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Segment Reporting | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Reporting | 12. Segmen t Reporting During the second quarter of 2024, the Company renamed its historical Funds segment as the Investment Management segment. No prior period information was recast and the designation change did not impact the Company’s consolidated financial statements. Additionally, in the current year, the Company adopted ASU 2023-07, which provided for incremental disclosures of the Company’s reportable segments. Refer to Note 1. The Company has three reportable segments: Core Portfolio, Investment Management and Structured Financing. The Company’s Chief Operating Decision Maker, its Chief Executive Officer (CEO), reviews the financial information presented for purposes of allocating resources and evaluating its financial performance. The CODM primarily uses net income as a measure of profitability for each of its segments because it provides a comprehensive view of the segments’ financial performance, including all revenues and expenses. The Company’s Core Portfolio segment 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 Investment Management segment holds 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 (Note 3). Fees earned by the Company as the general partner or managing member through Investment Management are eliminated in the Company’s 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 Year Ended December 31, 2024 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 193,581 |  |  | $ | 155,949 |  |  | $ | — |  |  | $ | — |  |  | $ | 349,530 |
Other revenue |  |  | 6,829 |  |  |  | 3,330 |  |  |  | — |  |  |  | — |  |  |  | 10,159 |
Depreciation and amortization |  |  | (73,460 | ) |  |  | (65,450 | ) |  |  | — |  |  |  | — |  |  |  | (138,910 | )
Property operating expenses |  |  | (32,439 | ) |  |  | (33,561 | ) |  |  | — |  |  |  | — |  |  |  | (66,000 | )
Real estate taxes |  |  | (29,648 | ) |  |  | (16,401 | ) |  |  | — |  |  |  | — |  |  |  | (46,049 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (40,559 | ) |  |  | (40,559 | )
Impairment charges |  |  | (508 | ) |  |  | (1,170 | ) |  |  | — |  |  |  | — |  |  |  | (1,678 | )
(Loss) gain on disposition of properties |  |  | (2,213 | ) |  |  | 1,379 |  |  |  | — |  |  |  | — |  |  |  | (834 | )
Operating income |  |  | 62,142 |  |  |  | 44,076 |  |  |  | — |  |  |  | (40,559 | ) |  |  | 65,659 |
Interest income |  |  | — |  |  |  | — |  |  |  | 25,085 |  |  |  | — |  |  |  | 25,085 |
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties |  |  | 4,771 |  |  |  | 10,407 |  |  |  | — |  |  |  | — |  |  |  | 15,178 |
Interest expense |  |  | (36,898 | ) |  |  | (55,659 | ) |  |  | — |  |  |  | — |  |  |  | (92,557 | )
Realized and unrealized holding (losses) gains on investments and other |  |  | (4,064 | ) |  |  | — |  |  |  | (950 | ) |  |  | — |  |  |  | (5,014 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (212 | ) |  |  | (212 | )
Net income (loss) |  |  | 25,951 |  |  |  | (1,176 | ) |  |  | 24,135 |  |  |  | (40,771 | ) |  |  | 8,139 |
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 7,915 |  |  |  | — |  |  |  | — |  |  |  | 7,915 |
Net loss attributable to noncontrolling interests |  |  | (1,629 | ) |  |  | 7,225 |  |  |  | — |  |  |  | — |  |  |  | 5,596 |
Net income (loss) attributable to Acadia shareholders |  | $ | 24,322 |  |  | $ | 13,964 |  |  | $ | 24,135 |  |  | $ | (40,771 | ) |  | $ | 21,650 |
Real estate at cost (a) |  | $ | 2,783,801 |  |  | $ | 1,815,814 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,599,615 |
Total Assets (a) |  | $ | 2,675,808 |  |  | $ | 1,568,811 |  |  | $ | 126,584 |  |  | $ | — |  |  | $ | 4,371,203 |
Cash paid for acquisition of real estate |  | $ | 131,978 |  |  | $ | 29,555 |  |  | $ | — |  |  | $ | — |  |  | $ | 161,533 |
Cash paid for development and property improvement costs |  | $ | 50,676 |  |  | $ | 29,574 |  |  | $ | — |  |  | $ | — |  |  | $ | 80,250 |
|  | As of or for the Year Ended December 31, 2023 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 200,842 |  |  | $ | 132,202 |  |  | $ | — |  |  | $ | — |  |  | $ | 333,044 |
Other revenue |  |  | 2,703 |  |  |  | 2,945 |  |  |  | — |  |  |  | — |  |  |  | 5,648 |
Depreciation and amortization |  |  | (76,642 | ) |  |  | (59,342 | ) |  |  | — |  |  |  | — |  |  |  | (135,984 | )
Property operating expenses |  |  | (32,471 | ) |  |  | (29,355 | ) |  |  | — |  |  |  | — |  |  |  | (61,826 | )
Real estate taxes |  |  | (31,911 | ) |  |  | (14,739 | ) |  |  | — |  |  |  | — |  |  |  | (46,650 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (41,470 | ) |  |  | (41,470 | )
Impairment charges |  |  | — |  |  |  | (3,686 | ) |  |  | — |  |  |  | — |  |  |  | (3,686 | )
