XML 30 R23.htm IDEA: XBRL DOCUMENT
v3.25.3

Segment Reporting | 9 Months Ended
--- | ---
Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting | 12. Segmen t Reporting The Company renamed its historical Core Portfolio segment as the REIT Portfolio segment. No prior period information was recast and the designation change did not impact the Company’s condensed consolidated financial statements. Refer to Note 1. The Company has identified three reportable segments: REIT Portfolio, Investment Management and Structured Financing. The Company’s Chief Operating Decision Maker (“CODM”), its Chief Executive Officer, evaluates the performance of these segments and allocates resources based on financial information presented at the segment level. The CODM primarily uses net income as the key measure of segment profitability, as it reflects a comprehensive view of the segments’ financial performance, including all revenues and expenses. The Company’s REIT Portfolio segment consists primarily of high-quality core 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 present selected financial information for each reportable segment (in thousands):
|  | For the Three Months Ended September 30, 2025 |
|  | REIT Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 57,162 |  |  | $ | 41,552 |  |  | $ | — |  |  | $ | — |  |  | $ | 98,714 |
Other revenue |  |  | 876 |  |  |  | 1,416 |  |  |  | — |  |  |  | — |  |  |  | 2,292 |
Depreciation and amortization expenses |  |  | (22,663 | ) |  |  | (16,221 | ) |  |  | — |  |  |  | — |  |  |  | (38,884 | )
Property operating expenses |  |  | (7,732 | ) |  |  | (8,895 | ) |  |  | — |  |  |  | — |  |  |  | (16,627 | )
Real estate taxes |  |  | (7,469 | ) |  |  | (4,363 | ) |  |  | — |  |  |  | — |  |  |  | (11,832 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,924 | ) |  |  | (10,924 | )
Impairment charges |  |  | — |  |  |  | (12,570 | ) |  |  | — |  |  |  | — |  |  |  | (12,570 | )
Gain (loss) on disposition of properties |  |  | 2,756 |  |  |  | (241 | ) |  |  | — |  |  |  | — |  |  |  | 2,515 |
Operating income |  |  | 22,930 |  |  |  | 678 |  |  |  | — |  |  |  | (10,924 | ) |  |  | 12,684 |
Interest income |  |  | — |  |  |  | — |  |  |  | 6,121 |  |  |  | — |  |  |  | 6,121 |
Equity in losses of unconsolidated affiliates |  |  | (135 | ) |  |  | (3,559 | ) |  |  | — |  |  |  | — |  |  |  | (3,694 | )
Interest expense |  |  | (10,753 | ) |  |  | (13,551 | ) |  |  | — |  |  |  | — |  |  |  | (24,304 | )
Realized and unrealized holding (losses) gains on investments and other |  |  | (2,205 | ) |  |  | — |  |  |  | 445 |  |  |  | — |  |  |  | (1,760 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | (2 | )
Net income (loss) |  |  | 9,837 |  |  |  | (16,432 | ) |  |  | 6,566 |  |  |  | (10,926 | ) |  |  | (10,955 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 1,567 |  |  |  | — |  |  |  | — |  |  |  | 1,567 |
Net (income) loss attributable to noncontrolling interests |  |  | (151 | ) |  |  | 15,157 |  |  |  | — |  |  |  | — |  |  |  | 15,006 |
Net income attributable to Acadia shareholders |  | $ | 9,686 |  |  | $ | 292 |  |  | $ | 6,566 |  |  | $ | (10,926 | ) |  | $ | 5,618 |
|  | For the Three Months Ended September 30, 2024 |
|  | REIT Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 45,064 |  |  | $ | 41,224 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,288 |
Other revenue |  |  | 511 |  |  |  | 946 |  |  |  | — |  |  |  | — |  |  |  | 1,457 |
Depreciation and amortization expenses |  |  | (17,788 | ) |  |  | (16,712 | ) |  |  | — |  |  |  | — |  |  |  | (34,500 | )
