CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Jun. 30, 2025		Dec. 31, 2024
ASSETS
Operating real estate, net		$ 3,962,806		$ 3,543,974
Real estate under development		153,196		129,619
Net investments in real estate		4,116,002		3,673,593
Notes receivable, net ($1,704 and $2,004 of allowance for credit losses as of June 30, 2025 and December 31, 2024, respectively)	[1]	154,682		126,584
Investments in and advances to unconsolidated affiliates		172,418		209,232
Other assets, net		219,598		223,767
Right-of-use assets - operating leases, net		25,609		25,531
Cash and cash equivalents		42,780		16,806
Restricted cash		25,029		22,897
Securities held at fair value		10,908		14,771
Rents receivable, net		61,099		58,022
Assets of properties held for sale		47,444		0
Total assets	[2]	4,875,569	[3]	4,371,203
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable, net		1,007,588		953,700
Unsecured notes payable, net		743,049		569,566
Unsecured line of credit		53,500		14,000
Accounts payable and other liabilities		270,985		232,726
Lease liabilities - operating leases		27,980	[4]	27,920
Dividends and distributions payable		27,748		24,505
Distributions in excess of income from, and investments in, unconsolidated affiliates		17,223		16,514
Liabilities of properties held for sale		163		0
Total liabilities	[2]	2,148,236		1,838,931
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests (Note 10)		21,174		30,583
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 131,010,546 and 119,657,594 shares as of June 30, 2025 and December 31, 2024, respectively		131		120
Additional paid-in capital		2,707,218		2,436,285
Accumulated other comprehensive income		19,982		38,650
Distributions in excess of accumulated earnings		(458,205)		(409,383)
Total Acadia shareholders’ equity		2,269,126		2,065,672
Noncontrolling interests		437,033		436,017
Total equity		2,706,159		2,501,689
Total liabilities, redeemable noncontrolling interests, and equity		$ 4,875,569		$ 4,371,203

[1] Includes Notes receivable, net from related parties of $14.1 million and $14.8 million as of June 30, 2025 and December 31, 2024, 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 15). The Condensed Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,828.6 million and $1,640.1 million of Operating real estate, net; $33.2 million and $31.5 million of Real estate under development; $64.4 million and $74.4 million of Investments in and advances to unconsolidated affiliates; $88.6 million and $79.4 million of Other assets, net; $1.8 million and $2.0 million of Right-of-use assets - operating leases, net; $28.2 million and $15.9 million of Cash and cash equivalents; $13.8 million and $11.0 million of Restricted cash; $28.0 million and $27.3 million of Rents receivable, net; $904.5 million and $799.7 million of Mortgage and other notes payable, net; $130.0 million and $120.1 million of Accounts payable and other liabilities; $1.8 million and $2.1 million of Lease liability- operating leases as of June 30, 2025 and December 31, 2024, respectively.

[3] Total assets for the Investment Management segment include $533.7 million and $549.3 million related to Fund II’s City Point property as of June 30, 2025 and 2024, respectively.

[4] Minimum rental payments include $7.0 million of interest related to operating leases and $129.7 million related to finance leases. These amounts exclude lease renewal options that not reasonably certain to be exercised.