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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Cash and cash equivalents, beginning balance	$ 17,481	$ 17,158
Cash and cash equivalents, ending balance	31,915	17,193
Restricted cash, beginning balance	7,813	15,063
Restricted cash, ending balance	23,139	12,325
Cash paid for capitalized interest	3,348	3,913
Net settlements received on interest rate swap contracts, excluded from interest paid	$ 15,200	$ 12,600

Financial Instruments and Fair Value Measurements

6 Months Ended

Jun. 30, 2024

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 on the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023.

Derivative Financial Instruments — The Company has derivative assets, which are included in Other assets, net on the Condensed 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 Condensed 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):


	June 30, 2024							December 31, 2023
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Assets
Marketable equity securities	$	21,668	$	—		$	—	$	33,284	$	—		$	—
Derivative financial instruments		—		40,338			—		—		28,989			—
Liabilities
Derivative financial instruments		—		(3,760	)		—		—		(8,892	)		—

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 six months ended June 30, 2024, and 2023.

Marketable Equity Securities

During the three months ended June 30, 2024, the Company sold 175,000 shares of Albertsons, generating net proceeds of $3.6 million. During the six months ended June 30, 2024, the Company sold 350,000 shares of Albertsons, generating net proceeds of $7.6 million. As of June 30, 2024, the Company held 1.1 million shares of Albertsons which had a fair value of $21.7 million.

During the three months ended June 30, 2024 and 2023, the Company recognized dividend income from marketable securities of $0.2 million and $0.2 million, of which the Company's share was $0.2 million and $0.2 million, respectively. During the six months ended June 30, 2024 and 2023, the Company recognized dividend income from marketable securities of $0.3 million and $28.7 million, of which the Company's share was $0.3 million and $11.6 million, respectively. These amounts are included in Realized and unrealized holding (losses) gains on investments and other on the Company's Condensed Consolidated Statements of Operations.

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


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
Realized gain on marketable securities, net	$	3,586		$	—	$	7,580		$	—
Less: previously recognized unrealized gains on marketable securities sold during the period		(3,586	)		—		(7,580	)		—
Unrealized (losses) gains on marketable securities still held as of the end of the period and through the disposition date on marketable securities sold during the period		(2,020	)		1,713		(4,035	)		(346	)
(Loss) gain on marketable securities, net	$	(2,020	)	$	1,713	$	(4,035	)	$	(346	)

Items Measured at Fair Value on a Nonrecurring Basis

Impairment Charges

The Company did not recognize any impairments of consolidated assets during the six months ended June 30, 2024, and 2023.

Redeemable Noncontrolling Interests

The Company has redeemable noncontrolling interests related to certain properties. The Company is required to periodically review these redeemable noncontrolling interests 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 (information is as of June 30, 2024, unless otherwise noted, and dollars in thousands):


					Strike Rate				Fair Value
Derivative Instrument	Aggregate Notional Amount		Effective Date	Maturity Date	Low		High	Balance Sheet Location	June 30, 2024			December 31, 2023
Core
Interest Rate Swaps	$	175,000	Oct 2023	Jul 2027 - Jul 2029	4.59%	—	4.69%	Accounts payable and other liabilities	$	(3,760	)	$	(8,807	)
Interest Rate Swaps		681,000	May 2022 - May 2023	Mar 2025 - Jul 2030	1.98%	—	3.61%	Other Assets		34,303			22,675
	$	856,000							$	30,543		$	13,868

Fund II
Interest Rate Swap	$	50,000	Jan 2023	Dec 2029	3.23%	—	3.23%	Other Assets	$	1,814		$	634

Fund III
Interest Rate Cap	$	33,000	Sep 2023	Oct 2025	5.50%	—	5.50%	Other Assets	$	14		$	26

Fund IV
Interest Rate Cap	$	54,500	Dec 2023	Dec 2025	6.00%	—	6.00%	Other Assets	$	14		$	29

Fund V
Interest Rate Swaps	$	341,944	Apr 2022 - Mar 2024	Sep 2024- Dec 2027	1.14%	—	4.49%	Other Assets	$	3,981		$	5,523
Interest Rate Caps		72,164	Aug 2023 - Feb 2024	Jan 2025 - Sep 2025	4.50%	—	5.00%	Other Assets		212			102
Interest Rate Swaps		—						Accounts payable and other liabilities		—			(85	)
	$	414,108							$	4,193		$	5,540

Total asset derivatives									$	40,338		$	28,989
Total liability derivatives									$	(3,760	)	$	(8,892	)

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 $22.9 million included in Accumulated other comprehensive income related to derivatives will be reclassified as a reduction to interest expense within the next twelve months. As of June 30, 2024 and December 31, 2023, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated hedges.

Risk Management Objective of Using Derivatives

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

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

Credit Risk-Related Contingent Features

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

Other Financial Instruments

The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable):


			June 30, 2024				December 31, 2023
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value

Notes Receivable (a)		3	$	126,653	$	126,647	$	124,949	$	124,789
City Point Loan (a)		3		66,741		66,674		66,741		66,017
Mortgage and Other Notes Payable (a)		3		961,212		947,938		937,200		921,563
Investment in non-traded equity securities (b)		3		4,141		4,141		4,398		4,702
Unsecured notes payable and Unsecured line of credit (c)		2		746,446		746,873		943,887		937,153

(a)

The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and changes in interest rates. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. Amounts exclude discounts and loan costs. The estimated market rates are between 5.00% to 14.00% for the Company's notes receivable and City Point Loan, and 5.52% to 8.37% for the Company's mortgage and other notes payable, depending on the attributes of the specific loans.

(b)

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

(c)

The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.

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 as of June 30, 2024 and December 31, 2023.

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Combined and Condensed Statements of Operations
Total revenues	$ 87,254	$ 89,948	$ 178,610	$ 171,787
Depreciation and amortization	(34,281)	(34,056)	(69,221)	(67,229)
Company's equity in earnings (losses) of unconsolidated affiliates	4,480	(1,437)	4,168	(1,408)
Unconsolidated Affiliates
Combined and Condensed Statements of Operations
Total revenues	28,180	28,667	56,184	56,885
Operating and other expenses	(10,149)	(8,708)	(20,135)	(17,349)
Interest expense	(10,205)	(9,901)	(20,619)	(19,134)
Depreciation and amortization	(10,129)	(11,233)	(21,795)	(20,134)
Gain on extinguishment of debt	853	0	2,011	0
Impairment of Investment	(288)	0	(288)	0
Gain loss on disposition of assets	8,519	0	8,519	0
Net income (loss) attributable to unconsolidated affiliates	6,781	(1,175)	3,877	268
Operating Partnership, as General Partner or Managing Member
Combined and Condensed Statements of Operations
Company's share of equity in net earnings (losses) of unconsolidated affiliates	4,724	(1,190)	4,656	(914)
Basis differential amortization	(244)	(247)	(488)	(494)
Company's equity in earnings (losses) of unconsolidated affiliates	$ 4,480	$ (1,437)	$ 4,168	$ (1,408)

Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2024

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

Schedule of Assets and Liabilities Included in Condensed Consolidated Balance Sheets

As of June 30, 2024 and December 31, 2023, the Condensed Consolidated Balance Sheets include the following assets and liabilities of the consolidated VIEs of the Operating Partnership:


(in thousands)	June 30, 2024		December 31, 2023
VIE ASSETS
Operating real estate, net	$	1,654,533	$	1,679,779
Real estate under development		29,964		28,851
Investments in and advances to unconsolidated affiliates		91,070		92,802
Other assets, net		90,280		101,679
Right-of-use assets - operating leases, net		2,214		2,112
Cash and cash equivalents		20,719		10,787
Restricted cash		10,768		7,048
Rents receivable, net		23,922		21,427
Total VIE assets (a)	$	1,923,470	$	1,944,485

VIE LIABILITIES
Mortgage and other notes payable, net	$	800,269	$	764,614
Unsecured notes payable, net		—		80,473
Accounts payable and other liabilities		128,053		127,162
Lease liability - operating leases, net		2,304		2,213
Total VIE liabilities (a)	$	930,626	$	974,462

(a)

As of June 30, 2024 and December 31, 2023, includes total VIE assets of $712.5 million and $721.2 million, respectively, and total VIE liabilities of $236.9 million and $234.7 million, respectively, related to third-party mortgages that are collateralized by the real estate assets of City Point, a Fund II property, and 27 East 61st Street, 801 Madison Avenue, and 1035 Third Avenue, all Fund IV properties, of which $72.5 million is guaranteed by the Operating Partnership (Note 9). The remaining VIE assets are generally encumbered by third-party non-recourse mortgage debt and are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The remaining VIE assets may only be used to settle obligations of these consolidated VIEs and the remaining VIE liabilities are only the obligations of these consolidated VIEs and they do not have recourse to the Operating Partnership or the Company.

- Definition

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

+ References + Details

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

Jun. 30, 2024

Dec. 31, 2023

ASSETS

Operating real estate, net

$ 3,446,912

$ 3,517,281

Real estate under development

101,802

94,799

Net investments in real estate

3,548,714

3,612,080

Notes receivable, net ($1,520 and $1,279 of allowance for credit losses as of June 30, 2024 and December 31, 2023, respectively)

126,653

124,949

Investments in and advances to unconsolidated affiliates

203,410

197,240

Other assets, net

213,779

208,460

Right-of-use assets - operating leases, net

27,748

29,286

Cash and cash equivalents

31,915

17,481

Restricted cash

23,139

7,813

Marketable securities

21,668

33,284

Rents receivable, net

54,012

49,504

Assets of properties held for sale

11,057

Total assets

^[1]

4,251,038

^[2]

4,291,154

LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY

Mortgage and other notes payable, net

955,069

930,127

Unsecured notes payable, net

644,313

726,727

Unsecured line of credit

96,446

213,287

Accounts payable and other liabilities

218,095

229,375

Lease liability - operating leases

29,964

31,580

Dividends and distributions payable

20,285

18,520

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

7,301

7,982

Total liabilities

^[1]

1,971,473

2,157,598

Commitments and contingencies (Note 9)

Redeemable noncontrolling interests (Note 10)

40,874

50,339

Acadia Shareholders' Equity

Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 102,266,580 and 95,361,676 shares, respectively

105

Additional paid-in capital

2,115,689

1,953,521

Accumulated other comprehensive income

47,621

32,442

Distributions in excess of accumulated earnings

(381,945)

(349,141)

Total Acadia shareholders’ equity

1,781,470

1,636,917

Noncontrolling interests

457,221

446,300

Total equity

2,238,691

2,083,217

Total liabilities, redeemable noncontrolling interests, and equity

$ 4,251,038

$ 4,291,154

[1]

Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") (Note 15). The Condensed Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,654.5 million and $1,679.8 million of Operating real estate, net; $30.0 million and $28.9 million of Real estate under development; $91.1 million and $92.8 million of Investments in and advances to unconsolidated affiliates; $90.3 million and $101.7 million of Other assets, net; $2.2 million and $2.1 million of Right-of-use assets - operating leases, net; $20.7 million and $10.8 million of Cash and cash equivalents; $10.8 million and $7.0 million of Restricted cash; $23.9 million and $21.4 million of Rents receivable, net; $800.3 million and $764.6 million of Mortgage and other notes payable, net; $0.0 million and $80.5 million of Unsecured notes payable, net; $128.1 million and $127.2 million of Accounts payable and other liabilities; $2.3 million and $2.2 million of Lease liability- operating leases, net as of June 30, 2024 and December 31, 2023, respectively.

[2]

Total assets for the Investment Management segment include $549.3 million and $672.7 million related to Fund II’s City Point property as of June 30, 2024 and 2023, respectively.

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

Jun. 30, 2024

Dec. 31, 2023

Jun. 30, 2023

Dec. 31, 2022

ASSETS

Operating real estate, net

$ 3,446,912

$ 3,517,281

Real estate under development

101,802

94,799

Investments in and advances to unconsolidated affiliates

203,410

197,240

Other assets, net

213,779

208,460

Right-of-use assets - operating leases, net

27,748

29,286

Cash and cash equivalents

31,915

17,481

$ 17,193

$ 17,158

Restricted cash

23,139

7,813

12,325

$ 15,063

Rents receivable, net

54,012

49,504

Total assets

4,251,038

^[1],[2]

4,291,154

^[1]

$ 4,204,159

^[2]

Liabilities:

Mortgage and other notes payable, net

955,069

930,127

Unsecured notes payable, net

644,313

726,727

Accounts payable and other liabilities

218,095

229,375

Lease liability - operating leases

29,964

31,580

Total liabilities

^[1]

1,971,473

2,157,598

VIE

ASSETS

Operating real estate, net

1,654,533

1,679,779

Real estate under development

29,964

28,851

Investments in and advances to unconsolidated affiliates

91,070

92,802

Other assets, net

90,280

101,679

Right-of-use assets - operating leases, net

2,214

2,112

Cash and cash equivalents

20,719

10,787

Restricted cash

10,768

7,048

Rents receivable, net

23,922

21,427

Total assets

^[3]

1,923,470

1,944,485

Liabilities:

Mortgage and other notes payable, net

800,269

764,614

Unsecured notes payable, net

80,473

Accounts payable and other liabilities

128,053

127,162

Lease liability - operating leases

2,304

2,213

Total liabilities

^[3]

$ 930,626

$ 974,462

[1]	Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") (Note 15). The Condensed Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,654.5 million and $1,679.8 million of Operating real estate, net; $30.0 million and $28.9 million of Real estate under development; $91.1 million and $92.8 million of Investments in and advances to unconsolidated affiliates; $90.3 million and $101.7 million of Other assets, net; $2.2 million and $2.1 million of Right-of-use assets - operating leases, net; $20.7 million and $10.8 million of Cash and cash equivalents; $10.8 million and $7.0 million of Restricted cash; $23.9 million and $21.4 million of Rents receivable, net; $800.3 million and $764.6 million of Mortgage and other notes payable, net; $0.0 million and $80.5 million of Unsecured notes payable, net; $128.1 million and $127.2 million of Accounts payable and other liabilities; $2.3 million and $2.2 million of Lease liability- operating leases, net as of June 30, 2024 and December 31, 2023, respectively.
[2]	Total assets for the Investment Management segment include $549.3 million and $672.7 million related to Fund II’s City Point property as of June 30, 2024 and 2023, respectively.
[3]	As of June 30, 2024 and December 31, 2023, includes total VIE assets of $712.5 million and $721.2 million, respectively, and total VIE liabilities of $236.9 million and $234.7 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.

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Reclassification adjustment related to derivatives from AOCI to interest expense			$ 22,900
Derivatives designated as fair value hedges	$ 0		0		$ 0
Derivative designated to hedges of net investments in foreign operations	0		0		$ 0
Proceeds from dividends received	$ 200	$ 200	300	$ 28,700
Net proceeds from sale of common stock			$ 142,123	0
Albertsons
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Sale of shares	175,000		350,000
Net proceeds from sale of common stock	$ 3,600		$ 7,600
Common stock shares held	1,100		1,100
Securities held at fair value	21,700		21,700
Acadia
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from dividends received	$ 200	$ 200	$ 300	$ 11,600

Leases - Schedule of Future Minimum Rental Revenues (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2024 (Remainder)	$ 122,128
2025	247,728
2026	225,695
2027	201,243
2028	171,544
Thereafter	670,820
Total	$ 1,639,158

Lease Intangibles - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below maarket lease	$ 0.5
In-place lease intangible assets \| Early Tenant Lease Terminations Member
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below maarket lease	0.4
Below Market Rents
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below maarket lease	0.2
Finite lived intangible assets derecognized	0.7
Lease intangible assets wrote-off	0.6
Below Market Rents \| Tenant Non Renewals Member
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below maarket lease	$ 0.2

- 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

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss

6 Months Ended

Jun. 30, 2024

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 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.

In addition to the ATM Program activity discussed below, the Company completed the following transactions in its Common Shares during the six months ended June 30, 2024:

•

The Company withheld 3,410 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 $4.5 million in connection with Restricted Shares and Common OP Units (“Restricted Units”) (Note 13).

ATM Program

The Company has an at-the-market equity issuance program (“ATM Program”) that provides the Company with 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 $192.1 million of availability under the ATM program as of June 30, 2024. The Company did not sell or issue any Common Shares on a forward basis for the six months ended June 30, 2024 or 2023. The Company sold 1,739,288 Common Shares under its ATM Program during the six months ended June 30, 2024 generating $29.9 million of net proceeds after related issuance costs. No such sales were made during the six months ended June 30, 2023.

Share Repurchase Program

During 2018, the Company’s board of trustees (the “Board”) approved a new share repurchase program, which authorizes management, at its discretion, to repurchase up to $200.0 million of its outstanding Common Shares. The program does not obligate the Company to repurchase any specific number of Common Shares and may be discontinued or extended at any time. The Company did not repurchase any shares during the six months ended June 30, 2024 or 2023. Under the share repurchase program $122.5 million remains available as of June 30, 2024.

Dividends and Distributions

During the three months ended June 30, 2024 and 2023, the Company declared distributions on Common Shares/OP Units of $0.18 per Common Share/Unit. During the six months ended June 30, 2024 and 2023, the Company declared distributions on Common Shares/OP Units of $0.36 per Common Share/Unit in the aggregate.

Noncontrolling Interests

The following tables summarize the change in the noncontrolling interests for the three and six months ended June 30, 2024 and 2023 (dollars in thousands, except per unit data):


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance as of April 1, 2024	$	92,707		$	372,462		$	465,169		$	45,462
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,228	)		—			(1,228	)
Net income (loss) for the three months ended June 30, 2024		193			2,238			2,431			(2,292	)
Conversion of 255,304 Common OP Units and 41,599 Series C Preferred Units to Common Shares by limited partners of the Operating Partnership		(6,427	)		—			(6,427	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		86			2,282			2,368			—
Reclassification of realized interest expense on swap agreements		(50	)		(3,637	)		(3,687	)		—
City Point Loan accrued interest		—			—			—			(2,290	)
Capital call receivable		—			6,153			6,153			—
Noncontrolling interest distributions		—			(7,960	)		(7,960	)		(6	)
Employee Long-term Incentive Plan Unit Awards		2,473			—			2,473			—
Reallocation of noncontrolling interests (d)		(2,071	)		—			(2,071	)		—
Balance as of June 30, 2024	$	85,683		$	371,538		$	457,221		$	40,874

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


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at January 1, 2024	$	99,718		$	346,582		$	446,300		$	50,339
Distributions declared of $0.36 per Common OP Unit and distributions on Preferred OP Units		(2,681	)		—			(2,681	)		—
Net income (loss) for the six months ended June 30, 2024		513			(5,654	)		(5,141	)		(4,846	)
Conversion of 1,050,449 Common OP Units and 41,599 Series C Preferred Units to Common Shares by limited partners of the Operating Partnership		(19,341	)		—			(19,341	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		945			7,660			8,605			—
Reclassification of realized interest expense on swap agreements		(104	)		(7,334	)		(7,438	)		—
City Point Loan accrued interest		—			—			—			(4,613	)
Capital call receivable		—			—			—			—
Noncontrolling interest contributions		—			43,709			43,709			—
Noncontrolling interest distributions		—			(13,425	)		(13,425	)		(6	)
Employee Long-term Incentive Plan Unit Awards		6,523			—			6,523			—
Reallocation of noncontrolling interests (d)		110			—			110			—
Balance at June 30, 2024	$	85,683		$	371,538		$	457,221		$	40,874

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

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,065,537 and 2,864,074 Common OP Units as of June 30, 2024 and 2023, respectively; (ii) 188 Series A Preferred OP Units as of both June 30, 2024 and 2023; (iii) 84,785 and 126,384 Series C Preferred OP Units as of June 30, 2024 and 2023, respectively; and (iv) 4,690,993 and 4,298,378 LTIP units as of June 30, 2024 and 2023, 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 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.

Redeemable Noncontrolling Interests

Williamsburg Portfolio

In connection with the Williamsburg Portfolio acquisition in February 2022, the venture partner has a one-time right to put its 50.01% interest in the property to the Company for redemption at fair value at a future date (“Williamsburg NCI”). 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. As of June 30, 2024, the Company determined there was no change in the fair value of the Williamsburg NCI.

City Point Loan

In August 2022, the Company provided a loan to other Fund II investors in City Point 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 is collateralized by the investors' equity in City Point ("City Point NCI"). The City Point Loan, net of a $0.7 million allowance for credit loss as of June 30, 2024, is presented as a reduction of the City Point NCI balance. 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. As of June 30, 2024, the Company determined that the carrying value of the City Point NCI exceeded the maximum redemption value and no adjustment was required.

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, either party may elect a buy-out right, where either the Company may purchase the venture partner’s interest, or the venture 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. As of June 30, 2024, the redemption value of the 8833 Beverly NCI was $0.1 million. As of June 30, 2024, the Company determined that the carrying value exceeded the maximum redemption value and no adjustment was required.

