XML 144 R124.htm IDEA: XBRL DOCUMENT v3.22.4
Variable Interest Entities - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
ASSETS        
Operating real estate, net $ 3,343,265 $ 3,219,373    
Real estate under development 184,602 203,773    
Notes receivable, net 123,903 153,886    
Investments in and advances to unconsolidated affiliates 291,156 322,326    
Other assets, net 229,591 186,509    
Right-of-use assets - operating leases, net 37,281 40,743    
Cash and cash equivalents 17,158 17,746 $ 18,699 $ 14,149
Restricted cash 15,063 9,813 11,096 $ 13,880
Rents receivable, net 49,506 43,625    
Total assets 4,302,582 [1],[2] 4,261,746 [1],[2] $ 4,131,069  
LIABILITIES        
Mortgage and other notes payable, net 928,639 1,140,293    
Unsecured notes payable, net 696,134 559,040    
Accounts payable and other liabilities 196,491 236,415    
Lease liability - operating leases, net 35,271 38,759    
Total liabilities [2] 2,053,722 2,111,811    
VIE        
ASSETS        
Operating real estate, net 1,466,381 1,482,636    
Real estate under development 129,888 161,485    
Notes receivable, net 0 725    
Investments in and advances to unconsolidated affiliates 210,922 200,827    
Other assets, net 98,675 94,303    
Right-of-use assets - operating leases, net 2,535 2,935    
Cash and cash equivalents 13,330 9,761    
Restricted cash 14,995 9,757    
Rents receivable, net 17,915 16,126    
Total assets [3] 1,954,641 1,978,555    
LIABILITIES        
Mortgage and other notes payable, net 761,166 948,045    
Unsecured notes payable, net 51,202 162,828    
Accounts payable and other liabilities 95,385 96,212    
Lease liability - operating leases, net 2,657 3,077    
Total liabilities [3] $ 910,410 $ 1,210,162    
[1] Real estate at cost and total assets for the Funds segment include $663.4 million and $657.0 million, or $272.1 million and $190.9 million net of non-controlling interests, related to Fund II’s City Point property at December 31, 2022 and 2021, respectively.
[2] Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") (Note 16). The consolidated balance sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,466.4 million and $1,482.6 million of Operating real estate, net; $129.9 million and $161.5 million of Real estate under development; $- and $0.7 million of Notes receivable, net; $210.9 million and $200.8 million of Investments in and advances to unconsolidated affiliates; $98.7 million and $94.3 million of Other assets, net; $2.5 million and $2.9 million of Right-of-use assets - operating leases, net; $13.3 million and $9.8 million of Cash and cash equivalents; $15.0 million and $9.8 million of Restricted cash; $17.9 million and $16.1 million of Rents receivable, net; $761.2 million and $948.0 million of Mortgage and other notes payable, net; $51.2 million and $162.8 million of Unsecured notes payable, net; $95.4 million and $96.2 million of Accounts payable and other liabilities; $2.7 million and $3.1 million of Lease liability- operating leases, net as of December 31, 2022 and 2021, respectively.
[3] At December 31, 2022 and December 31, 2021, includes total VIE assets of $678.1 million and $694.3 million, respectively, and total VIE liabilities of $200.4 million and $393.9 million, respectively, related to third-party mortgages that are collateralized by the real estate assets of City Point, a Fund II property, and 27 East 61st Street, 801 Madison Avenue, and 1035 Third Avenue, Fund IV properties, of which $72.5 million is guaranteed by the Operating Partnership (Note 7). The remaining VIE assets are generally encumbered by third-party non-recourse mortgage debt and are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The remaining VIE assets may only be used to settle obligations of these consolidated VIEs and the remaining VIE liabilities are only the obligations of these consolidated VIEs and they do not have recourse to the Operating Partnership or the Company.