0000950170-23-037161 | 10-Q | XBRL Viewer

Other Assets, Net and Accounts Payable and Other Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Assets and Other Liabilities

Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented:


	June 30,			December 31,
(in thousands)	2023			2022
Other Assets, Net:
Lease intangibles, net (Note 6)	$	86,120		$	102,374
Derivative financial instruments (Note 8)		57,682			54,902
Deferred charges, net (a)		29,931			28,478
Accrued interest receivable (Note 3)		22,157			18,082
Prepaid expenses		14,256			15,872
Due from seller		3,036			3,036
Income taxes receivable		1,114			1,876
Deposits		2,641			1,624
Corporate assets, net		1,108			1,287
Other receivables		1,883			2,060
	$	219,928		$	229,591

(a) Deferred Charges, Net:
Deferred leasing and other costs (a)	$	68,534		$	63,920
Deferred financing costs related to line of credit		9,698			9,494
		78,232			73,414
Accumulated amortization		(48,301	)		(44,936	)
Deferred charges, net	$	29,931		$	28,478

Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	$	66,355		$	78,416
Accounts payable and accrued expenses		56,315			59,922
Deferred income		34,886			34,503
Tenant security deposits, escrow and other		17,849			16,582
Lease liability - finance leases, net (Note 11)		7,236			7,022
Derivative financial instruments (Note 8)		—			46
	$	182,641		$	196,491

Effective January 1, 2023, the Company implemented compensation plans for its internal leasing representatives to adopt a commission structure paid in connection with new, renewal, and modified leases. At June 30, 2023, deferred leasing and other costs include direct and incremental capitalized internal leasing commissions incurred in connection with executed lease agreements of $0.8 million, which are amortized on a straight-line basis over the terms of the related leases.

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Activity in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	$ 2,130,263	$ 2,408,206	$ 2,181,196	$ 2,149,935
Other comprehensive income (loss) before reclassifications - swap agreements	33,513	17,050	18,271	52,784
Reclassification of realized interest on swap agreements	(8,262)	4,211	(14,815)	9,261
Net current period other comprehensive income (loss)	25,251	21,261	3,456	62,045
Balance	2,138,109	2,363,218	2,138,109	2,363,218
AOCI Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	30,003	(5,724)	46,817	(36,214)
Balance	49,855	11,240	49,855	11,240
AOCI Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net current period other comprehensive income (loss)	$ (5,399)	$ (4,297)	$ (418)	$ (14,591)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Other Assets, Net and Accounts Payable and Other Liabilities

6 Months Ended

Jun. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets, Net and Accounts Payable and Other Liabilities

5. Other Assets, Net and Accounts Payable and Other Liabilities

Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented:


	June 30,			December 31,
(in thousands)	2023			2022
Other Assets, Net:
Lease intangibles, net (Note 6)	$	86,120		$	102,374
Derivative financial instruments (Note 8)		57,682			54,902
Deferred charges, net (a)		29,931			28,478
Accrued interest receivable (Note 3)		22,157			18,082
Prepaid expenses		14,256			15,872
Due from seller		3,036			3,036
Income taxes receivable		1,114			1,876
Deposits		2,641			1,624
Corporate assets, net		1,108			1,287
Other receivables		1,883			2,060
	$	219,928		$	229,591

(a) Deferred Charges, Net:
Deferred leasing and other costs (a)	$	68,534		$	63,920
Deferred financing costs related to line of credit		9,698			9,494
		78,232			73,414
Accumulated amortization		(48,301	)		(44,936	)
Deferred charges, net	$	29,931		$	28,478

Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	$	66,355		$	78,416
Accounts payable and accrued expenses		56,315			59,922
Deferred income		34,886			34,503
Tenant security deposits, escrow and other		17,849			16,582
Lease liability - finance leases, net (Note 11)		7,236			7,022
Derivative financial instruments (Note 8)		—			46
	$	182,641		$	196,491

Variable Interest Entities - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Parenthetical) (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

^[1]

Variable Interest Entity [Line Items]

Maximum borrowing capacity

$ 900,000

Unconsolidated VIEs assets

4,204,159

^[1],[2]

$ 4,302,582

^[2]

$ 4,438,884

Amount of liability guaranteed

^[2]

2,006,217

2,053,722

VIE

Variable Interest Entity [Line Items]

Unconsolidated VIEs assets

^[3]

1,831,031

1,954,641

Amount of liability guaranteed

^[3]

865,080

910,410

VIE | City Point

Variable Interest Entity [Line Items]

Maximum borrowing capacity

72,500

Unconsolidated VIEs assets

677,800

678,100

VIE | City Point | Recourse

Variable Interest Entity [Line Items]

Amount of liability guaranteed

$ 204,900

$ 200,400

[1]	Real estate at cost and total assets for the Funds segment include $672.7 million and $660.0 million, or $275.9 million and $270.7 million net of noncontrolling interests, related to Fund II’s City Point property at June 30, 2023 and 2022, respectively.
[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 consolidated balance sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,525.2 million and $1,466.4 million of Operating real estate, net; $63.3 million and $129.9 million of Real estate under development; $108.0 million and $210.9 million of Investments in and advances to unconsolidated affiliates; $90.2 million and $98.7 million of Other assets, net; $2.3 million and $2.5 million of Right-of-use assets - operating leases, net; $12.0 million and $13.3 million of Cash and cash equivalents; $12.2 million and $15.0 million of Restricted cash; $17.7 million and $17.9 million of Rents receivable, net; $768.8 million and $761.2 million of Mortgage and other notes payable, net; $2.0 million and $51.2 million of Unsecured notes payable, net; $91.8 million and $95.4 million of Accounts payable and other liabilities; $2.4 million and $2.7 million of Lease liability- operating leases, net as of June 30, 2023 and December 31, 2022, respectively.
[3]	At June 30, 2023 and December 31, 2022, includes total VIE assets of $677.8 million and $678.1 million, respectively, and total VIE liabilities of $204.9 million and $200.4 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 mortgages 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.

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

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+ Details

Financial Instruments and Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Derivative financial instruments	$ 57,682	$ 54,902
Marketable equity securities	35,940	0
Liabilities
Derivative financial instruments	0	46
Recurring \| Level 1
Assets
Money market funds	0	0
Derivative financial instruments	0	0
Marketable equity securities	35,940	85,403
Liabilities
Derivative financial instruments	0	0
Recurring \| Level 2
Assets
Money market funds	0	0
Derivative financial instruments	57,682	54,902
Marketable equity securities	0	0
Liabilities
Derivative financial instruments	0	(46)
Recurring \| Level 3
Assets
Money market funds	0	0
Derivative financial instruments	0	0
Marketable equity securities	0	0
Liabilities
Derivative financial instruments	$ 0	$ 0

Leases - Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases (Parenthetical) (Details) $ in Millions	Jun. 30, 2023 USD ($)
Leases [Abstract]
Minimum rental payments of interest related to finance lease	$ 5.3
Minimum rental payments of interest related to operating lease	$ 10.0

Debt - Unsecured Notes Payable - Additional Information (Details) - USD ($)
$ in Thousands

6 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Jul. 29, 2022

Apr. 06, 2022

Debt Instrument [Line Items]

Long-term debt outstanding

^[1],[2]

$ 1,774,552

$ 1,805,414

Maximum borrowing capacity

900,000

Letters of credit, outstanding amount

7,000

Fund IV

Debt Instrument [Line Items]

Long-term debt outstanding

39,200

Mortgages | Fund Portfolio

Debt Instrument [Line Items]

Long-term debt outstanding

429,544

426,224

Refinanced amount

78,400

Mortgages | Fund Portfolio | Fund II

Debt Instrument [Line Items]

Long-term debt outstanding

137,485

133,655

Mortgages | Fund Portfolio | Fund IV

Debt Instrument [Line Items]

Long-term debt outstanding

^[3]

146,622

146,230

$175 Million Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

175,000

$ 175,000

Remaining borrowing capacity

175,000

$400 Million Term Loan | Unsecured Debt

Debt Instrument [Line Items]

Maximum borrowing capacity

400,000

$400 Million Term Loan | Unsecured Debt | Core Portfolio

Debt Instrument [Line Items]

Long-term debt outstanding

400,000

Subscription Line | Unsecured Debt | Fund V

Debt Instrument [Line Items]

Maximum borrowing capacity

100,000

Subscription Line | Unsecured Debt | Fund V | Letter of Credit

Debt Instrument [Line Items]

Letters of credit, outstanding amount

7,000

Subscription Line | Unsecured Debt | Fund Portfolio | Fund V

Debt Instrument [Line Items]

Long-term debt outstanding

2,000

51,210

Remaining borrowing capacity

91,000

41,800

$75 million Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 75,000

Remaining borrowing capacity

$ 75,000

[1]	Includes $1,251.9 million and $1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.
[2]	Includes $144.3 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented.
[3]	Includes the outstanding balance on the Fund IV secured bridge facility of $39.2 million at each of June 30, 2023 and December 31, 2022.

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.18	$ 0.18	$ 0.36	$ 0.36

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Additional Information (Details) - Equity Method Investee - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Equity Method Investments [Line Items]
Related party revenue	$ 0.1	$ 0.1	$ 0.2	$ 0.2
Expenses, related party	$ 0.6	$ 0.3	$ 1.2	$ 0.6

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

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+ Details

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Fund II and Mervyns II
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating Partnership Share of Capital	61.67%
Capital Called	$ 559.4
Unfunded Commitment	$ 0.0
Equity interest held by Operating Partnership	61.67%
Preferred Return	8.00%
Total Distributions	$ 172.9
Fund III
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating Partnership Share of Capital	24.54%
Capital Called	$ 448.1
Unfunded Commitment	$ 1.9
Equity interest held by Operating Partnership	24.54%
Preferred Return	6.00%
Total Distributions	$ 603.5
Fund IV
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating Partnership Share of Capital	23.12%
Capital Called	$ 488.1
Unfunded Commitment	$ 41.9
Equity interest held by Operating Partnership	23.12%
Preferred Return	6.00%
Total Distributions	$ 221.4
Fund V
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating Partnership Share of Capital	20.10%
Capital Called	$ 387.0
Unfunded Commitment	$ 133.0
Equity interest held by Operating Partnership	20.10%
Preferred Return	6.00%
Total Distributions	$ 101.2

Debt - Mortgages and Other Notes Payable - Additional Information (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) Mortgage	Mar. 31, 2023 USD ($) Mortgage	Jun. 30, 2023 USD ($) Mortgage	Jul. 15, 2023 USD ($)	Dec. 31, 2022 USD ($) Mortgage
Debt Instrument [Line Items]
Notes receivable, net	$ 123,902		$ 123,902		$ 123,903
Maximum borrowing capacity	$ 900,000		$ 900,000
Mortgages
Debt Instrument [Line Items]
Number of mortgage loans \| Mortgage	2	2	4
Number of properties collateralized \| Mortgage	32		32		31
Mortgages \| Subscription Line
Debt Instrument [Line Items]
Notes receivable, net	$ 61,300	$ 58,000	$ 61,300
Note receivable principal amount	200		200
Fund IV
Debt Instrument [Line Items]
Maximum borrowing capacity	22,500		22,500
Long-term line of credit, noncurrent	39,200		39,200		$ 0
Remaining borrowing capacity	39,200		39,200		$ 0
Fund IV \| Subsequent Event [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 19,300
Share Value Matured Debt Service Coverage Ratio				$ 4,500
Loan accrues default interest				4.00%
Fund V
Debt Instrument [Line Items]
Maximum borrowing capacity	29,200		29,200
Share value below debt service coverage ratio	5,900		5,900
Fund II
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000		50,000
Fund Portfolio \| Mortgages
Debt Instrument [Line Items]
Refinanced amount			78,400
Core Portfolio
Debt Instrument [Line Items]
Derivative, notional amount	$ 856,000		856,000
Core Portfolio \| Disposed of by sale
Debt Instrument [Line Items]
Scheduled principal payment			$ 3,800

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	Jul. 07, 2023	Jul. 03, 2023	Jul. 15, 2023	Jun. 30, 2023
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 900.0
Subsequent Event \| Fund III \| Mortgages
Subsequent Event [Line Items]
Mortgage Loan	$ 35.9
Maturity date	Oct. 09, 2023
Subsequent Event \| Fund IV
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 19.3
Share value matured debt service coverage ratio			$ 4.5
Loan accrues default interest			4.00%
Subsequent Event \| Fund V
Subsequent Event [Line Items]
Transaction costs		$ 49.4

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Share Repurchases - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2018
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Authorized amount			$ 200.0
Number of shares repurchased during period (in shares)	0	0
Remaining authorized repurchase amount	$ 122.5

Other Assets, Net and Accounts Payable and Other Liabilities - Schedule of other assets and other liabilities (Details) (Parenthetical) $ in Millions	Jun. 30, 2023 USD ($)
Deferred Costs [Abstract]
Incremental capitalized internal leasing commission	$ 0.8

Segment Reporting - Summary of Segment Information (Parenthetical) (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

^[2]

Segment Reporting Information [Line Items]

Real estate at cost

^[1]

$ 4,282,979

$ 4,335,157

$ 4,282,979

$ 4,335,157

Total assets

4,204,159

^[1],[2]

4,438,884

^[1]

4,204,159

^[1],[2]

4,438,884

^[1]

$ 4,302,582

Net loss (income) attributable to noncontrolling interests

(5,433)

$ (15,451)

5,284

11,808

Funds | Fund II's City Point Property

Segment Reporting Information [Line Items]

Real estate at cost

672,700

Total assets

$ 660,000

660,000

Net loss (income) attributable to noncontrolling interests

$ 275,900

$ 270,700

[1]

Real estate at cost and total assets for the Funds segment include $672.7 million and $660.0 million, or $275.9 million and $270.7 million net of noncontrolling interests, related to Fund II’s City Point property at June 30, 2023 and 2022, respectively.

[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 consolidated balance sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,525.2 million and $1,466.4 million of Operating real estate, net; $63.3 million and $129.9 million of Real estate under development; $108.0 million and $210.9 million of Investments in and advances to unconsolidated affiliates; $90.2 million and $98.7 million of Other assets, net; $2.3 million and $2.5 million of Right-of-use assets - operating leases, net; $12.0 million and $13.3 million of Cash and cash equivalents; $12.2 million and $15.0 million of Restricted cash; $17.7 million and $17.9 million of Rents receivable, net; $768.8 million and $761.2 million of Mortgage and other notes payable, net; $2.0 million and $51.2 million of Unsecured notes payable, net; $91.8 million and $95.4 million of Accounts payable and other liabilities; $2.4 million and $2.7 million of Lease liability- operating leases, net as of June 30, 2023 and December 31, 2022, respectively.

- Definition

+ References

+ Details

Lease Intangibles (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities

Intangible assets and liabilities are included in Other assets, net and Accounts payable and other liabilities (Note 5) on the consolidated balance sheets and summarized as follows (in thousands):


	June 30, 2023									December 31, 2022
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
In-place lease intangible assets	$	301,556		$	(221,245	)	$	80,311		$	301,556		$	(205,951	)	$	95,605
Above-market rent		24,064			(18,255	)		5,809			24,064			(17,295	)		6,769
	$	325,620		$	(239,500	)	$	86,120		$	325,620		$	(223,246	)	$	102,374

Amortizable Intangible Liabilities
Below-market rent	$	(176,253	)	$	110,216		$	(66,037	)	$	(176,253	)	$	98,182		$	(78,071	)
Above-market ground lease		(671	)		353			(318	)		(671	)		326			(345	)
	$	(176,924	)	$	110,569		$	(66,355	)	$	(176,924	)	$	98,508		$	(78,416	)

Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of June 30, 2023 is as follows (in thousands):


Years Ending December 31,	Net Increase in Lease Revenues		Increase to Amortization			Reduction of Rent Expense
2023 (Remainder)	$	2,580	$	(11,430	)	$	29
2024		5,024		(17,636	)		58
2025		4,599		(12,713	)		58
2026		4,359		(10,312	)		58
2027		4,195		(8,111	)		58
Thereafter		39,471		(20,109	)		57
Total	$	60,228	$	(80,311	)	$	318

Debt - Scheduled Principal Repayments (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Debt Disclosure [Abstract]

$ 154,636

252,756

500,494

436,705

202,788

227,173

Long-term debt and convertible notes payable

^[1],[2]

1,774,552

$ 1,805,414

Unamortized premium

292

343

Net unamortized debt issuance costs

(11,820)

(12,697)

Total Indebtedness

$ 1,763,024

$ 1,793,060

[1]	Includes $1,251.9 million and $1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.
[2]	Includes $144.3 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented.

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Summary of Segment Information

The following tables set forth certain segment information for the Company (in thousands):


	For the Three Months Ended June 30, 2023
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	56,376		$	33,572		$	—	$	—		$	89,948
Depreciation and amortization		(20,035	)		(14,021	)		—		—			(34,056	)
Property operating expenses and real estate taxes		(15,055	)		(10,536	)		—		—			(25,591	)
General and administrative expenses		—			—			—		(10,643	)		(10,643	)
Impairment charges		—			—			—		—			—
Gain on disposition of properties		—			—			—		—			-
Operating income		21,286			9,015			—		(10,643	)		19,658
Interest and other income		—			—			4,970		—			4,970
Realized and unrealized holding gains on investments and other		1,815			—			—		—			1,815
Equity in earnings (losses) of unconsolidated affiliates		924			(2,361	)		—		—			(1,437	)
Interest expense		(10,990	)		(11,099	)		—		—			(22,089	)
Income tax provision		—			—			—		(165	)		(165	)
Net income (loss)		13,035			(4,445	)		4,970		(10,808	)		2,752
Net loss attributable to redeemable noncontrolling interests		—			1,091			—		—			1,091
Net (income) loss attributable to noncontrolling interests		(735	)		6,168			—		—			5,433
Net income attributable to Acadia	$	12,300		$	2,814		$	4,970	$	(10,808	)	$	9,276


	For the Three Months Ended June 30, 2022
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	53,225		$	31,034		$	—	$	—		$	84,259
Depreciation and amortization		(20,061	)		(14,910	)		—		—			(34,971	)
Property operating expenses and real estate taxes		(14,932	)		(10,263	)		—		—			(25,195	)
General and administrative expenses		—			—			—		(10,661	)		(10,661	)
Gain on disposition of properties		—			12,216			—		—			12,216
Operating income		18,232			18,077			—		(10,661	)		25,648
Interest and other income		—			—			2,961		—			2,961
Realized and unrealized holding (losses) gains on investments and other		—			(26,383	)		100		—			(26,283	)
Equity in earnings of unconsolidated affiliates		788			492			—		—			1,280
Interest expense		(8,519	)		(10,703	)		—		—			(19,222	)
Income tax provision		—			—			—		(209	)		(209	)
Net income (loss)		10,501			(18,517	)		3,061		(10,870	)		(15,825	)
Net (income) loss attributable to noncontrolling interests		(366	)		15,817			—		—			15,451
Net income (loss) attributable to Acadia	$	10,135		$	(2,700	)	$	3,061	$	(10,870	)	$	(374	)


	As of or for the Six Months Ended June 30, 2023
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	106,172		$	65,615		$	—	$	—		$	171,787
Depreciation and amortization		(38,694	)		(28,535	)		—		—			(67,229	)
Property operating expenses and real estate taxes		(31,164	)		(21,039	)		—		—			(52,203	)
General and administrative expenses		—			—			—		(20,589	)		(20,589	)
Operating income		36,314			16,041			—		(20,589	)		31,766
Interest and other income		—			—			9,788		—			9,788
Realized and unrealized holding gains on investments and other		3,393			24,995			184		—			28,572
Equity in earnings (losses) of unconsolidated affiliates		2,723			(4,131	)		—		—			(1,408	)
Interest expense		(21,660	)		(22,016	)		—		—			(43,676	)
Income tax provision		—			—			—		(288	)		(288	)
Net income		20,770			14,889			9,972		(20,877	)		24,754
Net loss attributable to redeemable noncontrolling interests		—			3,166			—		—			3,166
Net income attributable to noncontrolling interests		(1,637	)		(3,647	)		—		—			(5,284	)
Net income attributable to Acadia	$	19,133		$	14,408		$	9,972	$	(20,877	)	$	22,636

Real estate at cost (a)	$	2,613,206		$	1,669,773		$	—	$	—		$	4,282,979
Total assets (a)	$	2,580,565		$	1,499,692		$	123,902	$	—		$	4,204,159
Cash paid for acquisition of real estate	$	—		$	—		$	—	$	—		$	—
Cash paid for development and property improvement costs	$	15,560		$	15,010		$	—	$	—		$	30,570


	As of or for the Six Months Ended June 30, 2022
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	101,574		$	64,192		$	—	$	—		$	165,766
Depreciation and amortization		(37,736	)		(30,948	)		—		—			(68,684	)
Property operating expenses and real estate taxes		(29,572	)		(20,253	)		—		—			(49,825	)
General and administrative expenses		—			—			—		(22,598	)		(22,598	)
Gain on disposition of properties		—			41,031			—		—			41,031
Operating income		34,266			54,022			—		(22,598	)		65,690
Interest and other income		—			—			5,896		—			5,896
Realized and unrealized holding gains (losses) on investments and other		1,163			(11,816	)		100		—			(10,553	)
Equity in earnings of unconsolidated affiliates		2,405			2,005			—		—			4,410
Interest expense		(16,115	)		(21,032	)		—		—			(37,147	)
Income tax provision		—			—			—		(24	)		(24	)
Net income		21,719			23,179			5,996		(22,622	)		28,272
Net income attributable to noncontrolling interests		(1,486	)		(10,322	)		—		—			(11,808	)
Net income attributable to Acadia	$	20,233		$	12,857		$	5,996	$	(22,622	)	$	16,464

Real estate at cost (a)	$	2,606,083		$	1,729,074		$	—	$	—		$	4,335,157
Total assets (a)	$	2,513,011		$	1,788,567		$	137,306	$	—		$	4,438,884
Cash paid for acquisition of real estate	$	242,633		$	—		$	—	$	—		$	242,633
Cash paid for development and property improvement costs	$	16,248		$	9,033		$	—	$	—		$	25,281

Debt - Scheduled Principal Repayments - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Contractual due 2023	$ 154,636
Contractual due 2024	252,756
Contractual due 2023	500,494
Debt With Extension Options
Debt Instrument [Line Items]
Contractual due 2023	$ 2,000
Consolidated debt, Extension Term	6 months

Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

7. Debt

A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):


	Interest Rate at (a)			Carrying Value at
	June 30,	December 31,	Maturity Date at	June 30,	December 31,
	2023	2022	June 30, 2023	2023	2022
Mortgages Payable
Core Mortgages Payable	3.99% - 5.89%	3.88% - 5.89%	Feb 2024 - Apr 2035	$192,844	$193,838
Fund II Mortgages Payable	SOFR+2.61%	SOFR+2.61%	Aug 2025	137,485	133,655
Fund III Mortgages Payable	SOFR+3.35%	SOFR+3.35%	Oct 2023	35,970	35,970
Fund IV Mortgages and Other Notes Payable (b)	LIBOR+2.25% - SOFR+3.65%	LIBOR+2.25% - LIBOR+3.65%	Jul 2023 - Jun 2026	146,622	146,230
Total Fund V Mortgages Payable	SOFR + 1.61% - SOFR + 2.76%	LIBOR + 1.85% - SOFR + 2.76%	Jan 2024 - Jun 2028	429,544	426,224
Net unamortized debt issuance costs				(7,409)	(7,621)
Unamortized premium				292	343
Total Mortgages Payable				$935,348	$928,639

Unsecured Notes Payable
Core Unsecured Term Loans	3.57%-5.20%	3.74%-5.11%	Jun 2026 - Jul 2029	$650,000	$650,000
Fund V Subscription Facility	SOFR+3.05%	SOFR+1.86%	Nov 2023	2,000	51,210
Net unamortized debt issuance costs				(4,411)	(5,076)
Total Unsecured Notes Payable				$647,589	$696,134

Unsecured Line of Credit
Total Unsecured Line of Credit	SOFR+1.45%	SOFR+1.50%	Jun 2025	$180,087	$168,287

Total Debt (c)(d)				$1,774,552	$1,805,414
Net unamortized debt issuance costs				(11,820)	(12,697)
Unamortized premium				292	343
Total Indebtedness				$1,763,024	$1,793,060

At June 30, 2023, the stated rates ranged from 4.53% for Core variable-rate debt; SOFR + 2.61% for Fund II variable-rate debt; SOFR + 3.35% for Fund III variable-rate debt; LIBOR + 2.25% to SOFR + 3.65% for Fund IV variable-rate debt; SOFR + 1.61% - SOFR + 2.76% for Fund V variable-rate debt; 3.57% - 5.20% for Core variable-rate unsecured term loans; and SOFR + 1.45% for Core variable-rate unsecured lines of credit.

Includes the outstanding balance on the Fund IV secured bridge facility of $39.2 million at each of June 30, 2023 and December 31, 2022.

Includes $1,251.9 million and $1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

Includes $144.3 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented.

