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Variable Interest Entities - Schedule of Assets and Liabilities Included in Condensed Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
ASSETS        
Operating real estate, net $ 3,895,204 $ 3,543,974    
Real estate under development 142,110 129,619    
Investments in and advances to unconsolidated affiliates 177,969 209,232    
Other assets, net 236,985 223,767    
Right-of-use assets - operating leases, net 26,655 25,531    
Cash and cash equivalents 31,984 16,806 $ 18,795 $ 17,481
Restricted cash 24,320 22,897 8,119 $ 7,813
Rents receivable, net 58,209 58,022    
Total assets 4,735,676 [1],[2] 4,371,203 [1] $ 4,271,782 [2]  
Liabilities:        
Mortgage and other notes payable, net 1,055,832 953,700    
Accounts payable and other liabilities 247,704 232,726    
Lease liabilities - operating leases 28,933 [3] 27,920    
Total liabilities [1] 1,947,033 1,838,931    
VIE        
ASSETS        
Operating real estate, net 1,855,850 1,640,071    
Real estate under development 32,348 31,514    
Investments in and advances to unconsolidated affiliates 70,315 74,361    
Other assets, net 92,194 79,381    
Right-of-use assets - operating leases, net 1,865 1,978    
Cash and cash equivalents 28,448 15,934    
Restricted cash 13,272 11,013    
Rents receivable, net 27,473 27,317    
Total assets [4] 2,121,765 1,881,569    
Liabilities:        
Mortgage and other notes payable, net 902,293 799,734    
Accounts payable and other liabilities 127,613 120,088    
Lease liabilities - operating leases 1,961 2,077    
Total liabilities [4] $ 1,031,867 $ 921,899    
[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 Condensed Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,855.9 million and $1,640.1 million of Operating real estate, net; $32.3 million and $31.5 million of Real estate under development; $70.3 million and $74.4 million of Investments in and advances to unconsolidated affiliates; $92.2 million and $79.4 million of Other assets, net; $1.9 million and $2.0 million of Right-of-use assets - operating leases, net; $28.4 million and $15.9 million of Cash and cash equivalents; $13.3 million and $11.0 million of Restricted cash; $27.5 million and $27.3 million of Rents receivable, net; $902.3 million and $799.7 million of Mortgage and other notes payable, net; $127.6 million and $120.1 million of Accounts payable and other liabilities; $2.0 million and $2.1 million of Lease liability- operating leases as of March 31, 2025 and December 31, 2024, respectively.
[2] Total assets for the Investment Management segment include $537.4 million and $553.4 million related to Fund II’s City Point property as of March 31, 2025 and 2024, respectively.
[3] Minimum rental payments include $7.4 million of interest related to operating leases and $130.3 million related to finance leases and exclude options or renewals not reasonably certain of exercise.
[4] As of March 31, 2025 and December 31, 2024, includes total VIE assets of $692.7 million and $705.6 million, respectively, and total VIE liabilities of $234.1 million and $235.1 million, respectively, related to third-party mortgages that are collateralized by the real estate assets of City Point, a Fund II property, and 27 East 61st Street, 801 Madison Avenue, and 1035 Third Avenue, all Fund IV properties, of which $72.5 million is guaranteed by the Operating Partnership (Note 9). The remaining VIE assets are generally encumbered by third-party non-recourse mortgage debt and are collateral under the respective property mortgage loans and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The remaining VIE assets may only be used to settle obligations of these consolidated VIEs and the remaining VIE liabilities are only the obligations of these consolidated VIEs and they do not have recourse to the Operating Partnership or the Company.