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Variable Interest Entities - Schedule of Assets and Liabilities Included in Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
ASSETS        
Operating real estate, net $ 3,446,912 $ 3,517,281    
Real estate under development 101,802 94,799    
Investments in and advances to unconsolidated affiliates 203,410 197,240    
Other assets, net 213,779 208,460    
Right-of-use assets - operating leases, net 27,748 29,286    
Cash and cash equivalents 31,915 17,481 $ 17,193 $ 17,158
Restricted cash 23,139 7,813 12,325 $ 15,063
Rents receivable, net 54,012 49,504    
Total assets 4,251,038 [1],[2] 4,291,154 [1] $ 4,204,159 [2]  
Liabilities:        
Mortgage and other notes payable, net 955,069 930,127    
Unsecured notes payable, net 644,313 726,727    
Accounts payable and other liabilities 218,095 229,375    
Lease liability - operating leases 29,964 31,580    
Total liabilities [1] 1,971,473 2,157,598    
VIE        
ASSETS        
Operating real estate, net 1,654,533 1,679,779    
Real estate under development 29,964 28,851    
Investments in and advances to unconsolidated affiliates 91,070 92,802    
Other assets, net 90,280 101,679    
Right-of-use assets - operating leases, net 2,214 2,112    
Cash and cash equivalents 20,719 10,787    
Restricted cash 10,768 7,048    
Rents receivable, net 23,922 21,427    
Total assets [3] 1,923,470 1,944,485    
Liabilities:        
Mortgage and other notes payable, net 800,269 764,614    
Unsecured notes payable, net 0 80,473    
Accounts payable and other liabilities 128,053 127,162    
Lease liability - operating leases 2,304 2,213    
Total liabilities [3] $ 930,626 $ 974,462    
[1] Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") (Note 15). The Condensed Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,654.5 million and $1,679.8 million of Operating real estate, net; $30.0 million and $28.9 million of Real estate under development; $91.1 million and $92.8 million of Investments in and advances to unconsolidated affiliates; $90.3 million and $101.7 million of Other assets, net; $2.2 million and $2.1 million of Right-of-use assets - operating leases, net; $20.7 million and $10.8 million of Cash and cash equivalents; $10.8 million and $7.0 million of Restricted cash; $23.9 million and $21.4 million of Rents receivable, net; $800.3 million and $764.6 million of Mortgage and other notes payable, net; $0.0 million and $80.5 million of Unsecured notes payable, net; $128.1 million and $127.2 million of Accounts payable and other liabilities; $2.3 million and $2.2 million of Lease liability- operating leases, net as of June 30, 2024 and December 31, 2023, respectively.
[2] Total assets for the Investment Management segment include $549.3 million and $672.7 million related to Fund II’s City Point property as of June 30, 2024 and 2023, respectively.
[3] As of June 30, 2024 and December 31, 2023, includes total VIE assets of $712.5 million and $721.2 million, respectively, and total VIE liabilities of $236.9 million and $234.7 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, all Fund IV properties, of which $72.5 million is guaranteed by the Operating Partnership (Note 9). 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.