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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Operating real estate, net $ 3,450,575 $ 3,517,281
Real estate under development 109,778 94,799
Net investments in real estate 3,560,353 3,612,080
Notes receivable, net ($1,835 and $1,279 of allowance for credit losses as of September 30, 2024 and December 31, 2023 respectively) [1] 126,576 124,949
Investments in and advances to unconsolidated affiliates 187,363 197,240
Other assets, net 196,920 208,460
Right-of-use assets - operating leases, net 26,820 29,286
Cash and cash equivalents 46,207 17,481
Restricted cash 23,088 7,813
Marketable securities 17,503 33,284
Rents receivable, net 55,615 49,504
Assets of properties held for sale 35,878 11,057
Total assets [2] 4,276,323 [3] 4,291,154
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY    
Mortgage and other notes payable, net 954,371 930,127
Unsecured notes payable, net 569,242 726,727
Unsecured line of credit 56,000 213,287
Accounts payable and other liabilities 221,506 229,375
Lease liability - operating leases 29,013 31,580
Dividends and distributions payable 22,995 18,520
Distributions in excess of income from, and investments in, unconsolidated affiliates 7,797 7,982
Liabilities of properties held for sale 5,435 0
Total liabilities [2] 1,866,359 2,157,598
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests (Note 10) 35,037 50,339
Acadia Shareholders' Equity    
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 113,902,348 and 95,361,676 shares, respectively 114 95
Additional paid-in capital 2,304,534 1,953,521
Accumulated other comprehensive income 17,251 32,442
Distributions in excess of accumulated earnings (395,172) (349,141)
Total Acadia shareholders’ equity 1,926,727 1,636,917
Noncontrolling interests 448,200 446,300
Total equity 2,374,927 2,083,217
Total liabilities, redeemable noncontrolling interests, and equity $ 4,276,323 $ 4,291,154
[1] Includes Notes receivable, net from related parties of $14.6 million and $6.4 million as of September 30, 2024 and December 31, 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 15). The Condensed Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,647.8 million and $1,679.8 million of Operating real estate, net; $30.7 million and $28.9 million of Real estate under development; $73.1 million and $92.8 million of Investments in and advances to unconsolidated affiliates; $81.8 million and $101.7 million of Other assets, net; $2.1 million and $2.1 million of Right-of-use assets - operating leases, net; $35.5 million and $10.8 million of Cash and cash equivalents; $10.2 million and $7.0 million of Restricted cash; $26.5 million and $21.4 million of Rents receivable, net; $800.0 million and $764.6 million of Mortgage and other notes payable, net; $0.0 million and $80.5 million of Unsecured notes payable, net; $124.4 million and $127.2 million of Accounts payable and other liabilities; $2.2 million and $2.2 million of Lease liability- operating leases, net as of September 30, 2024 and December 31, 2023, respectively.
[3] Total assets for the Investment Management segment include $545.3 million and $563.2 million related to Fund II’s City Point property as of September 30, 2024 and 2023, respectively.