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Variable Interest Entities - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
ASSETS        
Operating real estate, net $ 3,543,974 $ 3,517,281    
Real estate under development 129,619 94,799    
Investments in and advances to unconsolidated affiliates 209,232 197,240    
Other assets, net 223,767 208,460    
Right-of-use assets - operating leases, net 25,531 29,286    
Cash and cash equivalents 16,806 17,481 $ 17,158 $ 17,746
Restricted cash 22,897 7,813 15,063 $ 9,813
Rents receivable, net 58,022 49,504    
Total assets 4,371,203 [1],[2] 4,291,154 [1],[2] $ 4,302,582  
Liabilities:        
Mortgage and other notes payable, net 953,700 930,127    
Unsecured notes payable, net 569,566 726,727    
Accounts payable and other liabilities 232,726 229,375    
Lease liabilities - operating leases 27,920 31,580    
Total liabilities [1] 1,838,931 2,157,598    
VIE        
ASSETS        
Operating real estate, net 1,640,071 1,679,779    
Real estate under development 31,514 28,851    
Investments in and advances to unconsolidated affiliates 74,361 92,802    
Other assets, net 79,381 101,679    
Right-of-use assets - operating leases, net 1,978 2,112    
Cash and cash equivalents 15,934 10,787    
Restricted cash 11,013 7,048    
Rents receivable, net 27,317 21,427    
Total assets [3] 1,881,569 1,944,485    
Liabilities:        
Mortgage and other notes payable, net 799,734 764,614    
Unsecured notes payable, net 0 80,473    
Accounts payable and other liabilities 120,088 127,162    
Lease liabilities - operating leases 2,077 2,213    
Total liabilities [3] $ 921,899 $ 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 16). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,640.1 million and $1,679.8 million of Operating real estate, net; $31.5 million and $28.9 million of Real estate under development; $74.4 million and $92.8 million of Investments in and advances to unconsolidated affiliates; $79.4 million and $101.7 million of Other assets, net; $2.0 million and $2.1 million of Right-of-use assets - operating leases, net; $15.9 million and $10.8 million of Cash and cash equivalents; $11.0 million and $7.0 million of Restricted cash; $27.3 million and $21.4 million of Rents receivable, net; $799.7 million and $764.6 million of property mortgage loans and other notes payable, net; $0.0 million and $80.5 million of Unsecured notes payable, net; $120.1 million and $127.2 million of Accounts payable and other liabilities; $2.1 million and $2.2 million of Lease liability- operating leases as of December 31, 2024 and 2023, respectively.
[2] Total assets for the Investment Management segment include $515.2 million, $555.8 million, and $569.1 million related to Fund II’s City Point property at December 31, 2024, 2023, and 2022, respectively.
[3] At December 31, 2024 and December 31, 2023, totals included VIE assets of $705.6 million and $721.2 million, respectively, and VIE liabilities of $235.1 million and $234.7 million, respectively, related to third-party property mortgage loans 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 property mortgage debt and are collateral under the respective property mortgage loans 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.