management				Structured Financing				Unallocated				Total
Total Revenues		$	45,575			$	42,170			$	—			$	—			$	87,745
Depreciation and amortization expenses			(17,788	)			(16,712	)			—				—				(34,500	)
General and administrative expenses			—				—				—				(10,215	)			(10,215	)
Property operating expenses, other operating and real estate taxes			(13,160	)			(12,378	)			—				—				(25,538	)
Operating income			14,627				13,080				—				(10,215	)			17,492
Equity in earnings of unconsolidated affiliates			781				11,003				—				—				11,784
Interest income			—				—				7,859				—				7,859
Realized and unrealized holding (losses) gains on investments and other			(1,110	)			—				(393	)			—				(1,503	)
Interest expense			(9,536	)			(13,827	)			—				—				(23,363	)
Income (loss) from continuing operations before income taxes			4,762				10,256				7,466				(10,215	)			12,269
Income tax provision			—				—				—				(15	)			(15	)
Net income			4,762				10,256				7,466				(10,230	)			12,254
Net loss attributable to redeemable noncontrolling interests			—				1,672				—				—				1,672
Net income attributable to noncontrolling interests			(567	)			(4,945	)			—				—				(5,512	)
Net income attributable to Acadia shareholders		$	4,195			$	6,983			$	7,466			$	(10,230	)		$	8,414


		For the Three Months Ended September 30, 2023
		Core Portfolio				Investment Management				Structured Financing				Unallocated				Total
Total Revenues		$	47,334			$	34,058			$	—			$	—			$	81,392
Depreciation and amortization expenses			(18,847	)			(14,879	)			—				—				(33,726	)
General and administrative expenses			—				—				—				(10,309	)			(10,309	)
Property operating expenses, other operating and real estate taxes			(15,553	)			(11,427	)			—				—				(26,980	)
Impairment charges			—				(3,686	)			—				—				(3,686	)
Operating income			12,934				4,066				—				(10,309	)			6,691
Equity in losses of unconsolidated affiliates			(825	)			(4,040	)			—				—				(4,865	)
Interest income			—				—				5,087				—				5,087
Realized and unrealized holding gains (losses) on investments and other			1,729				—				(65	)			—				1,664
Interest expense			(11,388	)			(13,497	)			—				—				(24,885	)
Income (loss) from continuing operations before income taxes			2,450				(13,471	)			5,022				(10,309	)			(16,308	)
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 (loss) attributable to Acadia shareholders		$	2,274			$	1,547			$	5,022			$	(10,269	)		$	(1,426	)


		As of or for the Nine Months Ended September 30, 2024
		Core Portfolio				Investment Management				Structured Financing				Unallocated				Total
Total Revenues		$	148,008			$	118,347			$	—			$	—			$	266,355
Depreciation and amortization expenses			(54,020	)			(49,701	)			—				—				(103,721	)
General and administrative expenses			—				—				—				(30,162	)			(30,162	)
Property operating expenses, other operating and real estate taxes			(45,458	)			(37,284	)			—				—				(82,742	)
(Loss) gain on disposition of properties			(2,213	)			1,772				—				—				(441	)
Operating income			46,317				33,134				—				(30,162	)			49,289
Equity in earnings of unconsolidated affiliates			3,528				12,424				—				—				15,952
Interest income			—				—				18,510				—				18,510
Realized and unrealized holding (losses) gains on investments and other			(5,128	)			—				(790	)			—				(5,918	)
Interest expense			(29,513	)			(41,140	)			—				—				(70,653	)
Income (loss) from continuing operations before income taxes			15,204				4,418				17,720				(30,162	)			7,180
Income tax provision			—				—				—				(201	)			(201	)
Net income			15,204				4,418				17,720				(30,363	)			6,979
Net loss attributable to redeemable noncontrolling interests			—				6,518				—				—				6,518
Net (income) loss attributable to noncontrolling interests			(1,130	)			759				—				—				(371	)
Net income attributable to Acadia shareholders		$	14,074			$	11,695			$	17,720			$	(30,363	)		$	13,126

Real estate at cost (a)		$	2,648,558			$	1,810,863			$	—			$	—			$	4,459,421
Total assets (a)		$	2,547,118			$	1,602,629			$	126,576			$	—			$	4,276,323
Cash paid for acquisition of real estate		$	19,300			$	29,555			$	—			$	—			$	48,855
Cash paid for development and property improvement costs		$	36,217			$	26,182			$	—			$	—			$	62,399


		As of or for the Nine Months Ended September 30, 2023
		Core Portfolio				Investment Management				Structured Financing				Unallocated				Total
Total Revenues		$	153,506			$	99,673			$	—			$	—			$	253,179
Depreciation and amortization expenses			(57,541	)			(43,414	)			—				—				(100,955	)
General and administrative expenses			—				—				—				(30,898	)			(30,898	)
Property operating expenses, other operating and real estate taxes			(46,717	)			(32,466	)			—				—				(79,183	)
Impairment charges			—				(3,686	)			—				—				(3,686	)
Operating income			49,248				20,107				—				(30,898	)			38,457
Equity in earnings (losses) of unconsolidated affiliates			1,897				(8,170	)			—				—				(6,273	)
Interest income			—				—				14,875				—				14,875
Realized and unrealized holding gains on investments and other			5,218				24,995				23				—				30,236
Interest expense			(33,048	)			(35,513	)			—				—				(68,561	)
Income (loss) from continuing operations before income taxes			23,315				1,419				14,898				(30,898	)			8,734
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 shareholders		$	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

Total assets for the Investment Management segment include $545.3 million and $563.2 million related to Fund II’s City Point property as of September 30, 2024 and 2023, respectively.