Credit Facilities

The Operating Partnership has a $700.0 million senior unsecured credit facility, as amended (the “Credit Facility”), with Bank of America, N.A. as administrative agent, comprised of a $300.0 million senior unsecured revolving credit facility (the “Revolver”) which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating, and a $400.0 million senior unsecured term loan (the “Term Loan”) which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating. Currently, the Revolver bears interest at SOFR + 1.50% and the Term Loan bears interest at SOFR + 1.65%. The Revolver matures on June 29, 2025, subject to two six-month extension options, and the Term Loan matures on June 29, 2026. The Credit Facility provides for an accordion feature, which allows for one or more increases in the revolving credit facility or term loan facility, for a maximum aggregate principal amount not to exceed $900.0 million. The Credit Facility is guaranteed by the Company and certain subsidiaries of the Company (Note 9).

On April 6, 2022, the Operating Partnership entered into a $175.0 million term loan facility (the “$175.0 Million Term Loan”), with Bank of America, N.A. as administrative agent, which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating, and which matures on April 6, 2027. The proceeds of the $175.0 million term loan were used to pay down the Revolver. Currently the $175.0 million term loan bears interest at SOFR + 1.60%. The $175.0 million term loan is guaranteed by the Company and certain subsidiaries of the Company (Note 9).

On July 29, 2022, the Operating Partnership entered into the $75.0 million term loan (the “$75.0 Million Term Loan”), with TD Bank, N.A. as administrative agent, which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating and which matures on July 29, 2029. Currently the $75.0 million term loan bears interest at SOFR + 2.05%. The proceeds of the $75.0 million term loan were used to pay down the Revolver. The $75.0 million term loan is guaranteed by the Company and certain subsidiaries of the Company (Note 9).

The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans, as described above (Note 8).

Mortgages and Other Notes Payable

During the six months ended June 30, 2023, the Company (amounts represent balances at the time of transactions):

•

extended four Fund mortgages, two of which were extended in the first quarter totaling $58.0 million (excluding principal reductions of $0.2 million), and two of which were extended in the second quarter totaling $61.3 million;

•

refinanced three Fund mortgages in the second quarter totaling $78.4 million; and

•

made scheduled principal payments totaling $3.8 million.

At June 30, 2023 and December 31, 2022, the Company’s mortgages were collateralized by 32 and 31 properties, respectively, and the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. The Operating Partnership has guaranteed up to $50.0 million related to the Fund II City Point mortgage loan. The Company is not in default on any of its loan agreements at June 30, 2023. A portion of the Company’s variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions (Note 8).

Fund IV also has an outstanding balance and total available credit on its secured bridge facility of $39.2 million and $0.0 million, respectively, at June 30, 2023 and December 31, 2022. The Operating Partnership has guaranteed up to $22.5 million of the Fund IV secured bridge facility (Note 9).

At June 30, 2023, a Fund V mortgage of $29.2 million, or $5.9 million at the Company’s share, had not met their debt service coverage ratio requirements. The lender may require a cash sweep of property rent until these conditions are remedied unless the Company’s request for a waiver is granted.

On July 15, 2023 a non-recourse Fund IV loan with an outstanding balance of $19.3 million, or $4.5 million at our share, matured and was in default. The loan accrues default interest at a rate of 4.00% per annum in excess of the interest rate (Note 16).

Unsecured Notes Payable

Unsecured notes payable at June 30, 2023 and December 31, 2022 are comprised of the following:

•

The outstanding balance of the Term Loan was $400.0 million at each of June 30, 2023 and December 31, 2022.

•

The outstanding balance of the $175.0 Million Term Loan was $175.0 million at each of June 30, 2023 and December 31, 2022.

•

The outstanding balance of the $75.0 Million Term Loan was $75.0 million at each of June 30, 2023 and December 31, 2022.

•

Fund II refinanced its City Point debt in the third quarter of 2022 (Note 10).

•

Fund V has a $100.0 million subscription line collateralized by Fund V’s unfunded capital commitments, and, to the extent of Acadia’s capital commitments, is guaranteed by the Operating Partnership. On May 1, 2023, Fund V modified its subscription line and extended the maturity date to November 1, 2023. The outstanding balance and total available credit of the Fund V subscription line was $2.0 million and $91.0 million, respectively at June 30, 2023 reflecting outstanding letters of credit of $7.0 million. The outstanding balance and total available credit were $51.2 million and $41.8 million at December 31, 2022, respectively, reflecting outstanding letters of credit of $7.0 million.

Unsecured Revolving Line of Credit

At June 30, 2023 and December 31, 2022, the Company had a total of $119.9 million and $131.7 million available under its Revolver, reflecting borrowings of $180.1 million and $168.3 million, respectively, and no letters of credit outstanding.

Scheduled Debt Principal Payments

The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of June 30, 2023 are as follows (in thousands):


Year Ending December 31,
2023 (Remainder)	$	154,636
2024		252,756
2025		500,494
2026		436,705
2027		202,788
Thereafter		227,173
		1,774,552
Unamortized premium		292
Net unamortized debt issuance costs		(11,820	)
Total indebtedness	$	1,763,024

The table above does not reflect available extension options (subject to customary conditions) on consolidated debt with balances as of June 30, 2023 of $2.0 million contractually due in the remainder of 2023 for which the Company has available options to extend by up to 6 months. However, there can be no assurance that the Company will be able to successfully execute any or all of its available extension options.

See Note 4 for information about liabilities of the Company’s unconsolidated affiliates.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Combined and Condensed Statements of Operations
Total revenues	$ 89,948	$ 84,259	$ 171,787	$ 165,766
Depreciation and amortization	(34,056)	(34,971)	(67,229)	(68,684)
Company's equity in (losses) earnings of unconsolidated affiliates	(1,437)	1,280	(1,408)	4,410
Unconsolidated Affiliates
Combined and Condensed Statements of Operations
Total revenues	28,667	23,954	56,885	47,071
Operating and other expenses	(8,708)	(8,067)	(17,349)	(15,325)
Interest expense	(9,901)	(6,589)	(19,134)	(11,328)
Depreciation and amortization	(11,233)	(9,248)	(20,134)	(15,159)
Net (loss) income attributable to unconsolidated affiliates	(1,175)	50	268	5,259
Operating Partnership, as General Partner or Managing Member
Combined and Condensed Statements of Operations
Company's share of equity in net (losses) income of unconsolidated affiliates	(1,190)	1,533	(914)	4,915
Basis differential amortization	(247)	(253)	(494)	(505)
Company's equity in (losses) earnings of unconsolidated affiliates	$ (1,437)	$ 1,280	$ (1,408)	$ 4,410

Share Incentive and Other Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share Incentive and Other Compensation

13. Share Incentive and Other Compensation

Share Incentive Plan

In March and May of 2020, respectively, the Board and the Company’s shareholders, approved the 2020 Share Incentive Plan (the “2020 Plan”), which increased the number of Common Shares authorized for issuance by 2,650,000 shares to an aggregate of 2,829,953 shares. On March 22, 2023 and May 4, 2023, respectively, the Board and the Company’s shareholders approved the Amended and Restated 2020 Share Incentive Plan (the "Amended and Restated 2020 Plan") which further increased the number of Common Shares authorized for issuance by 3,100,000 to an aggregate of 3,883,564 shares (Note 16). In this report, references to issuances, compensation arrangements and expenses under the Amended and Restated 2020 Plan include issuances, compensation arrangements and expenses under the originally adopted 2020 Plan, as applicable. The 2020 Plan and the Amended and Restated 2020 Plan authorize the Company to issue options, Restricted Shares, LTIP Units and other securities (collectively “Awards”) to, among others, the Company’s officers, trustees, and employees. At June 30, 2023 a total of 3,798,208 shares remained available to be issued under the Amended and Restated 2020 Plan.

Restricted Shares and LTIP Units - Employees

During the six months ended June 30, 2023, the Company issued 739,734 LTIP Units and 22,314 restricted share units (“Restricted Share Units”), to employees of the Company pursuant to the Amended and Restated 2020 Plan. These awards were measured at their fair value on the grant date, incorporating the following factors:

•

A portion of these annual equity awards is granted in performance-based Restricted Share Units or LTIP Units that may be earned based on the Company’s attainment of specified relative total shareholder returns (“Relative TSR”) hurdles or specified same-property net operating income growth ("Absolute SSNOI Growth").

•

In the event the Relative TSR percentile falls between the 25th percentile and the 50th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 50% and 100% and in the event that the Relative TSR percentile falls between the 50th percentile and 75th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 100% and 200%.

•

Fifty percent (50%) of the performance-based LTIP Units will vest based on the Company’s total shareholder return (“TSR”) for the three-year forward-looking performance period relative to the constituents of the National Association of Real Estate Investment Trusts (“NAREIT”) Shopping Center Property Subsector and twenty five percent (25%) on the Company’s TSR for the three-year forward-looking performance period as compared to the constituents of the NAREIT Retail Property Sector (both on a non-weighted basis).

•

Twenty five percent (25%) of the performance-based LTIP Units will vest based on the Company's same-property net operating income ("SSNOI") growth for the three-year forward-looking performance period. If the Company achieves annualized SSNOI growth between 2% and 3%, the Absolute SSNOI Growth vesting percentage is determined using a straight-line linear interpolation between 50% and 100% and in the event that the Company achieves annualized SSNOI growth between 3% and 4%, the Absolute SSNOI Growth vesting percentage is determined using a straight-line linear interpolation between 100% and 200%.

•

If the Company’s performance fails to achieve the aforementioned hurdles at the culmination of the three-year performance period, all performance-based shares will be forfeited. Any earned performance-based shares vest 60% at the end of the performance period, with the remaining 40% of shares vesting ratably over the next two years.

For valuation of the 2023 and 2022 Performance Shares, a Monte Carlo simulation was used to estimate the fair values of the Relative TSR portion based on probability of satisfying the market conditions and the projected share prices at the time of payments, discounted to the valuation dates over the three-year performance periods. The assumptions include volatility (48.0% and 49.0%) and risk-free interest rates of (4.3% and 1.7%) for 2023 and 2022, respectively. The total fair value of the 2023 and 2022 Performance Shares will be expensed over the vesting period.

The total fair value of the above Restricted Share Units and LTIP Units as of the grant date was $11.5 million for the six months ended June 30, 2023 and $13.1 million for the year ended December 31, 2022. Total long-term incentive compensation expense, including the expense related to the Amended and Restated 2020 Plan, was $2.8 million and $2.2 million for the three months ended June 30, 2023 and 2022, respectively, and $5.7 million and $3.2 million for the six months ended June 30, 2023 and 2022, respectively, and is recorded in General and administrative in the consolidated statements of operations.

Restricted Shares and LTIP Units - Board of Trustees

In addition, members of the Board have been issued shares and units under the Amended and Restated 2020 Plan. During the six months ended June 30, 2023, the Company issued 40,459 LTIP Units and 45,882 Restricted Shares to Trustees of the Company in connection with Trustee fees.

Vesting with respect to 10,427 of the LTIP Units and 15,850 of the Restricted Shares will be on the first anniversary of the date of issuance and 30,032 of the LTIP Units and 30,032 of the Restricted Shares vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. Additionally, during the six months ended June 30, 2023, the Company issued 2,433 Restricted Shares as compensation to a new Trustee of the Company. These Restricted Shares vest over three years with 33% vesting May 9, 2023 and the remaining amount vesting ratably on May 9, 2024 and May 9, 2025. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares, but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Total trustee fee expense, including the expense related to the Amended and Restated 2020 Plan, was $1.1 million and $0.8 million for the six months ended June 30, 2023 and 2022, respectively, and $0.5 million and $0.4 million for the three months ended June 30, 2023 and 2022, respectively, and is recorded in General and administrative in the consolidated statements of operations.

Long-Term Investment Alignment Program

In 2009, the Company adopted the Long-Term Investment Alignment Program (the “Program”) pursuant to which the Company may grant awards to employees, entitling them to receive up to 25% of any potential future payments of Promote to the Operating Partnership from Funds III, IV and V. The Company has granted such awards to employees representing 25% of the potential Promote payments from Fund III to the Operating Partnership, 23.1% of the potential Promote payments from Fund IV to the Operating Partnership and 18.0% of the potential Promote payments from Fund V to the Operating Partnership. Payments to senior executives under the Program require further Board approval at the time any potential payments are due pursuant to these grants. Compensation relating to these awards will be recognized in each reporting period in which Board approval is granted.

As payments to other employees are not subject to further Board approval, compensation relating to these awards will be recorded based on the estimated fair value at each reporting period in accordance with ASC Topic 718, Compensation– Stock Compensation. The awards in connection with Fund IV were determined to have no intrinsic value as of June 30, 2023 or December 31, 2022.

The Company recognized $0.2 million of compensation expense related to the Program for the six months ended June 30, 2023 related to Funds III and V.

A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below:


Unvested Restricted Shares and LTIP Units	Common Restricted Shares			Weighted Grant-Date Fair Value		LTIP Units			Weighted Grant-Date Fair Value
Unvested at December 31, 2021		89,746		$	16.87		1,415,195		$	20.85
Granted		45,813			20.98		637,818			21.04
Vested		(40,894	)		19.75		(309,283	)		22.86
Forfeited		(1,930	)		31.82		(278,332	)		31.16
Unvested at December 31, 2022		92,735			17.31		1,465,398			18.59
Granted		68,196			14.10		780,193			15.00
Vested		(41,268	)		19.09		(354,352	)		20.35
Forfeited		(2,050	)		33.24		(92,589	)		30.78
Unvested at June 30, 2023		117,613		$	14.54		1,798,650		$	16.03

The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the six months ended June 30, 2023 and the year ended December 31, 2022 were $14.92 and $21.04, respectively. As of June 30, 2023, there was $21.8 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Amended and Restated 2020 Plan. That cost is expected to be recognized over a weighted-average period of 1.6 years. The total fair value of Restricted Shares that vested during the six months ended June 30, 2023 and the year ended December 31, 2022, was $0.8 million and $0.8 million, respectively. The total fair value of LTIP Units that vested (LTIP units vest primarily during the first quarter) during the six months ended June 30, 2023 and the year ended December 31, 2022, was $7.2 million and $7.1 million, respectively.

Other Plans

On a combined basis, the Company incurred a total of $0.3 million of compensation expense related to the following employee benefit plans for each of the six months ended June 30, 2023 and 2022, respectively.

Employee Share Purchase Plan

The Acadia Realty Trust Employee Share Purchase Plan (the “Purchase Plan”), allows eligible employees of the Company to purchase Common Shares through payroll deductions for a maximum aggregate issuance of 200,000 Common Shares. The Purchase Plan provides for employees to purchase Common Shares on a quarterly basis at a 15% discount to the closing price of the Company’s Common Shares on either the first day or the last day of the quarter, whichever is lower. A participant may not purchase more than $25,000 in Common Shares per year. Compensation expense will be recognized by the Company to the extent of the above discount to the closing price of the Common Shares with respect to the applicable quarter. A total of 8,114 and 3,674 Common Shares were purchased by employees under the Purchase Plan for the six months ended June 30, 2023 and 2022, respectively, and 180,529 shares remained available to be issued under the Purchase Plan.

Deferred Share Plan

The Company maintains a Trustee Deferral and Distribution Election program, under which the participating Trustees earn deferred compensation.

Employee 401(k) Plan

The Company maintains a 401(k) plan for employees under which the Company currently matches 50% of a plan participant’s contribution up to 6% of the employee’s annual salary. A plan participant may contribute up to a maximum of 15% of their compensation, up to $22,500, for the year ending December 31, 2023.

Real Estate

6 Months Ended

Jun. 30, 2023

Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]

Real Estate

2. Real Estate

The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands):


	June 30,			December 31,
	2023			2022

Land	$	881,717		$	817,802
Buildings and improvements		2,997,760			2,987,594
Tenant improvements		239,305			216,899
Construction in progress		16,836			21,027
Right-of-use assets - finance leases (Note 11)		25,086			25,086
Total		4,160,704			4,068,408
Less: Accumulated depreciation and amortization		(774,128	)		(725,143	)
Operating real estate, net		3,386,576			3,343,265
Real estate under development		122,275			184,602
Net investments in real estate	$	3,508,851		$	3,527,867

Acquisitions and Dispositions

During the six months ended June 30, 2023 the Company did not acquire or dispose of any consolidated retail properties and other real estate investments.

Properties Held for Sale

At June 30, 2023, the Company had one property under contract for sale with assets totaling $11.1 million, which was probable of disposition. The property was classified as "held for sale" on the Company's consolidated balance sheets at June 30, 2023 and December 31, 2022. The Company has received $3.3 million of non-refundable deposits under the sales contract, which is recorded in Other liabilities on the Company's consolidated balance sheets. Assets of the held for sale property consisted of the following:


	June 30,			December 31,
	2023			2022
Assets
Buildings and improvements	$	12,562		$	12,562
Land		3,380			3,380
Tenant improvements		1,010			1,010
Less: Accumulated depreciation and amortization		(5,895	)		(5,895	)
	$	11,057		$	11,057

Real Estate Under Development and Construction in Progress

Real estate under development represents the Company’s consolidated properties that have not yet been placed into service while undergoing substantial development or construction.

Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands):


	January 1, 2023				Six Months Ended June 30, 2023						June 30, 2023
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	54,817	$	—	$	4,280	$	—		2	$	59,097
Fund II		—		34,072		—		1,813		—		—		35,885
Fund III		1		25,798		—		1,494		—		1		27,293
Fund IV (a)		1		69,915		—		—		69,915		—		—
Total		4	$	184,602	$	—	$	7,587	$	69,915		3	$	122,275

Transfers out include $69.9 million related to one Fund IV property that was transferred out of development.

The number of properties in the tables above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. At June 30, 2023, consolidated development projects included: portions of the Henderson 1 & 2 Portfolio for the Core Portfolio and Broad Hollow Commons at Fund III. In addition, at June 30, 2023, the Company had one Core unconsolidated development project, 1238 Wisconsin Avenue (Note 4).

During the six months ended June 30, 2023, the Company placed $69.9 million related to the remainder of one Fund IV, 717 N. Michigan Avenue, into service.

Construction in progress pertains to construction activity at the Company’s operating properties that are in service and continue to operate during the construction period.

Notes Receivable, Net - Schedule of Notes Receivable (Details)
$ in Thousands

6 Months Ended

Jun. 30, 2023

USD ($)

NotesReceivable

Dec. 31, 2022

USD ($)

Aug. 31, 2022

USD ($)

Accounts Notes And Loans Receivable [Line Items]

Allowance for credit losses

$ (899)

$ (898)

$ (500)

Notes receivable, net

$ 123,902

123,903

Number | NotesReceivable

Minimum

Accounts Notes And Loans Receivable [Line Items]

Maturity Date

^[1]

2020-04

Interest Rate

^[1]

4.65%

Maximum

Accounts Notes And Loans Receivable [Line Items]

Maturity Date

^[1]

2027-12

Interest Rate

^[1]

10.00%

Core Portfolio

Accounts Notes And Loans Receivable [Line Items]

Total notes receivable

^[1]

$ 124,801

Number | NotesReceivable

^[1]

[1]	Includes one note receivable from an OP Unit holder, with a balance of $6.0 million at June 30, 2023 and December 31, 2022

Debt - Summary of Consolidated Indebtedness (Details) - USD ($)
$ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Long-term debt, gross

^[1],[2]

$ 1,774,552

$ 1,805,414

Net unamortized debt issuance costs

(11,820)

(12,697)

Unamortized premium

292

343

Secured Debt, Total

935,348

928,639

Unsecured notes payable, net

647,589

696,134

Total Indebtedness

1,763,024

1,793,060

Fund IV

Debt Instrument [Line Items]

Long-term debt, gross

39,200

Mortgages

Debt Instrument [Line Items]

Net unamortized debt issuance costs

(7,409)

(7,621)

Unamortized premium

292

343

Secured Debt, Total

935,348

928,639

Mortgages | Fund Portfolio

Debt Instrument [Line Items]

Long-term debt, gross

429,544

426,224

Mortgages | Fund Portfolio | Fund II

Debt Instrument [Line Items]

Long-term debt, gross

137,485

133,655

Mortgages | Fund Portfolio | Fund III

Debt Instrument [Line Items]

Long-term debt, gross

35,970

Mortgages | Fund Portfolio | Fund IV

Debt Instrument [Line Items]

Long-term debt, gross

^[3]

146,622

146,230

Unsecured Debt

Debt Instrument [Line Items]

Net unamortized debt issuance costs

(4,411)

(5,076)

Unsecured notes payable, net

647,589

696,134

Line of Credit

Debt Instrument [Line Items]

Unsecured notes payable, net

180,087

168,287

Fixed Rate | Mortgages | Core Portfolio

Debt Instrument [Line Items]

Long-term debt, gross

$ 192,844

$ 193,838

Fixed Rate | Mortgages | Core Portfolio | Maximum

Debt Instrument [Line Items]

Interest rate, stated percentage

^[4]

5.89%

Maturity Date

2035-04

Fixed Rate | Mortgages | Core Portfolio | Minimum

Debt Instrument [Line Items]

Interest rate, stated percentage

^[4]

3.99%

3.88%

Maturity Date

2024-02

Variable Rate Debt | Core Portfolio

Debt Instrument [Line Items]

Basis spread on variable rate

4.53%

Variable Rate Debt | Fund Portfolio | LIBOR | Fund IV

Debt Instrument [Line Items]

Basis spread on variable rate

2.25%

Variable Rate Debt | Fund Portfolio | SOFR | Fund II

Debt Instrument [Line Items]

Basis spread on variable rate

2.61%

Variable Rate Debt | Fund Portfolio | SOFR | Fund III

Debt Instrument [Line Items]

Basis spread on variable rate

3.35%

Variable Rate Debt | Fund Portfolio | SOFR | Fund IV

Debt Instrument [Line Items]

Basis spread on variable rate

3.65%

Variable Rate Debt | Fund Portfolio | SOFR | Fund V | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate

2.76%

Variable Rate Debt | Fund Portfolio | SOFR | Fund V | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate

1.61%

Variable Rate Debt | Mortgages | SOFR | Fund II

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

2.61%

Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund IV

Debt Instrument [Line Items]

Basis spread on variable rate

^[3],[4]

2.25%

Debt Instrument [Line Items]

Basis spread on variable rate

^[3],[4]

3.65%

Maturity Date

^[3]

2026-06

Debt Instrument [Line Items]

Basis spread on variable rate

^[3],[4]

2.25%

Maturity Date

^[3]

2023-07

Variable Rate Debt | Mortgages | Fund Portfolio | LIBOR | Fund V

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

1.85%

Debt Instrument [Line Items]

Maturity Date

2028-06

Debt Instrument [Line Items]

Maturity Date

2024-01

Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund II

Debt Instrument [Line Items]

Maturity Date

2025-08

Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund III

Debt Instrument [Line Items]

Maturity Date

2023-10

Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund IV

Debt Instrument [Line Items]

Basis spread on variable rate

^[3],[4]

3.65%

Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund V

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

2.76%

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

2.76%

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

1.61%

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

3.35%

Variable Rate Unsecured Term Loans | Unsecured Debt | Core Portfolio

Debt Instrument [Line Items]

Long-term debt, gross

$ 650,000

Variable Rate Unsecured Term Loans | Unsecured Debt | Core Portfolio | Maximum

Debt Instrument [Line Items]

Interest rate, stated percentage

^[4]

5.20%

5.11%

Maturity Date

2029-07

Variable Rate Unsecured Term Loans | Unsecured Debt | Core Portfolio | Minimum

Debt Instrument [Line Items]

Interest rate, stated percentage

^[4]

3.57%

3.74%

Maturity Date

2026-06

Variable Rate Unsecured Term Loans | Line of Credit | Core Portfolio

Debt Instrument [Line Items]

Maturity Date

2025-06

Variable Rate Unsecured Term Loans | Line of Credit | Core Portfolio | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

1.45%

1.50%

Subscription Line | Unsecured Debt | Fund Portfolio | Fund V

Debt Instrument [Line Items]

Long-term debt, gross

$ 2,000

$ 51,210

Subscription Line | Unsecured Debt | Fund Portfolio | SOFR | Fund V

Debt Instrument [Line Items]

Interest rate, stated percentage

^[4]

3.05%

1.86%

Maturity Date

2023-11

[1]	Includes $1,251.9 million and $1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.
[2]	Includes $144.3 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented.
[3]	Includes the outstanding balance on the Fund IV secured bridge facility of $39.2 million at each of June 30, 2023 and December 31, 2022.
[4]	At June 30, 2023, the stated rates ranged from 4.53% for Core variable-rate debt; SOFR + 2.61% for Fund II variable-rate debt; SOFR + 3.35% for Fund III variable-rate debt; LIBOR + 2.25% to SOFR + 3.65% for Fund IV variable-rate debt; SOFR + 1.61% - SOFR + 2.76% for Fund V variable-rate debt; 3.57% - 5.20% for Core variable-rate unsecured term loans; and SOFR + 1.45% for Core variable-rate unsecured lines of credit.

