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Segment Reporting | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Reporting | 12. Segmen t Reporting The Company has three reportable segments: Core Portfolio, Investment Management and Structured Financing. The Company’s Chief Operating Decision Maker (“CODM”), 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 consolidated Investment Management entities 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, 2025 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 63,774 |  |  | $ | 38,866 |  |  | $ | — |  |  | $ | — |  |  | $ | 102,640 |
Other revenue |  |  | 682 |  |  |  | 1,072 |  |  |  | — |  |  |  | — |  |  |  | 1,754 |
Depreciation and amortization expenses |  |  | (23,684 | ) |  |  | (15,756 | ) |  |  | — |  |  |  | — |  |  |  | (39,440 | )
Property operating expenses |  |  | (9,553 | ) |  |  | (8,727 | ) |  |  | — |  |  |  | — |  |  |  | (18,280 | )
Real estate taxes |  |  | (8,958 | ) |  |  | (4,345 | ) |  |  | — |  |  |  | — |  |  |  | (13,303 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (11,597 | ) |  |  | (11,597 | )
Impairment charges |  |  | — |  |  |  | (6,450 | ) |  |  | — |  |  |  | — |  |  |  | (6,450 | )
Operating income |  |  | 22,261 |  |  |  | 4,660 |  |  |  | — |  |  |  | (11,597 | ) |  |  | 15,324 |
Interest income |  |  | — |  |  |  | — |  |  |  | 6,096 |  |  |  | — |  |  |  | 6,096 |
Equity in earnings (losses) of unconsolidated affiliates |  |  | 313 |  |  |  | (2,026 | ) |  |  | — |  |  |  | — |  |  |  | (1,713 | )
Interest expense |  |  | (9,379 | ) |  |  | (13,868 | ) |  |  | — |  |  |  | — |  |  |  | (23,247 | )
Loss on change in control |  |  | (9,622 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,622 | )
Realized and unrealized holding gains (losses) on investments and other |  |  | 1,785 |  |  |  | — |  |  |  | (164 | ) |  |  | — |  |  |  | 1,621 |
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (116 | ) |  |  | (116 | )
Net income (loss) |  |  | 5,358 |  |  |  | (11,234 | ) |  |  | 5,932 |  |  |  | (11,713 | ) |  |  | (11,657 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 1,669 |  |  |  | — |  |  |  | — |  |  |  | 1,669 |
Net loss attributable to noncontrolling interests |  |  | 209 |  |  |  | 11,387 |  |  |  | — |  |  |  | — |  |  |  | 11,596 |
Net income attributable to Acadia shareholders |  | $ | 5,567 |  |  | $ | 1,822 |  |  | $ | 5,932 |  |  | $ | (11,713 | ) |  | $ | 1,608 |
Real estate at cost (a) |  | $ | 3,113,954 |  |  | $ | 1,877,653 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,991,607 |
Total assets (a) |  | $ | 2,978,291 |  |  | $ | 1,631,684 |  |  | $ | 125,701 |  |  | $ | — |  |  | $ | 4,735,676 |
Cash paid for acquisition of real estate |  | $ | 124,427 |  |  | $ | 67,795 |  |  | $ | — |  |  | $ | — |  |  | $ | 192,222 |
Cash paid for development and property improvement costs |  | $ | 5,912 |  |  | $ | 13,698 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,610 |
|  | As of or for the Three Months Ended March 31, 2024 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 48,783 |  |  | $ | 37,254 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,037 |
Other revenue |  |  | 4,755 |  |  |  | 564 |  |  |  | — |  |  |  | — |  |  |  | 5,319 |
Depreciation and amortization expenses |  |  | (18,267 | ) |  |  | (16,673 | ) |  |  | — |  |  |  | — |  |  |  | (34,940 | )
Property operating expenses |  |  | (9,732 | ) |  |  | (9,364 | ) |  |  | — |  |  |  | — |  |  |  | (19,096 | )
Real estate taxes |  |  | (8,187 | ) |  |  | (4,159 | ) |  |  | — |  |  |  | — |  |  |  | (12,346 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,768 | ) |  |  | (9,768 | )
Loss related to a previously disposed property |  |  | — |  |  |  | (1,198 | ) |  |  | — |  |  |  | — |  |  |  | (1,198 | )
Operating income |  |  | 17,352 |  |  |  | 6,424 |  |  |  | — |  |  |  | (9,768 | ) |  |  | 14,008 |
Interest income |  |  | — |  |  |  | — |  |  |  | 5,238 |  |  |  | — |  |  |  | 5,238 |
Equity in earnings (losses) of unconsolidated affiliates |  |  | 2,107 |  |  |  | (2,419 | ) |  |  | — |  |  |  | — |  |  |  | (312 | )
Interest expense |  |  | (10,037 | ) |  |  | (13,672 | ) |  |  | — |  |  |  | — |  |  |  | (23,709 | )
Realized and unrealized holding losses on investments and other |  |  | (1,862 | ) |  |  | — |  |  |  | (189 | ) |  |  | — |  |  |  | (2,051 | )
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 loss 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 |
(a) Total assets for the Investment Management segment includ e $537.4 million and $553.4 million related to Fund II’s City Point property as of March 31, 2025 and 2024, respectively.

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- Definition The entire disclosure for reporting segments including data and tables. 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