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Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 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):
|  | September 30, 2025 |  |  | December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable equity securities |  | $ | 4,502 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,771 |  |  | $ | — |  |  | $ | — |
Derivative financial instruments |  |  | — |  |  |  | 10,664 |  |  |  | — |  |  |  | — |  |  |  | 31,145 |  |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative financial instruments |  |  | — |  |  |  | (3,331 | ) |  |  | — |  |  |  | — |  |  |  | (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 September 30, |  |  | Nine Months Ended September 30, |
| 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Realized gain on marketable securities, net | $ | 4,355 |  |  | $ | 2,923 |  |  | $ | 9,761 |  |  | $ | 10,504 |
Less: previously recognized unrealized gains on marketable securities sold during the period |  | (4,355 | ) |  |  | (2,923 | ) |  |  | (9,761 | ) |  |  | (10,504 | )
Unrealized (losses) gains on marketable securities still held as of the end of the period and through the disposition date on marketable securities sold during the period |  | (2,051 | ) |  |  | (1,242 | ) |  |  | (508 | ) |  |  | (5,277 | )
Realized and unrealized (losses) gains on marketable securities, net | $ | (2,051 | ) |  | $ | (1,242 | ) |  | $ | (508 | ) |  | $ | (5,277 | )
Schedule of Items Measured at Fair Value on Nonrecurring Basis | Impairment charges for the nine months ended September 30, 2025 are as follows (in thousands):
|  |  |  |  |  |  |  | Impairment Charge |
Property Location |  | Owner |  | Triggering Event |  | Effective Date |  | Total |  |  | Acadia's Share |
2025 Impairment Charges |  |  |  |  |  |  |  |  |  |  |  |
New York, NY (a) |  | IM (Fund III) |  | Reduced holding period |  | Jun 30, 2025 |  | $ | 7,240 |  |  | $ | 1,777 |
New York, NY (b) |  | IM (Fund IV) |  | Reduced holding period |  | Jun 30, 2025 |  |  | 17,400 |  |  |  | 3,991 |
East Farmingdale, NY (c) |  | IM (Fund III) |  | Reduced holding period |  | Sep 30, 2025 |  |  | 12,570 |  |  |  | 3,085 |
Total 2025 Impairment Charges |  |  |  |  |  |  |  | $ | 37,210 |  |  | $ | 8,853 |
(a) As of June 30, 2025, the fair value of the Fund III property was based on the purchase and sale agreement, excluding selling costs. This property was sold in the third quarter of 2025 (Note 2). (b) As of June 30, 2025, the fair value of the Fund IV property was estimated using a discounted cash flow model with a discount rate of 9.25% and a capitalization rate of 8.25%, resulting in a Level 3 fair value of $28.6 million as of the June 30, 2025 measurement date.This property was sold in October 2025. (c) As of September 30, 2025, the fair value of the Fund III property was estimated using a discounted cash flow model with a discount rate of 10.00% and a capitalization rate of 7.00%, resulting in a Level 3 fair value of $21.3 million as of the September 30, 2025 measurement date.
