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v3.25.2

Segment Reporting (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Summary of Segment Information | The following tables present selected financial information for each reportable segment (in thousands):
|  | For the Three Months Ended June 30, 2025 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 57,699 |  |  | $ | 40,598 |  |  | $ | — |  |  | $ | — |  |  | $ | 98,297 |
Other revenue |  |  | 604 |  |  |  | 1,691 |  |  |  | — |  |  |  | — |  |  |  | 2,295 |
Depreciation and amortization expenses |  |  | (22,446 | ) |  |  | (16,823 | ) |  |  | — |  |  |  | — |  |  |  | (39,269 | )
Property operating expenses |  |  | (8,639 | ) |  |  | (8,885 | ) |  |  | — |  |  |  | — |  |  |  | (17,524 | )
Real estate taxes |  |  | (8,780 | ) |  |  | (4,537 | ) |  |  | — |  |  |  | — |  |  |  | (13,317 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (11,532 | ) |  |  | (11,532 | )
Impairment charges |  |  | — |  |  |  | (18,190 | ) |  |  | — |  |  |  | — |  |  |  | (18,190 | )
Operating income (loss) |  |  | 18,438 |  |  |  | (6,146 | ) |  |  | — |  |  |  | (11,532 | ) |  |  | 760 |
Interest income |  |  | — |  |  |  | — |  |  |  | 6,358 |  |  |  | — |  |  |  | 6,358 |
Equity in earnings of unconsolidated affiliates |  |  | (522 | ) |  |  | (3,669 | ) |  |  | — |  |  |  | — |  |  |  | (4,191 | )
Interest expense |  |  | (9,555 | ) |  |  | (14,049 | ) |  |  | — |  |  |  | — |  |  |  | (23,604 | )
Realized and unrealized holding (losses) gains on investments and other |  |  | (411 | ) |  |  | — |  |  |  | 357 |  |  |  | — |  |  |  | (54 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (211 | ) |  |  | (211 | )
Net income (loss) |  |  | 7,950 |  |  |  | (23,864 | ) |  |  | 6,715 |  |  |  | (11,743 | ) |  |  | (20,942 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 1,724 |  |  |  | — |  |  |  | — |  |  |  | 1,724 |
Net loss attributable to noncontrolling interests |  |  | 136 |  |  |  | 21,045 |  |  |  | — |  |  |  | — |  |  |  | 21,181 |
Net income (loss) attributable to Acadia shareholders |  | $ | 8,086 |  |  | $ | (1,095 | ) |  | $ | 6,715 |  |  | $ | (11,743 | ) |  | $ | 1,963 |
|  | For the Three Months Ended June 30, 2024 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 47,787 |  |  | $ | 37,839 |  |  | $ | — |  |  | $ | — |  |  | $ | 85,626 |
Other revenue |  |  | 1,108 |  |  |  | 520 |  |  |  | — |  |  |  | — |  |  |  | 1,628 |
Depreciation and amortization expenses |  |  | (17,966 | ) |  |  | (16,315 | ) |  |  | — |  |  |  | — |  |  |  | (34,281 | )
Property operating expenses |  |  | (7,696 | ) |  |  | (8,085 | ) |  |  | — |  |  |  | — |  |  |  | (15,781 | )
Real estate taxes |  |  | (6,683 | ) |  |  | (3,298 | ) |  |  | — |  |  |  | — |  |  |  | (9,981 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,179 | ) |  |  | (10,179 | )
(Loss) gain related to a previously disposed property |  |  | (2,213 | ) |  |  | 2,970 |  |  |  | — |  |  |  | — |  |  |  | 757 |
Operating income |  |  | 14,337 |  |  |  | 13,631 |  |  |  | — |  |  |  | (10,179 | ) |  |  | 17,789 |
Interest income |  |  | — |  |  |  | — |  |  |  | 5,413 |  |  |  | — |  |  |  | 5,413 |
Equity in earnings of unconsolidated affiliates |  |  | 640 |  |  |  | 3,840 |  |  |  | — |  |  |  | — |  |  |  | 4,480 |
Interest expense |  |  | (9,940 | ) |  |  | (13,641 | ) |  |  | — |  |  |  | — |  |  |  | (23,581 | )
Realized and unrealized holding (losses) gains on investments and other |  |  | (2,155 | ) |  |  | — |  |  |  | (209 | ) |  |  | — |  |  |  | (2,364 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (155 | ) |  |  | (155 | )
Net income |  |  | 2,882 |  |  |  | 3,830 |  |  |  | 5,204 |  |  |  | (10,334 | ) |  |  | 1,582 |
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 2,292 |  |  |  | — |  |  |  | — |  |  |  | 2,292 |
Net income attributable to noncontrolling interests |  |  | (194 | ) |  |  | (2,237 | ) |  |  | — |  |  |  | — |  |  |  | (2,431 | )
Net income attributable to Acadia shareholders |  | $ | 2,688 |  |  | $ | 3,885 |  |  | $ | 5,204 |  |  | $ | (10,334 | ) |  | $ | 1,443 |
|  | As of or for the Six Months Ended June 30, 2025 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 121,473 |  |  | $ | 79,464 |  |  | $ | — |  |  | $ | — |  |  | $ | 200,937 |
Other revenue |  |  | 1,287 |  |  |  | 2,762 |  |  |  | — |  |  |  | — |  |  |  | 4,049 |
Depreciation and amortization expenses |  |  | (46,129 | ) |  |  | (32,580 | ) |  |  | — |  |  |  | — |  |  |  | (78,709 | )
Property operating expenses |  |  | (18,192 | ) |  |  | (17,612 | ) |  |  | — |  |  |  | — |  |  |  | (35,804 | )