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Preferred OP Units - Additional Information (Details) - $ / shares	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Jan. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2016
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)	2,500,000
Denominator for Series A Preferred OP Unit conversion			$ 7.50
Common Shares
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)		375		5,522
Gotham Plaza \| Common Shares
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)						442,478
Preferred quarterly distribution per share price						$ 0.9375
Number of convertible units if share price below $28.80 (in shares)						3.4722
Number of convertible units if share price above $35.20 (in shares)						2.8409
Preferred OP Units
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)			0		0
Preferred OP Units \| Gotham Plaza
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)						141,593
Share price (in dollars per share)						$ 100.00
Preferred OP Units \| Gotham Plaza \| Minimum
Class of Stock [Line Items]
Share price at conversion date						28.80
Preferred OP Units \| Gotham Plaza \| Maximum
Class of Stock [Line Items]
Share price at conversion date						$ 35.20
Series A Preferred Stock
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)			1,580
Preferred stock, stated value per unit			$ 1,000
Per unit conversion amount, Series A Preferred OP Units (in dollars per unit)			$ 22.50
Per unit conversion annual rate, Preferred OP Units			9.00%
Number of preferred OP Units converted (in shares)			1,392
Units converted from Preferred OP Units (in shares)			185,600
Series A Preferred OP Units (in shares)		188	188	188
Series C Preferred Stock \| Gotham Plaza
Class of Stock [Line Items]
Number of preferred OP Units converted (in shares)			15,209
Units converted from Preferred OP Units (in shares)			52,613

Real Estate - Acquisitions and Conversions - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Business Acquisition [Line Items]
Properties Held for Sale of disposition	$ 11.1
Non-refundable deposit	3.3
Fund IV \| 717 N. Michigan Avenue, Chicago, IL
Business Acquisition [Line Items]
Transferred Out Of Development	$ 69.9

Organization, Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Basis of Presentation and Summary of Significant Accounting Policies

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies

Organization

Acadia Realty Trust, a Maryland real estate investment trust (collectively with its consolidated subsidiaries, the “Company”), is a fully-integrated equity REIT focused on the ownership, acquisition, development, and management of retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States.

All of the Company’s assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the “Operating Partnership”) and entities in which the Operating Partnership owns an interest. As of June 30, 2023 and December 31, 2022, the Company controlled approximately 95% of the Operating Partnership as the sole general partner and is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units”) and employees who have been awarded restricted Common OP Units (“LTIP Units”) as long-term incentive compensation (Note 13). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest, par value $0.001 per share, of the Company (“Common Shares”). This structure is referred to as an umbrella partnership REIT or “UPREIT.”

As of June 30, 2023, the Company has ownership interests in 149 properties within its core portfolio, which consist of those properties either 100% owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through its funds (“Core Portfolio”). The Company also has ownership interests in 51 properties within its opportunity funds, Acadia Strategic Opportunity Fund II, LLC (“Fund II”), Acadia Strategic Opportunity Fund III LLC (“Fund III”), Acadia Strategic Opportunity Fund IV LLC (“Fund IV”), and Acadia Strategic Opportunity Fund V LLC (“Fund V” and, collectively with Fund II, Fund III and Fund IV, the “Funds”). The 200 Core Portfolio and Fund properties primarily consist of street and urban retail and suburban shopping centers. In addition, the Company, together with the investors in the Funds, invested in operating companies through Acadia Mervyn Investors II, LLC (“Mervyns II”), all on a non-recourse basis.

The Operating Partnership is the sole general partner or managing member of the Funds and Mervyns II and earns fees or priority distributions for asset management, property management, construction, development, leasing, and legal services. Cash flows from the Funds and Mervyns II are distributed pro-rata to their respective partners and members (including the Operating Partnership) until each receives a certain cumulative return (“Preferred Return”) and the return of all capital contributions. Thereafter, remaining cash flow is distributed 20% to the Operating Partnership (“Promote”) and 80% to the partners or members (including the Operating Partnership). All transactions between the Funds and the Operating Partnership have been eliminated in consolidation.

The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions):


Entity	Formation Date	Operating Partnership Share of Capital			Capital Called as of June 30, 2023 (b)		Unfunded Commitment (b, c)		Equity Interest Held By Operating Partnership (a)			Preferred Return			Total Distributions as of June 30, 2023 (b, c)
Fund II and Mervyns II (c,d)	6/2004		61.67	%	$	559.4	$	0.0		61.67	%		8	%	$	172.9
Fund III	5/2007		24.54	%		448.1		1.9		24.54	%		6	%		603.5
Fund IV	5/2012		23.12	%		488.1		41.9		23.12	%		6	%		221.4
Fund V	8/2016		20.10	%		387.0		133.0		20.10	%		6	%		101.2

Amount represents the current economic ownership at June 30, 2023, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.

Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares.

During the second quarter of 2022, the Company increased its ownership in Fund II and Mervyns II through an acquisition of its partner's interest by 11.67%, from 28.33% to 40.00%, for $18.5 million. Additionally, during the third quarter of 2022, the Company increased its ownership in Fund II through an acquisition of a partner's interest by 21.67%, from 40.00% to 61.67%, for $5.8 million. Each of the remaining partners in Fund II have a right to put their equity interests to the Company beginning in August 2023. As the Company retained its controlling interest, these additional investments were accounted for as equity transactions (Note 10).

During 2022, Mervyns II recalled $3.8 million of the $15.7 million recallable distribution, of which the Company's share is $1.2 million. In January 2023, following the expiration of the lock-up period, Mervyns II distributed the 2.5 million shares of its investment in Albertsons to its partners; the Company directly owns 1.6 million shares (Note 4, Note 8).

Basis of Presentation

The interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. The information furnished in the accompanying condensed consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned condensed consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items.

These interim condensed consolidated financial statements should be read in conjunction with the Company’s 2022 consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Segments

At June 30, 2023, the Company had three reportable operating segments: Core Portfolio, Funds and Structured Financing. The Company’s chief operating decision maker may review operational and financial data on a property-level basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital.

Principles of Consolidation

The interim condensed consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control, including where the Company has been determined to be a primary beneficiary of a variable interest entity ("VIE"), in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income or loss.

Use of Estimates

GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.

Recent Accounting Pronouncements

In January 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-01, Reference Rate Reform (Topic 848): Scope, which modifies ASC 848 Reference Rate Reform (”ASC 848”), which was intended to provide relief related to “contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or a reference rate that was discontinued effective June 30, 2023 as a result of reference rate reform.” ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give reporting entities the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. ASU 2021-01, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, also adds implementation guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that is expected to be discontinued, but that are being modified as a result of the discounting transition. The Company has elected the optional practical expedient under ASU 2020-04 and 2021-01, which allows entities to account for the modification as if the modification was not substantial. As a result, the implementation of this guidance did not have an effect on the Company’s condensed consolidated financial statements.

In December 2022, the FASB issued ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The guidance in this update defers the sunset date of ASC 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments are effective for all entities in scope upon issuance of the ASU. The Company plans to transition all variable rate loans currently indexed to LIBOR to SOFR or another applicable benchmark index and will apply the relief based Topic 848 in line with the sunset date.

Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company, or they are not expected to have a material impact on the condensed consolidated financial statements.

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Due from (to) Related Parties	$ 210	$ 305
Other	4,367	4,315
Investments in and advances to unconsolidated affiliates	191,925	291,156
Distributions in excess of income from, and investments in, unconsolidated affiliates	$ 8,588	10,505
KLA/ABS
Schedule of Equity Method Investments [Line Items]
Cost method investment, ownership percentage	36.70%
Cost Method Investment	$ 0	85,403
Fund IV Other Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	98.57%
Equity method investments	$ 7,105	7,914
650 Bald Hill Road
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 9,717	10,203
Paramus Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 517	936
Fund IV
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 17,339	19,053
Fund V Family Center at Riverdale
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	89.42%
Equity method investments	$ 4,159	4,995
Tri City Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 7,774	8,422
Frederick County Acquisitions
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 12,496	12,240
Wood Ridge Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 12,586	12,751
La Frontera Village
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 19,974	20,803
Shoppes at South Hills
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 12,183	44,677
Mohawk Commons
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 19,788	775
Fund V
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 88,960	104,663
840 N. Michigan
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	88.43%
Distributions in excess of income from, and investments in, unconsolidated affiliates		1,673
Core Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 81,049	77,417
Core Portfolio \| Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.00%
Equity method investments	$ 28,634	28,755
Core Portfolio \| Gotham Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Equity method investments	$ 30,545	30,112
Core Portfolio \| Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 4,172	4,048
Core Portfolio \| 1238 Wisconsin Avenue
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	80.00%
Equity method investments	$ 17,630	14,502
Core Portfolio \| 840 N. Michigan Avenue
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	88.00%
Equity method investments	$ 68	0
Core Portfolio \| Crossroads
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Distributions in excess of income from, and investments in, unconsolidated affiliates	$ 8,588	$ 8,832

Notes Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2023

Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Notes Receivable

The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands):


	June 30,			December 31,			June 30, 2023
Description	2023			2022			Number		Maturity Date	Interest Rate
Core Portfolio (a)	$	124,801		$	124,801			5	Apr 2020 - Dec 2027	4.65% - 10.00%
Allowance for credit losses		(899	)		(898	)
Notes receivable, net	$	123,902		$	123,903			5

Includes one note receivable from an OP Unit holder, with a balance of $6.0 million at June 30, 2023 and December 31, 2022.

Lease Intangibles - Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	$ 325,620	$ 325,620
Amortizable Intangible Assets, Accumulated Amortization	(239,500)	(223,246)
Amortizable Intangible Assets, Net Carrying Amount	86,120	102,374
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Gross Carrying Amount	(176,253)	(176,253)
Amortizable Intangible Liabilities, Accumulated Amortization	110,216	98,182
Amortizable Intangible Liabilities, Net Carrying Amount	(66,037)	(78,071)
Above-market Ground Lease, Gross	(671)	(671)
Above-market Ground Lease, Accumulated Amortization	353	326
Above-market Ground Lease, Net	(318)	(345)
Finite-Lived Intangible Liabilities, Gross	(176,924)	(176,924)
Finite-Lived Intangible Liabilities, Accumulated Amortization	110,569	98,508
Finite-Lived Intangible Liabilities, Net	(66,355)	(78,416)
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	301,556	301,556
Amortizable Intangible Assets, Accumulated Amortization	(221,245)	(205,951)
Amortizable Intangible Assets, Net Carrying Amount	80,311	95,605
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Net Carrying Amount	(60,228)
Above-market rent
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	24,064	24,064
Amortizable Intangible Assets, Accumulated Amortization	(18,255)	(17,295)
Amortizable Intangible Assets, Net Carrying Amount	$ 5,809	$ 6,769

Share Incentive and Other Compensation - Additional Information (Details) - USD ($)			1 Months Ended		3 Months Ended		6 Months Ended			12 Months Ended
	May 04, 2023	Mar. 22, 2023	May 31, 2020	Mar. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2020	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation							$ 7,630,000	$ 6,358,000
Trustee fees					$ 500,000	$ 400,000	1,100,000	800,000
Compensation expense							200,000
Total unrecognized compensation cost related to nonvested awards					21,800,000		$ 21,800,000
Weighted-average period over which cost is expected to be recognized							1 year 7 months 6 days
Fund V
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award							18.00%
Performance Period Ending December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period							3 years
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested							$ 7,200,000			$ 7,100,000
LTIP Units \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures							40,459
LTIP Units \| Performance period ending December 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period							3 years
LTIP Units \| First Anniversary of The Date of Issuance \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting shares									10,427
LTIP Units \| Next Three Anniversaries of The Issuance Date \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting shares									30,032
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested							$ 800,000			800,000
Restricted shares \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures							2,433		45,882
Restricted shares \| First Anniversary of The Date of Issuance \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting shares									15,850
Restricted shares \| Next Three Anniversaries of The Issuance Date \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting shares									30,032
LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total value of restricted shares and LTIP units as of the grant date							$ 11,500,000			$ 13,100,000
Vesting rate of shares granted to trustees							33.00%
Next three year anniversaty Vesting rate of shares granted to trustees									33.00%
Weighted average grant date fair value, grants (in dollars per share)							$ 14.92			$ 21.04
LTIP Units and Restricted Stock \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period							3 years
LTIP Units and Restricted Stock \| General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation					$ 2,800,000	$ 2,200,000	$ 5,700,000	3,200,000
LTIP Units and Restricted Stock \| Performance Period Ending December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period							3 years
LTIP Units and Restricted Stock \| Performance Fails To Achieve, Earned Performance-Based Shares Vest At End Of Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							60.00%
LTIP Units and Restricted Stock \| Performance Fails To Achieve
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							40.00%
Award vesting period							2 years
LTIP Units and Restricted Stock \| Next Three Anniversaries of The Issuance Date \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period									3 years
LTIP Units and Restricted Stock \| Minimum \| TSR percentile falls between the 25th percentile and the 50th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							50.00%
LTIP Units and Restricted Stock \| Minimum \| TSR percentile falls between the 50th percentile and 75th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							100.00%
LTIP Units and Restricted Stock \| Maximum \| TSR percentile falls between the 25th percentile and the 50th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							100.00%
LTIP Units and Restricted Stock \| Maximum \| TSR percentile falls between the 50th percentile and 75th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							200.00%
Employee Benefit Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense							$ 300,000	$ 300,000
Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares authorized			2,650,000	2,650,000
Number of shares authorized			2,829,953	2,829,953
Amended and Restated 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares authorized	3,100,000	3,100,000
Number of shares authorized	3,883,564	3,883,564			3,798,208		3,798,208
Amended and Restated 2020 Plan \| LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures							739,734
Amended and Restated 2020 Plan \| Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures							22,314
Performance shares 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period							3 years	3 years
Volatility rate							48.00%	49.00%
Risk-free interest rates							4.30%	1.70%
Performance shares 2022 \| Performance-based ltip units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							50.00%
Long Term Investment Alignment Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Max percentage of future fund III promote that may be awarded to senior executives							25.00%
Long Term Investment Alignment Program \| Fund III
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award							25.00%
Long Term Investment Alignment Program \| Fund IV
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award							23.10%
Awards in connection with fund to have intrinsic value					$ 0		$ 0			$ 0
NAREIT retail property sector
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							25.00%
Same-property net operating income
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							25.00%
Same-property net operating income \| Minimum \| Growth rate two and three percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							50.00%
Growth rate Percentage							2.00%
Same-property net operating income \| Minimum \| Growth rate three and four percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							100.00%
Growth rate Percentage							3.00%
Same-property net operating income \| Maximum \| Growth rate two and three percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							100.00%
Growth rate Percentage							3.00%
Same-property net operating income \| Maximum \| Growth rate three and four percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							200.00%
Growth rate Percentage							4.00%

Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares unvested, Beginning of period (in shares)	92,735	89,746
Shares granted (in shares)	68,196	45,813
Shares vested (in shares)	(41,268)	(40,894)
Shares forfeited (in shares)	(2,050)	(1,930)
Shares unvested, End of period (in shares)	117,613	92,735
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 17.31	$ 16.87
Shares granted, Weighted average grant date fair value (in dollars per share)	14.10	20.98
Shares vested, Weighted average grant date fair value (in dollars per share)	19.09	19.75
Shares forfeited, Weighted average grant date fair value (in dollars per share)	33.24	31.82
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share)	$ 14.54	$ 17.31
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares unvested, Beginning of period (in shares)	1,465,398	1,415,195
Shares granted (in shares)	780,193	637,818
Shares vested (in shares)	(354,352)	(309,283)
Shares forfeited (in shares)	(92,589)	(278,332)
Shares unvested, End of period (in shares)	1,798,650	1,465,398
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 18.59	$ 20.85
Shares granted, Weighted average grant date fair value (in dollars per share)	15.00	21.04
Shares vested, Weighted average grant date fair value (in dollars per share)	20.35	22.86
Shares forfeited, Weighted average grant date fair value (in dollars per share)	30.78	31.16
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share)	$ 16.03	$ 18.59

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finance lease cost:
Amortization of right-of-use assets	$ 225	$ 225	$ 451	$ 451
Interest on lease liabilities	108	102	214	202
Subtotal	333	327	665	653
Operating lease cost	1,328	1,295	2,664	2,670
Variable lease cost	73	22	144	42
Total lease cost	$ 1,734	$ 1,644	$ 3,473	$ 3,365
Weighted-average remaining lease term - finance leases (years)	31 years 7 months 6 days	32 years 3 months 18 days	31 years 7 months 6 days	32 years 3 months 18 days
Weighted-average remaining lease term - operating leases (years)	13 years 3 months 18 days	13 years 9 months 18 days	13 years 3 months 18 days	13 years 9 months 18 days
Weighted-average discount rate - finance leases	6.30%	6.30%	6.30%	6.30%
Weighted-average discount rate - operating leases	5.10%	5.10%	5.10%	5.10%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 24,754	$ 28,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	67,229	68,684
Gain on disposition of properties and other investments	0	(42,504)
Net unrealized holding losses (gains) on investments	346	13,114
Stock compensation expense	7,630	6,358
Straight-line rents	(1,518)	(5,546)
Equity in earnings of unconsolidated affiliates	1,408	(4,410)
Distributions of operating income from unconsolidated affiliates	1,789	6,761
Adjustments to straight-line rent reserves	0	(462)
Amortization of financing costs	3,093	2,498
Non-cash lease expense	1,800	1,718
Adjustments to allowance for credit loss	0	(1,387)
Acceleration of below market lease	(8,057)	0
Other, net	(2,881)	(4,155)
Changes in assets and liabilities:
Rents receivable	3,548	3,863
Other liabilities	1,895	(2,715)
Accounts payable and accrued expenses	(3,523)	(3,834)
Prepaid expenses and other assets	(6,193)	233
Lease liability - operating leases	(1,825)	(1,729)
Net cash provided by operating activities	89,495	64,759
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of real estate	0	(242,633)
Proceeds from the disposition of properties and other investments, net	0	156,783
Investments in and advances to unconsolidated affiliates	(29,114)	(99,946)
Development, construction and property improvement costs	(30,570)	(25,281)
(Payment) refund of deposits for properties under purchase contract	(995)	350
Change in control of previously unconsolidated affiliate	0	3,592
Return of capital from unconsolidated affiliates	38,097	57,581
Payment of deferred leasing costs	(4,071)	(3,807)
Acquisition of investment interests	0	(4,527)
Proceeds from repayment of notes receivable	0	16,000
Net cash used in investing activities	(26,653)	(141,888)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured debt	95,699	574,783
Principal payments on unsecured debt	(133,109)	(535,927)
Proceeds from the sale of Common Shares	0	119,485
Capital contributions from noncontrolling interests	31,242	99,852
Principal payments on mortgage and other notes	(61,153)	(114,800)
Distributions to noncontrolling interests	(29,834)	(49,878)
Dividends paid to Common Shareholders	(34,252)	(30,407)
Proceeds received on mortgage and other notes	67,702	43,037
Deferred financing and other costs	(1,840)	(3,125)
Acquisition of noncontrolling interest	0	(18,506)
Net cash provided by financing activities	(65,545)	84,514
(Decrease) increase in cash and restricted cash	(2,703)	7,385
Cash of $17,158 and $17,746 and restricted cash of $15,063 and $9,813 respectively, beginning of period	32,221	27,559
Cash of $17,193 and $23,921 and restricted cash of $12,325 and $11,023 respectively, end of period	29,518	34,944
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $3,913 and $1,313 respectively	55,349	22,189
Cash paid for income taxes, net of (refunds)	123	183
Supplemental disclosure of non-cash investing and financing activities
Distribution declared and payable on July 14, 2023 and July 15, 2022, respectively	18,378	18,172
Assumption of accounts payable and accrued expenses through acquisition of real estate	0	4,062
Issuance of note receivable used as capital contributions from redeemable noncontrolling interests	796	0
Accrued interest on note receivable recorded to noncontrolling interest	4,653	0
Distributions to noncontrolling interests of marketable securities	49,117	0
Reclassification of investment in unconsolidated affiliate to marketable securities	32,745	0
Reclassification of noncontrolling interest in excess of amount paid to additional paid-in capital	0	22,870
Change in control of previously unconsolidated investment
Increase in real estate	0	(55,791)
Increase in mortgage notes payable	0	35,970
Decrease in investments in and advances to unconsolidated affiliates	0	17,822
Decrease in notes receivable	0	5,306
Decrease in reserve on note receivable	0	(4,582)
Decrease in accrued interest on notes receivable	0	4,691
Change in other assets and liabilities	0	176
Increase in cash and restricted cash upon change of control	$ 0	$ 3,592

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common Shares

Additional Paid-in Capital

Accumulated Other Comprehensive Income (Loss)

Distributions in Excess of Accumulated Earnings

Total Common Shareholders' Equity

Noncontrolling Interests

Redeemable Non Controlling Interests

Balance at Dec. 31, 2021

$ 2,149,935

$ 89

$ 1,754,383

$ (36,214)

$ (196,645)

$ 1,521,613

$ 628,322

Balance (in Shares) at Dec. 31, 2021

89,304

Balance at Mar. 31, 2022

2,408,206

$ 95

1,864,060

(5,724)

(196,818)

1,661,613

746,593

Balance (in Shares) at Mar. 31, 2022

94,508

Balance at Dec. 31, 2021

2,149,935

$ 89

1,754,383

(36,214)

(196,645)

1,521,613

628,322

Balance (in Shares) at Dec. 31, 2021

89,304

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership

815

(815)

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)

Issuance of Common Shares, net

119,485

$ 6

119,479

119,485

Issuance of Common Shares (in Shares)

5,522

Dividends/distributions declared

(36,667)

(34,098)

(2,569)

Acquisition of noncontrolling interest

(18,506)

22,870

(41,376)

Employee and trustee stock compensation, net

6,358

687

5,671

Employee and trustee stock compensation, net (in Shares)

Noncontrolling interest distributions

(47,556)

Noncontrolling interest contributions

99,852

Comprehensive income (loss)

90,317

47,454

16,464

63,918

26,399

Comprehensive income (loss)

90,317

Reallocation of noncontrolling interests

(2,678)

2,678

^[1]

Balance at Jun. 30, 2022

2,363,218

$ 95

1,895,556

11,240

(214,279)

1,692,612

670,606

Balance (in Shares) at Jun. 30, 2022

94,929

Balance at Dec. 31, 2021

2,149,935

$ 89

1,754,383

(36,214)

(196,645)

1,521,613

628,322

Balance (in Shares) at Dec. 31, 2021

89,304

Balance at Dec. 31, 2022

2,181,196

$ 95

1,945,322

46,817

(300,402)

1,691,832

489,364

$ 67,664

Ending at Dec. 31, 2022

$ 67,664

Balance (in Shares) at Dec. 31, 2022

95,120,773

95,121

Balance at Mar. 31, 2022

$ 2,408,206

$ 95

1,864,060

(5,724)

(196,818)

1,661,613

746,593

Balance (in Shares) at Mar. 31, 2022

94,508

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership

243

(243)

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)

Issuance of Common Shares, net

7,968

Issuance of Common Shares (in Shares)

375

Dividends/distributions declared

(18,373)

(17,087)

(1,286)

Acquisition of noncontrolling interest

(18,506)

22,870

(41,376)

Employee and trustee stock compensation, net

2,540

257

2,283

Employee and trustee stock compensation, net (in Shares)

Noncontrolling interest distributions

(24,776)

Noncontrolling interest contributions

723

Comprehensive income (loss)

5,436

16,964

(374)

16,590

(11,154)

Reallocation of noncontrolling interests

158

(158)

^[1]

Balance at Jun. 30, 2022

2,363,218

$ 95

1,895,556

11,240

(214,279)

1,692,612

670,606

Balance (in Shares) at Jun. 30, 2022

94,929

Balance at Dec. 31, 2022

$ 2,181,196

$ 95

1,945,322

46,817

(300,402)

1,691,832

489,364

67,664

Balance (in Shares) at Dec. 31, 2022

95,120,773

95,121

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership

1,533

(1,533)

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)

Dividends/distributions declared

$ (36,975)

(34,291)

(2,684)

City Point Loan

(796)

City Point Loan accrued interest

(4,665)

Employee and trustee stock compensation, net

7,630

1,264

6,366

Employee and trustee stock compensation, net (in Shares)

Noncontrolling interest distributions

(76,360)

Noncontrolling interest contributions

31,242

796

Comprehensive income (loss)

28,210

3,038

22,636

25,674

5,702

(3,166)

Comprehensive income (loss)

31,376

Net Income (Loss) Attributable to Redeemable Noncontrolling Interest

3,166

Reallocation of noncontrolling interests

(340)

340

^[1]

Balance at Jun. 30, 2023

2,138,109

$ 95

1,947,779

49,855

(312,057)

1,685,672

452,437

Ending at Jun. 30, 2023

$ 59,833

59,833

Balance (in Shares) at Jun. 30, 2023

95,296,799

95,297

Balance at Mar. 31, 2023

$ 2,130,263

$ 95

1,945,157

30,003

(304,173)

1,671,082

459,181

63,269

Balance (in Shares) at Mar. 31, 2023

95,208

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership

901

(901)

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)

Dividends/distributions declared

(18,501)

(17,160)

(1,341)

City Point Loan

(796)

City Point Loan accrued interest

(2,345)

Employee and trustee stock compensation, net

2,745

277

2,468

Employee and trustee stock compensation, net (in Shares)

Noncontrolling interest distributions

(5,492)

Noncontrolling interest contributions

(796)

Comprehensive income (loss)

28,003

19,852

9,276

(29,128)

(34)

(1,091)

Comprehensive income (loss)

29,094

Net Income (Loss) Attributable to Redeemable Noncontrolling Interest

1,091

Reallocation of noncontrolling interests

1,444

(1,444)

^[1]

Balance at Jun. 30, 2023

2,138,109

$ 95

$ 1,947,779

$ 49,855

$ (312,057)

$ 1,685,672

$ 452,437

Ending at Jun. 30, 2023

$ 59,833

Balance (in Shares) at Jun. 30, 2023

95,296,799

95,297

[1]	Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership.