Property operating expenses |  |  | (6,405 | ) |  |  | (7,946 | ) |  |  | — |  |  |  | — |  |  |  | (14,351 | )
Real estate taxes |  |  | (6,755 | ) |  |  | (4,432 | ) |  |  | — |  |  |  | — |  |  |  | (11,187 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (10,215 | ) |  |  | (10,215 | )
Operating income |  |  | 14,627 |  |  |  | 13,080 |  |  |  | — |  |  |  | (10,215 | ) |  |  | 17,492 |
Interest income |  |  | — |  |  |  | — |  |  |  | 7,859 |  |  |  | — |  |  |  | 7,859 |
Equity in earnings of unconsolidated affiliates |  |  | 781 |  |  |  | 11,003 |  |  |  | — |  |  |  | — |  |  |  | 11,784 |
Interest expense |  |  | (9,536 | ) |  |  | (13,827 | ) |  |  | — |  |  |  | — |  |  |  | (23,363 | )
Realized and unrealized holding (losses) gains on investments and other |  |  | (1,110 | ) |  |  | — |  |  |  | (393 | ) |  |  | — |  |  |  | (1,503 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (15 | ) |  |  | (15 | )
Net income |  |  | 4,762 |  |  |  | 10,256 |  |  |  | 7,466 |  |  |  | (10,230 | ) |  |  | 12,254 |
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 1,672 |  |  |  | — |  |  |  | — |  |  |  | 1,672 |
Net income attributable to noncontrolling interests |  |  | (567 | ) |  |  | (4,945 | ) |  |  | — |  |  |  | — |  |  |  | (5,512 | )
Net income attributable to Acadia shareholders |  | $ | 4,195 |  |  | $ | 6,983 |  |  | $ | 7,466 |  |  | $ | (10,230 | ) |  | $ | 8,414 |
|  | As of or for the Nine Months Ended September 30, 2025 |
|  | REIT Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 178,635 |  |  | $ | 121,016 |  |  | $ | — |  |  | $ | — |  |  | $ | 299,651 |
Other revenue |  |  | 2,163 |  |  |  | 4,178 |  |  |  | — |  |  |  | — |  |  |  | 6,341 |
Depreciation and amortization expenses |  |  | (68,792 | ) |  |  | (48,801 | ) |  |  | — |  |  |  | — |  |  |  | (117,593 | )
Property operating expenses |  |  | (25,924 | ) |  |  | (26,507 | ) |  |  | — |  |  |  | — |  |  |  | (52,431 | )
Real estate taxes |  |  | (25,207 | ) |  |  | (13,245 | ) |  |  | — |  |  |  | — |  |  |  | (38,452 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (34,053 | ) |  |  | (34,053 | )
Impairment charges |  |  | — |  |  |  | (37,210 | ) |  |  | — |  |  |  | — |  |  |  | (37,210 | )
Gain (loss) on disposition of properties |  |  | 2,756 |  |  |  | (241 | ) |  |  | — |  |  |  | — |  |  |  | 2,515 |
Operating income |  |  | 63,631 |  |  |  | (810 | ) |  |  | — |  |  |  | (34,053 | ) |  |  | 28,768 |
Interest income |  |  | — |  |  |  | — |  |  |  | 18,575 |  |  |  | — |  |  |  | 18,575 |
Equity in losses of unconsolidated affiliates |  |  | (344 | ) |  |  | (9,254 | ) |  |  | — |  |  |  | — |  |  |  | (9,598 | )
Interest expense |  |  | (29,687 | ) |  |  | (41,468 | ) |  |  | — |  |  |  | — |  |  |  | (71,155 | )
Loss on change in control |  |  | (9,622 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,622 | )
Realized and unrealized holding (losses) gains on investments and other |  |  | (831 | ) |  |  | — |  |  |  | 638 |  |  |  | — |  |  |  | (193 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (329 | ) |  |  | (329 | )
Net income (loss) |  |  | 23,147 |  |  |  | (51,532 | ) |  |  | 19,213 |  |  |  | (34,382 | ) |  |  | (43,554 | )
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 4,960 |  |  |  | — |  |  |  | — |  |  |  | 4,960 |
Net loss attributable to noncontrolling interests |  |  | 194 |  |  |  | 47,589 |  |  |  | — |  |  |  | — |  |  |  | 47,783 |
Net income attributable to Acadia shareholders |  | $ | 23,341 |  |  | $ | 1,017 |  |  | $ | 19,213 |  |  | $ | (34,382 | ) |  | $ | 9,189 |