Preferred OP Units

During 2016, the Operating Partnership issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to a third party to acquire Gotham Plaza (Note 4). The Series C Preferred OP Units have a value of $100.00 per unit and are entitled to a preferred quarterly distribution of $0.9375 per unit and are convertible into Common OP Units at a rate based on the share price at the time of conversion. If the share price is below $28.80 on the conversion date, each Series C Preferred OP Unit will be convertible into 3.4722 Common OP Units. If the share price is between $28.80 and $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into a number of Common OP Units equal to $100.00 divided by the closing share price. If the share price is above $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into 2.8409 Common OP Units. The Series C Preferred OP Units have a mandatory conversion date of December 31, 2025, at which time all units that have not been converted will automatically be converted into Common OP Units based on the same calculations. Through June 30, 2024, 56,808 Series C Preferred OP Units were converted into 197,053 Common OP Units and then into Common Shares.

In 1999, the Operating Partnership issued 1,580 Series A Preferred OP Units in connection with the acquisition of a property, which have a stated value of $1,000 per unit, and are entitled to a preferred quarterly distribution of the greater of (i) $22.50 (9% annually) per Series A Preferred OP Unit or (ii) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit. Through June 30, 2024, 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

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+ Details

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Dividends and Distributions - Additional Information (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Cash dividends declared per common share (in dollars per share)	$ 0.18	$ 0.18	$ 0.36	$ 0.36

- 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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+ Details

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

Jun. 30, 2024

Apr. 30, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

Long-term debt outstanding

^[1],[2]

$ 1,707,658

$ 1,881,087

Letters of credit, outstanding amount

2,000

Letter of Credit

Debt Instrument [Line Items]

Total available credit

$ 60,000

Fund IV

Debt Instrument [Line Items]

Long-term debt outstanding

36,200

Mortgages | Fund Portfolio | Fund II

Debt Instrument [Line Items]

Long-term debt outstanding

^[3]

137,485

Mortgages | Fund Portfolio | Fund IV

Debt Instrument [Line Items]

Long-term debt outstanding

^[4]

109,484

115,925

Mortgages | Fund Portfolio | Fund V

Debt Instrument [Line Items]

Long-term debt outstanding

500,144

458,960

$400 Million Term Loan | Unsecured Debt

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 400,000

Subscription Line | Unsecured Debt | Fund Portfolio | Fund V

Debt Instrument [Line Items]

Long-term debt outstanding

^[5]

$ 0

$ 80,600

[1]	Includes $151.2 million and $151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 4.50% to 6.00%.
[2]	Includes $1,188.3 million and $1,249.8 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 4.69%.
[3]	The Company has a total borrowing capacity of $198.0 million on the Fund II mortgage as of both June 30, 2024 and December 31, 2023.
[4]	Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million as of both June 30, 2024 and December 31, 2023.
[5]	Fund V paid off the subscription line and terminated the outstanding letters of credit during the six months ended June 30, 2024.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
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 Arr Modified [Flag]	false
Non Rule 10b5-1 Arr Modified [Flag]	false

Segment Reporting

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Reporting

12. Segment Reporting

The Company has three reportable segments: Core Portfolio, Investment Management, 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 Investment Management segment holds primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company’s Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable which are held within the Core Portfolio or Investment Management (Note 3). Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s condensed consolidated financial statements and are not presented in the Company’s segments.

The Company renamed its historical Funds segment as the Investment Management segment. No prior period information was recast and the designation change did not impact the Company’s condensed consolidated financial statements. Refer to Note 1.

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


	For the Three Months Ended June 30, 2024
	Core Portfolio			Investment Management			Structured Financing			Unallocated			Total
Total Revenues	$	48,895		$	38,359		$	—		$	—		$	87,254
Depreciation and amortization expenses		(17,966	)		(16,315	)		—			—			(34,281	)
General and administrative expenses		—			—			—			(10,179	)		(10,179	)
Property operating expenses, other operating and real estate taxes		(14,379	)		(11,383	)		—			—			(25,762	)
Loss (gain) on disposition of properties		(2,213	)		2,970			—			—			757
Operating income		14,337			13,631			—			(10,179	)		17,789
Equity in earnings of unconsolidated affiliates		640			3,840			—			—			4,480
Interest income		—			—			5,413			—			5,413
Realized and unrealized holding (losses) gains on investments and other		(2,155	)		—			(209	)		—			(2,364	)
Interest expense		(9,940	)		(13,641	)		—			—			(23,581	)
Income (loss) from continuing operations before income taxes		2,882			3,830			5,204			(10,179	)		1,737
Income tax provision		—			—			—			(155	)		(155	)
Net income		2,882			3,830			5,204			(10,334	)		1,582
Net loss attributable to redeemable noncontrolling interests		—			2,292			—			—			2,292
Net income attributable to noncontrolling interests		(194	)		(2,237	)		—			—			(2,431	)
Net income attributable to Acadia shareholders	$	2,688		$	3,885		$	5,204		$	(10,334	)	$	1,443


	For the Three Months Ended June 30, 2023
	Core Portfolio			Investment Management			Structured Financing		Unallocated			Total
Total Revenues	$	56,376		$	33,572		$	—	$	—		$	89,948
Depreciation and amortization expenses		(20,035	)		(14,021	)		—		—			(34,056	)
General and administrative expenses		—			—			—		(10,643	)		(10,643	)
Property operating expenses, other operating and real estate taxes		(15,055	)		(10,536	)		—		—			(25,591	)
Operating income		21,286			9,015			—		(10,643	)		19,658
Equity in earnings (losses) of unconsolidated affiliates		924			(2,361	)		—		—			(1,437	)
Interest income		—			—			4,970		—			4,970
Realized and unrealized holding gains (losses) on investments and other		1,815			—			—		—			1,815
Interest expense		(10,990	)		(11,099	)		—		—			(22,089	)
Income (loss) from continuing operations before income taxes		13,035			(4,445	)		4,970		(10,643	)		2,917
Income tax provision		—			—			—		(165	)		(165	)
Net income (loss)		13,035			(4,445	)		4,970		(10,808	)		2,752
Net loss attributable to redeemable noncontrolling interests		—			1,091			—		—			1,091
Net (income) loss attributable to noncontrolling interests		(735	)		6,168			—		—			5,433
Net income attributable to Acadia shareholders	$	12,300		$	2,814		$	4,970	$	(10,808	)	$	9,276


	As of or for the Six Months Ended June 30, 2024
	Core Portfolio			Investment Management			Structured Financing			Unallocated			Total
Total Revenues	$	102,433		$	76,177		$	—		$	—		$	178,610
Depreciation and amortization expenses		(36,232	)		(32,989	)		—			—			(69,221	)
General and administrative expenses		—			—			—			(19,947	)		(19,947	)
Property operating expenses, other operating and real estate taxes		(32,298	)		(24,906	)		—			—			(57,204	)
Loss (gain) on disposition of properties		(2,213	)		1,772			—			—			(441	)
Operating income		31,690			20,054			—			(19,947	)		31,797
Equity in earnings of unconsolidated affiliates		2,747			1,421			—			—			4,168
Interest income		—			—			10,651			—			10,651
Realized and unrealized holding (losses) gains on investments and other		(4,018	)		—			(397	)		—			(4,415	)
Interest expense		(19,977	)		(27,313	)		—			—			(47,290	)
Income (loss) from continuing operations before income taxes		10,442			(5,838	)		10,254			(19,947	)		(5,089	)
Income tax provision		—			—			—			(186	)		(186	)
Net income (loss)		10,442			(5,838	)		10,254			(20,133	)		(5,275	)
Net loss attributable to redeemable noncontrolling interests		—			4,846			—			—			4,846
Net (income) loss attributable to noncontrolling interests		(563	)		5,704			—			—			5,141
Net income attributable to Acadia shareholders	$	9,879		$	4,712		$	10,254		$	(20,133	)	$	4,712

Real estate at cost (a)	$	2,616,224		$	1,804,484		$	—		$	—		$	4,420,708
Total assets (a)	$	2,543,067		$	1,581,318		$	126,653		$	—		$	4,251,038
Cash paid for development and property improvement costs	$	29,023		$	8,389		$	—		$	—		$	37,412


	As of or for the Six Months Ended June 30, 2023
	Core Portfolio			Investment Management			Structured Financing		Unallocated			Total
Total Revenues	$	106,172		$	65,615		$	—	$	—		$	171,787
Depreciation and amortization expenses		(38,694	)		(28,535	)		—		—			(67,229	)
General and administrative expenses		—			—			—		(20,589	)		(20,589	)
Property operating expenses, other operating and real estate taxes		(31,164	)		(21,039	)		—		—			(52,203	)
Operating income		36,314			16,041			—		(20,589	)		31,766
Equity in earnings (losses) of unconsolidated affiliates		2,723			(4,131	)		—		—			(1,408	)
Interest income		—			—			9,788		—			9,788
Realized and unrealized holding gains on investments and other		3,393			24,995			184		—			28,572
Interest expense		(21,660	)		(22,016	)		—		—			(43,676	)
Income (loss) from continuing operations before income taxes		20,770			14,889			9,972		(20,589	)		25,042
Income tax provision		—			—			—		(288	)		(288	)
Net income		20,770			14,889			9,972		(20,877	)		24,754
Net loss attributable to redeemable noncontrolling interests		—			3,166			—		—			3,166
Net income attributable to noncontrolling interests		(1,637	)		(3,647	)		—		—			(5,284	)
Net income attributable to Acadia shareholders	$	19,133		$	14,408		$	9,972	$	(20,877	)	$	22,636

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

(a)

Total assets for the Investment Management segment include $549.3 million and $672.7 million related to Fund II’s City Point property as of June 30, 2024 and 2023, 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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+ Details

Share Incentive and Other Compensation - Employee 401 (k) Plan - Additional Information (Details) - Forecast $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution	50.00%
Maximum annual contribution per employee	6.00%
Maximum employee annual salary contribution	15.00%
Maximum employee annual salary contribution amount	$ 23,000

Debt - Mortgages and Other Notes Payable - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) Mortgage	Dec. 31, 2023 USD ($) Mortgage
Debt Instrument [Line Items]
Line of credit	$ 96,446	$ 213,287
Notes receivable, net	126,653	$ 124,949
Repayments of debt	6,400
Scheduled principal payment	6,100
Outparcel disposition
Debt Instrument [Line Items]
Repayments of debt	1,500
Core mortgage
Debt Instrument [Line Items]
Line of credit	7,300
Notes receivable, net	60,000
Note receivable principal amount	$ 2,500
Mortgages
Debt Instrument [Line Items]
Number of mortgage loans \| Mortgage	2
Notes receivable, net	$ 43,400
Number of properties collateralized \| Mortgage	31	31
Mortgages \| Subscription Line
Debt Instrument [Line Items]
Notes receivable, net	$ 67,700
Fund IV
Debt Instrument [Line Items]
Principal payment	72,500
Maximum borrowing capacity	22,500
Long-term line of credit, noncurrent	36,200	$ 0
Remaining borrowing capacity	36,200	$ 0
Fund V \| Subscription Line
Debt Instrument [Line Items]
Maximum borrowing capacity	80,600
Core Portfolio
Debt Instrument [Line Items]
Notes receivable, net	$ 6,000

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.18	$ 0.18	$ 0.36	$ 0.36

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Parenthetical) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Note receivable from related party	$ 126,653	$ 124,949
Allowance for credit losses	$ 1,520	1,279	$ 899	$ 834
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
Note receivable from related party	12,800	12,800
Allowance for credit losses	$ 200	$ 200

- Definition

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

+ References + Details

Real Estate

6 Months Ended

Jun. 30, 2024

Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]

Real Estate

2. Real Estate

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


	June 30,			December 31,
	2024			2023

Land	$	849,524		$	872,228
Buildings and improvements		3,106,413			3,128,650
Tenant improvements		283,309			257,955
Construction in progress		21,023			23,250
Right-of-use assets - finance leases (Note 11)		58,637			58,637
Total		4,318,906			4,340,720
Less: Accumulated depreciation and amortization		(871,994	)		(823,439	)
Operating real estate, net		3,446,912			3,517,281
Real estate under development		101,802			94,799
Net investments in real estate	$	3,548,714		$	3,612,080

Acquisitions

During the six months ended June 30, 2024, the Company did not acquire any retail properties and other real estate investments.

Dispositions

During the six months ended June 30, 2024, The Company disposed of the following properties and other real estate investments:


Property and Location	Owner	Date Sold	Sale Price		Gain (Loss) on Sale
2024 Dispositions
2208-2216 Fillmore Street - San Francisco, CA	Fund IV	4/3/2024	$	9,777	$	1,239
2207 Fillmore Street - San Francisco, CA	Fund IV	4/3/2024		4,283		1,130
Shops at Grand - Queens, NY	Core	5/16/2024		48,250		(2,213	)
Canton Marketplace (Outparcel) - Canton, GA	Fund V	6/28/2024		2,200		601
Total 2024 Dispositions (a)			$	64,510	$	757

(a)

During the six months ended June 30, 2024, the Company recorded a $1.2 million loss related to a Fund IV property that was sold in 2019 in connection with a post-closing dispute.

On May 16, 2024, the Company sold a 95% interest in the Shops at Grand property located in Queens, NY for $48.3 million and retained a 5% ownership interest through an investment in a newly formed joint venture which was fair valued at $2.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective May 16, 2024 as it no longer controls the investment (Note 4). The Company recognized a loss on deconsolidation of $2.2 million related to transaction costs, which is included in the Gain on disposition of properties in the Condensed and Consolidated Statements of Operations.

Properties Held for Sale

The Company had one property classified as held for sale as of December 31, 2023. The property as of December 31, 2023 was moved to Investments in real estate, at cost during the first quarter of 2024, as the Company no longer believes it is probable the asset will be disposed within the next twelve months.

Real Estate Under Development

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

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


	January 1, 2024				Six Months Ended June 30, 2024						June 30, 2024
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	66,083	$	—	$	5,893	$	—		2		71,976
Fund III		1		28,716		—		1,110		—		1		29,826
Total		3	$	94,799	$	—	$	7,003	$	—		3	$	101,802

The number of properties in the table above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. As of June 30, 2024, consolidated development projects included: portions of the Henderson 1 & 2 Portfolio in the Core Portfolio, and Broad Hollow Commons in Fund III.

During the six months ended June 30, 2024, the Company did not place any assets into service.

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

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

Jun. 30, 2024

Dec. 31, 2023

Jun. 30, 2023

^[2]

Variable Interest Entity [Line Items]

Assets

$ 4,251,038

^[1],[2]

$ 4,291,154

^[1]

$ 4,204,159

Liabilities

^[1]

1,971,473

2,157,598

VIE

Variable Interest Entity [Line Items]

Assets

^[3]

1,923,470

1,944,485

Liabilities

^[3]

930,626

974,462

VIE | City Point Brooklyn, NY

Variable Interest Entity [Line Items]

Maximum borrowing capacity

72,500

Assets

712,500

721,200

VIE | City Point Brooklyn, NY | Recourse

Variable Interest Entity [Line Items]

Liabilities

$ 236,900

$ 234,700

[1]	Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") (Note 15). The Condensed Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,654.5 million and $1,679.8 million of Operating real estate, net; $30.0 million and $28.9 million of Real estate under development; $91.1 million and $92.8 million of Investments in and advances to unconsolidated affiliates; $90.3 million and $101.7 million of Other assets, net; $2.2 million and $2.1 million of Right-of-use assets - operating leases, net; $20.7 million and $10.8 million of Cash and cash equivalents; $10.8 million and $7.0 million of Restricted cash; $23.9 million and $21.4 million of Rents receivable, net; $800.3 million and $764.6 million of Mortgage and other notes payable, net; $0.0 million and $80.5 million of Unsecured notes payable, net; $128.1 million and $127.2 million of Accounts payable and other liabilities; $2.3 million and $2.2 million of Lease liability- operating leases, net as of June 30, 2024 and December 31, 2023, respectively.
[2]	Total assets for the Investment Management segment include $549.3 million and $672.7 million related to Fund II’s City Point property as of June 30, 2024 and 2023, respectively.
[3]	As of June 30, 2024 and December 31, 2023, includes total VIE assets of $712.5 million and $721.2 million, respectively, and total VIE liabilities of $236.9 million and $234.7 million, respectively, related to third-party mortgages that are collateralized by the real estate assets of City Point, a Fund II property, and 27 East 61st Street, 801 Madison Avenue, and 1035 Third Avenue, all Fund IV properties, of which $72.5 million is guaranteed by the Operating Partnership (Note 9). The remaining VIE assets are generally encumbered by third-party non-recourse mortgage debt and are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The remaining VIE assets may only be used to settle obligations of these consolidated VIEs and the remaining VIE liabilities are only the obligations of these consolidated VIEs and they do not have recourse to the Operating Partnership or the Company.

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- 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

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

3 Months Ended

6 Months Ended

12 Months Ended

Mar. 31, 2024

Jun. 30, 2024

Dec. 31, 2023

Loss Contingencies [Line Items]

Liabilities

^[1]

$ 1,971,473

$ 2,157,598

Contractual obligation

11,500

15,800

Contractual obligation for tenant improvements

22,800

25,700

Tenant improvements share amount

13,600

14,600

Company related obligations

9,500

12,500

Letters of credit, outstanding amount

2,000

$ 2,000

Revenue from forfeiture of non refundable payments

$ 3,500

Fund IV

Loss Contingencies [Line Items]

Principal payment

72,500

La Frontera Village Member

Loss Contingencies [Line Items]

Mortgage loan

57,000

Liabilities

$ 200

[1]

Lease Intangibles - Schedule of Intangible Assets and Liabilities Included in Other Assets and Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	$ 349,341	$ 354,778
Amortizable Intangible Assets, Accumulated Amortization	(262,912)	(254,184)
Amortizable Intangible Assets, Net Carrying Amount	86,429	100,594
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Gross Carrying Amount	(184,029)	(188,098)
Amortizable Intangible Liabilities, Accumulated Amortization	114,873	114,393
Amortizable Intangible Liabilities, Net Carrying Amount	(69,156)	(73,705)
Above-market Ground Lease, Gross	(671)	(671)
Above-market Ground Lease, Accumulated Amortization	413	382
Above-market Ground Lease, Net	(258)	(289)
Finite-Lived Intangible Liabilities, Gross	(184,700)	(188,769)
Finite-Lived Intangible Liabilities, Accumulated Amortization	115,286	114,775
Finite-Lived Intangible Liabilities, Net	(69,414)	(73,994)
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	323,051	327,484
Amortizable Intangible Assets, Accumulated Amortization	(243,503)	(234,808)
Amortizable Intangible Assets, Net Carrying Amount	79,548	92,676
Above-market rent
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	26,290	27,294
Amortizable Intangible Assets, Accumulated Amortization	(19,409)	(19,376)
Amortizable Intangible Assets, Net Carrying Amount	$ 6,881	$ 7,918

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

6 Months Ended

Jun. 30, 2024

USD ($)

NotesReceivable

Dec. 31, 2023

USD ($)

Jun. 30, 2023

USD ($)

Dec. 31, 2022

USD ($)

Accounts Notes And Loans Receivable [Line Items]

Allowance for credit losses

$ (1,520)

$ (1,279)

$ (899)

$ (834)

Notes receivable, net

$ 126,653

124,949

Number | NotesReceivable

Minimum

Accounts Notes And Loans Receivable [Line Items]

Maturity Date

^[1]

2020-04

Interest Rate

^[1]

4.65%

Maximum

Accounts Notes And Loans Receivable [Line Items]

Maturity Date

^[1]

2027-12

Interest Rate

^[1]

12.00%

Core Portfolio

Accounts Notes And Loans Receivable [Line Items]

Total notes receivable

^[1]

$ 128,173

$ 126,228

Number | NotesReceivable

^[1]

[1]	Includes one note receivable from an OP Unit holder, with a balance of $6.0 million as of December 31, 2023. The note was paid off during the six months ended June 30, 2024.

Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) - In-place lease intangible assets $ in Thousands	Jun. 30, 2024 USD ($)
Acquired Lease Intangibles [Abstract]
2024, Net Increase In Lease Revenues	$ 2,408
2025, Net Increase In Lease Revenues	4,496
2026, Net Increase In Lease Revenues	4,446
2027, Net Increase In Lease Revenues	4,388
2028, Net Increase In Lease Revenues	4,472
2024, Increase to Amortization	(11,088)
2025, Increase to Amortization	(17,774)
2026, Increase to Amortization	(14,335)
2027, Increase to Amortization	(11,066)
2028, Increase to Amortization	(7,206)
2024, Reduction of Rent Expense	29
2025, Reduction of Rent Expense	58
2026, Reduction of Rent Expense	58
2027, Reduction of Rent Expense	58
2028, Reduction of Rent Expense	$ 55

Investments in and Advances to Unconsolidated Affiliates

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

4. Investments in and Advances to Unconsolidated Affiliates

The Company accounts for its investments in and advances to unconsolidated affiliates primarily under the equity method of accounting. The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):


		Ownership Interest	June 30,		December 31,
Portfolio	Property	June 30, 2024	2024		2023

Core:	Renaissance Portfolio	20%	$	30,203	$	30,745
	Gotham Plaza	49%		30,616		30,772
	Georgetown Portfolio (a)	50%		4,211		4,230
	1238 Wisconsin Avenue (a, b)	80%		19,169		19,719
	840 N. Michigan Avenue (c)	91.85%		22,384		15,761
				106,583		101,227
Investment Management:
Fund IV:	Fund IV Other Portfolio	90%		5,510		5,221
	650 Bald Hill Road	90%		9,767		9,486
	Paramus Plaza (d)	50%		4,133		70
				19,410		14,777

Fund V:	Family Center at Riverdale (c)	89.42%		1,847		2,552
	Tri-City Plaza	90%		5,363		6,452
	Frederick County Acquisitions	90%		12,365		11,345
	Wood Ridge Plaza	90%		10,014		10,313
	La Frontera Village	90%		15,638		17,483
	Shoppes at South Hills	90%		10,426		11,707
	Mohawk Commons	90%		14,728		16,434
				70,381		76,286

Other:	Shops at Grand	5%		2,441		—

Various:	Due from (to) Related Parties			299		396
	Other (e)			4,296		4,554
	Investments in and advances to unconsolidated affiliates		$	203,410	$	197,240

Core:	Crossroads (f)	49%	$	7,301	$	7,982
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	7,301	$	7,982

(a)

Represents a variable interest entity (“VIE”) for which the Company is not the primary beneficiary (Note 15).

(b)

Includes the amounts advanced against a $12.8 million construction commitment from the Company to the venture that holds its investment in 1238 Wisconsin. As of June 30, 2024 and December 31, 2023 the note receivable from a related party had a balance of $12.8 million, net of an allowance for credit losses of $0.2 million, as of each period. 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.

(c)

Represents a tenancy-in-common interest.

(d)

As of June 30, 2024, the investment balance relates to undistributed proceeds from the disposition of the property. These proceeds were distributed to Fund IV in July 2024.

(e)

Includes cost-method investments in Fifth Wall.

(f)

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

During the six months ended June 30, 2024, the Company:

•

retained a 5% interest through an investment in a newly formed joint venture, Shops at Grand, which was fair valued at $2.4 million upon deconsolidation (Note 2);

•

through Fund IV, sold its investment in Paramus Plaza for $36.8 million and repaid the related $27.9 million mortgage loan. Fund IV recognized a gain of $4.1 million of which the Company’s proportionate share was $1.0 million; and

•

extended the maturity date on a property mortgage loan at Gotham Plaza to September 2, 2024, which had an outstanding balance of $17.1 million.

Fees earned from and paid to Unconsolidated Affiliates

The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated affiliates totaling $0.3 million and $0.1 million for the three months ended June 30, 2024 and 2023, respectively, and $0.4 million and $0.2 for the six months ended June 30, 2024 and 2023, respectively, which are included in Other revenues in the Condensed Consolidated Statements of Operations.

In addition, the Company’s unconsolidated joint ventures paid fees to affiliates of $1.1 million and $0.8 million for the three months ended June 30, 2024 and 2023, respectively, and $2.2 million and $1.6 million for the six months ended June 30, 2024 and 2023, 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, summarize the financial information of the Company’s investments in unconsolidated affiliates that were held as of June 30, 2024 (in thousands):


	June 30,		December 31,
	2024		2023
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	734,373	$	723,411
Real estate under development		-		—
Other assets		128,786		125,699
Total assets	$	863,159	$	849,110
Liabilities and partners’ equity:
Mortgage notes payable	$	630,882	$	662,552
Other liabilities		89,409		100,270
Partners’ equity		142,868		86,288
Total liabilities and partners’ equity	$	863,159	$	849,110

Company's share of accumulated equity	$	136,176	$	128,690
Basis differential		51,336		51,824
Deferred fees, net of portion related to the Company's interest		4,002		3,794
Amounts receivable/payable by the Company		299		396
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates		191,813		184,704
Investments carried at fair value or cost		4,296		4,554
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		7,301		7,982
Investments in and advances to unconsolidated affiliates	$	203,410	$	197,240


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Combined and Condensed Statements of Operations
Total revenues	$	28,180		$	28,667		$	56,184		$	56,885
Operating and other expenses		(10,149	)		(8,708	)		(20,135	)		(17,349	)
Interest expense		(10,205	)		(9,901	)		(20,619	)		(19,134	)
Depreciation and amortization		(10,129	)		(11,233	)		(21,795	)		(20,134	)
Gain on extinguishment of debt		853			—			2,011			—
Impairment of Investment		(288	)		—			(288	)		—
Gain on disposition of property		8,519			—			8,519			—
Net income (loss) attributable to unconsolidated affiliates	$	6,781		$	(1,175	)	$	3,877		$	268

Company’s share of equity in net earnings (losses) of unconsolidated affiliates	$	4,724		$	(1,190	)	$	4,656		$	(914	)
Basis differential amortization		(244	)		(247	)		(488	)		(494	)
Company’s equity in earnings (losses) of unconsolidated affiliates	$	4,480		$	(1,437	)	$	4,168		$	(1,408	)

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Entity Registrant Name	ACADIA REALTY TRUST
Entity Central Index Key	0000899629
Current Fiscal Year End Date	--12-31
Trading Symbol	AKR
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		105,331,061
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-12002
Entity Tax Identification Number	23-2715194
Entity Address, Address Line One	411 THEODORE FREMD AVENUE
Entity Address, Address Line Two	SUITE 300
Entity Address, City or Town	RYE
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10580
City Area Code	914
Local Phone Number	288-8100
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common shares of beneficial interest, par value $0.001 per share
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD

Real Estate - Schedule of Property Dispositions (Parenthetical) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Fund IV
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of assets	$ (1.2)

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

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Jun. 30, 2023

Dec. 31, 2022

Accounts Notes And Loans Receivable [Line Items]

Note receivable accrued interest

$ 28,768,000

$ 25,553,000

Credit loss reserve

1,520,000

1,279,000

$ 899,000

$ 834,000

Aggregate loans

126,653,000

124,949,000

Notes receivable, net

126,653,000

124,949,000

Core Note

Accounts Notes And Loans Receivable [Line Items]

Notes receivable modified, subsequent payment default

21,600,000

$ 21,600,000

Core Note Two

Accounts Notes And Loans Receivable [Line Items]

Notes receivable

$ 54,000,000

Notes receivable maturity date

Jan. 09, 2025

Jan. 09, 2024

Maximum

Accounts Notes And Loans Receivable [Line Items]

Interest Rate

^[1]

12.00%

Minimum

Accounts Notes And Loans Receivable [Line Items]

Interest Rate

^[1]

4.65%

Core Portfolio

Accounts Notes And Loans Receivable [Line Items]

Notes receivable, net

$ 6,000,000

Notes receivable

^[1]

128,173,000

$ 126,228,000

Core Portfolio | 1238 Wisconsin Avenue

Accounts Notes And Loans Receivable [Line Items]

Notes receivable, net

$ 7,600,000

Interest Rate

12.00%

Notes receivable maturity date

Dec. 31, 2025

Structured Financing

Accounts Notes And Loans Receivable [Line Items]

Note receivable accrued interest

$ 3,800,000

Loans amortized cost

Aggregate loans

21,600,000

Structured Financing | Non-Collateral Dependent Loans

Accounts Notes And Loans Receivable [Line Items]

Note receivable accrued interest

22,400,000

Credit loss reserve

1,500,000

Loans amortized cost

$ 132,800,000

[1]	Includes one note receivable from an OP Unit holder, with a balance of $6.0 million as of December 31, 2023. The note was paid off during the six months ended June 30, 2024.

Debt - Scheduled Principal Repayments - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Contractual due 2024	$ 214,585
Contractual due 2025	412,878
Contractual due 2026	56,911
Contractual due 2027	248,828
Debt With Extension Options
Debt Instrument [Line Items]
Contractual due 2024	40,000
Contractual due 2025	327,300
Contractual due 2026	27,400
Contractual due 2027	$ 69,400
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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+ Details

Earnings Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income attributable to Acadia shareholders	$ 1,443	$ 9,276	$ 4,712	$ 22,636
Less: earnings attributable to unvested participating securities	(290)	(247)	(577)	(490)
Income from continuing operations net of income attributable to participating securities for basic earnings per share	$ 1,153	$ 9,029	$ 4,135	$ 22,146
Denominator:
Weighted average shares for basic earnings per share	103,592,238	95,259,924	102,859,977	95,224,901
Weighted average shares for diluted earnings per share	103,592,238	95,259,924	102,859,977	95,224,901
Effect of dilutive securities:
Series A Preferred OP Units	0	0	0	0
Employee unvested restricted shares	0	0	0	0
Basic earnings per Common Share from continuing operations attributable to Acadia	$ 0.01	$ 0.09	$ 0.04	$ 0.23
Diluted earnings per Common Share from continuing operations attributable to Acadia	$ 0.01	$ 0.09	$ 0.04	$ 0.23
Series A Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	188	188	188	188
Series A Preferred OP Units - Common Share Equivalent
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	25,067	25,067	25,067	25,067
Series C Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	84,785	126,384	84,785	126,384
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)	294,390	438,831	294,390	438,831
Restricted shares
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	82,410	96,143	82,410	96,143

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,582	$ 2,752	$ (5,275)	$ 24,754
Other comprehensive (loss) income:
Unrealized gain (loss) on valuation of derivatives	8,210	33,513	34,029	18,271
Reclassification of realized interest on swap derivatives	(8,850)	(8,262)	(17,683)	(14,815)
Other comprehensive (loss) income	(640)	25,251	16,346	3,456
Comprehensive income	942	28,003	11,071	28,210
Comprehensive loss attributable to redeemable noncontrolling interests	2,292	1,091	4,846	3,166
Comprehensive (income) loss attributable to noncontrolling interests	(1,112)	34	3,974	(5,702)
Comprehensive income attributable to Acadia shareholders	$ 2,122	$ 29,128	$ 19,891	$ 25,674

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

6 Months Ended

Jun. 30, 2024

Apr. 30, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

Long-term debt outstanding

^[1],[2]

$ 1,707,658

$ 1,881,087

Letters of credit, outstanding amount

2,000

$400 Million Term Loan | Unsecured Debt

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 400,000

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

Debt Instrument [Line Items]

Long-term debt outstanding

^[3]

$ 0

80,600

Revolving Credit Facility | Unsecured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

1.35%

Maturity date

Apr. 15, 2028

Long-term debt outstanding

$ 96,400

213,300

Letters of credit, outstanding amount

Total available credit

$ 253,600

$ 86,700

Term Loan | Unsecured Debt

Debt Instrument [Line Items]

Basis spread on variable rate

1.50%

Term Loan | $175 Million Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 175,000

Basis spread on variable rate

1.60%

Maturity date

Apr. 06, 2027

Term Loan | $75 million Term Loan

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 75,000

Basis spread on variable rate

1.95%

Maturity date

Jul. 29, 2029

Letter of Credit

Debt Instrument [Line Items]

Total available credit

60,000

Amended Credit Facility

Debt Instrument [Line Items]

Maximum borrowing capacity

900,000

Amended Credit Facility | Maximum | Unsecured Debt

Debt Instrument [Line Items]

Total available credit

350,000

Amended Credit Facility | Minimum | Unsecured Debt

Debt Instrument [Line Items]

Total available credit

$ 300,000

[1]	Includes $151.2 million and $151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 4.50% to 6.00%.
[2]	Includes $1,188.3 million and $1,249.8 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 4.69%.
[3]	Fund V paid off the subscription line and terminated the outstanding letters of credit during the six months ended June 30, 2024.

Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
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)	113,909	92,735
Shares granted (in shares)	49,756	70,629
Shares vested (in shares)	(55,947)	(41,268)
Shares forfeited (in shares)	(302)	(8,187)
Shares unvested, End of period (in shares)	107,416	113,909
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 14.41	$ 17.31
Shares granted, Weighted average grant date fair value (in dollars per share)	17.06	14.11
Shares vested, Weighted average grant date fair value (in dollars per share)	17.2	19.09
Shares forfeited, Weighted average grant date fair value (in dollars per share)	22.53	21.07
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share)	$ 14.16	$ 14.41
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)	1,798,659	1,465,398
Shares granted (in shares)	766,508	780,193
Shares vested (in shares)	(373,844)	(354,343)
Shares forfeited (in shares)	(62,502)	(92,589)
Shares unvested, End of period (in shares)	2,128,821	1,798,659
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 16.03	$ 18.59
Shares granted, Weighted average grant date fair value (in dollars per share)	16.19	15
Shares vested, Weighted average grant date fair value (in dollars per share)	19.36	20.35
Shares forfeited, Weighted average grant date fair value (in dollars per share)	26.47	30.78
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share)	$ 15.19	$ 16.03

Subsequent Events

6 Months Ended

Jun. 30, 2024

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

On July 3, 2024, the Company acquired a shopping center, the Walk at Highwoods Preserve, located in Tampa, Florida for approximately $30.7 million, inclusive of transaction costs.

On July 30, 2024, the Company declared a cash dividend of $0.19 per Common Share, which is payable on October 15, 2024 to stockholders of record as of September 30, 2024.

On July 30, 2024, the Company entered an agreement to sell $100 million in aggregate principal amount of senior unsecured notes in a private placement.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

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 and certain subsidiaries of the Company have guaranteed $72.5 million of principal payment guarantees on various property mortgage loans and the Fund IV secured bridge facility (Note 7). As of June 30, 2024 and December 31, 2023, no amounts related to the guarantees were recorded as liabilities in the Company’s condensed consolidated financial statements. As of June 30, 2024, the Company had no Core or Fund letters of credit outstanding, and as of December 31, 2023, the Company had no Core letters of credit outstanding and had Fund letters of credit of $2.0 million outstanding. 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 June 30, 2024, $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 $11.5 million and $15.8 million, of which the Company’s share is $9.5 million and $12.5 million as of June 30, 2024 and December 31, 2023, respectively. The Company has committed client-related obligations for tenant improvements based on executed leases aggregating approximately $22.8 million and $25.7 million, of which the Company’s share is $13.6 million and $14.6 million, as of June 30, 2024 and December 31, 2023, respectively. The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions.

Forfeiture of Deposits

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 in August 2023, and the 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 of 2023, and as of March 31, 2024 is no longer subject to appeal. The Company recorded income of $3.5 million in Other revenues on the Condensed Consolidated Statements of Operations during the three months ended March 31 2024, related to the forfeiture of the non-refundable payments.

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.

Notes Receivable, Net (Tables)

6 Months Ended

Jun. 30, 2024

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

Schedule of Notes Receivable

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


	June 30,			December 31,			June 30, 2024
Description	2024			2023			Number		Maturity Date	Interest Rate
Core Portfolio (a)	$	128,173		$	126,228			6	Apr 2020 - Dec 2027	4.65% - 12.00%
Allowance for credit losses		(1,520	)		(1,279	)
Notes receivable, net	$	126,653		$	124,949			6

(a)

Includes one note receivable from an OP Unit holder, with a balance of $6.0 million as of December 31, 2023. The note was paid off during the six months ended June 30, 2024.

Schedule of Changes in the Company's Credit Allowance

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


	Six Months Ended June 30,
	2024		2023

Allowance for credit losses as of beginning of periods	$	1,279	$	834
Provision of loan losses		241		65
Total - credit losses and reserves	$	1,520	$	899

Leases - Schedule of Future Minimum Rental Payments for Operating and Capital Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Minimum Rental Payments, Operating Leases
2024 (Remainder)	$ 2,723
2025	5,402
2026	5,247
2027	4,450
2028	4,236
Thereafter	15,967
Total before interest	38,025
Interest	(8,061)
Total	29,964	$ 31,580
Minimum Rental Payments, Finance Leases
2024 (Remainder)	2,046
2025	2,536
2026	1,264
2027	1,264
2028	1,310
Thereafter	154,017
Total before interest	162,437
Interest	(129,788)
Total	$ 32,649	$ 32,739

Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
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
Maximum number of common shares allow for issuance	167,655
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase (in shares)	7,811	8,114

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

^[2]

Segment Reporting Information [Line Items]

Real estate at cost

^[1]

$ 4,420,708

$ 4,282,979

$ 4,420,708

$ 4,282,979

Total assets

4,251,038

^[1],[2]

4,204,159

^[1]

4,251,038

^[1],[2]

4,204,159

^[1]

$ 4,291,154

Net loss (income) attributable to noncontrolling interests

2,431

(5,433)

(5,141)

5,284

Investment Management | Fund II's City Point Property

Segment Reporting Information [Line Items]

Total assets

$ 549,300

$ 672,700

$ 549,300

$ 672,700

[1]

Total assets for the Investment Management segment include $549.3 million and $672.7 million related to Fund II’s City Point property as of June 30, 2024 and 2023, respectively.

[2]

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

- Definition

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

+ References

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+ Details

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

Jun. 30, 2024

Dec. 31, 2023

Debt Disclosure [Abstract]

$ 214,585

412,878

56,911

248,828

678,250

96,206

Long-term debt and convertible notes payable

^[1],[2]

1,707,658

$ 1,881,087

Unamortized premium

223

240

Net unamortized debt issuance costs

(12,053)

(11,186)

Total Indebtedness

$ 1,695,828

$ 1,870,141

[1]	Includes $151.2 million and $151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 4.50% to 6.00%.
[2]	Includes $1,188.3 million and $1,249.8 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 4.69%.

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. The information furnished in the accompanying condensed consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned condensed consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items. GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. These interim condensed consolidated financial statements should be read in conjunction with the Company’s 2023 consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Segment Reporting	Segment Reporting The Company renamed its historical Funds segment as the Investment Management segment. No prior period information was recast and the designation change did not impact the Company’s condensed consolidated financial statements. Refer to Note 12.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 provides for additional disclosures as it relates to the Company’s segments. Additional requirements per the update include disclosures for significant segment expenses, measures of profit or loss used by the CODM and how these measures are used to allocate resources and assess segment performance. The amendments in ASU 2023-07 will also apply to entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023. The Company is evaluating the impact of this update on its disclosures and will adopt the amendments in its December 31, 2024 Annual Report on Form 10-K. In March 2024, the SEC issued final climate-disclosure rules to enhance and standardize climate-related disclosures by public companies. With regards to financial statements, the rules requires disclosure of (i) capitalized costs, expenditures expensed, charges, and losses incurred as a result of severe weather events and other natural conditions, subject to applicable 1% and de minimis disclosure thresholds; (ii) capitalized costs, expenditures expensed, and losses related to carbon offsets and renewable energy credits or certificates (RECs) if used as a material component of a company’s plans to achieve its disclosed climate-related targets or goals; and (iii) if the estimates and assumptions the Company uses to produce the financial statements were materially impacted by risks and uncertainties associated with severe weather events and other natural conditions or any disclosed climate-related targets or transition plans, a qualitative description of how the development of such estimates and assumptions was impacted. The rules are effective for annual periods beginning January 1, 2025 and are to be applied prospectively. On April 4, 2024, the SEC voluntarily stayed the rules pending judicial review as a result of litigation. The Company is continuing to review the final rule and monitoring the litigation progress for possible impacts on the disclosure requirements and will adopt the required disclosures in their effective periods. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company, or they are not expected to have a material impact on the condensed consolidated financial statements.
Lease Intangibles	Upon acquisitions of real estate (Note 2), the Company assesses the relative fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable.
Earnings Per Common Share	Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted-average Common Shares outstanding (Note 10). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of Restricted Share Units issued under the Company’s Amended and Restated 2020 Plan (Note 13). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying condensed consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

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+ Details

Leases - Schedule of Future Minimum Rental Payments for Operating and Capital Leases (Parenthetical) (Details) $ in Millions	Jun. 30, 2024 USD ($)
Leases [Abstract]
Minimum rental payments of interest related to operating lease	$ 8.1
Minimum rental payments of interest related to finance lease	$ 129.8

Leases (Tables)

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Schedule of Rental Revenue

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Fixed lease revenue	$	69,366	$	73,102	$	138,023	$	137,984
Variable lease revenue		16,260		15,039		33,640		30,894
Total rental revenue	$	85,626	$	88,141	$	171,663	$	168,878

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 June 30, 2024, are summarized as follows (in thousands):



Year Ending December 31,	Minimum Rental Revenues (a)
2024 (Remainder)	$	122,128
2025		247,728
2026		225,695
2027		201,243
2028		171,544
Thereafter		670,820
Total	$	1,639,158

Amount represents contractual lease maturities as of June 30, 2024 including any extension options that management determined were reasonably certain of exercise.

