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Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 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):
|  | March 31, 2020 |  |  | December 31, 2019 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Derivative financial instruments |  |  | — |  |  |  | 14 |  |  |  | — |  |  |  | — |  |  |  | 2,583 |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  | — |  |  |  | 104,253 |  |  |  | — |  |  |  | — |  |  |  | 39,061 |  |  |  | — |
Schedule of Items Measured at Fair Value on Nonrecurring Basis | During March of 2020, the Company was impacted by the COVID-19 Pandemic (Note 15), which caused the Company to re-evaluate its holding periods and forecasted operating income at certain properties. As a result, several impairments were recorded at Fund assets. Impairment charges for the periods presented are as follows (in thousands):
|  |  |  |  |  |  |  |  |  | Impairment Charge |
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 |  | 3/31/2020 |  | $ | 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 |  | 3/31/2020 |  |  | 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 |  | 3/31/2020 |  |  | 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 |  | 3/31/2020 |  |  | 11,031 |  |  |  | 2,551 |
Total 2020 Impairment Charges |  |  |  |  |  |  |  |  |  | $ | 51,549 |  |  | $ | 12,400 |
2019 Impairment Charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
210 Bowery residential units |  | Fund IV |  | Reduced selling price |  | Contract sales price |  | 9/30/2019 |  | $ | 321 |  |  | $ | 74 |
210 Bowery residential units |  | Fund IV |  | Reduced selling price |  | Offering price |  | 6/30/2019 |  |  | 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 |  | March 31, 2020 |  |  | December 31, 2019 |
Core |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  | $ | 562,297 |  |  | Dec 2012-Apr 2023 |  |  | Jul 2020-Apr 2033 |  |  |  | 1.24 | % |  | — |  |  | 3.77 | % |  | Other Liabilities (a) |  | $ | (85,461 | ) |  | $ | (33,750 | )
Interest Rate Swaps |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | Other Assets |  |  | — |  |  |  | 456 |
|  | $ | 562,297 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (85,461 | ) |  | $ | (33,294 | )
Fund II |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap |  | $ | 19,007 |  |  | Oct 2014 |  |  | Nov 2021 |  |  |  | 2.88 | % |  | — |  |  | 2.88 | % |  | Other Liabilities |  | $ | (380 | ) |  | $ | (139 | )
Interest Rate Cap |  |  | 45,000 |  |  | Mar 2019 |  |  | Mar 2022 |  |  |  | 3.50 | % |  | — |  |  | 3.50 | % |  | Other Assets |  |  | 12 |  |  |  | 1 |
|  | $ | 64,007 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (368 | ) |  | $ | (138 | )
Fund III |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Cap |  | $ | 39,470 |  |  | Jan 2020 |  |  | Jan 2021 |  |  |  | 3.00 | % |  | — |  |  | 3.00 | % |  | Other Assets |  | $ | — |  |  | $ | — |
Fund IV |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | Other Assets |  |  | — |  |  | $ | 22 |
Interest Rate Swaps |  |  | 79,208 |  |  | Mar 2017 - Dec 2019 |  |  | Apr 2022 - Dec 2022 |  |  |  | 1.48 | % |  | — |  |  | 4.00 | % |  | Other Liabilities |  |  | (2,782 | ) |  |  | (812 | )
Interest Rate Caps |  |  | 90,600 |  |  | July 2019 - Dec 2019 |  |  | Dec 2020 - July 2021 |  |  |  | 3.00 | % |  | — |  |  | 3.50 | % |  | Other Assets |  |  | 2 |  |  |  | — |
|  | $ | 169,808 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,780 | ) |  | $ | (790 | )
Fund V |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  | — |  |  | — |  |  | Other Assets |  |  | — |  |  | $ | 2,104 |
Interest Rate Swaps |  |  | 334,593 |  |  | Jan 2018-Nov 2019 |  |  | Feb 2021-Oct 2024 |  |  |  | 1.25 | % |  | — |  |  | 2.88 | % |  | Other Liabilities |  |  | (15,630 | ) |  |  | (4,360 | )
|  | $ | 334,593 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (15,630 | ) |  | $ | (2,256 | )
Total asset derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 14 |  |  | $ | 2,583 |
Total liability derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (104,253 | ) |  | $ | (39,061 | )
| (a) | Includes two swaps with an aggregate fair value of ($25.4) million and ($11.8) million at March 31, 2020 and December 31, 2019, respectively, which were acquired during July 2018 with a notional value of $125.0 million and are not effective until July 2020. Includes one swap with an aggregate value of ($2.8) million at March 31, 2020, which was acquired during February 2020 with a notional value of $50.0 million and is not effective until April 2023. Includes one swap with an aggregate fair value of ($2.6) million at March 31, 2020, which was acquired during February 2020 with a notional value of $50.0 million and is not effective until April 2023.
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):
|  |  |  |  |  | March 31, 2020 |  |  | December 31, 2019 |
|  | Level |  |  | Carrying Amount |  |  | Estimated Fair Value |  |  | Carrying Amount |  |  | Estimated Fair Value |
Notes Receivable (a) |  |  | 3 |  |  | $ | 174,089 |  |  | $ | 175,462 |  |  | $ | 114,943 |  |  | $ | 113,422 |
Mortgage and Other Notes Payable (a) |  |  | 3 |  |  |  | 1,178,705 |  |  |  | 1,183,469 |  |  |  | 1,179,503 |  |  |  | 1,191,281 |
Investment in non-traded equity securities (b) |  |  | 3 |  |  |  | 2,019 |  |  |  | 57,866 |  |  |  | 1,778 |  |  |  | 57,964 |
Unsecured notes payable and Unsecured line of credit (c) |  |  | 2 |  |  |  | 655,670 |  |  |  | 650,323 |  |  |  | 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 Fund II’s cost-method investment in Albertsons’ supermarkets and the Operating Partnership’s cost-method investment in Fifth Wall (Note 4).
(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.

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=117815213&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=118260190&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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