XML 30 R23.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting

12. Segment 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 segment include $529.5 million and $545.3 million related to Fund II’s City Point property as of September 30, 2025 and 2024, respectively.