Real estate taxes |  |  | (17,738 | ) |  |  | (8,882 | ) |  |  | — |  |  |  | — |  |  |  | (26,620 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (23,129 | ) |  |  | (23,129 | )
Impairment charges |  |  | — |  |  |  | (24,640 | ) |  |  | — |  |  |  | — |  |  |  | (24,640 | )
Operating income |  |  | 40,701 |  |  |  | (1,488 | ) |  |  | — |  |  |  | (23,129 | ) |  |  | 16,084 |
Interest income |  |  | — |  |  |  | — |  |  |  | 12,454 |  |  |  | — |  |  |  | 12,454 |
Equity in earnings (losses) of unconsolidated affiliates |  |  | (209 | ) |  |  | (5,695 | ) |  |  | — |  |  |  | — |  |  |  | (5,904 | )
Interest expense |  |  | (18,934 | ) |  |  | (27,917 | ) |  |  | — |  |  |  | — |  |  |  | (46,851 | )
Loss on change in control |  |  | (9,622 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,622 | )
Realized and unrealized holding gains (losses) on investments and other |  |  | 1,374 |  |  |  | — |  |  |  | 193 |  |  |  | — |  |  |  | 1,567 |
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (327 | ) |  |  | (327 | )
Net income (loss) |  |  | 13,310 |  |  |  | (35,100 | ) |  |  | 12,647 |  |  |  | (23,456 | ) |  |  | (32,599 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 3,393 |  |  |  | — |  |  |  | — |  |  |  | 3,393 |
Net loss attributable to noncontrolling interests |  |  | 345 |  |  |  | 32,432 |  |  |  | — |  |  |  | — |  |  |  | 32,777 |
Net income attributable to Acadia shareholders |  | $ | 13,655 |  |  | $ | 725 |  |  | $ | 12,647 |  |  | $ | (23,456 | ) |  | $ | 3,571 |
Real estate at cost (a) |  | $ | 3,281,496 |  |  | $ | 1,815,145 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,096,641 |
Total assets (a) |  | $ | 3,112,930 |  |  | $ | 1,607,957 |  |  | $ | 154,682 |  |  | $ | — |  |  | $ | 4,875,569 |
Cash paid for acquisition of real estate |  | $ | 276,852 |  |  | $ | 67,795 |  |  | $ | — |  |  | $ | — |  |  | $ | 344,647 |
Cash paid for development and property improvement costs |  | $ | 42,030 |  |  | $ | 5,498 |  |  | $ | — |  |  | $ | — |  |  | $ | 47,528 |
|  | As of or for the Six Months Ended June 30, 2024 |
|  | Core Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 96,570 |  |  | $ | 75,093 |  |  | $ | — |  |  | $ | — |  |  | $ | 171,663 |
Other revenue |  |  | 5,863 |  |  |  | 1,084 |  |  |  | — |  |  |  | — |  |  |  | 6,947 |
Depreciation and amortization expenses |  |  | (36,232 | ) |  |  | (32,989 | ) |  |  | — |  |  |  | — |  |  |  | (69,221 | )
Property operating expenses |  |  | (17,428 | ) |  |  | (17,449 | ) |  |  | — |  |  |  | — |  |  |  | (34,877 | )
Real estate taxes |  |  | (14,870 | ) |  |  | (7,457 | ) |  |  | — |  |  |  | — |  |  |  | (22,327 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (19,947 | ) |  |  | (19,947 | )
Loss related to a previously disposed property |  |  | (2,213 | ) |  |  | 1,772 |  |  |  | — |  |  |  | — |  |  |  | (441 | )
Operating income |  |  | 31,690 |  |  |  | 20,054 |  |  |  | — |  |  |  | (19,947 | ) |  |  | 31,797 |
Interest income |  |  | — |  |  |  | — |  |  |  | 10,651 |  |  |  | — |  |  |  | 10,651 |
Equity in earnings (losses) of unconsolidated affiliates |  |  | 2,747 |  |  |  | 1,421 |  |  |  | — |  |  |  | — |  |  |  | 4,168 |
Interest expense |  |  | (19,977 | ) |  |  | (27,313 | ) |  |  | — |  |  |  | — |  |  |  | (47,290 | )
Realized and unrealized holding losses on investments and other |  |  | (4,018 | ) |  |  | — |  |  |  | (397 | ) |  |  | — |  |  |  | (4,415 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (186 | ) |  |  | (186 | )
Net income (loss) |  |  | 10,442 |  |  |  | (5,838 | ) |  |  | 10,254 |  |  |  | (20,133 | ) |  |  | (5,275 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 4,846 |  |  |  | — |  |  |  | — |  |  |  | 4,846 |
Net (income) loss attributable to noncontrolling interests |  |  | (563 | ) |  |  | 5,704 |  |  |  | — |  |  |  | — |  |  |  | 5,141 |
Net loss attributable to Acadia shareholders |  | $ | 9,879 |  |  | $ | 4,712 |  |  | $ | 10,254 |  |  | $ | (20,133 | ) |  | $ | 4,712 |
Real estate at cost (a) |  | $ | 2,616,224 |  |  | $ | 1,804,484 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,420,708 |
Total assets (a) |  | $ | 2,543,067 |  |  | $ | 1,581,318 |  |  | $ | 126,653 |  |  | $ | — |  |  | $ | 4,251,038 |
Cash paid for development and property improvement costs |  | $ | 29,023 |  |  | $ | 8,389 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,412 |
Total assets for the Investment Management segment include $533.7 million and $549.3 million related to Fund II’s City Point property as of June 30, 2025 and 2024, respectively.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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