ACADIA REALTY TRUST Segments Disclosure
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 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 , 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 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):
|
|
As of or for the Year Ended December 31, 2025 |
|
|||||||||||||||||
|
|
REIT |
|
|
Investment |
|
|
Structured |
|
|
Unallocated |
|
|
Total |
|
|||||
Rental revenue |
|
$ |
239,206 |
|
|
$ |
162,930 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
402,136 |
|
Other revenue |
|
|
2,923 |
|
|
|
5,698 |
|
|
|
— |
|
|
|
— |
|
|
|
8,621 |
|
Depreciation and amortization |
|
|
(91,787 |
) |
|
|
(65,670 |
) |
|
|
— |
|
|
|
— |
|
|
|
(157,457 |
) |
Property operating expenses |
|
|
(34,786 |
) |
|
|
(36,641 |
) |
|
|
— |
|
|
|
— |
|
|
|
(71,427 |
) |
Real estate taxes |
|
|
(34,048 |
) |
|
|
(18,040 |
) |
|
|
— |
|
|
|
— |
|
|
|
(52,088 |
) |
General and administrative expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(45,664 |
) |
|
|
(45,664 |
) |
Impairment charges |
|
|
— |
|
|
|
(37,210 |
) |
|
|
— |
|
|
|
— |
|
|
|
(37,210 |
) |
Gain (loss) on disposition of properties |
|
|
2,756 |
|
|
|
(241 |
) |
|
|
— |
|
|
|
— |
|
|
|
2,515 |
|
Operating income |
|
|
84,264 |
|
|
|
10,826 |
|
|
|
— |
|
|
|
(45,664 |
) |
|
|
49,426 |
|
Interest income |
|
|
— |
|
|
|
— |
|
|
|
23,717 |
|
|
|
— |
|
|
|
23,717 |
|
Equity in earnings of unconsolidated affiliates |
|
|
2,190 |
|
|
|
(9,903 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,713 |
) |
Interest expense |
|
|
(41,057 |
) |
|
|
(54,254 |
) |
|
|
— |
|
|
|
— |
|
|
|
(95,311 |
) |
Loss on change in control |
|
|
(9,622 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(9,622 |
) |
Realized and unrealized holding (losses) gains on investments and other |
|
|
(770 |
) |
|
|
— |
|
|
|
674 |
|
|
|
— |
|
|
|
(96 |
) |
Income tax provision |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(412 |
) |
|
|
(412 |
) |
Net income (loss) |
|
|
35,005 |
|
|
|
(53,331 |
) |
|
|
24,391 |
|
|
|
(46,076 |
) |
|
|
(40,011 |
) |
Net loss attributable to redeemable noncontrolling interests |
|
|
— |
|
|
|
5,562 |
|
|
|
— |
|
|
|
— |
|
|
|
5,562 |
|
Net (income) loss attributable to noncontrolling interests |
|
|
(162 |
) |
|
|
51,507 |
|
|
|
— |
|
|
|
— |
|
|
|
51,345 |
|
Net income attributable to Acadia shareholders |
|
$ |
34,843 |
|
|
$ |
3,738 |
|
|
$ |
24,391 |
|
|
$ |
(46,076 |
) |
|
$ |
16,896 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate at cost (a) |
|
$ |
3,336,228 |
|
|
$ |
1,833,174 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,169,402 |
|
Total Assets (a) |
|
$ |
3,161,196 |
|
|
$ |
1,521,064 |
|
|
$ |
154,892 |
|
|
$ |
— |
|
|
$ |
4,837,152 |
|
Cash paid for acquisition of real estate |
|
$ |
276,852 |
|
|
$ |
130,055 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
406,907 |
|
Cash paid for development and property improvement costs |
|
$ |
101,101 |
|
|
$ |
23,810 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
124,911 |
|
|
|
As of or for the Year Ended December 31, 2024 |
|
|||||||||||||||||
|
|
REIT |
|
|
Investment |
|
|
Structured |
|
|
Unallocated |
|
|
Total |
|
|||||
Rental revenue |
|
$ |
193,581 |
|
|
$ |
155,949 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
349,530 |
|
Other revenue |
|
|
6,829 |
|
|
|
3,330 |
|
|
|
— |
|
|
|
— |
|
|
|
10,159 |
|
Depreciation and amortization |
|
|
(73,460 |
) |
|
|
(65,450 |
) |
|
|
— |
|
|
|
— |
|
|
|
(138,910 |
) |
Property operating expenses |
|
|
(32,439 |
) |
|
|
(33,561 |
) |
|
|
— |
|
|
|
— |
|
|
|
(66,000 |
) |
Real estate taxes |
|
|
(29,648 |
) |
|
|
(16,401 |
) |
|
|
— |
|
|
|
— |
|
|
|
(46,049 |
) |
General and administrative expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(40,559 |
) |
|
|
(40,559 |
) |
Impairment charges |
|
|
(508 |
) |
|
|
(1,170 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,678 |
) |
(Loss) gain on disposition of properties |
|
|
(2,213 |
) |
|
|
1,379 |
|
|
|
— |
|
|
|
— |
|
|
|
(834 |
) |
Operating income (loss) |
|
|
62,142 |
|
|
|
44,076 |
|
|
|
— |
|
|
|
(40,559 |
) |
|
|
65,659 |
|
Interest income |
|
|
— |
|
|
|
— |
|
|
|
25,085 |
|
|
|
— |
|
|
|
25,085 |
|
Equity in earnings of unconsolidated affiliates |
|
|
4,771 |
|
|
|
10,407 |
|
|
|
— |
|
|
|