Schedule of Future Minimum Rental Payments for Operating and Capital Leases


	Minimum Rental Payments
Year Ending December 31,	Operating Leases (a)			Finance Leases (a)
2024 (Remainder)	$	2,723		$	2,046
2025		5,402			2,536
2026		5,247			1,264
2027		4,450			1,264
2028		4,236			1,310
Thereafter		15,967			154,017
		38,025			162,437
Interest		(8,061	)		(129,788	)
Total	$	29,964		$	32,649

(a)

Minimum rental payments include $8.1 million of interest related to operating leases and $129.8 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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024			2023
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	354		225	$	603		$	451
Interest on lease liabilities		512		108		1,034			214
Subtotal		866		333		1,637			665
Operating lease cost		1,303		1,328		2,635			2,664
Variable lease cost		69		73		144			144
Total lease cost	$	2,238	$	1,734	$	4,416		$	3,473

Other Information
Weighted-average remaining lease term - finance leases (years)						58.1			31.6
Weighted-average remaining lease term - operating leases (years)						9.4			13.3
Weighted-average discount rate - finance leases						6.5	%		6.3	%
Weighted-average discount rate - operating leases						5.1	%		5.1	%

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finance lease cost:
Amortization of right-of-use assets	$ 354	$ 225	$ 603	$ 451
Interest on lease liabilities	512	108	1,034	214
Subtotal	866	333	1,637	665
Operating lease cost	1,303	1,328	2,635	2,664
Variable lease cost	69	73	144	144
Total lease cost	$ 2,238	$ 1,734	$ 4,416	$ 3,473
Weighted-average remaining lease term - finance leases (years)	58 years 1 month 6 days	31 years 7 months 6 days	58 years 1 month 6 days	31 years 7 months 6 days
Weighted-average remaining lease term - operating leases (years)	9 years 4 months 24 days	13 years 3 months 18 days	9 years 4 months 24 days	13 years 3 months 18 days
Weighted-average discount rate - finance leases	6.50%	6.30%	6.50%	6.30%
Weighted-average discount rate - operating leases	5.10%	5.10%	5.10%	5.10%

Share Incentive and Other Compensation (Tables)

6 Months Ended

Jun. 30, 2024

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 as of December 31, 2022		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 as of December 31, 2023		113,909			14.41		1,798,659			16.03
Granted		49,756			17.06		766,508			16.19
Vested		(55,947	)		17.20		(373,844	)		19.36
Forfeited		(302	)		22.53		(62,502	)		26.47
Unvested as of June 30, 2024		107,416		$	14.16		2,128,821		$	15.19

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

6 Months Ended

Jun. 30, 2024

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

Schedule of Other Assets and Other Liabilities

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


	June 30,			December 31,
(in thousands)	2024			2023
Other Assets, Net:
Lease intangibles, net (Note 6)	$	86,429		$	100,594
Derivative financial instruments (Note 8)		40,338			28,989
Deferred charges, net (A)		36,071			31,074
Accrued interest receivable (Note 3)		28,768			25,553
Prepaid expenses		13,242			15,204
Due from seller		2,343			2,631
Income taxes receivable		1,472			1,141
Deposits		1,816			575
Corporate assets, net		740			924
Other receivables		2,560			1,775
	$	213,779		$	208,460

(A) Deferred Charges, Net:
Deferred leasing and other costs	$	77,445		$	73,908
Deferred financing costs related to line of credit		12,111			9,829
		89,556			83,737
Accumulated amortization		(53,485	)		(52,663	)
Deferred charges, net	$	36,071		$	31,074

Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	$	69,414		$	73,994
Accounts payable and accrued expenses		62,198			61,425
Deferred income		36,086			34,386
Tenant security deposits, escrow and other		13,988			17,939
Lease liability - finance leases, net (Note 11)		32,649			32,739
Derivative financial instruments (Note 8)		3,760			8,892
	$	218,095		$	229,375

Financial Instruments and Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Marketable equity securities	$ 21,668	$ 33,284
Derivative financial instruments	40,338	28,989
Liabilities
Derivative financial instruments	3,760	8,892
Recurring \| Level 1
Assets
Marketable equity securities	21,668	33,284
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	0	0
Recurring \| Level 2
Assets
Marketable equity securities	0	0
Derivative financial instruments	40,338	28,989
Liabilities
Derivative financial instruments	(3,760)	(8,892)
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/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
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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

Lease Intangibles

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Lease Intangibles

6. Lease Intangibles

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

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


	June 30, 2024									December 31, 2023
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
In-place lease intangible assets	$	323,051		$	(243,503	)	$	79,548		$	327,484		$	(234,808	)	$	92,676
Above-market rent		26,290			(19,409	)		6,881			27,294			(19,376	)		7,918
	$	349,341		$	(262,912	)	$	86,429		$	354,778		$	(254,184	)	$	100,594

Amortizable Intangible Liabilities
Below-market rent	$	(184,029	)	$	114,873		$	(69,156	)	$	(188,098	)	$	114,393		$	(73,705	)
Above-market ground lease		(671	)		413			(258	)		(671	)		382			(289	)
	$	(184,700	)	$	115,286		$	(69,414	)	$	(188,769	)	$	114,775		$	(73,994	)

The Company did not have any acquisitions of real estate or acquired lease intangibles. During the six months ended June 30, 2024, the Company:

•

recorded accelerated amortization related to below-market rent of $0.2 million and in-place lease intangible assets of $0.5 million, of which the Company's share was $0.2 million and $0.4 million, respectively, related to early tenant lease terminations; and

•

derecognized below-market rent of $0.7 million, of which the Company's share was $0.6 million, related to disposed properties (Note 2).

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

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of June 30, 2024 is as follows (in thousands):


Years Ending December 31,	Net Increase in Rental Revenues		Increase to Amortization Expense			Reduction of Property Operating Expense
2024 (Remainder)	$	2,408	$	(11,088	)	$	29
2025		4,496		(17,774	)		58
2026		4,446		(14,335	)		58
2027		4,388		(11,066	)		58
2028		4,472		(7,206	)		55

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Schedule of Equity Method Investments [Line Items]

Long-term debt, gross

^[1],[2]

$ 1,707,658

$ 1,881,087

Proceeds from the disposition of properties and other investments, net

58,670

$ 0

Proceeds from dividends received

$ 200

$ 300

$ 28,700

Shops at Grand - Queens, NY

Schedule of Equity Method Investments [Line Items]

Percentage of voting interests acquired

5.00%

Investment Owned, Fair Value

$ 2,400

Fund IV

Schedule of Equity Method Investments [Line Items]

Venture Capital Gain (Loss), Net

4,100

Share of the gain based on ownership

1,000

Gotham Plaza

Schedule of Equity Method Investments [Line Items]

Long-term debt, gross

17,100

$ 17,100

Maturity date

Sep. 02, 2024

Paramus Plaza

Schedule of Equity Method Investments [Line Items]

Proceeds from the disposition of properties and other investments, net

$ 36,800

Repayment related to mortgage

$ 27,900

[1]	Includes $151.2 million and $151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 4.50% to 6.00%.
[2]	Includes $1,188.3 million and $1,249.8 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 4.69%.

Share Incentive and Other Compensation

6 Months Ended

Jun. 30, 2024

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. As of June 30, 2024 a total of 3,048,027 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 as of December 31, 2022		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 as of December 31, 2023		113,909			14.41		1,798,659			16.03
Granted		49,756			17.06		766,508			16.19
Vested		(55,947	)		17.20		(373,844	)		19.36
Forfeited		(302	)		22.53		(62,502	)		26.47
Unvested as of June 30, 2024		107,416		$	14.16		2,128,821		$	15.19

The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the six months ended June 30, 2024 and the year ended December 31, 2023 were $16.24 and $14.93, respectively. As of June 30, 2024, there was $22.7 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 1.6 years. The total fair value of Restricted Shares that vested during the six months ended June 30, 2024 and the year ended December 31, 2023, was $1.0 million and $0.8 million, respectively. The total fair value of LTIP Units that vested (LTIP units vest primarily during the first quarter) during the six months ended June 30, 2024 and the year ended December 31, 2023, was $7.2 million and $7.2 million, respectively.

Restricted Shares and LTIP Units - Employees

During the six months ended June 30, 2024, the Company issued 727,429 LTIP Units and 26,308 restricted share units (“Restricted Share Units”), to employees of the Company pursuant to the Amended and Restated 2020 Plan. These awards were measured at their fair value on the grant date, incorporating the following factors:

•

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

•

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

•

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

•

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

100% and in the event that the Company achieves annualized SSNOI growth between 3% and 4%, the Absolute SSNOI Growth vesting percentage is determined using a straight-line linear interpolation between 100% and 200%.

•

If the Company’s performance fails to achieve the aforementioned hurdles at the culmination of the three-year performance period, all performance-based shares will be forfeited. Any earned performance-based shares vest in accordance with the applicable award agreements.

For valuation of the 2024 and 2023 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 (43.0% and 48.0%) and risk-free interest rates of (4.8% and 4.3%) for 2024 and 2023, respectively. The total fair value of the 2024 and 2023 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 $12.1 million for the six months ended June 30, 2024 and $11.5 million for the year ended December 31, 2023. Total long-term incentive compensation expense, including the expense related to the Amended and Restated 2020 Plan, was $2.4 million and $2.8 million for the three months ended June 30, 2024, and 2023, respectively, and $4.5 million and $5.7 million for the six months ended June 30, 2024 and 2023, respectively, and is recorded in General and administrative in the Condensed Consolidated Statements of Operations.

Restricted Shares and LTIP Units - Board of Trustees

In addition, members of the Board have been issued shares and units under the Amended and Restated 2020 Plan. During the six months ended June 30, 2024, the Company issued 39,079 LTIP Units and 23,448 Restricted Share Units to Trustees of the Company. The Restricted Share Units 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 $0.5 million and $0.5 million for the three months ended June 30, 2024 and 2023, respectively, and $0.8 million and $1.1 million for the six months ended June 30, 2024 and 2023, respectively, and is recorded in General and administrative in the Condensed 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 21.3% 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 as of each reporting period in accordance with ASC Topic 718, Compensation– Stock Compensation. The awards in connection with Fund IV were determined to have no intrinsic value as of June 30, 2024 or December 31, 2023.

For the six months ended June 30, 2024, the Company did not recognize any compensation expense under the Program related to Funds III and V. For the six months ended June 30, 2023, the Company recognized $0.2 million of compensation expense under the Program related to Funds III and V.

Other Plans

On a combined basis, the Company incurred a total of $0.3 million of compensation expense related to the following employee benefit plans for each of the six months ended June 30, 2024 and 2023, 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 7,811 and 8,114 Common Shares were purchased by employees under the Purchase Plan for the six months ended June 30, 2024 and 2023, respectively, and 167,655 shares remained available to be issued under the Purchase Plan.

Deferred Share Plan

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

Employee 401(k) Plan

The Company maintains a 401(k) plan for employees under which the Company currently matches 50% of a plan participant’s contribution up to 6% of the employee’s annual salary. A plan participant may contribute up to a maximum of 15% of their compensation, up to $23,000, for the year ending December 31, 2024.

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Change in Noncontrolling Interest (Parenthetical) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Minority Interest [Line Items]
Distributions declared (in dollars per share)	$ 0.18	$ 0.18	$ 0.36	$ 0.36
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership (in shares)	255,304	54,040	1,050,449	91,433
Series A Preferred Stock
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)	188	188	188	188
Operating Partnership, as General Partner or Managing Member \| Series C Preferred Stock
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)	84,785	126,384	84,785	126,384
Noncontrolling Interests
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)	2,065,537	2,864,074	2,065,537	2,864,074
LTIP Units
Minority Interest [Line Items]
LTIP units outstanding (in shares)	4,690,993	4,298,378	4,690,993	4,298,378

Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jan. 01, 2024	Dec. 31, 2023
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]
Land	$ 849,524		$ 872,228
Buildings and improvements	3,106,413		3,128,650
Tenant improvements	283,309		257,955
Construction in progress	21,023		23,250
Right-of-use assets - finance leases	$ 58,637		$ 58,637
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Net investments in real estate		Net investments in real estate
Total	$ 4,318,906		$ 4,340,720
Less: Accumulated depreciation and amortization	(871,994)		(823,439)
Operating real estate, net	3,446,912		3,517,281
Real estate under development	101,802	$ 94,799	94,799
Net investments in real estate	$ 3,548,714		$ 3,612,080

Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (3,760)	$ (8,892)
Derivative Asset	40,338	28,989
Core Portfolio
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	856,000
Fair value, derivatives, net	30,543	13,868
Core Portfolio \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (3,760)	$ (8,807)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Derivative Asset	$ 34,303	$ 22,675
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Core Portfolio \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 681,000
Core Portfolio \| Interest Rate Swaps \| Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 175,000
Derivative Effective Date	2023-10
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 \| Minimum \| Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Maturity Date	2027-07
Strike Rate	4.59%
Core Portfolio \| Interest Rate Swaps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-05
Derivative Maturity Date	2030-07
Strike Rate	3.61%
Core Portfolio \| Interest Rate Swaps \| Maximum \| Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Maturity Date	2029-07
Strike Rate	4.69%
Fund Portfolio \| Fund II \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 1,814	$ 634
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Fund Portfolio \| Fund II \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 50,000
Derivative Effective Date	2023-01
Derivative Maturity Date	2029-12
Fund Portfolio \| Fund II \| Interest Rate Swaps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.23%
Fund Portfolio \| Fund II \| Interest Rate Swaps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.23%
Fund Portfolio \| Fund III \| Interest Rate Caps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 14	$ 26
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Fund Portfolio \| Fund III \| Interest Rate Caps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 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 Caps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 14	$ 29
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Fund Portfolio \| Fund IV \| Interest Rate Caps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 54,500
Derivative Effective Date	2023-12
Fund Portfolio \| Fund IV \| Interest Rate Caps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Maturity Date	2025-12
Strike Rate	6.00%
Fund Portfolio \| Fund IV \| Interest Rate Caps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	6.00%
Fund Portfolio \| Fund V
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 414,108
Fair value, derivatives, net	$ 4,193	$ 5,540
Fund Portfolio \| Fund V \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Derivative Asset	$ 3,981	$ 5,523
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 341,944
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2022-04
Derivative Maturity Date	2024-09
Strike Rate	1.14%
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2024-03
Derivative Maturity Date	2027-12
Strike Rate	4.49%
Fund Portfolio \| Fund V \| Interest Rate Caps
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives		$ (85)
Derivative Asset	$ 212	$ 102
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Total assets	Total assets
Fund Portfolio \| Fund V \| Interest Rate Caps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 72,164
Fund Portfolio \| Fund V \| Interest Rate Caps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-08
Derivative Maturity Date	2025-01
Strike Rate	4.50%
Fund Portfolio \| Fund V \| Interest Rate Caps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2024-02
Derivative Maturity Date	2025-09
Strike Rate	5.00%

Earnings Per Common Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

14. Earnings Per Common Share

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

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

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


	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except per share data)	2024			2023			2024			2023
Numerator:
Net income attributable to Acadia shareholders	$	1,443		$	9,276		$	4,712		$	22,636
Less: earnings attributable to unvested participating securities		(290	)		(247	)		(577	)		(490	)
Income from continuing operations net of income attributable to participating securities for basic earnings per share	$	1,153		$	9,029		$	4,135		$	22,146

Denominator:
Weighted average shares for basic earnings per share		103,592,238			95,259,924			102,859,977			95,224,901
Effect of dilutive securities:
Series A Preferred OP Units		—			—			—			—
Employee unvested restricted shares		—			—			—			—
Weighted average shares for diluted earnings per share		103,592,238			95,259,924			102,859,977			95,224,901

Basic earnings per Common Share from continuing operations attributable to Acadia	$	0.01		$	0.09		$	0.04		$	0.23
Diluted earnings per Common Share from continuing operations attributable to Acadia	$	0.01		$	0.09		$	0.04		$	0.23

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

Series C Preferred OP Units		84,785			126,384			84,785			126,384
Series C Preferred OP Units - Common share equivalent		294,390			438,831			294,390			438,831
Restricted shares		82,410			96,143			82,410			96,143

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Equity Method Investments [Line Items]
Related party revenue	$ (87,254)	$ (89,948)	$ (178,610)	$ (171,787)
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Related party revenue	(300)	(100)	(400)	(200)
Expenses, related party	$ 1,100	$ 800	$ 2,200	$ 1,600

- 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

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

+ Details

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Redeemable Noncontrolling Interest - Additional Information (Details) - USD ($)	1 Months Ended
	Aug. 31, 2022	Jun. 30, 2024	Dec. 31, 2023	Jul. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
City Point Loan	$ 65,900,000
Allowance for credit losses		$ 1,520,000	$ 1,279,000		$ 899,000	$ 834,000
8833 Beverly Boulevard - West Hollywood, CA [Member]
Class of Stock [Line Items]
Minority Interest Ownership Percentage				97.00%
Redeemable Noncontrolling Interest, Equity, Redemption Value, Total		100,000
Percentage of interest sold by the venture partner				3.00%
Williamsburg Portfolio
Class of Stock [Line Items]
Redeemable Noncontrolling Interest, Fair Value		$ 0
Equity method investment, ownership percentage by third party		50.01%
City Point Loan
Class of Stock [Line Items]
Allowance for credit losses		$ 700,000

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Summary of Segment Information

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


	For the Three Months Ended June 30, 2024
	Core Portfolio			Investment Management			Structured Financing			Unallocated			Total
Total Revenues	$	48,895		$	38,359		$	—		$	—		$	87,254
Depreciation and amortization expenses		(17,966	)		(16,315	)		—			—			(34,281	)
General and administrative expenses		—			—			—			(10,179	)		(10,179	)
Property operating expenses, other operating and real estate taxes		(14,379	)		(11,383	)		—			—			(25,762	)
Loss (gain) on disposition of properties		(2,213	)		2,970			—			—			757
Operating income		14,337			13,631			—			(10,179	)		17,789
Equity in earnings of unconsolidated affiliates		640			3,840			—			—			4,480
Interest income		—			—			5,413			—			5,413
Realized and unrealized holding (losses) gains on investments and other		(2,155	)		—			(209	)		—			(2,364	)
Interest expense		(9,940	)		(13,641	)		—			—			(23,581	)
Income (loss) from continuing operations before income taxes		2,882			3,830			5,204			(10,179	)		1,737
Income tax provision		—			—			—			(155	)		(155	)
Net income		2,882			3,830			5,204			(10,334	)		1,582
Net loss attributable to redeemable noncontrolling interests		—			2,292			—			—			2,292
Net income attributable to noncontrolling interests		(194	)		(2,237	)		—			—			(2,431	)
Net income attributable to Acadia shareholders	$	2,688		$	3,885		$	5,204		$	(10,334	)	$	1,443


	For the Three Months Ended June 30, 2023
	Core Portfolio			Investment Management			Structured Financing		Unallocated			Total
Total Revenues	$	56,376		$	33,572		$	—	$	—		$	89,948
Depreciation and amortization expenses		(20,035	)		(14,021	)		—		—			(34,056	)
General and administrative expenses		—			—			—		(10,643	)		(10,643	)
Property operating expenses, other operating and real estate taxes		(15,055	)		(10,536	)		—		—			(25,591	)
Operating income		21,286			9,015			—		(10,643	)		19,658
Equity in earnings (losses) of unconsolidated affiliates		924			(2,361	)		—		—			(1,437	)
Interest income		—			—			4,970		—			4,970
Realized and unrealized holding gains (losses) on investments and other		1,815			—			—		—			1,815
Interest expense		(10,990	)		(11,099	)		—		—			(22,089	)
Income (loss) from continuing operations before income taxes		13,035			(4,445	)		4,970		(10,643	)		2,917
Income tax provision		—			—			—		(165	)		(165	)
Net income (loss)		13,035			(4,445	)		4,970		(10,808	)		2,752
Net loss attributable to redeemable noncontrolling interests		—			1,091			—		—			1,091
Net (income) loss attributable to noncontrolling interests		(735	)		6,168			—		—			5,433
Net income attributable to Acadia shareholders	$	12,300		$	2,814		$	4,970	$	(10,808	)	$	9,276


	As of or for the Six Months Ended June 30, 2024
	Core Portfolio			Investment Management			Structured Financing			Unallocated			Total
Total Revenues	$	102,433		$	76,177		$	—		$	—		$	178,610
Depreciation and amortization expenses		(36,232	)		(32,989	)		—			—			(69,221	)
General and administrative expenses		—			—			—			(19,947	)		(19,947	)
Property operating expenses, other operating and real estate taxes		(32,298	)		(24,906	)		—			—			(57,204	)
Loss (gain) on disposition of properties		(2,213	)		1,772			—			—			(441	)
Operating income		31,690			20,054			—			(19,947	)		31,797
Equity in earnings of unconsolidated affiliates		2,747			1,421			—			—			4,168
Interest income		—			—			10,651			—			10,651
Realized and unrealized holding (losses) gains on investments and other		(4,018	)		—			(397	)		—			(4,415	)
Interest expense		(19,977	)		(27,313	)		—			—			(47,290	)
Income (loss) from continuing operations before income taxes		10,442			(5,838	)		10,254			(19,947	)		(5,089	)
Income tax provision		—			—			—			(186	)		(186	)
Net income (loss)		10,442			(5,838	)		10,254			(20,133	)		(5,275	)
Net loss attributable to redeemable noncontrolling interests		—			4,846			—			—			4,846
Net (income) loss attributable to noncontrolling interests		(563	)		5,704			—			—			5,141
Net income attributable to Acadia shareholders	$	9,879		$	4,712		$	10,254		$	(20,133	)	$	4,712

Real estate at cost (a)	$	2,616,224		$	1,804,484		$	—		$	—		$	4,420,708
Total assets (a)	$	2,543,067		$	1,581,318		$	126,653		$	—		$	4,251,038
Cash paid for development and property improvement costs	$	29,023		$	8,389		$	—		$	—		$	37,412


	As of or for the Six Months Ended June 30, 2023
	Core Portfolio			Investment Management			Structured Financing		Unallocated			Total
Total Revenues	$	106,172		$	65,615		$	—	$	—		$	171,787
Depreciation and amortization expenses		(38,694	)		(28,535	)		—		—			(67,229	)
General and administrative expenses		—			—			—		(20,589	)		(20,589	)
Property operating expenses, other operating and real estate taxes		(31,164	)		(21,039	)		—		—			(52,203	)
Operating income		36,314			16,041			—		(20,589	)		31,766
Equity in earnings (losses) of unconsolidated affiliates		2,723			(4,131	)		—		—			(1,408	)
Interest income		—			—			9,788		—			9,788
Realized and unrealized holding gains on investments and other		3,393			24,995			184		—			28,572
Interest expense		(21,660	)		(22,016	)		—		—			(43,676	)
Income (loss) from continuing operations before income taxes		20,770			14,889			9,972		(20,589	)		25,042
Income tax provision		—			—			—		(288	)		(288	)
Net income		20,770			14,889			9,972		(20,877	)		24,754
Net loss attributable to redeemable noncontrolling interests		—			3,166			—		—			3,166
Net income attributable to noncontrolling interests		(1,637	)		(3,647	)		—		—			(5,284	)
Net income attributable to Acadia shareholders	$	19,133		$	14,408		$	9,972	$	(20,877	)	$	22,636

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

Total assets for the Investment Management segment include $549.3 million and $672.7 million related to Fund II’s City Point property as of June 30, 2024 and 2023, respectively.