Notes Receivable, Net - Additional Information (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Aug. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Note receivable accrued interest	$ 22,157,000	$ 18,082,000
Credit loss reserve	899,000	898,000	$ 500,000
Aggregate loans	123,902,000	123,903,000
Core Note
Accounts Notes And Loans Receivable [Line Items]
Notes receivable modified, subsequent payment default	21,600,000	$ 21,600,000
Structured Financing
Accounts Notes And Loans Receivable [Line Items]
Note receivable accrued interest	4,100,000
Loans amortized cost	0
Aggregate loans	27,900,000
Structured Financing \| Non-Collateral Dependent Loans
Accounts Notes And Loans Receivable [Line Items]
Note receivable accrued interest	15,200,000
Credit loss reserve	900,000
Loans amortized cost	$ 116,200,000

Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

The Company is involved in various matters of litigation arising out of, or incidental to, its business. While the Company is unable to predict with certainty the outcome of any particular matter, management does not expect, when such litigation is resolved, that the Company’s resulting exposure to loss contingencies, if any, will have a material adverse effect on its consolidated financial position or results of operations.

Commitments and Guaranties

From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to guarantee portions of the principal, interest and other amounts in connection with their borrowings, provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and provide guarantees to lenders, tenants and other third parties for the completion of development projects.

In connection with the refinancing of the La Frontera Village mortgage loan of $57.0 million, which is collateralized by the investment property, Fund V guaranteed the joint venture’s obligation of payments under the loan. Fund V earned a fee from the joint venture for providing the guarantee. As of June 30, 2023, $0.2 million related to the guarantee was recorded as a liability in the Company’s condensed consolidated financial statements.

In conjunction with the development and expansion of various properties, the Company has entered into agreements with general contractors for the construction or development of properties aggregating approximately $52.0 million and $39.1 million as of June 30, 2023 and December 31, 2022, respectively. The Company also has a $12.8 million construction loan commitment related to its investment in 1238 Wisconsin, of which $11.5 million was funded as of June 30, 2023 and is included in Investments in and advances to unconsolidated affiliates in the Company’s condensed consolidated financial statements (Note 4).

At June 30, 2023 and December 31, 2022, the Company had Core and Fund letters of credit outstanding of $7.0 million (Note 7). The Company has not recorded any obligation associated with these letters of credit. The majority of the letters of credit are collateral for existing indebtedness and other obligations of the Company.

The Company, and certain subsidiaries of the Company, have guaranteed the $175.0 million term, $75.0 million term loan, and the Credit Facility. The Operating Partnership has guaranteed up to $50.0 million related to the Fund II City Point mortgage loan and up to $22.5 million of the Fund

IV secured bridge facility (Note 7, Note 15). As of June 30, 2023, no amounts related to the guarantee were recorded as liabilities in the Company’s condensed consolidated financial statements.

Insurance Coverage

We carry insurance coverage on our properties of different types and in amounts with deductibles that we believe are in line with coverage customarily obtained by owners of similar properties.

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Change in Noncontrolling Interest (Parenthetical) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Minority Interest [Line Items]
Distributions declared (in dollars per share)	$ 0.18	$ 0.18	$ 0.36	$ 0.36
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership (in shares)	54,040	15,701	91,433	51,307
Series A Preferred Stock
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)	188	188	188	188
Operating Partnership, as General Partner or Managing Member \| Series C Preferred Stock
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)	126,384	126,593	126,384	126,593
Noncontrolling Interests
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)	2,864,074	3,062,108	2,864,074	3,062,108
LTIP Units
Minority Interest [Line Items]
LTIP units outstanding (in shares)	4,298,378	3,732,125	4,298,378	3,732,125

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Common Shares and Units - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted shares
Class of Stock [Line Items]
Restricted stock, shares canceled for tax withholding for share based compensation (in shares)			3,251
LTIP Units and Restricted Stock
Class of Stock [Line Items]
Unit based compensation expense	$ 2.8	$ 2.2	$ 5.7	$ 3.2

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Change in Noncontrolling Interest (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning Balance

$ 489,364

Net income (loss)

$ 2,752

$ (15,825)

24,754

$ 28,272

Unrealized gain on valuation of swap agreements

33,513

17,050

18,271

52,784

Reclassification of realized interest on swap agreements

8,262

(4,211)

14,815

(9,261)

Noncontrolling interest contributions

723

31,242

99,852

Noncontrolling interest distributions

(5,492)

(24,776)

(76,360)

(47,556)

Employee Long-term Incentive Plan Unit Awards

2,745

2,540

7,630

6,358

Net income attributable to noncontrolling interests

5,433

15,451

(5,284)

(11,808)

Ending Balance

452,437

Operating Partnership, as General Partner or Managing Member

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Ending Balance

^[1]

Noncontrolling Interests

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning Balance

459,181

746,593

489,364

628,322

Distributions declared per Common OP Unit

(1,341)

(1,286)

(2,684)

(2,569)

Net income (loss)

(5,433)

(15,451)

5,284

11,808

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership

(901)

(243)

(1,533)

(815)

Unrealized gain on valuation of swap agreements

9,036

2,970

6,775

11,598

Reclassification of realized interest on swap agreements

(3,637)

1,327

(6,357)

2,993

Acquisition of noncontrolling interest

(41,376)

^[2]

(41,376)

City Point Loan

City Point Loan accrued interest

Noncontrolling interest contributions

723

31,242

99,852

Noncontrolling interest distributions

(5,492)

(24,776)

(76,360)

(47,556)

Employee Long-term Incentive Plan Unit Awards

2,468

2,283

6,366

5,671

Reallocation of noncontrolling interests

^[1]

(1,444)

(158)

340

2,678

Ending Balance

452,437

670,606

452,437

670,606

Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning Balance

^[3]

355,962

645,238

389,810

534,202

Distributions declared per Common OP Unit

^[3]

Net income (loss)

^[3]

(6,130)

(15,602)

3,670

10,534

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership

^[3]

Unrealized gain on valuation of swap agreements

^[3]

7,867

2,033

6,520

8,963

Reclassification of realized interest on swap agreements

^[3]

(3,583)

1,298

(6,258)

2,919

Acquisition of noncontrolling interest

^[3]

(41,376)

^[2]

(41,376)

City Point Loan

^[3]

City Point Loan accrued interest

^[3]

Noncontrolling interest contributions

^[3]

723

31,242

99,852

Noncontrolling interest distributions

^[3]

(5,492)

(24,776)

(76,360)

(47,556)

Employee Long-term Incentive Plan Unit Awards

^[3]

Reallocation of noncontrolling interests

^[1],[3]

Ending Balance

^[3]

348,624

567,538

348,624

567,538

Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning Balance

^[4]

103,219

101,355

99,554

94,120

Distributions declared per Common OP Unit

^[4]

(1,341)

(1,286)

(2,684)

(2,569)

Net income (loss)

^[4]

697

151

1,614

1,274

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership

^[4]

(901)

(243)

(1,533)

(815)

Unrealized gain on valuation of swap agreements

^[4]

1,169

937

255

2,635

Reclassification of realized interest on swap agreements

^[4]

(54)

(99)

Acquisition of noncontrolling interest

^[4]

^[2]

City Point Loan

^[4]

City Point Loan accrued interest

^[4]

Noncontrolling interest contributions

^[4]

Noncontrolling interest distributions

^[4]

Employee Long-term Incentive Plan Unit Awards

^[4]

2,468

2,283

6,366

5,671

Reallocation of noncontrolling interests

^[1],[4]

(1,444)

(158)

340

2,678

Ending Balance

^[4]

103,813

103,068

103,813

103,068

Redeemable Noncontrolling Interests

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning Balance

^[1]

63,269

67,664

Distributions declared per Common OP Unit

^[1]

Net income (loss)

^[1]

(1,091)

(3,166)

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership

^[1]

Unrealized gain on valuation of swap agreements

^[1]

Reclassification of realized interest on swap agreements

^[1]

Acquisition of noncontrolling interest

^[1],[2]

City Point Loan

^[1]

(796)

City Point Loan accrued interest

^[1]

(2,345)

(4,665)

Noncontrolling interest contributions

^[1]

796

Noncontrolling interest distributions

^[1]

Employee Long-term Incentive Plan Unit Awards

^[1]

Reallocation of noncontrolling interests

^[1]

Ending Balance

^[1]

$ 59,833

Redeemable Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Beginning Balance

^[1]

Ending Balance

^[1]

$ 0

[1]	Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership.
[2]	Redeemable noncontrolling interests comprise third-party interest in Fund II as limited partners in this Fund have been granted put rights, as further described below.
[3]	Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and seven other subsidiaries.
[4]	Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,864,074 and 3,062,108 Common OP Units at June 30, 2023 and 2022, respectively; (ii) 188 Series A Preferred OP Units at each of June 30, 2023 and 2022; (iii) 126,384 and 126,593 Series C Preferred OP Units at June 30, 2023 and 2022, respectively; and (iv) 4,298,378 and 3,732,125 LTIP units at June 30, 2023 and 2022, respectively, as discussed in the Amended and Restated 2020 Plan (Note 13). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above.

Investments in and Advances to Unconsolidated Affiliates - Fund Investments - Additional Information (Details) - USD ($)
$ in Thousands, shares in Millions

3 Months Ended

6 Months Ended

Jan. 20, 2023

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

Schedule of Equity Method Investments [Line Items]

Long-term debt, gross

^[1],[2]

$ 1,774,552

$ 1,805,414

Proceeds from dividends received

200

$ 500

28,700

$ 1,000

1238 Wisconsin

Schedule of Equity Method Investments [Line Items]

Construction loan

3,800

Construction loan commitment

12,800

Long-term debt, gross

11,500

Mohawk Commons

Schedule of Equity Method Investments [Line Items]

Purchase Price

62,100

Mortgage Loan

39,700

La Frontera Village

Schedule of Equity Method Investments [Line Items]

Mortgage Loan

57,000

Fund IV

Schedule of Equity Method Investments [Line Items]

Long-term debt, gross

21,900

Fund V

Schedule of Equity Method Investments [Line Items]

Purchase Price

20,200

Fund V | Bridge Loan

Schedule of Equity Method Investments [Line Items]

Long-term line of credit, noncurrent

31,700

Fund V Acquisition One

Schedule of Equity Method Investments [Line Items]

Mortgage Loan

36,000

Mortgage Loan Funded at Closing

$ 31,800

Albertsons

Schedule of Equity Method Investments [Line Items]

Proceeds from dividends received

$ 28,500

Company's share on investment

$ 11,300

Share distributed to investor

4.1

Investment owned, shares

1.6

[1]	Includes $1,251.9 million and $1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.
[2]	Includes $144.3 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented.

Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ 0	$ (46)
Derivative Asset	57,682	54,902
Core Portfolio
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	856,000
Fair value, derivatives, net	44,408	40,838
Core Portfolio \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ 0	$ (46)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Unconsolidated VIE liabilities	Unconsolidated VIE liabilities
Derivative Asset	$ 44,408	$ 40,884
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Core Portfolio \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 856,000
Core Portfolio \| Interest Rate Swaps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2022-05
Derivative Maturity Date	2025-03
Strike Rate	1.98%
Core Portfolio \| Interest Rate Swaps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-05
Derivative Maturity Date	2030-07
Strike Rate	3.61%
Fund Portfolio \| Fund II \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 1,346	$ 1,108
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Fund Portfolio \| Fund II \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 50,000
Derivative Effective Date	2023-01
Derivative Maturity Date	2029-12
Fund Portfolio \| Fund II \| Interest Rate Swaps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.23%
Fund Portfolio \| Fund II \| Interest Rate Swaps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.23%
Fund Portfolio \| Fund III \| Interest Rate Caps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 13	$ 232
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Fund Portfolio \| Fund III \| Interest Rate Caps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 35,970
Derivative Effective Date	2022-07
Derivative Maturity Date	2023-07
Fund Portfolio \| Fund III \| Interest Rate Caps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.50%
Fund Portfolio \| Fund III \| Interest Rate Caps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.50%
Fund Portfolio \| Fund IV \| Interest Rate Caps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 589	$ 1,093
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Fund Portfolio \| Fund IV \| Interest Rate Caps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 76,338
Fund Portfolio \| Fund IV \| Interest Rate Caps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2021-07
Derivative Maturity Date	2023-07
Strike Rate	3.00%
Fund Portfolio \| Fund IV \| Interest Rate Caps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2022-12
Derivative Maturity Date	2023-12
Strike Rate	3.50%
Fund Portfolio \| Fund V
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 386,413
Fair value, derivatives, net	11,326	$ 11,585
Fund Portfolio \| Fund V \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 10,972	$ 11,585
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 345,885
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2019-11
Derivative Maturity Date	2024-03
Strike Rate	1.14%
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-06
Derivative Maturity Date	2027-12
Strike Rate	4.54%
Fund Portfolio \| Fund V \| Interest Rate Caps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 354	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Fund Portfolio \| Fund V \| Interest Rate Caps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 40,528
Derivative Effective Date	2023-01
Derivative Maturity Date	2024-01
Fund Portfolio \| Fund V \| Interest Rate Caps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.64%
Fund Portfolio \| Fund V \| Interest Rate Caps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.64%

Other Assets, Net and Accounts Payable and Other Liabilities - Schedule of other assets and other liabilities (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Other Assets, Net:

Lease intangibles, net (Note 6)

$ 86,120

$ 102,374

Derivative financial instruments (Note 8)

57,682

54,902

Deferred charges, net

29,931

28,478

Accrued interest receivable (Note 3)

22,157

18,082

Prepaid expenses

14,256

15,872

Due from seller

3,036

Income taxes receivable

1,114

1,876

Deposits

2,641

1,624

Corporate assets, net

1,108

1,287

Other receivables

1,883

2,060

Other assets, net

219,928

229,591

Deferred Charges, Net:

Deferred leasing and other costs

^[1]

68,534

63,920

Deferred financing costs related to line of credit

9,698

9,494

Deferred costs, gross

78,232

73,414

Accumulated amortization

(48,301)

(44,936)

Deferred charges, net

29,931

28,478

Accounts Payable and Other Liabilities:

Lease intangibles, net (Note 6)

$ 66,355

$ 78,416

Operating Lease, Liability, Statement of Financial Position [Extensible List]

Accounts payable and other liabilities

Accounts payable and accrued expenses

$ 56,315

$ 59,922

Deferred income

34,886

34,503

Tenant security deposits, escrow and other

17,849

16,582

Lease liability - finance leases, net (Note 11)

7,236

7,022

Derivative financial instruments (Note 8)

Accounts payable and other liabilities

$ 182,641

$ 196,491

Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]

Accounts payable and other liabilities

[1]

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2023

Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]

Schedule of Assets and Liabilities Included in Consolidated Balance Sheets

As of June 30, 2023 and December 31, 2022, the consolidated balance sheets include the following assets and liabilities of the consolidated VIEs of the Operating Partnership:


(dollars in thousands)	June 30, 2023		December 31, 2022
VIE ASSETS
Operating real estate, net	$	1,525,238	$	1,466,381
Real estate under development		63,308		129,888
Investments in and advances to unconsolidated affiliates		108,031		210,922
Other assets, net		90,164		98,675
Right-of-use assets - operating leases, net		2,326		2,535
Cash and cash equivalents		12,008		13,330
Restricted cash		12,246		14,995
Rents receivable, net		17,710		17,915
Total VIE assets (a)	$	1,831,031	$	1,954,641

VIE LIABILITIES
Mortgage and other notes payable, net	$	768,844	$	761,166
Unsecured notes payable, net		1,996		51,202
Accounts payable and other liabilities		91,803		95,385
Lease liability - operating leases, net		2,437		2,657
Total VIE liabilities (a)	$	865,080	$	910,410

(a)

At June 30, 2023 and December 31, 2022, includes total VIE assets of $677.8 million and $678.1 million, respectively, and total VIE liabilities of $204.9 million and $200.4 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 mortgages 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.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common shares	200,000
Employee share purchase discount rate	15.00%
Employee share purchase maximum purchase amount	$ 25,000
Maximum number of common shares allow for issuance	180,529
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase (in shares)	8,114	3,674

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Schedule of Distributions Declared and paid (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class of Stock [Line Items]
Cash dividends declared per common share (in dollars per share)	$ 0.18	$ 0.18	$ 0.36	$ 0.36
Fourth Quarter Two Thousand Twenty Two Member
Class of Stock [Line Items]
Cash dividends, declared date			Nov. 09, 2022
Cash dividends declared per common share (in dollars per share)			$ 0.18
Cash dividends, record date			Dec. 30, 2022
Cash dividends, paid date			Jan. 13, 2023
First Quarter Two Thousand Twenty Two Member
Class of Stock [Line Items]
Cash dividends, declared date			Feb. 15, 2022
Cash dividends declared per common share (in dollars per share)			$ 0.18
Cash dividends, record date			Mar. 31, 2022
Cash dividends, paid date			Apr. 14, 2022
First Quarter Two Thousand Twenty Three Member
Class of Stock [Line Items]
Cash dividends, declared date			Jan. 17, 2023
Cash dividends declared per common share (in dollars per share)			$ 0.18
Cash dividends, record date			Mar. 31, 2023
Cash dividends, paid date			Apr. 14, 2023
Second Quarter Two Thousand Twenty Two Member
Class of Stock [Line Items]
Cash dividends, declared date			May 04, 2022
Cash dividends declared per common share (in dollars per share)			$ 0.18
Cash dividends, record date			Jun. 30, 2022
Cash dividends, paid date			Jul. 15, 2022
Third Quarter Two Thousand Twenty Two Member
Class of Stock [Line Items]
Cash dividends, declared date			Aug. 10, 2022
Cash dividends declared per common share (in dollars per share)			$ 0.18
Cash dividends, record date			Sep. 30, 2022
Cash dividends, paid date			Oct. 14, 2022
Second Quarter Two Thousand Twenty Three Member
Class of Stock [Line Items]
Cash dividends, declared date			May 03, 2023
Cash dividends declared per common share (in dollars per share)			$ 0.18
Cash dividends, record date			Jun. 30, 2023
Cash dividends, paid date			Jul. 14, 2023

Earnings Per Common Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

14. Earnings Per Common Share

Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted-average Common Shares outstanding (Note 10). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method.

Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of Restricted Share Units issued under the Company’s Amended and Restated 2020 Plan (Note 13). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below.

The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying condensed consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.


	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2023			2022			2023			2022
Numerator:
Net income (loss) attributable to Acadia shareholders	$	9,276		$	(374	)	$	22,636		$	16,464
Less: earnings attributable to unvested participating securities		(247	)		—			(490	)		(408	)
Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share	$	9,029		$	(374	)	$	22,146		$	16,056

Denominator:
Weighted average shares for basic earnings per share		95,259,924			94,944,772			95,224,901			94,119,752
Weighted average shares for diluted earnings per share		95,259,924			94,944,772			95,224,901			94,119,752

Basic earnings per Common Share from continuing operations attributable to Acadia	$	0.09		$	0.00		$	0.23		$	0.17
Diluted earnings per Common Share from continuing operations attributable to Acadia	$	0.09		$	0.00		$	0.23		$	0.17

Anti-Dilutive Shares Excluded from Denominator:
Series A Preferred OP Units		188			188			188			188
Series A Preferred OP Units - Common share equivalent		25,067			25,067			25,067			25,067

Series C Preferred OP Units		126,384			126,593			126,384			126,593
Series C Preferred OP Units - Common share equivalent		438,831			439,556			438,831			439,556
Restricted shares		96,143			69,948			96,143			69,948

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Redeemable Noncontrolling Interest - Additional Information (Details) - USD ($)	1 Months Ended
	Aug. 31, 2022	Jun. 30, 2023	Dec. 31, 2022	Aug. 01, 2022
Class of Stock [Line Items]
City Point Loan	$ 65,900,000
City Point Loan, Term period				5 years
Allowance for credit losses	$ 500,000	$ 899,000	$ 898,000
Williamsburg Portfolio
Class of Stock [Line Items]
Redeemable Noncontrolling Interest, Fair Value		$ 0	$ 0
Equity method investment, ownership percentage by third party		50.01%

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

Notes Receivable, Net

6 Months Ended

Jun. 30, 2023

Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]

Notes Receivable, Net

3. Notes Receivable, Net


	June 30,			December 31,			June 30, 2023
Description	2023			2022			Number		Maturity Date	Interest Rate
Core Portfolio (a)	$	124,801		$	124,801			5	Apr 2020 - Dec 2027	4.65% - 10.00%
Allowance for credit losses		(899	)		(898	)
Notes receivable, net	$	123,902		$	123,903			5

Includes one note receivable from an OP Unit holder, with a balance of $6.0 million at June 30, 2023 and December 31, 2022.

During the six months ended June 30, 2023, the Company also received payment on a bridge loan and funded additional proceeds on a loan to an unconsolidated venture as part of its investments in and advances to unconsolidated affiliates (Note 4).

Default

One Core Portfolio note aggregating $21.6 million including accrued interest (exclusive of default interest and other amounts due on the loan that have not been recognized) was in default at June 30, 2023 and December 31, 2022. On April 1, 2020, the loan matured and was not repaid. The Company expects to take appropriate actions to recover the amounts due under the loan and has issued a reservation of rights letter to the borrowers and guarantor, reserving all of its rights and remedies under the applicable loan documents and otherwise. The Company has determined that the collateral for this loan is sufficient to cover the loan’s carrying value at June 30, 2023 and December 31, 2022.

Allowance for Credit Losses

The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral and the prospects of the borrower.

Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment (Note 12). Interest receivable is included in Other assets (Note 5).

The Company’s estimated allowance for credit losses related to its Structured Financing segment has been computed for its amortized cost basis in the portfolio, including accrued interest (Note 5), factoring historical loss experience in the United States for similar loans, as adjusted for current conditions, as well as the Company’s expectations related to future economic conditions. Due to the lack of comparability across the Structured Financing portfolio, each loan was evaluated separately. As a result, the Company did not elect the collateral-dependent allowance for credit losses practical expedient for three of its loans with a total amortized cost of $116.2 million, inclusive of accrued interest of $15.2 million, for which an allowance for credit losses has been recorded aggregating $0.9 million at June 30, 2023. For two loans in this portfolio, aggregating $27.9 million, inclusive of accrued interest of $4.1 million at June 30, 2023, the Company has elected to apply the practical expedient in accordance with ASC 326 and did not establish an allowance for credit losses because (i) these loans are collateral-dependent loans, which due to their settlement terms are not expected to be settled in cash but rather by the Company’s possession of the real estate collateral; and (ii) at June 30, 2023, the Company determined that the estimated fair value of the collateral at the expected realization date for these loans was sufficient to cover the carrying value of its investments in these notes receivable. Impairment charges may be required if and when such amounts are estimated to be nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold; however, non-recoverability may also be concluded if it is reasonably certain that all amounts due will not be collected.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 89,948	$ 84,259	$ 171,787	$ 165,766
Operating expenses
Depreciation and amortization	34,056	34,971	67,229	68,684
General and administrative	10,643	10,661	20,589	22,598
Real estate taxes	11,381	11,628	22,860	22,908
Property operating	14,210	13,567	29,343	26,917
Total operating expenses	70,290	70,827	140,021	141,107
Gain on disposition of properties	0	12,216	0	41,031
Operating income	19,658	25,648	31,766	65,690
Equity in (losses) earnings of unconsolidated affiliates	(1,437)	1,280	(1,408)	4,410
Interest and other income	4,970	2,961	9,788	5,896
Realized and unrealized holding gains (losses) on investments and other	1,815	(26,283)	28,572	(10,553)
Interest expense	(22,089)	(19,222)	(43,676)	(37,147)
Income (loss) from continuing operations before income taxes	2,917	(15,616)	25,042	28,296
Income tax provision	(165)	(209)	(288)	(24)
Net income (loss)	2,752	(15,825)	24,754	28,272
Net loss attributable to redeemable noncontrolling interests	1,091	0	3,166	0
Net loss (income) attributable to noncontrolling interests	5,433	15,451	(5,284)	(11,808)
Net income (loss) attributable to Acadia shareholders	$ 9,276	$ (374)	$ 22,636	$ 16,464
Basic income per share	$ 0.09	$ 0.00	$ 0.23	$ 0.17
Diluted income per share	$ 0.09	$ 0.00	$ 0.23	$ 0.17
Weighted average shares for basic income per share	95,259,924	94,944,772	95,224,901	94,119,752
Weighted average shares for diluted income per share	95,259,924	94,944,772	95,224,901	94,119,752
Rental Income
Revenues	$ 88,141	$ 80,559	$ 168,878	$ 160,026
Other
Revenues	$ 1,807	$ 3,700	$ 2,909	$ 5,740

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2023 Segment Property $ / shares	Dec. 31, 2022 $ / shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Limited partnership to common stock conversion ratio	100.00%
Common shares of beneficial interest, par value \| $ / shares	$ 0.001	$ 0.001
Number of retail properties	200
Number of reportable segments \| Segment	3
Core Portfolio
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of retail properties	149
Properties owned percentage	100.00%
Opportunity Funds
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of retail properties	51
Operating Partnership, as General Partner or Managing Member
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Remaining funds rate of distribution to operating partnership (in percent)	20.00%
Operating Partnership, as General Partner or Managing Member \| Acadia's OP Ownership
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity interest held by Operating Partnership	95.00%	95.00%
Institutional Investors
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Remaining funds rate of distribution to all partners (in percent)	80.00%

Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Jul. 29, 2022

Apr. 06, 2022

Loss Contingencies [Line Items]

Amount of liability guaranteed

^[1]

$ 2,006,217

$ 2,053,722

Contractual obligation

52,000

39,100

Maximum borrowing capacity

900,000

Letters of credit, outstanding amount

7,000

Fund II's City Point Property

Loss Contingencies [Line Items]

Maximum borrowing capacity

50,000

Fund IV Property

Loss Contingencies [Line Items]

Maximum borrowing capacity

22,500

$175 Million Term Loan

Loss Contingencies [Line Items]

Maximum borrowing capacity

175,000

$ 175,000

$75 million Term Loan

Loss Contingencies [Line Items]

Maximum borrowing capacity

75,000

$ 75,000

La Frontera Village Guarantee

Loss Contingencies [Line Items]

Amount of liability guaranteed

200

1238 Wisconsin

Loss Contingencies [Line Items]

Construction loan commitment

12,800

Construction loan

3,800

Amount of Unconsolidated Subsidiaries

11,500

Fund V Acquisition One

Loss Contingencies [Line Items]

Mortgage Loan

36,000

La Frontera Village

Loss Contingencies [Line Items]

Mortgage Loan

$ 57,000

[1]

Variable Interest Entities

6 Months Ended

Jun. 30, 2023

Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]

Variable Interest Entities

15. Variable Interest Entities

Pursuant to GAAP consolidation guidance, the Company consolidates certain VIEs for which the Company is the primary beneficiary. As of June 30, 2023 and December 31, 2022, the Company has identified seven consolidated VIEs, including the Operating Partnership and the Funds. Excluding the Operating Partnership and the Funds, the VIEs consisted of two in-service core properties: the Williamsburg Portfolio and 239 Greenwich Avenue. The Operating Partnership is considered a VIE in which the Company is the primary beneficiary because the limited partners do not have substantive kick-out or participating rights. The Company consolidates these VIEs because it is the primary beneficiary in which the Company has (i) the power to direct the activities of the entity that most significantly impact the entity's economic performance, and (ii) the obligation to absorb the entity's losses or receive benefits from the entity that could potentially be significant to the entity. The third parties’ interests in these consolidated entities are reflected as noncontrolling interests in the accompanying condensed consolidated financial statements and in Note 10.