Schedule of Derivative Financial Instruments | The Company had the following interest rate swaps and caps for the periods presented (information is as of September 30, 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 |  | September 30, 2025 |  |  | December 31, 2024 |
REIT Portfolio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swaps |  | $ | 531,000 |  |  | May 2022—Apr 2025 |  | Apr 2026—Jul 2030 |  | 1.98% | — |  | 3.23% |  | Other Assets |  | $ | 10,480 |  |  | $ | 28,173 |
Interest Rate Swaps |  |  | 377,000 |  |  | Dec 2022—Aug 2025 |  | Nov 2026—Apr 2030 |  | 3.35% | — |  | 4.50% |  | Accounts payable and other liabilities |  |  | (2,353 | ) |  |  | (1,316 | )
|  | $ | 908,000 |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,127 |  |  | $ | 26,857 |
Investment Management |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fund II |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest Rate Swap |  | $ | 50,000 |  |  | Jan 2023 |  | Dec 2029 |  | 3.23% | — |  | 3.23% |  | Other Assets |  | $ | 157 |  |  | $ | 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 |  | $ | 15,804 |  |  | May 2023 |  | May 2026 |  | 3.47% | — |  | 3.47% |  | Other Assets |  | $ | 27 |  |  | $ | 1,352 |
Interest Rate Swaps |  |  | 243,586 |  |  | Jan 2023—Aug 2025 |  | Mar 2026—Feb 2028 |  | 3.36% | — |  | 4.49% |  | Accounts payable and other liabilities |  |  | (978 | ) |  |  | (282 | )
Interest Rate Cap |  |  | 32,200 |  |  | Sep 2025 |  | Sep 2026 |  | 5.00% | — |  | 5.00% |  | Other Assets |  |  | — |  |  |  | 2 |
|  | $ | 291,590 |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (951 | ) |  | $ | 1,072 |
Total asset derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 10,664 |  |  | $ | 31,145 |
Total liability derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (3,331 | ) |  | $ | (1,598 | )
Schedule of Other Financial Instruments Carrying Values and Fair values | The carrying values and fair values of Company’s other financial assets and liabilities that are not measured at fair value on its Condensed Consolidated Balance Sheets are as follows as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable):
|  |  |  |  | September 30, 2025 |  |  | December 31, 2024 |
|  | Level |  |  | Carrying Amount |  |  | Estimated Fair Value |  |  | Carrying Amount |  |  | Estimated Fair Value |
Notes Receivable (a) |  |  | 3 |  |  | $ | 154,765 |  |  | $ | 157,315 |  |  | $ | 126,584 |  |  | $ | 127,485 |
City Point Loan (a) |  |  | 3 |  |  |  | 34,821 |  |  |  | 35,368 |  |  |  | 66,741 |  |  |  | 68,204 |
Mortgage and Other Notes Payable (a, d) |  |  | 3 |  |  |  | 983,079 |  |  |  | 978,302 |  |  |  | 958,947 |  |  |  | 954,276 |
Investment in non-traded equity securities (b) |  |  | 3 |  |  |  | 3,307 |  |  |  | 3,307 |  |  |  | 4,073 |  |  |  | 4,073 |
Unsecured notes payable and Unsecured line of credit (c, e) |  |  | 2 |  |  |  | 890,000 |  |  |  | 892,920 |  |  |  | 589,000 |  |  |  | 589,018 |
(a) The Company estimates the fair value of financial instruments using a discounted cash flow model. This model incorporates assumptions such as current market rates and, where applicable, the credit quality of the borrower or tenant. In addition, the Company evaluates the value of the underlying collateral, considering factors such as collateral quality, borrower creditworthiness, time to maturity, and prevailing market conditions. These fair value estimates exclude unamortized discounts and deferred loan costs. As of the reporting date, the estimated market interest rates used in the valuation ranged from 3.30% to 12.97% for the Company’s notes receivable and City Point Loan, and from 5.13% to 7.08% for the Company’s property mortgage loans and other notes payable, depending on the specific characteristics of each loan. (b) Includes the Operating Partnership’s cost-method investment in Fifth Wall (Note 4). (c) The Company estimates the fair value of its unsecured notes payable and unsecured line of credit using quoted market prices in active or brokered markets, when available. In instances where observable market prices are not available due to limited or no trading activity, the Company estimates fair value using a discounted cash flow model. This model incorporates a rate that reflects the average yield of comparable instruments issued by market participants with similar credit risk profiles. (d) Carrying amounts exclude unamortized debt issuance costs and unamortized premiums totaling $5.3 million and $1.2 million as of September 30, 2025, and $5.5 million and $0.2 million as of December 31, 2024, respectively. (e) Carrying amounts exclude unamortized debt issuance costs of $6.9 million and $5.4 million as of September 30, 2025 and December 31, 2024, respectively.

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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. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 + 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://www.xbrl.org/2003/role/exampleRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 182 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480401/815-10-55-182 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + 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/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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