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Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Summary of Segment Information

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

 

 

 

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.