The majority of the operations of these VIEs are funded with fees earned from investment opportunities or cash flows generated from the properties. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital commitments and capital expenditures, which are deemed necessary to continue to operate the entity and any operating cash shortfalls the entity may experience.

Since the Company conducts its business through and substantially all of its interests are held by the Operating Partnership, substantially all of the assets and liabilities on the consolidated balance sheets represent the assets and liabilities of the Operating Partnership. As of June 30, 2023 and December 31, 2022, the consolidated balance sheets include the following assets and liabilities of the consolidated VIEs of the Operating Partnership:


(dollars in thousands)	June 30, 2023		December 31, 2022
VIE ASSETS
Operating real estate, net	$	1,525,238	$	1,466,381
Real estate under development		63,308		129,888
Investments in and advances to unconsolidated affiliates		108,031		210,922
Other assets, net		90,164		98,675
Right-of-use assets - operating leases, net		2,326		2,535
Cash and cash equivalents		12,008		13,330
Restricted cash		12,246		14,995
Rents receivable, net		17,710		17,915
Total VIE assets (a)	$	1,831,031	$	1,954,641

VIE LIABILITIES
Mortgage and other notes payable, net	$	768,844	$	761,166
Unsecured notes payable, net		1,996		51,202
Accounts payable and other liabilities		91,803		95,385
Lease liability - operating leases, net		2,437		2,657
Total VIE liabilities (a)	$	865,080	$	910,410

(a)

The Company also holds variable interest in certain VIEs which are not consolidated as it is determined that the Company is not the primary beneficiary (Note 4). As of June 30, 2023 and December 31, 2022, the Company has determined that the following entities are VIEs: 1238 Wisconsin Avenue and Georgetown Portfolio. The Company's involvement with these entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss is limited to the amount of the Company's equity investment in these VIEs, except with regard to the Company's remaining $1.3 million construction commitment related to its investment in 1238 Wisconsin. The Company's aggregate investment in the unconsolidated VIEs assets was $44.7 million and $41.5 million at June 30, 2023 and December 31, 2022, respectively. The Company's aggregate investment in unconsolidated VIEs liabilities was $39.5 million and $49.2 million at June 30, 2023 and December 31, 2022, respectively.

Real Estate - Schedule of Development in Process Activities (Details)
$ in Thousands

6 Months Ended

Jun. 30, 2023

USD ($)

Property

Jan. 01, 2023

USD ($)

Property

Dec. 31, 2022

USD ($)

Property, Plant and Equipment [Line Items]

Number of properties under development | Property

Real estate under development, beginning balance

$ 122,275

$ 184,602

7,587

$ 69,915

Property, Plant and Equipment [Line Items]

Number of properties under development | Property

Real estate under development, beginning balance

$ 59,097

$ 54,817

Transfers In

Capitalized Costs

4,280

Transfers Out

$ 0

Fund Portfolio | Fund II

Property, Plant and Equipment [Line Items]

Number of properties under development | Property

Real estate under development, beginning balance

$ 35,885

$ 34,072

Transfers In

Capitalized Costs

1,813

Transfers Out

$ 0

Fund Portfolio | Fund III

Property, Plant and Equipment [Line Items]

Number of properties under development | Property

Real estate under development, beginning balance

$ 27,293

$ 25,798

Transfers In

Capitalized Costs

1,494

Transfers Out

$ 0

Fund Portfolio | Fund IV

Property, Plant and Equipment [Line Items]

Number of properties under development | Property

^[1]

Real estate under development, beginning balance

^[1]

$ 0

$ 69,915

Transfers In

^[1]

Capitalized Costs

^[1]

Transfers Out

^[1]

$ 69,915

[1]	Transfers out include $69.9 million related to one Fund IV property that was transferred out of development.

Share Incentive and Other Compensation (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Unvested Restricted Shares and LTIP Units

A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below:


Unvested Restricted Shares and LTIP Units	Common Restricted Shares			Weighted Grant-Date Fair Value		LTIP Units			Weighted Grant-Date Fair Value
Unvested at December 31, 2021		89,746		$	16.87		1,415,195		$	20.85
Granted		45,813			20.98		637,818			21.04
Vested		(40,894	)		19.75		(309,283	)		22.86
Forfeited		(1,930	)		31.82		(278,332	)		31.16
Unvested at December 31, 2022		92,735			17.31		1,465,398			18.59
Granted		68,196			14.10		780,193			15.00
Vested		(41,268	)		19.09		(354,352	)		20.35
Forfeited		(2,050	)		33.24		(92,589	)		30.78
Unvested at June 30, 2023		117,613		$	14.54		1,798,650		$	16.03

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands)	2023			2022			2023			2022
Numerator:
Net income (loss) attributable to Acadia shareholders	$	9,276		$	(374	)	$	22,636		$	16,464
Less: earnings attributable to unvested participating securities		(247	)		—			(490	)		(408	)
Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share	$	9,029		$	(374	)	$	22,146		$	16,056

Denominator:
Weighted average shares for basic earnings per share		95,259,924			94,944,772			95,224,901			94,119,752
Weighted average shares for diluted earnings per share		95,259,924			94,944,772			95,224,901			94,119,752

Basic earnings per Common Share from continuing operations attributable to Acadia	$	0.09		$	0.00		$	0.23		$	0.17
Diluted earnings per Common Share from continuing operations attributable to Acadia	$	0.09		$	0.00		$	0.23		$	0.17

Anti-Dilutive Shares Excluded from Denominator:
Series A Preferred OP Units		188			188			188			188
Series A Preferred OP Units - Common share equivalent		25,067			25,067			25,067			25,067

Series C Preferred OP Units		126,384			126,593			126,384			126,593
Series C Preferred OP Units - Common share equivalent		438,831			439,556			438,831			439,556
Restricted shares		96,143			69,948			96,143			69,948

Investments in and Advances to Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):


		Ownership Interest	June 30,		December 31,
Portfolio	Property	June 30, 2023	2023		2022

Core:	Renaissance Portfolio	20%	$	28,634	$	28,755
	Gotham Plaza	49%		30,545		30,112
	Georgetown Portfolio (a)	50%		4,172		4,048
	1238 Wisconsin Avenue (a, b)	80%		17,630		14,502
	840 N. Michigan Avenue (d)	88%		68		—
				81,049		77,417

Mervyns II:	KLA/ABS (c)	36.7%		—		85,403

Fund IV:	Fund IV Other Portfolio	98.57%		7,105		7,914
	650 Bald Hill Road	90%		9,717		10,203
	Paramus Plaza	50%		517		936
				17,339		19,053

Fund V:	Family Center at Riverdale (d)	89.42%		4,159		4,995
	Tri-City Plaza	90%		7,774		8,422
	Frederick County Acquisitions	90%		12,496		12,240
	Wood Ridge Plaza	90%		12,586		12,751
	La Frontera Village	90%		19,974		20,803
	Shoppes at South Hills (e)	90%		12,183		44,677
	Mohawk Commons	90%		19,788		775
				88,960		104,663

Various:	Due from (to) Related Parties			210		305
	Other (f)			4,367		4,315
	Investments in and advances to unconsolidated affiliates		$	191,925	$	291,156

Core:	Crossroads (g)	49%	$	8,588	$	8,832
	840 N. Michigan Avenue (d, g)	88.43%		—		1,673
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	8,588	$	10,505

Represents a VIE for which the Company is not the primary beneficiary (Note 15).

Includes a $12.8 million construction commitment from the Company to the venture that holds its investment in 1238 Wisconsin. As of June 30, 2023 and December 31, 2022 the note receivable from a related party had a balance of $11.5 million and $7.7 million, net of an allowance for credit losses of $0.1 million, and $0.1 million, respectively. The loan is collateralized by the venture members' equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor, and matures on December 28, 2023. Interest is recognized over the life of the loan.

At December 31, 2022, Mervyns II had an effective indirect ownership of approximately 4.1 million shares (approximately 1% interest) through its Investment in Albertsons Companies Inc. ("Albertsons"), which is accounted for at fair value (Note 8). Mervyns II distributed the shares to its investors upon expiration of the lock-up agreement in January 2023, as further described below.

Represents a tenancy-in-common interest.

At December 31, 2022, includes a $31.7 million bridge loan from the Company to the venture that holds the property in its investment in Shoppes at South Hills. During the first quarter of 2023 the bridge loan was repaid, as further described below.

Includes cost-method investments in Fifth Wall and other investments.

Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity.

Schedule of Condensed Balance Sheet

The following combined and condensed Balance Sheets and Statements of Operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates that were held as of June 30, 2023, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):


	June 30,		December 31,
	2023		2022
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	717,892	$	650,997
Real estate under development		8,767		17,359
Other assets		138,321		127,070
Total assets	$	864,980	$	795,426
Liabilities and partners’ equity:
Mortgage notes payable	$	685,816	$	609,923
Other liabilities		100,743		96,532
Partners’ equity		78,421		88,971
Total liabilities and partners’ equity	$	864,980	$	795,426

Company's share of accumulated equity	$	122,131	$	131,878
Basis differential		52,319		52,813
Deferred fees, net of portion related to the Company's interest		4,310		5,937
Amounts receivable/payable by the Company		210		305
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates		178,970		190,933
Investments carried at fair value or cost		4,367		89,718
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		8,588		10,505
Investments in and advances to unconsolidated affiliates	$	191,925	$	291,156

Schedule of Condensed Income Statement


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Combined and Condensed Statements of Operations
Total revenues	$	28,667		$	23,954		$	56,885		$	47,071
Operating and other expenses		(8,708	)		(8,067	)		(17,349	)		(15,325	)
Interest expense		(9,901	)		(6,589	)		(19,134	)		(11,328	)
Depreciation and amortization		(11,233	)		(9,248	)		(20,134	)		(15,159	)
Net (loss) income attributable to unconsolidated affiliates	$	(1,175	)	$	50		$	268		$	5,259

Company’s share of equity in net (losses) income of unconsolidated affiliates	$	(1,190	)	$	1,533		$	(914	)	$	4,915
Basis differential amortization		(247	)		(253	)		(494	)		(505	)
Company’s equity in (losses) earnings of unconsolidated affiliates	$	(1,437	)	$	1,280		$	(1,408	)	$	4,410

Variable Interest Entities - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

VIE ASSETS [Abstract]

Operating real estate, net

$ 3,386,576

$ 3,343,265

Real estate under development

122,275

184,602

Investments in and advances to unconsolidated affiliates

191,925

291,156

Other assets, net

219,928

229,591

Right-of-use assets - operating leases, net

35,481

37,281

Cash and cash equivalents

17,193

17,158

$ 23,921

$ 17,746

Restricted cash

12,325

15,063

11,023

$ 9,813

Rents receivable, net

47,557

49,506

Total assets

4,204,159

^[1],[2]

4,302,582

^[2]

$ 4,438,884

^[1]

Liabilities [Abstract]

Mortgage and other notes payable, net

935,348

928,639

Unsecured notes payable, net

647,589

696,134

Accounts payable and other liabilities

182,641

196,491

Lease liability - operating leases, net

33,445

35,271

Total liabilities

^[2]

2,006,217

2,053,722

VIE

VIE ASSETS [Abstract]

Operating real estate, net

1,525,238

1,466,381

Real estate under development

63,308

129,888

Investments in and advances to unconsolidated affiliates

108,031

210,922

Other assets, net

90,164

98,675

Right-of-use assets - operating leases, net

2,326

2,535

Cash and cash equivalents

12,008

13,330

Restricted cash

12,246

14,995

Rents receivable, net

17,710

17,915

Total assets

^[3]

1,831,031

1,954,641

Liabilities [Abstract]

Mortgage and other notes payable, net

768,844

761,166

Unsecured notes payable, net

1,996

51,202

Accounts payable and other liabilities

91,803

95,385

Lease liability - operating leases, net

2,437

2,657

Total liabilities

^[3]

$ 865,080

$ 910,410

[1]	Real estate at cost and total assets for the Funds segment include $672.7 million and $660.0 million, or $275.9 million and $270.7 million net of noncontrolling interests, related to Fund II’s City Point property at June 30, 2023 and 2022, respectively.
[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 consolidated balance sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,525.2 million and $1,466.4 million of Operating real estate, net; $63.3 million and $129.9 million of Real estate under development; $108.0 million and $210.9 million of Investments in and advances to unconsolidated affiliates; $90.2 million and $98.7 million of Other assets, net; $2.3 million and $2.5 million of Right-of-use assets - operating leases, net; $12.0 million and $13.3 million of Cash and cash equivalents; $12.2 million and $15.0 million of Restricted cash; $17.7 million and $17.9 million of Rents receivable, net; $768.8 million and $761.2 million of Mortgage and other notes payable, net; $2.0 million and $51.2 million of Unsecured notes payable, net; $91.8 million and $95.4 million of Accounts payable and other liabilities; $2.4 million and $2.7 million of Lease liability- operating leases, net as of June 30, 2023 and December 31, 2022, respectively.
[3]	At June 30, 2023 and December 31, 2022, includes total VIE assets of $677.8 million and $678.1 million, respectively, and total VIE liabilities of $204.9 million and $200.4 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 mortgages 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.

Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Acquired Lease Intangibles [Abstract]
Net Increase In Lease Revenues, Total	$ 66,037	$ 78,071
Amortizable Intangible Assets, Net Carrying Amount	(86,120)	(102,374)
In-place lease intangible assets
Acquired Lease Intangibles [Abstract]
2023, Net Increase In Lease Revenues	2,580
2024, Net Increase In Lease Revenues	5,024
2025, Net Increase In Lease Revenues	4,599
2026, Net Increase In Lease Revenues	4,359
2027, Net Increase In Lease Revenues	4,195
Thereafter, Net Increase In Lease Revenues	39,471
Net Increase In Lease Revenues, Total	60,228
2023, Increase to Amortization	(11,430)
2024, Increase to Amortization	(17,636)
2025, Increase to Amortization	(12,713)
2026, Increase to Amortization	(10,312)
2027, Increase to Amortization	(8,111)
Thereafter, Increase to Amortization	(20,109)
Amortizable Intangible Assets, Net Carrying Amount	(80,311)	$ (95,605)
2023, Reduction of Rent Expense	29
2024, Reduction of Rent Expense	58
2025, Reduction of Rent Expense	58
2026, Reduction of Rent Expense	58
2027, Reduction of Rent Expense	58
Thereafter, Reduction of Rent Expense	57
Reduction of Rent Expense, Total	$ 318

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Operating Partnership's Equity Interest

The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions):


Entity	Formation Date	Operating Partnership Share of Capital			Capital Called as of June 30, 2023 (b)		Unfunded Commitment (b, c)		Equity Interest Held By Operating Partnership (a)			Preferred Return			Total Distributions as of June 30, 2023 (b, c)
Fund II and Mervyns II (c,d)	6/2004		61.67	%	$	559.4	$	0.0		61.67	%		8	%	$	172.9
Fund III	5/2007		24.54	%		448.1		1.9		24.54	%		6	%		603.5
Fund IV	5/2012		23.12	%		488.1		41.9		23.12	%		6	%		221.4
Fund V	8/2016		20.10	%		387.0		133.0		20.10	%		6	%		101.2

Amount represents the current economic ownership at June 30, 2023, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.

Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares.

Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

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):


	June 30, 2023						December 31, 2022
	Level 1		Level 2		Level 3		Level 1		Level 2			Level 3
Assets
Money market funds	$	—	$	—	$	—	$	—	$	—		$	—
Derivative financial instruments		—		57,682		—		—		54,902			—
Marketable equity securities		35,940		—		—		85,403		—			—
Liabilities
Derivative financial instruments		—		—		—		—		(46	)		—

Schedule of Items Measured at Fair Value on Nonrecurring Basis

During 2022, the Company reduced its holding period and intended use, and projected operating income at certain properties. As a result, several impairments were recorded. Impairment charges for the periods presented are as follows (in thousands):

Impairment Charge

Property and Location

Owner

Triggering Event

Level 3 Inputs

Effective Date

Total

Acadia's Share

2023 Impairment Charges

None

2022 Impairment Charges

146 Geary Street,
San Francisco, CA

Fund IV

Reduced projected operating income

Projections of: holding period, net operating income, cap rate, incremental costs

Sept 30, 2022

12,435

2,875

717 N. Michigan Avenue,
Chicago, IL

Fund IV

Reduced holding period and intended use

Offering price

Sept 30, 2022

20,876

4,827

Total 2022 Impairment Charges

33,311

7,702

Schedule of Derivative Financial Instruments

The Company had the following interest rate swaps and caps for the periods presented (dollars in thousands):


					Strike Rate				Fair Value
Derivative Instrument	Aggregate Notional Amount		Effective Date	Maturity Date	Low		High	Balance Sheet Location	June 30, 2023		December 31, 2022
Core
Interest Rate Swaps	$	—						Other Liabilities	$	—	$	(46	)
Interest Rate Swap		856,000	May 2022 - May 2023	Mar 2025 - Jul 2030	1.98%	—	3.61%	Other Assets		44,408		40,884
	$	856,000							$	44,408	$	40,838

Fund II
Interest Rate Swap	$	50,000	Jan 2023	Dec 2029	3.23%	—	3.23%	Other Assets	$	1,346	$	1,108

Fund III
Interest Rate Cap	$	35,970	Jul 2022	Jul 2023	3.50%	—	3.50%	Other Assets	$	13	$	232

Fund IV
Interest Rate Caps	$	76,338	Jul 2021 - Dec 2022	Jul 2023 - Dec 2023	3.00%	—	3.50%	Other Assets	$	589	$	1,093

Fund V
Interest Rate Swaps	$	345,885	Nov 2019- Jun 2023	Mar 2024- Dec 2027	1.14%	—	4.54%	Other Assets	$	10,972	$	11,585
Interest Rate Cap		40,528	Jan 2023	Jan 2024	3.64%	—	3.64%	Other Assets		354		—
	$	386,413							$	11,326	$	11,585

Total asset derivatives									$	57,682	$	54,902
Total liability derivatives									$	—	$	(46	)

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):


			June 30, 2023				December 31, 2022
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value

Notes Receivable (a)		3	$	123,902	$	121,595	$	123,903	$	122,716
City Point Loan (a)		3		66,741		66,053		65,945		65,856
Mortgage and Other Notes Payable (a)		3		942,465		922,435		935,917		906,348
Investment in non-traded equity securities (b)		3		4,212		4,827		4,160		5,593
Unsecured notes payable and Unsecured line of credit (c)		2		832,087		829,739		869,497		868,399

(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 interest rate risk. 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 5.74% to 14.36% for the Company's notes receivable and City Point Loan, and 5.62% to 10.83% for the Company's mortgage and other notes payable, depending on the attributes of the specific loans.

(b)

Represents 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.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions		1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 20, 2023	Jan. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Reclassification adjustment related to derivatives from AOCI to interest expense					$ (32,200)
Derivatives designated as fair value hedges			$ 0		0		$ 0
Derivative designated to hedges of net investments in foreign operations			0		0		$ 0
Impairment charges			0		0
Proceeds from dividends received			200	$ 500	28,700	$ 1,000
Issuance of Common Shares (in Shares)		2.5
Marketable Securities, Gain (Loss)			$ 1,700	(26,900)	$ (300)	(14,300)
Albertsons
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from dividends received	$ 28,500
Investment owned, shares	1.6		1.6		1.6
Acadia
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from dividends received			$ 200	100	$ 11,600	300
Marketable Securities, Gain (Loss)			$ 1,700	$ (7,600)	$ 1,800	$ (4,000)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

ASSETS

Operating real estate, net

$ 3,386,576

$ 3,343,265

Real estate under development

122,275

184,602

Net investments in real estate

3,508,851

3,527,867

Notes receivable, net ($899 and $898 of CECL allowance as of June 30, 2023 and December 31, 2022, respectively)

123,902

123,903

Investments in and advances to unconsolidated affiliates

191,925

291,156

Other assets, net

219,928

229,591

Right-of-use assets - operating leases, net

35,481

37,281

Cash and cash equivalents

17,193

17,158

Restricted cash

12,325

15,063

Marketable securities

35,940

Rents receivable, net

47,557

49,506

Assets of properties held for sale

11,057

Total assets

^[2]

4,204,159

^[1]

4,302,582

LIABILITIES

Mortgage and other notes payable, net

935,348

928,639

Unsecured notes payable, net

647,589

696,134

Unsecured line of credit

180,087

168,287

Accounts payable and other liabilities

182,641

196,491

Lease liability - operating leases, net

33,445

35,271

Dividends and distributions payable

18,519

18,395

Distributions in excess of income from, and investments in, unconsolidated affiliates

8,588

10,505

Total liabilities

^[2]

2,006,217

2,053,722

Commitments and contingencies (Note 9)

Redeemable noncontrolling interests (Note 10)

59,833

67,664

Acadia Shareholders' Equity

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 95,296,799 and 95,120,773 shares, respectively

Additional paid-in capital

1,947,779

1,945,322

Accumulated other comprehensive income

49,855

46,817

Distributions in excess of accumulated earnings

(312,057)

(300,402)

Total Acadia shareholders’ equity

1,685,672

1,691,832

Noncontrolling interests

452,437

489,364

Total equity

2,138,109

2,181,196

Total liabilities, redeemable noncontrolling interests, and equity

$ 4,204,159

$ 4,302,582

[1]

[2]

Investments in and Advances to Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

4. Investments in and Advances to Unconsolidated Affiliates

The Company accounts for its investments in and advances to unconsolidated affiliates primarily under the equity method of accounting as it has the ability to exercise significant influence, but does not have financial or operating control over the investment, which is maintained by each of the unaffiliated partners who co-invest with the Company. Certain of the Company’s unconsolidated joint venture agreements include provisions whereby, at certain specified times, each partner has the right to initiate a purchase or sale of its interest in the joint ventures. Under certain of the Company’s joint venture agreements, if certain return thresholds are achieved, the partners or the Company will be entitled to an additional promoted interest or payments.

The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):


		Ownership Interest	June 30,		December 31,
Portfolio	Property	June 30, 2023	2023		2022

Core:	Renaissance Portfolio	20%	$	28,634	$	28,755
	Gotham Plaza	49%		30,545		30,112
	Georgetown Portfolio (a)	50%		4,172		4,048
	1238 Wisconsin Avenue (a, b)	80%		17,630		14,502
	840 N. Michigan Avenue (d)	88%		68		—
				81,049		77,417

Mervyns II:	KLA/ABS (c)	36.7%		—		85,403

Fund IV:	Fund IV Other Portfolio	98.57%		7,105		7,914
	650 Bald Hill Road	90%		9,717		10,203
	Paramus Plaza	50%		517		936
				17,339		19,053

Fund V:	Family Center at Riverdale (d)	89.42%		4,159		4,995
	Tri-City Plaza	90%		7,774		8,422
	Frederick County Acquisitions	90%		12,496		12,240
	Wood Ridge Plaza	90%		12,586		12,751
	La Frontera Village	90%		19,974		20,803
	Shoppes at South Hills (e)	90%		12,183		44,677
	Mohawk Commons	90%		19,788		775
				88,960		104,663

Various:	Due from (to) Related Parties			210		305
	Other (f)			4,367		4,315
	Investments in and advances to unconsolidated affiliates		$	191,925	$	291,156

Core:	Crossroads (g)	49%	$	8,588	$	8,832
	840 N. Michigan Avenue (d, g)	88.43%		—		1,673
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	8,588	$	10,505

Represents a VIE for which the Company is not the primary beneficiary (Note 15).

Represents a tenancy-in-common interest.

Includes cost-method investments in Fifth Wall and other investments.

Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity.

During the six months ended June 30, 2023, the Company:

•

funded $3.8 million of a $12.8 million construction loan commitment to the 1238 Wisconsin venture. The total outstanding balance of the loan was $11.5 million as of June 30, 2023;

•

through Fund IV, modified a property mortgage with an outstanding balance of $21.9 million at an unconsolidated property, Eden Square;

•

through Fund V, acquired a 90% interest in a venture for $20.2 million, which acquired Mohawk Commons, a shopping center located in Schenectady, New York for $62.1 million. In addition, on January 27, 2023, the Mohawk Commons venture entered into a $39.7 million mortgage loan;

•

through Fund V, received payment on a bridge loan from the Shoppes at South Hills venture for $31.7 million which matured in February 2023. Upon maturity of the bridge loan, the venture entered into a $36.0 million mortgage loan, of which $31.8 million was funded at closing.

•

received cash dividends from its investment in Albertsons totaling $28.5 million on January 20, 2023, of which the Company's share was $11.3 million. The Company has reflected the dividend income as Realized and unrealized holding gains on investments and other within its consolidated statements of operations. Additionally, the lock-up period, which restricted the transfer or sale of shares, expired on January 24, 2023, and 4.1 million shares of Albertsons were distributed to the individual investors as a non-cash distribution. The Company now owns 1.6 million shares of Albertsons directly as a result of the distribution, which are presented as Marketable securities on the Company's consolidated balance sheets and are accounted for at fair value (Note 8).

Fees from Unconsolidated Affiliates

The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $0.1 million for each of the three months ended June 30, 2023 and 2022, and $0.2 million for each of the six months ended June 30, 2023 and 2022, which are included in Other revenues in the consolidated statements of operations.

In addition, the Company's joint ventures paid to certain unaffiliated partners of its joint ventures $0.6 million and $0.3 million for the three and six months ended June 30, 2023 and 2022, respectively, and $1.2 million and $0.6 million for the six months ended June 30, 2023 and 2022, respectively, for leasing commissions, development, management, construction and overhead fees.

Summarized Financial Information of Unconsolidated Affiliates


	June 30,		December 31,
	2023		2022
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	717,892	$	650,997
Real estate under development		8,767		17,359
Other assets		138,321		127,070
Total assets	$	864,980	$	795,426
Liabilities and partners’ equity:
Mortgage notes payable	$	685,816	$	609,923
Other liabilities		100,743		96,532
Partners’ equity		78,421		88,971
Total liabilities and partners’ equity	$	864,980	$	795,426

Company's share of accumulated equity	$	122,131	$	131,878
Basis differential		52,319		52,813
Deferred fees, net of portion related to the Company's interest		4,310		5,937
Amounts receivable/payable by the Company		210		305
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates		178,970		190,933
Investments carried at fair value or cost		4,367		89,718
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		8,588		10,505
Investments in and advances to unconsolidated affiliates	$	191,925	$	291,156


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Combined and Condensed Statements of Operations
Total revenues	$	28,667		$	23,954		$	56,885		$	47,071
Operating and other expenses		(8,708	)		(8,067	)		(17,349	)		(15,325	)
Interest expense		(9,901	)		(6,589	)		(19,134	)		(11,328	)
Depreciation and amortization		(11,233	)		(9,248	)		(20,134	)		(15,159	)
Net (loss) income attributable to unconsolidated affiliates	$	(1,175	)	$	50		$	268		$	5,259

Company’s share of equity in net (losses) income of unconsolidated affiliates	$	(1,190	)	$	1,533		$	(914	)	$	4,915
Basis differential amortization		(247	)		(253	)		(494	)		(505	)
Company’s equity in (losses) earnings of unconsolidated affiliates	$	(1,437	)	$	1,280		$	(1,408	)	$	4,410

Notes Receivable, Net - Schedule of Notes Receivable (Parenthetical) (Details) - Core Portfolio - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Accounts Notes And Loans Receivable [Line Items]

Notes receivable

^[1]

$ 124,801

OP Unit Holders

Accounts Notes And Loans Receivable [Line Items]

Notes receivable

$ 6,000

[1]	Includes one note receivable from an OP Unit holder, with a balance of $6.0 million at June 30, 2023 and December 31, 2022

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 7A
-URI https://asc.fasb.org/extlink&oid=123577603&loc=SL6953401-111524

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 79
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922352-210448

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919253-210447

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 45
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=124255206&loc=SL82895884-210446

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124255953&loc=SL82919230-210447

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 55
-Paragraph 80
-URI https://asc.fasb.org/extlink&oid=124267575&loc=SL82922355-210448

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher SEC
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph (a)

+ Details

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Balance Sheet (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

^[1]

Combined and Condensed Balance Sheets

Real estate under development

$ 122,275

$ 184,602

Other assets, net

219,928

229,591

Total assets

4,204,159

^[1],[2]

4,302,582

^[2]

$ 4,438,884

Total liabilities, redeemable noncontrolling interests, and equity

4,204,159

4,302,582

Investments carried at fair value or cost

4,367

4,315

Company's share of distributions in excess of income from and investments in unconsolidated affiliates

8,588

10,505

Investments in and advances to unconsolidated affiliates

191,925

291,156

Unconsolidated Affiliates

Combined and Condensed Balance Sheets

Rental property, net

717,892

650,997

Real estate under development

8,767

17,359

Other assets, net

138,321

127,070

Total assets

864,980

795,426

Mortgage notes payable

685,816

609,923

Other liabilities

100,743

96,532

Partners’ equity

78,421

88,971

Total liabilities, redeemable noncontrolling interests, and equity

864,980

795,426

Company's share of accumulated equity

122,131

131,878

Basis differential

52,319

52,813

Deferred fees, net of portion related to the Company's interest

4,310

5,937

Amounts receivable/payable by the Company

210

305

Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates

178,970

190,933

Investments carried at fair value or cost

4,367

89,718

Company's share of distributions in excess of income from and investments in unconsolidated affiliates

8,588

10,505

Investments in and advances to unconsolidated affiliates

$ 191,925

$ 291,156

[1]

[2]

Debt - Credit Facility - Additional Information (Details) - USD ($) $ in Millions			6 Months Ended
	Jul. 29, 2022	Apr. 06, 2022	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 900.0
$175 Million Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 175.0	175.0	$ 175.0
Basis spread on variable rate		1.60%
Maturity date		Apr. 06, 2027
Remaining borrowing capacity			175.0
$75 million Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75.0		75.0	$ 75.0
Basis spread on variable rate	2.05%
Maturity date	Jul. 29, 2029
Remaining borrowing capacity	$ 75.0
Unsecured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 300.0
Basis spread on variable rate			1.50%
Maturity date			Jun. 29, 2025
Unsecured Debt \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 700.0
Unsecured Debt \| $400 Million Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 400.0
Basis spread on variable rate			1.65%
Maturity date			Jun. 29, 2026

Earnings Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income (loss) attributable to Acadia shareholders	$ 9,276	$ (374)	$ 22,636	$ 16,464
Less: earnings attributable to unvested participating securities	(247)	0	(490)	(408)
Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share	$ 9,029	$ (374)	$ 22,146	$ 16,056
Denominator:
Weighted average shares for basic earnings per share	95,259,924	94,944,772	95,224,901	94,119,752
Weighted average shares for diluted earnings per share	95,259,924	94,944,772	95,224,901	94,119,752
Basic earnings per Common Share from continuing operations attributable to Acadia	$ 0.09	$ 0.00	$ 0.23	$ 0.17
Diluted earnings per Common Share from continuing operations attributable to Acadia	$ 0.09	$ 0.00	$ 0.23	$ 0.17
Series A Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	188	188	188	188
Series A Preferred OP Units - Common Share Equivalent
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	25,067	25,067	25,067	25,067
Series C Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	126,384	126,593	126,384	126,593
Series C Preferred OP Units - Common Share Equivalent
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	438,831	439,556	438,831	439,556
Restricted shares
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	96,143	69,948	96,143	69,948

Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

11. Leases

As Lessor

The Company is engaged in the operation of shopping centers and other retail properties that are either owned or, with respect to certain shopping centers, operated under long-term ground leases (see below) that expire at various dates through June 20, 2066, with renewal options. Space in the shopping centers is leased to tenants pursuant to agreements that provide for terms ranging generally from one month to sixty years and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volumes. In addition to the lease-specific collectability assessment, the Company also recognizes a general allowance based on the Company’s historical collection experience, for its portfolio of operating lease receivables which are not expected to be fully collectible. During the six months ended June 30, 2023 and 2022, the Company earned $30.9 million and $30.2 million, respectively in variable lease revenues, primarily for real estate taxes and common area maintenance charges, which are included in rental income in the consolidated statements of operations.

Reserve Analysis

The Company estimates the collectability of its accrued rent and accounts receivable balances related to lease revenue. Management exercises judgment in assessing collectability and considers customer creditworthiness, assessment of risk associated with the tenant, and current economic trends, among other factors. If the Company determines that the accrued rent and/or accounts receivable balances are no longer probable of collection then the balances are written-off and the lease is recognized on a cash basis. During the six months ended June 30, 2023 and 2022, the Company recorded a decrease in its general allowance for credit losses of $1.2 million and an increase of $1.1 million, respectively. As of June 30, 2023 and December 31, 2022, the Company had a general allowance of $4.2 million and $5.4 million, respectively.

During the six months ended June 30, 2023, Fund II received $2.0 million, or $1.1 million at the Company’s share, of proceeds from the Century 21 Department Stores LLC bankruptcy claim. The proceeds are recorded in Other income on the Company’s condensed consolidated financial statements.

As Lessee

During the six months ended June 30, 2023, there were no leasing transactions where the Company acted as lessee.

Additional disclosures regarding the Company’s leases as lessee are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023			2022
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	225		225	$	451		$	451
Interest on lease liabilities		108		102		214			202
Subtotal		333		327		665			653
Operating lease cost		1,328		1,295		2,664			2,670
Variable lease cost		73		22		144			42
Total lease cost	$	1,734	$	1,644	$	3,473		$	3,365

Other Information
Weighted-average remaining lease term - finance leases (years)						31.6			32.3
Weighted-average remaining lease term - operating leases (years)						13.3			13.8
Weighted-average discount rate - finance leases						6.3	%		6.3	%
Weighted-average discount rate - operating leases						5.1	%		5.1	%

Right-of-use assets – finance leases are included in Operating real estate (Note 2) in the consolidated balance sheets. Lease liabilities – finance leases are included in Accounts payable and other liabilities in the consolidated balance sheets (Note 5). Operating lease cost comprises amortization of right-of-use assets for operating properties (related to ground rents) or amortization of right-of-use assets for office and corporate assets and is included in Property operating expense or General and administrative expense, respectively, in the consolidated statements of operations. Finance lease cost comprises amortization of right-of-use assets for certain ground leases, which is included in Property operating expense, as well as interest on lease liabilities, which is included in Interest expense in the consolidated statements of operations.

Lease Obligations

The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of June 30, 2023, are summarized as follows (in thousands):


			Minimum Rental Payments
Year Ending December 31,	Minimum Rental Revenues (a)		Operating Leases (b)			Finance Leases (b)
2023 (Remainder)	$	115,959	$	2,697		$	—
2024		237,314		5,414			—
2025		211,514		5,329			—
2026		184,926		5,173			—
2027		161,412		4,373			—
Thereafter		668,805		20,067			12,549
		1,579,930		43,053			12,549
Interest		—		(9,608	)		(5,313	)
Total	$	1,579,930	$	33,445		$	7,236

Amount represents contractual lease maturities at June 30, 2023 including any extension options that management determined were reasonably certain of exercise.

Minimum rental payments include $10.0 million of interest related to operating leases and $5.3 million related to finance leases and exclude options or renewals not reasonably certain of exercise.

During the three and six months ended June 30, 2023 and 2022, no single tenant or property collectively comprised more than 10% of the Company’s consolidated total revenues.

Lease Intangibles - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below maarket lease	$ 1.7
In-place lease intangible assets \| Tenant Non Renewals Member
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below maarket lease	7.8
Below Market Rents
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below maarket lease	8.1
Below Market Rents \| Early Tenant Lease Terminations Member
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below maarket lease	$ 1.7

Real Estate - Schedule of Asset Held For Sale Property (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]
Buildings and improvements	$ 12,562	$ 12,562
Land	3,380	3,380
Tenant improvements	1,010	1,010
Less: Accumulated depreciation and amortization	(5,895)	(5,895)
Assets of properties held for sale	$ 11,057	$ 11,057

Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Parenthetical) (Details) - Level 3	Jun. 30, 2023
City Point Loan \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	14.36%
City Point Loan \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	5.74%
Mortgage and Other Notes Payable \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	10.83%
Mortgage and Other Notes Payable \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	5.62%
Notes Receivable \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	14.36%
Notes Receivable \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	5.74%

Real Estate (Tables)

6 Months Ended

Jun. 30, 2023

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of Consolidated Real Estate

The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands):


	June 30,			December 31,
	2023			2022

Land	$	881,717		$	817,802
Buildings and improvements		2,997,760			2,987,594
Tenant improvements		239,305			216,899
Construction in progress		16,836			21,027
Right-of-use assets - finance leases (Note 11)		25,086			25,086
Total		4,160,704			4,068,408
Less: Accumulated depreciation and amortization		(774,128	)		(725,143	)
Operating real estate, net		3,386,576			3,343,265
Real estate under development		122,275			184,602
Net investments in real estate	$	3,508,851		$	3,527,867

Schedule Of Development In Process Activities

Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands):


	January 1, 2023				Six Months Ended June 30, 2023						June 30, 2023
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	54,817	$	—	$	4,280	$	—		2	$	59,097
Fund II		—		34,072		—		1,813		—		—		35,885
Fund III		1		25,798		—		1,494		—		1		27,293
Fund IV (a)		1		69,915		—		—		69,915		—		—
Total		4	$	184,602	$	—	$	7,587	$	69,915		3	$	122,275

Transfers out include $69.9 million related to one Fund IV property that was transferred out of development.

Disposal Group Held for sale Not Discontinued Operations

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of Asset Held For Sale Property

Assets of the held for sale property consisted of the following:


	June 30,			December 31,
	2023			2022
Assets
Buildings and improvements	$	12,562		$	12,562
Land		3,380			3,380
Tenant improvements		1,010			1,010
Less: Accumulated depreciation and amortization		(5,895	)		(5,895	)
	$	11,057		$	11,057

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Parenthetical) (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jan. 31, 2023
Mervyns II
Variable Interest Entity [Line Items]
Recallable distributions				$ 15.7
Distribution recalled during period				$ 3.8
Cost method investments effective ownership, shares				4.1	2.5
Investment owned, shares					1.6
Mervyns II \| Acadia
Variable Interest Entity [Line Items]
Distribution recalled during period				$ 1.2
Fund II and Mervyns II
Variable Interest Entity [Line Items]
Change in ownership interest	21.67%	11.67%
Investment in capital	$ 5.8	$ 18.5
Fund II and Mervyns II \| Maximum
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	61.67%	40.00%
Fund II and Mervyns II \| Minimum
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	40.00%	28.33%
Fund V
Variable Interest Entity [Line Items]
Investment in capital			$ 387.0

Lease Intangibles

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Lease Intangibles

6. Lease Intangibles

Upon acquisitions of real estate (Note 2), the Company assesses the relative fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable.

Intangible assets and liabilities are included in Other assets, net and Accounts payable and other liabilities (Note 5) on the consolidated balance sheets and summarized as follows (in thousands):


	June 30, 2023									December 31, 2022
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
In-place lease intangible assets	$	301,556		$	(221,245	)	$	80,311		$	301,556		$	(205,951	)	$	95,605
Above-market rent		24,064			(18,255	)		5,809			24,064			(17,295	)		6,769
	$	325,620		$	(239,500	)	$	86,120		$	325,620		$	(223,246	)	$	102,374

Amortizable Intangible Liabilities
Below-market rent	$	(176,253	)	$	110,216		$	(66,037	)	$	(176,253	)	$	98,182		$	(78,071	)
Above-market ground lease		(671	)		353			(318	)		(671	)		326			(345	)
	$	(176,924	)	$	110,569		$	(66,355	)	$	(176,924	)	$	98,508		$	(78,416	)

During the six months ended June 30, 2023, the Company recorded accelerated amortization related to below-market rent of $8.1 million and in-place lease intangible assets of $1.7 million, of which the Company's share was $7.8 million and $1.7 million, respectively, related to notification of tenant non-renewals and early tenant lease terminations. The Company did not have any acquisitions of real estate or acquired lease intangibles.

Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental income, respectively, in the consolidated statements of operations. Amortization of above-market ground leases are recorded as a reduction to rent expense in the consolidated statements of operations.

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of June 30, 2023 is as follows (in thousands):


Years Ending December 31,	Net Increase in Lease Revenues		Increase to Amortization			Reduction of Rent Expense
2023 (Remainder)	$	2,580	$	(11,430	)	$	29
2024		5,024		(17,636	)		58
2025		4,599		(12,713	)		58
2026		4,359		(10,312	)		58
2027		4,195		(8,111	)		58
Thereafter		39,471		(20,109	)		57
Total	$	60,228	$	(80,311	)	$	318

Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jan. 01, 2023	Dec. 31, 2022
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]
Land	$ 881,717		$ 817,802
Buildings and improvements	2,997,760		2,987,594
Tenant improvements	239,305		216,899
Construction in progress	16,836		21,027
Right-of-use assets - finance leases	$ 25,086		$ 25,086
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Net investments in real estate		Net investments in real estate
Total	$ 4,160,704		$ 4,068,408
Less: Accumulated depreciation and amortization	(774,128)		(725,143)
Operating real estate, net	3,386,576		3,343,265
Real estate under development	122,275	$ 184,602	184,602
Net investments in real estate	$ 3,508,851		$ 3,527,867

Share Incentive and Other Compensation - Employee 401 (k) Plan - Additional Information (Details) - Forecast $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution	50.00%
Maximum annual contribution per employee	6.00%
Maximum employee annual salary contribution	15.00%
Maximum employee annual salary contribution amount	$ 22,500

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Lease Cost

Additional disclosures regarding the Company’s leases as lessee are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023			2022
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	225		225	$	451		$	451
Interest on lease liabilities		108		102		214			202
Subtotal		333		327		665			653
Operating lease cost		1,328		1,295		2,664			2,670
Variable lease cost		73		22		144			42
Total lease cost	$	1,734	$	1,644	$	3,473		$	3,365

Other Information
Weighted-average remaining lease term - finance leases (years)						31.6			32.3
Weighted-average remaining lease term - operating leases (years)						13.3			13.8
Weighted-average discount rate - finance leases						6.3	%		6.3	%
Weighted-average discount rate - operating leases						5.1	%		5.1	%

Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases


			Minimum Rental Payments
Year Ending December 31,	Minimum Rental Revenues (a)		Operating Leases (b)			Finance Leases (b)
2023 (Remainder)	$	115,959	$	2,697		$	—
2024		237,314		5,414			—
2025		211,514		5,329			—
2026		184,926		5,173			—
2027		161,412		4,373			—
Thereafter		668,805		20,067			12,549
		1,579,930		43,053			12,549
Interest		—		(9,608	)		(5,313	)
Total	$	1,579,930	$	33,445		$	7,236

Amount represents contractual lease maturities at June 30, 2023 including any extension options that management determined were reasonably certain of exercise.

Minimum rental payments include $10.0 million of interest related to operating leases and $5.3 million related to finance leases and exclude options or renewals not reasonably certain of exercise.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Cash and cash equivalents, beginning balance	$ 17,158	$ 17,746
Cash and cash equivalents, ending balance	17,193	23,921
Restricted cash, beginning balance	15,063	9,813
Restricted cash, ending balance	12,325	11,023
Cash paid for capitalized interest	3,913	1,313
Net settlements received on interest rate swap contracts, excluded from interest paid	$ 12,600
Net settlements paid on interest rate swap contracts, excluded from interest paid		$ 8,600

Segment Reporting

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Reporting

12. Segment Reporting

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The Company’s Core Portfolio consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon. The Company’s Funds hold primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company’s Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable which are held within the Core Portfolio or the Funds (Note 3). Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s condensed consolidated financial statements and are not presented in the Company’s segments.

The following tables set forth certain segment information for the Company (in thousands):


	For the Three Months Ended June 30, 2023
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	56,376		$	33,572		$	—	$	—		$	89,948
Depreciation and amortization		(20,035	)		(14,021	)		—		—			(34,056	)
Property operating expenses and real estate taxes		(15,055	)		(10,536	)		—		—			(25,591	)
General and administrative expenses		—			—			—		(10,643	)		(10,643	)
Impairment charges		—			—			—		—			—
Gain on disposition of properties		—			—			—		—			-
Operating income		21,286			9,015			—		(10,643	)		19,658
Interest and other income		—			—			4,970		—			4,970
Realized and unrealized holding gains on investments and other		1,815			—			—		—			1,815
Equity in earnings (losses) of unconsolidated affiliates		924			(2,361	)		—		—			(1,437	)
Interest expense		(10,990	)		(11,099	)		—		—			(22,089	)
Income tax provision		—			—			—		(165	)		(165	)
Net income (loss)		13,035			(4,445	)		4,970		(10,808	)		2,752
Net loss attributable to redeemable noncontrolling interests		—			1,091			—		—			1,091
Net (income) loss attributable to noncontrolling interests		(735	)		6,168			—		—			5,433
Net income attributable to Acadia	$	12,300		$	2,814		$	4,970	$	(10,808	)	$	9,276


	For the Three Months Ended June 30, 2022
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	53,225		$	31,034		$	—	$	—		$	84,259
Depreciation and amortization		(20,061	)		(14,910	)		—		—			(34,971	)
Property operating expenses and real estate taxes		(14,932	)		(10,263	)		—		—			(25,195	)
General and administrative expenses		—			—			—		(10,661	)		(10,661	)
Gain on disposition of properties		—			12,216			—		—			12,216
Operating income		18,232			18,077			—		(10,661	)		25,648
Interest and other income		—			—			2,961		—			2,961
Realized and unrealized holding (losses) gains on investments and other		—			(26,383	)		100		—			(26,283	)
Equity in earnings of unconsolidated affiliates		788			492			—		—			1,280
Interest expense		(8,519	)		(10,703	)		—		—			(19,222	)
Income tax provision		—			—			—		(209	)		(209	)
Net income (loss)		10,501			(18,517	)		3,061		(10,870	)		(15,825	)
Net (income) loss attributable to noncontrolling interests		(366	)		15,817			—		—			15,451
Net income (loss) attributable to Acadia	$	10,135		$	(2,700	)	$	3,061	$	(10,870	)	$	(374	)


	As of or for the Six Months Ended June 30, 2023
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	106,172		$	65,615		$	—	$	—		$	171,787
Depreciation and amortization		(38,694	)		(28,535	)		—		—			(67,229	)
Property operating expenses and real estate taxes		(31,164	)		(21,039	)		—		—			(52,203	)
General and administrative expenses		—			—			—		(20,589	)		(20,589	)
Operating income		36,314			16,041			—		(20,589	)		31,766
Interest and other income		—			—			9,788		—			9,788
Realized and unrealized holding gains on investments and other		3,393			24,995			184		—			28,572
Equity in earnings (losses) of unconsolidated affiliates		2,723			(4,131	)		—		—			(1,408	)
Interest expense		(21,660	)		(22,016	)		—		—			(43,676	)
Income tax provision		—			—			—		(288	)		(288	)
Net income		20,770			14,889			9,972		(20,877	)		24,754
Net loss attributable to redeemable noncontrolling interests		—			3,166			—		—			3,166
Net income attributable to noncontrolling interests		(1,637	)		(3,647	)		—		—			(5,284	)
Net income attributable to Acadia	$	19,133		$	14,408		$	9,972	$	(20,877	)	$	22,636

Real estate at cost (a)	$	2,613,206		$	1,669,773		$	—	$	—		$	4,282,979
Total assets (a)	$	2,580,565		$	1,499,692		$	123,902	$	—		$	4,204,159
Cash paid for acquisition of real estate	$	—		$	—		$	—	$	—		$	—
Cash paid for development and property improvement costs	$	15,560		$	15,010		$	—	$	—		$	30,570


	As of or for the Six Months Ended June 30, 2022
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	101,574		$	64,192		$	—	$	—		$	165,766
Depreciation and amortization		(37,736	)		(30,948	)		—		—			(68,684	)
Property operating expenses and real estate taxes		(29,572	)		(20,253	)		—		—			(49,825	)
General and administrative expenses		—			—			—		(22,598	)		(22,598	)
Gain on disposition of properties		—			41,031			—		—			41,031
Operating income		34,266			54,022			—		(22,598	)		65,690
Interest and other income		—			—			5,896		—			5,896
Realized and unrealized holding gains (losses) on investments and other		1,163			(11,816	)		100		—			(10,553	)
Equity in earnings of unconsolidated affiliates		2,405			2,005			—		—			4,410
Interest expense		(16,115	)		(21,032	)		—		—			(37,147	)
Income tax provision		—			—			—		(24	)		(24	)
Net income		21,719			23,179			5,996		(22,622	)		28,272
Net income attributable to noncontrolling interests		(1,486	)		(10,322	)		—		—			(11,808	)
Net income attributable to Acadia	$	20,233		$	12,857		$	5,996	$	(22,622	)	$	16,464

Real estate at cost (a)	$	2,606,083		$	1,729,074		$	—	$	—		$	4,335,157
Total assets (a)	$	2,513,011		$	1,788,567		$	137,306	$	—		$	4,438,884
Cash paid for acquisition of real estate	$	242,633		$	—		$	—	$	—		$	242,633
Cash paid for development and property improvement costs	$	16,248		$	9,033		$	—	$	—		$	25,281

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Schedule of Dividends Declared and Paid

The following table sets forth the distributions declared and/or paid during the periods presented:


Date Declared	Amount Per Share		Record Date	Payment Date

February 15, 2022	$	0.18	March 31, 2022	April 14, 2022
May 4, 2022	$	0.18	June 30, 2022	July 15, 2022
August 10, 2022	$	0.18	September 30, 2022	October 14, 2022
November 9, 2022	$	0.18	December 30, 2022	January 13, 2023
January 17, 2023	$	0.18	March 31, 2023	April 14, 2023
May 3, 2023	$	0.18	June 30, 2023	July 14, 2023

Summary of Activity in Accumulated Other Comprehensive Income (Loss)

The following tables set forth the activity in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands):


	Acadia's Share
Balance at April 1, 2023	$	30,003

Other comprehensive income before reclassifications - swap agreements		33,513
Reclassification of realized interest on swap agreements		(8,262	)
Net current period other comprehensive income		25,251
Net current period other comprehensive income attributable to noncontrolling interests		(5,399	)
Balance at June 30, 2023	$	49,855

Balance at April 1, 2022	$	(5,724	)

Other comprehensive income before reclassifications - swap agreements		17,050
Reclassification of realized interest on swap agreements		4,211
Net current period other comprehensive income		21,261
Net current period other comprehensive income attributable to noncontrolling interests		(4,297	)
Balance at June 30, 2022	$	11,240


	Acadia's Share
Balance at January 1, 2023	$	46,817

Other comprehensive income before reclassifications - swap agreements		18,271
Reclassification of realized interest on swap agreements		(14,815	)
Net current period other comprehensive income		3,456
Net current period other comprehensive income attributable to noncontrolling interests		(418	)
Balance at June 30, 2023	$	49,855

Balance at January 1, 2022	$	(36,214	)

Other comprehensive income before reclassifications - swap agreements		52,784
Reclassification of realized interest on swap agreements		9,261
Net current period other comprehensive income		62,045
Net current period other comprehensive income attributable to noncontrolling interests		(14,591	)
Balance at June 30, 2022	$	11,240

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three and six months ended June 30, 2023 and 2022 (dollars in thousands):


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at April 1, 2023	$	103,219		$	355,962		$	459,181		$	63,269
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,341	)		—			(1,341	)
Net income (loss) for the three months ended June 30, 2023		697			(6,130	)		(5,433	)		(1,091	)
Conversion of 54,040 Common OP Units to Common Shares by limited partners of the Operating Partnership		(901	)		—			(901	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		1,169			7,867			9,036			—
Reclassification of realized interest expense on swap agreements		(54	)		(3,583	)		(3,637	)		—
City Point Loan		—			—			—			(796	)
City Point Loan accrued interest		—			—			—			(2,345	)
Noncontrolling interest contributions		—						—			796
Noncontrolling interest distributions		—			(5,492	)		(5,492	)		—
Employee Long-term Incentive Plan Unit Awards		2,468			—			2,468			—
Reallocation of noncontrolling interests (c)		(1,444	)		—			(1,444	)		—
Balance at June 30, 2023	$	103,813		$	348,624		$	452,437		$	59,833

Balance at April 1, 2022	$	101,355		$	645,238		$	746,593		$	—
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,286	)		—			(1,286	)		—
Net income for the three months ended June 30, 2022		151			(15,602	)		(15,451	)		—
Conversion of 15,701 Common OP Units to Common Shares by limited partners of the Operating Partnership		(243	)		—			(243	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		937			2,033			2,970			—
Reclassification of realized interest expense on swap agreements		29			1,298			1,327			—
Acquisition of noncontrolling interest (d)		—			(41,376	)		(41,376	)		—
Noncontrolling interest contributions		—			723			723			—
Noncontrolling interest distributions		—			(24,776	)		(24,776	)		—
Employee Long-term Incentive Plan Unit Awards		2,283			—			2,283			—
Reallocation of noncontrolling interests (c)		(158	)		—			(158	)		—
Balance at June 30, 2022	$	103,068		$	567,538		$	670,606		$	—


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at January 1, 2023	$	99,554		$	389,810		$	489,364		$	67,664
Distributions declared of $0.36 per Common OP Unit and distributions on Preferred OP Units		(2,684	)		—			(2,684	)		—
Net income for the six months ended June 30, 2023		1,614			3,670			5,284			(3,166	)
Conversion of 91,433 Common OP Units to Common Shares by limited partners of the Operating Partnership		(1,533	)		—			(1,533	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		255			6,520			6,775			—
Reclassification of realized interest expense on swap agreements		(99	)		(6,258	)		(6,357	)		—
City Point Loan		—			—			—			(796	)
City Point Loan accrued interest		—			—			—			(4,665	)
Noncontrolling interest contributions		—			31,242			31,242			796
Noncontrolling interest distributions		—			(76,360	)		(76,360	)		—
Employee Long-term Incentive Plan Unit Awards		6,366			—			6,366			—
Reallocation of noncontrolling interests (c)		340			—			340			—
Balance at June 30, 2023	$	103,813		$	348,624		$	452,437		$	59,833

Balance at January 1, 2022	$	94,120		$	534,202		$	628,322		$	—
Distributions declared of $0.36 per Common OP Unit and distributions on Preferred OP Units		(2,569	)		—			(2,569	)		—
Net income for the six months ended June 30, 2022		1,274			10,534			11,808			—
Conversion of 51,307 Common OP Units to Common Shares by limited partners of the Operating Partnership		(815	)		—			(815	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		2,635			8,963			11,598			—
Reclassification of realized interest expense on swap agreements		74			2,919			2,993			—
Acquisition of noncontrolling interest		—			(41,376	)		(41,376	)
Noncontrolling interest contributions		—			99,852			99,852			—
Noncontrolling interest distributions		—			(47,556	)		(47,556	)		—
Employee Long-term Incentive Plan Unit Awards		5,671			—			5,671			—
Reallocation of noncontrolling interests (c)		2,678			—			2,678			—
Balance at June 30, 2022	$	103,068		$	567,538		$	670,606		$	—

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,864,074 and 3,062,108 Common OP Units at June 30, 2023 and 2022, respectively; (ii) 188 Series A Preferred OP Units at each of June 30, 2023 and 2022; (iii) 126,384 and 126,593 Series C Preferred OP Units at June 30, 2023 and 2022, respectively; and (iv) 4,298,378 and 3,732,125 LTIP units at June 30, 2023 and 2022, respectively, as discussed in the Amended and Restated 2020 Plan (Note 13). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above.

(b)

Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and seven other subsidiaries.

(c)

Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership.

Redeemable noncontrolling interests comprise third-party interest in Fund II as limited partners in this Fund have been granted put rights, as further described below.

Debt - Summary of Consolidated Indebtedness (Parenthetical) (Details) - USD ($)
$ in Thousands

6 Months Ended

12 Months Ended

Jun. 30, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Long-term debt, gross

^[1],[2]

$ 1,774,552

$ 1,805,414

Interest Rate Caps

Debt Instrument [Line Items]

Long-term debt, gross

144,300

103,800

Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements

Debt Instrument [Line Items]

Long-term debt, gross

$ 1,251,900

1,264,000

Core Portfolio | Variable Rate Debt

Debt Instrument [Line Items]

Basis spread on variable rate

4.53%

Fund Portfolio | Mortgages

Debt Instrument [Line Items]

Long-term debt, gross

$ 429,544

$ 426,224

Minimum | Core Portfolio | Unsecured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

3.57%

Minimum | Core Portfolio | Unsecured Line of Credit [Member] | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

1.45%

Maximum | Core Portfolio | Unsecured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

5.20%

Fund II | Variable Rate Debt | SOFR | Mortgages

Debt Instrument [Line Items]

Basis spread on variable rate

^[3]

2.61%

Fund II | Fund Portfolio | Mortgages

Debt Instrument [Line Items]

Long-term debt, gross

$ 137,485

$ 133,655

Fund II | Fund Portfolio | Variable Rate Debt | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

2.61%

Fund III | Fund Portfolio | Mortgages

Debt Instrument [Line Items]

Long-term debt, gross

$ 35,970

35,970

Fund III | Fund Portfolio | Variable Rate Debt | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

3.35%

Fund IV

Debt Instrument [Line Items]

Long-term debt, gross

$ 39,200

39,200

Fund IV | Fund Portfolio | Mortgages

Debt Instrument [Line Items]

Long-term debt, gross

^[4]

$ 146,622

$ 146,230

Fund IV | Fund Portfolio | Variable Rate Debt | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate

2.25%

Fund IV | Fund Portfolio | Variable Rate Debt | LIBOR | Mortgages

Debt Instrument [Line Items]

Basis spread on variable rate

^[3],[4]

2.25%

Fund IV | Fund Portfolio | Variable Rate Debt | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

3.65%

Fund IV | Fund Portfolio | Variable Rate Debt | SOFR | Mortgages

Debt Instrument [Line Items]

Basis spread on variable rate

^[3],[4]

3.65%

Debt Instrument [Line Items]

Basis spread on variable rate

^[3],[4]

2.25%

Debt Instrument [Line Items]

Basis spread on variable rate

^[3],[4]

3.65%

Fund V | Fund Portfolio | Variable Rate Debt | LIBOR | Mortgages

Debt Instrument [Line Items]

Basis spread on variable rate

^[3]

1.85%

Fund V | Fund Portfolio | Variable Rate Debt | SOFR | Mortgages

Debt Instrument [Line Items]

Basis spread on variable rate

^[3]

2.76%

Fund V | Minimum | Fund Portfolio | Variable Rate Debt | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

1.61%

Debt Instrument [Line Items]

Basis spread on variable rate

^[3]

1.61%

Fund V | Maximum | Fund Portfolio | Variable Rate Debt | SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

2.76%

Debt Instrument [Line Items]

Basis spread on variable rate

^[3]

2.76%

[1]	Includes $1,251.9 million and $1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.
[2]	Includes $144.3 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented.
[3]	At June 30, 2023, the stated rates ranged from 4.53% for Core variable-rate debt; SOFR + 2.61% for Fund II variable-rate debt; SOFR + 3.35% for Fund III variable-rate debt; LIBOR + 2.25% to SOFR + 3.65% for Fund IV variable-rate debt; SOFR + 1.61% - SOFR + 2.76% for Fund V variable-rate debt; 3.57% - 5.20% for Core variable-rate unsecured term loans; and SOFR + 1.45% for Core variable-rate unsecured lines of credit.
[4]	Includes the outstanding balance on the Fund IV secured bridge facility of $39.2 million at each of June 30, 2023 and December 31, 2022.

Segment Reporting - Summary of Segment Information (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2022

Jun. 30, 2023

Jun. 30, 2022

Dec. 31, 2022

^[2]

Segment Reporting Information [Line Items]

Total revenues

$ 89,948

$ 84,259

$ 171,787

$ 165,766

Depreciation and amortization

(34,056)

(34,971)

(67,229)

(68,684)

Property operating expenses and real estate taxes

(25,591)

(25,195)

(52,203)

(49,825)

General and administrative expenses

(10,643)

(10,661)

(20,589)

(22,598)

Impairment charges

Gain on disposition of properties

12,216

41,031

Operating income

19,658

25,648

31,766

65,690

Interest and other income

4,970

2,961

9,788

5,896

Realized and unrealized holding gains on investments and other

1,815

(26,283)

28,572

(10,553)

Equity in earnings of unconsolidated affiliates

(1,437)

1,280

(1,408)

4,410

Interest expense

(22,089)

(19,222)

(43,676)

(37,147)

Income tax provision

(165)

(209)

(288)

(24)

Net income (loss)

2,752

(15,825)

24,754

28,272

Net loss attributable to redeemable noncontrolling interests

1,091

3,166

Net loss (income) attributable to noncontrolling interests

5,433

15,451

(5,284)

(11,808)

Net income (loss) attributable to Acadia shareholders

9,276

(374)

22,636

16,464

Real estate at cost

^[1]

4,282,979

4,335,157

4,282,979

4,335,157

Total assets

4,204,159

^[1],[2]

4,438,884

^[1]

4,204,159

^[1],[2]

4,438,884

^[1]

$ 4,302,582

Cash paid for acquisition of real estate

242,633

Cash paid for development and property improvement costs

30,570

25,281

Operating Segments | Core Portfolio

Segment Reporting Information [Line Items]

Total revenues

56,376

53,225

106,172

101,574

Depreciation and amortization

(20,035)

(20,061)

(38,694)

(37,736)

Property operating expenses and real estate taxes

(15,055)

(14,932)

(31,164)

(29,572)

General and administrative expenses

Impairment charges

Gain on disposition of properties

Operating income

21,286

18,232

36,314

34,266

Interest and other income

Realized and unrealized holding gains on investments and other

1,815

3,393

1,163

Equity in earnings of unconsolidated affiliates

924

788

2,723

2,405

Interest expense

(10,990)

(8,519)

(21,660)

(16,115)

Income tax provision

Net income (loss)

13,035

10,501

20,770

21,719

Net loss attributable to redeemable noncontrolling interests

Net loss (income) attributable to noncontrolling interests

(735)

(366)

(1,637)

(1,486)

Net income (loss) attributable to Acadia shareholders

12,300

10,135

19,133

20,233

Real estate at cost

^[1]

2,613,206

2,606,083

2,613,206

2,606,083

Total assets

^[1]

2,580,565

2,513,011

2,580,565

2,513,011

Cash paid for acquisition of real estate

242,633

Cash paid for development and property improvement costs

15,560

16,248

Operating Segments | Opportunity Funds

Segment Reporting Information [Line Items]

Total revenues

33,572

31,034

65,615

64,192

Depreciation and amortization

(14,021)

(14,910)

(28,535)

(30,948)

Property operating expenses and real estate taxes

(10,536)

(10,263)

(21,039)

(20,253)

General and administrative expenses

Impairment charges

Gain on disposition of properties

12,216

41,031

Operating income

9,015

18,077

16,041

54,022

Interest and other income

Realized and unrealized holding gains on investments and other

(26,383)

24,995

(11,816)

Equity in earnings of unconsolidated affiliates

(2,361)

492

(4,131)

2,005

Interest expense

(11,099)

(10,703)

(22,016)

(21,032)

Income tax provision

Net income (loss)

(4,445)

(18,517)

14,889

23,179

Net loss attributable to redeemable noncontrolling interests

1,091

3,166

Net loss (income) attributable to noncontrolling interests

6,168

15,817

(3,647)

(10,322)

Net income (loss) attributable to Acadia shareholders

2,814

(2,700)

14,408

12,857

Real estate at cost

^[1]

1,669,773

1,729,074

1,669,773

1,729,074

Total assets

^[1]

1,499,692

1,788,567

1,499,692

1,788,567

Cash paid for acquisition of real estate

Cash paid for development and property improvement costs

15,010

9,033

Operating Segments | Structured Financing

Segment Reporting Information [Line Items]

Total revenues

Depreciation and amortization

Property operating expenses and real estate taxes

General and administrative expenses

Impairment charges

Gain on disposition of properties

Operating income

Interest and other income

4,970

2,961

9,788

5,896

Realized and unrealized holding gains on investments and other

100

184

100

Equity in earnings of unconsolidated affiliates

Interest expense

Income tax provision

Net income (loss)

4,970

3,061

9,972

5,996

Net loss attributable to redeemable noncontrolling interests

Net loss (income) attributable to noncontrolling interests

Net income (loss) attributable to Acadia shareholders

4,970

3,061

9,972

5,996

Real estate at cost

^[1]

Total assets

^[1]

123,902

137,306

123,902

137,306

Cash paid for acquisition of real estate

Cash paid for development and property improvement costs

Unallocated

Segment Reporting Information [Line Items]

Total revenues

Depreciation and amortization

Property operating expenses and real estate taxes

General and administrative expenses

(10,643)

(10,661)

(20,589)

(22,598)

Impairment charges

Gain on disposition of properties

Operating income

(10,643)

(10,661)

(20,589)

(22,598)

Interest and other income

Realized and unrealized holding gains on investments and other

Equity in earnings of unconsolidated affiliates

Interest expense

Income tax provision

(165)

(209)

(288)

(24)

Net income (loss)

(10,808)

(10,870)

(20,877)

(22,622)

Net loss attributable to redeemable noncontrolling interests

Net loss (income) attributable to noncontrolling interests

Net income (loss) attributable to Acadia shareholders

(10,808)

(10,870)

(20,877)

(22,622)

Real estate at cost

^[1]

Total assets

^[1]

$ 0

Cash paid for acquisition of real estate

Cash paid for development and property improvement costs

$ 0

[1]

[2]

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss

6 Months Ended

Jun. 30, 2023

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss

10. Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Loss

Common Shares and Units

In addition to the ATM Program activity discussed below, the Company completed the following transactions in its Common Shares during the six months ended June 30, 2023:

•

The Company withheld 3,251 shares of its restricted Common Shares (“Restricted Shares”) to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested.

•

The Company recognized Common Share and Common OP Unit-based compensation expense in connection with Restricted Shares and Units (Note 13) totaling $2.8 million and $2.2 million for the three months ended June 30, 2023 and 2022, respectively, and $5.7 million and $3.2 million for the six months ended June 30, 2023 and 2022, respectively.

ATM Program

The Company has an at-the-market equity issuance program (“ATM Program”) that provides the Company an efficient vehicle for raising public equity capital to fund its needs. The Company entered into its current $250.0 million ATM Program, which includes an optional “forward purchase” component, in the first quarter of 2022. The Company sold 5,150,832 Common Shares under its ATM Program during the three months ended March 31, 2022 generating $115.6 million of gross proceeds and $111.5 million of net proceeds after related issuance costs at a weighted-average price per share of $22.44 and $21.65, respectively. No such sales were made during the three months ended June 30, 2023. The Company did not sell or issue any Common Shares on a forward basis for the six months ended June 30, 2023 or the year ended December 31, 2022 and at June 30, 2023 had approximately $222.3 million of availability under the ATM program.

Share Repurchase Program

During 2018, the Company’s board of trustees (the “Board”) approved a new share repurchase program, which authorizes management, at its discretion, to repurchase up to $200.0 million of its outstanding Common Shares. The program does not obligate the Company to repurchase any specific number of Common Shares and may be discontinued or extended at any time. The Company did not repurchase any shares during the six months ended June 30, 2023 or 2022. Under the share repurchase program $122.5 million remains available as of June 30, 2023.

Dividends and Distributions

The following table sets forth the distributions declared and/or paid during the periods presented:


Date Declared	Amount Per Share		Record Date	Payment Date

February 15, 2022	$	0.18	March 31, 2022	April 14, 2022
May 4, 2022	$	0.18	June 30, 2022	July 15, 2022
August 10, 2022	$	0.18	September 30, 2022	October 14, 2022
November 9, 2022	$	0.18	December 30, 2022	January 13, 2023
January 17, 2023	$	0.18	March 31, 2023	April 14, 2023
May 3, 2023	$	0.18	June 30, 2023	July 14, 2023

Accumulated Other Comprehensive Income (Loss)

The following tables set forth the activity in accumulated other comprehensive income (loss) for the three and six months ended June 30, 2023 and 2022 (in thousands):


	Acadia's Share
Balance at April 1, 2023	$	30,003

Other comprehensive income before reclassifications - swap agreements		33,513
Reclassification of realized interest on swap agreements		(8,262	)
Net current period other comprehensive income		25,251
Net current period other comprehensive income attributable to noncontrolling interests		(5,399	)
Balance at June 30, 2023	$	49,855

Balance at April 1, 2022	$	(5,724	)

Other comprehensive income before reclassifications - swap agreements		17,050
Reclassification of realized interest on swap agreements		4,211
Net current period other comprehensive income		21,261
Net current period other comprehensive income attributable to noncontrolling interests		(4,297	)
Balance at June 30, 2022	$	11,240


	Acadia's Share
Balance at January 1, 2023	$	46,817

Other comprehensive income before reclassifications - swap agreements		18,271
Reclassification of realized interest on swap agreements		(14,815	)
Net current period other comprehensive income		3,456
Net current period other comprehensive income attributable to noncontrolling interests		(418	)
Balance at June 30, 2023	$	49,855

Balance at January 1, 2022	$	(36,214	)

Other comprehensive income before reclassifications - swap agreements		52,784
Reclassification of realized interest on swap agreements		9,261
Net current period other comprehensive income		62,045
Net current period other comprehensive income attributable to noncontrolling interests		(14,591	)
Balance at June 30, 2022	$	11,240

Noncontrolling Interests

The following tables summarize the change in the noncontrolling interests for the three and six months ended June 30, 2023 and 2022 (dollars in thousands):


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at April 1, 2023	$	103,219		$	355,962		$	459,181		$	63,269
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,341	)		—			(1,341	)
Net income (loss) for the three months ended June 30, 2023		697			(6,130	)		(5,433	)		(1,091	)
Conversion of 54,040 Common OP Units to Common Shares by limited partners of the Operating Partnership		(901	)		—			(901	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		1,169			7,867			9,036			—
Reclassification of realized interest expense on swap agreements		(54	)		(3,583	)		(3,637	)		—
City Point Loan		—			—			—			(796	)
City Point Loan accrued interest		—			—			—			(2,345	)
Noncontrolling interest contributions		—						—			796
Noncontrolling interest distributions		—			(5,492	)		(5,492	)		—
Employee Long-term Incentive Plan Unit Awards		2,468			—			2,468			—
Reallocation of noncontrolling interests (c)		(1,444	)		—			(1,444	)		—
Balance at June 30, 2023	$	103,813		$	348,624		$	452,437		$	59,833

Balance at April 1, 2022	$	101,355		$	645,238		$	746,593		$	—
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,286	)		—			(1,286	)		—
Net income for the three months ended June 30, 2022		151			(15,602	)		(15,451	)		—
Conversion of 15,701 Common OP Units to Common Shares by limited partners of the Operating Partnership		(243	)		—			(243	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		937			2,033			2,970			—
Reclassification of realized interest expense on swap agreements		29			1,298			1,327			—
Acquisition of noncontrolling interest (d)		—			(41,376	)		(41,376	)		—
Noncontrolling interest contributions		—			723			723			—
Noncontrolling interest distributions		—			(24,776	)		(24,776	)		—
Employee Long-term Incentive Plan Unit Awards		2,283			—			2,283			—
Reallocation of noncontrolling interests (c)		(158	)		—			(158	)		—
Balance at June 30, 2022	$	103,068		$	567,538		$	670,606		$	—


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at January 1, 2023	$	99,554		$	389,810		$	489,364		$	67,664
Distributions declared of $0.36 per Common OP Unit and distributions on Preferred OP Units		(2,684	)		—			(2,684	)		—
Net income for the six months ended June 30, 2023		1,614			3,670			5,284			(3,166	)
Conversion of 91,433 Common OP Units to Common Shares by limited partners of the Operating Partnership		(1,533	)		—			(1,533	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		255			6,520			6,775			—
Reclassification of realized interest expense on swap agreements		(99	)		(6,258	)		(6,357	)		—
City Point Loan		—			—			—			(796	)
City Point Loan accrued interest		—			—			—			(4,665	)
Noncontrolling interest contributions		—			31,242			31,242			796
Noncontrolling interest distributions		—			(76,360	)		(76,360	)		—
Employee Long-term Incentive Plan Unit Awards		6,366			—			6,366			—
Reallocation of noncontrolling interests (c)		340			—			340			—
Balance at June 30, 2023	$	103,813		$	348,624		$	452,437		$	59,833

Balance at January 1, 2022	$	94,120		$	534,202		$	628,322		$	—
Distributions declared of $0.36 per Common OP Unit and distributions on Preferred OP Units		(2,569	)		—			(2,569	)		—
Net income for the six months ended June 30, 2022		1,274			10,534			11,808			—
Conversion of 51,307 Common OP Units to Common Shares by limited partners of the Operating Partnership		(815	)		—			(815	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		2,635			8,963			11,598			—
Reclassification of realized interest expense on swap agreements		74			2,919			2,993			—
Acquisition of noncontrolling interest		—			(41,376	)		(41,376	)
Noncontrolling interest contributions		—			99,852			99,852			—
Noncontrolling interest distributions		—			(47,556	)		(47,556	)		—
Employee Long-term Incentive Plan Unit Awards		5,671			—			5,671			—
Reallocation of noncontrolling interests (c)		2,678			—			2,678			—
Balance at June 30, 2022	$	103,068		$	567,538		$	670,606		$	—

(a)

(b)

Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and seven other subsidiaries.

(c)

(d)

Redeemable noncontrolling interests comprise third-party interest in Fund II as limited partners in this Fund have been granted put rights, as further described below.

Preferred OP Units

There were no issuances of Preferred OP Units during the six months ended June 30, 2023 or the year ended December 31, 2022.

In 1999, the Operating Partnership issued 1,580 Series A Preferred OP Units in connection with the acquisition of a property, which have a stated value of $1,000 per unit, and are entitled to a preferred quarterly distribution of the greater of (i) $22.50 (9% annually) per Series A Preferred OP Unit or (ii) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit. Through June 30, 2023, 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $7.50. Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date.

During 2016, the Operating Partnership issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to a third party to acquire Gotham Plaza (Note 4). The Series C Preferred OP Units have a value of $100.00 per unit and are entitled to a preferred quarterly distribution of $0.9375 per unit and are convertible into Common OP Units at a rate based on the share price at the time of conversion. If the share price is below $28.80 on the conversion date, each Series C Preferred OP Unit will be convertible into 3.4722 Common OP Units. If the share price is between $28.80 and $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into a number of Common OP Units equal to $100.00 divided by the closing share price. If the share price is above $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into 2.8409 Common OP Units. The Series C Preferred OP Units have a mandatory conversion date of December 31, 2025, at which time all units that have not been converted will automatically be converted into Common OP Units based on the same calculations. Through June 30, 2023, 15,209 Series C Preferred OP Units were converted into 52,613 Common OP Units and then into Common Shares.

Redeemable Noncontrolling Interests

Williamsburg Portfolio

In connection with the Williamsburg Portfolio acquisition in February 2022 (Note 2), the Company evaluated the Williamsburg Noncontrolling Interest ("NCI"), which represents the venture partner's one-time right to put its 50.01% interest in the property to the Company for redemption at fair value at a future date. As it was unlikely as of the acquisition date that the venture partner would receive any consideration on redemption due to the Company’s preferential returns, the initial fair value of the Williamsburg NCI was determined to be zero. The Company is required to periodically evaluate the NCI and adjust it to redemption value. At June 30, 2023 and December 31, 2022, the Company determined that the fair value of the Williamsburg NCI was zero.

City Point Loan

In August 2022, the Company provided a loan, through a separate lending subsidiary, to other Fund II investors in City Point, through a separate borrower subsidiary, to fund the investors' pro rata contribution necessary to complete the refinancing of the City Point debt (Note 7), of which $65.9 million was funded at closing ("City Point Loan"). The City Point Loan has a five-year term which matures on August 1, 2027 and is collateralized by the investors' equity in City Point ("City Point NCI"). Because the City Point Loan was granted in return for a capital contribution from the investors, and is collateralized by the City Point NCI, the City Point Loan, net of a $0.5 million allowance for credit loss, and accrued interest are presented as a reduction of the City Point NCI balance. The borrower subsidiary of the City Point Loan was determined to be a VIE for which the Company is not the primary beneficiary. The maximum loss in the VIE is limited to the amount of the City Point Loan and any accrued interest.

In connection with the City Point Loan, each partner has a one-time right to put its City Point NCI to the Company for redemption in exchange for the settlement of its proportion of the City Point Loan amount plus either (i) a fixed cash amount or (ii) a cash amount equal to the value of fixed number of Common Shares of the Company on the trading day prior to the election, at a future point in time beginning in August 2023 ("redemption value"). As a result of granting these redemption rights, the City Point NCI, net of the City Point Loan, has been reclassified and presented as redeemable noncontrolling interests on the Company's consolidated balance sheets. Given the carrying value of the City Point NCI at the time of the transaction exceeded the maximum redemption value, the Company did not recognize any initial adjustment to accrete the City Point NCI to the redemption value. The Company is required to periodically evaluate the maximum redemption amount of the NCI interest and recognize an increase in the carrying value of the City Point NCI if the redemption value exceeds the then current carrying value. At June 30, 2023 and December 31, 2022, the Company determined that the carrying value exceeded the maximum redemption value and no adjustment was required.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. The information furnished in the accompanying condensed consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned condensed consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items. These interim condensed consolidated financial statements should be read in conjunction with the Company’s 2022 consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Segments	Segments At June 30, 2023, the Company had three reportable operating segments: Core Portfolio, Funds and Structured Financing. The Company’s chief operating decision maker may review operational and financial data on a property-level basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital.
Principles of Consolidation	Principles of Consolidation The interim condensed consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control, including where the Company has been determined to be a primary beneficiary of a variable interest entity ("VIE"), in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income or loss.
Use of Estimates	Use of Estimates GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2021, the FASB issued Accounting Standards Update (“ASU”) 2021-01, Reference Rate Reform (Topic 848): Scope, which modifies ASC 848 Reference Rate Reform (”ASC 848”), which was intended to provide relief related to “contracts and transactions that reference the London Interbank Offered Rate (“LIBOR”) or a reference rate that was discontinued effective June 30, 2023 as a result of reference rate reform.” ASU 2021-01 expands the scope of ASC 848 to include all affected derivatives and give reporting entities the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. ASU 2021-01, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, also adds implementation guidance to clarify which optional expedients in ASC 848 may be applied to derivative instruments that do not reference LIBOR or a reference rate that is expected to be discontinued, but that are being modified as a result of the discounting transition. The Company has elected the optional practical expedient under ASU 2020-04 and 2021-01, which allows entities to account for the modification as if the modification was not substantial. As a result, the implementation of this guidance did not have an effect on the Company’s condensed consolidated financial statements. In December 2022, the FASB issued ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. The guidance in this update defers the sunset date of ASC 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. The amendments are effective for all entities in scope upon issuance of the ASU. The Company plans to transition all variable rate loans currently indexed to LIBOR to SOFR or another applicable benchmark index and will apply the relief based Topic 848 in line with the sunset date. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company, or they are not expected to have a material impact on the condensed consolidated financial statements.
Lease Intangibles	Upon acquisitions of real estate (Note 2), the Company assesses the relative fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable.
Earnings Per Common Share	Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted-average Common Shares outstanding (Note 10). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of Restricted Share Units issued under the Company’s Amended and Restated 2020 Plan (Note 13). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying condensed consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 2,752	$ (15,825)	$ 24,754	$ 28,272
Other comprehensive income :
Unrealized gain on valuation of swap agreements	33,513	17,050	18,271	52,784
Reclassification of realized interest on swap agreements	(8,262)	4,211	(14,815)	9,261
Other comprehensive income	25,251	21,261	3,456	62,045
Comprehensive income	28,003	5,436	28,210	90,317
Comprehensive loss attributable to redeemable noncontrolling interests	1,091	0	3,166	0
Comprehensive loss (income) attributable to noncontrolling interests	34	11,154	(5,702)	(26,399)
Comprehensive income attributable to Acadia shareholders	$ 29,128	$ 16,590	$ 25,674	$ 63,918

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Operating Leased Assets [Line Items]
Variable lease revenues			$ 30,900	$ 30,200
Decrease general allowance for credit losses			1,200	$ 1,100
General allowance, Outstanding	$ 4,200		4,200		$ 5,400
Fund II received	2,000		2,000
Amount of shares	$ 1,100		1,100
Leasing transactions			$ 0
Minimum
Operating Leased Assets [Line Items]
Operating lease term	1 month		1 month
Minimum \| Consolidated Total Revenues \| Customer Concentration Risk
Operating Leased Assets [Line Items]
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
Maximum
Operating Leased Assets [Line Items]
Operating lease term	60 years		60 years

Debt - Unsecured Revolving Lines of Credit - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 900.0
Letters of credit, outstanding amount	7.0	$ 7.0
Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Debt available balance	119.9	131.7
Maximum borrowing capacity	300.0
Credit facility amount outstanding	$ 180.1	$ 168.3

Earnings Per Common Share - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Description of conversion of common OP units to common shares	The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis
Conversion of common OP units to common shares	1.00%

Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

On July 3, 2023, Fund V acquired a shopping center, Cypress Creek, located in Tampa, Florida for approximately $49.4 million inclusive of transaction costs.

On July 7, 2023, Fund III modified its $35.9 million mortgage loan at its 640 Broadway property and extended the maturity date to October 9, 2023.

Financial Instruments and Fair Value Measurements - Schedule of Items Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Real Estate [Line Items]
Impairment charges	$ 0	$ 0
Fair Value, Measurements, Nonrecurring
Real Estate [Line Items]
Impairment charges			$ 33,311
Fair Value, Measurements, Nonrecurring \| Acadia Realty Trust
Real Estate [Line Items]
Impairment charges			$ 7,702
Fair Value, Measurements, Nonrecurring \| 146 Geary Street, San Francisco, CA \| Fund IV \| Level 3 Inputs Projections
Real Estate [Line Items]
Triggering Event			Reduced projected operating income
Impairment charges			$ 12,435
Fair Value, Measurements, Nonrecurring \| 146 Geary Street, San Francisco, CA \| Acadia Realty Trust \| Fund IV \| Level 3 Inputs Projections
Real Estate [Line Items]
Impairment charges			$ 2,875
Fair Value, Measurements, Nonrecurring \| 717 N. Michigan Avenue, Chicago, IL \| Fund IV \| Level 3 Inputs Projections
Real Estate [Line Items]
Triggering Event			Reduced holding period and intended use
Impairment charges			$ 20,876
Fair Value, Measurements, Nonrecurring \| 717 N. Michigan Avenue, Chicago, IL \| Acadia Realty Trust \| Fund IV \| Level 3 Inputs Projections
Real Estate [Line Items]
Impairment charges			$ 4,827

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Jul. 28, 2023
Cover [Abstract]
Entity Registrant Name	ACADIA REALTY TRUST
Entity Central Index Key	0000899629
Current Fiscal Year End Date	--12-31
Trading Symbol	AKR
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		95,305,348
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-12002
Entity Tax Identification Number	23-2715194
Entity Address, Address Line One	411 THEODORE FREMD AVENUE
Entity Address, Address Line Two	SUITE 300
Entity Address, City or Town	RYE
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10580
City Area Code	914
Local Phone Number	288-8100
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common shares of beneficial interest, par value $0.001 per share
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - ATM Program - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Jan. 31, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)	2,500,000
Purchase new program included an optional forward purchase component			$ 7,968			$ 119,485
ATM Program
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)					0		0
Gross proceeds				$ 115,600
Proceeds from stock plans net of issuance costs				$ 111,500
Purchase new program included an optional forward purchase component					$ 250,000
Value of shares available for issuance					$ 222,300
Weighted Average Share Price		$ 22.44		$ 21.65
Common Shares
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)			375			5,522
Purchase new program included an optional forward purchase component						$ 6
Common Shares \| ATM Program
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)				5,150,832

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Allowance for credit losses	$ 899	$ 898
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, authorized (in shares)	200,000,000	200,000,000
Common shares, issued (in shares)	95,296,799	95,120,773
Common shares, outstanding (in shares)	95,296,799	95,120,773
Operating real estate, net	$ 3,386,576	$ 3,343,265
Real estate under development	122,275	184,602
Investments in and advances to unconsolidated affiliates	191,925	291,156
Other assets, net	219,928	229,591
Right-of-use assets - operating leases, net	35,481	37,281
Cash and cash equivalents	17,193	17,158
Restricted cash	12,325	15,063
Rents receivable, net	47,557	49,506
Mortgage and other notes payable, net	935,348	928,639
Unsecured notes payable, net	647,589	696,134
Accounts payable and other liabilities	182,641	196,491
Lease liability - operating leases, net	33,445	35,271
VIE
Operating real estate, net	1,525,238	1,466,381
Real estate under development	63,308	129,888
Investments in and advances to unconsolidated affiliates	108,031	210,922
Other assets, net	90,164	98,675
Right-of-use assets - operating leases, net	2,326	2,535
Cash and cash equivalents	12,008	13,330
Restricted cash	12,246	14,995
Rents receivable, net	17,710	17,915
Mortgage and other notes payable, net	768,844	761,166
Unsecured notes payable, net	1,996	51,202
Accounts payable and other liabilities	91,803	95,385
Lease liability - operating leases, net	$ 2,437	$ 2,657

Segment Reporting - Additional Information (Details)	6 Months Ended
Segment Reporting - Additional Information (Details)	Jun. 30, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Summary of Consolidated Indebtedness

A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):


	Interest Rate at (a)			Carrying Value at
	June 30,	December 31,	Maturity Date at	June 30,	December 31,
	2023	2022	June 30, 2023	2023	2022
Mortgages Payable
Core Mortgages Payable	3.99% - 5.89%	3.88% - 5.89%	Feb 2024 - Apr 2035	$192,844	$193,838
Fund II Mortgages Payable	SOFR+2.61%	SOFR+2.61%	Aug 2025	137,485	133,655
Fund III Mortgages Payable	SOFR+3.35%	SOFR+3.35%	Oct 2023	35,970	35,970
Fund IV Mortgages and Other Notes Payable (b)	LIBOR+2.25% - SOFR+3.65%	LIBOR+2.25% - LIBOR+3.65%	Jul 2023 - Jun 2026	146,622	146,230
Total Fund V Mortgages Payable	SOFR + 1.61% - SOFR + 2.76%	LIBOR + 1.85% - SOFR + 2.76%	Jan 2024 - Jun 2028	429,544	426,224
Net unamortized debt issuance costs				(7,409)	(7,621)
Unamortized premium				292	343
Total Mortgages Payable				$935,348	$928,639

Unsecured Notes Payable
Core Unsecured Term Loans	3.57%-5.20%	3.74%-5.11%	Jun 2026 - Jul 2029	$650,000	$650,000
Fund V Subscription Facility	SOFR+3.05%	SOFR+1.86%	Nov 2023	2,000	51,210
Net unamortized debt issuance costs				(4,411)	(5,076)
Total Unsecured Notes Payable				$647,589	$696,134

Unsecured Line of Credit
Total Unsecured Line of Credit	SOFR+1.45%	SOFR+1.50%	Jun 2025	$180,087	$168,287

Total Debt (c)(d)				$1,774,552	$1,805,414
Net unamortized debt issuance costs				(11,820)	(12,697)
Unamortized premium				292	343
Total Indebtedness				$1,763,024	$1,793,060

Includes the outstanding balance on the Fund IV secured bridge facility of $39.2 million at each of June 30, 2023 and December 31, 2022.

Includes $1,251.9 million and $1,264.0 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

Includes $144.3 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented.

Scheduled Principal Repayments


Year Ending December 31,
2023 (Remainder)	$	154,636
2024		252,756
2025		500,494
2026		436,705
2027		202,788
Thereafter		227,173
		1,774,552
Unamortized premium		292
Net unamortized debt issuance costs		(11,820	)
Total indebtedness	$	1,763,024

Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Notes receivable, net

$ 123,902

$ 123,903

Mortgage and Other Notes Payable

1,763,024

1,793,060

Unsecured notes payable and Unsecured line of credit

647,589

696,134

Level 3 | Carrying Amount

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Notes receivable, net

^[1]

123,902

123,903

City Point Loan

^[1]

66,741

65,945

Mortgage and Other Notes Payable

^[1]

942,465

935,917

Investment in non-traded equity securities

^[2]

4,212

4,160

Level 3 | Estimated Fair Value

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Notes receivable, net

^[1]

121,595

122,716

City Point Loan

^[1]

66,053

65,856

Mortgage and Other Notes Payable

^[1]

922,435

906,348

Investment in non-traded equity securities

^[2]

4,827

5,593

Level 2 | Carrying Amount

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Unsecured notes payable and Unsecured line of credit

^[3]

832,087

869,497

Level 2 | Estimated Fair Value

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Unsecured notes payable and Unsecured line of credit

^[3]

$ 829,739

$ 868,399

[1]	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 interest rate risk. 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 5.74% to 14.36% for the Company's notes receivable and City Point Loan, and 5.62% to 10.83% for the Company's mortgage and other notes payable, depending on the attributes of the specific loans.
[2]	Represents the Operating Partnership’s cost-method investment in Fifth Wall (Note 4)
[3]	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.

Leases - Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Minimum Rental Revenues
2023 (Remainder)	$ 115,959
2024	237,314
2025	211,514
2026	184,926
2027	161,412
Thereafter	668,805
Total	1,579,930
Minimum Rental Payments, Operating Leases
2023 (Remainder)	2,697
2024	5,414
2025	5,329
2026	5,173
2027	4,373
Thereafter	20,067
Total before interest	43,053
Interest	(9,608)
Total	33,445	$ 35,271
Minimum Rental Payments, Finance Leases
2023 (Remainder)	0
2024	0
2025	0
2026	0
2027	0
Thereafter	12,549
Total before interest	12,549
Interest	(5,313)
Total	$ 7,236	$ 7,022

Variable Interest Entities - Additional Information (Details) - USD ($)
$ in Thousands

Jun. 30, 2023

Dec. 31, 2022

Jun. 30, 2022

^[1]

Variable Interest Entity [Line Items]

Unconsolidated VIEs assets

$ 4,204,159

^[1],[2]

$ 4,302,582

^[2]

$ 4,438,884

Total liabilities

^[2]

2,006,217

2,053,722

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity [Line Items]

Construction Commitment

1,300

Unconsolidated VIEs assets

44,700

41,500

Total liabilities

$ 39,500

$ 49,200

[1]

[2]

Real Estate - Schedule of Development in Process Activities (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Fund Portfolio \| Fund IV
Property, Plant and Equipment [Line Items]
Transferred Out Of Development	$ 69.9

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Parenthetical) (Details) - USD ($) $ in Thousands, shares in Millions	6 Months Ended
	Jun. 30, 2023	Jan. 31, 2023	Dec. 31, 2022	Aug. 31, 2022
Schedule of Equity Method Investments [Line Items]
Allowance for credit losses	$ 899		$ 898	$ 500
Cost method investments effective ownership interest			1.00%
Variable Interest Entity, Not Primary Beneficiary
Schedule of Equity Method Investments [Line Items]
Construction Commitment	$ 1,300
1238 Wisconsin Avenue
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Description of Variable Rate Basis	The loan is collateralized by the venture members' equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor, and matures on December 28, 2023.
1238 Wisconsin Avenue \| Core Portfolio
Schedule of Equity Method Investments [Line Items]
Construction Commitment	$ 12,800
Note receivable from related party	11,500		$ 7,700
Allowance for credit losses	$ 100		$ 100
Mervyns II
Schedule of Equity Method Investments [Line Items]
Cost method investments effective ownership, shares		2.5	4.1
Shoppes at South Hills
Schedule of Equity Method Investments [Line Items]
Bridge Loan			$ 31,700

Financial Instruments and Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

8. Financial Instruments and Fair Value Measurements

The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and interest rate swaps; and Level 3, for financial instruments or other assets/liabilities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring the Company to develop its own assumptions.

Items Measured at Fair Value on a Recurring Basis

The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, the Company has also provided the unobservable inputs.

Money Market Funds — The Company has money market funds, which at times have zero balances and are included in Cash and cash equivalents in the consolidated balance sheets, and are comprised of government securities and/or U.S. Treasury bills. These funds were classified as Level 1 as the Company used quoted prices from active markets to determine their fair values.

Marketable Equity Securities — The Company has an investment in marketable equity securities of Albertsons, which has a readily determinable market value (traded on an exchange) and is being accounted for as a Level 1 investment (Note 4).

Derivative Assets — The Company has derivative assets, which are included in Other assets, net on the consolidated balance sheets, and are comprised of interest rate swaps and caps. The derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below.

Derivative Liabilities — The Company has derivative liabilities, which are included in Accounts payable and other liabilities on the consolidated balance sheets, and are comprised of interest rate swaps. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below.

The Company did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the six months ended June 30, 2023 or for the year ended December 31, 2022.

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):


	June 30, 2023						December 31, 2022
	Level 1		Level 2		Level 3		Level 1		Level 2			Level 3
Assets
Money market funds	$	—	$	—	$	—	$	—	$	—		$	—
Derivative financial instruments		—		57,682		—		—		54,902			—
Marketable equity securities		35,940		—		—		85,403		—			—
Liabilities
Derivative financial instruments		—		—		—		—		(46	)		—

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

Marketable Equity Securities

In January 2023, following the expiration of the lock-up period and distribution of approximately 2.5 million shares by Mervyns II to its partners, the Company directly owns 1.6 million shares of Albertsons at June 30, 2023. The shares are included in marketable securities on the Company's consolidated balance sheets at fair value, with the net unrealized gains or losses reported in net income. The Company recognized a mark-to-market gain on its marketable equity securities of $1.7 million and a mark-to-market loss on its marketable equity securities of $26.9 million, of which the Company’s share was a $1.7 million mark-to-market gain and $7.6 million mark-to-market loss, for the three months ended June 30, 2023 and 2022, respectively. The Company recognized a mark-to-market loss on its marketable equity securities of $0.3 million and $14.3 million, of which the Company’s share was a $1.8 million mark-to-market gain and a $4.0 million mark-to-market loss, for the six months ended June 30, 2023 and 2022, respectively. These amounts are included in Realized and unrealized holding gains on investments and other on the Company's consolidated statements of operations.

The Company recognized dividend income from marketable securities of $0.2 million and $0.5 million, of which the Company's share was $0.2 million and $0.1 million, for the three months ended June 30, 2023 and 2022, respectively, and $28.7 million and $1.0 million, of which the Company's share was $11.6 million and $0.3 million, for the six months ended June 30, 2023, respectively, which is included in Realized and unrealized holding gains on investments and other on the Company's consolidated statements of operations.

Items Measured at Fair Value on a Nonrecurring Basis

Impairment Charges

The Company did not recognize any impairments during the six months ended June 30, 2023. During 2022, the Company reduced its holding period and intended use, and projected operating income at certain properties. As a result, several impairments were recorded. Impairment charges for the periods presented are as follows (in thousands):

Impairment Charge

Property and Location

Owner

Triggering Event

Level 3 Inputs

Effective Date

Total

Acadia's Share

2023 Impairment Charges

None

2022 Impairment Charges

146 Geary Street,
San Francisco, CA

Fund IV

Reduced projected operating income

Projections of: holding period, net operating income, cap rate, incremental costs

Sept 30, 2022

12,435

2,875

717 N. Michigan Avenue,
Chicago, IL

Fund IV

Reduced holding period and intended use

Offering price

Sept 30, 2022

20,876

4,827

Total 2022 Impairment Charges

33,311

7,702

Derivative Financial Instruments

The Company had the following interest rate swaps and caps for the periods presented (dollars in thousands):


					Strike Rate				Fair Value
Derivative Instrument	Aggregate Notional Amount		Effective Date	Maturity Date	Low		High	Balance Sheet Location	June 30, 2023		December 31, 2022
Core
Interest Rate Swaps	$	—						Other Liabilities	$	—	$	(46	)
Interest Rate Swap		856,000	May 2022 - May 2023	Mar 2025 - Jul 2030	1.98%	—	3.61%	Other Assets		44,408		40,884
	$	856,000							$	44,408	$	40,838

Fund II
Interest Rate Swap	$	50,000	Jan 2023	Dec 2029	3.23%	—	3.23%	Other Assets	$	1,346	$	1,108

Fund III
Interest Rate Cap	$	35,970	Jul 2022	Jul 2023	3.50%	—	3.50%	Other Assets	$	13	$	232

Fund IV
Interest Rate Caps	$	76,338	Jul 2021 - Dec 2022	Jul 2023 - Dec 2023	3.00%	—	3.50%	Other Assets	$	589	$	1,093

Fund V
Interest Rate Swaps	$	345,885	Nov 2019- Jun 2023	Mar 2024- Dec 2027	1.14%	—	4.54%	Other Assets	$	10,972	$	11,585
Interest Rate Cap		40,528	Jan 2023	Jan 2024	3.64%	—	3.64%	Other Assets		354		—
	$	386,413							$	11,326	$	11,585

Total asset derivatives									$	57,682	$	54,902
Total liability derivatives									$	—	$	(46	)

All of the Company’s derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable-rate debt (Note 7). It is estimated that approximately $32.2 million included in Accumulated other comprehensive income related to derivatives will be reclassified to interest expense within the next twelve months. As of June 30, 2023 and December 31, 2022, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated hedges.

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and, from time to time, through the use of derivative financial instruments. The Company enters into derivative financial instruments to manage exposures that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

The Company is exposed to credit risk in the event of non-performance by the counterparties to the swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions.

Credit Risk-Related Contingent Features

The Company has agreements with each of its swap counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its swaps, resulting in an acceleration of payment under the swaps.

Other Financial Instruments


			June 30, 2023				December 31, 2022
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value

Notes Receivable (a)		3	$	123,902	$	121,595	$	123,903	$	122,716
City Point Loan (a)		3		66,741		66,053		65,945		65,856
Mortgage and Other Notes Payable (a)		3		942,465		922,435		935,917		906,348
Investment in non-traded equity securities (b)		3		4,212		4,827		4,160		5,593
Unsecured notes payable and Unsecured line of credit (c)		2		832,087		829,739		869,497		868,399

(a)

(b)

Represents the Operating Partnership’s cost-method investment in Fifth Wall (Note 4).

(c)

The Company’s cash and cash equivalents, restricted cash, rents receivable, accounts payable and certain financial instruments included in other assets and other liabilities had fair values that approximated their carrying values due to their short maturity profiles at June 30, 2023.