Notes Receivable, Net

6 Months Ended

Jun. 30, 2024

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

Notes Receivable, Net

3. Notes Receivable, Net

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, net (Note 5). The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands):


	June 30,			December 31,			June 30, 2024
Description	2024			2023			Number		Maturity Date	Interest Rate
Core Portfolio (a)	$	128,173		$	126,228			6	Apr 2020 - Dec 2027	4.65% - 12.00%
Allowance for credit losses		(1,520	)		(1,279	)
Notes receivable, net	$	126,653		$	124,949			6

(a)

Includes one note receivable from an OP Unit holder, with a balance of $6.0 million as of December 31, 2023. The note was paid off during the six months ended June 30, 2024.

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


	Six Months Ended June 30,
	2024		2023

Allowance for credit losses as of beginning of periods	$	1,279	$	834
Provision of loan losses		241		65
Total - credit losses and reserves	$	1,520	$	899

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 allowance for credit losses practical expedient for five of its notes with a total amortized cost of $132.8 million, inclusive of accrued interest of $22.4 million, for which an allowance for credit losses has been recorded aggregating $1.5 million as of June 30, 2024. For one note in this portfolio, aggregating $21.6 million, inclusive of accrued interest of $3.8 million as of June 30, 2024, the Company has elected to apply the practical expedient in accordance with ASC Topic 326: Financial Instruments - Credit Losses (“ASC 326”) and did not establish an allowance for credit losses because (i) this note is a collateral-dependent note, which due to their settlement terms is not expected to be settled in cash but rather by the Company’s possession of the real estate collateral; and (ii) as of June 30, 2024, the Company determined that the estimated fair value of the collateral at the expected realization date for this loans was sufficient to cover the carrying value of its investments in this note receivable.

One Core Portfolio note aggregating $21.6 million including accrued interest (exclusive of default interest and other amounts due on the loan that have not been recognized) was in default as of June 30, 2024 and December 31, 2023. On April 1, 2020, the loan matured and was not repaid. The Company expects to take appropriate actions to recover the amounts due under the loan and has issued a reservation of rights letter to the borrowers and guarantor, reserving all of its rights and remedies under the applicable loan documents and otherwise. The Company has determined that the collateral for this loan is sufficient to cover the loan’s carrying value as of June 30, 2024 and December 31, 2023.

During the six months ended June 30, 2024, the Company:

•

originated one Core note receivable of $7.6 million to a related party, which is secured by the borrower’s equity interest in the Renaissance Portfolio, 1238 Wisconsin Avenue, and another Georgetown property, bears interest at 12% and matures on December 31, 2025;

•

extended the maturity date of one Core note receivable of $54.0 million from January 9, 2024 to January 9, 2025; and

received full payment on a $6.0 million Core Portfolio note.

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

6 Months Ended

Jun. 30, 2024

Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three and six months ended June 30, 2024 and 2023 (dollars in thousands, except per unit data):


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance as of April 1, 2024	$	92,707		$	372,462		$	465,169		$	45,462
Distributions declared of $0.18 per Common OP Unit and distributions on Preferred OP Units		(1,228	)		—			(1,228	)
Net income (loss) for the three months ended June 30, 2024		193			2,238			2,431			(2,292	)
Conversion of 255,304 Common OP Units and 41,599 Series C Preferred Units to Common Shares by limited partners of the Operating Partnership		(6,427	)		—			(6,427	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		86			2,282			2,368			—
Reclassification of realized interest expense on swap agreements		(50	)		(3,637	)		(3,687	)		—
City Point Loan accrued interest		—			—			—			(2,290	)
Capital call receivable		—			6,153			6,153			—
Noncontrolling interest distributions		—			(7,960	)		(7,960	)		(6	)
Employee Long-term Incentive Plan Unit Awards		2,473			—			2,473			—
Reallocation of noncontrolling interests (d)		(2,071	)		—			(2,071	)		—
Balance as of June 30, 2024	$	85,683		$	371,538		$	457,221		$	40,874

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


	Noncontrolling Interests in Operating Partnership (a)			Noncontrolling Interests in Partially-Owned Affiliates (b)			Total			Redeemable Noncontrolling Interests (c)
Balance at January 1, 2024	$	99,718		$	346,582		$	446,300		$	50,339
Distributions declared of $0.36 per Common OP Unit and distributions on Preferred OP Units		(2,681	)		—			(2,681	)		—
Net income (loss) for the six months ended June 30, 2024		513			(5,654	)		(5,141	)		(4,846	)
Conversion of 1,050,449 Common OP Units and 41,599 Series C Preferred Units to Common Shares by limited partners of the Operating Partnership		(19,341	)		—			(19,341	)		—
Other comprehensive income - unrealized gain on valuation of swap agreements		945			7,660			8,605			—
Reclassification of realized interest expense on swap agreements		(104	)		(7,334	)		(7,438	)		—
City Point Loan accrued interest		—			—			—			(4,613	)
Capital call receivable		—			—			—			—
Noncontrolling interest contributions		—			43,709			43,709			—
Noncontrolling interest distributions		—			(13,425	)		(13,425	)		(6	)
Employee Long-term Incentive Plan Unit Awards		6,523			—			6,523			—
Reallocation of noncontrolling interests (d)		110			—			110			—
Balance at June 30, 2024	$	85,683		$	371,538		$	457,221		$	40,874

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

(a)

(b)

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

(c)

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

(d)

Segment Reporting - Additional Information (Details)	6 Months Ended
Segment Reporting - Additional Information (Details)	Jun. 30, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

Financial Instruments and Fair Value Measurements - Schedule realized and unrealized gain (loss) on marketable securities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Realized gain on marketable securities, net	$ 3,586	$ 0	$ 7,580	$ 0
Less: previously recognized unrealized gains on marketable securities sold during the period	(3,586)	0	(7,580)	0
Unrealized (losses) gains on marketable securities still held as of the end of the period and through the disposition date on marketable securities sold during the period	(2,020)	1,713	(4,035)	(346)
(Loss) gain on marketable securities, net	$ (2,020)	$ 1,713	$ (4,035)	$ (346)

Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):


	June 30, 2024							December 31, 2023
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Assets
Marketable equity securities	$	21,668	$	—		$	—	$	33,284	$	—		$	—
Derivative financial instruments		—		40,338			—		—		28,989			—
Liabilities
Derivative financial instruments		—		(3,760	)		—		—		(8,892	)		—

Schedule realized and unrealized gain (loss) on marketable securities


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
Realized gain on marketable securities, net	$	3,586		$	—	$	7,580		$	—
Less: previously recognized unrealized gains on marketable securities sold during the period		(3,586	)		—		(7,580	)		—
Unrealized (losses) gains on marketable securities still held as of the end of the period and through the disposition date on marketable securities sold during the period		(2,020	)		1,713		(4,035	)		(346	)
(Loss) gain on marketable securities, net	$	(2,020	)	$	1,713	$	(4,035	)	$	(346	)

Schedule of Derivative Financial Instruments

The Company had the following interest rate swaps and caps for the periods presented (information is as of June 30, 2024, unless otherwise noted, and dollars in thousands):


					Strike Rate				Fair Value
Derivative Instrument	Aggregate Notional Amount		Effective Date	Maturity Date	Low		High	Balance Sheet Location	June 30, 2024			December 31, 2023
Core
Interest Rate Swaps	$	175,000	Oct 2023	Jul 2027 - Jul 2029	4.59%	—	4.69%	Accounts payable and other liabilities	$	(3,760	)	$	(8,807	)
Interest Rate Swaps		681,000	May 2022 - May 2023	Mar 2025 - Jul 2030	1.98%	—	3.61%	Other Assets		34,303			22,675
	$	856,000							$	30,543		$	13,868

Fund II
Interest Rate Swap	$	50,000	Jan 2023	Dec 2029	3.23%	—	3.23%	Other Assets	$	1,814		$	634

Fund III
Interest Rate Cap	$	33,000	Sep 2023	Oct 2025	5.50%	—	5.50%	Other Assets	$	14		$	26

Fund IV
Interest Rate Cap	$	54,500	Dec 2023	Dec 2025	6.00%	—	6.00%	Other Assets	$	14		$	29

Fund V
Interest Rate Swaps	$	341,944	Apr 2022 - Mar 2024	Sep 2024- Dec 2027	1.14%	—	4.49%	Other Assets	$	3,981		$	5,523
Interest Rate Caps		72,164	Aug 2023 - Feb 2024	Jan 2025 - Sep 2025	4.50%	—	5.00%	Other Assets		212			102
Interest Rate Swaps		—						Accounts payable and other liabilities		—			(85	)
	$	414,108							$	4,193		$	5,540

Total asset derivatives									$	40,338		$	28,989
Total liability derivatives									$	(3,760	)	$	(8,892	)

Schedule of Other Financial Instruments Carrying Values and Fair values


			June 30, 2024				December 31, 2023
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value

Notes Receivable (a)		3	$	126,653	$	126,647	$	124,949	$	124,789
City Point Loan (a)		3		66,741		66,674		66,741		66,017
Mortgage and Other Notes Payable (a)		3		961,212		947,938		937,200		921,563
Investment in non-traded equity securities (b)		3		4,141		4,141		4,398		4,702
Unsecured notes payable and Unsecured line of credit (c)		2		746,446		746,873		943,887		937,153

(a)

(b)

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

(c)

Share Incentive and Other Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	May 04, 2023	Mar. 22, 2023	May 31, 2020	Mar. 31, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation							$ 7,347	$ 7,630
Trustee fees					$ 500	$ 500	800	1,100
Compensation expense							0	200
Total unrecognized compensation cost related to nonvested awards					22,700		$ 22,700
Weighted-average period over which cost is expected to be recognized							1 year 7 months 6 days
Fund V
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award							21.30%
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 period							3 years
Minimum \| Growth rate two and three percentage \| 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 \| Growth rate two and three 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 \| 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		$ 7,200
LTIP Units \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures							39,079
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested							$ 1,000		800
Restricted shares \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures							23,448
LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total value of restricted shares and LTIP units as of the grant date							$ 12,100		$ 11,500
Weighted average grant date fair value, grants (in dollars per share)							$ 16.24		$ 14.93
LTIP Units and Restricted Stock \| General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation					2,400	$ 2,800	$ 4,500	5,700
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 \| Minimum \| TSR percentile falls between the 25th percentile and the 50th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							50.00%
LTIP Units and Restricted Stock \| Minimum \| TSR percentile falls between the 50th percentile and 75th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							100.00%
LTIP Units and Restricted Stock \| Maximum \| TSR percentile falls between the 25th percentile and the 50th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							100.00%
LTIP Units and Restricted Stock \| Maximum \| TSR percentile falls between the 50th percentile and 75th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							200.00%
Employee Benefit Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense							$ 300	$ 300
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 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period							3 years
Volatility rate							43.00%
Risk-free interest rates							4.80%
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 \| Performance-based ltip units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage							50.00%
Long Term Investment Alignment Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Max percentage of future fund III promote that may be awarded to senior executives							25.00%
Long Term Investment Alignment Program \| Fund III
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award							25.00%
Long Term Investment Alignment Program \| Fund IV
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award							23.10%
Awards in connection with fund to have intrinsic value					$ 0		$ 0		$ 0
Amended and Restated 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares authorized	3,100,000	3,100,000
Number of shares authorized	3,883,564	3,883,564			3,048,027		3,048,027
Amended and Restated 2020 Plan \| LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures							727,429
Amended and Restated 2020 Plan \| Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures							26,308

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

^[2]

Segment Reporting Information [Line Items]

Total revenues

$ 87,254

$ 89,948

$ 178,610

$ 171,787

Depreciation and amortization expenses

(34,281)

(34,056)

(69,221)

(67,229)

General and administrative expenses

(10,179)

(10,643)

(19,947)

(20,589)

Property operating expenses and real estate taxes

(25,762)

(25,591)

(57,204)

(52,203)

Gain (loss) on disposition of properties

757

(441)

Operating income

17,789

19,658

31,797

31,766

Equity in earnings of unconsolidated affiliates

4,480

(1,437)

4,168

(1,408)

Interest income

5,413

4,970

10,651

9,788

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

(2,364)

1,815

(4,415)

28,572

Interest expense

(23,581)

(22,089)

(47,290)

(43,676)

Income (loss) from continuing operations before income taxes

1,737

2,917

(5,089)

25,042

Income tax provision

(155)

(165)

(186)

(288)

Net income (loss)

1,582

2,752

(5,275)

24,754

Net loss attributable to redeemable noncontrolling interests

2,292

1,091

4,846

3,166

Net (income) loss attributable to noncontrolling interests

(2,431)

5,433

5,141

(5,284)

Net income attributable to Acadia shareholders

1,443

9,276

4,712

22,636

Real estate at cost

^[1]

4,420,708

4,282,979

4,420,708

4,282,979

Total assets

4,251,038

^[1],[2]

4,204,159

^[1]

4,251,038

^[1],[2]

4,204,159

^[1]

$ 4,291,154

Cash paid for development and property improvement costs

37,412

30,570

Operating Segments | Core Portfolio

Segment Reporting Information [Line Items]

Total revenues

48,895

56,376

102,433

106,172

Depreciation and amortization expenses

(17,966)

(20,035)

(36,232)

(38,694)

General and administrative expenses

Property operating expenses and real estate taxes

(14,379)

(15,055)

(32,298)

(31,164)

Gain (loss) on disposition of properties

(2,213)

Operating income

14,337

21,286

31,690

36,314

Equity in earnings of unconsolidated affiliates

640

924

2,747

2,723

Interest income

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

(2,155)

1,815

(4,018)

3,393

Interest expense

(9,940)

(10,990)

(19,977)

(21,660)

Income (loss) from continuing operations before income taxes

2,882

13,035

10,442

20,770

Income tax provision

Net income (loss)

2,882

13,035

10,442

20,770

Net loss attributable to redeemable noncontrolling interests

Net (income) loss attributable to noncontrolling interests

(194)

(735)

(563)

(1,637)

Net income attributable to Acadia shareholders

2,688

12,300

9,879

19,133

Real estate at cost

^[1]

2,616,224

2,613,206

2,616,224

2,613,206

Total assets

^[1]

2,543,067

2,580,565

2,543,067

2,580,565

Cash paid for development and property improvement costs

29,023

15,560

Operating Segments | Investment Management

Segment Reporting Information [Line Items]

Total revenues

38,359

33,572

76,177

65,615

Depreciation and amortization expenses

(16,315)

(14,021)

(32,989)

(28,535)

General and administrative expenses

Property operating expenses and real estate taxes

(11,383)

(10,536)

(24,906)

(21,039)

Gain (loss) on disposition of properties

2,970

1,772

Operating income

13,631

9,015

20,054

16,041

Equity in earnings of unconsolidated affiliates

3,840

(2,361)

1,421

(4,131)

Interest income

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

24,995

Interest expense

(13,641)

(11,099)

(27,313)

(22,016)

Income (loss) from continuing operations before income taxes

3,830

(4,445)

(5,838)

14,889

Income tax provision

Net income (loss)

3,830

(4,445)

(5,838)

14,889

Net loss attributable to redeemable noncontrolling interests

2,292

1,091

4,846

3,166

Net (income) loss attributable to noncontrolling interests

(2,237)

6,168

5,704

(3,647)

Net income attributable to Acadia shareholders

3,885

2,814

4,712

14,408

Real estate at cost

^[1]

1,804,484

1,669,773

1,804,484

1,669,773

Total assets

^[1]

1,581,318

1,499,692

1,581,318

1,499,692

Cash paid for development and property improvement costs

8,389

15,010

Operating Segments | Structured Financing

Segment Reporting Information [Line Items]

Total revenues

Depreciation and amortization expenses

General and administrative expenses

Property operating expenses and real estate taxes

Gain (loss) on disposition of properties

Operating income

Equity in earnings of unconsolidated affiliates

Interest income

5,413

4,970

10,651

9,788

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

(209)

(397)

184

Interest expense

Income (loss) from continuing operations before income taxes

5,204

4,970

10,254

9,972

Income tax provision

Net income (loss)

5,204

4,970

10,254

9,972

Net loss attributable to redeemable noncontrolling interests

Net (income) loss attributable to noncontrolling interests

Net income attributable to Acadia shareholders

5,204

4,970

10,254

9,972

Real estate at cost

^[1]

Total assets

^[1]

126,653

123,902

126,653

123,902

Cash paid for development and property improvement costs

Unallocated

Segment Reporting Information [Line Items]

Total revenues

Depreciation and amortization expenses

General and administrative expenses

(10,179)

(10,643)

(19,947)

(20,589)

Property operating expenses and real estate taxes

Gain (loss) on disposition of properties

Operating income

(10,179)

(10,643)

(19,947)

(20,589)

Equity in earnings of unconsolidated affiliates

Interest income

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

Interest expense

Income (loss) from continuing operations before income taxes

(10,179)

(10,643)

(19,947)

(20,589)

Income tax provision

(155)

(165)

(186)

(288)

Net income (loss)

(10,334)

(10,808)

(20,133)

(20,877)

Net loss attributable to redeemable noncontrolling interests

Net (income) loss attributable to noncontrolling interests

Net income attributable to Acadia shareholders

(10,334)

(10,808)

(20,133)

(20,877)

Real estate at cost

^[1]

Total assets

^[1]

$ 0

Cash paid for development and property improvement costs

$ 0

[1]

Total assets for the Investment Management segment include $549.3 million and $672.7 million related to Fund II’s City Point property as of June 30, 2024 and 2023, respectively.

[2]

Real Estate - Dispositions - Additional Information (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

May 16, 2024

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Business Acquisition [Line Items]

Gain (loss) on disposition of properties

$ 757

$ 0

$ (441)

$ 0

Disposed of by sale

Business Acquisition [Line Items]

Sale Price

^[1]

64,510

Gain (loss) on disposition of properties

^[1]

$ 757

Disposed of by sale | Shops at Grand - Queens, NY

Business Acquisition [Line Items]

Sale Price

$ 48,300

Investment Owned, Fair Value

2,400

Gain (loss) on disposition of properties

$ 2,200

Disposed of by sale | Shops at Grand - Queens, NY | Core Portfolio

Business Acquisition [Line Items]

Ownership interest rate

95.00%

Percentage of voting interests acquired

5.00%

[1]	During the six months ended June 30, 2024, the Company recorded a $1.2 million loss related to a Fund IV property that was sold in 2019 in connection with a post-closing dispute.

