Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020						December 31, 2019
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money market funds	$	—	$	—	$	—	$	—	$	—	$	—
Derivative financial instruments		—		1		—		—		2,583		—
Investment in Albertsons (Note 4)		72,391		—		—		—		—		—
Liabilities
Derivative financial instruments		—		90,139		—		—		39,061		—

Schedule of Items Measured at Fair Value on Nonrecurring Basis

During 2020, the Company was impacted by the COVID-19 Pandemic (Note 1), which caused the Company to reduce its holding periods and forecasted operating income at certain properties. As a result, several impairments were recorded. Impairment charges for the periods presented are as follows (in thousands):

Property and Location	Owner	Triggering Event	Level 3 Inputs	Effective Date	Total		Acadia's Share
2020 Impairment Charges
Cortlandt Crossing, Mohegan Lake, NY	Fund III	Reduced holding period, reduced projected operating income	Projections of: holding period, net operating income, cap rate, incremental costs	Mar 31, 2020	$	27,402	$	6,726
654 Broadway, New York, NY	Fund III	Reduced holding period	Projections of: holding period, net operating income, cap rate, incremental costs	Mar 31, 2020		6,398		1,570
146 Geary Street, San Francisco, CA	Fund IV	Reduced holding period, reduced projected operating income	Projections of: holding period, net operating income, cap rate, incremental costs	Mar 31, 2020		6,718		1,553
801 Madison Avenue, New York, NY	Fund IV	Reduced holding period, reduced projected operating income	Projections of: holding period, net operating income, cap rate, incremental costs	Mar 31, 2020		11,031		2,551
717 N. Michigan Avenue, Chicago, IL	Fund IV	Reduced holding period, reduced projected operating income	Projections of: holding period, net operating income, cap rate, incremental costs	Dec 31, 2020		17,392		4,021
110 University, New York, NY	Fund IV	Reduced holding period, reduced projected operating income	Projections of: holding period, net operating income, cap rate, incremental costs	Dec 31, 2020		16,238		3,754
Fifth Wall Investment	Core	Decline in fair value	Projections of: reported fair value of net assets	Dec 31, 2020		419		419
Total 2020 Impairment Charges					$	85,598	$	20,594
2019 Impairment Charges
210 Bowery residential units	Fund IV	Reduced selling price	Contract sales price	Sep 30, 2019	$	321	$	74
210 Bowery residential units	Fund IV	Reduced selling price	Offering price	Jun 30, 2019		1,400		321
Total 2019 Impairment Charges					$	1,721	$	395

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, 2020			December 31, 2019
Core
Interest Rate Swaps	$	532,796	Dec 2012-Apr 2023		Jun 2021-Apr 2033			1.24	%	—		3.77	%	Other Liabilities (a)	$	(74,990	)	$	(33,750	)
Interest Rate Swap		39,352	Nov 2015		Jan 2021			1.31	%	—		1.31	%	Other Assets		—			456
	$	572,148													$	(74,990	)	$	(33,294	)
Fund II
Interest Rate Swap	$	18,803	Oct 2014		Nov 2021			2.88	%	—		2.88	%	Other Liabilities	$	(219	)	$	(139	)
Interest Rate Cap		45,000	Mar 2019		Mar 2022			3.50	%	—		3.50	%	Other Assets		—			1
	$	63,803													$	(219	)	$	(138	)
Fund III
Interest Rate Caps	$	39,470	Jan 2020 -Jan 2021		Jan 2021-Jul 2022			3.00	%	—		3.00	%	Other Assets (b)	$	—		$	—
Fund IV
Interest Rate Swaps	$	—		—		—		—		—		—		Other Assets	$	—		$	22
Interest Rate Swaps		66,590	Mar 2017 - Dec 2019		Apr 2022 - Dec 2022			1.48	%	—		4.00	%	Other Liabilities		(1,713	)		(812	)
Interest Rate Caps		77,400	July 2019 - Dec 2020		Jul 2021 - Dec 2022			3.00	%	—		3.50	%	Other Assets		1			—
	$	143,990													$	(1,712	)	$	(790	)
Fund V
Interest Rate Swaps	$	—		—		—		—		—		—		Other Assets	$	—		$	2,104
Interest Rate Swaps		334,323	Jan 2018-Nov 2019		Feb 2021-Oct 2024			1.25	%	—		2.88	%	Other Liabilities		(13,217	)		(4,360	)
	$	334,323													$	(13,217	)	$	(2,256	)
Total asset derivatives															$	1		$	2,583
Total liability derivatives															$	(90,139	)	$	(39,061	)

(a) Includes one swap with an aggregate value of ($1.8) million at December 31, 2020, which was acquired during February 2020 with a notional value of $50.0 million and is not effective until April 2022. Includes one swap with an aggregate fair value of ($1.3) million at December 31, 2020, which was acquired during February 2020 with a notional value of $50.0 million and is not effective until April 2023.

(b) Includes one cap with an aggregate fair value of zero at December 31, 2020, which was acquired during November 2020 with a notional value of zero and is not effective until January 2021.  

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, 2020				December 31, 2019
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable (a)		3	$	101,450	$	102,135	$	114,943	$	113,422
Mortgage and Other Notes Payable (a)		3		1,131,315		1,111,354		1,179,503		1,191,281
Investment in non-traded equity securities (b)		3		1,726		1,456		1,778		57,964
Unsecured notes payable and Unsecured line of credit (c)		2		638,739		623,392		538,425		539,362

(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.

(b) Represents the Operating Partnership’s cost-method investment in Fifth Wall (Note 4). Fair value as of December 31, 2019 also represents Mervyns II’s cost-method Investment in Albertsons, which is carried at fair value at December 31, 2020 and, therefore, is no longer reflected in the table above.

(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.