XML 46 R39.htm IDEA: XBRL DOCUMENT v3.25.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 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 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

 

 

 

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.