Gain on disposition of properties |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Operating income (loss) |  |  | 62,521 |  |  |  | 28,025 |  |  |  | — |  |  |  | (41,470 | ) |  |  | 49,076 |
Interest income |  |  | — |  |  |  | — |  |  |  | 19,993 |  |  |  | — |  |  |  | 19,993 |
Equity in earnings (losses) of unconsolidated affiliates inclusive of gains on disposition of properties |  |  | 2,734 |  |  |  | (10,411 | ) |  |  | — |  |  |  | — |  |  |  | (7,677 | )
Interest expense |  |  | (44,521 | ) |  |  | (48,732 | ) |  |  | — |  |  |  | — |  |  |  | (93,253 | )
Realized and unrealized holding gains (losses) on investments and other |  |  | 5,756 |  |  |  | 24,995 |  |  |  | (338 | ) |  |  | — |  |  |  | 30,413 |
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (301 | ) |  |  | (301 | )
Net income (loss) |  |  | 26,490 |  |  |  | (6,123 | ) |  |  | 19,655 |  |  |  | (41,771 | ) |  |  | (1,749 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 8,239 |  |  |  | — |  |  |  | — |  |  |  | 8,239 |
Net (income) loss attributable to noncontrolling interests |  |  | (1,937 | ) |  |  | 15,320 |  |  |  | — |  |  |  | — |  |  |  | 13,383 |
Net income (loss) attributable to Acadia shareholders |  | $ | 24,553 |  |  | $ | 17,436 |  |  | $ | 19,655 |  |  | $ | (41,771 | ) |  | $ | 19,873 |
Real estate at cost (a) |  | $ | 2,646,831 |  |  | $ | 1,788,688 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,435,519 |
Total Assets (a) |  | $ | 2,566,450 |  |  | $ | 1,599,755 |  |  | $ | 124,949 |  |  | $ | — |  |  | $ | 4,291,154 |
Cash paid for acquisition of real estate |  | $ | — |  |  | $ | 126,545 |  |  | $ | — |  |  | $ | — |  |  | $ | 126,545 |
Cash paid for development and property improvement costs |  | $ | 44,428 |  |  | $ | 25,112 |  |  | $ | — |  |  | $ | — |  |  | $ | 69,540 |
|  | As of or for the Year Ended December 31, 2022 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 195,960 |  |  | $ | 121,854 |  |  | $ | — |  |  | $ | — |  |  | $ | 317,814 |
Other revenue |  |  | 6,587 |  |  |  | 1,889 |  |  |  | — |  |  |  | — |  |  |  | 8,476 |
Depreciation and amortization |  |  | (75,614 | ) |  |  | (60,303 | ) |  |  | — |  |  |  | — |  |  |  | (135,917 | )
Property operating expenses |  |  | (30,067 | ) |  |  | (26,928 | ) |  |  | — |  |  |  | — |  |  |  | (56,995 | )
Real estate taxes |  |  | (30,239 | ) |  |  | (14,693 | ) |  |  | — |  |  |  | — |  |  |  | (44,932 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (44,066 | ) |  |  | (44,066 | )
Impairment charges |  |  | — |  |  |  | (33,311 | ) |  |  | — |  |  |  | — |  |  |  | (33,311 | )
Gain on disposition of properties |  |  | 7,245 |  |  |  | 49,916 |  |  |  | — |  |  |  | — |  |  |  | 57,161 |
Operating income (loss) |  |  | 73,872 |  |  |  | 38,424 |  |  |  | — |  |  |  | (44,066 | ) |  |  | 68,230 |
Interest income |  |  | — |  |  |  | — |  |  |  | 14,641 |  |  |  | — |  |  |  | 14,641 |
Equity in (losses) earnings of unconsolidated affiliates inclusive of gains on disposition of properties |  |  | (45,919 | ) |  |  | 13,012 |  |  |  | — |  |  |  | — |  |  |  | (32,907 | )
Interest expense |  |  | (37,892 | ) |  |  | (42,317 | ) |  |  | — |  |  |  | — |  |  |  | (80,209 | )
Realized and unrealized holding gains (losses) on investments and other |  |  | 1,163 |  |  |  | (35,559 | ) |  |  | (598 | ) |  |  | — |  |  |  | (34,994 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12 | ) |  |  | (12 | )
Net (loss) income |  |  | (8,776 | ) |  |  | (26,440 | ) |  |  | 14,043 |  |  |  | (44,078 | ) |  |  | (65,251 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 5,536 |  |  |  | — |  |  |  | — |  |  |  | 5,536 |
Net loss attributable to noncontrolling interests |  |  | 1,000 |  |  |  | 23,270 |  |  |  | — |  |  |  | — |  |  |  | 24,270 |
Net (loss) income attributable to Acadia shareholders |  | $ | (7,776 | ) |  | $ | 2,366 |  |  | $ | 14,043 |  |  | $ | (44,078 | ) |  | $ | (35,445 | )
Real estate at cost |  | $ | 2,597,394 |  |  | $ | 1,655,616 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,253,010 |
Total Assets |  | $ | 2,599,268 |  |  | $ | 1,579,411 |  |  | $ | 123,903 |  |  | $ | — |  |  | $ | 4,302,582 |
Cash paid for acquisition of real estate and leasehold interest |  | $ | 242,633 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 242,633 |
Cash paid for development and property improvement costs |  | $ | 32,406 |  |  | $ | 18,640 |  |  | $ | — |  |  | $ | — |  |  | $ | 51,046 |
a) Total assets for the Investment Management segment include $515.2 million, $555.8 million, and $569.1 million related to Fund II’s City Point property at December 31, 2024, 2023, and 2022, respectively.

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