- Definition

Fair value of investment in security owned.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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+ Details

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

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

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

Beginning Balance

$ 446,300

Net income (loss)

$ 1,582

$ 2,752

(5,275)

$ 24,754

Capital call receivable

6,153

Noncontrolling interest contributions

43,709

31,242

Noncontrolling interest distributions

(7,960)

(5,492)

(13,425)

(76,360)

Employee Long-term Incentive Plan Unit Awards

3,096

2,745

7,347

7,630

Ending Balance

457,221

Noncontrolling Interests

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

Beginning Balance

465,169

459,181

446,300

489,364

Distributions declared per Common OP Unit

(1,228)

(1,341)

(2,681)

(2,684)

Net income (loss)

2,431

(5,433)

(5,141)

5,284

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

(6,427)

(901)

(19,341)

(1,533)

Other comprehensive income - unrealized gain on valuation of swap agreements

2,368

9,036

8,605

6,775

Reclassification of realized interest on swap agreements

(3,687)

(3,637)

(7,438)

(6,357)

City Point Loan

City Point Loan accrued interest

Capital call receivable

6,153

Noncontrolling interest contributions

43,709

31,242

Noncontrolling interest distributions

(7,960)

(5,492)

(13,425)

(76,360)

Employee Long-term Incentive Plan Unit Awards

2,473

2,468

6,523

6,366

Reallocation of noncontrolling interests

^[1]

(2,071)

(1,444)

110

340

Ending Balance

457,221

452,437

457,221

452,437

Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates

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

Beginning Balance

^[2]

372,462

355,962

346,582

389,810

Distributions declared per Common OP Unit

^[2]

Net income (loss)

^[2]

2,238

(6,130)

(5,654)

3,670

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

^[2]

Other comprehensive income - unrealized gain on valuation of swap agreements

^[2]

2,282

7,867

7,660

6,520

Reclassification of realized interest on swap agreements

^[2]

(3,637)

(3,583)

(7,334)

(6,258)

City Point Loan

^[2]

City Point Loan accrued interest

^[2]

Capital call receivable

^[2]

6,153

Noncontrolling interest contributions

^[2]

43,709

31,242

Noncontrolling interest distributions

^[2]

(7,960)

(5,492)

(13,425)

(76,360)

Employee Long-term Incentive Plan Unit Awards

^[2]

Reallocation of noncontrolling interests

^[1],[2]

Ending Balance

^[2]

371,538

348,624

371,538

348,624

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

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

Beginning Balance

^[3]

92,707

103,219

99,718

99,554

Distributions declared per Common OP Unit

^[3]

(1,228)

(1,341)

(2,681)

(2,684)

Net income (loss)

^[3]

193

697

513

1,614

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

^[3]

(6,427)

(901)

(19,341)

(1,533)

Other comprehensive income - unrealized gain on valuation of swap agreements

^[3]

1,169

945

255

Reclassification of realized interest on swap agreements

^[3]

(50)

(54)

(104)

(99)

City Point Loan

^[3]

City Point Loan accrued interest

^[3]

Capital call receivable

^[3]

Noncontrolling interest contributions

^[3]

Noncontrolling interest distributions

^[3]

Employee Long-term Incentive Plan Unit Awards

^[3]

2,473

2,468

6,523

6,366

Reallocation of noncontrolling interests

^[1],[3]

(2,071)

(1,444)

110

340

Ending Balance

^[3]

85,683

103,813

85,683

103,813

Redeemable Noncontrolling Interests

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

Beginning Balance

45,462

^[4]

63,269

^[4]

50,339

67,664

Distributions declared per Common OP Unit

^[4]

Net income (loss)

(2,292)

^[4]

(1,091)

^[4]

(4,846)

(3,166)

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

^[4]

Other comprehensive income - unrealized gain on valuation of swap agreements

^[4]

Reclassification of realized interest on swap agreements

^[4]

City Point Loan

(796)

^[4]

(796)

City Point Loan accrued interest

(2,290)

^[4]

(2,345)

^[4]

(4,613)

(4,665)

Capital call receivable

^[4]

Noncontrolling interest contributions

796

^[4]

796

Noncontrolling interest distributions

(6)

^[4]

(6)

Employee Long-term Incentive Plan Unit Awards

^[4]

Reallocation of noncontrolling interests

^[1]

^[4]

Ending Balance

^[4]

$ 40,874

$ 59,833

$ 40,874

$ 59,833

[1]	Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership.
[2]	Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and seven other subsidiaries.
[3]	Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,065,537 and 2,864,074 Common OP Units as of June 30, 2024 and 2023, respectively; (ii) 188 Series A Preferred OP Units as of both June 30, 2024 and 2023; (iii) 84,785 and 126,384 Series C Preferred OP Units as of June 30, 2024 and 2023, respectively; and (iv) 4,690,993 and 4,298,378 LTIP units as of June 30, 2024 and 2023, 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.
[4]	Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Allowance for credit losses	$ 1,520	$ 1,279
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, authorized (in shares)	200,000,000	200,000,000
Common shares, issued (in shares)	105,266,580	95,361,676
Common shares, outstanding (in shares)	105,266,580	95,361,676
Operating real estate, net	$ 3,446,912	$ 3,517,281
Real estate under development	101,802	94,799
Investments in and advances to unconsolidated affiliates	203,410	197,240
Other assets, net	213,779	208,460
Right-of-use assets - operating leases, net	27,748	29,286
Cash and cash equivalents	31,915	17,481
Restricted cash	23,139	7,813
Rents receivable, net	54,012	49,504
Mortgage and other notes payable, net	955,069	930,127
Unsecured notes payable, net	644,313	726,727
Accounts payable and other liabilities	218,095	229,375
Lease liability - operating leases	29,964	31,580
VIE
Operating real estate, net	1,654,533	1,679,779
Real estate under development	29,964	28,851
Investments in and advances to unconsolidated affiliates	91,070	92,802
Other assets, net	90,280	101,679
Right-of-use assets - operating leases, net	2,214	2,112
Cash and cash equivalents	20,719	10,787
Restricted cash	10,768	7,048
Rents receivable, net	23,922	21,427
Mortgage and other notes payable, net	800,269	764,614
Unsecured notes payable, net	0	80,473
Accounts payable and other liabilities	128,053	127,162
Lease liability - operating leases	$ 2,304	$ 2,213

Leases - Additional Information (Details) - Property	3 Months Ended		6 Months Ended
Leases - Additional Information (Details) - Property	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Leased Assets [Line Items]
Number of leases	1,200		1,200
Minimum
Operating Leased Assets [Line Items]
Operating lease term	1 month		1 month
Lease Term	5 months		5 months
Minimum \| Consolidated Total Revenues \| Customer Concentration Risk
Operating Leased Assets [Line Items]
Concentration risk, percentage	10.00%	10.00%	10.00%	10.00%
Maximum
Operating Leased Assets [Line Items]
Operating lease term	60 years		60 years
Lease Term	98 years		98 years

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - 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, 2022

$ 2,181,196

$ 95

$ 1,945,322

$ 46,817

$ (300,402)

$ 1,691,832

$ 489,364

Balance (in Shares) at Dec. 31, 2022

95,121,000

Beginning Balance, Redeemable NCI at Dec. 31, 2022

$ 67,664

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

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

1,533

(1,533)

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

91,000

Dividends/distributions declared

(36,975)

(34,291)

(2,684)

City Point Loan

(796)

City Point Loan accrued interest

(4,665)

Acquisition of noncontrolling interest

Employee and trustee stock compensation, net

7,630

1,264

6,366

Employee and trustee stock compensation, net (in Shares)

85,000

Noncontrolling interest distributions

(76,360)

Noncontrolling interest contributions

31,242

796

Comprehensive income (loss)

28,210

3,038

22,636

25,674

5,702

(3,166)

Comprehensive income (loss)

31,376

Reallocation of noncontrolling interests

(340)

340

^[1]

Balance at Jun. 30, 2023

2,138,109

$ 95

1,947,779

49,855

(312,057)

1,685,672

452,437

Balance (in Shares) at Jun. 30, 2023

95,297,000

Ending Balance, Redeemable NCI at Jun. 30, 2023

59,833

Balance at Mar. 31, 2023

2,130,263

$ 95

1,945,157

30,003

(304,173)

1,671,082

459,181

Balance (in Shares) at Mar. 31, 2023

95,208,000

Beginning Balance, Redeemable NCI at Mar. 31, 2023

63,269

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

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

901

(901)

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

54,000

Dividends/distributions declared

(18,501)

(17,160)

(1,341)

City Point Loan

(796)

City Point Loan accrued interest

(2,345)

Employee and trustee stock compensation, net

2,745

277

2,468

Employee and trustee stock compensation, net (in Shares)

35,000

Noncontrolling interest distributions

(5,492)

Noncontrolling interest contributions

796

Comprehensive income (loss)

28,003

19,852

9,276

29,128

(34)

(1,091)

Comprehensive income (loss)

29,094

Reallocation of noncontrolling interests

1,444

(1,444)

^[1]

Balance at Jun. 30, 2023

2,138,109

$ 95

1,947,779

49,855

(312,057)

1,685,672

452,437

Balance (in Shares) at Jun. 30, 2023

95,297,000

Ending Balance, Redeemable NCI at Jun. 30, 2023

59,833

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

Beginning Balance, Redeemable NCI at Dec. 31, 2023

$ 50,339

50,339

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

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

$ 1

19,340

19,341

(19,341)

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

1,195,000

Issuance of Common Shares, net

142,123

$ 9

142,114

142,123

Issuance of Common Shares (in Shares)

8,639,000

Dividends/distributions declared

(40,197)

(37,516)

(2,681)

City Point Loan

City Point Loan accrued interest

4,613

Employee and trustee stock compensation, net

7,347

824

6,523

Employee and trustee stock compensation, net (in Shares)

71,000

Capital call receivable

Noncontrolling interest distributions

(13,425)

(6)

Noncontrolling interest contributions

43,709

Comprehensive income (loss)

11,071

15,179

4,712

19,891

(3,974)

(4,846)

Comprehensive income (loss)

15,917

Reallocation of noncontrolling interests

(110)

110

^[1]

Balance at Jun. 30, 2024

$ 2,238,691

$ 105

2,115,689

47,621

(381,945)

1,781,470

457,221

Balance (in Shares) at Jun. 30, 2024

105,266,580

105,267,000

Ending Balance, Redeemable NCI at Jun. 30, 2024

$ 40,874

40,874

Balance at Mar. 31, 2024

2,226,069

$ 103

2,078,295

46,942

(364,440)

1,760,900

465,169

Balance (in Shares) at Mar. 31, 2024

103,156,000

Beginning Balance, Redeemable NCI at Mar. 31, 2024

45,462

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

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

6,427

(6,427)

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

400,000

Issuance of Common Shares, net

28,275

$ 2

28,273

28,275

Issuance of Common Shares (in Shares)

1,652,000

Dividends/distributions declared

(20,176)

(18,948)

(1,228)

City Point Loan accrued interest

(2,290)

Employee and trustee stock compensation, net

3,096

623

2,473

Employee and trustee stock compensation, net (in Shares)

59,000

Capital call receivable

6,153

Noncontrolling interest distributions

(7,960)

(6)

Noncontrolling interest contributions

Comprehensive income (loss)

942

679

1,443

2,122

1,112

(2,292)

Comprehensive income (loss)

3,234

Reallocation of noncontrolling interests

2,071

(2,071)

^[1]

Balance at Jun. 30, 2024

$ 2,238,691

$ 105

$ 2,115,689

$ 47,621

$ (381,945)

$ 1,781,470

$ 457,221

Balance (in Shares) at Jun. 30, 2024

105,266,580

105,267,000

Ending Balance, Redeemable NCI at Jun. 30, 2024

$ 40,874

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

Organization, Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023, the Trust controlled approximately 96% and 95%, respectively, of the Operating Partnership as the sole general partner and is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units”) and employees who have been awarded restricted Common OP Units (“LTIP Units”) as long-term incentive compensation (Note 13). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest, par value $0.001 per share, of the Company (“Common Shares”). This structure is referred to as an umbrella partnership REIT or “UPREIT.”

As of June 30, 2024, 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 Investment Management (“Core Portfolio”). The Company also has ownership interests in 50 properties within an Investment Management platform, through which our Operating Partnership and outside institutional investors invest in primarily opportunistic and value-add retail real estate (“Investment Management”). As part of the Investment Management platform, we have active investments through the following opportunity funds, including: 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 199 Core Portfolio and Investment Management properties primarily consist of street and urban retail and suburban shopping centers.

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

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


Entity	Formation Date	Operating Partnership Share of Capital			Capital Called as of June 30, 2024 (a)		Unfunded Commitment (a)		Equity Interest Held By Operating Partnership (b)			Preferred Return			Total Distributions as of June 30, 2024 (a)
Fund II	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	%		506.0		24.0		23.12	%		6	%		221.4
Fund V	8/2016		20.10	%		459.6		60.4		20.10	%		6	%		121.6

(a)

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

(b)

Amount represents the current economic ownership as of June 30, 2024, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.

Basis of Presentation

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

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

These interim condensed consolidated financial statements should be read in conjunction with the Company’s 2023 consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Segment Reporting

Recent Accounting Pronouncements

In August 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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.

In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 provides for additional disclosures as it relates to the Company’s segments. Additional requirements per the update include disclosures for significant segment expenses, measures of profit or loss used by the CODM and how these measures are used to allocate resources and assess segment performance. The amendments in ASU 2023-07 will also apply to entities with a single reportable segment. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023. The Company is evaluating the impact of this update on its disclosures and will adopt the amendments in its December 31, 2024 Annual Report on Form 10-K.

In March 2024, the SEC issued final climate-disclosure rules to enhance and standardize climate-related disclosures by public companies. With regards to financial statements, the rules requires disclosure of (i) capitalized costs, expenditures expensed, charges, and losses incurred as a result of severe weather events and other natural conditions, subject to applicable 1% and de minimis disclosure thresholds; (ii) capitalized costs, expenditures expensed, and losses related to carbon offsets and renewable energy credits or certificates (RECs) if used as a material component of a company’s plans to achieve its disclosed climate-related targets or goals; and (iii) if the estimates and assumptions the Company uses to produce the financial statements were materially impacted by risks and uncertainties associated with severe weather events and other natural conditions or any disclosed climate-related targets or transition plans, a qualitative description of how the development of such estimates and assumptions was impacted. The rules are effective for annual periods beginning January 1, 2025 and are to be applied prospectively. On April 4, 2024, the SEC voluntarily stayed the rules pending judicial review as a result of litigation. The Company is continuing to review the final rule and monitoring the litigation progress for possible impacts on the disclosure requirements and will adopt the required disclosures in their effective periods.

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

Variable Interest Entities

6 Months Ended

Jun. 30, 2024

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

Variable Interest Entities

15. Variable Interest Entities

Pursuant to GAAP consolidation guidance, the Company consolidates certain VIEs for which the Company is the primary beneficiary. As of June 30, 2024 and December 31, 2023, the Company has identified seven consolidated VIEs, including the Operating Partnership and the Funds. Excluding the Operating Partnership and the Funds, the VIEs consisted of 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 consolidates these VIEs because it is the primary beneficiary in which the Company has (i) the power to direct the activities of the entity that most significantly impact the entity's economic performance, and (ii) the obligation to absorb the entity's losses or receive benefits from the entity that could potentially be significant to the entity. The third parties’ interests in these consolidated entities are reflected as noncontrolling interests and redeemable noncontrolling interests in the accompanying condensed consolidated financial statements and in Note 10.

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

Since the Company conducts its business through and substantially all of its interests are held by the Operating Partnership, substantially all of the assets and liabilities on the Condensed Consolidated Balance Sheets represent the assets and liabilities of the Operating Partnership. As of June 30, 2024 and December 31, 2023, the Condensed Consolidated Balance Sheets include the following assets and liabilities of the consolidated VIEs of the Operating Partnership:


(in thousands)	June 30, 2024		December 31, 2023
VIE ASSETS
Operating real estate, net	$	1,654,533	$	1,679,779
Real estate under development		29,964		28,851
Investments in and advances to unconsolidated affiliates		91,070		92,802
Other assets, net		90,280		101,679
Right-of-use assets - operating leases, net		2,214		2,112
Cash and cash equivalents		20,719		10,787
Restricted cash		10,768		7,048
Rents receivable, net		23,922		21,427
Total VIE assets (a)	$	1,923,470	$	1,944,485

VIE LIABILITIES
Mortgage and other notes payable, net	$	800,269	$	764,614
Unsecured notes payable, net		—		80,473
Accounts payable and other liabilities		128,053		127,162
Lease liability - operating leases, net		2,304		2,213
Total VIE liabilities (a)	$	930,626	$	974,462

(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 June 30, 2024, the Company has determined that the following entities are unconsolidated 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 $44.6 million and $45.8 million

as of June 30, 2024 and December 31, 2023, respectively. The Company's aggregate investment in unconsolidated VIEs liabilities was $39.3 million and $40.1 million as of June 30, 2024 and December 31, 2023, respectively.

Lease Intangibles (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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


	June 30, 2024									December 31, 2023
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
In-place lease intangible assets	$	323,051		$	(243,503	)	$	79,548		$	327,484		$	(234,808	)	$	92,676
Above-market rent		26,290			(19,409	)		6,881			27,294			(19,376	)		7,918
	$	349,341		$	(262,912	)	$	86,429		$	354,778		$	(254,184	)	$	100,594

Amortizable Intangible Liabilities
Below-market rent	$	(184,029	)	$	114,873		$	(69,156	)	$	(188,098	)	$	114,393		$	(73,705	)
Above-market ground lease		(671	)		413			(258	)		(671	)		382			(289	)
	$	(184,700	)	$	115,286		$	(69,414	)	$	(188,769	)	$	114,775		$	(73,994	)

Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of June 30, 2024 is as follows (in thousands):


Years Ending December 31,	Net Increase in Rental Revenues		Increase to Amortization Expense			Reduction of Property Operating Expense
2024 (Remainder)	$	2,408	$	(11,088	)	$	29
2025		4,496		(17,774	)		58
2026		4,446		(14,335	)		58
2027		4,388		(11,066	)		58
2028		4,472		(7,206	)		55

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024 Segment Property $ / shares	Dec. 31, 2023 $ / shares
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Limited partnership to common stock conversion ratio	100.00%
Common shares of beneficial interest, par value \| $ / shares	$ 0.001	$ 0.001
Number of retail properties	199
Number of reportable segments \| Segment	3
Core Portfolio
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of retail properties	149
Properties owned percentage	100.00%
Investment Management
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of retail properties	50
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	96.00%	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%

Other Assets, Net and Accounts Payable and Other Liabilities

6 Months Ended

Jun. 30, 2024

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

Other Assets, Net and Accounts Payable and Other Liabilities

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

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


	June 30,			December 31,
(in thousands)	2024			2023
Other Assets, Net:
Lease intangibles, net (Note 6)	$	86,429		$	100,594
Derivative financial instruments (Note 8)		40,338			28,989
Deferred charges, net (A)		36,071			31,074
Accrued interest receivable (Note 3)		28,768			25,553
Prepaid expenses		13,242			15,204
Due from seller		2,343			2,631
Income taxes receivable		1,472			1,141
Deposits		1,816			575
Corporate assets, net		740			924
Other receivables		2,560			1,775
	$	213,779		$	208,460

(A) Deferred Charges, Net:
Deferred leasing and other costs	$	77,445		$	73,908
Deferred financing costs related to line of credit		12,111			9,829
		89,556			83,737
Accumulated amortization		(53,485	)		(52,663	)
Deferred charges, net	$	36,071		$	31,074

Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	$	69,414		$	73,994
Accounts payable and accrued expenses		62,198			61,425
Deferred income		36,086			34,386
Tenant security deposits, escrow and other		13,988			17,939
Lease liability - finance leases, net (Note 11)		32,649			32,739
Derivative financial instruments (Note 8)		3,760			8,892
	$	218,095		$	229,375

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Preferred OP Units - Additional Information (Details) - $ / shares	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2016	Jun. 30, 2023
Class of Stock [Line Items]
Denominator for Series A Preferred OP Unit conversion	$ 7.5	$ 7.5
Common Shares
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)	1,652,000	8,639,000
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	$ 1,000
Per unit conversion amount, Series A Preferred OP Units (in dollars per unit)	$ 22.5	$ 22.5
Per unit conversion annual rate, Preferred OP Units	9.00%	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)		56,808
Units converted from Preferred OP Units (in shares)		197,053

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

Jun. 30, 2024

Dec. 31, 2023

Jun. 30, 2023

^[2]

Combined and Condensed Balance Sheets

Real estate under development

$ 101,802

$ 94,799

Other assets, net

213,779

208,460

Total assets

4,251,038

^[1],[2]

4,291,154

^[1]

$ 4,204,159

Total liabilities, redeemable noncontrolling interests, and equity

4,251,038

4,291,154

Investments carried at fair value or cost

^[3]

4,296

4,554

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

7,301

7,982

Investments in and advances to unconsolidated affiliates

203,410

197,240

Unconsolidated Affiliates

Combined and Condensed Balance Sheets

Rental property, net

734,373

723,411

Real estate under development

Other assets, net

128,786

125,699

Total assets

863,159

849,110

Mortgage notes payable

630,882

662,552

Other liabilities

89,409

100,270

Partners’ equity

142,868

86,288

Total liabilities, redeemable noncontrolling interests, and equity

863,159

849,110

Company's share of accumulated equity

136,176

128,690

Basis differential

51,336

51,824

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

4,002

3,794

Amounts receivable/payable by the Company

299

396

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

191,813

184,704

Investments carried at fair value or cost

4,296

4,554

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

7,301

7,982

Investments in and advances to unconsolidated affiliates

$ 203,410

$ 197,240

[1]	Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") (Note 15). The Condensed Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,654.5 million and $1,679.8 million of Operating real estate, net; $30.0 million and $28.9 million of Real estate under development; $91.1 million and $92.8 million of Investments in and advances to unconsolidated affiliates; $90.3 million and $101.7 million of Other assets, net; $2.2 million and $2.1 million of Right-of-use assets - operating leases, net; $20.7 million and $10.8 million of Cash and cash equivalents; $10.8 million and $7.0 million of Restricted cash; $23.9 million and $21.4 million of Rents receivable, net; $800.3 million and $764.6 million of Mortgage and other notes payable, net; $0.0 million and $80.5 million of Unsecured notes payable, net; $128.1 million and $127.2 million of Accounts payable and other liabilities; $2.3 million and $2.2 million of Lease liability- operating leases, net as of June 30, 2024 and December 31, 2023, respectively.
[2]	Total assets for the Investment Management segment include $549.3 million and $672.7 million related to Fund II’s City Point property as of June 30, 2024 and 2023, respectively.
[3]	Includes cost-method investments in Fifth Wall.

Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

11. Leases

As Lessor

The Company has approximately 1,200 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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Fixed lease revenue	$	69,366	$	73,102	$	138,023	$	137,984
Variable lease revenue		16,260		15,039		33,640		30,894
Total rental revenue	$	85,626	$	88,141	$	171,663	$	168,878



Year Ending December 31,	Minimum Rental Revenues (a)
2024 (Remainder)	$	122,128
2025		247,728
2026		225,695
2027		201,243
2028		171,544
Thereafter		670,820
Total	$	1,639,158

(a)

Amount represents contractual lease maturities as of June 30, 2024 including any extension options that management determined were reasonably certain of exercise.

During the three and six months ended June 30, 2024 and 2023, no single tenant or property collectively comprised more than 10% of the Company’s consolidated total revenues.

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 terms ranging from five months to 98 years.


	Minimum Rental Payments
Year Ending December 31,	Operating Leases (a)			Finance Leases (a)
2024 (Remainder)	$	2,723		$	2,046
2025		5,402			2,536
2026		5,247			1,264
2027		4,450			1,264
2028		4,236			1,310
Thereafter		15,967			154,017
		38,025			162,437
Interest		(8,061	)		(129,788	)
Total	$	29,964		$	32,649

(a)

Minimum rental payments include $8.1 million of interest related to operating leases and $129.8 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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024			2023
Lease Cost
Finance lease cost:
Amortization of right-of-use assets	$	354		225	$	603		$	451
Interest on lease liabilities		512		108		1,034			214
Subtotal		866		333		1,637			665
Operating lease cost		1,303		1,328		2,635			2,664
Variable lease cost		69		73		144			144
Total lease cost	$	2,238	$	1,734	$	4,416		$	3,473

Other Information
Weighted-average remaining lease term - finance leases (years)						58.1			31.6
Weighted-average remaining lease term - operating leases (years)						9.4			13.3
Weighted-average discount rate - finance leases						6.5	%		6.3	%
Weighted-average discount rate - operating leases						5.1	%		5.1	%

Notes Receivable, Net - Schedule of Changes in the Company's Credit Allowance (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Allowance for credit losses as of beginning of periods	$ 1,279	$ 834
Provision of loan losses	241	65
Total - credit losses and reserves	$ 1,520	$ 899

- Definition

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

+ References + Details

Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Parenthetical) (Details) - Level 3	Jun. 30, 2024
City Point Loan \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	14.00%
City Point Loan \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	5.00%
Mortgage and Other Notes Payable \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	8.37%
Mortgage and Other Notes Payable \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	5.52%

Investments in and Advances to Unconsolidated Affiliates (Tables)

6 Months Ended

Jun. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

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


		Ownership Interest	June 30,		December 31,
Portfolio	Property	June 30, 2024	2024		2023

Core:	Renaissance Portfolio	20%	$	30,203	$	30,745
	Gotham Plaza	49%		30,616		30,772
	Georgetown Portfolio (a)	50%		4,211		4,230
	1238 Wisconsin Avenue (a, b)	80%		19,169		19,719
	840 N. Michigan Avenue (c)	91.85%		22,384		15,761
				106,583		101,227
Investment Management:
Fund IV:	Fund IV Other Portfolio	90%		5,510		5,221
	650 Bald Hill Road	90%		9,767		9,486
	Paramus Plaza (d)	50%		4,133		70
				19,410		14,777

Fund V:	Family Center at Riverdale (c)	89.42%		1,847		2,552
	Tri-City Plaza	90%		5,363		6,452
	Frederick County Acquisitions	90%		12,365		11,345
	Wood Ridge Plaza	90%		10,014		10,313
	La Frontera Village	90%		15,638		17,483
	Shoppes at South Hills	90%		10,426		11,707
	Mohawk Commons	90%		14,728		16,434
				70,381		76,286

Other:	Shops at Grand	5%		2,441		—

Various:	Due from (to) Related Parties			299		396
	Other (e)			4,296		4,554
	Investments in and advances to unconsolidated affiliates		$	203,410	$	197,240

Core:	Crossroads (f)	49%	$	7,301	$	7,982
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	7,301	$	7,982

(a)

Represents a variable interest entity (“VIE”) for which the Company is not the primary beneficiary (Note 15).

(b)

(c)

Represents a tenancy-in-common interest.

(d)

As of June 30, 2024, the investment balance relates to undistributed proceeds from the disposition of the property. These proceeds were distributed to Fund IV in July 2024.

(e)

Includes cost-method investments in Fifth Wall.

(f)

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

During the six months ended June 30, 2024, the Company:

•

retained a 5% interest through an investment in a newly formed joint venture, Shops at Grand, which was fair valued at $2.4 million upon deconsolidation (Note 2);

•

extended the maturity date on a property mortgage loan at Gotham Plaza to September 2, 2024, which had an outstanding balance of $17.1 million.

Schedule of Condensed Balance Sheet


	June 30,		December 31,
	2024		2023
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	734,373	$	723,411
Real estate under development		-		—
Other assets		128,786		125,699
Total assets	$	863,159	$	849,110
Liabilities and partners’ equity:
Mortgage notes payable	$	630,882	$	662,552
Other liabilities		89,409		100,270
Partners’ equity		142,868		86,288
Total liabilities and partners’ equity	$	863,159	$	849,110

Company's share of accumulated equity	$	136,176	$	128,690
Basis differential		51,336		51,824
Deferred fees, net of portion related to the Company's interest		4,002		3,794
Amounts receivable/payable by the Company		299		396
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates		191,813		184,704
Investments carried at fair value or cost		4,296		4,554
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		7,301		7,982
Investments in and advances to unconsolidated affiliates	$	203,410	$	197,240

Schedule of Condensed Income Statement


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Combined and Condensed Statements of Operations
Total revenues	$	28,180		$	28,667		$	56,184		$	56,885
Operating and other expenses		(10,149	)		(8,708	)		(20,135	)		(17,349	)
Interest expense		(10,205	)		(9,901	)		(20,619	)		(19,134	)
Depreciation and amortization		(10,129	)		(11,233	)		(21,795	)		(20,134	)
Gain on extinguishment of debt		853			—			2,011			—
Impairment of Investment		(288	)		—			(288	)		—
Gain on disposition of property		8,519			—			8,519			—
Net income (loss) attributable to unconsolidated affiliates	$	6,781		$	(1,175	)	$	3,877		$	268

Company’s share of equity in net earnings (losses) of unconsolidated affiliates	$	4,724		$	(1,190	)	$	4,656		$	(914	)
Basis differential amortization		(244	)		(247	)		(488	)		(494	)
Company’s equity in earnings (losses) of unconsolidated affiliates	$	4,480		$	(1,437	)	$	4,168		$	(1,408	)

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

6 Months Ended

Jun. 30, 2024

USD ($)

Fund II

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Operating Partnership Share of Capital

61.67%

Capital Called

$ 559.4

^[1]

Unfunded Commitment

$ 0.0

^[1]

Equity interest held by Operating Partnership

61.67%

^[2]

Preferred Return

8.00%

Total Distributions

$ 172.9

^[1]

Fund III

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Operating Partnership Share of Capital

24.54%

Capital Called

$ 448.1

^[1]

Unfunded Commitment

$ 1.9

^[1]

Equity interest held by Operating Partnership

24.54%

^[2]

Preferred Return

6.00%

Total Distributions

$ 603.5

^[1]

Fund IV

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Operating Partnership Share of Capital

23.12%

Capital Called

$ 506.0

^[1]

Unfunded Commitment

$ 24.0

^[1]

Equity interest held by Operating Partnership

23.12%

^[2]

Preferred Return

6.00%

Total Distributions

$ 221.4

^[1]

Fund V

Organization Consolidation And Presentation Of Financial Statements [Line Items]

Operating Partnership Share of Capital

20.10%

Capital Called

$ 459.6

^[1]

Unfunded Commitment

$ 60.4

^[1]

Equity interest held by Operating Partnership

20.10%

^[2]

Preferred Return

6.00%

Total Distributions

$ 121.6

^[1]

[1]	Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ share.
[2]	Amount represents the current economic ownership as of June 30, 2024, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.

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

Jun. 30, 2024

Dec. 31, 2023

Jun. 30, 2023

^[2]

Variable Interest Entity [Line Items]

Assets

$ 4,251,038

^[1],[2]

$ 4,291,154

^[1]

$ 4,204,159

Total liabilities

^[1]

1,971,473

2,157,598

Variable Interest Entity, Not Primary Beneficiary

Variable Interest Entity [Line Items]

Assets

44,600

45,800

Total liabilities

$ 39,300

$ 40,100

[1]

[2]

Total assets for the Investment Management segment include $549.3 million and $672.7 million related to Fund II’s City Point property as of June 30, 2024 and 2023, respectively.

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481203/810-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481231/810-10-45-25

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(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 13: 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/1943274/2147479168/946-830-55-12

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-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(8))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481404/852-10-50-7

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 30: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

- Definition

Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.

+ References

+ Details

- 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

Earnings Per Common Share - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024
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%

Real Estate (Tables)

6 Months Ended

Jun. 30, 2024

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

Schedule of Consolidated Real Estate

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


	June 30,			December 31,
	2024			2023

Land	$	849,524		$	872,228
Buildings and improvements		3,106,413			3,128,650
Tenant improvements		283,309			257,955
Construction in progress		21,023			23,250
Right-of-use assets - finance leases (Note 11)		58,637			58,637
Total		4,318,906			4,340,720
Less: Accumulated depreciation and amortization		(871,994	)		(823,439	)
Operating real estate, net		3,446,912			3,517,281
Real estate under development		101,802			94,799
Net investments in real estate	$	3,548,714		$	3,612,080

Schedule of Property Dispositions

During the six months ended June 30, 2024, The Company disposed of the following properties and other real estate investments:


Property and Location	Owner	Date Sold	Sale Price		Gain (Loss) on Sale
2024 Dispositions
2208-2216 Fillmore Street - San Francisco, CA	Fund IV	4/3/2024	$	9,777	$	1,239
2207 Fillmore Street - San Francisco, CA	Fund IV	4/3/2024		4,283		1,130
Shops at Grand - Queens, NY	Core	5/16/2024		48,250		(2,213	)
Canton Marketplace (Outparcel) - Canton, GA	Fund V	6/28/2024		2,200		601
Total 2024 Dispositions (a)			$	64,510	$	757

(a)

During the six months ended June 30, 2024, the Company recorded a $1.2 million loss related to a Fund IV property that was sold in 2019 in connection with a post-closing dispute.

Schedule Of Development In Process Activities

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


	January 1, 2024				Six Months Ended June 30, 2024						June 30, 2024
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	66,083	$	—	$	5,893	$	—		2		71,976
Fund III		1		28,716		—		1,110		—		1		29,826
Total		3	$	94,799	$	—	$	7,003	$	—		3	$	101,802

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (5,275)	$ 24,754
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	69,221	67,229
Loss on disposition of properties	441	0
Net unrealized holding losses on investments	4,035	346
Stock compensation expense	7,347	7,630
Straight-line rents	(98)	(1,518)
Equity in (earnings) losses of unconsolidated affiliates	(4,168)	1,408
Distributions of operating income from unconsolidated affiliates	3,024	1,789
Adjustments to straight-line rent reserves	(181)	0
Amortization of financing costs	3,915	3,093
Non-cash lease expense	1,859	1,800
Acceleration of below market lease	0	(8,057)
Other, net	(2,107)	(2,881)
Changes in assets and liabilities:
Rents receivable	(4,619)	3,548
Other liabilities	(4,419)	1,895
Accounts payable and accrued expenses	(2,210)	(3,523)
Prepaid expenses and other assets	(6,808)	(6,193)
Lease liability - operating leases	(1,938)	(1,825)
Net cash provided by operating activities	58,019	89,495
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the disposition of properties	58,670	0
Investments in and advances to unconsolidated affiliates	(6,355)	(29,114)
Development, construction and property improvement costs	(37,412)	(30,570)
Payment of deposits for properties under purchase contract	(1,250)	(995)
Return of capital from unconsolidated affiliates	4,689	38,097
Payment of deferred leasing costs	(4,001)	(4,071)
Proceeds from sale of marketable securities	7,580	0
Proceeds from repayment of note receivable	6,000	0
Issuance of note receivable	(7,945)	0
Net cash provided by (used in) investing activities	19,976	(26,653)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured debt	96,384	95,699
Principal payments on unsecured debt	(293,825)	(133,109)
Proceeds from the sale of Common Shares	142,123	0
Capital contributions from noncontrolling interests	43,709	31,242
Principal payments on mortgage and other notes	(25,213)	(61,153)
Distributions to noncontrolling interests	(16,170)	(29,834)
Dividends paid to Common Shareholders	(35,733)	(34,252)
Proceeds received from mortgage and other notes	49,226	67,702
Payment of deferred financing and other costs	(8,647)	(1,840)
Payments of finance lease obligations	(89)	0
Net cash used in financing activities	(48,235)	(65,545)
Increase (decrease) in cash and cash equivalents and restricted cash	29,760	(2,703)
Cash and cash equivalents of $17,481 and $17,158 and restricted cash of $7,813 and $15,063, respectively, beginning of period	25,294	32,221
Cash and cash equivalents of $31,915 and $17,193 and restricted cash of $23,139 and $12,325, respectively, end of period	55,054	29,518
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $3,348 and $3,913 respectively	62,126	55,349
Cash paid for income taxes, net of refunds	187	123
Supplemental disclosure of non-cash investing and financing activities
Dividends/distributions declared and payable	20,092	18,378
Issuance of note receivable used as capital contributions from redeemable noncontrolling interests	0	796
Conversion of Common OP Units to Common Shares	19,341	1,533
Accrued interest on note receivable recorded to noncontrolling interest	4,724	4,653
Distributions to noncontrolling interests of marketable securities	0	49,117
Retained investment in an unconsolidated affiliate	2,432	0
Reclassification of investment in unconsolidated affiliate to marketable securities	$ 0	$ 32,745

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Summary of Consolidated Indebtedness

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


			Carrying Value as of
	Interest Rate as of	Maturity Date as of	June 30,	December 31,
	June 30, 2024	June 30, 2024	2024	2023
Mortgages Payable
Core	3.99% - 5.89%	Jul 2027 - Apr 2035	$181,099	$191,830
Fund II (a)	SOFR+2.61%	Aug 2025	137,485	137,485
Fund III	SOFR+3.75%	Oct 2025	33,000	33,000
Fund IV (b)	SOFR+2.25% - SOFR+3.33%	March 2025 - Jun 2028	109,484	115,925
Fund V	SOFR+1.80% - SOFR+2.85%	Jul 2024 - Jun 2028	500,144	458,960
Net unamortized debt issuance costs			(6,366)	(7,313)
Unamortized premium			223	240
Total Mortgages Payable			$955,069	$930,127

Unsecured Notes Payable
Core Term Loans (c)	SOFR+1.50% - SOFR+1.95%	Apr 2027 - Jul 2029	$650,000	$650,000
Fund V Subscription Line (d)			—	80,600
Net unamortized debt issuance costs			(5,687)	(3,873)
Total Unsecured Notes Payable			$644,313	$726,727

Unsecured Line of Credit
Revolving Credit Facility (c)	SOFR+1.35%	Apr 2028	$96,446	$213,287

Total Debt (e)(f)			$1,707,658	$1,881,087
Net unamortized debt issuance costs			(12,053)	(11,186)
Unamortized premium			223	240
Total Indebtedness			$1,695,828	$1,870,141

(a)

The Company has a total borrowing capacity of $198.0 million on the Fund II mortgage as of both June 30, 2024 and December 31, 2023.

(b)

Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million as of both June 30, 2024 and December 31, 2023.

(c)

The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans as of June 30, 2024 and December 31, 2023.

(d)

Fund V paid off the subscription line and terminated the outstanding letters of credit during the six months ended June 30, 2024.

(e)

Includes $1,188.3 million and $1,249.8 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 4.69%.

(f)

Includes $151.2 million and $151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 4.50% to 6.00%.

Scheduled Principal Repayments

The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of June 30, 2024 are as follows (in thousands):


Year Ending December 31,	Principal Repayments
2024 (Remainder)	$	214,585
2025		412,878
2026		56,911
2027		248,828
2028		678,250
Thereafter		96,206
		1,707,658
Unamortized premium		223
Net unamortized debt issuance costs		(12,053	)
Total indebtedness	$	1,695,828

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Share Repurchases - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	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
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

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

7. Debt

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


			Carrying Value as of
	Interest Rate as of	Maturity Date as of	June 30,	December 31,
	June 30, 2024	June 30, 2024	2024	2023
Mortgages Payable
Core	3.99% - 5.89%	Jul 2027 - Apr 2035	$181,099	$191,830
Fund II (a)	SOFR+2.61%	Aug 2025	137,485	137,485
Fund III	SOFR+3.75%	Oct 2025	33,000	33,000
Fund IV (b)	SOFR+2.25% - SOFR+3.33%	March 2025 - Jun 2028	109,484	115,925
Fund V	SOFR+1.80% - SOFR+2.85%	Jul 2024 - Jun 2028	500,144	458,960
Net unamortized debt issuance costs			(6,366)	(7,313)
Unamortized premium			223	240
Total Mortgages Payable			$955,069	$930,127

Unsecured Notes Payable
Core Term Loans (c)	SOFR+1.50% - SOFR+1.95%	Apr 2027 - Jul 2029	$650,000	$650,000
Fund V Subscription Line (d)			—	80,600
Net unamortized debt issuance costs			(5,687)	(3,873)
Total Unsecured Notes Payable			$644,313	$726,727

Unsecured Line of Credit
Revolving Credit Facility (c)	SOFR+1.35%	Apr 2028	$96,446	$213,287

Total Debt (e)(f)			$1,707,658	$1,881,087
Net unamortized debt issuance costs			(12,053)	(11,186)
Unamortized premium			223	240
Total Indebtedness			$1,695,828	$1,870,141

(a)

The Company has a total borrowing capacity of $198.0 million on the Fund II mortgage as of both June 30, 2024 and December 31, 2023.

(b)

Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million as of both June 30, 2024 and December 31, 2023.

(c)

The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans as of June 30, 2024 and December 31, 2023.

(d)

Fund V paid off the subscription line and terminated the outstanding letters of credit during the six months ended June 30, 2024.

(e)

(f)

Unsecured Debt

Credit Facility

In April 2024, the Operating Partnership entered into a Third Amended and Restated Credit Agreement, with Bank of America, N.A., as administrative agent, to amend its existing senior unsecured credit facility (the “Amended Credit Facility”). The Amended Credit Facility provides for an increase in the existing unsecured revolving credit facility (the “Revolver”) from $300.0 million to $350.0 million, which includes the capacity to issue letters of credit in an amount up to $60.0 million, and the extension of the term from June 29, 2025 to April 15, 2028, with two additional six-month extension options. The Amended Credit Facility also provides for the extension of the term on the existing $400.0 million unsecured term loan (“Term Loan”) from June 29, 2026 to April 15, 2028, with two additional six-month extension options. The Amended Credit Facility has an accordion feature to increase its capacity up to $900 million at the option of the Operating Partnership, subject to customary conditions. Borrowings under the Revolver and the Term Loan will accrue interest at a floating rate based on SOFR with margins based on leverage or credit rating. The Credit Facility is guaranteed by the Trust and certain subsidiaries of the Trust (Note 9).

