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Segment Reporting
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

12. Segment 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 include $537.4 million and $553.4 million related to Fund II’s City Point property as of March 31, 2025 and 2024, respectively.