— |
|
|
|
15,178 |
|
Interest expense |
|
|
(36,898 |
) |
|
|
(55,659 |
) |
|
|
— |
|
|
|
— |
|
|
|
(92,557 |
) |
Realized and unrealized holding losses on investments and other |
|
|
(4,064 |
) |
|
|
— |
|
|
|
(950 |
) |
|
|
— |
|
|
|
(5,014 |
) |
Income tax provision |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(212 |
) |
|
|
(212 |
) |
Net income (loss) |
|
|
25,951 |
|
|
|
(1,176 |
) |
|
|
24,135 |
|
|
|
(40,771 |
) |
|
|
8,139 |
|
Net loss attributable to redeemable noncontrolling interests |
|
|
— |
|
|
|
7,915 |
|
|
|
— |
|
|
|
— |
|
|
|
7,915 |
|
Net (income) loss attributable to noncontrolling interests |
|
|
(1,629 |
) |
|
|
7,225 |
|
|
|
— |
|
|
|
— |
|
|
|
5,596 |
|
Net income (loss) attributable to Acadia shareholders |
|
$ |
24,322 |
|
|
$ |
13,964 |
|
|
$ |
24,135 |
|
|
$ |
(40,771 |
) |
|
$ |
21,650 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate at cost (a) |
|
$ |
2,783,801 |
|
|
$ |
1,815,814 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,599,615 |
|
Total Assets (a) |
|
$ |
2,675,808 |
|
|
$ |
1,568,811 |
|
|
$ |
126,584 |
|
|
$ |
— |
|
|
$ |
4,371,203 |
|
Cash paid for acquisition of real estate |
|
$ |
131,978 |
|
|
$ |
29,555 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
161,533 |
|
Cash paid for development and property improvement costs |
|
$ |
50,676 |
|
|
$ |
29,574 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
80,250 |
|
|
|
As of or for the Year Ended December 31, 2023 |
|
|||||||||||||||||
|
|
REIT |
|
|
Investment |
|
|
Structured |
|
|
Unallocated |
|
|
Total |
|
|||||
Rental revenue |
|
$ |
200,842 |
|
|
$ |
132,202 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
333,044 |
|
Other revenue |
|
|
2,703 |
|
|
|
2,945 |
|
|
|
— |
|
|
|
— |
|
|
|
5,648 |
|
Depreciation and amortization |
|
|
(76,642 |
) |
|
|
(59,342 |
) |
|
|
— |
|
|
|
— |
|
|
|
(135,984 |
) |
Property operating expenses |
|
|
(32,471 |
) |
|
|
(29,355 |
) |
|
|
— |
|
|
|
— |
|
|
|
(61,826 |
) |
Real estate taxes |
|
|
(31,911 |
) |
|
|
(14,739 |
) |
|
|
— |
|
|
|
— |
|
|
|
(46,650 |
) |
General and administrative expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(41,470 |
) |
|
|
(41,470 |
) |
Impairment charges |
|
|
— |
|
|
|
(3,686 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,686 |
) |
Operating income (loss) |
|
|
62,521 |
|
|
|
28,025 |
|
|
|
— |
|
|
|
(41,470 |
) |
|
|
49,076 |
|
Interest income |
|
|
— |
|
|
|
— |
|
|
|
19,993 |
|
|
|
— |
|
|
|
19,993 |
|
Equity in earnings (losses) of unconsolidated affiliates |
|
|
2,734 |
|
|
|
(10,411 |
) |
|
|
— |
|
|
|
— |
|
|
|
(7,677 |
) |
Interest expense |
|
|
(44,521 |
) |
|
|
(48,732 |
) |
|
|
— |
|
|
|
— |
|
|
|
(93,253 |
) |
Realized and unrealized holding gains (losses) on investments and other |
|
|
5,756 |
|
|
|
24,995 |
|
|
|
(338 |
) |
|
|
— |
|
|
|
30,413 |
|
Income tax provision |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(301 |
) |
|
|
(301 |
) |
Net income (loss) |
|
|
26,490 |
|
|
|
(6,123 |
) |
|
|
19,655 |
|
|
|
(41,771 |
) |
|
|
(1,749 |
) |
Net loss attributable to redeemable noncontrolling interests |
|
|
— |
|
|
|
8,239 |
|
|
|
— |
|
|
|
— |
|
|
|
8,239 |
|
Net loss (income) attributable to noncontrolling interests |
|
|
(1,937 |
) |
|
|
15,320 |
|
|
|
— |
|
|
|
— |
|
|
|
13,383 |
|
Net income (loss) attributable to Acadia shareholders |
|
$ |
24,553 |
|
|
$ |
17,436 |
|
|
$ |
19,655 |
|
|
$ |
(41,771 |
) |
|
$ |
19,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Real estate at cost |
|
$ |
2,646,831 |
|
|
$ |
1,788,688 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,435,519 |
|
Total Assets |
|
$ |
2,566,450 |
|
|
$ |
1,599,755 |
|
|
$ |
124,949 |
|
|
$ |
— |
|
|
$ |
4,291,154 |
|
Cash paid for acquisition of real estate and leasehold interest |
|
$ |
— |
|
|
$ |
126,545 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
126,545 |
|
Cash paid for development and property improvement costs |
|
$ |
44,428 |
|
|
$ |
25,112 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
69,540 |
|
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 16, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 22, 2021 | |
| 2019 | Feb 21, 2020 | |
| 2018 | Feb 19, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 24, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.