CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
ASSETS
Operating real estate, net		$ 3,543,974	$ 3,517,281
Real estate under development		129,619	94,799
Net investments in real estate		3,673,593	3,612,080
Notes receivable, net ($2,004 and $1,279 of allowance for credit losses as of December 31, 2024 and December 31, 2023, respectively)	[1]	126,584	124,949
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
Restricted cash		22,897	7,813
Marketable securities		14,771	33,284
Rents receivable, net		58,022	49,504
Assets of properties held for sale		0	11,057
Total assets	[2],[3]	4,371,203	4,291,154
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable, net		953,700	930,127
Unsecured notes payable, net		569,566	726,727
Unsecured line of credit		14,000	213,287
Accounts payable and other liabilities		232,726	229,375
Lease liabilities - operating leases		27,920	31,580
Dividends and distributions payable		24,505	18,520
Distributions in excess of income from, and investments in, unconsolidated affiliates		16,514	7,982
Total liabilities	[2]	1,838,931	2,157,598
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests (Note 10)		30,583	50,339
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 119,657,594 and 95,361,676 shares, respectively		120	95
Additional paid-in capital		2,436,285	1,953,521
Accumulated other comprehensive income		38,650	32,442
Distributions in excess of accumulated earnings		(409,383)	(349,141)
Total Acadia shareholders’ equity		2,065,672	1,636,917
Noncontrolling interests		436,017	446,300
Total equity		2,501,689	2,083,217
Total liabilities, redeemable noncontrolling interests, and equity		$ 4,371,203	$ 4,291,154

[1] Includes Notes receivable, net from related parties of $14.8 million and $6.4 million as of December 31, 2024 and 2023, respectively (Note 3).

[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: $1,640.1 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.

[3] 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.