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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
ASSETS    
Operating real estate, net $ 3,499,695 $ 3,517,281
Real estate under development 96,594 94,799
Net investments in real estate 3,596,289 3,612,080
Notes receivable, net ($1,416 and $1,279 of allowance for credit losses as of March 31, 2024 and December 31, 2023, respectively) 118,877 124,949
Investments in and advances to unconsolidated affiliates 198,702 197,240
Other assets, net 212,699 208,460
Right-of-use assets - operating leases, net 28,348 29,286
Cash and cash equivalents 18,795 17,481
Restricted cash 8,119 7,813
Marketable securities 27,274 33,284
Rents receivable, net 51,532 49,504
Assets of properties held for sale 11,147 11,057
Total assets [1] 4,271,782 [2] 4,291,154
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY    
Mortgage and other notes payable, net 962,468 930,127
Unsecured notes payable, net 646,524 726,727
Unsecured line of credit 114,687 213,287
Accounts payable and other liabilities 218,116 229,375
Lease liability - operating leases 30,620 31,580
Dividends and distributions payable 19,978 18,520
Distributions in excess of income from, and investments in, unconsolidated affiliates 7,858 7,982
Total liabilities [1] 2,000,251 2,157,598
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests (Note 10) 45,462 50,339
Acadia Shareholders' Equity    
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 103,155,933 and 95,361,676 shares, respectively 103 95
Additional paid-in capital 2,078,295 1,953,521
Accumulated other comprehensive income 46,942 32,442
Distributions in excess of accumulated earnings (364,440) (349,141)
Total Acadia shareholders’ equity 1,760,900 1,636,917
Noncontrolling interests 465,169 446,300
Total equity 2,226,069 2,083,217
Total liabilities, redeemable noncontrolling interests, and equity $ 4,271,782 $ 4,291,154
[1] 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 consolidated balance sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,672.4 million and $1,679.8 million of Operating real estate, net; $29.0 million and $28.9 million of Real estate under development; $90.2 million and $92.8 million of Investments in and advances to unconsolidated affiliates; $96.7 million and $101.7 million of Other assets, net; $2.0 million and $2.1 million of Right-of-use assets - operating leases, net; $15.5 million and $10.8 million of Cash and cash equivalents; $6.6 million and $7.0 million of Restricted cash; $22.5 million and $21.4 million of Rents receivable, net; $804.7 million and $764.6 million of Mortgage and other notes payable, net; $0.0 million and $80.5 million of Unsecured notes payable, net; $130.5 million and $127.2 million of Accounts payable and other liabilities; $2.1 million and $2.2 million of Lease liability- operating leases, net as of March 31, 2024 and December 31, 2023, respectively.
[2] otal assets for the Funds segment include $553.4 million and $670.8 million related to Fund II’s City Point property as of March 31, 2024 and 2023, respectively.