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Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025												December 31, 2024
		Level 1				Level 2				Level 3				Level 1				Level 2				Level 3
Assets
Marketable equity securities		$	16,539			$	—			$	—			$	14,771			$	—			$	—
Derivative financial instruments			—				19,490				—				—				31,145				—
Liabilities
Derivative financial instruments			—				(1,859	)			—				—				(1,598	)			—

Schedule realized and unrealized gain (loss) on marketable securities

The following table represents the realized and unrealized gains (losses) on marketable securities included in Realized and unrealized holding gains (losses) on investments and other on the Company’s Condensed Consolidated Statements of Operations (in thousands):

	Three Months Ended March 31,
	2025				2024
Realized gain on marketable securities, net	$	—			$	3,994
Less: previously recognized unrealized gains on marketable securities sold during the period		—				(3,994	)
Unrealized gains (losses) on marketable securities still held as of the end of the period and through the disposition date on marketable securities sold during the period		1,768				(2,015	)
Realized and unrealized gains (losses) on marketable securities, net	$	1,768			$	(2,015	)

Schedule of Items Measured at Fair Value on Nonrecurring Basis

Impairment charges for the periods presented are as follows (in thousands):

Impairment Charge (a)

Property and Location

Owner

Triggering Event

Effective Date

Total

Acadia's Share

2025 Impairment Charges

640 Broadway Manhattan, NY

Fund III

Reduced holding period

Mar 31, 2025

$

6,450

$

1,583

Total 2025 Impairment Charges (b)

$

6,450

$

1,583

(a)The Company estimated the fair value of 640 Broadway based on a discounted cash flow analysis using a discount rate of 7.65% and a capitalization rate of 5.00%. As significant inputs to the models are unobservable, the Company determined that the value determined for this property falls within Level 3 of the fair value reporting hierarchy. The fair value of 640 Broadway was $48.1 million at the measurement date.

(b)Does not include the impairment charge of $0.1 million related to the Company’s investment in Fifth Wall (Note 4) which is recorded in Realized and unrealized holding gains (losses) on investments and other, in the Company’s condensed consolidated Statement of Operations.

Schedule of Derivative Financial Instruments

The Company had the following interest rate swaps and caps for the periods presented (information is as of March 31, 2025, unless otherwise noted, and dollars in thousands):

										Strike Rate								Fair Value
Derivative Instrument		Aggregate Notional Amount				Effective Date		Maturity Date		Low				High		Balance Sheet Location		March 31, 2025				December 31, 2024
Core
Interest Rate Swaps		$	606,000			May 2022—May 2023		Apr 2026—Jul 2030		1.98%		—		3.35%		Other Assets		$	18,255			$	28,173
Interest Rate Swaps			152,000			Dec 2022—Nov 2023		Nov 2026—Dec 2029		3.61%		—		4.50%		Accounts payable and other liabilities			(1,221	)			(1,316	)
		$	758,000															$	17,034			$	26,857
Fund II
Interest Rate Swap		$	50,000			Jan 2023		Dec 2029		3.23%	—			3.23%		Other Assets		$	771			$	1,615
Fund III
Interest Rate Cap		$	33,000			Sep 2023		Oct 2025		5.50%		—		5.50%		Other Assets		$	—			$	1
Fund IV
Interest Rate Cap		$	54,500			Dec 2023		Dec 2025		6.00%		—		6.00%		Other Assets		$	—			$	2
Fund V
Interest Rate Swaps		$	134,856			Apr 2022—Oct 2024		Apr 2025—Dec 2027		2.61%		—		3.72%		Other Assets		$	464			$	1,352
Interest Rate Swaps			127,499			Jun 2023—Dec 2024		Jun 2025—Dec 2027		4.08%		—		4.54%		Accounts payable and other liabilities			(638	)			(282	)
Interest Rate Cap			32,200			Aug 2023		Sep 2025		5.00%		—		5.00%		Other Assets			—				2
		$	294,555															$	(174	)		$	1,072
Total asset derivatives																		$	19,490			$	31,145
Total liability derivatives																		$	(1,859	)		$	(1,598	)

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, 2025								December 31, 2024
		Level				Carrying Amount				Estimated Fair Value				Carrying Amount				Estimated Fair Value
Notes Receivable (a)			3			$	125,701			$	126,193			$	126,584			$	127,485
City Point Loan (a)			3				66,741				67,502				66,741				68,204
Mortgage and Other Notes Payable (a)			3				1,059,273				1,052,552				958,947				954,276
Investment in non-traded equity securities (b)			3				3,762				3,762				4,073				4,073
Unsecured notes payable and Unsecured line of credit (c)			2				575,000				576,631				589,000				589,018

(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 changes in interest rates. 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. Amounts exclude discounts and loan costs. The estimated market rates are between 3.92% to 13.23% for the Company’s notes receivable and City Point Loan, and 5.05% to 7.69% for the Company’s property mortgage loans and other notes payable, depending on the attributes of the specific loans.

(b)Includes 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 instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity.

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Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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