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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Operating real estate, net $ 3,994,407 $ 3,543,974
Real estate under development 142,468 129,619
Net investments in real estate 4,136,875 3,673,593
Notes receivable, net ($1,692 and $2,004 of allowance for credit losses as of September 30, 2025 and December 31, 2024, respectively) [1] 154,765 126,584
Investments in and advances to unconsolidated affiliates 164,403 209,232
Other assets, net 230,327 223,767
Right-of-use assets - operating leases, net 24,552 25,531
Cash and cash equivalents 49,388 16,806
Restricted cash 25,647 22,897
Securities held at fair value 4,502 14,771
Rents receivable, net 63,710 58,022
Assets of property held for sale 21,023 0
Total assets [2] 4,875,192 [3] 4,371,203
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY    
Mortgage and other notes payable, net 978,915 953,700
Unsecured notes payable, net 818,093 569,566
Unsecured line of credit 65,000 14,000
Accounts payable and other liabilities 276,233 232,726
Lease liabilities - operating leases 26,969 [4] 27,920
Dividends and distributions payable 27,749 24,505
Distributions in excess of income from, and investments in, unconsolidated affiliates 17,119 16,514
Total liabilities [2] 2,210,078 1,838,931
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests (Note 10) 9,114 30,583
Acadia Shareholders' Equity    
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 131,031,455 and 119,657,594 shares as of September 30, 2025 and December 31, 2024, respectively 131 120
Additional paid-in capital 2,708,691 2,436,285
Accumulated other comprehensive income 17,001 38,650
Distributions in excess of accumulated earnings (479,803) (409,383)
Total Acadia shareholders’ equity 2,246,020 2,065,672
Noncontrolling interests 409,980 436,017
Total equity 2,656,000 2,501,689
Total liabilities, redeemable noncontrolling interests, and equity $ 4,875,192 $ 4,371,203
[1] Includes Notes receivable, net from related parties of $14.2 million and $14.8 million as of September 30, 2025 and December 31, 2024, respectively (Note 3).
[2] 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: $1,776.1 million and $1,640.1 million of Operating real estate, net; $- million and $31.5 million of Real estate under development; $56.2 million and $74.4 million of Investments in and advances to unconsolidated affiliates; $84.2 million and $79.4 million of Other assets, net; $1.6 million and $2.0 million of Right-of-use assets - operating leases, net; $36.8 million and $15.9 million of Cash and cash equivalents; $12.9 million and $11.0 million of Restricted cash; $27.2 million and $27.3 million of Rents receivable, net; $21.0 million and $- million of Assets of properties held for sale; $876.3 million and $799.7 million of Mortgage and other notes payable, net; $130.1 million and $120.1 million of Accounts payable and other liabilities; $1.7 million and $2.1 million of Lease liability- operating leases as of September 30, 2025 and December 31, 2024, respectively.
[3] Total assets for the Investment Management segment include $529.5 million and $545.3 million related to Fund II’s City Point property as of September 30, 2025 and 2024, respectively.
[4] Minimum rental payments include $6.7 million of interest related to operating leases and $129.2 million related to finance leases. These amounts exclude lease renewal options that are not reasonably certain to be exercised.