Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):

	December 31, 2022							December 31, 2021
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Assets
Money market funds	$	—	$	—		$	—	$	—	$	—		$	—
Derivative financial instruments		—		54,902			—		—		7			—
Investment in Albertsons (Note 4)		85,403		—			—		124,316		—			—
Liabilities
Derivative financial instruments		—		(46	)		—		—		(45,027	)		—

Schedule of Items Measured at Fair Value on Nonrecurring Basis

During 2021, the Company was impacted by the COVID-19 Pandemic, which caused the Company to reduce its forecasted operating income at certain properties. As a result, several impairments were recorded. Impairment charges for the periods presented are as follows (in thousands):

					Impairment Charge
Property and Location	Owner	Triggering Event	Level 3 Inputs	Effective Date	Total		Acadia's Share
2022 Impairment Charges
146 Geary Street, San Francisco, CA	Fund IV	Reduced projected operating income	Projections of: holding period, net operating income, cap rate, incremental costs	Sept 30, 2022	$	12,435	$	2,875
717 N. Michigan Avenue, Chicago, IL	Fund IV	Reduced holding period and intended use	Offering price	Sept 30, 2022		20,876		4,827
Total 2022 Impairment Charges					$	33,311	$	7,702
2021 Impairment Charges
210 Bowery commercial unit, New York, NY	Fund IV	Reduced projected operating income	Projections of: holding period, net operating income, cap rate, incremental costs	Sept 30, 2021	$	3,016	$	697
27 E. 61st Street New York, NY	Fund IV	Reduced projected operating income	Projections of: holding period, net operating income, cap rate, incremental costs	Sept 30, 2021		6,909		1,597
Total 2021 Impairment Charges					$	9,925	$	2,294

Schedule of Derivative Financial Instruments

The Company had the following interest rate swaps and caps for the periods presented (dollars in thousands):

					Strike Rate								Fair Value
Derivative Instrument	Aggregate Notional Amount		Effective Date	Maturity Date	Low				High			Balance Sheet Location	December 31, 2022			December 31, 2021
Core
Interest Rate Swaps	$	50,000	Dec 2022	Dec 2029		3.61	%	—		3.61	%	Other Liabilities	$	(46	)	$	(40,650	)
Interest Rate Swap		806,000	Mar 2015 - Aug 2022	Mar 2023 - Jul 2030		2.10	%	—		3.36	%	Other Assets		40,884			—
	$	856,000											$	40,838		$	(40,650	)
Fund II
Interest Rate Swap (a)	$	—	Jan 2023	Dec 2029		3.23	%	—		3.23	%	Other Assets	$	1,108		$	—
Fund III
Interest Rate Cap	$	35,970	Jul 2022	Jul 2023		3.50	%	—		3.50	%	Other Assets	$	232		$	—
Fund IV
Interest Rate Swaps	$	—										Other Liabilities	$	—		$	(167	)
Interest Rate Caps		76,338	Jul 2021 - Dec 2022	Jul 2023 - Dec 2023		3.00	%	—		3.50	%	Other Assets		1,093			7
	$	76,338											$	1,093		$	(160	)
Fund V
Interest Rate Swaps (b)	$	308,014	Jun 2018 - Jan 2023	Jan 2023 - Dec 2027		0.91	%	—		3.36	%	Other Assets	$	11,585		$	—
Interest Rate Swaps		—										Other Liabilities		—			(4,210	)
	$	308,014											$	11,585		$	(4,210	)
Total asset derivatives													$	54,902		$	7
Total liability derivatives													$	(46	)	$	(45,027	)

a)Includes one swap with an aggregate fair value of $1.1 million at December 31, 2022, with a notional value of $50.0 million which was acquired during December 2022 and is not effective until January 2023.

b)Includes one swap with an aggregate fair value of $0.8 million at December 31, 2022, with a notional value of $50.0 million which was acquired during December 2022 and is not effective until January 2023.

Schedule of Other Financial Instruments Carrying Values and Fair values

The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable):

			December 31, 2022				December 31, 2021
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable (a)		3	$	123,903	$	122,716	$	153,886	$	154,093
City Point Loan (a)		3		65,945		65,856		—		—
Mortgage and Other Notes Payable (a)		3		935,917		906,348		1,143,805		1,125,571
Investment in non-traded equity securities (b)		3		4,160		5,593		3,656		4,062
Unsecured notes payable and Unsecured line of credit (c)		2		869,497		868,399		675,933		680,171

a)The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. Amounts exclude discounts and loan costs. The estimated market rates are between 5.27% to 13.92% for the Company's notes receivable and City Point Loan, and 6.27% to 10.82% for the Company's mortgage and other notes payable, depending on the attributes of the specific loans.

b)Represents the Operating Partnership’s cost-method investment in Fifth Wall (Note 4).

c)The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.