Real estate at cost (a) |  | $ | 3,298,167 |  |  | $ | 1,828,085 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,126,252 |
Total assets (a) |  | $ | 3,157,469 |  |  | $ | 1,562,958 |  |  | $ | 154,765 |  |  | $ | — |  |  | $ | 4,875,192 |
Cash paid for acquisition of real estate |  | $ | 276,852 |  |  | $ | 130,055 |  |  | $ | — |  |  | $ | — |  |  | $ | 406,907 |
Cash paid for development and property improvement costs |  | $ | 72,019 |  |  | $ | 14,619 |  |  | $ | — |  |  | $ | — |  |  | $ | 86,638 |
|  | As of or for the Nine Months Ended September 30, 2024 |
|  | REIT Portfolio |  |  | Investment Management |  |  | Structured Financing |  |  | Unallocated |  |  | Total |
Rental revenue |  | $ | 141,740 |  |  | $ | 116,211 |  |  | $ | — |  |  | $ | — |  |  | $ | 257,951 |
Other revenue |  |  | 6,268 |  |  |  | 2,136 |  |  |  | — |  |  |  | — |  |  |  | 8,404 |
Depreciation and amortization expenses |  |  | (54,020 | ) |  |  | (49,701 | ) |  |  | — |  |  |  | — |  |  |  | (103,721 | )
Property operating expenses |  |  | (23,833 | ) |  |  | (25,395 | ) |  |  | — |  |  |  | — |  |  |  | (49,228 | )
Real estate taxes |  |  | (21,625 | ) |  |  | (11,889 | ) |  |  | — |  |  |  | — |  |  |  | (33,514 | )
General and administrative expenses |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (30,162 | ) |  |  | (30,162 | )
(Loss) gain on disposition of properties |  |  | (2,213 | ) |  |  | 1,772 |  |  |  | — |  |  |  | — |  |  |  | (441 | )
Operating income |  |  | 46,317 |  |  |  | 33,134 |  |  |  | — |  |  |  | (30,162 | ) |  |  | 49,289 |
Interest income |  |  | — |  |  |  | — |  |  |  | 18,510 |  |  |  | — |  |  |  | 18,510 |
Equity in earnings of unconsolidated affiliates |  |  | 3,528 |  |  |  | 12,424 |  |  |  | — |  |  |  | — |  |  |  | 15,952 |
Interest expense |  |  | (29,513 | ) |  |  | (41,140 | ) |  |  | — |  |  |  | — |  |  |  | (70,653 | )
Realized and unrealized holding losses on investments and other |  |  | (5,128 | ) |  |  | — |  |  |  | (790 | ) |  |  | — |  |  |  | (5,918 | )
Income tax provision |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (201 | ) |  |  | (201 | )
Net income (loss) |  |  | 15,204 |  |  |  | 4,418 |  |  |  | 17,720 |  |  |  | (30,363 | ) |  |  | 6,979 |
Net loss attributable to redeemable noncontrolling interests |  |  | — |  |  |  | 6,518 |  |  |  | — |  |  |  | — |  |  |  | 6,518 |
Net (income) loss attributable to noncontrolling interests |  |  | (1,130 | ) |  |  | 759 |  |  |  | — |  |  |  | — |  |  |  | (371 | )
Net loss attributable to Acadia shareholders |  | $ | 14,074 |  |  | $ | 11,695 |  |  | $ | 17,720 |  |  | $ | (30,363 | ) |  | $ | 13,126 |
Real estate at cost (a) |  | $ | 2,648,558 |  |  | $ | 1,810,863 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,459,421 |
Total assets (a) |  | $ | 2,547,118 |  |  | $ | 1,602,629 |  |  | $ | 126,576 |  |  | $ | — |  |  | $ | 4,276,323 |
Cash paid for acquisition of real estate |  | $ | 19,300 |  |  | $ | 29,555 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,855 |
Cash paid for development and property improvement costs |  | $ | 36,217 |  |  | $ | 26,182 |  |  | $ | — |  |  | $ | — |  |  | $ | 62,399 |
(a) Total assets for the Investment Management segme nt include $529.5 million and $545.3 million rel ated to Fund II’s City Point property as of September 30, 2025 and 2024, respectively.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 11: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 14: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 17: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration