0000950170-24-016567 | 10-K | XBRL Viewer

Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") (Note 16). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,679.8 million and $1,466.4 million of Operating real estate, net; $28.9 million and $129.9 million of Real estate under development; $92.8 million and $210.9 million of Investments in and advances to unconsolidated affiliates; $101.7 million and $98.7 million of Other assets, net; $2.1 million and $2.5 million of Right-of-use assets - operating leases, net; $10.8 million and $13.3 million of Cash and cash equivalents; $7.0 million and $15.0 million of Restricted cash; $21.4 million and $17.9 million of Rents receivable, net; $764.6 million and $761.2 million of Mortgage and other notes payable, net; $80.5 million and $51.2 million of Unsecured notes payable, net; $127.2 million and $95.4 million of Accounts payable and other liabilities; $2.2 million and $2.7 million of Lease liability- operating leases as of December 31, 2023 and 2022, respectively.

[2]

Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively.

- 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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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings (Loss) Per Common Share - Additional Information (Details)	12 Months Ended
	Dec. 31, 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%

Notes Receivable, Net - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

12 Months Ended

Jul. 12, 2021

Sep. 30, 2022

Dec. 31, 2023

Dec. 31, 2022

Jun. 30, 2022

Dec. 31, 2021

Dec. 31, 2020

Accounts Notes And Loans Receivable [Line Items]

Decrease in allowance for credit loss

$ 4,900

Notes receivable

^[1]

$ 126,228

OP Units in settlement of note receivable

21,109

Settlement amount of note receivable in OP units

$ 500

Note receivable accrued interest

25,553

18,082

Notes receivable, net

124,949

123,903

Credit loss reserve

$ 1,279

^[1]

898

$ 5,752

$ 1,218

Interest Rate

6.50%

Aggregate loans

$ 124,949

^[1]

123,903

Core Note

Accounts Notes And Loans Receivable [Line Items]

Notes receivable modified, subsequent payment default

$ 21,600

21,600

Core Note Two

Accounts Notes And Loans Receivable [Line Items]

Notes receivable

$ 54,000

Notes receivable maturity date

Jan. 09, 2024

Jan. 13, 2023

Maximum

Accounts Notes And Loans Receivable [Line Items]

Maturity Date

^[2]

2027-12

Interest Rate

^[2]

10.00%

Minimum

Accounts Notes And Loans Receivable [Line Items]

Maturity Date

^[2]

2020-04

Interest Rate

^[2]

4.65%

Core Portfolio

Accounts Notes And Loans Receivable [Line Items]

Notes receivable

^[2]

$ 126,228

$ 124,801

Note receivable accrued interest

$ 5,700

Notes receivable, net

13,500

$ 16,000

Aggregate loans

124,949

Core Portfolio | 840 N. Michigan Avenue

Accounts Notes And Loans Receivable [Line Items]

Notes receivable, net

1,400

Structured Financing

Accounts Notes And Loans Receivable [Line Items]

Note receivable accrued interest

4,100

Loans amortized cost

Aggregate loans

27,900

Structured Financing | Non-Collateral Dependent Loans

Accounts Notes And Loans Receivable [Line Items]

Note receivable accrued interest

18,600

Credit loss reserve

1,300

Loans amortized cost

$ 121,100

Fund III

Accounts Notes And Loans Receivable [Line Items]

Increase in allowance for credit loss

4,600

venture partner's interest obtained

5,300

Equity method investment, ownership percentage

100.00%

Note receivable accrued interest

4,700

Credit loss reserve

$ 4,600

[1]	The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2023.
[2]	Includes one note receivable from an OP Unit holder, with a balance of $6.0 million at December 31, 2023 and 2022.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2023


			Initial Cost to Company						Gross Amount at Which Carried at December 31, 2023
Description and Location	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments		Land		Buildings & Improvements (1)		Total (2)		Accumulated Depreciation (1)		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Operations is Compared (1)
Core Portfolio:
Crescent Plaza Brockton, MA		—		1,147		7,425		4,855		1,147		12,280		13,427		9,760	1993	(a)	40 years
New Loudon Center Latham, NY		—		505		4,161		16,414		505		20,575		21,080		17,764	1993	(a)	40 years
Mark Plaza Edwardsville, PA		—		—		3,396		1		—		3,397		3,397		3,186	1993	(c)	40 years
Plaza 422 Lebanon, PA		—		190		3,004		2,809		190		5,813		6,003		5,406	1993	(c)	40 years
Route 6 Mall Honesdale, PA		—		1,664		—		17,141		1,664		17,141		18,805		12,058	1994	(c)	40 years
Abington Towne Center Abington, PA		—		799		3,197		4,811		799		8,008		8,807		5,162	1998	(a)	40 years
Bloomfield Town Square Bloomfield Hills, MI		—		3,207		13,774		29,347		3,207		43,121		46,328		29,743	1998	(a)	40 years
Elmwood Park Shopping Center Elmwood Park, NJ		—		3,248		12,992		22,103		3,798		34,545		38,343		23,339	1998	(a)	40 years
Merrillville Plaza Hobart, IN		—		4,288		17,152		12,245		4,288		29,397		33,685		17,321	1998	(a)	40 years
Marketplace of Absecon Absecon, NJ		—		2,573		10,294		5,817		2,577		16,107		18,684		10,986	1998	(a)	40 years
239 Greenwich Avenue Greenwich, CT		26,000		1,817		15,846		2,908		1,817		18,754		20,571		10,749	1998	(a)	40 years
Hobson West Plaza Naperville, IL		—		1,793		7,172		5,659		1,793		12,831		14,624		7,996	1998	(a)	40 years
Village Commons Shopping Center Smithtown, NY		—		3,229		12,917		5,779		3,229		18,696		21,925		12,698	1998	(a)	40 years
Town Line Plaza Rocky Hill, CT		—		878		3,510		8,389		907		11,870		12,777		10,021	1998	(a)	40 years
Branch Shopping Center Smithtown, NY		—		3,156		12,545		17,465		3,401		29,765		33,166		20,748	1998	(a)	40 years
Methuen Shopping Center Methuen, MA		—		956		3,826		2,006		961		5,827		6,788		3,659	1998	(a)	40 years
The Gateway Shopping Center South Burlington, VT		—		1,273		5,091		12,932		1,273		18,023		19,296		12,937	1999	(a)	40 years
Mad River Station Dayton, OH		—		2,350		9,404		2,689		2,350		12,093		14,443		7,791	1999	(a)	40 years
Brandywine Holdings Wilmington, DE		—		5,063		15,252		2,983		5,201		18,097		23,298		9,491	2003	(a)	40 years
Bartow Avenue Bronx, NY		—		1,691		5,803		1,635		1,691		7,438		9,129		4,178	2005	(c)	40 years
Amboy Road Staten Island, NY		—		—		11,909		3,537		—		15,446		15,446		11,403	2005	(a)	40 years
Chestnut Hill Philadelphia, PA		—		8,289		5,691		4,802		8,289		10,493		18,782		6,519	2006	(a)	40 years
2914 Third Avenue Bronx, NY		—		11,108		8,038		5,627		11,855		12,918		24,773		4,910	2006	(a)	40 years
West 54th Street Manhattan, NY		—		16,699		18,704		1,515		16,699		20,219		36,918		9,028	2007	(a)	40 years
5-7 East 17th Street Manhattan, NY		—		3,048		7,281		7,468		3,048		14,749		17,797		9,065	2008	(a)	40 years
651-671 W Diversey Chicago, IL		—		8,576		17,256		402		8,576		17,658		26,234		5,450	2011	(a)	40 years
15 Mercer Street Manhattan, NY		—		1,887		2,483		97		1,887		2,580		4,467		778	2011	(a)	40 years
4401 White Plains Bronx, NY		—		1,581		5,054		—		1,581		5,054		6,635		1,558	2011	(a)	40 years
56 E. Walton Chicago, IL		—		994		6,126		3,078		994		9,204		10,198		1,450	2011	(a)	40 years
841 W. Armitage Chicago, IL		—		728		1,989		422		728		2,411		3,139		1,037	2011	(a)	40 years
2731 N. Clark Chicago, IL		—		557		1,839		43		557		1,882		2,439		600	2011	(a)	40 years
2140 N. Clybourn Chicago, IL		—		306		788		54		306		842		1,148		261	2011	(a)	40 years
853 W. Armitage Chicago, IL		—		557		1,946		508		557		2,454		3,011		1,088	2011	(a)	40 years
2299 N. Clybourn Avenue Chicago, IL		—		177		484		—		177		484		661		150	2011	(a)	40 years
843-45 W. Armitage Chicago, IL		—		731		2,730		299		731		3,029		3,760		968	2012	(a)	40 years
1525 W. Belmont Avenue Chicago, IL		—		1,480		3,338		887		1,480		4,225		5,705		1,540	2012	(a)	40 years
2206-08 N. Halsted Chicago, IL		—		1,183		3,540		360		1,183		3,900		5,083		1,391	2012	(a)	40 years
2633 N. Halsted Chicago, IL		—		960		4,096		359		998		4,417		5,415		1,333	2012	(a)	40 years
50-54 E. Walton Chicago, IL		—		2,848		12,694		642		2,848		13,336		16,184		4,095	2012	(a)	40 years
662 W. Diversey Chicago, IL		—		1,713		1,603		10		1,713		1,613		3,326		446	2012	(a)	40 years
837 W. Armitage Chicago, IL		—		780		1,758		151		780		1,909		2,689		633	2012	(a)	40 years
823 W. Armitage Chicago, IL		—		717		1,149		95		717		1,244		1,961		364	2012	(a)	40 years


			Initial Cost to Company							Gross Amount at Which Carried at December 31, 2023
Description and Location	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments			Land		Buildings & Improvements (1)		Total (2)		Accumulated Depreciation (1)		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Operations is Compared (1)
851 W. Armitage Chicago, IL		—		545		209		139			545		348		893		185	2012	(a)	40 years
1240 W. Belmont Avenue Chicago, IL		—		2,137		1,589		1,357			2,137		2,946		5,083		1,013	2012	(a)	40 years
21 E. Chestnut Chicago, IL		—		1,318		8,468		752			1,318		9,220		10,538		2,467	2012	(a)	40 years
819 W. Armitage Chicago, IL		—		790		1,266		689			790		1,955		2,745		542	2012	(a)	40 years
1520 Milwaukee Avenue Chicago, IL		—		2,110		1,306		348			2,110		1,654		3,764		618	2012	(a)	40 years
Rhode Island Place Shopping Center Washington, D.C.		—		7,458		15,968		2,659			7,458		18,627		26,085		6,591	2012	(a)	40 years
930 Rush Street Chicago, IL		—		4,933		14,587		—			4,933		14,587		19,520		4,285	2012	(a)	40 years
28 Jericho Turnpike Westbury, NY		—		6,220		24,416		46			6,220		24,462		30,682		7,424	2012	(a)	40 years
181 Main Street Westport, CT		—		1,908		12,158		719			1,908		12,877		14,785		3,771	2012	(a)	40 years
83 Spring Street Manhattan, NY		—		1,754		9,200		309			1,754		9,509		11,263		2,649	2012	(a)	40 years
179-53 & 1801-03 Connecticut Avenue Washington, D.C.		—		11,690		10,135		1,999			11,690		12,134		23,824		3,619	2012	(a)	40 years
639 West Diversey Chicago, IL		—		4,429		6,102		1,089			4,429		7,191		11,620		2,428	2012	(a)	40 years
664 North Michigan Chicago, IL		—		15,240		65,331		322			15,240		65,653		80,893		17,776	2013	(a)	40 years
8-12 E. Walton Chicago, IL		—		5,398		15,601		977			5,398		16,578		21,976		4,970	2013	(a)	40 years
3200-3204 M Street Washington, DC		—		6,899		4,249		1,213			6,899		5,462		12,361		1,465	2013	(a)	40 years
868 Broadway Manhattan, NY		—		3,519		9,247		5			3,519		9,252		12,771		2,331	2013	(a)	40 years
313-315 Bowery Manhattan, NY		—		—		5,516		—			—		5,516		5,516		2,232	2013	(a)	40 years
120 West Broadway Manhattan, NY		—		—		32,819		2,101			—		34,920		34,920		5,987	2013	(a)	40 years
11 E. Walton Chicago, IL		—		16,744		28,346		1,444			16,744		29,790		46,534		7,757	2014	(a)	40 years
61 Main Street Westport, CT		—		4,578		2,645		1,862			4,578		4,507		9,085		1,238	2014	(a)	40 years
865 W. North Avenue Chicago, IL		—		1,893		11,594		246			1,893		11,840		13,733		2,874	2014	(a)	40 years
152-154 Spring St. Manhattan, NY		—		8,544		27,001		347			8,544		27,348		35,892		6,706	2014	(a)	40 years
2520 Flatbush Ave Brooklyn, NY		—		6,613		10,419		313			6,613		10,732		17,345		2,693	2014	(a)	40 years
252-256 Greenwich Avenue Greenwich, CT		—		10,175		12,641		1,122			10,175		13,763		23,938		3,735	2014	(a)	40 years
Bedford Green Bedford Hills, NY		—		12,425		32,730		4,729			13,765		36,119		49,884		9,524	2014	(a)	40 years
131-135 Prince Street Manhattan, NY		—		—		57,536		1,251			—		58,787		58,787		26,387	2014	(a)	40 years
Shops at Grand Ave Queens, NY		—		20,264		33,131		3,380			20,264		36,511		56,775		8,497	2014	(a)	40 years
201 Needham Street Newton, MA		—		4,550		4,459		110			4,550		4,569		9,119		1,117	2014	(a)	40 years
City Center San Francisco, CA		—		36,063		109,098		7,129			26,386		125,904		152,290		28,162	2015	(a)	40 years
163 Highland Avenue Needham, MA		7,363		12,679		11,213		(105	)		12,529		11,258		23,787		2,644	2015	(a)	40 years
Roosevelt Galleria Chicago, IL		—		4,838		14,574		1,208			4,838		15,782		20,620		3,188	2015	(a)	40 years
Route 202 Shopping Center Wilmington, DE		—		—		6,346		708			—		7,054		7,054		1,996	2015	(a)	40 years
991 Madison Avenue Manhattan, NY		—		—		76,965		(75,357	)		—		1,608		1,608		767	2016	(a)	40 years
165 Newbury Street Boston, MA		—		1,918		3,980		—			1,918		3,980		5,898		763	2016	(a)	40 years
Concord & Milwaukee Chicago, IL		2,301		2,739		2,746		486			2,739		3,232		5,971		752	2016	(a)	40 years
State & Washington Chicago, IL		21,386		3,907		70,943		6,236			3,907		77,179		81,086		15,388	2016	(a)	40 years
151 N. State Street Chicago, IL		12,207		1,941		25,529		172			1,941		25,701		27,642		4,739	2016	(a)	40 years
North & Kingsbury Chicago, IL		10,432		18,731		16,292		3,252			18,731		19,544		38,275		3,857	2016	(a)	40 years
Sullivan Center Chicago, IL		50,000		13,443		137,327		1,615			13,443		138,942		152,385		25,724	2016	(a)	40 years
California & Armitage Chicago, IL		2,142		6,770		2,292		98			6,770		2,390		9,160		475	2016	(a)	40 years
555 9th Street San Francisco, CA		60,000		75,591		73,268		5,775			75,591		79,043		154,634		13,366	2016	(a)	40 years
Market Square Wilmington, DE		—		8,100		31,221		683			8,100		31,904		40,004		5,342	2017	(a)	40 years
613-623 W. Diversey Chicago, IL		—		10,061		2,773		11,896			10,061		14,669		24,730		4,660	2018	(c)	40 years
51 Greene Street Manhattan, NY		—		4,488		8,992		100			4,488		9,092		13,580		1,102	2019	(a)	40 years


			Initial Cost to Company							Gross Amount at Which Carried at December 31, 2023
Description and Location	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments			Land		Buildings & Improvements (1)		Total (2)		Accumulated Depreciation (1)		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Operations is Compared (1)
53 Greene Street Manhattan, NY		—		3,605		12,177		2			3,605		12,179		15,784		1,446	2019	(a)	40 years
41 Greene Street Manhattan, NY		—		6,276		9,582		—			6,276		9,582		15,858		1,098	2019	(a)	40 years
47 Greene Street Manhattan, NY		—		6,265		16,758		6			6,265		16,764		23,029		1,851	2019	(a)	40 years
849 W Armitage Chicago, IL		—		837		2,731		—			837		2,731		3,568		311	2019	(a)	40 years
912 W Armitage Chicago, IL		—		982		2,868		183			982		3,051		4,033		360	2019	(a)	40 years
Melrose Place Collection Los Angeles, CA		—		20,490		26,788		—			20,490		26,788		47,278		2,800	2019	(a)	40 years
45 Greene Street Manhattan, NY		—		2,903		8,487		297			2,903		8,784		11,687		975	2019	(a)	40 years
565 Broadway Manhattan, NY		—		-		22,491		9,492			—		31,983		31,983		2,421	2019	(a)	40 years
907 W Armitage Chicago, IL		—		700		2,081		—			700		2,081		2,781		232	2019	(a)	40 years
37 Greene Street Manhattan, NY		—		6,721		9,119		573			6,721		9,692		16,413		912	2020	(a)	40 years
917 W Armitage Chicago, IL		—		901		2,368		—			901		2,368		3,269		251	2020	(a)	40 years
Brandywine Town Center Wilmington, DE		—		15,632		101,861		9,076			15,632		110,937		126,569		11,879	2020	(a)	40 years
1324 14th Street Washington, D.C.		—		728		3,044		—			728		3,044		3,772		152	2021	(a)	40 years
1526 14th Street Washington, D.C.		—		1,377		6,964		—			1,377		6,964		8,341		348	2021	(a)	40 years
1529 14th Street Washington, D.C.		—		1,485		10,411		—			1,485		10,411		11,896		521	2021	(a)	40 years
121 Spring St Manhattan, NY		—		5,380		31,707		—			5,380		31,707		37,087		1,585	2022	(a)	40 years
8833 Beverly Blvd West Hollywood, CA		—		14,423		8,314		—			14,423		8,314		22,737		382	2022	(a)	40 years
Williamsburg Portfolio Brooklyn, NY		—		31,500		60,720		2,334			31,500		63,054		94,554		2,861	2022	(a)	40 years
Henderson Portfolio Dallas, TX		—		27,086		41,823		4,537			27,086		46,360		73,446		2,321	2022	(a)	40 years
Fund II:
City Point Brooklyn, NY		137,485		—		100,316		571,784			—		672,100		672,100		135,588	2007	(c)	40 years
Fund III:
640 Broadway Manhattan, NY		33,000		27,831		27,291		939			27,831		28,230		56,061		1,365	2012	(a)	40 years
Fund IV:
210 Bowery Manhattan, NY		—		1,875		5,625		(6,514	)		518		468		986		242	2012	(c)	40 years
27 E. 61st Street Manhattan, NY		7,473		4,813		14,438		3,358			3,523		19,086		22,609		3,130	2014	(c)	40 years
17 E. 71st Street Manhattan, NY		—		7,391		20,176		388			7,391		20,564		27,955		4,901	2014	(a)	40 years
1035 Third Avenue Manhattan, NY		13,725		12,759		37,431		5,852			14,099		41,943		56,042		10,791	2015	(a)	40 years
801 Madison Avenue Manhattan, NY		15,002		4,178		28,470		(4,667	)		2,922		25,059		27,981		4,522	2015	(c)	40 years
2208-2216 Fillmore Street San Francisco, CA		5,308		3,027		6,376		217			3,027		6,593		9,620		1,368	2015	(a)	40 years
2207 Fillmore Street San Francisco, CA		1,120		1,498		1,735		125			1,498		1,860		3,358		408	2015	(a)	40 years
1964 Union Street San Francisco, CA		1,356		563		1,688		2,071			563		3,759		4,322		602	2016	(c)	40 years
Restaurants at Fort Point Boston, MA		—		1,041		10,905		81			1,041		10,986		12,027		2,204	2016	(a)	40 years
717 N. Michigan Chicago, IL		46,000		72,591		35,440		(25,344	)		48,920		33,767		82,687		411	2016	(a)	40 years
18 E. Broughton St. Savannah, GA		1,545		609		1,513		62			609		1,575		2,184		213	2018	(a)	40 years
20 E. Broughton St. Savannah, GA		1,008		588		937		12			588		949		1,537		127	2018	(a)	40 years
25 E. Broughton St. Savannah, GA		3,178		1,324		2,459		383			1,324		2,842		4,166		491	2018	(a)	40 years
109 W. Broughton St. Savannah, GA		6,466		2,343		6,560		904			2,343		7,464		9,807		1,063	2018	(a)	40 years
204-206 W. Broughton St. Savannah, GA		910		547		439		32			547		471		1,018		74	2018	(a)	40 years
216-218 W. Broughton St. Savannah, GA		2,663		1,160		2,736		1,944			1,160		4,680		5,840		820	2018	(a)	40 years
220 W. Broughton St. Savannah, GA		1,863		619		1,799		985			619		2,784		3,403		496	2018	(a)	40 years
223 W. Broughton St. Savannah, GA		910		465		688		33			465		721		1,186		97	2018	(a)	40 years
226-228 W. Broughton St. Savannah, GA		—		660		1,900		34			660		1,934		2,594		260	2018	(a)	40 years
309/311 W. Broughton St. Savannah, GA		2,345		1,160		2,695		193			1,160		2,888		4,048		365	2018	(a)	40 years
230-240 W. Broughton St. Savannah, GA		5,052		2,185		9,597		6			2,185		9,603		11,788		861	2020	(a)	40 years
102 E. Broughton St. Savannah, GA		—		—		514		—			—		514		514		46	2020	(a)	40 years


				Initial Cost to Company						Gross Amount at Which Carried at December 31, 2023
Description and Location	Encumbrances			Land		Buildings & Improvements		Increase (Decrease) in Net Investments		Land		Buildings & Improvements (1)		Total (2)		Accumulated Depreciation (1)		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Operations is Compared (1)
Fund V:
Plaza Santa Fe Santa Fe, NM		22,893			—		28,214		2,005		—		30,219		30,219		5,587	2017	(a)	40 years
Hickory Ridge Hickory, NC		27,546			7,852		29,998		5,041		7,852		35,039		42,891		7,177	2017	(a)	40 years
New Towne Plaza Canton, MI		16,334			5,040		17,391		587		4,719		18,299		23,018		3,497	2017	(a)	40 years
Fairlane Green Allen Park, MI		32,260			18,121		37,143		3,991		18,121		41,134		59,255		6,809	2017	(a)	40 years
Trussville Promenade Birmingham, AL		28,472			7,587		34,285		77		7,587		34,362		41,949		5,451	2018	(a)	40 years
Elk Grove Commons Elk Grove, CA		40,247			6,204		48,008		1,884		6,204		49,892		56,096		7,200	2018	(a)	40 years
Hiram Pavilion Hiram, GA		27,667			13,029		25,446		625		13,029		26,071		39,100		4,412	2018	(a)	40 years
Palm Coast Landing Palm Coast, FL		25,862			7,066		27,299		789		7,066		28,088		35,154		4,033	2019	(a)	40 years
Lincoln Commons Lincoln, RI		38,134			14,429		34,417		6,169		14,429		40,586		55,015		5,438	2019	(a)	40 years
Landstown Commons Virginia Beach, VA		59,795			10,222		69,005		7,200		10,222		76,205		86,427		8,949	2019	(a)	40 years
Canton Marketplace Canton, GA		36,000			11,883		34,902		1,204		11,883		36,106		47,989		2,476	2021	(a)	40 years
Monroe Marketplace Selinsgrove, PA		29,150			8,755		35,452		482		8,755		35,934		44,689		2,623	2021	(a)	40 years
Midstate Mall East Brunswick, NJ		42,400			13,062		43,290		3,241		13,062		46,531		59,593		2,808	2021	(a)	40 years
Cypress Creek Tampa, FL		32,200			25,313		39,637		54		—		65,004		65,004		841	2023	(a)	40 years
Maple Tree Place Williston, VT		—			17,597		49,404		—		17,597		49,404		67,001		121	2023	(a)	40 years

Total operating real estate		937,200			930,827		2,595,398		814,495		872,228		3,468,492		4,340,720		823,439
Real estate under development		—			31,673		—		63,126		31,673		63,126		94,799		—
Unamortized loan costs		(7,313	)		—		—		—		—		—		—		—
Unamortized premium		240			—		—		—		—		—		—		—
Total	$	930,127		$	962,500	$	2,595,398	$	877,621	$	903,901	$	3,531,618	$	4,435,519	$	823,439

Notes:

(1)

Depreciation on buildings and improvements reflected on the Consolidated Statements of Operations is calculated over the estimated useful life of the assets as follows: Buildings at 40 years and improvements at the shorter of lease term or useful life.

(2)

The aggregate gross cost of property included above for Federal income tax purposes was approximately $4.6 billion as of December 31, 2023.

The following table reconciles the activity for real estate properties from January 1, 2021 to December 31, 2023 (in thousands):


	Year Ended December 31,
	2023			2022			2021

Balance at beginning of year	$	4,253,010		$	4,071,607		$	4,011,326
Improvements and other		75,668			50,696			32,070
Property acquisitions		131,952			234,557			172,558
Property dispositions or held for sale assets		(21,425	)		(125,933	)		(134,422	)
Consolidation of previously unconsolidated investments		—			55,394			—
Impairment charges		(3,686	)		(33,311	)		(9,925	)
Balance at end of year	$	4,435,519		$	4,253,010		$	4,071,607

The following table reconciles accumulated depreciation from January 1, 2021 to December 31, 2023 (in thousands):


	Year Ended December 31,
	2023			2022			2021

Balance at beginning of year	$	725,143		$	648,461		$	573,364
Depreciation related to real estate		100,300			98,414			90,456
Property dispositions or held for sale assets		(2,004	)		(21,732	)		(15,359	)
Balance at end of year	$	823,439		$	725,143		$	648,461

Organization, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 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, (the “Trust”, collectively with its consolidated subsidiaries, the “Company”), a Maryland real estate investment trust (“REIT”), 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 December 31, 2023 and 2022, the Trust 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 December 31, 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 52 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 investment period for our current fund was completed in August 2023. At December 31, we have closed on all new investments in our Funds, and any remaining obligations to our Funds are related to existing investments. The 201 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 Company consolidates the Funds as it has (i) the power to direct the activities that most significantly impact the Funds’ economic performance, (ii) is obligated to absorb the Funds’ losses and (iii) has the right to receive benefits from the Funds that could potentially be significant.

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, Mervyns II, 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 December 31, 2023 (a)		Unfunded Commitment (a)		Equity Interest Held By Operating Partnership (b)			Preferred Return			Total Distributions as of December 31, 2023 (a)
Fund II and Mervyns II (c)	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	%		503.4		26.6		23.12	%		6	%		221.4
Fund V	8/2016		20.10	%		407.4		112.6		20.10	%		6	%		105.8

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

Amount represents the current economic ownership at December 31, 2023, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.

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 received 1.6 million shares (Note 4, Note 8). The Company’s ownership in Mervyns II is 40.0%.

Basis of Presentation

Principles of Consolidation

The 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 and does not consolidate, 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 Equity in (losses) earnings of unconsolidated affiliates in the Consolidated Statement of Operations.

Use of Estimates

Generally accepted accounting principles (“GAAP”) requires the Company’s management to make estimates and assumptions that affect the amounts reported in the 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.

Segments

We review operating and financial data for each property on an individual basis; therefore, each of our individual properties is a separate operating segment. We define our reportable segments to be aligned with our method of internal reporting and the way our chief operating decision maker makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, we aggregate our operating segments into three reportable operating segments: Core Portfolio, Funds and Structured Financing, based on the economic characteristics and nature of our assets and services.

Reclassifications

Certain prior year amounts with regard to general reserves for leases and rental revenue have been reclassified to conform to the current year presentation. These reclassifications had no effect on the reported results of operations. Financial Statement Schedule II was also removed to conform to the current year presentation in the footnotes to the consolidated financial statements.

Summary of Significant Accounting Policies

Real Estate

Land, buildings, and personal property are carried at cost less accumulated depreciation. Improvements and significant renovations that extend the useful life of the properties are capitalized, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Real estate under development includes costs for significant property expansion and development. 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.

Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows:


Buildings and improvements	Useful lives of 40 years for buildings and 15 years for improvements
Furniture and fixtures	Useful lives, ranging from five years to 10 years
Tenant improvements	Shorter of economic life or lease terms

If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed, and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned

over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term.

Purchase Accounting – Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above- and below-market leases and acquired in-place leases) in accordance with ASC Topic 805, “Business Combinations” and ASC Topic 350 “Intangibles – Goodwill and Other,” and allocates the acquisition price based on their relative fair values. When acquisitions of properties do not meet the criteria for business combinations, they are accounted for as asset acquisitions; therefore, no goodwill is recorded, and acquisition costs are capitalized.

The Company assesses the fair value of its tangible assets acquired and liabilities assumed based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information at the measurement period. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property.

In determining the value of above- and below-market leases, the Company estimates the present value difference between contractual rent obligations and estimated market rate of leases at the time of the transaction. To the extent there were fixed-rate options at below-market rental rates, the Company included these periods along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized to rental revenue over the remaining applicable lease term, inclusive of any option periods.

In determining the value of acquired in-place leases, the Company considers market conditions at the time of the transaction and values the costs to execute similar leases during the expected lease-up period from vacancy to existing occupancy, including carrying costs. The value assigned to in-place leases and tenant relationships is amortized to depreciation and amortization expense over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs (e.g., lease intangibles) relating to that lease would be written off.

The Company estimates the value of any assumption of mortgage debt based on market conditions at the time of acquisitions including prevailing interest rates, terms, and ability to obtain financing for a similar asset. Mortgage debt discounts or premiums are included in the carrying value of the debt and amortized into interest expense over the remaining term of the related debt instrument.

Real Estate Under Development – The Company capitalizes certain costs related to the development of real estate. Interest and real estate taxes incurred during the period of the construction, expansion or development of real estate are capitalized and depreciated over the estimated useful life of the building. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity, at which time the project is placed in service and depreciation commences. If the Company suspends substantially all activities related to the development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed.

Real Estate Impairment – The Company reviews its real estate, real estate under development and right-of-use assets for impairment periodically or when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. In cases where the Company does not expect to recover its carrying amounts on properties held for use, the Company reduces its carrying amounts to fair value. The determination of anticipated undiscounted cash flows considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. Such cash flow projections consider factors such as expected future operating income, trends, and prospects, as well as the effects of demand, competition, and other factors. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its estimated fair value based on third-party appraisals, broker selling estimates, sale agreements under negotiation, and/or final selling prices, when available. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates to be made by management such as market rental rates and capitalization rates, and considers the most likely expected course of action at the balance sheet date based on current plans and available market information. See Note 8 for information about impairment charges recorded during the periods presented.

Dispositions of Real Estate – The Company recognizes property sales in accordance with ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets. Sales of real estate include the sale of investments in real estate properties and real estate joint ventures. Gains on the sale of investment in real estate are recognized, and the related real estate derecognized, when the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date.

Real Estate Held for Sale – The Company generally considers assets to be held for sale when certain criteria have been met, and management believes it is probable that the disposition will occur within one year. Properties are held for sale for a period longer than one year if events or circumstances out of the Company's control occur that delay the sale and while management continues to be committed to the plan of sale and is performing actions necessary to respond to the conditions causing the delay the properties held for sale remain salable in their current condition. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell, and depreciation and amortization are no longer recognized. Held for sale properties are evaluated quarterly to ensure that properties continue to meet the held for sale criteria. If properties are required to be reclassified from held for sale to held for use due to changes to a plan of sale, they are recorded at the lower of fair value or the carrying amount before the property was classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used. Properties that do not meet the held for sale criteria are accounted for as operating properties.

Notes Receivable

Notes receivable include certain loans that are held for investment and are collateralized by real estate-related investments and may be subordinate to other senior loans. Notes receivable are reported net of an allowance for current expected credit losses (“CECL”) and are recorded at stated principal amounts or at initial investment less accretive yield for loans purchased at a discount, which is accreted over the life of the note. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. Changes in cash flows from previous estimates are included in future interest income on a prospective basis and a new effective interest rate is computed based on the current cost basis of the instrument and remaining cash flows. 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 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. Given the small number of notes outstanding, the Company believes the characteristics of its notes are not sufficiently similar to allow an evaluation as a group for CECL allowance. As such, all of the Company’s notes are evaluated individually for this purpose. The Company evaluates the collectability of both principal and interest based upon an assessment of the underlying collateral value to determine whether the note is impaired. Allowance for CECL represents management’s estimate of future losses based on national historical economic loss rates for similar obligations, management’s estimate of future economic impacts and factors specific to the borrower. 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.

Pursuant to ASC 326, certain of the Company’s loans are considered “collateral dependent” in that settlement of the amount is likely to be achieved by obtaining access to the collateral (e.g., notes in default). The same valuation techniques are used to value the collateral for such collateral dependent instruments as those used to determine the fair value of real estate investments for impairment purposes.

Interest income on performing notes is accrued as earned. The Company assesses the probability of a borrower’s ability to repay the loan similar to the factors noted above. We consider a loan to be past due when amounts contractually due have not been paid. Loans are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition is resumed on any loan that is on non-accrual status when such loan becomes contractually current and performance is demonstrated to be resumed.

Allowance for Credit Losses

The Company’s estimated allowance for CECL related to its Structured Financing segment (including unfunded commitments and guarantees) has been computed for its amortized cost basis in the portfolio, including accrued interest (Note 5), factoring in the Company’s historical results and 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. If the Company has determined that a loan or a portion of a loan is uncollectible, it will write-off the loan through an adjustment to its CECL allowance based on the net present value of expected future cash flows or the fair value of the collateral less costs to sell, if repayment is expected from the sale of the collateral. The write-offs are recorded in the period in which the loan balance is deemed uncollectible based on management’s judgment. The Company records the CECL allowance related to its City Point Loan (Note 10) as a reduction to redeemable noncontrolling interest.

Investments in and Advances to Unconsolidated Joint Ventures

Some of the Company’s unconsolidated joint ventures obtain non-recourse third-party financing on their property investments, contractually limiting the Company’s exposure to losses. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability.

When characterizing distributions from unconsolidated investees within the Company's consolidated statements of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered return of investment. In such cases, the distribution is classified as cash inflows from investing activities.

To the extent that the Company’s carrying basis in an unconsolidated affiliate is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in earnings (losses) of unconsolidated affiliates.

The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. A decline in the value of our other investments may require us to recognize an other-than-temporary impairment (“OTTI”) against such assets. When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date, we assess whether the decline is temporary or other-than-temporary. If we intend to sell an impaired asset, or it is more likely than not that we will be required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through charges to earnings equal to the entire difference between the asset’s amortized cost and its fair value at the balance sheet date. When an OTTI is recognized through earnings, a new cost basis is established for the asset, and the new cost basis may not be adjusted through earnings for subsequent recoveries in fair value.

Fair Value Measurements

The Company follows the guidance in the FASB ASC Topic 820, Fair Value Measurements and Disclosures ("Topic 820"), to determine the fair value of financial and non-financial instruments. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. 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:

Level 1 - 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 - 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;

Level 3 - 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. For significant Level 3 items, the Company has also provided the unobservable inputs.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the limits insured by the Federal Deposit Insurance Corporation.

Restricted Cash

Restricted cash consists principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy, and property operating income requirements at specific properties as required by certain loan agreements.

Marketable Equity Securities

The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. In accordance with ASC Topic 825 Financial Instruments: the Company recognizes changes in the fair value of equity investments with readily determinable fair values in Realized and unrealized holding gains on investments and other on the Company's Consolidated Statements of Operations.

Deferred Costs

External fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. External fees and costs incurred in connection with obtaining financing are deferred and amortized as a component of interest expense over the term of the related debt obligation on a straight-line basis, which approximates the effective interest method.

Derivative Instruments and Hedging Activities

The Company measures derivative instruments at fair value and records them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Accumulated other comprehensive income on the Consolidated Balance Sheets until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The Company accounts for its share of cash flow hedges from non-consolidated entities as part of Investment in and advances to unconsolidated affiliates and Accumulated other comprehensive income on the Consolidated Balance Sheets.

Although the Company's derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the Consolidated Balance Sheets. The Company does not use derivatives for trading or speculative purposes. The Company will discontinue hedge accounting on a prospective basis with changes in the estimated fair value reflected in earnings when (i) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions), (ii) it is no longer probable that the forecasted transaction will occur, or (iii) it is determined that designating the derivative as an interest rate swap is no longer appropriate. For the periods presented, all of the Company's derivatives qualified and were designated as cash flow hedges, and none of its derivatives were deemed ineffective.

Noncontrolling Interests

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also include amounts related to Common and Preferred OP Units issued to unrelated third parties in connection with certain property acquisitions. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. Redeemable noncontrolling interests that are redeemable at the option of the holder are classified outside of shareholders' equity in accordance with Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity on the Company’s Consolidated Balance Sheets as temporary equity under the caption, Redeemable noncontrolling interests, and are measured at their redemption values at the end of each period. If the redemption value is greater than the carrying value, an adjustment is recorded in Additional paid-in capital to record the noncontrolling at its redemption value. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Operations.

Variable Interest Entities

The Company consolidates a VIE in which it is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity's economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The Company assesses the accounting treatment and determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion on an ongoing basis when certain events occur. In determining whether the Company is the primary beneficiary, it evaluates its control rights as well as economic interests in the entity held either directly or indirectly by the Company. Each entity is assessed on an individual basis to determine the rights provided to each party and whether those rights are protective or participating. For all VIEs, the Company reviews such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity's economic performance.

For those entities evaluated under the voting interest model, the Company consolidates the entity if it has a controlling financial interest. The Company has a controlling financial interest in a voting interest entity (“VOE”) if it owns a majority voting interest in the entity. Investments in entities for which the Company has the ability to exercise significant influence over the entity, but does not have financial or operating control through its voting interest and entities which are VIEs but where the Company is not the primary beneficiary, are accounted for using the equity method of accounting.

Revenue Recognition

Rental Revenue - The Company recognizes rental revenue from fixed and variable lease payments, as designated within tenant operating leases in accordance with ASC Topic 842, Leases (“ASC 842”), as further described below, as Rental revenue on the Consolidated Statement of Operations. We evaluate the collectability of amounts due from tenants and disputed enforceable charges on a lease-by-lease basis, which result from the inability of tenants to make required payments under their operating lease agreements. We recognize changes in the collectability assessment of these operating leases as adjustments to rental revenue in accordance with ASC 842.

Other Revenue - The Company recognizes other categories of revenue such as parking and storage, as well as management, leasing, legal, development and construction fees charged to our unconsolidated affiliates.

Leases

Pursuant to ASC 842, the Company does not separate the non-lease components, such as common area maintenance, from its leases. In addition, the Company accounts for those taxes that it pays on behalf of the tenant as reimbursable costs and does not account for those taxes paid directly by the tenant. Minimum rents from tenants are recognized using the straight-line method over the non-cancelable lease term of the respective leases, unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from the use of the underlying asset. At December 31, 2023 and 2022, unbilled rents receivable relating to the straight-lining of rents of $49.3 million and $48.1 million, respectively, are included in Rents receivable, net on the accompanying Consolidated Balance Sheets. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities. The Company does not have residual value guarantees on specific properties.

Contractual rent increases of renewal options are often fixed at the initial lease agreement. In addition to fixed base rents, variable rental revenue is derived from certain leases that are dependent on percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, variable rental revenue is derived from leases through reimbursement to the Company by our tenants for real estate taxes, insurance, and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred.

Right-of-use ("ROU") assets are recorded for properties the Company leases from third parties, and represent our right to use an underlying asset for the lease term, and the corresponding lease liabilities represent our obligation to make lease payments arising from these leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The initial measurement of a ROU asset may differ from the initial measurement of the lease liability due to initial direct costs, prepaid lease payments and lease incentives. Our leases often offer renewal options, which we assess against relevant economic factors to determine whether the Company is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods, for which the Company has determined are reasonably certain of being exercised, are included in the measurement of the corresponding lease liability and the ROU asset.

For finance leases and operating leases, the discount rate applied to measure each ROU asset and lease liability is based on the incremental borrowing rate of the lease due to the rate implicit in the lease not being readily determinable. The Company initially considers the general economic environment and factors in various financing and asset specific secured borrowings so that the overall incremental borrowing rate is appropriate to the intended use of the lease. Certain expenses derived from these leases are variable and are not included in the measurement of the corresponding lease liability and ROU asset, but are recognized in the period in which the obligation for those payments is incurred. These variable lease payments consist of payments for real estate taxes and common area maintenance, which is dependent on projects and activities at each individual property under ground or building lease.

Right-of-use assets – finance leases are included in Operating real estate (Note 2) on the Consolidated Balance Sheets. Lease liabilities – finance leases are included in Accounts payable and other liabilities on the Consolidated Balance Sheets (Note 5). Operating lease cost comprises amortization of ROU assets for operating properties (related to ground rents) or amortization of ROU assets for office and corporate assets and is included in Property operating expense or General and administrative expense, respectively, on the Consolidated Statements of Operations.

Finance lease cost comprises amortization of ROU 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 on the Consolidated Statements of Operations.

Accounts Receivable

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. The Company estimates the collectability of its accrued rent and accounts receivable balances related to lease revenue. The Company estimates the collectability of the accounts receivable related to billed rents, straight-line rents, recoveries from tenants, and other revenue taking into consideration the Company's historical write-off experience, tenant creditworthiness, current economic trends, and remaining lease terms. Rents receivable at December 31, 2023 and 2022 are shown net of a general allowance of $4.1 million and $5.4 million, respectively. Rental income for the years ended December 31, 2023, 2022 and 2021 are reported net of adjustments of $(1.3) million, $1.5 million, and $1.9 million, respectively, to allowance for uncollectible accounts.

Stock-Based Compensation

Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. The Company recognizes these compensation costs for only those shares or units expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. The Company records forfeitures during the period in which they occur by reversing all previously recorded stock compensation expense associated with the forfeited shares. Dividends declared on awards issued are recorded as cumulative distributions in excess of retained earnings on the Consolidated Balance Sheets. Accumulated dividends related to forfeited awards are reversed through compensation expense in the period the forfeiture occurs. The Company includes stock-based compensation within general and administrative expense on the Consolidated Statements of Operations.

Income Taxes

The Company has made an election to be taxed, and believes it qualifies, as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To maintain REIT status for federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year.

The Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities.

Although it may qualify for REIT status for federal income tax purposes, the Company is subject to state or local income or franchise taxes in certain jurisdictions in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s Taxable REIT Subsidiary (“TRS”) is fully subject to federal, state and local income taxes.

The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, “Income Taxes.” Under the liability method, deferred income taxes are recognized for the temporary differences between the GAAP basis and tax basis of the TRS income, assets, and liabilities.

The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. In 2023 and 2022, the Company recorded valuation allowances to reduce deferred tax assets when it determined that an uncertainty existed regarding their realization, which increased the provision for income taxes. In making such determination, the Company considered all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent results of operations. Several of these considerations require assumptions and significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is utilizing to manage its business. To the extent facts and circumstances change in the future, further adjustments to the valuation allowances may be required.

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 LIBOR

or a reference rate 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 2020-04, “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 expedients under ASU 2020-04 and 2021-01, which allows entities to account for the modification as if the modification was not substantial, and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of hedge accounting expedients preserved the presentation of derivatives consistent with past presentation. As a result, the implementation of this guidance did not have an effect on the Company’s 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 transitioned all variable rate loans to SOFR or another applicable benchmark index and will apply the relief based Topic 848 in line with the sunset date.

In August 2023, the FASB issued ASU 2023-05, ”Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement” (“ASU 2023-05”). ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. Prior to the amendment, the FASB did not provide specific authoritative guidance on the initial measurement of assets and liabilities assumed by a joint venture upon its formation. ASU 2023-05 requires a joint venture to recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). ASU 2023-05 is effective for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. The Company has elected not to early adopt ASU 2023-05 and does not expect the adoption will have a significant impact on our consolidated financial statements.

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 consolidated financial statements.

Federal Income Taxes - Schedule of Tax Status of Dividends (Details) - $ / shares

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Tax Contingency [Line Items]

Total (in dollars per share)

$ 0.72

$ 0.6

Characterization Of Distributions For Federal Income Tax Purposes

Income Tax Contingency [Line Items]

Qualified dividend (in dollars per share)

0.115

0.010

0.01

Capital gain (in dollars per share)

0.022

0.060

0.040

Total (in dollars per share)

^[1]

$ 0.720

$ 0.600

Qualified dividend

16.00%

1.00%

Capital gain

3.00%

9.00%

7.00%

Total

^[1]

100.00%

Section 199A | Characterization Of Distributions For Federal Income Tax Purposes

Income Tax Contingency [Line Items]

Ordinary income (in dollars per share)

$ 0.583

$ 0.65

$ 0.550

Ordinary income

81.00%

90.00%

92.00%

[1]

The fourth quarter 2023 regular dividend was $0.18 per Common Share, all of which is allocable to 2024. The fourth quarter 2022 regular dividend was $0.18 per Common Share, all of which is allocable to 2023. The fourth quarter 2021 regular dividend was $0.15 per Common Share, all of which is allocable to 2021.

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

12 Months Ended

Dec. 31, 2023

USD ($)

Property

Dec. 31, 2022

USD ($)

Property

Jan. 01, 2023

USD ($)

Property

Jan. 01, 2022

USD ($)

Property

Property, Plant and Equipment [Line Items]

Number of properties under development | Property

Real estate under development, beginning balance

$ 94,799

$ 184,602

$ 203,773

Transfers In

9,610

Capitalized Costs

14,857

4,910

Transfers Out

$ 104,660

$ 33,691

Core Portfolio

Property, Plant and Equipment [Line Items]

Number of properties under development | Property

Real estate under development, beginning balance

$ 66,083

$ 54,817

$ 42,517

Transfers In

9,610

Capitalized Costs

11,266

2,690

Transfers Out

$ 0

Fund Portfolio | Fund II

Property, Plant and Equipment [Line Items]

Number of properties under development | Property

^[1]

Real estate under development, beginning balance

$ 0

$ 34,072

^[1]

$ 34,072

$ 35,125

^[1]

Transfers In

^[1]

Capitalized Costs

633

503

^[1]

Transfers Out

$ 34,705

$ 1,556

^[1]

Fund Portfolio | Fund III

Property, Plant and Equipment [Line Items]

Number of properties under development | Property

Real estate under development, beginning balance

$ 28,716

$ 25,798

$ 24,296

Transfers In

Capitalized Costs

2,958

1,502

Transfers Out

$ 40

$ 0

Fund Portfolio | Fund IV

Property, Plant and Equipment [Line Items]

Number of properties under development | Property

^[2]

Real estate under development, beginning balance

$ 0

$ 69,915

^[2]

$ 69,915

$ 101,835

^[2]

Transfers In

^[2]

Capitalized Costs

215

^[2]

Transfers Out

$ 69,915

$ 32,135

^[2]

[1]	Transfers out include $1.6 million related to a portion of one Fund II property that was transferred out of development.
[2]	Transfers out include $13.4 million related to a portion of one Fund IV property that was transferred out of development and an impairment charge totaling $18.7 million on one Fund IV development property (Note 8)

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Feb. 13, 2024	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		102,577,713
Entity Public Float			$ 1,371.3
Entity Shell Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	true
Entity Current Reporting Status	Yes
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
Title of 12(b) Security	Common shares of beneficial interest, par value $0.001 per share
Security Exchange Name	NYSE
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Entity Interactive Data Current	Yes
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates by reference information from certain portions of the definitive proxy statement of Acadia Realty Trust for the 2024 annual meeting of shareholders to be filed with the Securities and Exchange Commission (the “SEC”) within 120 days after the end of the fiscal year, or April 29, 2024, covered by this Annual Report on Form 10-K for the year ended December 31, 2023 (the “Report”).
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York
Document Financial Statement Error Correction [Flag]	false

Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (8,892)	$ (46)
Derivative Asset	28,989	54,902
Fund IV \| Interest Rate Caps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	54,500
Core Portfolio
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	856,000
Fair value, derivatives, net	13,868	40,838
Core Portfolio \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (8,807)	$ (46)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Derivative Asset	$ 22,675	$ 40,884
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Core Portfolio \| Interest Rate Swaps \| Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 225,000
Core Portfolio \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 631,000
Core Portfolio \| Interest Rate Swaps \| Minimum \| Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2022-12
Derivative Maturity Date	2027-07
Strike Rate	3.61%
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 \| Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-10
Derivative Maturity Date	2029-12
Strike Rate	4.69%
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	3.36%
Core Portfolio \| Fund IV \| Interest Rate Caps \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-12
Derivative Maturity Date	2025-12
Fund Portfolio \| Fund II \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 634	$ 1,108
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	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	$ 26	$ 232
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Fund Portfolio \| Fund III \| Interest Rate Caps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 33,000
Derivative Effective Date	2023-09
Derivative Maturity Date	2025-10
Fund Portfolio \| Fund III \| Interest Rate Caps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	5.50%
Fund Portfolio \| Fund III \| Interest Rate Caps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	5.50%
Fund Portfolio \| Fund IV \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (29)	$ (1,093)
Fund Portfolio \| Fund IV \| Interest Rate Swaps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	6.00%
Fund Portfolio \| Fund IV \| Interest Rate Swaps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	6.00%
Fund Portfolio \| Fund IV \| Interest Rate Caps
Derivatives, Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Fund Portfolio \| Fund V
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 416,336
Fair value, derivatives, net	5,540	$ 11,585
Fund Portfolio \| Fund V \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (85)	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Derivative Asset	$ 5,523	$ 11,585
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 28,480
Derivative Effective Date	2023-06
Derivative Maturity Date	2025-06
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 315,409
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Minimum \| Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Strike Rate	4.54%
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2022-04
Derivative Maturity Date	2024-03
Strike Rate	1.14%
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Maximum \| Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Strike Rate	4.54%
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-07
Derivative Maturity Date	2026-05
Strike Rate	4.34%
Fund Portfolio \| Fund V \| Interest Rate Caps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 102	$ 0
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Fund Portfolio \| Fund V \| Interest Rate Caps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 72,447
Fund Portfolio \| Fund V \| Interest Rate Caps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-01
Derivative Maturity Date	2024-01
Strike Rate	3.64%
Fund Portfolio \| Fund V \| Interest Rate Caps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-08
Derivative Maturity Date	2025-09
Strike Rate	5.00%

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Loans On Real Estate (Parenthetical) (Details)
$ in Thousands

Dec. 31, 2023

USD ($)

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Notes receivable

$ 126,228

^[1]

[1]	The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2023.

- Definition

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

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+ Details

Share Incentive and Other Compensation (Tables)

12 Months Ended

Dec. 31, 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 January 1, 2023		92,735		$	17.31		1,465,398		$	18.59
Granted		70,629			14.11		780,193			15.00
Vested		(41,268	)		19.09		(354,343	)		20.35
Forfeited		(8,187	)		21.07		(92,589	)		30.78
Unvested at December 31, 2023		113,909		$	14.41		1,798,659		$	16.03

Unvested at January 1, 2022		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

Unvested at January 1, 2021		89,911		$	15.42		1,122,889		$	24.38
Granted		43,078			19.94		666,967			19.48
Vested		(43,084	)		16.85		(283,024	)		26.66
Forfeited		(159	)		36.22		(91,637	)		36.22
Unvested at December 31, 2021		89,746		$	16.87		1,415,195		$	20.85

Real Estate - Schedule of Asset Held For Sale Property (Details) - USD ($) $ in Thousands	Dec. 31, 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

Federal Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal tax benefit at statutory tax rate	$ (791)	$ (667)	$ (890)
TRS state and local taxes, net of Federal benefit	(238)	(201)	(268)
Permanent differences, net	246	194	252
Adjustment to deferred tax reserve	(8)	691	1,061
Other	791	(16)	(156)
REIT state and local income and franchise taxes	301	11	94
Total provision for income taxes	$ 301	$ 12	$ 93

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Debt - Scheduled Principal Repayments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Contractual due 2025	$ 680,834
Contractual due 2027	202,826
Debt With Extension Options
Debt Instrument [Line Items]
Contractual due 2025	535,400
Contractual due 2027	$ 25,100
Consolidated debt, Extension Term	12 months
Consolidated debt, Extension Term (Thereafter)	12 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

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

Dec. 31, 2023

Dec. 31, 2022

Schedule of Equity Method Investments [Line Items]

Other Receivables

$ 1,775

$ 2,060

Other

^[1]

4,554

4,315

Investments in and advances to unconsolidated affiliates

197,240

291,156

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

7,982

10,505

Other Receivables

$ 396

305

840 N. Michigan

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[2],[3]

91.85%

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

^[2],[3]

$ 0

1,673

KLA/ABS

Schedule of Equity Method Investments [Line Items]

Cost method investment, ownership percentage

^[4]

36.70%

Cost Method Investment

^[4]

$ 0

85,403

Fund III

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

100.00%

Fund IV Other Portfolio

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 5,221

7,914

650 Bald Hill Road

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 9,486

10,203

Paramus Plaza

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

50.00%

Equity method investments

$ 70

936

Fund IV

Schedule of Equity Method Investments [Line Items]

Equity method investments

$ 14,777

19,053

Fund V Family Center at Riverdale

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[3]

89.42%

Equity method investments

^[3]

$ 2,552

4,995

Tri City Plaza

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 6,452

8,422

Frederick County Acquisitions

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 11,345

12,240

Michigan Avenue

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

3.42%

Wood Ridge Plaza

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 10,313

12,751

La Frontera Village

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 17,483

20,803

Shoppes at South Hills

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[5]

90.00%

Equity method investments

^[5]

$ 11,707

44,677

Mohawk Commons

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 16,434

775

Fund V

Schedule of Equity Method Investments [Line Items]

Equity method investments

76,286

104,663

Core Portfolio

Schedule of Equity Method Investments [Line Items]

Equity method investments

$ 101,227

77,417

Core Portfolio | 840 N. Michigan

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[3]

91.85%

Equity method investments

^[3]

$ 15,761

Core Portfolio | Renaissance Portfolio

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

20.00%

Equity method investments

$ 30,745

28,755

Core Portfolio | Gotham Plaza

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

49.00%

Equity method investments

$ 30,772

30,112

Core Portfolio | Georgetown Portfolio

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[6]

50.00%

Equity method investments

^[6]

$ 4,230

4,048

Core Portfolio | 1238 Wisconsin Avenue

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[6],[7]

80.00%

Equity method investments

^[6],[7]

$ 19,719

14,502

Core Portfolio | Crossroads

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[2]

49.00%

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

^[2]

$ 7,982

$ 8,832

[1]	Includes cost-method investment in Fifth Wall and other investments.
[2]	Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity.
[3]	Represents a tenancy-in-common interest.
[4]	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 its shares to its investors upon expiration of the lock-up agreement in January 2023, as further described below.
[5]	Includes a $31.7 million bridge loan at December 31, 2022, 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.
[6]	Represents a VIE for which the Company is not the primary beneficiary (Note 16).
[7]	Includes the amounts advanced against a $12.8 million construction commitment from the Company to the venture that holds an investment in 1238 Wisconsin. As of December 31, 2023 and 2022 the note receivable from a related party had a balance of $12.8 million and $7.5 million, respectively, net of an allowance for CECL 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, 2024. The Company recognized Interest income of $0.2 million for the year ended December 31, 2023, related to this note receivable. The note originated in 2022 and the Company recognized less than $0.1 million of Interest income for the year ended December 31, 2022.

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summary of Segment Information

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


	As of or for the Year Ended December 31, 2023
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Total revenues	$	203,545		$	135,147		$	—		$	—		$	338,692
Depreciation and amortization expenses		(76,642	)		(59,342	)		—			—			(135,984	)
General and administrative expenses		—			—			—			(41,470	)		(41,470	)
Property operating expenses, other operating and real estate taxes		(64,382	)		(44,094	)		—			—			(108,476	)
Impairment charges		—			(3,686	)		—			—			(3,686	)
Operating income		62,521			28,025			—			(41,470	)		49,076
Equity in earnings (losses) of unconsolidated affiliates		2,734			(10,411	)		—			—			(7,677	)
Interest income		—			—			19,993			—			19,993
Realized and unrealized holding gains (losses) on investments and other		5,756			24,995			(338	)		—			30,413
Interest expense		(44,521	)		(48,732	)		—			—			(93,253	)
Income tax provision		—			—			—			(301	)		(301	)
Net income (loss)		26,490			(6,123	)		19,655			(41,771	)		(1,749	)
Net loss attributable to redeemable noncontrolling interests		—			8,239			—			—			8,239
Net (income) loss attributable to noncontrolling interests		(1,937	)		15,320			—			—			13,383
Net income (loss) attributable to Acadia shareholders	$	24,553		$	17,436		$	19,655		$	(41,771	)	$	19,873

Real estate at cost (a)	$	2,646,831		$	1,788,688		$	—		$	—		$	4,435,519
Total assets (a)	$	2,566,450		$	1,599,755		$	124,949		$	—		$	4,291,154
Cash paid for acquisition of real estate	$	—		$	126,545		$	—		$	—		$	126,545
Cash paid for development, construction and property improvement costs	$	44,428		$	25,112		$	—		$	—		$	69,540


	As of or for the Year Ended December 31, 2022
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Total revenues	$	202,547		$	123,743		$	—		$	—		$	326,290
Depreciation and amortization expenses		(75,614	)		(60,303	)		—			—			(135,917	)
General and administrative expenses		—			—			—			(44,066	)		(44,066	)
Property operating expenses, other operating and real estate taxes		(60,306	)		(41,621	)		—			—			(101,927	)
Impairment charges		—			(33,311	)		—			—			(33,311	)
Gain on disposition of properties		7,245			49,916			—			—			57,161
Operating income (loss)		73,872			38,424			—			(44,066	)		68,230
Equity in (losses) earnings of unconsolidated affiliates		(45,919	)		13,012			—			—			(32,907	)
Interest income		—			—			14,641			—			14,641
Realized and unrealized holding gains (losses) on investments and other		1,163			(35,559	)		(598	)		—			(34,994	)
Interest expense		(37,892	)		(42,317	)		—			—			(80,209	)
Income tax provision		—			—			—			(12	)		(12	)
Net (loss) income		(8,776	)		(26,440	)		14,043			(44,078	)		(65,251	)
Net loss attributable to redeemable noncontrolling interests		—			5,536			—			—			5,536
Net loss attributable to noncontrolling interests		1,000			23,270			—			—			24,270
Net (loss) income attributable to Acadia	$	(7,776	)	$	2,366		$	14,043		$	(44,078	)	$	(35,445	)

Real estate at cost (a)	$	2,597,394		$	1,655,616		$	—		$	—		$	4,253,010
Total assets (a)	$	2,599,268		$	1,579,411		$	123,903		$	—		$	4,302,582
Cash paid for acquisition of real estate	$	242,633		$	—		$	—		$	—		$	242,633
Cash paid for development, construction and property improvement costs	$	32,406		$	18,640		$	—		$	—		$	51,046


	As of or for the Year Ended December 31, 2021
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Total revenues	$	181,332		$	111,165		$	—		$	—		$	292,497
Depreciation and amortization expenses		(69,103	)		(54,336	)		—			—			(123,439	)
General and administrative expenses		—			—			—			(40,125	)		(40,125	)
Property operating expenses, other operating and real estate taxes		(56,957	)		(41,916	)		—			—			(98,873	)
Impairment charges		—			(9,925	)		—			—			(9,925	)
Gain on disposition of properties		4,612			5,909			—			—			10,521
Operating income (loss)		59,884			10,897			—			(40,125	)		30,656
Equity in earnings of unconsolidated affiliates		353			4,977			—			—			5,330
Interest income		—			—			9,065			—			9,065
Realized and unrealized holding gains (losses) on investments and other		—			53,654			(4,534	)		—			49,120
Interest expense		(29,454	)		(38,594	)		—			—			(68,048	)
Income tax provision		—			—			—			(93	)		(93	)
Net income (loss)		30,783			30,934			4,531			(40,218	)		26,030
Net income attributable to noncontrolling interests		(2,276	)		(206	)		—			—			(2,482	)
Net income (loss) attributable to Acadia	$	28,507		$	30,728		$	4,531		$	(40,218	)	$	23,548

Real estate at cost (a)	$	2,356,645		$	1,714,962		$	—		$	—		$	4,071,607
Total assets (a)	$	2,212,877		$	1,894,983		$	153,886		$	—		$	4,261,746
Cash paid for acquisition of real estate and leasehold interest	$	26,176		$	135,670		$	—		$	—		$	161,846
Cash paid for development, construction and property improvement costs	$	13,625		$	27,046		$	—		$	—		$	40,671

Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively.

Federal Income Taxes - Schedule of Reconciliation of Net Income to Taxable Income (Loss) (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Net income (loss) attributable to Acadia

$ 19,873

$ (35,445)

$ 23,548

Deferred rental and other (loss) income

^[1]

351

(1,854)

3,209

Book/tax difference - depreciation and amortization

^[1]

22,353

28,337

24,756

Straight-line rent and above- and below-market rent adjustments

^[1]

(12,484)

(11,917)

(8,588)

Book/tax differences - equity-based compensation

7,519

5,952

7,663

Joint venture equity in earnings, net and other investments

^[1]

33,522

22,493

3,962

Impairment charges and reserves

524

54,822

2,657

Acquisition costs

^[1]

2,048

Gain (loss) on disposition of properties and investments

1,800

(14,960)

(2,170)

Book adjustment marketable securities

(4,813)

Book/tax differences - miscellaneous

2,355

5,638

(1,203)

Taxable income

71,009

55,114

53,856

Dividends/Distributions declared

^[2]

$ 68,612

$ 68,312

$ 52,872

[1]

Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.”

[2]

The entire fourth quarter 2023 dividend of $17.2 million (paid in January 2024) was attributed to 2024. Any additional distributions required for REIT qualification may be made through October 15, 2024. The entire fourth quarter 2022 dividend of $17.1 million (paid in January 2023) was attributed to 2023. The entire fourth quarter 2021 dividend of $14.4 million (paid in January 2022) was attributed to 2021 (Note 10).

Leases - Schedule of Future Minimum Rental Revenues (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2024	$ 249,135
2025	233,786
2026	208,935
2027	184,039
2028	153,941
Thereafter	668,128
Total	$ 1,697,964

Earnings (Loss) Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Numerator:

Net income (loss) attributable to Acadia shareholders

$ 19,873

$ (35,445)

$ 23,548

Less: earnings attributable to unvested participating securities

(978)

(805)

(624)

Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share

18,895

(36,250)

22,924

Impact of City Point Loan share conversion option

^[1]

(1,804)

Income from continuing operations net of income attributable to participating securities for diluted earnings per share

$ 18,895

$ (38,054)

$ 22,924

Denominator:

Weighted average shares for basic earnings (loss) per share

95,283,752

94,575,251

87,653,818

Weighted average shares for diluted earnings (loss) per share

95,283,752

94,643,466

87,653,818

Effect of dilutive securities:

Series A Preferred OP Units

Employee unvested restricted shares

City Point Loan common stock conversion option

^[1]

68,215

Denominator for diluted earnings per share

95,283,752

94,643,466

87,653,818

Weighted average shares for basic earnings (loss) per share

$ 0.2

$ (0.38)

$ 0.26

Diluted earnings (loss) per Common Share from continuing operations attributable to Acadia

$ 0.2

$ (0.4)

$ 0.26

Series A Preferred OP Units

Anti-Dilutive Shares Excluded from Denominator:

Antidilutive securities excluded from computation of earnings per share (in shares)

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

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

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

Restricted shares

Anti-Dilutive Shares Excluded from Denominator:

Antidilutive securities excluded from computation of earnings per share (in shares)

90,006

68,832

70,827

[1]

The impact of the assumed conversion of dilutive convertible securities is related to the assumed conversion of potential common shares of the Company that could be subsequently issued in connection with the City Point Loan (Note 10) for the stub-period until the put rights were modified for a cash-only settlement option in the third quarter of 2022

Investments in and Advances to Unconsolidated Affiliates - Core Portfolio - Additional Information (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Jan. 31, 2023

Dec. 31, 2022

Schedule of Equity Method Investments [Line Items]

Investments carried at fair value or cost

^[1]

$ 4,554

$ 4,315

Mervyns II

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

40.00%

Core Portfolio | Fifth Wall Ventures Retail Fund, L.P.

Schedule of Equity Method Investments [Line Items]

Investments carried at fair value or cost

$ 200

[1]	Includes cost-method investment in Fifth Wall and other investments.

- Definition

Cost of the investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-12

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19

+ Details

Share Incentive and Other Compensation - Employee 401 (k) Plan - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-Based Payment Arrangement [Abstract]
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

Notes Receivable, Net

12 Months Ended

Dec. 31, 2023

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

Notes Receivable, Net

3. Notes Receivable, Net

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):


	December 31,			December 31,			December 31, 2023
Description	2023			2022			Number		Maturity Date	Interest Rate
Core Portfolio (a)	$	126,228		$	124,801			6	Apr 2020 - Dec 2027	4.65% - 10.00%
Allowance for credit losses		(1,279	)		(898	)
Notes receivable, net	$	124,949		$	123,903			6

(a)

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

Changes in the Company’s CECL allowance were as follows (dollars in thousands):


	Year Ended December 31,
	2023		2022			2021
CECL Allowance beginning of period	$	898	$	5,752		$	1,218
Provision of loan losses		381		(272	)		4,534
Write-offs		—		(4,582	)		—
Total - CECL Allowance	$	1,279	$	898		$	5,752

Due to the lack of comparability across the Structured Financing portfolio, each note was evaluated separately. As a result, the Company did not elect the collateral-dependent practical expedient for four of its notes with a total amortized cost of $121.1 million, inclusive of accrued interest of $18.6 million, for which an allowance for CECL has been recorded aggregating $1.3 million at December 31, 2023. For two notes in this portfolio, aggregating $27.9 million, inclusive of accrued interest of $4.1 million at December 31, 2023, the Company has elected to apply the practical expedient in accordance with ASC 326 and did not establish an allowance for CECL because (i) these notes are collateral-dependent notes, 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 December 31, 2023, the Company determined that the estimated fair value of the collateral at the expected realization date for these notes was sufficient to cover the carrying value of its investments in these notes receivable.

Default

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

During the year ended December 31, 2023, the Company:

•

originated a Core Portfolio note for $1.4 million with a stated interest rate of 6.5% and a maturity date of September 30, 2024, collateralized by the venture partner’s interest in 840 N. Michigan Avenue (Note 4).

During the year ended December 31, 2022, the Company:

•

through Fund III obtained the remaining venture partner's interest in an entity that held a property, which was collateral for a note with a balance of $5.3 million, accrued interest of $4.7 million, less a CECL reserve of $4.6 million (exclusive of default interest and other amounts due on the loan that have not been recognized), via a foreclosure auction in January 2022. The entity was previously accounted for as an equity method investment until Fund III acquired the venture partner's interest. Fund III now owns 100% of the entity and consolidates it;

•

received full payment on a $16.0 million Core Portfolio note during the second quarter, and full payment on a $13.5 million Core Portfolio note and partial payment of $5.7 million of accrued interest on a Core Portfolio note during the third quarter;

•

extended the maturity date of one Core Portfolio note of $54.0 million from January 13, 2023 to January 9, 2024; and

•

decreased its allowance for CECL by $4.9 million, of which approximately $4.6 million was attributable to the aforementioned Fund III foreclosure.

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Paranthetical) (Details)	Jan. 04, 2021 LandParcel
Equity Method Investments and Joint Ventures [Abstract]
Number of land parcels sold by the Family Center at Riverdale	2

Lease Intangibles

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Lease Intangibles

6. Lease Intangibles

Intangible assets and liabilities are included in Other assets and Accounts payable and other liabilities (Note 5) on the Consolidated Balance Sheets and summarized as follows (in thousands):


	December 31, 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	$	327,484		$	(234,808	)	$	92,676		$	301,556		$	(205,951	)	$	95,605
Above-market rent		27,294			(19,376	)		7,918			24,064			(17,295	)		6,769
	$	354,778		$	(254,184	)	$	100,594		$	325,620		$	(223,246	)	$	102,374

Amortizable Intangible Liabilities
Below-market rent	$	(188,098	)	$	114,393		$	(73,705	)	$	(176,253	)	$	98,182		$	(78,071	)
Above-market ground lease		(671	)		382			(289	)		(671	)		326			(345	)
	$	(188,769	)	$	114,775		$	(73,994	)	$	(176,924	)	$	98,508		$	(78,416	)

During the year ended December 31, 2023, the Company:

•

acquired in-place lease intangibles of $25.9 million, above-market rent of $3.2 million, and below-market rent of $11.8 million with weighted-average useful lives of 5.7, 7.1, and 21.1 years, respectively (Note 2);

•

recorded accelerated amortization related to in-place lease intangible assets of $3.2 million and below-market rent of $8.8 million, of which the Company's share was $2.8 million and $8.4 million, respectively, related to notification of tenant non-renewals and early tenant lease terminations.

During the year ended December 31, 2022, the Company:

•

acquired in-place lease intangible assets of $28.2 million, above-market rent of $0.8 million, and below-market rent of $14.1 million with weighted-average useful lives of 6.4, 6.9, and 11.4 years, respectively (Note 2);

•

derecognized in-place lease intangible assets of $1.5 million and below-market rent of $2.1 million, of which the Company's share was $0.5 million and $0.5 million, respectively, related to disposed properties (Note 2); and

•

recorded accelerated amortization related to in-place lease intangible assets of $0.2 million and below-market rent of $5.5 million, of which the Company's share was $0.1 million and $5.4 million, respectively, related to notification of tenant non-renewals and early tenant lease terminations.

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, on the Consolidated Statements of Operations. Amortization of above-market ground leases are recorded as a reduction to rent expense on the Consolidated Statements of Operations.

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2023 is as follows (in thousands):


Years Ending December 31,	Net Increase in Rental Revenues		Increase to Amortization Expense			Reduction of Property Operating Expense
2024	$	5,157	$	(23,596	)	$	58
2025		4,752		(17,912	)		58
2026		4,522		(14,435	)		58
2027		4,452		(11,159	)		58
2028		4,536		(7,299	)		57

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Share Incentive and Other Compensation

12 Months Ended

Dec. 31, 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. 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 December 31, 2023 a total of 3,804,345 shares remained available to be issued under the Amended and Restated 2020 Plan.

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 January 1, 2023		92,735		$	17.31		1,465,398		$	18.59
Granted		70,629			14.11		780,193			15.00
Vested		(41,268	)		19.09		(354,343	)		20.35
Forfeited		(8,187	)		21.07		(92,589	)		30.78
Unvested at December 31, 2023		113,909		$	14.41		1,798,659		$	16.03

Unvested at January 1, 2022		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

Unvested at January 1, 2021		89,911		$	15.42		1,122,889		$	24.38
Granted		43,078			19.94		666,967			19.48
Vested		(43,084	)		16.85		(283,024	)		26.66
Forfeited		(159	)		36.22		(91,637	)		36.22
Unvested at December 31, 2021		89,746		$	16.87		1,415,195		$	20.85

The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the years ended December 31, 2023, 2022 and 2021 were $14.93, $21.04 and $19.51, respectively. As of December 31, 2023, there was $16.7 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 1.5 years. The total fair value of Restricted Shares that vested for each of the years ended December 31, 2023, 2022 and 2021, was $0.8 million. The total fair value of LTIP Units that vested (LTIP units vest primarily during the first quarter) during the years ended December 31, 2023, 2022 and 2021, was $7.2 million, $7.1 million and $7.5 million, respectively.

Restricted Shares and LTIP Units - Employees

During the year ended December 31, 2023, the Company issued 22,314 Restricted Share Units and 739,734 LTIP Units to employees of the Company pursuant to the Amended and Restated 2020 Plan. Certain of these equity awards were granted in performance-based Restricted Share Units or LTIP Units with market conditions as described below (“Performance Shares”). 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, 2022 and 2021 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%, 49.0% and 48.0%) and risk-free interest rates of (4.3%, 1.7% and 0.2%) for 2023, 2022 and 2021, respectively. The total value of the 2023, 2022 and 2021 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, $13.1 million and $12.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Total long-term incentive compensation expense, including the expense related to the Amended and Restated 2020 Plan, was $9.2 million, $7.4 million, and $9.4 million for the years ended December 31, 2023, 2022, and 2021, respectively and is recorded in General and administrative on 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 2023, the Company issued 45,882 Restricted Shares and 40,459 LTIP Units to Trustees of the Company in connection with Trustee fees. Vesting with respect to 15,850 of the Restricted Shares and 10,427 of the LTIP Units will be on the first anniversary of the date of issuance, and 30,032 of the Restricted Shares and 30,032 of the LTIP Units vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. Additionally, during the year ended December 31, 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 $1.9 million, $1.7 million and $1.6 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is recorded in General and administrative on 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 at December 31, 2023 or 2022.

The Company recognized $0.2 million and $0.4 million compensation expense related to the Program for the years ended December 31, 2023 and 2022, related to Funds III and V. No compensation expense was recognized for the year ended 2021 related to the Program.

Other Plans

On a combined basis, the Company incurred a total of $0.5 million, $0.4 million, and $0.4 million of compensation expense related to the following employee benefit plans for the years ended December 31, 2023, 2022 and 2021, 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 13,177 and 9,747 Common Shares were purchased by employees under the Purchase Plan for the years ended December 31, 2023 and 2022, respectively.

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 ended December 31, 2023.

Financial Instruments and Fair Value Measurements - Schedule of realized and unrealized gain (loss) on marketable securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Realized gain on marketable securities	$ 4,636	$ 0	$ 0
Less: previously recognized unrealized gains on marketable securities sold during the period	(4,636)	0	0
Unrealized gains (losses) on marketable securities still held at the end of the period and through the disposition date on marketable securities sold during the period	1,634	(38,913)	51,925
Gain on Marketable securities, net	$ 1,634	$ (38,913)	$ 51,925

Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase discount rate	15.00%
Issuance of common shares	200,000
Employee share purchase maximum purchase amount	$ 25,000
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase (in shares)	13,177	9,747

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Federal Income Taxes - Schedule of Reconciliation of Net Income to Taxable Income (Loss) (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fourth Quarter Two Thousand Twenty One Member
Income Taxes [Line Items]
Dividends			$ 14.4
Dividends payable, month and year			2022-01
Fourth Quarter Two Thousand Twenty Two Member
Income Taxes [Line Items]
Dividends		$ 17.1
Dividends payable, month and year		2023-01
Fourth Quarter Two Thousand Twenty Three [Member]
Income Taxes [Line Items]
Dividends	$ 17.2
Dividends payable, month and year	2024-01

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

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Segment Reporting Information [Line Items]

Total Assets

^[2]

$ 4,291,154

^[1]

$ 4,302,582

^[1]

$ 4,261,746

Funds | Fund II's City Point Property

Segment Reporting Information [Line Items]

Total Assets

$ 555,800

$ 569,100

$ 583,400

[1]

[2]

Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively.

- Definition

+ References

+ Details

Real Estate - Schedule of Significant Assumptions Used in Calculating Fair Value of the Asset Acquisitions (Details) - Level 3 - $ / ft²	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Maximum
Business Acquisition [Line Items]
Exit capitalization rate	8.50%	7.25%
Annual net rental rate per square foot on acquired buildings	47	825
Annual net rental rate per square foot on acquired ground lease	1.91	0
Minimum
Business Acquisition [Line Items]
Exit capitalization rate	7.00%	4.25%
Annual net rental rate per square foot on acquired buildings	4	20
Annual net rental rate per square foot on acquired ground lease	1.04	0

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

12 Months Ended

Dec. 31, 2023

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
August 9, 2023	$	0.18	September 29, 2023	October 13, 2023
November 2, 2023	$	0.18	December 29, 2023	January 12, 2024

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands):


	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
Conversion of 151,257 Common OP Units to Common Shares by limited partners of the Operating Partnership		(2,521	)		—			(2,521	)		—
Distributions declared of $0.72 per Common OP Unit and distributions on Preferred OP Units		(5,352	)		—			(5,352	)		—
City Point Loan		—			—			—			(796	)
City Point Loan accrued interest		—			—			—			(9,350	)
Employee and trustee stock compensation, net		11,064			—			11,064			—
Noncontrolling interest distributions		—			(80,186	)		(80,186	)		(50	)
Noncontrolling interest contributions		—			59,612			59,612			1,110
Net income (loss) for the year ended December 31, 2023		1,785			(15,168	)		(13,383	)		(8,239	)
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements		(613	)		6,015			5,402			—
Reclassification of realized interest expense on swap agreements		(210	)		(13,501	)		(13,711	)		—
Reallocation of noncontrolling interests (d)		(3,989	)		—			(3,989	)		—
Balance at December 31, 2023	$	99,718		$	346,582		$	446,300		$	50,339

Balance at January 1, 2022	$	94,120		$	534,202		$	628,322		$	—
Conversion of 234,473 Common OP Units to Common Shares by limited partners of the Operating Partnership		(3,945	)		—			(3,945	)		—
Distributions declared of $0.72 per Common OP Unit and distributions on Preferred OP Units		(5,094	)		—			(5,094	)		—
Acquisition of noncontrolling interest (e)		—			(91,811	)		(91,811	)		—
City Point Loan		—			—			—			(65,391	)
City Point Loan accrued interest		—			—			—			(3,923	)
Employee and trustee stock compensation, net		10,000			—			10,000			—
Noncontrolling interest distributions		—			(79,838	)		(79,838	)		—
Noncontrolling interest contributions		—			109,428			109,428			65,945
Net loss for the year ended December 31, 2022		(1,308	)		(22,962	)		(24,270	)		(5,536	)
Other comprehensive income - unrealized gain on valuation of swap agreements		4,641			15,567			20,208			—
Reclassification of realized interest expense on swap agreements		58			1,793			1,851			—
Reclassification of redeemable noncontrolling interests(f)		—			(76,569	)		(76,569	)		76,569
Reallocation of noncontrolling interests (d)		1,082			—			1,082			—
Balance at December 31, 2022	$	99,554		$	389,810		$	489,364		$	67,664


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at January 1, 2021	$	89,431		$	519,734		$	609,165		$	—
Conversion of 89,765 Common OP Units to Common Shares by limited partners of the Operating Partnership		(1,431	)		—			(1,431	)		—
Cancellation of OP units(g)		(568	)		—			(568	)		—
Distributions declared of $0.60 per Common OP Unit		(4,185	)		—			(4,185	)		—
Employee and trustee stock compensation, net		11,284			—			11,284			—
Noncontrolling interest distributions		—			(27,051	)		(27,051	)		—
Noncontrolling interest contributions		—			30,164			30,164			—
Net income for the year ended December 31, 2021		2,075			407			2,482			—
Other comprehensive loss - unrealized loss on valuation of swap agreements		2,072			3,918			5,990			—
Reclassification of realized interest expense on swap agreements		210			7,030			7,240			—
Reallocation of noncontrolling interests (d)		(4,768	)		—			(4,768	)		—
Balance at December 31, 2021	$	94,120		$	534,202		$	628,322		$	—

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,855,574, 3,062,108, and 3,076,849 Common OP Units at December 31, 2023, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2023, 2022 and 2021; (iii) 126,384 Series C Preferred OP Units at December 31, 2023 and 2022, and 126,593 at December 31, 2021; and (iv) 4,247,054, 3,512,414, and 3,371,296 LTIP units at December 31, 2023, 2022 and 2021, 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)

Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below.

(d)

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.

(e)

Represents the acquisition of the 11.67% noncontrolling interest in Fund II and Mervyns II acquired on June 27, 2022 for $18.5 million and of a 21.67% interest in Fund II on August 1, 2022 for $5.8 million (Note 1).

(f)

Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022.

(g)

The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $0.5 million on July 12, 2021.

Notes Receivable, Net - Schedule of Changes in the Company's CECL Allowance (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

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

CECL Allowance beginning of period

$ 898

$ 5,752

$ 1,218

Provision of loan losses

381

(272)

4,534

Write-offs

(4,582)

Total - CECL Allowance

$ 1,279

^[1]

$ 898

$ 5,752

[1]	The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2023.

- Definition

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

+ References + Details

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 08, 2024	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 29, 2024
Subsequent Event [Line Items]
Common shares, issued (in shares)			95,361,676	95,120,773
Net proceeds from sale of common stock			$ 0	$ 119,485	$ 63,876
Line of credit			$ 213,287	$ 168,287
Albertsons
Subsequent Event [Line Items]
Sale of shares			200,000
Net proceeds from sale of common stock			$ 4,600
Subsequent Event \| Fund V
Subsequent Event [Line Items]
Line of credit						$ 43,400
Subsequent Event \| Albertsons
Subsequent Event [Line Items]
Sale of shares	175,000	175,000
Net proceeds from sale of common stock	$ 4,000	$ 4,000
Underwritten offering \| Subsequent Event
Subsequent Event [Line Items]
Sale of shares	6,900,000	6,900,000
Purchase of additional shares	900,000	900,000
Net proceeds from sale of common stock	$ 113,000	$ 113,000
Core mortgage \| Subsequent Event
Subsequent Event [Line Items]
Line of credit						$ 7,300

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (1,749)	$ (65,251)	$ 26,030
Other comprehensive (loss) income:
Unrealized gain on valuation of swap agreements	10,963	96,858	30,500
Reclassification of realized interest on swap agreements	(33,647)	8,232	21,407
Other comprehensive (loss) income	(22,684)	105,090	51,907
Comprehensive (loss) income	(24,433)	39,839	77,937
Comprehensive loss attributable to redeemable noncontrolling interests	8,239	5,536	0
Comprehensive loss (income) attributable to noncontrolling interests	21,692	2,211	(15,712)
Comprehensive income attributable to Acadia shareholders	$ 5,498	$ 47,586	$ 62,225

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Common Shares and Units - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 08, 2024	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Proceeds from the sale of Common Shares			$ 0	$ 119,485	$ 63,876
Underwritten offering \| Subsequent Event
Class of Stock [Line Items]
Shares sold in offering (in shares)	6,900,000	6,900,000
Purchase of additional shares	900,000	900,000
Proceeds from the sale of Common Shares	$ 113,000	$ 113,000
Restricted shares
Class of Stock [Line Items]
Restricted stock, shares canceled for tax withholding for share based compensation (in shares)			3,251	3,235
LTIP Units and Restricted Stock
Class of Stock [Line Items]
Unit based compensation expense			$ 9,200	$ 7,400

Federal Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Minimum distribution percentage of annual taxable income to qualify as REIT	90.00%
Maximum percentage of total assets consisting of securities of TRS	20.00%
Deferred tax assets, net	$ 0.0	$ 0.0
Deferred tax assets, applicable reserves	4.3	4.3
Deferred tax assets, capital loss carryforwards	0.0	0.1
Deferred tax assets, operating loss carryforwards	$ 3.1	4.2
Minimum percentage of unrealized deferred tax asset required for qualification of valuation allowance	50.00%
Deferred tax assets valuation allowance	$ 0.0	$ 0.7	$ 1.1

Leases - Schedule of rental revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Leased Assets [Line Items]
Fixed lease revenue	$ 269,648	$ 258,472	$ 227,608
Variable lease revenue	63,396	59,342	58,290
Total rental revenue	338,692	326,290	292,497
Rental Income
Operating Leased Assets [Line Items]
Total rental revenue	$ 333,044	$ 317,814	$ 285,898

Real Estate (Tables)

12 Months Ended

Dec. 31, 2023

Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]

Schedule of Real Estate

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


	December 31,			December 31,
	2023			2022

Land	$	872,228		$	817,802
Buildings and improvements		3,128,650			2,987,594
Tenant improvements		257,955			216,899
Construction in progress		23,250			21,027
Right-of-use assets - finance leases (Note 11)		58,637			25,086
Total		4,340,720			4,068,408
Less: Accumulated depreciation and amortization		(823,439	)		(725,143	)
Operating real estate, net		3,517,281			3,343,265
Real estate under development		94,799			184,602
Net investments in real estate	$	3,612,080		$	3,527,867

Schedule of Business Acquisitions, by Acquisition

During the years ended December 31, 2023 and 2022, the Company acquired (through purchase, investment, or foreclosure) the following retail properties and other real estate investments (dollars in thousands):


Property and Location	Percent Acquired	Date of Acquisition	Purchase Price
Fund V 2023 Acquisitions
Cypress Creek - Tampa, FL	100%	July 3, 2023	$	49,374
Maple Tree Place - Williston, VT	100%	November 27, 2023		77,816
Total Fund V 2023 Acquisitions			$	127,190

2022 Acquisitions and Foreclosure
Core
121 Spring Street - New York, NY	100%	Jan 12, 2022	$	39,637
Williamsburg Collection - Brooklyn, NY (a)	(a)	Feb 18, 2022		97,750
8833 Beverly Boulevard - West Hollywood, CA	100%	Mar 2, 2022		24,117
Henderson Avenue Portfolio - Dallas, TX (b)	100%	Apr 18, 2022		85,192
Subtotal Core				246,696

Fund III
640 Broadway - New York, NY (Foreclosure) (c)	100%	Jan 26, 2022		59,207
Subtotal Fund III				59,207
Total 2022 Acquisitions and Foreclosure			$	305,903

The Company invested $2.8 million in its 49.99% equity interest and, through a separate lending subsidiary, provided a $64.1 million first mortgage loan and a $30.9 million mezzanine loan to subsidiaries of the venture (such equity and loans have been eliminated in consolidation). Pursuant to the entity’s operating agreement, the venture partner has a one-time right to put its 50.01% interest in the entity (the "Williamsburg NCI", which is further described in Note 10) to the Company for fair value at a future date. Given the preferred rate of return embedded in its equity interests and the accruing debt senior to the equity, the Company did not attribute any initial redemption value to the Williamsburg NCI and recognized a bargain purchase gain of $1.2 million, which is included in Realized and unrealized holding (losses) gains on investments and other on the Consolidated Statements of Operations.

The Henderson Avenue Portfolio comprises 14 operating retail assets, one residential building and two development and redevelopment sites. One of the development sites was sold in October 2022.

The entity was previously accounted for as an equity method investment until an affiliate of Fund III acquired the venture partner's interest in a foreclosure action. Fund III now indirectly owns 100% of the entity and consolidates it.

Schedule of Purchase Price Allocations

The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2023 and 2022 (in thousands):


	Land		Buildings and improvements		Intangible assets		Right-of-use asset		Lease liability			Intangible liabilities			Other assets, net		Net assets acquired
Property Name
Cypress Creek	$	—	$	39,637	$	10,949	$	25,313	$	(22,075	)	$	(4,450	)	$	—	$	49,374
Maple Tree Place		17,597		49,404		18,209		—		—			(7,395	)		—		77,816
2023 Total	$	17,597	$	89,041	$	29,158	$	25,313	$	(22,075	)	$	(11,845	)	$	—	$	127,190


121 Spring Street	$	5,380	$	31,707	$	2,550	$	—	$	—		$	—		$	—	$	39,637
Williamsburg Collection		31,500		60,700		16,401		—		—			(9,688	)		—		98,913
8833 Beverly Boulevard		14,423		8,299		1,395		—		—			—			—		24,117
Henderson Avenue Portfolio		40,764		40,865		7,611		—		—			(4,048	)		—		85,192
640 Broadway (a)		27,831		27,291		1,059		—		(661	)		(390	)		4,077		59,207
2022 Total	$	119,898	$	168,862	$	29,016	$	—	$	(661	)	$	(14,126	)	$	4,077	$	307,066

The Company assumed a $36.0 million mortgage with the consolidation of 640 Broadway during the year ended December 31, 2022 (Note 7).

Schedule of Significant Assumptions Used in Calculating Fair Value of the Asset Acquisitions

The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during 2023 and 2022, respectively, are as follows:


	2023						2022
	Low			High			Low			High
Exit Capitalization Rate		7.00	%		8.50	%		4.25	%		7.25	%
Annual net rental rate per square foot on acquired buildings	$	4.00		$	47.00		$	20.00		$	825.00
Annual net rental rate per square foot on acquired ground lease	$	1.04		$	1.91		$	—		$	—

Schedule of Property Dispositions

During the years ended December 31, 2023 and 2022, the Company disposed of the following properties and other real estate investments (in thousands):


Property and Location	Owner	Sale Date	Sale Price		Gain (Loss) on Sale
2023 Dispositions (a)
None

2022 Dispositions
NE Grocer Portfolio (Selected Assets) - Pennsylvania	Fund IV	Jan 26, 2022 Mar 4, 2022	$	45,350	$	13,784
New Towne (Parcel) - Canton, MI	Fund V	Feb 1, 2022		2,231		1,776
Cortlandt Crossing - Westchester County, NY	Fund III	Feb 9, 2022		65,533		13,255
Lincoln Place - Fairview Heights, IL	Fund IV	May 25, 2022		40,670		12,216
Wake Forest Crossing - Wake Forest, NC	Fund IV	Aug 24, 2022		38,919		8,885
Henderson Avenue (Parcel) - Dallas, TX	Core	Oct 7, 2022		3,050		(194	)
330-340 River Street - Cambridge, MA	Core	Dec 13, 2022		26,400		7,439
Total 2022 Dispositions			$	222,153	$	57,161

Does not include the 146 Geary Street property, which had a carrying value of $19.4 million, and was transferred to the Company’s lender through deed-in-lieu of foreclosure, extinguishing the obligations under the $20.1 million mortgage loan and accrued interest in default (Note 7).

Schedule of Asset Held For Sale Property

Assets of property held for sale consisted of the following:


	December 31,			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

Schedule of Development in Process Activities

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


	January 1, 2023				Year Ended December 31, 2023						December 31, 2023
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	54,817	$	—	$	11,266	$	—		2		66,083
Fund II		—		34,072		—		633		34,705		—		—
Fund III		1		25,798		—		2,958		40		1		28,716
Fund IV		1		69,915		—		—		69,915		—		—
Total		4	$	184,602	$	—	$	14,857	$	104,660		3	$	94,799


	January 1, 2022				Year Ended December 31, 2022						December 31, 2022
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value

Core		—	$	42,517	$	9,610	$	2,690	$	—		2	$	54,817
Fund II (a)		—		35,125		—		503		1,556		—		34,072
Fund III		1		24,296		—		1,502		—		1		25,798
Fund IV (b)		1		101,835		—		215		32,135		1		69,915
Total		2	$	203,773	$	9,610	$	4,910	$	33,691		4	$	184,602

(a)

Transfers out include $1.6 million related to a portion of one Fund II property that was transferred out of development.

(b)

Transfers out include $13.4 million related to a portion of one Fund IV property that was transferred out of development and an impairment charge totaling $18.7 million on one Fund IV development property (Note 8).

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

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

Beginning Balance

$ 489,364

Cancellation of OP units

$ (568)

Employee and trustee stock compensation, net

12,753

$ 11,122

12,430

Noncontrolling interest distributions

(80,186)

(79,838)

(27,051)

Noncontrolling interest contributions

59,612

109,428

30,164

Net (loss) income

(1,749)

(65,251)

26,030

Other comprehensive (loss) income - unrealized gain on valuation of swap agreements

10,963

96,858

30,500

Reclassification of realized interest on swap agreements

33,647

(8,232)

(21,407)

Reclassification of redeemable noncontrolling interests

(76,569)

Ending Balance

446,300

489,364

Noncontrolling Interests

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

Beginning Balance

489,364

628,322

609,165

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

(2,521)

(3,945)

(1,431)

Cancellation of OP units

^[1]

(568)

Distributions declared per Common OP Unit

(5,352)

(5,094)

(4,185)

Acquisition of noncontrolling interest asset

^[2]

(91,811)

City Point Loan Advances

City Point Loan accrued interest

Employee and trustee stock compensation, net

11,064

10,000

11,284

Noncontrolling interest distributions

(80,186)

(79,838)

(27,051)

Noncontrolling interest contributions

59,612

109,428

30,164

Net (loss) income

(13,383)

(24,270)

2,482

Other comprehensive (loss) income - unrealized gain on valuation of swap agreements

5,402

20,208

5,990

Reclassification of realized interest on swap agreements

(13,711)

1,851

7,240

Reclassification of redeemable noncontrolling interests

^[3]

(76,569)

Reallocation of noncontrolling interests

^[4]

(3,989)

1,082

(4,768)

Ending Balance

446,300

489,364

628,322

Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates

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

Beginning Balance

^[5]

389,810

534,202

519,734

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

^[5]

Cancellation of OP units

^[1],[5]

Distributions declared per Common OP Unit

^[5]

Acquisition of noncontrolling interest asset

^[2],[5]

(91,811)

City Point Loan Advances

^[5]

City Point Loan accrued interest

^[5]

Employee and trustee stock compensation, net

^[5]

Noncontrolling interest distributions

^[5]

(80,186)

(79,838)

(27,051)

Noncontrolling interest contributions

^[5]

59,612

109,428

30,164

Net (loss) income

^[5]

(15,168)

(22,962)

407

Other comprehensive (loss) income - unrealized gain on valuation of swap agreements

^[5]

6,015

15,567

3,918

Reclassification of realized interest on swap agreements

^[5]

(13,501)

1,793

7,030

Reclassification of redeemable noncontrolling interests

^[3],[5]

(76,569)

Reallocation of noncontrolling interests

^[4],[5]

Ending Balance

^[5]

346,582

389,810

534,202

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

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

Beginning Balance

^[6]

99,554

94,120

89,431

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

^[6]

(2,521)

(3,945)

(1,431)

Cancellation of OP units

^[1],[6]

(568)

Distributions declared per Common OP Unit

^[6]

(5,352)

(5,094)

(4,185)

Acquisition of noncontrolling interest asset

^[2],[6]

City Point Loan Advances

^[6]

City Point Loan accrued interest

^[6]

Employee and trustee stock compensation, net

^[6]

11,064

10,000

11,284

Noncontrolling interest distributions

^[6]

Noncontrolling interest contributions

^[6]

Net (loss) income

^[6]

1,785

(1,308)

2,075

Other comprehensive (loss) income - unrealized gain on valuation of swap agreements

^[6]

(613)

4,641

2,072

Reclassification of realized interest on swap agreements

^[6]

(210)

210

Reclassification of redeemable noncontrolling interests

^[3],[6]

Reallocation of noncontrolling interests

^[4],[6]

(3,989)

1,082

(4,768)

Ending Balance

^[6]

99,718

99,554

94,120

Redeemable NonControlling Interest

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

Beginning Balance

^[7]

67,664

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

^[7]

Cancellation of OP units

^[1],[7]

Distributions declared per Common OP Unit

^[7]

Acquisition of noncontrolling interest asset

^[2],[7]

City Point Loan Advances

^[7]

(796)

(65,391)

City Point Loan accrued interest

^[7]

(9,350)

(3,923)

Employee and trustee stock compensation, net

^[7]

Noncontrolling interest distributions

^[7]

(50)

Noncontrolling interest contributions

^[7]

1,110

65,945

Net (loss) income

^[7]

8,239

(5,536)

Other comprehensive (loss) income - unrealized gain on valuation of swap agreements

^[7]

Reclassification of realized interest on swap agreements

^[7]

Reclassification of redeemable noncontrolling interests

^[3]

76,569

Reallocation of noncontrolling interests

^[4],[7]

Ending Balance

^[7]

$ 50,339

$ 67,664

$ 0

[1]	The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $0.5 million on July 12, 2021.
[2]	Represents the acquisition of the 11.67% noncontrolling interest in Fund II and Mervyns II acquired on June 27, 2022 for $18.5 million and of a 21.67% interest in Fund II on August 1, 2022 for $5.8 million (Note 1).
[3]	Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022
[4]	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.
[5]	Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and seven other subsidiaries.
[6]	Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,855,574, 3,062,108, and 3,076,849 Common OP Units at December 31, 2023, 2022 and 2021, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2023, 2022 and 2021; (iii) 126,384 Series C Preferred OP Units at December 31, 2023 and 2022, and 126,593 at December 31, 2021; and (iv) 4,247,054, 3,512,414, and 3,371,296 LTIP units at December 31, 2023, 2022 and 2021, 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.
[7]	Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below.

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of rental revenue

The components of rental revenue are as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Fixed lease revenue	$	269,648	$	258,472	$	227,608
Variable lease revenue		63,396		59,342		58,290
Total rental revenue	$	333,044	$	317,814	$	285,898

Schedule of future minimum rental revenues

The scheduled future minimum rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) as of December 31, 2023, are summarized as follows (in thousands):



	Minimum Rental Revenues (a)
2024	$	249,135
2025		233,786
2026		208,935
2027		184,039
2028		153,941
Thereafter		668,128
		1,697,964
Interest		—
Total	$	1,697,964

Amount represents contractual lease maturities at December 31, 2023, including any extension options that management determined were reasonably certain of exercise, and excluding any amounts related to reimbursements of operating expenses.

Schedule of future minimum rental payments for Operating and Capital Leases

The scheduled future minimum 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 December 31, 2023, are summarized as follows (in thousands):


	Minimum Rental Payments
	Operating Leases (a)			Finance Leases (a)
2024	$	5,414		$	3,925
2025		5,329			1,780
2026		5,173			1,264
2027		4,373			1,264
2028		4,157			1,310
Thereafter		15,911			154,018
		40,357			163,561
Interest		(8,777	)		(130,822	)
Total	$	31,580		$	32,739

(a)

Minimum rental payments include $8.8 million of interest related to operating leases and $130.8 million related to finance leases and exclude options or renewals not reasonably certain of exercise.

Schedule of Lease Cost

Additional disclosures regarding the Company’s leases as lessee are as follows (dollars in thousands):


	Year Ended December 31,
	2023			2022			2021
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	1,244		$	903		$	903
Interest on lease liabilities		1,239			410			388
Subtotal		2,483			1,313			1,291
Operating lease cost		5,291			5,338			7,184
Variable lease cost		228			80			84
Total lease cost	$	8,002		$	6,731		$	8,559

Cash Paid
Payments of operating lease obligations - operating activities	$	5,386		$	5,364		$	7,223
Payments of interest on finance lease obligations - operating activities		1,239			410			388
Payments of finance lease obligations - financing activities		100			—			63

	As of December 31,
	2023			2022
Other Information
Weighted-average remaining lease term - finance leases (years)		58.3			31.9
Weighted-average remaining lease term - operating leases (years)		9.7			13.5
Weighted-average discount rate - finance leases		6.5	%		6.3	%
Weighted-average discount rate - operating leases		5.1	%		5.1	%

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

Dec. 31, 2023

Dec. 31, 2022

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

Notes receivable, net

$ 124,949

$ 123,903

Mortgages Payable

1,870,141

1,793,060

Unsecured notes payable and Unsecured line of credit

726,727

696,134

Level 3 | Carrying Amount

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

Notes receivable, net

^[1]

124,949

123,903

City Point Loan

^[1]

66,741

65,945

Mortgages Payable

^[1]

937,200

935,917

Investment in non-traded equity securities

^[2]

4,398

4,160

Level 3 | Estimated Fair Value

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

Notes receivable, net

^[1]

124,789

122,716

City Point Loan

^[1]

66,017

65,856

Mortgages Payable

^[1]

921,563

906,348

Investment in non-traded equity securities

^[2]

4,702

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]

943,887

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]

$ 937,153

$ 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 changes in interest rates. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. Amounts exclude discounts and loan costs. The estimated market rates are between 4.90% to 14.25% for the Company's notes receivable and City Point Loan, and 5.83% to 9.27% 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

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Loans On Real Estate (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Mortgage Loans on Real Estate [Line Items]

Face Amount of Notes Receivable

$ 127,237

Notes receivable

^[1]

126,228

Allowance for credit losses

(1,279)

^[1]

$ (898)

$ (5,752)

$ (1,218)

Net carrying amount of notes receivable

124,949

^[1]

$ 123,903

Principal amount of loans subject to delinquent principal or interest

$ 17,801

First Mortgage Loan, 6.00% Loan, Due 4/1/2020

Mortgage Loans on Real Estate [Line Items]

Effective Interest Rate

6.00%

Face Amount of Notes Receivable

$ 17,810

Notes receivable

^[1]

17,801

Principal amount of loans subject to delinquent principal or interest

$ 17,801

Mezzanine Loan, 9.25% Loan, Due 1/9/2024

Mortgage Loans on Real Estate [Line Items]

Effective Interest Rate

9.25%

Face Amount of Notes Receivable

$ 54,000

Notes receivable

^[1]

$ 54,000

First Mortgage Loan, 6.56% Loan, Due 9/17/2024

Mortgage Loans on Real Estate [Line Items]

Effective Interest Rate

6.56%

Face Amount of Notes Receivable

$ 43,000

Notes receivable

^[1]

$ 42,000

Other, 6.50% Loan, Due 9/27/2024

Mortgage Loans on Real Estate [Line Items]

Effective Interest Rate

6.50%

Face Amount of Notes Receivable

$ 1,427

Notes receivable

^[1]

$ 1,427

Other, 4.65% Loan, Due 4/12/2026

Mortgage Loans on Real Estate [Line Items]

Effective Interest Rate

4.65%

Face Amount of Notes Receivable

$ 6,000

Notes receivable

^[1]

$ 6,000

Mezzanine Loan, 8.00% Loan, Due 12/11/2027

Mortgage Loans on Real Estate [Line Items]

Effective Interest Rate

8.00%

Face Amount of Notes Receivable

$ 5,000

Notes receivable

^[1]

$ 5,000

[1]	The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2023.

Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 25.9	$ 28.2
Acquired intangible assets, weighted average useful life	5 years 8 months 12 days	6 years 4 months 24 days
Finite lived intangible assets derecognized		$ 1.5
Lease intangible assets wrote-off		$ 0.5
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]		Asset Impairment Charges
Accelerated amortization related to below maarket lease	$ 3.2	$ 0.2
In-place lease intangible assets \| Tenant Non-renewals
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below maarket lease	2.8	0.1
Above-market rent
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 3.2	$ 0.8
Acquired intangible assets, weighted average useful life	7 years 1 month 6 days	6 years 10 months 24 days
Below Market Rents
Finite-Lived Intangible Assets [Line Items]
Below market rents, acquired	$ 11.8	$ 14.1
Acquired intangible assets, weighted average useful life	21 years 1 month 6 days	11 years 4 months 24 days
Finite lived intangible assets derecognized		$ 2.1
Lease intangible assets wrote-off		0.5
Accelerated amortization related to below maarket lease	$ 8.8	5.5
Below Market Rents \| Early Tenant Lease Terminations
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below maarket lease	$ 8.4	$ 5.4

Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	89,911
Shares granted (in shares)	70,629	45,813	43,078
Shares vested (in shares)	(41,268)	(40,894)	(43,084)
Shares forfeited (in shares)	(8,187)	(1,930)	(159)
Shares unvested, End of period (in shares)	113,909	92,735	89,746
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 17.31	$ 16.87	$ 15.42
Shares granted, Weighted average grant date fair value (in dollars per share)	14.11	20.98	19.94
Shares vested, Weighted average grant date fair value (in dollars per share)	19.09	19.75	16.85
Shares forfeited, Weighted average grant date fair value (in dollars per share)	21.07	31.82	36.22
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share)	$ 14.41	$ 17.31	$ 16.87
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	1,122,889
Shares granted (in shares)	780,193	637,818	666,967
Shares vested (in shares)	(354,343)	(309,283)	(283,024)
Shares forfeited (in shares)	(92,589)	(278,332)	(91,637)
Shares unvested, End of period (in shares)	1,798,659	1,465,398	1,415,195
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 18.59	$ 20.85	$ 24.38
Shares granted, Weighted average grant date fair value (in dollars per share)	15	21.04	19.48
Shares vested, Weighted average grant date fair value (in dollars per share)	20.35	22.86	26.66
Shares forfeited, Weighted average grant date fair value (in dollars per share)	30.78	31.16	36.22
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share)	$ 16.03	$ 18.59	$ 20.85

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Parenthetical) (Details) - Mervyns II - shares shares in Millions	Jan. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Equity method investment, ownership percentage	40.00%
Cost method investments effective ownership, shares	2.5	4.1
Investment owned, shares	1.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Federal Income Taxes - Schedule of TRS Income (Loss) and Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
(Provision) benefit for income taxes:
Net (loss) income	$ (1,749)	$ (65,251)	$ 26,030
Noncontrolling interests	13,383	24,270	(2,482)
Net income (loss) attributable to Acadia shareholders	19,873	(35,445)	23,548
TRS [Member]
Income Tax Contingency [Line Items]
TRS loss before income taxes	(3,768)	(3,178)	(4,240)
(Provision) benefit for income taxes:
Federal	0	0	0
State and local	0	0	0
Net (loss) income	(3,768)	(3,178)	(4,240)
Noncontrolling interests	0	0	9
Net income (loss) attributable to Acadia shareholders	$ (3,768)	$ (3,178)	$ (4,231)

- Definition

Amount of Net Income (Loss) attributable to noncontrolling interest.

+ References + Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Leases - Schedule of Future Minimum Rental Payments for Operating and Capital Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Minimum Rental Payments, Operating Leases
2024	$ 5,414
2025	4,157
2026	5,173
2027	5,329
2028	4,373
Thereafter	15,911
Total before interest	40,357
Interest	(8,777)
Total	31,580	$ 35,271
Minimum Rental Payments, Finance Leases
2024	3,925
2025	1,310
2026	1,264
2027	1,780
2028	1,264
Thereafter	154,018
Total before interest	163,561
Interest	(130,822)
Total	$ 32,739	$ 7,022

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Combined and Condensed Statements of Operations
Total revenues	$ 338,692	$ 326,290	$ 292,497
Depreciation and amortization expenses	(135,984)	(135,917)	(123,439)
Company's equity in (losses) earnings of unconsolidated affiliates	(7,677)	(32,907)	5,330
Unconsolidated Affiliates
Combined and Condensed Statements of Operations
Total revenues	108,425	96,080	80,823
Operating and other expenses	(35,488)	(29,858)	(28,572)
Interest expense	(40,864)	(26,807)	(21,228)
Depreciation and amortization expenses	(42,212)	(34,596)	(30,518)
Gain (loss) on extinguishment of debt	368	(7)	(35)
Impairment of Investment	0	57,423	0
Gain on disposition of properties	0	12,983	3,206
Net (losses) earnings attributable to unconsolidated affiliates	(9,771)	(39,628)	3,676
Operating Partnership, as General Partner or Managing Member
Combined and Condensed Statements of Operations
Company 's share of equity in net losses of unconsolidated affiliates	(6,688)	(31,907)	6,023
Basis differential amortization	(989)	(1,000)	(693)
Company's equity in (losses) earnings of unconsolidated affiliates	$ (7,677)	$ (32,907)	$ 5,330

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate Properties (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Balance at beginning of year

$ 4,253,010

$ 4,071,607

$ 4,011,326

Improvements and other

75,668

50,696

32,070

Property acquisitions

131,952

234,557

172,558

Property dispositions or held for sale assets

(21,425)

(125,933)

(134,422)

Consolidation of previously unconsolidated investments

55,394

Impairment charges

(3,686)

(33,311)

(9,925)

Balance at end of year

$ 4,435,519

^[1]

$ 4,253,010

$ 4,071,607

[1]	The aggregate gross cost of property included above for Federal income tax purposes was approximately $4.6 billion as of December 31, 2023.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

CASH FLOWS FROM OPERATING ACTIVITIES

Net (loss) income

$ (1,749)

$ (65,251)

$ 26,030

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization

135,984

135,917

123,439

Gain on disposition of properties and other investments

(58,634)

(10,521)

Net unrealized holding (gains) losses on investments

(1,634)

37,751

(51,925)

Stock compensation expense

12,753

11,122

12,430

Straight-line rents

(1,392)

(8,669)

(6,726)

Equity in losses (earnings) of unconsolidated affiliates

7,677

32,907

(5,330)

Distributions of operating income from unconsolidated affiliates

3,844

24,179

3,828

Adjustments to straight-line rent reserves

(292)

2,682

Amortization of financing costs

6,481

5,639

4,396

Non-cash lease expense

3,596

3,462

3,721

Adjustments to allowance for credit loss

(1,241)

(102)

(2,796)

Acceleration of below market lease

(8,057)

Impairment charges

3,686

33,311

9,925

Termination of ground lease

(3,615)

Other, net

(5,818)

(7,675)

(5,304)

Changes in assets and liabilities:

Rents receivable

2,538

1,586

7,384

Other liabilities

15,492

(2,959)

7,856

Accounts payable and accrued expenses

2,045

(2,141)

572

Prepaid expenses and other assets

(14,756)

(3,452)

(7,427)

Lease liability - operating leases

(3,691)

(3,488)

(3,636)

Net cash provided by operating activities

155,758

133,211

104,983

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of real estate

(126,545)

(242,633)

(161,846)

Proceeds from the disposition of properties and other investments, net

224,558

63,901

Investments in and advances to unconsolidated affiliates

(53,736)

(154,695)

(14,835)

Development, construction and property improvement costs

(69,540)

(51,046)

(40,671)

Refund (deposits) for properties under purchase contract

1,080

(729)

Deposits for properties under sale contract

1,515

2,000

Change in control of previously unconsolidated affiliate

3,592

Return of capital from unconsolidated affiliates

44,486

77,774

17,722

Payment of deferred leasing costs

(9,007)

(7,997)

(4,914)

Acquisition of investment interests

(4,527)

Proceeds from sale of marketable securities

4,636

Proceeds from repayment of notes receivable

29,530

Issuance of notes receivable

(1,426)

(57,895)

Net cash used in investing activities

(208,537)

(124,173)

(198,538)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from unsecured debt

283,989

850,120

323,200

Principal payments on unsecured debt

(209,599)

(656,556)

(206,781)

Proceeds from the sale of Common Shares

119,485

63,876

Capital contributions from noncontrolling interests

59,926

109,428

30,164

Principal payments on mortgage and other notes

(112,283)

(447,998)

(98,602)

Distributions to noncontrolling interests

(36,389)

(84,723)

(30,410)

Dividends paid to Common Shareholders

(68,568)

(64,586)

(39,476)

Proceeds received from mortgage and other notes

132,902

204,138

56,847

Payment of deferred financing and other costs

(4,026)

(9,348)

(7,436)

Acquisition of noncontrolling interest

(24,336)

Payments of finance lease obligations

(100)

(63)

Net cash provided by (used in) financing activities

45,852

(4,376)

91,319

Changes in cash, cash equivalents and restricted cash

(6,927)

4,662

(2,236)

Cash and cash equivalents of $17,158, $17,746 and $18,699 and restricted cash of $15,063, $9,813 and $11,096, respectively, beginning of year

32,221

27,559

29,795

Cash and cash equivalents of $17,481, $17,158 and $17,746 and restricted cash of $7,813, $15,063 and $9,813, respectively, end of year

25,294

32,221

27,559

Supplemental disclosure of cash flow information

Cash paid during the period for interest, net of capitalized interest of $7,206 and $4,166 and $3,421 respectively (a)

^[1]

119,550

65,109

44,663

Cash paid for income taxes, net of (refunds)

301

147

Supplemental disclosure of non-cash investing and financing activities

Distribution declared and payable

18,372

18,368

14,314

Assumption of accounts payable and accrued expenses through acquisition of real estate

645

4,062

1,319

Right-of-use assets, operating leases exchanged for operating lease liabilities

412

Disposition of 146 Geary Street upon deed-in-lieu of foreclosure

19,338

Extinguishment of a mortgage note for 146 Geary Street upon deed-in-lieu of foreclosure

(19,338)

Issuance of note receivable used as capital contributions from redeemable noncontrolling interests

796

65,945

Accrued interest on note receivable recorded to redeemable noncontrolling interest

9,350

3,923

Distributions to noncontrolling interests of marketable securities

49,117

Reclassification of investment in unconsolidated affiliate to marketable securities

32,745

Reclassification of noncontrolling interest in excess of amount paid to additional paid-in capital

67,475

Acquisition of real estate through assumption of debt

31,801

Settlement of note receivable through cancellation of OP Units

479

Change in control of previously unconsolidated (consolidated) investment

Increase in real estate

(55,791)

Increase in mortgage notes payable

35,970

Decrease in investments in and advances to unconsolidated affiliates

17,822

Decrease in notes receivable

5,306

Decrease in reserve on note receivable

(4,582)

Decrease in accrued interest on notes receivable

4,691

Change in other assets and liabilities

176

Increase in cash and restricted cash upon change of control

$ 0

$ 3,592

$ 0

[1]	Interest paid for the year ended December 31, 2023, 2022 and 2021 excludes the cash flows from net settlements on interest rate swap contracts, which was a net receipt of cash of $28.7 million, a net payment of $8.3 million, and a net receipt of $29.9 million, respectively.

Real Estate - Schedule of Purchase Price Allocations (Parenthetical) (Details) $ in Millions	Dec. 31, 2022 USD ($)
640 Broadway
Business Acquisition [Line Items]
Mortgage	$ 36.0

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

8. Financial Instruments and Fair Value Measurements

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.

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. This investment was included in Marketable securities and Investments in and advances to unconsolidated affiliates on the Consolidated Balance Sheets at December 31, 2023 and 2022, respectively.

Derivative Financial Instruments — 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 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. 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.

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):


	December 31, 2023							December 31, 2022
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Assets
Marketable equity securities	$	33,284	$	—		$	—	$	85,403	$	—		$	—
Derivative financial instruments		—		28,989			—		—		54,902			—
Liabilities
Derivative financial instruments		—		(8,892	)		—		—		(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.

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

Marketable Equity Securities

During the year ended December 31, 2023, the Company sold 200,000 shares of Albertsons, generating net proceeds of $4.6 million. As of December 31, 2023, the Company still held 1.4 million shares of Albertsons which had a fair value of $33.3 million. In January 2024, the Company sold an additional 175,000 shares of Albertsons, generating net proceeds of $4.0 million (Note 17). At December 31, 2022, the shares of Albertsons were held by Mervyns II (Note 4).

During the year ended December 31, 2023 and 2022, the Company recognized dividend income from marketable securities of $29.1 million and $1.8 million, of which the Company's share was $12.0 million and $0.6 million, respectively, and is included in Realized and unrealized holding gains on investments and other on the Company's Consolidated Statements of Operations.

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


	Year Ended December 31,
	2023			2022			2021
Realized gain on marketable securities	$	4,636		$	—		$	—
Less: previously recognized unrealized gains on marketable securities sold during the period		(4,636	)		—			—
Unrealized gains (losses) on marketable securities still held at the end of the period and through the disposition date on marketable securities sold during the period		1,634			(38,913	)		51,925
Gain on marketable securities, net	$	1,634		$	(38,913	)	$	51,925

Items Measured at Fair Value on a Nonrecurring Basis

Impairment Charges

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

         
        Impairment Charge (a)

        Property and Location

        Owner

        Triggering Event

        Effective Date

        Total

        Acadia's Share

        2023 Impairment Charges

146 Geary Street,
San Francisco, CA

Fund IV

Reduced holding period (Note 7)

Sept 30, 2023

3,686

852

        2022 Impairment Charges

146 Geary Street,
San Francisco, CA

Fund IV

Reduced projected operating income

Sept 30, 2022

12,435

2,875

717 N. Michigan Avenue,
Chicago, IL

Fund IV

Reduced holding period and intended use

Sept 30, 2022

20,876

4,827

Total 2022 Impairment Charges

33,311

7,702

(a)

The fair value of 717 N. Michigan Avenue was based on an observable contract to sell the asset, less estimated costs to sell. The Company estimated the fair value of 146 Geary Street based on a discounted cash flow analysis using a range of discount rates from 5.00% to 7.75% and a range of capitalization rates from 4.25% to 5.75%. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy.

Redeemable Noncontrolling Interests

The Company has redeemable noncontrolling interests related to certain properties. The Company is required to periodically review these redeemable noncontrolling interests to in order to compare the redemption value to the carrying value. See Note 10 for further discussion regarding these interests.

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	December 31, 2023			December 31, 2022
Core
Interest Rate Swaps	$	225,000	Dec 2022 - Oct 2023	Jul 2027 - Dec 2029	3.61%		4.69%	Accounts payable and other liabilities	$	(8,807	)	$	(46	)
Interest Rate Swaps		631,000	May 2022 - May 2023	Mar 2025 - Jul 2030	1.98%	—	3.36%	Other assets, net		22,675			40,884
	$	856,000							$	13,868		$	40,838

Fund II
Interest Rate Swap	$	50,000	Jan 2023	Dec 2029	3.23%	—	3.23%	Other assets, net	$	634		$	1,108

Fund III
Interest Rate Cap	$	33,000	Sep 2023	Oct 2025	5.50%	—	5.50%	Other assets, net	$	26		$	232

Fund IV
Interest Rate Cap	$	54,500	Dec 2023	Dec 2025	6.00%	—	6.00%	Other assets, net	$	29		$	1,093

Fund V
Interest Rate Swaps	$	315,409	Apr 2022 - Jul 2023	Mar 2024- May 2026	1.14%	—	4.34%	Other assets, net	$	5,523		$	11,585
Interest Rate Caps		72,447	Jan 2023 - Aug 2023	Jan 2024 - Sep 2025	3.64%	—	5.00%	Other assets, net		102			—
Interest Rate Swaps		28,480	Jun 2023	Jun 2025	4.54%	—	4.54%	Accounts payable and other liabilities		(85	)		—
	$	416,336							$	5,540		$	11,585

Total asset derivatives									$	28,989		$	54,902
Total liability derivatives									$	(8,892	)	$	(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 $23.2 million included in Accumulated other comprehensive income related to derivatives will be reclassified as a reduction to interest expense within the next twelve months.

During the year ended December 31, 2023, the Company terminated six interest rate swaps with forward effective dates with an aggregate notional value of $175.0 million for cash proceeds of $16.0 million. The net derivative gain associated with the discontinued cash flow hedge continues to be reporting in Accumulated other comprehensive income as the forecasted transaction is expected to occur within the originally specified time period. Such amounts will be reclassified from Accumulated other comprehensive income into earnings as an increase in interest income over the period during which the hedged forecasted transaction affects earnings.

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

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):


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

Notes Receivable (a)		3	$	124,949	$	124,789	$	123,903	$	122,716
City Point Loan (a)		3		66,741		66,017		65,945		65,856
Mortgages Payable (a)		3		937,200		921,563		935,917		906,348
Investment in non-traded equity securities (b)		3		4,398		4,702		4,160		5,593
Unsecured notes payable and Unsecured line of credit (c)		2		943,887		937,153		869,497		868,399

The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and changes in interest rates. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. Amounts exclude discounts and loan costs. The estimated market rates are between 4.90% to 14.25% for the Company's notes receivable and City Point Loan, and 5.83% to 9.27% for the Company's mortgage and other notes payable, depending on the attributes of the specific loans.

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

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.

The Company’s cash and cash equivalents, restricted cash, rents receivable, accounts payable and certain financial instruments (classified as Level 1) included in other assets and other liabilities had fair values that approximated their carrying values due to their short maturity profiles at December 31, 2023 and 2022.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues	$ 338,692	$ 326,290	$ 292,497
Expenses
Depreciation and amortization	135,984	135,917	123,439
General and administrative	41,470	44,066	40,125
Real estate taxes	46,650	44,932	45,357
Property operating	61,826	56,995	53,516
Impairment charges	3,686	33,311	9,925
Total expenses	289,616	315,221	272,362
Gain on disposition of properties	0	57,161	10,521
Operating income	49,076	68,230	30,656
Equity in (losses) earnings of unconsolidated affiliates	(7,677)	(32,907)	5,330
Interest income	19,993	14,641	9,065
Realized and unrealized holdinggains (losses) on investments and other	30,413	(34,994)	49,120
Interest expense	(93,253)	(80,209)	(68,048)
(Loss) income from continuing operations before income taxes	(1,448)	(65,239)	26,123
Income tax provision	(301)	(12)	(93)
Net (loss) income	(1,749)	(65,251)	26,030
Net loss attributable to redeemable noncontrolling interests	8,239	5,536	0
Net loss (income) attributable to noncontrolling interests	13,383	24,270	(2,482)
Net income (loss) attributable to Acadia shareholders	$ 19,873	$ (35,445)	$ 23,548
Basic earnings (loss) per share	$ 0.2	$ (0.38)	$ 0.26
Diluted earnings (loss) per share	$ 0.2	$ (0.4)	$ 0.26
Weighted average shares for basic earnings (loss) per share	95,283,752	94,575,251	87,653,818
Weighted average shares for diluted earnings (loss) per share	95,283,752	94,643,466	87,653,818
Rental Income
Revenues	$ 333,044	$ 317,814	$ 285,898
Other
Revenues	$ 5,648	$ 8,476	$ 6,599

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

12 Months Ended

Dec. 31, 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:


	December 31,			December 31,
(in thousands)	2023			2022
Other Assets, Net:
Lease intangibles, net (Note 6)	$	100,594		$	102,374
Derivative financial instruments (Note 8)		28,989			54,902
Deferred charges, net (a)		31,074			28,478
Accrued interest receivable (Note 3)		25,553			18,082
Prepaid expenses		15,204			15,872
Due from seller		2,631			3,036
Income taxes receivable		1,141			1,876
Deposits		575			1,624
Corporate assets, net		924			1,287
Other receivables		1,775			2,060
	$	208,460		$	229,591

(a) Deferred Charges, Net:
Deferred leasing and other costs (a)	$	73,908		$	63,920
Deferred financing costs related to line of credit		9,829			9,494
		83,737			73,414
Accumulated amortization		(52,663	)		(44,936	)
Deferred charges, net	$	31,074		$	28,478

Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	$	73,994		$	78,416
Accounts payable and accrued expenses		61,425			59,922
Deferred income		34,386			34,503
Tenant security deposits, escrow and other		17,939			16,582
Lease liability - finance leases (Note 11)		32,739			7,022
Derivative financial instruments (Note 8)		8,892			46
	$	229,375		$	196,491

(a)

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 December 31, 2023, deferred leasing and other costs include direct and incremental capitalized internal leasing commissions incurred in connection with executed lease agreements of $2.2 million, which are amortized on a straight-line basis over the terms of the related leases.

Investments in and Advances to Unconsolidated Affiliates

12 Months Ended

Dec. 31, 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’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):


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

Core:	Renaissance Portfolio	20%	$	30,745	$	28,755
	Gotham Plaza	49%		30,772		30,112
	Georgetown Portfolio (a)	50%		4,230		4,048
	1238 Wisconsin Avenue (a, b)	80%		19,719		14,502
	840 N. Michigan Avenue (d)	91.85%		15,761		—
				101,227		77,417

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

Fund IV:	Fund IV Other Portfolio	90%		5,221		7,914
	650 Bald Hill Road	90%		9,486		10,203
	Paramus Plaza	50%		70		936
				14,777		19,053

Fund V:	Family Center at Riverdale (d)	89.42%		2,552		4,995
	Tri-City Plaza	90%		6,452		8,422
	Frederick County Acquisitions	90%		11,345		12,240
	Wood Ridge Plaza	90%		10,313		12,751
	La Frontera Village	90%		17,483		20,803
	Shoppes at South Hills (e)	90%		11,707		44,677
	Mohawk Commons	90%		16,434		775
				76,286		104,663

Various:	Due from (to) Related Parties			396		305
	Other (f)			4,554		4,315
	Investments in and advances to unconsolidated affiliates		$	197,240	$	291,156

Core:	Crossroads (g)	49%	$	7,982	$	8,832
	840 N. Michigan Avenue (d, g)	91.85%		—		1,673
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	7,982	$	10,505

Represents a VIE for which the Company is not the primary beneficiary (Note 16).

Includes the amounts advanced against a $12.8 million construction commitment from the Company to the venture that holds an investment in 1238 Wisconsin. As of December 31, 2023 and 2022 the note receivable from a related party had a balance of $12.8 million and $7.5 million, respectively, net of an allowance for CECL 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, 2024. The Company recognized Interest income of $0.2 million for the year ended December 31, 2023, related to this note receivable. The note originated in 2022 and the Company recognized less than $0.1 million of Interest income for the year ended December 31, 2022.

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 its shares to its investors upon expiration of the lock-up agreement in January 2023, as further described below.

Represents a tenancy-in-common interest.

Includes a $31.7 million bridge loan at December 31, 2022, 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 investment 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 year ended December 31, 2023, the Company:

•

funded $5.3 million of a $12.8 million construction loan commitment to the 1238 Wisconsin venture. The total outstanding balance of the loan was $12.8 million;

•

modified a property mortgage with an outstanding balance of $160.0 million with a new loan of $152.0 million and extended the maturity date at Georgetown Renaissance. The Company contributed an additional $1.4 million in equity to cover the venture partner’s share of the required paydown;

•

through Fund IV, modified a property mortgage with an outstanding balance of $21.9 million with a new loan of $24.1 million at Eden Square;

•

through Fund V, modified a property mortgage with an outstanding balance of $33.5 million to extend the maturity date at Wood Ridge Plaza;

•

through Fund V, acquired a 90% interest in a venture for $20.2 million, which purchased Mohawk Commons, a shopping center located in Schenectady, New York for $62.1 million, inclusive of transaction costs. In addition, 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; and

•

through Mervyns II, received cash dividends from its investment in Albertsons totaling $28.5 million on January 20, 2023, of which the Company's share was $11.4 million. 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, of which the Company received 1.6 million shares. The shares are classified as Marketable securities on the Company's Consolidated Balance Sheets (Note 8).

In December 2023, an unconsolidated venture that holds an interest in a property on North Michigan Avenue modified its $73.5 million nonrecourse mortgage loan. As part of the modification, the principal balance was reduced by $18.5 million and required a principal paydown of $17.5 million, the interest rate increased from 4.4% to 6.5%, and the maturity date was extended from February 2025 to December 2026. In addition, the venture, upon a sale or secured refinancing prior to maturity (or early prepayment) at an amount that exceeds $55.0 million (as adjusted pursuant to the modification agreement), may be subject to additional contingent payments of up to $17.5 million (“Contingent Payment”), which amortizes on a straight-line basis over the remaining term of the loan. The modification was accounted for as a troubled debt restructuring pursuant to ASC 470, resulting in an initial gain of approximately $0.4 million, which was recognized within Equity in (losses) earnings of unconsolidated affiliates on the Company’s Consolidated Statements of Operations, and represented the excess of the original principal balance of the mortgage (prior to modification), over the maximum total future cash payments under the new terms. Thus, all future cash payments under the terms of the payable, including the Contingent Payment, shall be accounted for as a reduction of the carrying amount of the mortgage, and no interest expense shall be recognized for any period between the modification and the revised maturity of the mortgage. As the Contingent Payment amortizes (and no transaction arises that requires a payment as described above) the additional gain will be recognized within equity in earnings in the Company’s consolidated financial statements. No amortization of the Contingent Payment occurred in 2023. As part of the modification, the Operating Partnership provided a recourse guarantee equivalent to 50% of the unpaid outstanding principal balance of the mortgage.

In December 2023, the Company acquired an additional 3.42% interest in the North Michigan Avenue venture, increasing its ownership from 88.43% to 91.85% and provided a loan of $1.4 million to the remaining venture partners for their share of the required paydown (Note 3).

During the year ended December 31, 2022, the Company:

•

funded $7.5 million of a $12.8 million construction loan commitment to the 1238 Wisconsin venture. The total outstanding balance of the loan was $7.5 million;

•

recorded our proportionate share of an impairment charge of $50.8 million in the 840 N. Michigan Avenue venture during the third quarter, which is included in Equity in (losses) earnings of unconsolidated affiliates in the Consolidated Statements of Operations;

•

through Fund III, sold its investment in Self Storage Management for $6.0 million and recognized its proportionate gain of $1.5 million during the first quarter, which is included in Realized and unrealized holding (losses) gains on investments and other in the Consolidated Statements of Operations;

•

through Fund IV, recognized its proportionate gain from the venture’s sale of Promenade at Manassas for $46.0 million and repayment of $27.3 million of mortgage debt. Fund IV recognized a gain of $12.8 million, of which the Company's share was $3.0 million;

•

through Fund V, acquired a 90% interest in a venture for $15.9 million, which acquired Shoppes at South Hills, a shopping center located in Poughkeepsie, New York for $47.6 million. In addition, Fund V made a bridge loan to the venture for $31.7 million during the third quarter;

•

through Fund V, acquired a 90% interest in a venture for $26.5 million, which acquired La Frontera Village, a shopping center located in Round Rock, Texas for $81.4 million. In addition, Fund V made a bridge loan to the venture for $52.0 million during the first quarter, which was repaid during the second quarter. During the second quarter, the venture entered into a $57.0 million mortgage loan, of which $55.5 million was funded at closing;

•

through Fund V, acquired a 90% interest in a venture for $15.3 million, which acquired Wood Ridge Plaza, a shopping center located in Houston, Texas for $49.3 million during the first quarter. In addition, on March 21, 2022 the Wood Ridge Plaza venture entered into a $36.6 million mortgage loan, of which $32.3 million was funded at closing;

•

funded $0.2 million of its capital commitment to its Fifth Wall investment during the second and third quarter; and

•

received cash dividends totaling $1.9 million at Mervyns II related to distributions from its Investment in Albertsons and recorded a net unrealized holding loss of $38.9 million reflecting the change in fair value of its Investment in Albertsons (Note 8).

Fees from Unconsolidated Affiliates

The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $0.4 million and $0.4 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively, which is included in other revenues in the Consolidated Statements of Operations.

In addition, the Company’s joint ventures paid certain unaffiliated partners of its joint ventures, $4.5 million and $2.7 million and $2.2 million for the years ended December 31, 2023, 2022 and 2021, respectively, for leasing commissions, development, management, construction, and overhead fees.

Summarized Financial Information of Unconsolidated Affiliates

The following combined and condensed Balance Sheets and Statements of Operations, in each period, summarized the financial information of the Company’s investments in unconsolidated affiliates that were held as of December 31, 2023, and accordingly exclude the results of any investments disposed of or consolidated prior to that date (in thousands):


	December 31,		December 31,
	2023		2022
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	723,411	$	650,997
Real estate under development		—		17,359
Other assets		125,699		127,070
Total assets	$	849,110	$	795,426
Liabilities and partners’ equity:
Mortgage notes payable	$	662,552	$	609,923
Other liabilities		100,270		96,532
Partners’ equity		86,288		88,971
Total liabilities and partners’ equity	$	849,110	$	795,426

Company's share of accumulated equity	$	128,690	$	131,878
Basis differential		51,824		52,813
Deferred fees, net of portion related to the Company's interest		3,794		5,937
Amounts receivable to/payable by the Company		396		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		184,704		190,933
Investments carried at fair value or cost		4,554		89,718
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		7,982		10,505
Investments in and advances to unconsolidated affiliates	$	197,240	$	291,156


	Year Ended December 31,
	2023			2022			2021
Combined and Condensed Statements of Operations
Total revenues	$	108,425		$	96,080		$	80,823
Operating and other expenses		(35,488	)		(29,858	)		(28,572	)
Interest expense		(40,864	)		(26,807	)		(21,228	)
Depreciation and amortization		(42,212	)		(34,596	)		(30,518	)
Gain (loss) on extinguishment of debt (a)		368			(7	)		(35	)
Impairment of Investment (b)		—			(57,423	)		—
Gain on disposition of properties (c)		—			12,983			3,206
Net (losses) earnings attributable to unconsolidated affiliates	$	(9,771	)	$	(39,628	)	$	3,676

Company’s share of equity in net losses of unconsolidated affiliates	$	(6,688	)	$	(31,907	)	$	6,023
Basis differential amortization		(989	)		(1,000	)		(693	)
Company’s equity in (losses) earnings of unconsolidated affiliates	$	(7,677	)	$	(32,907	)	$	5,330

Includes the gain on debt extinguishment related to the restructuring at 840 N. Michigan Avenue for the year ended December 31, 2023.

Includes the impairment charge related to 840 N. Michigan Avenue for the year ended December 31, 2022.

Includes the gain on the sale of Promenade at Manassas on October 13, 2022, and two land parcels by the Family Center at Riverdale on January 4, 2021.

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

7. Debt

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


	Interest Rate at			Carrying Value at
	December 31,	December 31,	Maturity Date at	December 31,			December 31,
	2023	2022	December 31, 2023	2023			2022
Mortgages Payable
Core	3.99% - 5.89%	3.88% - 5.89%	Feb 2024 - Apr 2035	$	191,830		$	193,838
Fund II (a)	SOFR+2.61%	SOFR+2.61%	Aug 2025		137,485			133,655
Fund III	SOFR+3.75%	SOFR+3.35%	Oct 2025		33,000			35,970
Fund IV (b)	SOFR+2.25% - SOFR+3.33%	LIBOR+2.25% - LIBOR+3.65%	Mar 2025 - Jun 2028		115,925			146,230
Fund V	SOFR + 1.61% - SOFR + 2.80%	LIBOR + 1.85% - SOFR + 2.76%	Feb 2024 - Jun 2028		458,960			426,224
Net unamortized debt issuance costs					(7,313	)		(7,621	)
Unamortized premium					240			343
Total Mortgages Payable				$	930,127		$	928,639

Unsecured Notes Payable
Core Term Loans (c)	SOFR+1.60% - SOFR+2.05%	3.74%-5.11%	Jun 2026 - Jul 2029	$	650,000		$	650,000
Fund V Subscription Facility	SOFR+3.05%	SOFR+1.86%	Jan 2024		80,600			51,210
Net unamortized debt issuance costs					(3,873	)		(5,076	)
Total Unsecured Notes Payable				$	726,727		$	696,134

Unsecured Line of Credit
Revolving credit facility (c)	SOFR+1.45%	SOFR+1.50%	Jun 2025	$	213,287		$	168,287

Total Debt (d)(e)				$	1,881,087		$	1,805,414
Net unamortized debt issuance costs					(11,186	)		(12,697	)
Unamortized premium					240			343
Total Indebtedness				$	1,870,141		$	1,793,060

The Company has a total commitment of $198.0 million on the Fund II mortgage.

Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million at December 31, 2023 and $39.2 million at December 31, 2022. The Operating Partnership has guaranteed up to $22.5 million of the Fund IV secured bridge facility (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 at December 31, 2023 and 2022 (Note 8).

Includes $1,249.8 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. The effective fixed rates ranged from 1.14% to 4.54%.

Includes $151.4 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 3.0% to 5.50%.

Unsecured Debt

Credit Facility

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. 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 Trust and certain subsidiaries of the Trust (Note 9).

Revolving Credit Facility

At December 31, 2023, The Revolver bears interest at SOFR + 1.45% and matures on June 29, 2025, subject to two six-month extension options. The outstanding balance and total available credit of the Revolver was $213.3 million and $86.7 million, respectively, at December 31, 2023, reflecting no letters of credit outstanding. The outstanding balance and total available credit of the Revolver was $168.3 million and $131.7 million, respectively, at December 31, 2022, reflecting no letters of credit outstanding.

Core Term Loans

At December 31, 2023, the Term Loan bears interest at SOFR + 1.60% and matures on June 29, 2026. The outstanding balance of the Term Loan was $400.0 million at each of December 31, 2023 and December 31, 2022.

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, matures on April 6, 2027, and is guaranteed by the Trust and certain subsidiaries of the Trust (Note 9). The proceeds of the $175.0 Million Term Loan were used to pay down the Revolver. At December 31, 2023, the $175.0 Million Term Loan bears interest at SOFR + 1.60%. The outstanding balance of the $175.0 Million Term Loan was $175.0 million at each of December 31, 2023 and 2022.

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, matures on July 29, 2029, and is guaranteed by the Trust and certain subsidiaries of the Trust. At December 31, 2023, 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 outstanding balance of the $75.0 Million Term Loan was $75.0 million at each of December 31, 2023 and 2022.

Fund V Subscription Facility

Fund V has a $100.0 million subscription line collateralized by Fund V’s unfunded capital commitments, and, to the extent of the Company’s capital commitments, is guaranteed by the Operating Partnership. In January 2024, Fund V modified its subscription line and extended the maturity date to February 28, 2024. The outstanding balance and total available credit of the Fund V subscription line was $80.6 million and $19.4 million, respectively at December 31, 2023, reflecting outstanding letters of credit of $2.0 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.

Mortgages and Other Notes Payable

During the year ended December 31, 2023, the Company (amounts represent balances at the time of transactions):

•

entered into a new Fund mortgage for $32.2 million;

•

modified and extended five Fund mortgages totaling $150.8 million (excluding principal reductions of $2.7 million);

•

refinanced four Fund mortgages totaling $111.4 million;

•

repaid a Fund mortgage totaling $5.8 million at maturity;

•

modified the Fund IV bridge loan with an outstanding balance of $36.2 million (excluding principal reductions of $3.0 million) and extended the maturity date to March 31, 2025; and

•

made scheduled principal payments totaling $7.7 million.

During the year ended December 31, 2022, the Company (amounts represent balances at the time of transactions):

•

entered into a new Fund mortgage for $42.4 million;

•

refinanced a Core loan in the third quarter with an outstanding balance of $25.4 million with a new loan of $26.0 million at an interest rate of 4.0% maturing July 10, 2027;

•

modified and extended ten Fund mortgages totaling $280.6 million (excluding principal reductions and an interest reserve of $4.6 million and $4.2 million, respectively);

•

refinanced Fund II mortgage debt and unsecured note of City Point Phase II in the third quarter with an aggregate outstanding balance of $257.9 million and $40.0 million, respectively, with a single $198.0 million mortgage loan, with initial proceeds of approximately $132.3 million and a loan from the Company to other Fund II Investors (Note 10). The mortgage has a three-year initial term and bears interest at SOFR + 2.61%. The mortgage is collateralized by the real estate assets of City Point, of which $50.0 million is guaranteed by the Operating Partnership;

•

modified the Fund IV bridge loan with an outstanding balance of $42.2 million (excluding principal reductions of $8.6 million) and changed the rate to SOFR plus 2.56% and extended the maturity date to December 29, 2023;

•

repaid one Core mortgage of $12.3 million;

•

repaid six Fund mortgages in the aggregate amount of $97.6 million in connection with the sale of properties (Note 2); repaid one Fund mortgage in the amount of $22.7 million; and

•

made principal payments of $7.5 million and repaid $17.0 million on the Fund IV secured bridge facility.

A portion of the Company’s variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions (Note 8).

At December 31, 2023 and 2022, the Company’s mortgages were collateralized by 33 and 31 properties each period, respectively, as well as 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. At December 31, 2023, a Fund V mortgage of $29.2 million, or $5.9 million at the Company’s share, had not met its debt service coverage ratio requirements. As this is not an event of default, the debt maturity was not accelerated. The Company made a principal payment of $3.9 million in January 2024, to cure this event. Also at December 31, 2023, three Fund V mortgages totaling $127.1 million, or $25.5 million at the Company’s share, did not meet their liquidity requirement. In February 2024, Fund V obtained a new mortgage loan and paid down the Fund V subscription line to cure this event.

On July 15, 2023, the 146 Geary Street, Fund IV non-recourse mortgage loan with an outstanding balance of $19.3 million, or $4.5 million at the Company’s share, matured with no further extension options and was in default. The property securing the mortgage was a vacant building located in San Francisco, California. The loan accrued default interest at a rate of 4.00% per annum in excess of the interest rate of SOFR + 3.65%. On October 27, 2023, the Company completed the transfer of the property to its lender through a deed-in-lieu of foreclosure, extinguishing the obligation under the mortgage loan. The Company reduced interest expense by $0.7 million upon derecognition of the loan for the additional interest expense previously recorded. The Company had previously impaired the asset, and recorded an impairment charge of $3.7 million, or $0.9 million at the Company’s share, related to the change in estimated value and holding period of the asset for the year ended December 31, 2023 (Note 8).

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 December 31, 2023 are as follows (in thousands):


Maturities
2024	$	333,174
2025		680,834
2026		437,087
2027		202,826
2028		130,959
Thereafter		96,207
		1,881,087
Unamortized premium		240
Net unamortized debt issuance costs		(11,186	)
Total indebtedness	$	1,870,141

The table above does not reflect available extension options (subject to customary conditions) on debt balances as of December 31, 2023. The Company has debt balances of $535.4 million contractually due in 2025 and $25.1 million contractually due in 2027, all for which the Company has available options to extend by up to 12 months, and for some an additional 12 months thereafter. However, there can be no assurance that the Company will be able to successfully execute any or all of its available extension options.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

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

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Principles of Consolidation

Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows:


Buildings and improvements	Useful lives of 40 years for buildings and 15 years for improvements
Furniture and fixtures	Useful lives, ranging from five years to 10 years
Tenant improvements	Shorter of economic life or lease terms

over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term.

Dispositions of Real Estate

Real Estate Held for Sale

Notes Receivable

Allowance for Credit Losses

Investments in and Advances to Unconsolidated Joint Ventures

Fair Value Measurements

Level 1 - 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 - 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;

Cash and Cash Equivalents

Restricted Cash

Marketable Equity Securities

Deferred Costs

Derivative Instruments and Hedging Activities

NonControlling Interests

Noncontrolling Interests

Variable Interest Entitites

Variable Interest Entities

Revenue Recognition

Leases

Accounts Receivable

Stock-Based Compensation

Income Taxes

Recent Accounting Pronouncements

Earnings (Loss) Per Common Share

Basic earnings (loss) per Common Share is computed by dividing net income (loss) 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 (loss) 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 consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

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

3 Months Ended

12 Months Ended

Jul. 15, 2023

Sep. 30, 2022

Dec. 31, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Long-term debt, gross

^[1],[2]

$ 1,881,087

$ 1,805,414

Net unamortized debt issuance costs

(11,186)

(12,697)

Unamortized Premium

240

343

Secured Debt, Total

930,127

928,639

Unsecured notes payable, net

726,727

696,134

Total Indebtedness

1,870,141

1,793,060

Fund IV

Debt Instrument [Line Items]

Long-term debt, gross

36,200

$ 39,200

SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

3.65%

2.61%

2.56%

Fund Portfolio | Fund III

Debt Instrument [Line Items]

Long-term debt, gross

33,000

$ 35,970

Mortgages

Debt Instrument [Line Items]

Net unamortized debt issuance costs

(7,313)

(7,621)

Unamortized Premium

240

343

Secured Debt, Total

930,127

928,639

Mortgages | Fund Portfolio | Fund II

Debt Instrument [Line Items]

Long-term debt, gross

^[3]

137,485

133,655

Mortgages | Fund Portfolio | Fund IV

Debt Instrument [Line Items]

Long-term debt, gross

^[4]

115,925

146,230

Mortgages | Fund Portfolio | Fund V

Debt Instrument [Line Items]

Long-term debt, gross

458,960

426,224

Unsecured Term Loan

Debt Instrument [Line Items]

Net unamortized debt issuance costs

(3,873)

(5,076)

Unsecured notes payable, net

726,727

696,134

Line of Credit

Debt Instrument [Line Items]

Unsecured notes payable, net

^[5]

213,287

168,287

Fixed Rate | Mortgages | Core Portfolio

Debt Instrument [Line Items]

Long-term debt, gross

$ 191,830

$ 193,838

Fixed Rate | Mortgages | Core Portfolio | Maximum

Debt Instrument [Line Items]

Interest rate, stated percentage

5.89%

Maturity Date

2035-04

Fixed Rate | Mortgages | Core Portfolio | Minimum

Debt Instrument [Line Items]

Interest rate, stated percentage

3.99%

3.88%

Maturity Date

2024-02

Variable Rate Debt | Mortgages | SOFR | Fund II

Debt Instrument [Line Items]

Basis spread on variable rate

^[3]

2.61%

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

Debt Instrument [Line Items]

Maturity Date

2024-02

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

3.65%

Maturity Date

^[4]

2028-06

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

2.25%

Maturity Date

^[4]

2025-03

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

Debt Instrument [Line Items]

Basis spread on variable rate

1.85%

Debt Instrument [Line Items]

Maturity Date

2028-06

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

Debt Instrument [Line Items]

Maturity Date

^[3]

2025-08

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

3.33%

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

2.25%

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

Debt Instrument [Line Items]

Basis spread on variable rate

2.76%

Debt Instrument [Line Items]

Basis spread on variable rate

2.80%

Debt Instrument [Line Items]

Basis spread on variable rate

1.61%

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

Debt Instrument [Line Items]

Basis spread on variable rate

3.75%

3.35%

Maturity Date

2025-10

Subscription Line | Fund Portfolio | Fund V

Debt Instrument [Line Items]

Long-term debt, gross

$ 80,600

$ 51,200

Subscription Line | Unsecured Term Loan | Fund Portfolio | Fund V

Debt Instrument [Line Items]

Long-term debt, gross

$ 80,600

$ 51,210

Subscription Line | Unsecured Term Loan | Fund Portfolio | SOFR | Fund V

Debt Instrument [Line Items]

Interest rate, stated percentage

3.05%

1.86%

Maturity Date

2024-01

Variable Rate Unsecured Term Loans | Unsecured Term Loan | Core Portfolio

Debt Instrument [Line Items]

Long-term debt, gross

^[5]

$ 650,000

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

Debt Instrument [Line Items]

Interest rate, stated percentage

^[5]

5.11%

Maturity Date

^[5]

2029-07

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

Debt Instrument [Line Items]

Interest rate, stated percentage

^[5]

3.74%

Maturity Date

^[5]

2026-06

Variable Rate Unsecured Term Loans | Unsecured Term Loan | Core Portfolio | SOFR | Maximum

Debt Instrument [Line Items]

Interest rate, stated percentage

^[5]

2.05%

Variable Rate Unsecured Term Loans | Unsecured Term Loan | Core Portfolio | SOFR | Minimum

Debt Instrument [Line Items]

Interest rate, stated percentage

^[5]

1.60%

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

Debt Instrument [Line Items]

Basis spread on variable rate

^[5]

1.45%

1.50%

Maturity Date

^[5]

2025-06

[1]	Includes $1,249.8 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. The effective fixed rates ranged from 1.14% to 4.54%.
[2]	Includes $151.4 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 3.0% to 5.50%.
[3]	The Company has a total commitment of $198.0 million on the Fund II mortgage.
[4]	Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million at December 31, 2023 and $39.2 million at December 31, 2022. The Operating Partnership has guaranteed up to $22.5 million of the Fund IV secured bridge facility (Note 9).
[5]	The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans at December 31, 2023 and 2022 (Note 8).

Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

15. Earnings (Loss) Per Common Share


	Year Ended December 31,
(dollars in thousands)	2023			2022			2021
Numerator:
Net income (loss) attributable to Acadia shareholders	$	19,873		$	(35,445	)	$	23,548
Less: earnings attributable to unvested participating securities		(978	)		(805	)		(624	)
Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share		18,895			(36,250	)		22,924
Impact of City Point Loan share conversion option (a)		—			(1,804	)		—
Income from continuing operations net of income attributable to participating securities for diluted earnings per share	$	18,895		$	(38,054	)	$	22,924

Denominator:
Weighted average shares for basic earnings (loss) per share		95,283,752			94,575,251			87,653,818
Effect of dilutive securities:
Series A Preferred OP Units		—			—			—
Employee unvested restricted shares		—			—			—
City Point Loan common stock conversion option (Note 10) (a)		—			68,215			—
Weighted average shares for diluted earnings per share		95,283,752			94,643,466			87,653,818

Basic earnings (loss) per Common Share from continuing operations attributable to Acadia	$	0.20		$	(0.38	)	$	0.26
Diluted earnings (loss) per Common Share from continuing operations attributable to Acadia	$	0.20		$	(0.40	)	$	0.26

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

Series C Preferred OP Units		126,384			126,384			126,593
Series C Preferred OP Units - Common share equivalent		438,831			438,831			439,556
Restricted shares		90,006			68,832			70,827

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

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

ASSETS

Operating real estate, net

$ 3,517,281

$ 3,343,265

Real estate under development

94,799

184,602

Notes receivable, net

124,949

123,903

Investments in and advances to unconsolidated affiliates

197,240

291,156

Other assets, net

208,460

229,591

Right-of-use assets - operating leases, net

29,286

37,281

Cash and cash equivalents

17,481

17,158

$ 17,746

$ 18,699

Restricted cash

7,813

15,063

9,813

$ 11,096

Rents receivable, net

49,504

49,506

Total assets

^[2]

4,291,154

^[1]

4,302,582

^[1]

$ 4,261,746

Liabilities:

Mortgage and other notes payable, net

930,127

928,639

Unsecured notes payable, net

726,727

696,134

Accounts payable and other liabilities

229,375

196,491

Lease liability - operating leases

31,580

35,271

Total liabilities

^[1]

2,157,598

2,053,722

VIE

ASSETS

Operating real estate, net

1,679,779

1,466,381

Real estate under development

28,851

129,888

Investments in and advances to unconsolidated affiliates

92,802

210,922

Other assets, net

101,679

98,675

Right-of-use assets - operating leases, net

2,112

2,535

Cash and cash equivalents

10,787

13,330

Restricted cash

7,048

14,995

Rents receivable, net

21,427

17,915

Total assets

^[3]

1,944,485

1,954,641

Liabilities:

Mortgage and other notes payable, net

764,614

761,166

Unsecured notes payable, net

80,473

51,202

Accounts payable and other liabilities

127,162

95,385

Lease liability - operating leases

2,213

2,657

Total liabilities

^[3]

$ 974,462

$ 910,410

[1]

[2]

Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively.

[3]

At December 31, 2023 and December 31, 2022, totals included VIE assets of $721.2 million and 678.1 million, respectively, and VIE liabilities of $234.7 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.

Unconsolidated VIEs

Financial Instruments and Fair Value Measurements - Schedule of Items Measured at Fair Value on Nonrecurring Basis (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Real Estate [Line Items]

Impairment charges

$ 3,686

$ 33,311

$ 9,925

Fair Value, Measurements, Nonrecurring

Real Estate [Line Items]

Impairment charges

^[1]

33,311

Fair Value, Measurements, Nonrecurring | Acadia Realty Trust

Real Estate [Line Items]

Impairment charges

^[1]

$ 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 holding period

Reduced projected operating income

Impairment charges

^[1]

$ 3,686

$ 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

^[1]

$ 852

$ 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

^[1]

$ 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

^[1]

$ 4,827

[1]

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Reconciliation of Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	$ 123,903
Total	124,949	$ 123,903
Reconciliation of Loans on Real Estate
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	124,801	159,638	$ 102,100
Additions	1,427	0	58,000
Repayments	0	(29,531)	0
Conversion of OP Units	0	0	(462)
Conversion to real estate through receipt of deed or through foreclosure	0	(5,306)	0
Total	126,228	124,801	159,638
Allowance for credit loss	(1,279)	(898)	(5,752)
Balance at end of year	$ 124,949	$ 123,903	$ 153,886

Real Estate - Acquisitions and Conversions - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Capitalized acquisition costs	$ 1.0	$ 1.2
Properties Held for Sale of disposition	$ 11.1	11.1
Williamsburg Collection [Member]
Business Acquisition [Line Items]
Capitalized acquisition costs		2.0
Acquisition Fees Paid		1.5
640 Broadway
Business Acquisition [Line Items]
Mortgage assumed		$ 36.0

Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Net Income to Taxable Income (Loss)

Reconciliation of GAAP net income attributable to Acadia to taxable income (loss) is as follows:


	Year Ended December 31,
(in thousands)	2023			2022			2021

Net income (loss) attributable to Acadia	$	19,873		$	(35,445	)	$	23,548
Deferred rental and other (loss) income (a)		351			(1,854	)		3,209
Book/tax difference - depreciation and amortization (a)		22,353			28,337			24,756
Straight-line rent and above- and below-market rent adjustments (a)		(12,484	)		(11,917	)		(8,588	)
Book/tax differences - equity-based compensation		7,519			5,952			7,663
Joint venture equity in earnings, net and other investments (a)		33,522			22,493			3,962
Impairment charges and reserves		524			54,822			2,657
Acquisition costs (a)		9			2,048			22
Gain (loss) on disposition of properties and investments		1,800			(14,960	)		(2,170	)
Book adjustment marketable securities		(4,813	)		—			—
Book/tax differences - miscellaneous		2,355			5,638			(1,203	)
Taxable income	$	71,009		$	55,114		$	53,856
Dividends/Distributions declared (b)	$	68,612		$	68,312		$	52,872

Schedule of Tax Status of Dividends

The Company has determined that the cash distributed to the shareholders for the periods presented is characterized as follows for federal income tax purposes:


	Year Ended December 31,
	2023					2022					2021
	Per Share		%			Per Share		%			Per Share		%
Ordinary income - Section 199A	$	0.583		81	%	$	0.650		90	%	$	0.550		92	%
Qualified dividend		0.115		16	%		0.010		1	%		0.010		1	%
Capital gain		0.022		3	%		0.060		9	%		0.040		7	%
Total (a)	$	0.720		100	%	$	0.720		100	%	$	0.600		100	%

Schedule of TRS Income (Loss) and Provision for Income Taxes

Income taxes have been provided for using the liability method as required by ASC Topic 740, “Income Taxes.” The Company’s TRS income (loss) and provision for income taxes associated with the TRS for the periods presented are summarized as follows (in thousands):


	Year Ended December 31,
	2023			2022			2021

TRS loss before income taxes	$	(3,768	)	$	(3,178	)	$	(4,240	)
Provision for income taxes:
Federal		—			—			—
State and local		—			—			—
TRS net loss before noncontrolling interests		(3,768	)		(3,178	)		(4,240	)
Noncontrolling interests		—			—			9
TRS net loss	$	(3,768	)	$	(3,178	)	$	(4,231	)

Schedule of Effective Income Tax Rate Reconciliation

The income tax provision for the Company differs from the amount computed by applying the statutory Federal income tax rate to income (loss) before income taxes as follows. Amounts are not adjusted for temporary book/tax differences (in thousands):


	Year Ended December 31,
	2023			2022			2021

Federal tax benefit at statutory tax rate	$	(791	)	$	(667	)	$	(890	)
TRS state and local taxes, net of Federal benefit		(238	)		(201	)		(268	)
Tax effect of:
Permanent differences, net		246			194			252
Adjustment to deferred tax reserve		(8	)		691			1,061
Other		791			(16	)		(156	)
REIT state and local income and franchise taxes		301			11			94
Total provision for income taxes	$	301		$	12		$	93

Debt (Tables)

12 Months Ended

Dec. 31, 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			Carrying Value at
	December 31,	December 31,	Maturity Date at	December 31,			December 31,
	2023	2022	December 31, 2023	2023			2022
Mortgages Payable
Core	3.99% - 5.89%	3.88% - 5.89%	Feb 2024 - Apr 2035	$	191,830		$	193,838
Fund II (a)	SOFR+2.61%	SOFR+2.61%	Aug 2025		137,485			133,655
Fund III	SOFR+3.75%	SOFR+3.35%	Oct 2025		33,000			35,970
Fund IV (b)	SOFR+2.25% - SOFR+3.33%	LIBOR+2.25% - LIBOR+3.65%	Mar 2025 - Jun 2028		115,925			146,230
Fund V	SOFR + 1.61% - SOFR + 2.80%	LIBOR + 1.85% - SOFR + 2.76%	Feb 2024 - Jun 2028		458,960			426,224
Net unamortized debt issuance costs					(7,313	)		(7,621	)
Unamortized premium					240			343
Total Mortgages Payable				$	930,127		$	928,639

Unsecured Notes Payable
Core Term Loans (c)	SOFR+1.60% - SOFR+2.05%	3.74%-5.11%	Jun 2026 - Jul 2029	$	650,000		$	650,000
Fund V Subscription Facility	SOFR+3.05%	SOFR+1.86%	Jan 2024		80,600			51,210
Net unamortized debt issuance costs					(3,873	)		(5,076	)
Total Unsecured Notes Payable				$	726,727		$	696,134

Unsecured Line of Credit
Revolving credit facility (c)	SOFR+1.45%	SOFR+1.50%	Jun 2025	$	213,287		$	168,287

Total Debt (d)(e)				$	1,881,087		$	1,805,414
Net unamortized debt issuance costs					(11,186	)		(12,697	)
Unamortized premium					240			343
Total Indebtedness				$	1,870,141		$	1,793,060

The Company has a total commitment of $198.0 million on the Fund II mortgage.

The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans at December 31, 2023 and 2022 (Note 8).

Scheduled Principal Repayments


Maturities
2024	$	333,174
2025		680,834
2026		437,087
2027		202,826
2028		130,959
Thereafter		96,207
		1,881,087
Unamortized premium		240
Net unamortized debt issuance costs		(11,186	)
Total indebtedness	$	1,870,141

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - ATM Program - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Purchase new program included an optional forward purchase component		$ 119,485	$ 63,876
Common Shares
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)		5,525,000	2,889,000
Issuance of Common Shares (in Shares)		5,525,000	2,889,000
Purchase new program included an optional forward purchase component		$ 6	$ 3
ATM Program
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)	0	0
Value of shares available for issuance	$ 222,300
Issuance of Common Shares (in Shares)	0	0
Gross proceeds		$ 123,900	$ 64,900
Weighted Average Share Price		$ 22.43	$ 22.46
Proceeds from stock plans net of issuance costs		$ 119,500	$ 63,900
Purchase new program included an optional forward purchase component	$ 250,000
ATM Program \| Common Shares
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)	0	5,525,419	2,889,371
Issuance of Common Shares (in Shares)	0	5,525,419	2,889,371
Previous ATM Program
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)		4,281,576
Issuance of Common Shares (in Shares)		4,281,576
Gross proceeds		$ 96,300
Proceeds from stock plans net of issuance costs		$ 92,500

Real Estate - Schedule of Acquisitions and Conversions (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Net investments in real estate	$ 3,612,080	$ 3,527,867
Investments in and advances to unconsolidated affiliates	197,240	$ 291,156
Williamsburg Collection
Business Acquisition [Line Items]
Bargain purchase gain	$ 1,200
Equity interest held by Operating Partnership	49.99%
Investments in and advances to unconsolidated affiliates	$ 30,900
Equity Method Investments	$ 2,800
Equity method investment, ownership percentage by third party	50.01%
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Income
Williamsburg Collection \| First Mortgage Loan
Business Acquisition [Line Items]
Investments in and advances to unconsolidated affiliates	$ 64,100

Variable Interest Entities

12 Months Ended

Dec. 31, 2023

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

Variable Interest Entities

16. Variable Interest Entities

Pursuant to GAAP consolidation guidance, the Company consolidates certain VIEs for which the Company is the primary beneficiary. As of December 31, 2023 and 2022, the Company had seven and eight consolidated VIEs, respectively, including the Operating Partnership and the Funds. Excluding the Operating Partnership and the Funds at December 31, 2023, the VIEs consisted of three in-service Core properties: the Williamsburg Portfolio, 239 Greenwich Avenue, and 8833 Beverly Boulevard. 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 consolidated these VIEs because it is the primary beneficiary as it 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 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 December 31, 2023 and December 31, 2022, the Consolidated Balance Sheets included the following assets and liabilities of the consolidated VIEs of the Operating Partnership:


(dollars in thousands)	December 31, 2023		December 31, 2022
VIE ASSETS
Operating real estate, net	$	1,679,779	$	1,466,381
Real estate under development		28,851		129,888
Investments in and advances to unconsolidated affiliates		92,802		210,922
Other assets, net		101,679		98,675
Right-of-use assets - operating leases, net		2,112		2,535
Cash and cash equivalents		10,787		13,330
Restricted cash		7,048		14,995
Rents receivable, net		21,427		17,915
Total VIE assets (a)	$	1,944,485	$	1,954,641

VIE LIABILITIES
Mortgage and other notes payable, net	$	764,614	$	761,166
Unsecured notes payable, net		80,473		51,202
Accounts payable and other liabilities		127,162		95,385
Lease liability - operating leases		2,213		2,657
Total VIE liabilities (a)	$	974,462	$	910,410

(a)

Unconsolidated VIEs

The Company holds variable interests in certain VIEs which are not consolidated. While the Company may be responsible for managing the day-to-day operations of these investees, it is not the primary beneficiary of these VIEs, as the Company does not hold unilateral power over activities that, when taken together, most significantly impact the respective VIE's economic performance. The Company accounts for investments in these entities under the equity method (Note 4). As of December 31, 2023 and 2022, the Company has determined that the following entities are VIEs: 1238 Wisconsin Avenue and the 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 in these entities is limited to: (i) the amount of the Company's equity investment and (ii) debt guarantees (Note 9). The Company's aggregate investment in the unconsolidated VIEs assets was $45.8 million and $41.5 million at December 31, 2023 and 2022, respectively. The Company's aggregate investment in unconsolidated VIEs liabilities was $40.1 million and $49.2 million at December 31, 2023 and 2022, respectively.

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

3 Months Ended

12 Months Ended

Jul. 15, 2023

Sep. 30, 2022

Dec. 31, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Long-term debt, gross

^[1],[2]

$ 1,881,087

$ 1,805,414

Maximum borrowing capacity

900,000

Interest Rate Caps

Debt Instrument [Line Items]

Long-term debt, gross

151,400

$ 103,800

SOFR

Debt Instrument [Line Items]

Basis spread on variable rate

3.65%

2.61%

2.56%

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

Debt Instrument [Line Items]

Long-term debt, gross

$ 1,249,800

$ 1,264,000

Minimum | Interest Rate Caps

Debt Instrument [Line Items]

Debt instrument rate

3.00%

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

Debt Instrument [Line Items]

Debt instrument rate

1.14%

Maximum | Interest Rate Caps

Debt Instrument [Line Items]

Debt instrument rate

5.50%

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

Debt Instrument [Line Items]

Debt instrument rate

4.54%

Fund II

Debt Instrument [Line Items]

Single Mortgage Loan

$ 198,000

Fund III | Fund Portfolio

Debt Instrument [Line Items]

Long-term debt, gross

33,000

35,970

Fund IV

Debt Instrument [Line Items]

Long-term debt, gross

36,200

$ 39,200

Maximum borrowing capacity

$ 22,500

[1]	Includes $1,249.8 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. The effective fixed rates ranged from 1.14% to 4.54%.
[2]	Includes $151.4 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 3.0% to 5.50%.

Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2022	Jan. 01, 2022
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]
Land	$ 872,228		$ 817,802
Buildings and improvements	3,128,650		2,987,594
Tenant improvements	257,955		216,899
Construction in progress	23,250		21,027
Right-of-use assets - finance leases	$ 58,637		$ 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	$ 4,340,720		$ 4,068,408
Less: Accumulated depreciation and amortization	(823,439)		(725,143)
Operating real estate, net	3,517,281		3,343,265
Real estate under development	94,799	$ 184,602	184,602	$ 203,773
Net investments in real estate	$ 3,612,080		$ 3,527,867

Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) - In-place lease intangible assets $ in Thousands	Dec. 31, 2023 USD ($)
Acquired Lease Intangibles [Abstract]
2024, Net Increase In Rental Revenues	$ 5,157
2025, Net Increase In Rental Revenues	4,752
2026, Net Increase In Rental Revenues	4,522
2027, Net Increase In Rental Revenues	4,452
2028, Net Increase In Rental Revenues	4,536
2024, Increase to Amortization Expense	(23,596)
2025, Increase to Amortization Expense	(17,912)
2026, Increase to Amortization Expense	(14,435)
2027, Increase to Amortization Expense	(11,159)
2028, Increase to Amortization Expense	(7,299)
2024, Reduction of Property Operating Expense	58
2025, Reduction of Property Operating Expense	58
2026, Reduction of Property Operating Expense	58
2027, Reduction of Property Operating Expense	58
2028, Reduction of Property Operating Expense	$ 57

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Shareholders Equity, Noncontrolling Interests and Other Comprehensive Loss - Redeemable Noncontrolling Interest - Additional Information (Details) - USD ($)

1 Months Ended

12 Months Ended

Aug. 31, 2022

Dec. 31, 2023

Jul. 31, 2023

Dec. 31, 2022

Aug. 01, 2022

Dec. 31, 2021

Dec. 31, 2020

Class of Stock [Line Items]

City Point Loan

$ 65,900,000

City Point Loan, Term period

5 years

Allowance for credit losses

$ 1,279,000

^[1]

$ 898,000

$ 5,752,000

$ 1,218,000

8833 Beverly Boulevard

Class of Stock [Line Items]

Minority interest ownership percentage

97.00%

Percentage of interest sold by the venture partner

3.00%

Discounted Cash Flow Analysis | 8833 Beverly Boulevard

Class of Stock [Line Items]

Capitalization rate

6.00%

Discount rate

9.00%

Williamsburg Portfolio

Class of Stock [Line Items]

Redeemable Noncontrolling Interest, Fair Value

$ 0

Equity method investment, ownership percentage by third party

50.01%

Williamsburg Portfolio | Discounted Cash Flow Analysis

Class of Stock [Line Items]

Capitalization rate

5.25%

Discount rate

7.25%

City Point Loan

Class of Stock [Line Items]

Allowance for credit losses

$ 700,000

$ 500,000

City Point Loan | Discounted Cash Flow Analysis

Class of Stock [Line Items]

Capitalization rate

5.25%

Discount rate

6.25%

[1]	The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2023.

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE

December 31, 2023

(in thousands)


Description	Effective Interest Rate	Final Maturity Date	Periodic Payment Terms	Prior Liens		Face Amount of Notes Receivable		Net Carrying Amount of Notes Receivable as of December 31, 2023 (1)			Principal Amount of Loans Subject to Delinquent Principal or Interest
First Mortgage Loan	6.00%	4/1/2020	Interest only		—	$	17,810	$	17,801		$	17,801
Mezzanine Loan	9.25%	1/9/2024	Interest only		—		54,000		54,000			—
First Mortgage Loan	6.56%	9/17/2024	Interest only		—		43,000		42,000			—
Other	6.50%	9/27/2024	Interest only		—		1,427		1,427			—
Other	4.65%	4/12/2026	Interest only		—		6,000		6,000			—
Mezzanine Loan	8.00%	12/11/2027	Interest only		—		5,000		5,000			—
Total						$	127,237		126,228		$	17,801
Allowance for credit loss									(1,279	)
Net carrying amount of notes receivable								$	124,949

Notes:

(1)

The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2023.

The following table reconciles the activity for loans on real estate from January 1, 2021 to December 31, 2023 (in thousands):


	Reconciliation of Loans on Real Estate
	Year Ended December 31,
	2023			2022			2021

Balance at beginning of year	$	124,801		$	159,638		$	102,100
Additions		1,427			—			58,000
Repayments		—			(29,531	)		—
Conversion of OP Units		—			—			(462	)
Conversion to real estate through receipt of deed or through foreclosure		—			(5,306	)		—
Total	$	126,228		$	124,801		$	159,638

Allowance for credit loss		(1,279	)		(898	)		(5,752	)
Balance at end of year	$	124,949		$	123,903		$	153,886

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

Dec. 31, 2023

USD ($)

NotesReceivable

Dec. 31, 2022

USD ($)

Accounts Notes And Loans Receivable [Line Items]

Number of notes receivable | NotesReceivable

Notes receivable

^[1]

$ 126,228

Core Portfolio

Accounts Notes And Loans Receivable [Line Items]

Number of notes receivable | NotesReceivable

^[2]

Notes receivable

^[2]

$ 126,228

$ 124,801

OP Unit Holders | Core Portfolio

Accounts Notes And Loans Receivable [Line Items]

Notes receivable

$ 6,000

[1]	The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2023.
[2]	Includes one note receivable from an OP Unit holder, with a balance of $6.0 million at December 31, 2023 and 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

+ Details

Financial Instruments and Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Marketable equity securities	$ 33,284
Derivative financial instruments	28,989	54,902
Liabilities
Derivative financial instruments	8,892	46
Recurring \| Level 1
Assets
Marketable equity securities	33,284	85,403
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	0	0
Recurring \| Level 2
Assets
Marketable equity securities	0	0
Derivative financial instruments	28,989	54,902
Liabilities
Derivative financial instruments	(8,892)	(46)
Recurring \| Level 3
Assets
Marketable equity securities	0	0
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	$ 0	$ 0

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-12

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480493/946-210-55-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480524/946-210-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset.

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+ Details

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

Dec. 31, 2023

Dec. 31, 2022

Debt Disclosure [Abstract]

$ 333,174

680,834

437,087

202,826

130,959

96,207

Long-term debt and convertible notes payable

^[1],[2]

1,881,087

$ 1,805,414

Unamortized Premium

240

343

Net unamortized debt issuance costs

(11,186)

(12,697)

Total Indebtedness

$ 1,870,141

$ 1,793,060

[1]	Includes $1,249.8 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. The effective fixed rates ranged from 1.14% to 4.54%.
[2]	Includes $151.4 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 3.0% to 5.50%.

Financial Instruments and Fair Value Measurements - Schedule of Items Measured at Fair Value on Nonrecurring Basis (Parenthetical) (Details) - Fair Value, Measurements, Nonrecurring - 146 Geary Street, San Francisco, CA - Discounted Cash Flow Analysis	12 Months Ended
	Dec. 31, 2023
Minimum
Real Estate [Line Items]
Discount rate	5.00%
Capitalization rate	4.25%
Maximum
Real Estate [Line Items]
Discount rate	7.75%
Capitalization rate	5.75%

Notes Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2023

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

Schedule of Notes Receivable


	December 31,			December 31,			December 31, 2023
Description	2023			2022			Number		Maturity Date	Interest Rate
Core Portfolio (a)	$	126,228		$	124,801			6	Apr 2020 - Dec 2027	4.65% - 10.00%
Allowance for credit losses		(1,279	)		(898	)
Notes receivable, net	$	124,949		$	123,903			6

(a)

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

Schedule of Changes in the Company's CECL Allowance

Changes in the Company’s CECL allowance were as follows (dollars in thousands):


	Year Ended December 31,
	2023		2022			2021
CECL Allowance beginning of period	$	898	$	5,752		$	1,218
Provision of loan losses		381		(272	)		4,534
Write-offs		—		(4,582	)		—
Total - CECL Allowance	$	1,279	$	898		$	5,752

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

On January 8, 2024, the Company sold 175,000 shares of Albertsons, generating net proceeds of $4.0 million.

On January 8, 2024, the Company completed an underwritten offering of 6,900,000 Common Shares (inclusive of the underwriters’ option to purchase 900,000 additional shares) for net proceeds of $113.0 million.

The Company had the following financing activity:

•

repaid a Core mortgage totaling $7.3 million at maturity; and

•

entered into a new Fund V mortgage for $43.4 million and repaid the outstanding balance of the Fund V subscription line with the proceeds.

Segment Reporting

12 Months Ended

Dec. 31, 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 segment 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 segment 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 (Note 3) which are held within the Core Portfolio or the Funds. Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s 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):


	As of or for the Year Ended December 31, 2023
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Total revenues	$	203,545		$	135,147		$	—		$	—		$	338,692
Depreciation and amortization expenses		(76,642	)		(59,342	)		—			—			(135,984	)
General and administrative expenses		—			—			—			(41,470	)		(41,470	)
Property operating expenses, other operating and real estate taxes		(64,382	)		(44,094	)		—			—			(108,476	)
Impairment charges		—			(3,686	)		—			—			(3,686	)
Operating income		62,521			28,025			—			(41,470	)		49,076
Equity in earnings (losses) of unconsolidated affiliates		2,734			(10,411	)		—			—			(7,677	)
Interest income		—			—			19,993			—			19,993
Realized and unrealized holding gains (losses) on investments and other		5,756			24,995			(338	)		—			30,413
Interest expense		(44,521	)		(48,732	)		—			—			(93,253	)
Income tax provision		—			—			—			(301	)		(301	)
Net income (loss)		26,490			(6,123	)		19,655			(41,771	)		(1,749	)
Net loss attributable to redeemable noncontrolling interests		—			8,239			—			—			8,239
Net (income) loss attributable to noncontrolling interests		(1,937	)		15,320			—			—			13,383
Net income (loss) attributable to Acadia shareholders	$	24,553		$	17,436		$	19,655		$	(41,771	)	$	19,873

Real estate at cost (a)	$	2,646,831		$	1,788,688		$	—		$	—		$	4,435,519
Total assets (a)	$	2,566,450		$	1,599,755		$	124,949		$	—		$	4,291,154
Cash paid for acquisition of real estate	$	—		$	126,545		$	—		$	—		$	126,545
Cash paid for development, construction and property improvement costs	$	44,428		$	25,112		$	—		$	—		$	69,540


	As of or for the Year Ended December 31, 2022
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Total revenues	$	202,547		$	123,743		$	—		$	—		$	326,290
Depreciation and amortization expenses		(75,614	)		(60,303	)		—			—			(135,917	)
General and administrative expenses		—			—			—			(44,066	)		(44,066	)
Property operating expenses, other operating and real estate taxes		(60,306	)		(41,621	)		—			—			(101,927	)
Impairment charges		—			(33,311	)		—			—			(33,311	)
Gain on disposition of properties		7,245			49,916			—			—			57,161
Operating income (loss)		73,872			38,424			—			(44,066	)		68,230
Equity in (losses) earnings of unconsolidated affiliates		(45,919	)		13,012			—			—			(32,907	)
Interest income		—			—			14,641			—			14,641
Realized and unrealized holding gains (losses) on investments and other		1,163			(35,559	)		(598	)		—			(34,994	)
Interest expense		(37,892	)		(42,317	)		—			—			(80,209	)
Income tax provision		—			—			—			(12	)		(12	)
Net (loss) income		(8,776	)		(26,440	)		14,043			(44,078	)		(65,251	)
Net loss attributable to redeemable noncontrolling interests		—			5,536			—			—			5,536
Net loss attributable to noncontrolling interests		1,000			23,270			—			—			24,270
Net (loss) income attributable to Acadia	$	(7,776	)	$	2,366		$	14,043		$	(44,078	)	$	(35,445	)

Real estate at cost (a)	$	2,597,394		$	1,655,616		$	—		$	—		$	4,253,010
Total assets (a)	$	2,599,268		$	1,579,411		$	123,903		$	—		$	4,302,582
Cash paid for acquisition of real estate	$	242,633		$	—		$	—		$	—		$	242,633
Cash paid for development, construction and property improvement costs	$	32,406		$	18,640		$	—		$	—		$	51,046


	As of or for the Year Ended December 31, 2021
	Core Portfolio			Funds			Structured Financing			Unallocated			Total
Total revenues	$	181,332		$	111,165		$	—		$	—		$	292,497
Depreciation and amortization expenses		(69,103	)		(54,336	)		—			—			(123,439	)
General and administrative expenses		—			—			—			(40,125	)		(40,125	)
Property operating expenses, other operating and real estate taxes		(56,957	)		(41,916	)		—			—			(98,873	)
Impairment charges		—			(9,925	)		—			—			(9,925	)
Gain on disposition of properties		4,612			5,909			—			—			10,521
Operating income (loss)		59,884			10,897			—			(40,125	)		30,656
Equity in earnings of unconsolidated affiliates		353			4,977			—			—			5,330
Interest income		—			—			9,065			—			9,065
Realized and unrealized holding gains (losses) on investments and other		—			53,654			(4,534	)		—			49,120
Interest expense		(29,454	)		(38,594	)		—			—			(68,048	)
Income tax provision		—			—			—			(93	)		(93	)
Net income (loss)		30,783			30,934			4,531			(40,218	)		26,030
Net income attributable to noncontrolling interests		(2,276	)		(206	)		—			—			(2,482	)
Net income (loss) attributable to Acadia	$	28,507		$	30,728		$	4,531		$	(40,218	)	$	23,548

Real estate at cost (a)	$	2,356,645		$	1,714,962		$	—		$	—		$	4,071,607
Total assets (a)	$	2,212,877		$	1,894,983		$	153,886		$	—		$	4,261,746
Cash paid for acquisition of real estate and leasehold interest	$	26,176		$	135,670		$	—		$	—		$	161,846
Cash paid for development, construction and property improvement costs	$	13,625		$	27,046		$	—		$	—		$	40,671

Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively.

- 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.

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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Schedule of Distributions Declared and paid (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Cash dividends declared per common share (in dollars per share)	$ 0.72	$ 0.72	$ 0.6
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
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
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	$ 0.18
Cash dividends, record date	Dec. 30, 2022
Cash dividends, paid date	Jan. 13, 2023
First Quarter Two Thousand Twenty Three
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 Three
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
Third Quarter Two Thousand Twenty Three
Class of Stock [Line Items]
Cash dividends, declared date	Aug. 09, 2023
Cash dividends declared per common share (in dollars per share)	$ 0.18
Cash dividends, record date	Sep. 29, 2023
Cash dividends, paid date	Oct. 13, 2023
Fourth Quarter Two Thousand Twenty Three [Member]
Class of Stock [Line Items]
Cash dividends, declared date	Nov. 02, 2023
Cash dividends declared per common share (in dollars per share)	$ 0.18
Cash dividends, record date	Dec. 29, 2023
Cash dividends, paid date	Jan. 12, 2024

Debt - Unsecure Debt - Additional Information (Details) - USD ($)
$ in Thousands

12 Months Ended

Jul. 29, 2022

Apr. 06, 2022

Dec. 31, 2023

Dec. 31, 2022

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 900,000

Long-term debt outstanding

^[1],[2]

1,881,087

$ 1,805,414

Letters of credit, outstanding amount

2,000

7,000

$400 Million Term Loan | Unsecured Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

400,000

$175.0 Million Term Loan

Debt Instrument [Line Items]

Remaining borrowing capacity

$ 175,000

Senior Unsecured Credit Facility | Unsecured Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

700,000

Fund V [Member] | Subscription Line

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 100,000

Maturity date

Feb. 28, 2024

Fund V [Member] | Fund Portfolio [Member] | Subscription Line

Debt Instrument [Line Items]

Remaining borrowing capacity

$ 19,400

41,800

Long-term debt outstanding

80,600

51,200

Fund V [Member] | Fund Portfolio [Member] | Subscription Line | Unsecured Term Loan

Debt Instrument [Line Items]

Long-term debt outstanding

80,600

51,210

Revolving Credit Facility | Unsecured Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 300,000

Basis spread on variable rate

1.45%

Maturity date

Jun. 29, 2025

Long-term debt outstanding

$ 213,300

168,300

Letters of credit, outstanding amount

Total Available Credit

$ 86,700

131,700

Term Loan | Unsecured Term Loan

Debt Instrument [Line Items]

Basis spread on variable rate

1.60%

Maturity date

Jun. 29, 2026

Long-term debt outstanding

$ 400,000

400,000

Term Loan | $175.0 Million Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 175,000

Basis spread on variable rate

1.60%

Maturity date

Apr. 06, 2027

Long-term debt outstanding

$ 175,000

175,000

Term Loan | $75.0 Million Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 75,000

Basis spread on variable rate

2.05%

Maturity date

Jul. 29, 2029

Remaining borrowing capacity

$ 75,000

Long-term debt outstanding

75,000

Letter of Credit | Fund V [Member] | Subscription Line

Debt Instrument [Line Items]

Letters of credit, outstanding amount

$ 2,000

$ 7,000

[1]	Includes $1,249.8 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. The effective fixed rates ranged from 1.14% to 4.54%.
[2]	Includes $151.4 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 3.0% to 5.50%.

Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Parenthetical) (Details) - Level 3	Dec. 31, 2023
City Point Loan \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	14.25%
City Point Loan \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	4.90%
Mortgage and Other Notes Payable \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	9.27%
Mortgage and Other Notes Payable \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	5.83%

Debt - Mortgage and Other Notes Payable - Additional Information (Details) $ in Thousands		1 Months Ended	3 Months Ended	12 Months Ended
	Jul. 15, 2023 USD ($) Mortgage	Jan. 31, 2024 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) Mortgage	Dec. 31, 2022 USD ($) Mortgage	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Notes receivable, net				$ 124,949	$ 123,903
Interest expense reduced	$ 700
Number of mortgage loans \| Mortgage	0
Maximum borrowing capacity				900,000
Initial term for mortgage loan			3 years
Repayments of debt					22,700
Scheduled principal payment				7,700
Short-Term Debt, Refinanced, Amount				111,400
Disposed of by sale
Debt Instrument [Line Items]
Repayments of debt					12,300
Discontinued Operations Disposed Of By Sale Under Fund Mortgage
Debt Instrument [Line Items]
Repayments of debt					97,600
Mortgages
Debt Instrument [Line Items]
Notes receivable, net				$ 32,200	$ 42,400
Number of mortgage loans \| Mortgage				5	10
Mortgage Loan Principal Reduction Amount					$ 8,600
Maximum borrowing capacity					$ 42,200
Repayments of debt				$ 5,800
Maturity date					Dec. 29, 2023
Number of properties collateralized \| Mortgage				33	31
Mortgages \| Subsequent Event
Debt Instrument [Line Items]
Scheduled principal payment		$ 3,900
Mortgages \| Subscription Line
Debt Instrument [Line Items]
Notes receivable, net				$ 150,800	$ 280,600
Mortgage Loan Principal Amount				$ 2,700	4,600
Mortgage Loan Interest Reserve					$ 4,200
Refinanced Mortgages
Debt Instrument [Line Items]
Number of mortgage loans \| Mortgage				4
SOFR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	3.65%		2.61%		2.56%
Fund II
Debt Instrument [Line Items]
Single Mortgage Loan			$ 198,000
Proceeds from Sale of Mortgage Loans Held-for-sale			132,300
Loans Payable			26,000
Fund II \| Mortgages
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 257,900
Maturity date			Jul. 10, 2027
Debt Instrument, Basis Spread on Variable Rate			4.00%
Fund II \| Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 50,000
Fund II \| Unsecured Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity			40,000
Fund IV
Debt Instrument [Line Items]
Repayments of debt					$ 17,000
Loan accrues default interest	4.00%
Fund IV \| Mortgages
Debt Instrument [Line Items]
Mortgage Loan Principal Reduction Amount				$ 3,000
Maximum borrowing capacity				$ 36,200
Maturity date				Mar. 31, 2025
Fund IV \| 146 Geary Street, San Francisco, CA
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 19,300
Share value matured debt service coverage ratio	$ 4,500
Fund IV \| 146 Geary Street, San Francisco, CA \| Minimum
Debt Instrument [Line Items]
Impairment charges at the company's share				$ 3,700
Fund IV \| 146 Geary Street, San Francisco, CA \| Maximum
Debt Instrument [Line Items]
Impairment charges at the company's share				$ 900
Fund V
Debt Instrument [Line Items]
Number of mortgage loans \| Mortgage				3
Maximum borrowing capacity				$ 29,200
Share value below debt service coverage ratio				5,900
Fund V \| Mortgages
Debt Instrument [Line Items]
Share value below debt service coverage ratio				25,500
Short-Term Debt, Refinanced, Amount				127,100
Core Portfolio
Debt Instrument [Line Items]
Notes receivable, net					13,500	$ 16,000
Derivative, notional amount				$ 856,000
Short-Term Debt, Refinanced, Amount			$ 25,400
Core Portfolio \| Disposed of by sale
Debt Instrument [Line Items]
Scheduled principal payment					$ 7,500

Federal Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Federal Income Taxes

14. Federal Income Taxes

The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the Code and intends at all times to qualify as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to corporate federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. As the Company distributed sufficient taxable income for the years ended December 31, 2023, 2022 and 2021, no U.S. federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at the regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and federal income and excise taxes on any undistributed taxable income. In addition, taxable income from non-REIT activities managed through the Company’s TRS’s is subject to federal, state and local income taxes. No more than 20% of the value of our total assets may consist of the securities of one or more TRS.

In the normal course of business, the Company or one or more of its subsidiaries is subject to examination by federal, state and local jurisdictions, in which it operates, where applicable. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense. For the three years ended December 31, 2023, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2023, the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2020 and forward.

Reconciliation of Net Income to Taxable Income

Reconciliation of GAAP net income attributable to Acadia to taxable income (loss) is as follows:


	Year Ended December 31,
(in thousands)	2023			2022			2021

Net income (loss) attributable to Acadia	$	19,873		$	(35,445	)	$	23,548
Deferred rental and other (loss) income (a)		351			(1,854	)		3,209
Book/tax difference - depreciation and amortization (a)		22,353			28,337			24,756
Straight-line rent and above- and below-market rent adjustments (a)		(12,484	)		(11,917	)		(8,588	)
Book/tax differences - equity-based compensation		7,519			5,952			7,663
Joint venture equity in earnings, net and other investments (a)		33,522			22,493			3,962
Impairment charges and reserves		524			54,822			2,657
Acquisition costs (a)		9			2,048			22
Gain (loss) on disposition of properties and investments		1,800			(14,960	)		(2,170	)
Book adjustment marketable securities		(4,813	)		—			—
Book/tax differences - miscellaneous		2,355			5,638			(1,203	)
Taxable income	$	71,009		$	55,114		$	53,856
Dividends/Distributions declared (b)	$	68,612		$	68,312		$	52,872

Characterization of Distributions

The Company has determined that the cash distributed to the shareholders for the periods presented is characterized as follows for federal income tax purposes:


	Year Ended December 31,
	2023					2022					2021
	Per Share		%			Per Share		%			Per Share		%
Ordinary income - Section 199A	$	0.583		81	%	$	0.650		90	%	$	0.550		92	%
Qualified dividend		0.115		16	%		0.010		1	%		0.010		1	%
Capital gain		0.022		3	%		0.060		9	%		0.040		7	%
Total (a)	$	0.720		100	%	$	0.720		100	%	$	0.600		100	%

Taxable REIT Subsidiaries


	Year Ended December 31,
	2023			2022			2021

TRS loss before income taxes	$	(3,768	)	$	(3,178	)	$	(4,240	)
Provision for income taxes:
Federal		—			—			—
State and local		—			—			—
TRS net loss before noncontrolling interests		(3,768	)		(3,178	)		(4,240	)
Noncontrolling interests		—			—			9
TRS net loss	$	(3,768	)	$	(3,178	)	$	(4,231	)


	Year Ended December 31,
	2023			2022			2021

Federal tax benefit at statutory tax rate	$	(791	)	$	(667	)	$	(890	)
TRS state and local taxes, net of Federal benefit		(238	)		(201	)		(268	)
Tax effect of:
Permanent differences, net		246			194			252
Adjustment to deferred tax reserve		(8	)		691			1,061
Other		791			(16	)		(156	)
REIT state and local income and franchise taxes		301			11			94
Total provision for income taxes	$	301		$	12		$	93

As of December 31, 2023, and 2022, the Company’s deferred tax assets were $0.0 million net of applicable reserves of $4.3 million and were comprised of capital loss carryovers of $0.0 million and $0.1 million and net operating loss carryovers of $3.1 million and $4.2 million, respectively.

Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. For the years ended December 31, 2023, 2022, and 2021, the Company determined that the realization of its deferred tax assets was not likely and as such, the Company recorded a valuation allowance against its deferred tax assets of $0.0 million, $0.7 million, and $1.1 million, respectively.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

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, 2020

$ 2,050,204

$ 86

$ 1,683,165

$ (74,891)

$ (167,321)

$ 1,441,039

$ 609,165

Balance (in Shares) at Dec. 31, 2020

86,269,000

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

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

1,431

(1,431)

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

90,000

Cancellation of OP units

(568)

^[1]

Issuance of Common Shares, net

63,876

$ 3

63,873

63,876

Issuance of Common Shares (in Shares)

2,889,000

Dividends/distributions declared

(57,057)

(52,872)

(4,185)

Employee and trustee stock compensation, net

12,430

1,146

11,284

Employee and trustee stock compensation, net (in Shares)

56,000

Noncontrolling interest distributions

(27,051)

Noncontrolling interest contributions

30,164

Comprehensive income (loss)

77,937

38,677

23,548

62,225

15,712

Comprehensive income (loss)

77,937

Reallocation of noncontrolling interests

4,768

(4,768)

^[2]

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

89,304,000

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

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

3,945

(3,945)

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

235,000

Issuance of Common Shares, net

119,485

$ 6

119,479

119,485

Issuance of Common Shares (in Shares)

5,525,000

Dividends/distributions declared

(73,406)

(68,312)

(5,094)

Acquisition of noncontrolling interest

(24,336)

67,475

(91,811)

City Point Loan Advances

$ (65,391)

City Point Loan accrued interest, net

(3,923)

Employee and trustee stock compensation, net

11,122

1,122

10,000

Employee and trustee stock compensation, net (in Shares)

57,000

Noncontrolling interest distributions

(79,838)

Noncontrolling interest contributions

109,428

65,945

Comprehensive income (loss)

39,839

83,031

(35,445)

47,586

(2,211)

(5,536)

Comprehensive income (loss)

45,375

Reclassification of redeemable noncontrolling interests

(76,569)

^[3]

76,569

Reallocation of noncontrolling interests

(1,082)

1,082

^[2]

Balance at Dec. 31, 2022

$ 2,181,196

$ 95

1,945,322

46,817

(300,402)

1,691,832

489,364

Balance (in Shares) at Dec. 31, 2022

95,120,773

95,121,000

Ending Balance, Redeemable NCI at Dec. 31, 2022

$ 67,664

67,664

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

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

2,521

(2,521)

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

151,000

Dividends/distributions declared

(73,964)

(68,612)

(5,352)

City Point Loan Advances

(796)

City Point Loan accrued interest, net

(9,350)

Employee and trustee stock compensation, net

12,753

1,689

11,064

Employee and trustee stock compensation, net (in Shares)

90,000

Noncontrolling interest distributions

(80,186)

(50)

Noncontrolling interest contributions

59,612

1,110

Comprehensive income (loss)

(24,433)

(14,375)

19,873

5,498

(21,692)

(8,239)

Comprehensive income (loss)

(16,194)

Reallocation of noncontrolling interests

3,989

(3,989)

^[2]

Balance at Dec. 31, 2023

$ 2,083,217

$ 95

$ 1,953,521

$ 32,442

$ (349,141)

$ 1,636,917

$ 446,300

Balance (in Shares) at Dec. 31, 2023

95,361,676

95,362,000

Ending Balance, Redeemable NCI at Dec. 31, 2023

$ 50,339

[1]	The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $0.5 million on July 12, 2021.
[2]	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.
[3]	Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022

Investments in and Advances to Unconsolidated Affiliates - Mervyns II - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Proceeds from Dividends Received	$ 29.1	$ 1.8
Mervyns II
Schedule of Equity Method Investments [Line Items]
Proceeds from Dividends Received		1.9
Unrealized change in fair value of investment		$ 38.9

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Allowance for credit losses

$ 1,279

^[1]

$ 898

Common shares, par value (in dollars per share)

$ 0.001

Common shares, authorized (in shares)

200,000,000

Common shares, issued (in shares)

95,361,676

95,120,773

Common shares, outstanding (in shares)

95,361,676

95,120,773

Operating real estate, net

$ 3,517,281

$ 3,343,265

Real estate under development

94,799

184,602

Investments in and advances to unconsolidated affiliates

197,240

291,156

Other assets, net

208,460

229,591

Right-of-use assets - operating leases, net

29,286

37,281

Cash and cash equivalents

17,481

17,158

Restricted cash

7,813

15,063

Rents receivable, net

49,504

49,506

Mortgage and other notes payable, net

930,127

928,639

Unsecured notes payable, net

726,727

696,134

Accounts payable and other liabilities

229,375

196,491

Lease liability - operating leases

31,580

35,271

VIE

Operating real estate, net

1,679,779

1,466,381

Real estate under development

28,851

129,888

Investments in and advances to unconsolidated affiliates

92,802

210,922

Other assets, net

101,679

98,675

Right-of-use assets - operating leases, net

2,112

2,535

Cash and cash equivalents

10,787

13,330

Restricted cash

7,048

14,995

Rents receivable, net

21,427

17,915

Mortgage and other notes payable, net

764,614

761,166

Unsecured notes payable, net

80,473

51,202

Accounts payable and other liabilities

127,162

95,385

Lease liability - operating leases

$ 2,213

$ 2,657

[1]	The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2023.

Commitments and Contingencies

12 Months Ended

Dec. 31, 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.

With respect to borrowings of our consolidated entities, the Company has guaranteed $72.5 million of principal payment guarantees on various property mortgage loans and the Fund IV secured bridge facility (Note 7, Note 15). At December 31, 2023 and 2022, the Company had Core and Fund letters of credit outstanding of $2.0 million and $7.0 million, respectively (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.

Additionally, 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 under the loan. Fund V earned a fee from the joint venture for providing the guarantee. As of December 31, 2023, $0.2 million related to the guarantee was recorded as a liability in the Company’s condensed consolidated financial statements (Note 4).

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 $15.8 million and $39.1 million, of which the Company’s share is $12.5 million and $37.5 million as of December 31, 2023 and December 31, 2022, respectively. The Company has committed client-related obligations for tenant improvements based on executed leases aggregating approximately $25.7 million and $30.4 million, of which the Company’s share is $14.6 million and $15.8 million, as of December 31, 2023 and 2022, respectively. The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions.

Gain Contingency

The Company entered into a purchase and sale agreement (together with subsequent amendments thereto) to sell its West Shore Expressway property in the Core Portfolio. At the request of the former potential buyer, the Company extended the closing date numerous times in exchange for additional non-refundable deposits and contributions towards the carrying costs of the property. The agreement terminated and expired by its terms on August 2, 2023, and the $3.3 million deposit was forfeited to an affiliate of the Company, when, among other things, the former potential buyer failed to close on the property pursuant to the terms of the agreement. During the third quarter of 2023, the former potential buyer filed for Chapter 11 bankruptcy, which bankruptcy was dismissed during the fourth quarter, though this dismissal remained subject to appeal through January 2024. The Company has not recorded any amount in its consolidated financial statements related to this gain contingency as of December 31, 2023.

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.

Leases - Schedule of Future Minimum Rental Payments for Operating and Capital Leases (Parenthetical) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Leases [Abstract]
Minimum rental payments of interest related to operating lease	$ 8.8
Minimum rental payments of interest related to finance lease	$ 130.8

Federal Income Taxes - Schedule of Tax Status of Dividends (Parenthetical) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.72	$ 0.72	$ 0.6
Fourth Quarter Two Thousand twenty one [Member]
Valuation Allowance [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.15
Fourth Quarter Two Thousand Twenty Two [member]
Valuation Allowance [Line Items]
Common Stock, Dividends, Per Share, Declared	0.18	$ 0.18
Fourth Quarter Two Thousand Twenty Three [Member]
Valuation Allowance [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.18

Financial Instruments and Fair Value Measurements - Additional Information (Details) $ in Thousands			1 Months Ended	12 Months Ended
	Jan. 08, 2024 USD ($) shares	Jan. 20, 2023 USD ($)	Jan. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) SwapSwap shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Reclassification adjustment related to derivatives from AOCI to interest expense				$ (23,200)
Net proceeds from sale of common stock				0	$ 119,485	$ 63,876
Proceeds from dividends received				$ 29,100	1,800
Number of forward swaps terminated \| SwapSwap				6
Forward swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative, notional amount				$ 175,000
Cash proceeds from swaps				$ 16,000
Albertsons
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Sale of shares \| shares				200,000
Net proceeds from sale of common stock				$ 4,600
Common stock shares held				1,400
Securities held at fair value				33,300
Proceeds from dividends received		$ 28,500
Acadia
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from dividends received				$ 12,000	$ 600
Subsequent Event \| Albertsons
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Sale of shares \| shares	175,000		175,000
Net proceeds from sale of common stock	$ 4,000		$ 4,000

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2023 USD ($) Property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Operating Leased Assets [Line Items]
Number of leases \| Property	1,000
Variable lease revenue	$ 63,396	$ 59,342	$ 58,290
General allowance, Outstanding	4,100	5,400
Fund II received	2,000
Amount of shares	$ 1,100
Extended lease term	43 years
Additional Lease Payment	$ 4,000
Lease liability - finance leases	3,800
Right-of-use asset - finance lease	25,313	$ 0
Lease liability - finance lease	$ 22,100
Minimum
Operating Leased Assets [Line Items]
Operating lease term	1 month
Lease Term	8 months
Minimum \| Consolidated Total Revenues \| Customer Concentration Risk
Operating Leased Assets [Line Items]
Concentration risk, percentage	10.00%	10.00%	10.00%
Maximum
Operating Leased Assets [Line Items]
Operating lease term	60 years
Lease Term	98 years

Other Assets, Net and Accounts Payable and Other Liabilities

12 Months Ended

Dec. 31, 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:


	December 31,			December 31,
(in thousands)	2023			2022
Other Assets, Net:
Lease intangibles, net (Note 6)	$	100,594		$	102,374
Derivative financial instruments (Note 8)		28,989			54,902
Deferred charges, net (a)		31,074			28,478
Accrued interest receivable (Note 3)		25,553			18,082
Prepaid expenses		15,204			15,872
Due from seller		2,631			3,036
Income taxes receivable		1,141			1,876
Deposits		575			1,624
Corporate assets, net		924			1,287
Other receivables		1,775			2,060
	$	208,460		$	229,591

(a) Deferred Charges, Net:
Deferred leasing and other costs (a)	$	73,908		$	63,920
Deferred financing costs related to line of credit		9,829			9,494
		83,737			73,414
Accumulated amortization		(52,663	)		(44,936	)
Deferred charges, net	$	31,074		$	28,478

Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	$	73,994		$	78,416
Accounts payable and accrued expenses		61,425			59,922
Deferred income		34,386			34,503
Tenant security deposits, escrow and other		17,939			16,582
Lease liability - finance leases (Note 11)		32,739			7,022
Derivative financial instruments (Note 8)		8,892			46
	$	229,375		$	196,491

(a)

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

ASSETS

Operating real estate, net

$ 3,517,281

$ 3,343,265

Real estate under development

94,799

184,602

Net investments in real estate

3,612,080

3,527,867

Notes receivable, net ($1,279 and $898 of allowance for credit losses as of December 31, 2023 and December 31, 2022, respectively)

124,949

123,903

Investments in and advances to unconsolidated affiliates

197,240

291,156

Other assets, net

208,460

229,591

Right-of-use assets - operating leases, net

29,286

37,281

Cash and cash equivalents

17,481

17,158

Restricted cash

7,813

15,063

Marketable securities

33,284

Rents receivable, net

49,504

49,506

Assets of properties held for sale

11,057

Total assets

^[1],[2]

4,291,154

4,302,582

Liabilities:

Mortgage and other notes payable, net

930,127

928,639

Unsecured notes payable, net

726,727

696,134

Unsecured line of credit

213,287

168,287

Accounts payable and other liabilities

229,375

196,491

Lease liability - operating leases

31,580

35,271

Dividends and distributions payable

18,520

18,395

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

7,982

10,505

Total liabilities

^[1]

2,157,598

2,053,722

Commitments and contingencies (Note 9)

Redeemable noncontrolling interests (Note 10)

50,339

67,664

Acadia Shareholders' Equity

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 95,361,676 and 95,120,773 shares, respectively

Additional paid-in capital

1,953,521

1,945,322

Accumulated other comprehensive income

32,442

46,817

Distributions in excess of accumulated earnings

(349,141)

(300,402)

Total Acadia shareholders’ equity

1,636,917

1,691,832

Noncontrolling interests

446,300

489,364

Total equity

2,083,217

2,181,196

Total liabilities, redeemable noncontrolling interests, and equity

$ 4,291,154

$ 4,302,582

[1]

[2]

Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively.

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Related party revenue	$ 338,692	$ 326,290	$ 292,497
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Related party revenue	400	400	600
Expenses, related party	$ 4,500	$ 2,700	$ 2,200

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Real Estate - Schedule of Acquisitions and Conversions (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Business Acquisition [Line Items]

Total consideration

$ 305,903

Core Portfolio

Business Acquisition [Line Items]

Total consideration

$ 246,696

Core Portfolio | One Twenty One Spring Street | New York, NY

Business Acquisition [Line Items]

Percent Acquired

100.00%

Total consideration

$ 39,637

Core Portfolio | Williamsburg Portfolio | Brooklyn, NY

Business Acquisition [Line Items]

Total consideration

^[1]

$ 97,750

Core Portfolio | Beverly Boulevard | West Hollywood

Business Acquisition [Line Items]

Percent Acquired

100.00%

Total consideration

$ 24,117

Core Portfolio | Dallas TX | Henderson Avenue Portfolio

Business Acquisition [Line Items]

Percent Acquired

^[2]

100.00%

Total consideration

^[2]

$ 85,192

Fund III

Business Acquisition [Line Items]

Total consideration

$ 59,207

Fund III | 640 Broadway | New York, NY

Business Acquisition [Line Items]

Percent Acquired

^[3]

100.00%

Total consideration

^[3]

$ 59,207

Fund V

Business Acquisition [Line Items]

Total consideration

$ 127,190

Fund V | Cypress Creek | Tampa, FL

Business Acquisition [Line Items]

Percent Acquired

100.00%

Total consideration

$ 49,374

Fund V | Maple Tree Place | Williston, VT

Business Acquisition [Line Items]

Percent Acquired

100.00%

Total consideration

$ 77,816

[1]	The Company invested $2.8 million in its 49.99% equity interest and, through a separate lending subsidiary, provided a $64.1 million first mortgage loan and a $30.9 million mezzanine loan to subsidiaries of the venture (such equity and loans have been eliminated in consolidation). Pursuant to the entity’s operating agreement, the venture partner has a one-time right to put its 50.01% interest in the entity (the "Williamsburg NCI", which is further described in Note 10) to the Company for fair value at a future date. Given the preferred rate of return embedded in its equity interests and the accruing debt senior to the equity, the Company did not attribute any initial redemption value to the Williamsburg NCI and recognized a bargain purchase gain of $1.2 million, which is included in Realized and unrealized holding (losses) gains on investments and other on the Consolidated Statements of Operations.
[2]	The Henderson Avenue Portfolio comprises 14 operating retail assets, one residential building and two development and redevelopment sites. One of the development sites was sold in October 2022.
[3]	The entity was previously accounted for as an equity method investment until an affiliate of Fund III acquired the venture partner's interest in a foreclosure action. Fund III now indirectly owns 100% of the entity and consolidates it.

Real Estate - Schedule of Property Dispositions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on disposition of properties	$ 0	$ 57,161	$ 10,521
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price		222,153
Gain on disposition of properties		$ 57,161
Core Portfolio \| Disposed of by sale \| Henderson Avenue (Parcel) - Dallas, TX
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date sold		Oct. 07, 2022
Sale price		$ 3,050
Gain on disposition of properties		$ (194)
Core Portfolio \| Disposed of by sale \| 330-340 River St Cambridge, MA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date sold		Dec. 13, 2022
Sale price		$ 26,400
Gain on disposition of properties		$ 7,439
Fund III \| Disposed of by sale \| Cortlandt Crossing (Sewer Project and Retention Pond) - Cortlandt, NY
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date sold		Feb. 09, 2022
Sale price		$ 65,533
Gain on disposition of properties		$ 13,255
Fund IV \| Disposed of by sale \| Ne Grocer Portfolio Selected Assets Pennsylvania
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date sold		Jan. 26, 2022
Sale price		$ 45,350
Gain on disposition of properties		$ 13,784
Fund IV \| Disposed of by sale \| Lincoln Place Fairview Heights, IL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date sold		May 25, 2022
Sale price		$ 40,670
Gain on disposition of properties		$ 12,216
Fund IV \| Disposed of by sale \| Wake Forest Crossing - Wake Forest, NC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date sold		Aug. 24, 2022
Sale price		$ 38,919
Gain on disposition of properties		$ 8,885
Fund V \| Disposed of by sale \| New Towne (Parcel) - Canton, MI
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date sold		Feb. 01, 2022
Sale price		$ 2,231
Gain on disposition of properties		$ 1,776

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Segment Reporting Information [Line Items]

Total revenues

$ 338,692

$ 326,290

$ 292,497

Depreciation and amortization expenses

(135,984)

(135,917)

(123,439)

Property operating expenses, other operating and real estate taxes

(108,476)

(101,927)

(98,873)

General and administrative expenses

(41,470)

(44,066)

(40,125)

Impairment charges

(3,686)

(33,311)

(9,925)

Gain on disposition of properties

57,161

10,521

Operating income

49,076

68,230

30,656

Interest income

19,993

14,641

9,065

Equity in earnings (losses) of unconsolidated affiliates

(7,677)

(32,907)

5,330

Interest expense

(93,253)

(80,209)

(68,048)

Realized and unrealized holding gains (losses) on investments and other

30,413

(34,994)

49,120

Income tax provision

(301)

(12)

(93)

Net (loss) income

(1,749)

(65,251)

26,030

Net loss attributable to redeemable noncontrolling interests

8,239

5,536

Net loss (income) attributable to noncontrolling interests

13,383

24,270

(2,482)

Net income (loss) attributable to Acadia shareholders

19,873

(35,445)

23,548

Real estate at cost

^[1]

4,435,519

4,253,010

4,071,607

Total Assets

^[1]

4,291,154

^[2]

4,302,582

^[2]

4,261,746

Cash paid for acquisition of real estate

126,545

242,633

161,846

Cash paid for acquisition of real estate and leasehold interest

161,846

Cash paid for development and property improvement costs

69,540

51,046

40,671

Operating Segments | Core Portfolio

Segment Reporting Information [Line Items]

Total revenues

203,545

202,547

181,332

Depreciation and amortization expenses

(76,642)

(75,614)

(69,103)

Property operating expenses, other operating and real estate taxes

(64,382)

(60,306)

(56,957)

General and administrative expenses

Impairment charges

Gain on disposition of properties

7,245

4,612

Operating income

62,521

73,872

59,884

Interest income

Equity in earnings (losses) of unconsolidated affiliates

2,734

(45,919)

353

Interest expense

(44,521)

(37,892)

(29,454)

Realized and unrealized holding gains (losses) on investments and other

5,756

1,163

Income tax provision

Net (loss) income

26,490

(8,776)

30,783

Net loss attributable to redeemable noncontrolling interests

Net loss (income) attributable to noncontrolling interests

(1,937)

1,000

(2,276)

Net income (loss) attributable to Acadia shareholders

24,553

(7,776)

28,507

Real estate at cost

^[1]

2,646,831

2,597,394

2,356,645

Total Assets

^[1]

2,566,450

2,599,268

2,212,877

Cash paid for acquisition of real estate

242,633

Cash paid for acquisition of real estate and leasehold interest

26,176

Cash paid for development and property improvement costs

44,428

32,406

13,625

Operating Segments | Opportunity Funds

Segment Reporting Information [Line Items]

Total revenues

135,147

123,743

111,165

Depreciation and amortization expenses

(59,342)

(60,303)

(54,336)

Property operating expenses, other operating and real estate taxes

(44,094)

(41,621)

(41,916)

General and administrative expenses

Impairment charges

(3,686)

(33,311)

(9,925)

Gain on disposition of properties

49,916

5,909

Operating income

28,025

38,424

10,897

Interest income

Equity in earnings (losses) of unconsolidated affiliates

(10,411)

13,012

4,977

Interest expense

(48,732)

(42,317)

(38,594)

Realized and unrealized holding gains (losses) on investments and other

24,995

(35,559)

53,654

Income tax provision

Net (loss) income

(6,123)

(26,440)

30,934

Net loss attributable to redeemable noncontrolling interests

8,239

5,536

Net loss (income) attributable to noncontrolling interests

15,320

23,270

(206)

Net income (loss) attributable to Acadia shareholders

17,436

2,366

30,728

Real estate at cost

^[1]

1,788,688

1,655,616

1,714,962

Total Assets

^[1]

1,599,755

1,579,411

1,894,983

Cash paid for acquisition of real estate

126,545

Cash paid for acquisition of real estate and leasehold interest

135,670

Cash paid for development and property improvement costs

25,112

18,640

27,046

Operating Segments | Structured Financing

Segment Reporting Information [Line Items]

Total revenues

Depreciation and amortization expenses

Property operating expenses, other operating and real estate taxes

General and administrative expenses

Impairment charges

Gain on disposition of properties

Operating income

Interest income

19,993

14,641

9,065

Equity in earnings (losses) of unconsolidated affiliates

Interest expense

Realized and unrealized holding gains (losses) on investments and other

(338)

(598)

(4,534)

Income tax provision

Net (loss) income

19,655

14,043

4,531

Net loss attributable to redeemable noncontrolling interests

Net loss (income) attributable to noncontrolling interests

Net income (loss) attributable to Acadia shareholders

19,655

14,043

4,531

Real estate at cost

^[1]

Total Assets

^[1]

124,949

123,903

153,886

Cash paid for acquisition of real estate

Cash paid for acquisition of real estate and leasehold interest

Cash paid for development and property improvement costs

Unallocated

Segment Reporting Information [Line Items]

Total revenues

Depreciation and amortization expenses

Property operating expenses, other operating and real estate taxes

General and administrative expenses

(41,470)

(44,066)

(40,125)

Impairment charges

Gain on disposition of properties

Operating income

(41,470)

(44,066)

(40,125)

Interest income

Equity in earnings (losses) of unconsolidated affiliates

Interest expense

Realized and unrealized holding gains (losses) on investments and other

Income tax provision

(301)

(12)

(93)

Net (loss) income

(41,771)

(44,078)

(40,218)

Net loss attributable to redeemable noncontrolling interests

Net loss (income) attributable to noncontrolling interests

Net income (loss) attributable to Acadia shareholders

(41,771)

(44,078)

(40,218)

Real estate at cost

^[1]

Total Assets

^[1]

Cash paid for acquisition of real estate

Cash paid for acquisition of real estate and leasehold interest

Cash paid for development and property improvement costs

$ 0

[1]

Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively.

[2]

Lease Intangibles - Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	$ 354,778	$ 325,620
Amortizable Intangible Assets, Accumulated Amortization	(254,184)	(223,246)
Amortizable Intangible Assets, Net Carrying Amount	100,594	102,374
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Gross Carrying Amount	(188,098)	(176,253)
Amortizable Intangible Liabilities, Accumulated Amortization	114,393	98,182
Amortizable Intangible Liabilities, Net Carrying Amount	(73,705)	(78,071)
Above-market Ground Lease, Gross	(671)	(671)
Above-market Ground Lease, Accumulated Amortization	382	326
Above-market Ground Lease, Net	(289)	(345)
Finite-Lived Intangible Liabilities, Gross	(188,769)	(176,924)
Finite-Lived Intangible Liabilities, Accumulated Amortization	114,775	98,508
Finite-Lived Intangible Liabilities, Net	(73,994)	(78,416)
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	327,484	301,556
Amortizable Intangible Assets, Accumulated Amortization	(234,808)	(205,951)
Amortizable Intangible Assets, Net Carrying Amount	92,676	95,605
Above-market rent
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	27,294	24,064
Amortizable Intangible Assets, Accumulated Amortization	(19,376)	(17,295)
Amortizable Intangible Assets, Net Carrying Amount	$ 7,918	$ 6,769

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) Segment Property $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)
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 \| Property	201
Number of reportable segments \| Segment	3
Amount of goodwill recorded and acquisition costs capitalized	$ 0
Deferred Rent Receivables, Net	49,300,000	$ 48,100,000
General allowance, Outstanding	4,100,000	5,400,000
Allowance for uncollectible accounts receivable adjustments	$ (1,300,000)	1,500,000	$ 1,900,000
Michigan Avenue
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Impairment of Investment		$ 50,800,000
REIT
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of distribute taxable income	90.00%
Percentage of taxable income.	100.00%
Buildings
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, plant and equipment, useful life	40 years
Building Improvements
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, plant and equipment, useful life	15 years
Furniture and fixtures \| Minimum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, plant and equipment, useful life	5 years
Furniture and fixtures \| Maximum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, plant and equipment, useful life	10 years
Core Portfolio
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of retail properties \| Property	149
Properties owned percentage	100.00%
Opportunity Funds
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of retail properties \| Property	52
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%

Real Estate

12 Months Ended

Dec. 31, 2023

Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]

Real Estate

2. Real Estate

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


	December 31,			December 31,
	2023			2022

Land	$	872,228		$	817,802
Buildings and improvements		3,128,650			2,987,594
Tenant improvements		257,955			216,899
Construction in progress		23,250			21,027
Right-of-use assets - finance leases (Note 11)		58,637			25,086
Total		4,340,720			4,068,408
Less: Accumulated depreciation and amortization		(823,439	)		(725,143	)
Operating real estate, net		3,517,281			3,343,265
Real estate under development		94,799			184,602
Net investments in real estate	$	3,612,080		$	3,527,867

Acquisitions and Foreclosure


Property and Location	Percent Acquired	Date of Acquisition	Purchase Price
Fund V 2023 Acquisitions
Cypress Creek - Tampa, FL	100%	July 3, 2023	$	49,374
Maple Tree Place - Williston, VT	100%	November 27, 2023		77,816
Total Fund V 2023 Acquisitions			$	127,190

2022 Acquisitions and Foreclosure
Core
121 Spring Street - New York, NY	100%	Jan 12, 2022	$	39,637
Williamsburg Collection - Brooklyn, NY (a)	(a)	Feb 18, 2022		97,750
8833 Beverly Boulevard - West Hollywood, CA	100%	Mar 2, 2022		24,117
Henderson Avenue Portfolio - Dallas, TX (b)	100%	Apr 18, 2022		85,192
Subtotal Core				246,696

Fund III
640 Broadway - New York, NY (Foreclosure) (c)	100%	Jan 26, 2022		59,207
Subtotal Fund III				59,207
Total 2022 Acquisitions and Foreclosure			$	305,903

The Henderson Avenue Portfolio comprises 14 operating retail assets, one residential building and two development and redevelopment sites. One of the development sites was sold in October 2022.

For the years ended December 31, 2023 and 2022, the Company capitalized $1.0 million and $1.2 million of acquisition costs in connection with the Fund V 2023 Acquisitions and the 2022 Acquisitions and Foreclosure, respectively. In addition, during the year ended December 31, 2022, the Company expensed $2.0 million of acquisition costs (including a $1.5 million acquisition fee paid to an affiliate of a joint venture partner). Acquisition costs that were expensed are included in General and administrative expenses on the Consolidated Statements of Operations.

Purchase Price Allocations

The purchase prices for the 2023 Acquisitions and 2022 Acquisitions and Foreclosure were allocated to the acquired assets and assumed liabilities based on their estimated relative fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2023 and 2022 (in thousands):


	Land		Buildings and improvements		Intangible assets		Right-of-use asset		Lease liability			Intangible liabilities			Other assets, net		Net assets acquired
Property Name
Cypress Creek	$	—	$	39,637	$	10,949	$	25,313	$	(22,075	)	$	(4,450	)	$	—	$	49,374
Maple Tree Place		17,597		49,404		18,209		—		—			(7,395	)		—		77,816
2023 Total	$	17,597	$	89,041	$	29,158	$	25,313	$	(22,075	)	$	(11,845	)	$	—	$	127,190


121 Spring Street	$	5,380	$	31,707	$	2,550	$	—	$	—		$	—		$	—	$	39,637
Williamsburg Collection		31,500		60,700		16,401		—		—			(9,688	)		—		98,913
8833 Beverly Boulevard		14,423		8,299		1,395		—		—			—			—		24,117
Henderson Avenue Portfolio		40,764		40,865		7,611		—		—			(4,048	)		—		85,192
640 Broadway (a)		27,831		27,291		1,059		—		(661	)		(390	)		4,077		59,207
2022 Total	$	119,898	$	168,862	$	29,016	$	—	$	(661	)	$	(14,126	)	$	4,077	$	307,066

The Company assumed a $36.0 million mortgage with the consolidation of 640 Broadway during the year ended December 31, 2022 (Note 7).

The Company determines the fair value of the individual components of real estate asset acquisitions primarily through calculating the "as-if vacant" value of a building, using an income approach, which relies significantly upon internally determined assumptions. The Company has determined that these estimates primarily rely on Level 3 inputs, which are unobservable inputs based on our own assumptions. The most significant assumptions used in calculating the "as-if vacant" value for acquisition activity during 2023 and 2022, respectively, are as follows:


	2023						2022
	Low			High			Low			High
Exit Capitalization Rate		7.00	%		8.50	%		4.25	%		7.25	%
Annual net rental rate per square foot on acquired buildings	$	4.00		$	47.00		$	20.00		$	825.00
Annual net rental rate per square foot on acquired ground lease	$	1.04		$	1.91		$	—		$	—

The estimate of the portion of the "as-if vacant" value that is allocated to the land underlying the acquired real estate relies on Level 3 inputs and is primarily determined by reference to recent comparable transactions.

Dispositions

During the years ended December 31, 2023 and 2022, the Company disposed of the following properties and other real estate investments (in thousands):


Property and Location	Owner	Sale Date	Sale Price		Gain (Loss) on Sale
2023 Dispositions (a)
None

2022 Dispositions
NE Grocer Portfolio (Selected Assets) - Pennsylvania	Fund IV	Jan 26, 2022 Mar 4, 2022	$	45,350	$	13,784
New Towne (Parcel) - Canton, MI	Fund V	Feb 1, 2022		2,231		1,776
Cortlandt Crossing - Westchester County, NY	Fund III	Feb 9, 2022		65,533		13,255
Lincoln Place - Fairview Heights, IL	Fund IV	May 25, 2022		40,670		12,216
Wake Forest Crossing - Wake Forest, NC	Fund IV	Aug 24, 2022		38,919		8,885
Henderson Avenue (Parcel) - Dallas, TX	Core	Oct 7, 2022		3,050		(194	)
330-340 River Street - Cambridge, MA	Core	Dec 13, 2022		26,400		7,439
Total 2022 Dispositions			$	222,153	$	57,161

Properties Held for Sale

At December 31, 2023 and 2022, the Company had one Core property under contract for sale with assets totaling $11.1 million, which was probable of disposition within one-year. This property was classified as "held for sale" on the Company's Consolidated Balance Sheets. Assets of property held for sale consisted of the following:


	December 31,			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

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

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


	January 1, 2023				Year Ended December 31, 2023						December 31, 2023
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	54,817	$	—	$	11,266	$	—		2		66,083
Fund II		—		34,072		—		633		34,705		—		—
Fund III		1		25,798		—		2,958		40		1		28,716
Fund IV		1		69,915		—		—		69,915		—		—
Total		4	$	184,602	$	—	$	14,857	$	104,660		3	$	94,799


	January 1, 2022				Year Ended December 31, 2022						December 31, 2022
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value

Core		—	$	42,517	$	9,610	$	2,690	$	—		2	$	54,817
Fund II (a)		—		35,125		—		503		1,556		—		34,072
Fund III		1		24,296		—		1,502		—		1		25,798
Fund IV (b)		1		101,835		—		215		32,135		1		69,915
Total		2	$	203,773	$	9,610	$	4,910	$	33,691		4	$	184,602

(a)

Transfers out include $1.6 million related to a portion of one Fund II property that was transferred out of development.

(b)

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 December 31, 2023, development projects included: portions of the Henderson 1 & 2 Portfolio, in Core, and Broad Hollow Commons in Fund III. During the year ended December 31, 2023, the Company:

•

placed the remainder of the building and improvements of one Fund II property, City Point, into service in the third quarter; and

•

placed the remainder of the building and improvements of one Fund IV property, 717 N. Michigan Avenue, into service in the first quarter.

At December 31, 2022, development projects included: portions of the Henderson 1 & 2 Portfolio in Core, Broad Hollow Commons in Fund III and a portion of 717 N. Michigan Avenue at Fund IV. During the year ended December 31, 2022, the Company:

•

placed the building and improvements of two Core properties in the Henderson Portfolio into development in the second quarter;

•

placed a portion of the building and improvements of one Fund II property, City Point, into service in the fourth quarter; and

•

placed a portion of the building and improvements of one Fund IV property, 717 N. Michigan Avenue, into service in the first quarter.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Cash and cash equivalents, beginning balance	$ 17,158	$ 17,746	$ 18,699
Cash and cash equivalents, ending balance	17,481	17,158	17,746
Restricted cash, beginning balance	15,063	9,813	11,096
Restricted cash, ending balance	7,813	15,063	9,813
Cash paid for capitalized interest	7,206	4,166	3,421
Net settlements received on interest rate swap contracts, excluded from interest paid	$ 28,700		$ 29,900
Net settlements paid on interest rate swap contracts, excluded from interest paid		$ 8,300

Other Assets, Net and Accounts Payable and Other Liabilities - Schedule of other assets and other liabilities (Parenthetical) (Details) $ in Millions	Dec. 31, 2023 USD ($)
Deferred Costs [Abstract]
Incremental capitalized internal leasing commission	$ 2.2

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

11. Leases

As Lessor

The Company has approximately 1,000 leases in the leasing of shopping centers and other retail properties that are either owned or, with respect to certain shopping centers, leased under long-term ground leases (see below) that expire at various dates through December 31, 2121, with renewal options. Certain leases may allow for the tenants to terminate the leases before the expiration of the lease term. Space in the properties is leased to tenants pursuant to agreements that generally provide for terms ranging from one month to sixty years and for additional rents based on certain operating expenses as well as tenants’ sales volumes.

The components of rental revenue are as follows (in thousands):


	Year Ended December 31,
	2023		2022		2021
Fixed lease revenue	$	269,648	$	258,472	$	227,608
Variable lease revenue		63,396		59,342		58,290
Total rental revenue	$	333,044	$	317,814	$	285,898



	Minimum Rental Revenues (a)
2024	$	249,135
2025		233,786
2026		208,935
2027		184,039
2028		153,941
Thereafter		668,128
		1,697,964
Interest		—
Total	$	1,697,964

(a)

During the years ended December 31, 2023, 2022 and 2021, no single tenant or property collectively comprised more than 10% of the Company’s Total revenues.

During the year ended December 31, 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 Rental revenue on the Consolidated Statements of Operations.

As Lessee

The Company has properties in its portfolio that are currently owned by third parties. We also lease real estate for equipment and office space. We lease these properties pursuant to ground leases that provide us the right to operate each such property, and generally provide form terms ranging from eight months to 98 years.


	Minimum Rental Payments
	Operating Leases (a)			Finance Leases (a)
2024	$	5,414		$	3,925
2025		5,329			1,780
2026		5,173			1,264
2027		4,373			1,264
2028		4,157			1,310
Thereafter		15,911			154,018
		40,357			163,561
Interest		(8,777	)		(130,822	)
Total	$	31,580		$	32,739

(a)

Minimum rental payments include $8.8 million of interest related to operating leases and $130.8 million related to finance leases and exclude options or renewals not reasonably certain of exercise.

Additional disclosures regarding the Company’s leases as lessee are as follows (dollars in thousands):


	Year Ended December 31,
	2023			2022			2021
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	1,244		$	903		$	903
Interest on lease liabilities		1,239			410			388
Subtotal		2,483			1,313			1,291
Operating lease cost		5,291			5,338			7,184
Variable lease cost		228			80			84
Total lease cost	$	8,002		$	6,731		$	8,559

Cash Paid
Payments of operating lease obligations - operating activities	$	5,386		$	5,364		$	7,223
Payments of interest on finance lease obligations - operating activities		1,239			410			388
Payments of finance lease obligations - financing activities		100			—			63

	As of December 31,
	2023			2022
Other Information
Weighted-average remaining lease term - finance leases (years)		58.3			31.9
Weighted-average remaining lease term - operating leases (years)		9.7			13.5
Weighted-average discount rate - finance leases		6.5	%		6.3	%
Weighted-average discount rate - operating leases		5.1	%		5.1	%

During the year ended December 31, 2023, the Company:

•

modified its master lease at 565 Broadway within the Core Portfolio and extended the lease term for 43 years until December 31, 2121, for an additional payment of $4.0 million to be paid over the lease term. As a result, the transaction was accounted for as a lease modification which resulted in a change in lease classification per ASC 842 from Right-of-use-asset – operating lease to a right-of-use-asset – finance lease. The Company recorded an additional right-of-use asset – finance lease and corresponding lease liability-finance lease of $3.8 million.

•

acquired four ground leases as part of the Fund V acquisition of Cypress Creek in July 2023 (Note 2), and recorded a right-of-use-asset – finance lease of $25.3 million and a lease liability – finance lease of $22.1 million as the present value of the sum of the lease payments exceeded substantially all of the fair value of the underlying assets.

During the year ended December 31, 2022, there were no new leases entered or modified where the Company acted as lessee.

Earnings (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Year Ended December 31,
(dollars in thousands)	2023			2022			2021
Numerator:
Net income (loss) attributable to Acadia shareholders	$	19,873		$	(35,445	)	$	23,548
Less: earnings attributable to unvested participating securities		(978	)		(805	)		(624	)
Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share		18,895			(36,250	)		22,924
Impact of City Point Loan share conversion option (a)		—			(1,804	)		—
Income from continuing operations net of income attributable to participating securities for diluted earnings per share	$	18,895		$	(38,054	)	$	22,924

Denominator:
Weighted average shares for basic earnings (loss) per share		95,283,752			94,575,251			87,653,818
Effect of dilutive securities:
Series A Preferred OP Units		—			—			—
Employee unvested restricted shares		—			—			—
City Point Loan common stock conversion option (Note 10) (a)		—			68,215			—
Weighted average shares for diluted earnings per share		95,283,752			94,643,466			87,653,818

Basic earnings (loss) per Common Share from continuing operations attributable to Acadia	$	0.20		$	(0.38	)	$	0.26
Diluted earnings (loss) per Common Share from continuing operations attributable to Acadia	$	0.20		$	(0.40	)	$	0.26

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

Series C Preferred OP Units		126,384			126,384			126,593
Series C Preferred OP Units - Common share equivalent		438,831			438,831			439,556
Restricted shares		90,006			68,832			70,827

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Details)
$ in Millions

12 Months Ended

Dec. 31, 2023

USD ($)

Fund II and Mervyns II

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Operating Partnership Share of Capital

61.67%

^[1]

Capital Called

$ 559.4

^[1],[2]

Unfunded Commitment

$ 0.0

^[1],[2]

Equity interest held by Operating Partnership

61.67%

^[1],[3]

Preferred Return

8.00%

^[1]

Total Distributions

$ 172.9

^[1],[2]

Fund III

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Operating Partnership Share of Capital

24.54%

Capital Called

$ 448.1

^[2]

Unfunded Commitment

$ 1.9

^[2]

Equity interest held by Operating Partnership

24.54%

^[3]

Preferred Return

6.00%

Total Distributions

$ 603.5

^[2]

Fund IV

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Operating Partnership Share of Capital

23.12%

Capital Called

$ 503.4

^[2]

Unfunded Commitment

$ 26.6

^[2]

Equity interest held by Operating Partnership

23.12%

^[3]

Preferred Return

6.00%

Total Distributions

$ 221.4

^[2]

Fund V

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Operating Partnership Share of Capital

20.10%

Capital Called

$ 407.4

^[2]

Unfunded Commitment

$ 112.6

^[2]

Equity interest held by Operating Partnership

20.10%

^[3]

Preferred Return

6.00%

Total Distributions

$ 105.8

^[2]

[1]	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 received 1.6 million shares (Note 4, Note 8). The Company’s ownership in Mervyns II is 40.0%.
[2]	Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares.
[3]	Amount represents the current economic ownership at December 31, 2023, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.

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

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Combined and Condensed Balance Sheets

Real estate under development

$ 94,799

$ 184,602

Other assets

208,460

229,591

Total assets

^[2]

4,291,154

^[1]

4,302,582

^[1]

$ 4,261,746

Total liabilities, redeemable noncontrolling interests, and equity

4,291,154

4,302,582

Investments carried at fair value or cost

^[3]

4,554

4,315

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

7,982

10,505

Investments in and advances to unconsolidated affiliates

197,240

291,156

Unconsolidated Affiliates

Combined and Condensed Balance Sheets

Rental property, net

723,411

650,997

Real estate under development

17,359

Other assets

125,699

127,070

Total assets

849,110

795,426

Mortgage notes payable

662,552

609,923

Other liabilities

100,270

96,532

Partners’ equity

86,288

88,971

Total liabilities, redeemable noncontrolling interests, and equity

849,110

795,426

Company's share of accumulated equity

128,690

131,878

Basis differential

51,824

52,813

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

3,794

5,937

Amounts receivable/payable by the Company

396

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

184,704

190,933

Investments carried at fair value or cost

4,554

89,718

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

7,982

10,505

Investments in and advances to unconsolidated affiliates

$ 197,240

$ 291,156

[1]	Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") (Note 16). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,679.8 million and $1,466.4 million of Operating real estate, net; $28.9 million and $129.9 million of Real estate under development; $92.8 million and $210.9 million of Investments in and advances to unconsolidated affiliates; $101.7 million and $98.7 million of Other assets, net; $2.1 million and $2.5 million of Right-of-use assets - operating leases, net; $10.8 million and $13.3 million of Cash and cash equivalents; $7.0 million and $15.0 million of Restricted cash; $21.4 million and $17.9 million of Rents receivable, net; $764.6 million and $761.2 million of Mortgage and other notes payable, net; $80.5 million and $51.2 million of Unsecured notes payable, net; $127.2 million and $95.4 million of Accounts payable and other liabilities; $2.2 million and $2.7 million of Lease liability- operating leases as of December 31, 2023 and 2022, respectively.
[2]	Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively.
[3]	Includes cost-method investment in Fifth Wall and other investments.

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

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Aug. 02, 2023

Loss Contingencies [Line Items]

Letters of credit, outstanding amount

$ 2,000

$ 7,000

Contractual obligation

15,800

39,100

Contractual obligation for tenant improvements

25,700

30,400

Tenant improvements share amount

14,600

15,800

Purchase Obligation, Total

12,500

37,500

Deposit under agreement terminated and forfeited

$ 3,300

Total liabilities

^[1]

2,157,598

$ 2,053,722

Fund IV

Loss Contingencies [Line Items]

Principal payment

72,500

La Frontera Village Member

Loss Contingencies [Line Items]

Mortgage Loans on Real Estate, Commercial and Consumer, Net, Total

57,000

Total liabilities

$ 200

[1]

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.72	$ 0.72	$ 0.6

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Change in Noncontrolling Interest (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 12, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Minority Interest [Line Items]
Distributions declared (in dollars per share)		$ 0.72	$ 0.72	$ 0.6
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership (in shares)		151,257	234,473	89,765
Total consideration			$ 305,903
OP Units in settlement of note receivable	21,109
Settlement amount of note receivable in OP units	$ 500
Fund II and Mervyns II
Minority Interest [Line Items]
Minority interest ownership percentage		11.67%
Fund II
Minority Interest [Line Items]
Minority interest ownership percentage		21.67%
Total consideration		$ 5,800
Series A Preferred Stock
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)		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	126,384	126,593
Noncontrolling Interests
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)		2,855,574	3,062,108	3,076,849
LTIP Units
Minority Interest [Line Items]
LTIP units outstanding (in shares)		4,247,054	3,512,414	3,371,296
Mervyns II
Minority Interest [Line Items]
Total consideration		$ 18,500

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

12 Months Ended

Dec. 31, 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 December 31, 2023 (a)		Unfunded Commitment (a)		Equity Interest Held By Operating Partnership (b)			Preferred Return			Total Distributions as of December 31, 2023 (a)
Fund II and Mervyns II (c)	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	%		503.4		26.6		23.12	%		6	%		221.4
Fund V	8/2016		20.10	%		407.4		112.6		20.10	%		6	%		105.8

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

Amount represents the current economic ownership at December 31, 2023, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at beginning of year	$ 725,143	$ 648,461	$ 573,364
Depreciation related to real estate	100,300	98,414	90,456
Property dispositions or held for sale assets	(2,004)	(21,732)	(15,359)
Balance at end of year	$ 823,439	$ 725,143	$ 648,461

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Share Incentive and Other Compensation - Additional Information (Details) - USD ($)			1 Months Ended		6 Months Ended	12 Months Ended
	May 04, 2023	Mar. 22, 2023	May 31, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation						$ 12,753,000	$ 11,122,000	$ 12,430,000
Trustee fees						1,900,000	1,700,000	$ 1,600,000
Compensation expense						200,000	400,000
Total unrecognized compensation cost related to nonvested awards						$ 16,700,000
Weighted-average period over which cost is expected to be recognized						1 year 6 months
Fund V
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award						18.00%
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%
Performance Period Ending December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage								33.30%
Award vesting period						3 years
Minimum \| Share-based Payment Award, Growth Rate Percentage Two And Three Percentage [Member] \| Same-property net operating income
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage						50.00%
Growth rate Percentage						2.00%
Minimum \| Growth rate three and four percentage \| Same-property net operating income
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage						100.00%
Growth rate Percentage						3.00%
Maximum \| Share-based Payment Award, Growth Rate Percentage Two And Three Percentage [Member] \| Same-property net operating income
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage						100.00%
Growth rate Percentage						3.00%
Maximum \| Growth rate three and four percentage \| Same-property net operating income
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage						200.00%
Growth rate Percentage						4.00%
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	$ 7,500,000
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 \| 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 \| 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 \| Performance Period Ending December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage								66.70%
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested						$ 800,000	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					45,882	2,433
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
Restricted shares \| First Anniversary of The Date of Issuance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting shares					15,850
LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Next three year anniversaty Vesting rate of shares granted to trustees					33.00%
Total value of restricted shares and LTIP units as of the grant date						$ 11,500,000	$ 13,100,000	$ 12,600,000
Annual vesting rate of shares granted to trustees that begin vesting on the second anniversary of grant date						33.00%
Weighted average grant date fair value, grants (in dollars per share)						$ 14.93	$ 21.04	$ 19.51
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						$ 9,200,000	$ 7,400,000	$ 9,400,000
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 \| 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 \| 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						$ 500,000	$ 400,000	$ 400,000
Performance-based ltip units \| Performance Period Ending December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period						3 years
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
Performance Shares 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period						3 years
Volatility rate						48.00%
Risk-free interest rates						4.30%
Performance Shares 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period							3 years
Volatility rate							49.00%
Risk-free interest rates							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%
Performance Shares 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period								3 years
Volatility rate								48.00%
Risk-free interest rates								0.20%
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
Amended and Restated 2020 Plan [Member]
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				3,804,345
Amended and Restated 2020 Plan [Member] \| 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 [Member] \| 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

Real Estate - Schedule of Development in Process Activities (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Notes receivable, net	$ 124,949	$ 123,903
Impairment charge	3,686	$ 33,311	$ 9,925
Fund II \| Fund Portfolio
Property, Plant and Equipment [Line Items]
Transferred Out Of Development	1,600
Fund IV \| Fund Portfolio
Property, Plant and Equipment [Line Items]
Impairment charge	18,700
Transferred Out Of Development	$ 13,400

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Preferred OP Units - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2016
Class of Stock [Line Items]
Denominator for Series A Preferred OP Unit conversion	$ 7.5
Common Shares
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)		5,525,000	2,889,000
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 \| 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
Preferred OP Units \| Gotham Plaza \| Minimum
Class of Stock [Line Items]
Share price at conversion date				28.8
Preferred OP Units \| Gotham Plaza \| Maximum
Class of Stock [Line Items]
Share price at conversion date				$ 35.2
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)	$ 22.5
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 - Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
STATEMENTS OF INCOME
Gain on disposition of properties	$ 0	$ 57,161	$ 10,521

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss

12 Months Ended

Dec. 31, 2023

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 and share repurchase activity discussed below, the Company completed the following transactions during the year ended December 31, 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 totaling $9.2 million in connection with Restricted Shares and restricted Common OP Units (“Restricted Units”) (Note 13).

In addition to the ATM Program and share repurchase activity discussed below, the Company completed the following transactions during the year ended December 31, 2022:

•

The Company withheld 3,235 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 totaling $7.4 million in connection with Restricted Shares and Units (Note 13).

In January 2024, the Company completed an underwritten offering of 6,900,000 Common Shares (inclusive of the underwriters’ option to purchase 900,000 additional shares) for net proceeds of $113.0 million (Note 17).

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 sale” component, in the first quarter of 2022. The Company had approximately $222.3 million of availability under the ATM program at December 31, 2023 .The Company has not issued any shares on a forward basis during the years ended December 31, 2023 and 2022. During the year ended December 31, 2023 the Company did not sell any Common Shares under its ATM program. During the year ended December 31, 2022, the Company sold 5,525,419 Common Shares under its ATM Program for gross proceeds of $123.9 million, or $119.5 million net of issuance costs, at a weighted-average gross price per share of $22.43, of which 4,281,576 shares were sold under the previous ATM Program for gross proceeds of $96.3 million, or $92.5 million net of issuance costs. During the year ended December 31, 2021, the Company sold 2,889,371 Common Shares under its previous ATM Program for gross proceeds of $64.9 million, or $63.9 million net of issuance costs, at a weighted-average gross price per share of $22.46.

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 years ended December 31, 2023, 2022 and 2021. Under the share repurchase program $122.5 million remains available at December 31, 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
August 9, 2023	$	0.18	September 29, 2023	October 13, 2023
November 2, 2023	$	0.18	December 29, 2023	January 12, 2024

Noncontrolling Interests

The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands):


	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
Conversion of 151,257 Common OP Units to Common Shares by limited partners of the Operating Partnership		(2,521	)		—			(2,521	)		—
Distributions declared of $0.72 per Common OP Unit and distributions on Preferred OP Units		(5,352	)		—			(5,352	)		—
City Point Loan		—			—			—			(796	)
City Point Loan accrued interest		—			—			—			(9,350	)
Employee and trustee stock compensation, net		11,064			—			11,064			—
Noncontrolling interest distributions		—			(80,186	)		(80,186	)		(50	)
Noncontrolling interest contributions		—			59,612			59,612			1,110
Net income (loss) for the year ended December 31, 2023		1,785			(15,168	)		(13,383	)		(8,239	)
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements		(613	)		6,015			5,402			—
Reclassification of realized interest expense on swap agreements		(210	)		(13,501	)		(13,711	)		—
Reallocation of noncontrolling interests (d)		(3,989	)		—			(3,989	)		—
Balance at December 31, 2023	$	99,718		$	346,582		$	446,300		$	50,339

Balance at January 1, 2022	$	94,120		$	534,202		$	628,322		$	—
Conversion of 234,473 Common OP Units to Common Shares by limited partners of the Operating Partnership		(3,945	)		—			(3,945	)		—
Distributions declared of $0.72 per Common OP Unit and distributions on Preferred OP Units		(5,094	)		—			(5,094	)		—
Acquisition of noncontrolling interest (e)		—			(91,811	)		(91,811	)		—
City Point Loan		—			—			—			(65,391	)
City Point Loan accrued interest		—			—			—			(3,923	)
Employee and trustee stock compensation, net		10,000			—			10,000			—
Noncontrolling interest distributions		—			(79,838	)		(79,838	)		—
Noncontrolling interest contributions		—			109,428			109,428			65,945
Net loss for the year ended December 31, 2022		(1,308	)		(22,962	)		(24,270	)		(5,536	)
Other comprehensive income - unrealized gain on valuation of swap agreements		4,641			15,567			20,208			—
Reclassification of realized interest expense on swap agreements		58			1,793			1,851			—
Reclassification of redeemable noncontrolling interests(f)		—			(76,569	)		(76,569	)		76,569
Reallocation of noncontrolling interests (d)		1,082			—			1,082			—
Balance at December 31, 2022	$	99,554		$	389,810		$	489,364		$	67,664


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at January 1, 2021	$	89,431		$	519,734		$	609,165		$	—
Conversion of 89,765 Common OP Units to Common Shares by limited partners of the Operating Partnership		(1,431	)		—			(1,431	)		—
Cancellation of OP units(g)		(568	)		—			(568	)		—
Distributions declared of $0.60 per Common OP Unit		(4,185	)		—			(4,185	)		—
Employee and trustee stock compensation, net		11,284			—			11,284			—
Noncontrolling interest distributions		—			(27,051	)		(27,051	)		—
Noncontrolling interest contributions		—			30,164			30,164			—
Net income for the year ended December 31, 2021		2,075			407			2,482			—
Other comprehensive loss - unrealized loss on valuation of swap agreements		2,072			3,918			5,990			—
Reclassification of realized interest expense on swap agreements		210			7,030			7,240			—
Reallocation of noncontrolling interests (d)		(4,768	)		—			(4,768	)		—
Balance at December 31, 2021	$	94,120		$	534,202		$	628,322		$	—

(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)

Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below.

(d)

(e)

(f)

Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022.

(g)

The Company exchanged 21,109 OP Units in settlement of a note receivable in the amount of $0.5 million on July 12, 2021.

Redeemable Noncontrolling Interests

Williamsburg Portfolio

In connection with the Williamsburg Portfolio acquisition in February 2022 (Note 2), the Company evaluated the Williamsburg Noncontrolling Interest ("Williamsburg 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 December 31, 2023 and 2022, the Company determined that the fair value of the Williamsburg NCI was zero. The Company determined that its valuation was classified within Level 3 of the fair value hierarchy. The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.25% and discount rate of 7.25% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

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, 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 and accrued interest, net of a $0.7 million and $0.5 million allowance for CECL as of December 31, 2023 and 2022, respectively, 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, which began 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 City Point NCI interest and recognize an increase in the carrying value if the redemption value exceeds the then current carrying value. At December 31, 2023, the Company determined that the carrying value exceeded the maximum Redemption Value and no adjustment was required. The Company determined that its valuation was classified within Level 3 of the fair value hierarchy. The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.25% and discount rate of 6.25% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

8833 Beverly Boulevard

In July 2023, the Company entered into a limited partnership agreement to own and operate the 8833 Beverly Boulevard property. Following the formation of the partnership, the Company retained a 97.0% controlling interest. At a future point in time, subject to certain criteria, either party may elect a buy-out right, where either the Company may purchase its partner’s interest or its partner may sell its 3.0% interest in the partnership (the "8833 Beverly NCI") to the Company for fair value. As a result of these redemption rights, the 8833 Beverly NCI was initially recorded at fair value and presented as Redeemable noncontrolling interests on the Company’s Consolidated Balance Sheets. On a quarterly basis, the Company will recognize changes in the redemption value as an adjustment to the carrying amount of the redeemable 8833 Beverly NCI. At December 31, 2023, the Company determined that the carrying value exceeded the maximum redemption value and no adjustment was required. The Company determined that its valuation was classified within Level 3 of the fair value hierarchy. The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 6.0% and discount rate of 9.0% were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates.

Preferred OP Units

In 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. Through December 31, 2023, 15,209 Series C Preferred OP Units were converted into 52,613 Common OP Units and then into Common Shares. 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.

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 (9.00% 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 December 31, 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.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Real Estate - Schedule of Property Dispositions (Details) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on termination of lease	$ 0	$ 0	$ 3,615
146 Geary Street property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Carrying Value	19,400
Mortgage loan and accured interest	$ 20,100

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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):


	December 31, 2023							December 31, 2022
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Assets
Marketable equity securities	$	33,284	$	—		$	—	$	85,403	$	—		$	—
Derivative financial instruments		—		28,989			—		—		54,902			—
Liabilities
Derivative financial instruments		—		(8,892	)		—		—		(46	)		—

Schedule realized and unrealized gain (loss) on marketable securities


	Year Ended December 31,
	2023			2022			2021
Realized gain on marketable securities	$	4,636		$	—		$	—
Less: previously recognized unrealized gains on marketable securities sold during the period		(4,636	)		—			—
Unrealized gains (losses) on marketable securities still held at the end of the period and through the disposition date on marketable securities sold during the period		1,634			(38,913	)		51,925
Gain on marketable securities, net	$	1,634		$	(38,913	)	$	51,925

Schedule of Items Measured at Fair Value on Nonrecurring Basis

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

         
        Impairment Charge (a)

        Property and Location

        Owner

        Triggering Event

        Effective Date

        Total

        Acadia's Share

        2023 Impairment Charges

146 Geary Street,
San Francisco, CA

Fund IV

Reduced holding period (Note 7)

Sept 30, 2023

3,686

852

        2022 Impairment Charges

146 Geary Street,
San Francisco, CA

Fund IV

Reduced projected operating income

Sept 30, 2022

12,435

2,875

717 N. Michigan Avenue,
Chicago, IL

Fund IV

Reduced holding period and intended use

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	December 31, 2023			December 31, 2022
Core
Interest Rate Swaps	$	225,000	Dec 2022 - Oct 2023	Jul 2027 - Dec 2029	3.61%		4.69%	Accounts payable and other liabilities	$	(8,807	)	$	(46	)
Interest Rate Swaps		631,000	May 2022 - May 2023	Mar 2025 - Jul 2030	1.98%	—	3.36%	Other assets, net		22,675			40,884
	$	856,000							$	13,868		$	40,838

Fund II
Interest Rate Swap	$	50,000	Jan 2023	Dec 2029	3.23%	—	3.23%	Other assets, net	$	634		$	1,108

Fund III
Interest Rate Cap	$	33,000	Sep 2023	Oct 2025	5.50%	—	5.50%	Other assets, net	$	26		$	232

Fund IV
Interest Rate Cap	$	54,500	Dec 2023	Dec 2025	6.00%	—	6.00%	Other assets, net	$	29		$	1,093

Fund V
Interest Rate Swaps	$	315,409	Apr 2022 - Jul 2023	Mar 2024- May 2026	1.14%	—	4.34%	Other assets, net	$	5,523		$	11,585
Interest Rate Caps		72,447	Jan 2023 - Aug 2023	Jan 2024 - Sep 2025	3.64%	—	5.00%	Other assets, net		102			—
Interest Rate Swaps		28,480	Jun 2023	Jun 2025	4.54%	—	4.54%	Accounts payable and other liabilities		(85	)		—
	$	416,336							$	5,540		$	11,585

Total asset derivatives									$	28,989		$	54,902
Total liability derivatives									$	(8,892	)	$	(46	)

Schedule of Other Financial Instruments Carrying Values and Fair values


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

Notes Receivable (a)		3	$	124,949	$	124,789	$	123,903	$	122,716
City Point Loan (a)		3		66,741		66,017		65,945		65,856
Mortgages Payable (a)		3		937,200		921,563		935,917		906,348
Investment in non-traded equity securities (b)		3		4,398		4,702		4,160		5,593
Unsecured notes payable and Unsecured line of credit (c)		2		943,887		937,153		869,497		868,399

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

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

12 Months Ended

Dec. 31, 2023

USD ($)

NotesReceivable

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Accounts Notes And Loans Receivable [Line Items]

Total notes receivable

^[1]

$ 126,228

Allowance for credit losses

(1,279)

^[1]

$ (898)

$ (5,752)

$ (1,218)

Net carrying amount of notes receivable

$ 124,949

^[1]

123,903

Number | NotesReceivable

Interest Rate

6.50%

Minimum

Accounts Notes And Loans Receivable [Line Items]

Maturity Date

^[2]

2020-04

Interest Rate

^[2]

4.65%

Maximum

Accounts Notes And Loans Receivable [Line Items]

Maturity Date

^[2]

2027-12

Interest Rate

^[2]

10.00%

Core Portfolio

Accounts Notes And Loans Receivable [Line Items]

Total notes receivable

^[2]

$ 126,228

$ 124,801

Net carrying amount of notes receivable

$ 124,949

Number | NotesReceivable

^[2]

[1]	The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2023.
[2]	Includes one note receivable from an OP Unit holder, with a balance of $6.0 million at December 31, 2023 and 2022.

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Parenthetical) (Details) - USD ($)
$ in Thousands, shares in Millions

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Jan. 31, 2023

Dec. 31, 2020

Schedule of Equity Method Investments [Line Items]

Credit loss reserves

$ 124,949

^[1]

$ 123,903

Allowance for credit losses

1,279

^[1]

898

$ 5,752

$ 1,218

Interest income

19,993

$ 14,641

$ 9,065

Cost method investments effective ownership interest

1.00%

Core Portfolio

Schedule of Equity Method Investments [Line Items]

Credit loss reserves

$ 124,949

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, 2024.

1238 Wisconsin Avenue | Core Portfolio

Schedule of Equity Method Investments [Line Items]

Construction commitment

$ 12,800

Credit loss reserves

12,800

$ 7,500

Allowance for credit losses

100

Interest income

$ 200

1238 Wisconsin Avenue | Core Portfolio | Maximum

Schedule of Equity Method Investments [Line Items]

Interest income

100

Shoppes at South Hills

Schedule of Equity Method Investments [Line Items]

Bridge Loan

$ 31,700

Mervyns II

Schedule of Equity Method Investments [Line Items]

Cost method investments effective ownership, shares

4.1

2.5

[1]	The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $126.2 million as of December 31, 2023.

Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 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 and Accounts payable and other liabilities (Note 5) on the Consolidated Balance Sheets and summarized as follows (in thousands):


	December 31, 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	$	327,484		$	(234,808	)	$	92,676		$	301,556		$	(205,951	)	$	95,605
Above-market rent		27,294			(19,376	)		7,918			24,064			(17,295	)		6,769
	$	354,778		$	(254,184	)	$	100,594		$	325,620		$	(223,246	)	$	102,374

Amortizable Intangible Liabilities
Below-market rent	$	(188,098	)	$	114,393		$	(73,705	)	$	(176,253	)	$	98,182		$	(78,071	)
Above-market ground lease		(671	)		382			(289	)		(671	)		326			(345	)
	$	(188,769	)	$	114,775		$	(73,994	)	$	(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 December 31, 2023 is as follows (in thousands):


Years Ending December 31,	Net Increase in Rental Revenues		Increase to Amortization Expense			Reduction of Property Operating Expense
2024	$	5,157	$	(23,596	)	$	58
2025		4,752		(17,912	)		58
2026		4,522		(14,435	)		58
2027		4,452		(11,159	)		58
2028		4,536		(7,299	)		57

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Share Repurchases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2018
Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Authorized amount				$ 200.0
Number of shares repurchased during period (in shares)	0	0	0
Remaining authorized repurchase amount	$ 122.5

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

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

12 Months Ended

Jan. 20, 2023

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Jun. 30, 2022

Schedule of Equity Method Investments [Line Items]

Long-term debt, gross

^[1],[2]

$ 1,881,087

$ 1,805,414

Investment Owned, Cost

^[3]

4,554

4,315

Equity in (losses) earnings of unconsolidated affiliates

(7,677)

(32,907)

$ 5,330

Proceeds from dividends received

29,100

1,800

Proceeds from the disposition of properties , net

$ 0

224,558

$ 63,901

Mohawk Commons Venture [Member]

Schedule of Equity Method Investments [Line Items]

Percentage of voting interests acquired

90.00%

Fund IV

Schedule of Equity Method Investments [Line Items]

Long-term debt, gross

$ 21,900

Loans payable

24,100

Georgetown Portfolio

Schedule of Equity Method Investments [Line Items]

Long-term debt, gross

160,000

Loans payable

152,000

Debt instrument convertible carrying amount of the equity component

1,400

840 N. Michigan Avenue

Schedule of Equity Method Investments [Line Items]

Investment owned balance principal amount

18,500

Investment Owned Balance Principal Paydown

17,500

Proceeds from sale and maturity of other investments

55,000

Additional contingent payments

17,500

Equity in (losses) earnings of unconsolidated affiliates

$ 400

Percentage Of Unpaid Outstanding Principal

50.00%

Equity method investment, ownership percentage

3.42%

Loans payable

$ 1,400

Impairment of Investment

50,800

Mortgage Loan

$ 73,500

840 N. Michigan Avenue | Maximum

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

91.85%

Debt instrument interest rate increase decrease

6.50%

840 N. Michigan Avenue | Minimum

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

88.43%

Debt instrument interest rate increase decrease

4.40%

1238 Wisconsin Avenue

Schedule of Equity Method Investments [Line Items]

Term loan

$ 5,300

7,500

Construction Loan Commitment

12,800

Long-term debt, gross

$ 12,800

7,500

La Frontera Village

Schedule of Equity Method Investments [Line Items]

Purchase Price

81,400

Equity method investment, ownership percentage

90.00%

Fund V

Schedule of Equity Method Investments [Line Items]

Purchase Price

$ 20,200

15,900

Long-term debt, gross

33,500

Mohawk Commons

Schedule of Equity Method Investments [Line Items]

Purchase Price

$ 62,100

Equity method investment, ownership percentage

90.00%

Mortgage Loan

$ 39,700

Fund V Acquisition One

Schedule of Equity Method Investments [Line Items]

Purchase Price

26,500

Mortgage Loan

36,000

57,000

Mortgage Loan Funded at Closing

$ 31,800

55,500

Albertsons

Schedule of Equity Method Investments [Line Items]

Proceeds from dividends received

$ 28,500

Gain (Loss), Investment and Derivative, Operating, and Foreign Currency Transaction, before Tax, Total

$ 11,400

Share distributed to investor

4.1

Investment owned, shares

1.6

Fund V Acquisition Two

Schedule of Equity Method Investments [Line Items]

Purchase Price

15,300

Wood Ridge Plaza

Schedule of Equity Method Investments [Line Items]

Purchase Price

49,300

Equity method investment, ownership percentage

90.00%

Mortgage Loan

36,600

Mortgage Loan Funded at Closing

32,300

Self Storage Management

Schedule of Equity Method Investments [Line Items]

Proceeds from the disposition of properties , net

6,000

Gains (Losses) on Sales of Investment Real Estate

1,500

Shoppes at South Hills

Schedule of Equity Method Investments [Line Items]

Purchase Price

47,600

Equity method investment, ownership percentage

^[4]

90.00%

Promenade at Manassas

Schedule of Equity Method Investments [Line Items]

Proceeds from the disposition of properties , net

46,000

Repayment related to mortgage

27,300

Venture Capital Gain (Loss), Net

12,800

Share of the gain based on ownership

3,000

Bridge Loan | Fund V

Schedule of Equity Method Investments [Line Items]

Long-term line of credit, noncurrent

$ 31,700

$ 52,000

[1]	Includes $1,249.8 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. The effective fixed rates ranged from 1.14% to 4.54%.
[2]	Includes $151.4 million and $103.8 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 3.0% to 5.50%.
[3]	Includes cost-method investment in Fifth Wall and other investments.
[4]	Includes a $31.7 million bridge loan at December 31, 2022, 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.

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

Dec. 31, 2023

Dec. 31, 2022

Other Assets, Net:

Lease intangibles, net (Note 6)

$ 100,594

$ 102,374

Derivative financial instruments (Note 8)

28,989

54,902

Deferred charges, net (a)

31,074

28,478

Accrued interest receivable (Note 3)

25,553

18,082

Prepaid expenses

15,204

15,872

Due from seller

2,631

3,036

Income taxes receivable

1,141

1,876

Deposits

575

1,624

Corporate assets, net

924

1,287

Other receivables

1,775

2,060

Other assets, net

208,460

229,591

Deferred Charges, Net:

Deferred leasing and other costs

^[1]

73,908

63,920

Deferred financing costs related to line of credit

9,829

9,494

Deferred costs, gross

83,737

73,414

Accumulated amortization

(52,663)

(44,936)

Deferred charges, net

31,074

28,478

Accounts Payable and Other Liabilities:

Lease intangibles, net (Note 7)

$ 73,994

$ 78,416

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

Accounts payable and other liabilities

Accounts payable and accrued expenses

$ 61,425

$ 59,922

Deferred income

34,386

34,503

Tenant security deposits, escrow and other

17,939

16,582

Lease liability - finance leases (Note 11)

$ 32,739

$ 7,022

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

Accounts payable and other liabilities

Derivative financial instruments (Note 8)

$ 8,892

$ 46

Accounts payable and other liabilities

$ 229,375

$ 196,491

[1]

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

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Variable Interest Entity [Line Items]

Maximum borrowing capacity

$ 900,000

Assets

^[2]

4,291,154

^[1]

$ 4,302,582

^[1]

$ 4,261,746

Liabilities

^[1]

2,157,598

2,053,722

VIE

Variable Interest Entity [Line Items]

Assets

^[3]

1,944,485

1,954,641

Liabilities

^[3]

974,462

910,410

VIE | City Point Brooklyn, NY

Variable Interest Entity [Line Items]

Maximum borrowing capacity

72,500

Assets

721,200

678,100

VIE | City Point Brooklyn, NY | Recourse

Variable Interest Entity [Line Items]

Liabilities

$ 234,700

$ 200,400

[1]

[2]

Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively.

[3]

Unconsolidated VIEs

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Amortization of right-of-use assets	$ 1,244	$ 903	$ 903
Interest on lease liabilities	1,239	410	388
Subtotal	2,483	1,313	1,291
Operating lease cost	5,291	5,338	7,184
Variable lease cost	228	80	84
Total lease cost	8,002	6,731	8,559
Payments of operating lease obligations - operating activities	5,386	5,364	7,223
Payments of interest on finance lease obligations - operating activities	1,239	410	388
Payments of finance lease obligations - financing activities	$ 100	$ 0	$ 63
Weighted-average remaining lease term - finance leases (years)	58 years 3 months 18 days	31 years 10 months 24 days
Weighted-average remaining lease term - operating leases (years)	9 years 8 months 12 days	13 years 6 months
Weighted-average discount rate - finance leases	6.50%	6.30%
Weighted-average discount rate - operating leases	5.10%	5.10%

Real Estate - Schedule of Purchase Price Allocations (Details) - USD ($)
$ in Thousands

Dec. 31, 2023

Dec. 31, 2022

Business Acquisition [Line Items]

Land

$ 17,597

$ 119,898

Buildings and improvements

89,041

168,862

Intangible assets

29,158

29,016

Right-of-use asset - finance lease

25,313

Lease liability

(22,075)

(661)

Intangible liabilities

(11,845)

(14,126)

Other assets, net

4,077

Net assets acquired

127,190

307,066

Cypress Creek

Business Acquisition [Line Items]

Land

Buildings and improvements

39,637

Intangible assets

10,949

Right-of-use asset - finance lease

25,313

Lease liability

(22,075)

Intangible liabilities

(4,450)

Other assets, net

Net assets acquired

49,374

Maple Tree Place

Business Acquisition [Line Items]

Land

17,597

Buildings and improvements

49,404

Intangible assets

18,209

Right-of-use asset - finance lease

Lease liability

Intangible liabilities

(7,395)

Other assets, net

Net assets acquired

$ 77,816

121 Spring Street

Business Acquisition [Line Items]

Land

5,380

Buildings and improvements

31,707

Intangible assets

2,550

Right-of-use asset - finance lease

Lease liability

Intangible liabilities

Other assets, net

Net assets acquired

39,637

Williamsburg Collection

Business Acquisition [Line Items]

Land

31,500

Buildings and improvements

60,700

Intangible assets

16,401

Right-of-use asset - finance lease

Lease liability

Intangible liabilities

(9,688)

Other assets, net

Net assets acquired

98,913

8833 Beverly Boulevard

Business Acquisition [Line Items]

Land

14,423

Buildings and improvements

8,299

Intangible assets

1,395

Right-of-use asset - finance lease

Lease liability

Intangible liabilities

Other assets, net

Net assets acquired

24,117

Henderson Avenue Portfolio

Business Acquisition [Line Items]

Land

40,764

Buildings and improvements

40,865

Intangible assets

7,611

Right-of-use asset - finance lease

Lease liability

Intangible liabilities

(4,048)

Other assets, net

Net assets acquired

85,192

640 Broadway

Business Acquisition [Line Items]

Land

^[1]

27,831

Buildings and improvements

^[1]

27,291

Intangible assets

^[1]

1,059

Right-of-use asset - finance lease

^[1]

Lease liability

^[1]

(661)

Intangible liabilities

^[1]

(390)

Other assets, net

^[1]

4,077

Net assets acquired

^[1]

$ 59,207

[1]	The Company assumed a $36.0 million mortgage with the consolidation of 640 Broadway during the year ended December 31, 2022 (Note 7).

Investments in and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 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	December 31,		December 31,
Portfolio	Property	December 31, 2023	2023		2022

Core:	Renaissance Portfolio	20%	$	30,745	$	28,755
	Gotham Plaza	49%		30,772		30,112
	Georgetown Portfolio (a)	50%		4,230		4,048
	1238 Wisconsin Avenue (a, b)	80%		19,719		14,502
	840 N. Michigan Avenue (d)	91.85%		15,761		—
				101,227		77,417

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

Fund IV:	Fund IV Other Portfolio	90%		5,221		7,914
	650 Bald Hill Road	90%		9,486		10,203
	Paramus Plaza	50%		70		936
				14,777		19,053

Fund V:	Family Center at Riverdale (d)	89.42%		2,552		4,995
	Tri-City Plaza	90%		6,452		8,422
	Frederick County Acquisitions	90%		11,345		12,240
	Wood Ridge Plaza	90%		10,313		12,751
	La Frontera Village	90%		17,483		20,803
	Shoppes at South Hills (e)	90%		11,707		44,677
	Mohawk Commons	90%		16,434		775
				76,286		104,663

Various:	Due from (to) Related Parties			396		305
	Other (f)			4,554		4,315
	Investments in and advances to unconsolidated affiliates		$	197,240	$	291,156

Core:	Crossroads (g)	49%	$	7,982	$	8,832
	840 N. Michigan Avenue (d, g)	91.85%		—		1,673
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	7,982	$	10,505

Represents a VIE for which the Company is not the primary beneficiary (Note 16).

Represents a tenancy-in-common interest.

Includes cost-method investment 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 Combined and Condensed Balance Sheet


	December 31,		December 31,
	2023		2022
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	723,411	$	650,997
Real estate under development		—		17,359
Other assets		125,699		127,070
Total assets	$	849,110	$	795,426
Liabilities and partners’ equity:
Mortgage notes payable	$	662,552	$	609,923
Other liabilities		100,270		96,532
Partners’ equity		86,288		88,971
Total liabilities and partners’ equity	$	849,110	$	795,426

Company's share of accumulated equity	$	128,690	$	131,878
Basis differential		51,824		52,813
Deferred fees, net of portion related to the Company's interest		3,794		5,937
Amounts receivable to/payable by the Company		396		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		184,704		190,933
Investments carried at fair value or cost		4,554		89,718
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		7,982		10,505
Investments in and advances to unconsolidated affiliates	$	197,240	$	291,156

Schedule of Combined and Condensed Income Statement


	Year Ended December 31,
	2023			2022			2021
Combined and Condensed Statements of Operations
Total revenues	$	108,425		$	96,080		$	80,823
Operating and other expenses		(35,488	)		(29,858	)		(28,572	)
Interest expense		(40,864	)		(26,807	)		(21,228	)
Depreciation and amortization		(42,212	)		(34,596	)		(30,518	)
Gain (loss) on extinguishment of debt (a)		368			(7	)		(35	)
Impairment of Investment (b)		—			(57,423	)		—
Gain on disposition of properties (c)		—			12,983			3,206
Net (losses) earnings attributable to unconsolidated affiliates	$	(9,771	)	$	(39,628	)	$	3,676

Company’s share of equity in net losses of unconsolidated affiliates	$	(6,688	)	$	(31,907	)	$	6,023
Basis differential amortization		(989	)		(1,000	)		(693	)
Company’s equity in (losses) earnings of unconsolidated affiliates	$	(7,677	)	$	(32,907	)	$	5,330

Includes the gain on debt extinguishment related to the restructuring at 840 N. Michigan Avenue for the year ended December 31, 2023.

Includes the impairment charge related to 840 N. Michigan Avenue for the year ended December 31, 2022.

Includes the gain on the sale of Promenade at Manassas on October 13, 2022, and two land parcels by the Family Center at Riverdale on January 4, 2021.

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023 and December 31, 2022, the Consolidated Balance Sheets included the following assets and liabilities of the consolidated VIEs of the Operating Partnership:


(dollars in thousands)	December 31, 2023		December 31, 2022
VIE ASSETS
Operating real estate, net	$	1,679,779	$	1,466,381
Real estate under development		28,851		129,888
Investments in and advances to unconsolidated affiliates		92,802		210,922
Other assets, net		101,679		98,675
Right-of-use assets - operating leases, net		2,112		2,535
Cash and cash equivalents		10,787		13,330
Restricted cash		7,048		14,995
Rents receivable, net		21,427		17,915
Total VIE assets (a)	$	1,944,485	$	1,954,641

VIE LIABILITIES
Mortgage and other notes payable, net	$	764,614	$	761,166
Unsecured notes payable, net		80,473		51,202
Accounts payable and other liabilities		127,162		95,385
Lease liability - operating leases		2,213		2,657
Total VIE liabilities (a)	$	974,462	$	910,410

(a)

- 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