| Segment Reporting |
12. Segment Reporting 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 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):
|
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|
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For the Three Months Ended September 30, 2026 |
|
|
|
REIT
Portfolio |
|
|
Investment
Management |
|
|
Structured
Financing |
|
|
Unallocated |
|
|
Total |
|
Rental revenue |
|
$ |
65,232 |
|
|
$ |
25,163 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
90,395 |
|
Other revenue |
|
|
1,281 |
|
|
|
3,307 |
|
|
|
— |
|
|
|
— |
|
|
|
4,588 |
|
Depreciation and amortization expenses |
|
|
(24,673 |
) |
|
|
(10,899 |
) |
|
|
— |
|
|
|
— |
|
|
|
(35,572 |
) |
Property operating expenses |
|
|
(9,860 |
) |
|
|
(6,745 |
) |
|
|
— |
|
|
|
— |
|
|
|
(16,605 |
) |
Real estate taxes |
|
|
(7,196 |
) |
|
|
(2,575 |
) |
|
|
— |
|
|
|
— |
|
|
|
(9,771 |
) |
General and administrative expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,912 |
) |
|
|
(11,912 |
) |
Impairment charges |
|
|
(11,660 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,660 |
) |
Gain on disposition of properties |
|
|
192 |
|
|
|
569 |
|
|
|
— |
|
|
|
— |
|
|
|
761 |
|
Operating income |
|
|
13,316 |
|
|
|
8,820 |
|
|
|
— |
|
|
|
(11,912 |
) |
|
|
10,224 |
|
Interest income |
|
|
— |
|
|
|
— |
|
|
|
4,546 |
|
|
|
— |
|
|
|
4,546 |
|
Equity in earnings (losses) of unconsolidated affiliates |
|
|
1,028 |
|
|
|
(1,495 |
) |
|
|
— |
|
|
|
— |
|
|
|
(467 |
) |
Interest expense |
|
|
(13,030 |
) |
|
|
(6,897 |
) |
|
|
— |
|
|
|
— |
|
|
|
(19,927 |
) |
Income tax benefit |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
Net income |
|
|
1,314 |
|
|
|
428 |
|
|
|
4,546 |
|
|
|
(11,911 |
) |
|
|
(5,623 |
) |
Net loss attributable to redeemable noncontrolling interests |
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
Net loss attributable to noncontrolling interests |
|
|
170 |
|
|
|
1,834 |
|
|
|
— |
|
|
|
— |
|
|
|
2,004 |
|
Net income attributable to Acadia shareholders |
|
$ |
1,484 |
|
|
$ |
2,287 |
|
|
$ |
4,546 |
|
|
$ |
(11,911 |
) |
|
$ |
(3,594 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
As of or for the Nine Months Ended September 30, 2026 |
|
|
|
REIT
Portfolio |
|
|
Investment
Management |
|
|
Structured
Financing |
|
|
Unallocated |
|
|
Total |
|
Rental revenue |
|
$ |
193,790 |
|
|
$ |
86,361 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
280,151 |
|
Other revenue |
|
|
2,910 |
|
|
|
10,337 |
|
|
|
— |
|
|
|
— |
|
|
|
13,247 |
|
Depreciation and amortization expenses |
|
|
(73,017 |
) |
|
|
(37,872 |
) |
|
|
— |
|
|
|
— |
|
|
|
(110,889 |
) |
Property operating expenses |
|
|
(30,115 |
) |
|
|
(21,778 |
) |
|
|
— |
|
|
|
— |
|
|
|
(51,893 |
) |
Real estate taxes |
|
|
(26,568 |
) |
|
|
(8,860 |
) |
|
|
— |
|
|
|
— |
|
|
|
(35,428 |
) |
General and administrative expenses |
|
|
— |
|
|
|
|
|
|
— |
|
|
|
(38,997 |
) |
|
|
(38,997 |
) |
Impairment charges |
|
|
(11,660 |
) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
(11,660 |
) |
(Loss) gain on disposition of properties |
|
|
(224 |
) |
|
|
147,102 |
|
|
|
— |
|
|
|
— |
|
|
|
146,878 |
|
Operating income |
|
|
55,116 |
|
|
|
175,290 |
|
|
|
— |
|
|
|
(38,997 |
) |
|
|
191,409 |
|
Interest income |
|
|
— |
|
|
|
— |
|
|
|
15,891 |
|
|
|
— |
|
|
|
15,891 |
|
Equity in earnings of unconsolidated affiliates |
|
|
998 |
|
|
|
10,956 |
|
|
|
— |
|
|
|
— |
|
|
|
11,954 |
|
Interest expense |
|
|
(37,323 |
) |
|
|
(24,799 |
) |
|
|
— |
|
|
|
— |
|
|
|
(62,122 |
) |
Realized and unrealized holding (losses) gains on investments and other |
|
|
(649 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(649 |
) |
Income tax provision |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(165 |
) |
|
|
(165 |
) |
Net income |
|
|
18,142 |
|
|
|
161,447 |
|
|
|
15,891 |
|
|
|
(39,162 |
) |
|
|
156,318 |
|
Net loss attributable to redeemable noncontrolling interests |
|
|
— |
|
|
|
1,704 |
|
|
|
— |
|
|
|
— |
|
|
|
1,704 |
|
Net income attributable to noncontrolling interests |
|
|
(1,501 |
) |
|
|
(118,600 |
) |
|
|
— |
|
|
|
— |
|
|
|
(120,101 |
) |
Net income attributable to Acadia shareholders |
|
$ |
16,641 |
|
|
$ |
44,551 |
|
|
$ |
15,891 |
|
|
$ |
(39,162 |
) |
|
$ |
37,921 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate at cost (a) |
|
$ |
3,727,461 |
|
|
$ |
1,310,486 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,037,947 |
|
Total assets (a) |
|
$ |
3,519,731 |
|
|
$ |
1,101,469 |
|
|
$ |
208,535 |
|
|
$ |
— |
|
|
$ |
4,829,735 |
|
Cash paid for acquisition of real estate |
|
$ |
341,161 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
341,161 |
|
Cash paid for development and property improvement costs |
|
$ |
71,406 |
|
|
$ |
8,806 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
80,212 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (loss) |
|
|
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 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 |
|
(a)Total assets for the Investment Management segment include $513.1 million and $529.5 million related to the City Point property as of September 30, 2026 and 2025, respectively. |