Revolving Credit Facility

As of June 30, 2024, the Revolver bears interest at SOFR + 1.35% and matures on April 15, 2028, subject to two six-month extension options. The outstanding balance and total available credit of the Revolver was $96.4 million and $253.6 million, respectively, as of June 30, 2024, reflecting no letters of credit outstanding. The outstanding balance and total available credit of the Revolver was $213.3 million and $86.7 million, respectively, as of December 31, 2023, reflecting no letters of credit outstanding.

Core Term Loans

As of June 30, 2024, the Term Loan bears interest at SOFR + 1.50% and matures on April 15, 2028.

The Operating Partnership has 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). As of June 30, 2024, the $175.0 Million Term Loan bears interest at SOFR + 1.60%.

The Operating Partnership has a $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 (Note 9). As of June 30, 2024, the $75.0 Million Term Loan bears interest at SOFR + 1.95%.

Mortgages and Other Notes Payable

During the six months ended June 30, 2024, the Company (amounts represent balances at the time of transactions):

•

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

•

extended a Core mortgage loan of $60.0 million (excluding principal reductions of $2.5 million);

•

repaid the Fund V subscription line totaling $80.6 million;

•

entered into a new Fund mortgage loan of $43.4 million;

•

repaid two consolidated Fund mortgage loans of $6.4 million upon disposition of the properties (Note 2);

•

repaid a portion of one consolidated Fund mortgage loan of $1.5 million in connection with an outparcel disposition (Note 2);

•

extended two Fund mortgage loans totaling $67.7 million; and

•

made scheduled principal payments totaling $6.1 million.

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

As of both June 30, 2024 and December 31, 2023, the Company’s mortgages were collateralized by 31 properties and the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. The Company was in compliance with its debt covenants as of June 30, 2024.

Fund IV also has an outstanding balance and total available credit on its secured bridge facility of $36.2 million and $0.0 million, respectively, as of both June 30, 2024 and December 31, 2023. The Operating Partnership has guaranteed up to $22.5 million of the Fund IV secured bridge facility (Note 9).

Scheduled Debt Principal Payments


Year Ending December 31,	Principal Repayments
2024 (Remainder)	$	214,585
2025		412,878
2026		56,911
2027		248,828
2028		678,250
Thereafter		96,206
		1,707,658
Unamortized premium		223
Net unamortized debt issuance costs		(12,053	)
Total indebtedness	$	1,695,828

The table above does not reflect available extension options (subject to customary conditions) on consolidated debt with balances as of June 30, 2024. The Company has debt balances contractually due of $40.0 million in 2024, $327.3 million due in 2025, $27.4 million due in 2026 and $69.4 million in 2027, all of 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: 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 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(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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

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

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

Long-term debt, gross

^[1],[2]

$ 1,707,658

$ 1,881,087

Interest Rate Caps

Debt Instrument [Line Items]

Long-term debt, gross

151,200

151,400

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

Debt Instrument [Line Items]

Long-term debt, gross

$ 1,188,300

$ 1,249,800

Minimum | Interest Rate Caps

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Effective Percentage

4.50%

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Effective Percentage

1.14%

Maximum | Interest Rate Caps

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Effective Percentage

6.00%

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

Debt Instrument [Line Items]

Debt Instrument, Interest Rate, Effective Percentage

4.69%

Fund II

Debt Instrument [Line Items]

Single Mortgage Loan

$ 198,000

Fund IV

Debt Instrument [Line Items]

Long-term debt, gross

$ 36,200

[1]	Includes $151.2 million and $151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 4.50% to 6.00%.
[2]	Includes $1,188.3 million and $1,249.8 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 4.69%.

Leases - Schedule of Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Leased Assets [Line Items]
Fixed lease revenue	$ 69,366	$ 73,102	$ 138,023	$ 137,984
Variable lease revenues	16,260	15,039	33,640	30,894
Total rental revenue	87,254	89,948	178,610	171,787
Rental Income
Operating Leased Assets [Line Items]
Total rental revenue	$ 85,626	$ 88,141	$ 171,663	$ 168,878

Other Assets, Net and Accounts Payable and Other Liabilities - Schedule of other assets and other liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets, Net:
Lease intangibles, net (Note 6)	$ 86,429	$ 100,594
Derivative financial instruments (Note 8)	40,338	28,989
Deferred charges, net (A)	36,071	31,074
Accrued interest receivable (Note 3)	28,768	25,553
Prepaid expenses	13,242	15,204
Due from seller	2,343	2,631
Income taxes receivable	1,472	1,141
Deposits	1,816	575
Corporate assets, net	740	924
Other receivables	2,560	1,775
Other assets, net	213,779	208,460
Deferred Charges, Net:
Deferred leasing and other costs	77,445	73,908
Deferred financing costs related to line of credit	12,111	9,829
Deferred costs, gross	89,556	83,737
Accumulated amortization	(53,485)	(52,663)
Deferred charges, net	36,071	31,074
Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	$ 69,414	$ 73,994
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Accounts payable and other liabilities	Accounts payable and other liabilities
Accounts payable and accrued expenses	$ 62,198	$ 61,425
Deferred income	36,086	34,386
Tenant security deposits, escrow and other	13,988	17,939
Lease liability - finance leases, net (Note 11)	32,649	32,739
Derivative financial instruments (Note 8)	3,760	8,892
Accounts payable and other liabilities	$ 218,095	$ 229,375
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts payable and other liabilities	Accounts payable and other liabilities

Real Estate - Schedule of Development in Process Activities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) Property	Jan. 01, 2024 USD ($) Property	Dec. 31, 2023 USD ($)
Property, Plant and Equipment [Line Items]
Number of properties under development \| Property	3	3
Real estate under development, beginning balance	$ 101,802	$ 94,799	$ 94,799
Transfers In	0
Capitalized Costs	7,003
Transfers Out	$ 0
Core Portfolio
Property, Plant and Equipment [Line Items]
Number of properties under development \| Property	2	2
Real estate under development, beginning balance	$ 71,976	$ 66,083
Transfers In	0
Capitalized Costs	5,893
Transfers Out	$ 0
Fund Portfolio \| Fund III
Property, Plant and Equipment [Line Items]
Number of properties under development \| Property	1	1
Real estate under development, beginning balance	$ 29,826	$ 28,716
Transfers In	0
Capitalized Costs	1,110
Transfers Out	$ 0

Earnings Per Common Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands, except per share data)	2024			2023			2024			2023
Numerator:
Net income attributable to Acadia shareholders	$	1,443		$	9,276		$	4,712		$	22,636
Less: earnings attributable to unvested participating securities		(290	)		(247	)		(577	)		(490	)
Income from continuing operations net of income attributable to participating securities for basic earnings per share	$	1,153		$	9,029		$	4,135		$	22,146

Denominator:
Weighted average shares for basic earnings per share		103,592,238			95,259,924			102,859,977			95,224,901
Effect of dilutive securities:
Series A Preferred OP Units		—			—			—			—
Employee unvested restricted shares		—			—			—			—
Weighted average shares for diluted earnings per share		103,592,238			95,259,924			102,859,977			95,224,901

Basic earnings per Common Share from continuing operations attributable to Acadia	$	0.01		$	0.09		$	0.04		$	0.23
Diluted earnings per Common Share from continuing operations attributable to Acadia	$	0.01		$	0.09		$	0.04		$	0.23

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

Series C Preferred OP Units		84,785			126,384			84,785			126,384
Series C Preferred OP Units - Common share equivalent		294,390			438,831			294,390			438,831
Restricted shares		82,410			96,143			82,410			96,143

Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 30, 2024	Jul. 03, 2024	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Subsequent Event [Line Items]
Cash dividends declared per common share (in dollars per share)				$ 0.18	$ 0.18	$ 0.36	$ 0.36
2029 Unsecured Senior Notes
Subsequent Event [Line Items]
Debt Instrument, aggregate principal amount issued			$ 100
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per common share (in dollars per share)	$ 0.19
Subsequent Event \| Shopping center \| Florida
Subsequent Event [Line Items]
Payments to Acquire Businesses		$ 30,700

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Common Shares and Units - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jan. 31, 2024	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Proceeds from the sale of Common Shares		$ 142,123	$ 0
Underwritten Offering
Class of Stock [Line Items]
Shares sold in offering (in shares)	6,900,000
Purchase of additional shares	900,000
Proceeds from the sale of Common Shares	$ 113,000
Restricted shares
Class of Stock [Line Items]
Restricted stock, shares canceled for tax withholding for share based compensation (in shares)		3,410
LTIP Units and Restricted Stock
Class of Stock [Line Items]
Unit based compensation expense		$ 4,500

- 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

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

6 Months Ended

Jun. 30, 2024

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 (dollars in millions):


Entity	Formation Date	Operating Partnership Share of Capital			Capital Called as of June 30, 2024 (a)		Unfunded Commitment (a)		Equity Interest Held By Operating Partnership (b)			Preferred Return			Total Distributions as of June 30, 2024 (a)
Fund II	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	%		506.0		24.0		23.12	%		6	%		221.4
Fund V	8/2016		20.10	%		459.6		60.4		20.10	%		6	%		121.6

(a)

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

(b)

Amount represents the current economic ownership as of June 30, 2024, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - ATM Program - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Class of Stock [Line Items]
Purchase new program included an optional forward purchase component	$ 28,275	$ 142,123
ATM Program
Class of Stock [Line Items]
Issuance of Common Shares (in Shares)		0	0
Gross proceeds		$ 29,900
Purchase new program included an optional forward purchase component		250,000
Value of shares available for issuance	$ 192,100	$ 192,100
Common Shares
Class of Stock [Line Items]
Issuance of Common Shares (in Shares)	1,652,000	8,639,000
Purchase new program included an optional forward purchase component	$ 2	$ 9
Common Shares \| ATM Program
Class of Stock [Line Items]
Issuance of Common Shares (in Shares)		1,739,288

- 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

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 87,254	$ 89,948	$ 178,610	$ 171,787
Expenses
Depreciation and amortization	34,281	34,056	69,221	67,229
General and administrative	10,179	10,643	19,947	20,589
Real estate taxes	9,981	11,381	22,327	22,860
Property operating	15,781	14,210	34,877	29,343
Total expenses	70,222	70,290	146,372	140,021
Gain (loss) on disposition of properties	757	0	(441)	0
Operating income	17,789	19,658	31,797	31,766
Equity in earnings (losses) of unconsolidated affiliates	4,480	(1,437)	4,168	(1,408)
Interest income	5,413	4,970	10,651	9,788
Realized and unrealized holding (losses) gains on investments and other	(2,364)	1,815	(4,415)	28,572
Interest expense	(23,581)	(22,089)	(47,290)	(43,676)
Income (loss) from continuing operations before income taxes	1,737	2,917	(5,089)	25,042
Income tax provision	(155)	(165)	(186)	(288)
Net income (loss)	1,582	2,752	(5,275)	24,754
Net loss attributable to redeemable noncontrolling interests	2,292	1,091	4,846	3,166
Net loss (income) attributable to noncontrolling interests	(2,431)	5,433	5,141	(5,284)
Net income attributable to Acadia shareholders	$ 1,443	$ 9,276	$ 4,712	$ 22,636
Basic income per share	$ 0.01	$ 0.09	$ 0.04	$ 0.23
Diluted income per share	$ 0.01	$ 0.09	$ 0.04	$ 0.23
Weighted average shares for basic income per share	103,592,238	95,259,924	102,859,977	95,224,901
Weighted average shares for diluted income per share	103,592,238	95,259,924	102,859,977	95,224,901
Rental Income
Revenues	$ 85,626	$ 88,141	$ 171,663	$ 168,878
Other
Revenues	$ 1,628	$ 1,807	$ 6,947	$ 2,909

Real Estate - Schedule of Property Dispositions (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

May 16, 2024

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

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

Gain (Loss) on Sale

$ 757

$ 0

$ (441)

$ 0

Disposed of by sale

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

Sale Price

^[1]

64,510

Gain (Loss) on Sale

^[1]

$ 757

Disposed of by sale | Shops at Grand - Queens, NY

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

Sale Price

$ 48,300

Gain (Loss) on Sale

$ 2,200

Fund IV | Disposed of by sale | 2208-2216 Fillmore Street - San Francisco, CA

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

Date sold

Apr. 03, 2024

Sale Price

$ 9,777

Gain (Loss) on Sale

$ 1,239

Fund IV | Disposed of by sale | 2207 Fillmore Street - San Francisco, CA

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

Date sold

Apr. 03, 2024

Sale Price

$ 4,283

Gain (Loss) on Sale

$ 1,130

Core Portfolio | Disposed of by sale | Shops at Grand - Queens, NY

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

Date sold

May 16, 2024

Sale Price

$ 48,250

Gain (Loss) on Sale

$ (2,213)

Fund V | Disposed of by sale | Canton Marketplace (Outparcel) - Canton, GA

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

Date sold

Jun. 28, 2024

Sale Price

$ 2,200

Gain (Loss) on Sale

$ 601

[1]	During the six months ended June 30, 2024, the Company recorded a $1.2 million loss related to a Fund IV property that was sold in 2019 in connection with a post-closing dispute.

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

6 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Debt Instrument [Line Items]

Long-term debt, gross

^[1],[2]

$ 1,707,658

$ 1,881,087

Net unamortized debt issuance costs

(12,053)

(11,186)

Unamortized premium

223

240

Secured Debt, Total

955,069

930,127

Unsecured notes payable, net

644,313

726,727

Total Indebtedness

1,695,828

1,870,141

Fund IV

Debt Instrument [Line Items]

Long-term debt, gross

36,200

Mortgages

Debt Instrument [Line Items]

Net unamortized debt issuance costs

(6,366)

(7,313)

Unamortized premium

223

240

Secured Debt, Total

955,069

930,127

Mortgages | Fund Portfolio | Fund II

Debt Instrument [Line Items]

Long-term debt, gross

^[3]

137,485

Mortgages | Fund Portfolio | Fund III

Debt Instrument [Line Items]

Long-term debt, gross

33,000

Mortgages | Fund Portfolio | Fund IV

Debt Instrument [Line Items]

Long-term debt, gross

^[4]

109,484

115,925

Mortgages | Fund Portfolio | Fund V

Debt Instrument [Line Items]

Long-term debt, gross

500,144

458,960

Unsecured Debt

Debt Instrument [Line Items]

Net unamortized debt issuance costs

(5,687)

(3,873)

Unsecured notes payable, net

644,313

726,727

Line of Credit

Debt Instrument [Line Items]

Unsecured notes payable, net

^[5]

96,446

213,287

Fixed Rate | Mortgages | Core Portfolio

Debt Instrument [Line Items]

Long-term debt, gross

$ 181,099

191,830

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%

Maturity Date

2027-07

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 | SOFR | Fund II

Debt Instrument [Line Items]

Maturity Date

^[3]

2025-08

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

3.33%

Maturity Date

^[4]

2028-06

Debt Instrument [Line Items]

Basis spread on variable rate

^[4]

2.25%

Maturity Date

^[4]

2025-03

Debt Instrument [Line Items]

Basis spread on variable rate

2.85%

Maturity Date

2028-06

Debt Instrument [Line Items]

Basis spread on variable rate

1.80%

Maturity Date

2024-07

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

Debt Instrument [Line Items]

Maturity Date

2025-10

Debt Instrument [Line Items]

Basis spread on variable rate

3.75%

Variable Rate Unsecured Term Loans | Unsecured Debt | Core Portfolio

Debt Instrument [Line Items]

Long-term debt, gross

^[5]

$ 650,000

650,000

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

Debt Instrument [Line Items]

Maturity Date

^[5]

2029-07

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

Debt Instrument [Line Items]

Maturity Date

^[5]

2027-04

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

Debt Instrument [Line Items]

Interest rate, stated percentage

^[5]

1.95%

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

Debt Instrument [Line Items]

Interest rate, stated percentage

^[5]

1.50%

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

Debt Instrument [Line Items]

Basis spread on variable rate

^[5]

1.35%

Maturity Date

^[5]

2028-04

Subscription Line | Unsecured Debt | Fund Portfolio | Fund V

Debt Instrument [Line Items]

Long-term debt, gross

^[6]

$ 0

$ 80,600

[1]	Includes $151.2 million and $151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged from 4.50% to 6.00%.
[2]	Includes $1,188.3 million and $1,249.8 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 4.69%.
[3]	The Company has a total borrowing capacity of $198.0 million on the Fund II mortgage as of both June 30, 2024 and December 31, 2023.
[4]	Includes the outstanding balance on the Fund IV secured bridge facility of $36.2 million as of both June 30, 2024 and December 31, 2023.
[5]	The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans as of June 30, 2024 and December 31, 2023.
[6]	Fund V paid off the subscription line and terminated the outstanding letters of credit during the six months ended June 30, 2024.

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

Jun. 30, 2024

Dec. 31, 2023

Schedule of Equity Method Investments [Line Items]

Due from (to) Related Parties

$ 2,560

$ 1,775

Other

^[1]

4,296

4,554

Investments in and advances to unconsolidated affiliates

203,410

197,240

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

7,301

7,982

Due from (to) Related Parties

299

396

Core Portfolio

Schedule of Equity Method Investments [Line Items]

Equity method investments

$ 106,583

101,227

Core Portfolio | Renaissance Portfolio

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[2]

20.00%

Equity method investments

^[2]

$ 30,203

30,745

Core Portfolio | Gotham Plaza

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

49.00%

Equity method investments

$ 30,616

30,772

Core Portfolio | Georgetown Portfolio

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[2]

50.00%

Equity method investments

^[2]

$ 4,211

4,230

Core Portfolio | 1238 Wisconsin Avenue

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[2],[3]

80.00%

Equity method investments

^[2],[3]

$ 19,169

19,719

Core Portfolio | Crossroads

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[4]

49.00%

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

^[4]

$ 7,301

7,982

Core Portfolio | 840 N. Michigan

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[5]

91.85%

Equity method investments

^[5]

$ 22,384

15,761

Investment Management | Fund IV Other Portfolio

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 5,510

5,221

Investment Management | 650 Bald Hill Road

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 9,767

9,486

Investment Management | Paramus Plaza

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[6]

50.00%

Equity method investments

^[6]

$ 4,133

Investment Management | Fund IV

Schedule of Equity Method Investments [Line Items]

Equity method investments

$ 19,410

14,777

Investment Management | Fund V Family Center at Riverdale

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

^[5]

89.42%

Equity method investments

^[5]

$ 1,847

2,552

Investment Management | Tri City Plaza

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 5,363

6,452

Investment Management | Frederick County Acquisitions

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 12,365

11,345

Investment Management | Wood Ridge Plaza

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 10,014

10,313

Investment Management | La Frontera Village

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 15,638

17,483

Investment Management | Shoppes at South Hills

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 10,426

11,707

Investment Management | Mohawk Commons

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

90.00%

Equity method investments

$ 14,728

16,434

Investment Management | Fund V

Schedule of Equity Method Investments [Line Items]

Equity method investments

$ 70,381

76,286

Investment Management | Shops at Grand - Queens, NY

Schedule of Equity Method Investments [Line Items]

Equity method investment, ownership percentage

5.00%

Equity method investments

$ 2,441

$ 0

[1]	Includes cost-method investments in Fifth Wall.
[2]	Represents a variable interest entity (“VIE”) for which the Company is not the primary beneficiary (Note 15).
[3]	Includes the amounts advanced against a $12.8 million construction commitment from the Company to the venture that holds its investment in 1238 Wisconsin. As of June 30, 2024 and December 31, 2023 the note receivable from a related party had a balance of $12.8 million, net of an allowance for credit losses of $0.2 million, as of each period. 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.
[4]	Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity.
[5]	Represents a tenancy-in-common interest.
[6]	As of June 30, 2024, the investment balance relates to undistributed proceeds from the disposition of the property. These proceeds were distributed to Fund IV in July 2024.

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

Jun. 30, 2024

Dec. 31, 2023

Accounts Notes And Loans Receivable [Line Items]

Notes receivable

^[1]

$ 128,173

$ 126,228

OP Unit Holders

Accounts Notes And Loans Receivable [Line Items]

Notes receivable

$ 6,000

[1]	Includes one note receivable from an OP Unit holder, with a balance of $6.0 million as of December 31, 2023. The note was paid off during the six months ended June 30, 2024.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A

Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-29

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (1)
-Publisher SEC

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph a
-Subparagraph (2)
-Publisher SEC

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
-Number 229
-Section 1404
-Paragraph a
-Publisher SEC

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-80

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479294/326-20-55-79

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479344/326-20-45-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-14

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

+ Details

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

Jun. 30, 2024

Dec. 31, 2023

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

Notes receivable, net

$ 126,653

$ 124,949

Mortgage and Other Notes Payable

1,695,828

1,870,141

Unsecured notes payable and Unsecured line of credit

644,313

726,727

Level 3 | Carrying Amount

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

Notes receivable, net

^[1]

126,653

124,949

City Point Loan

^[1]

66,741

Mortgage and Other Notes Payable

^[1]

961,212

937,200

Investment in non-traded equity securities

^[2]

4,141

4,398

Level 3 | Estimated Fair Value

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

Notes receivable, net

^[1]

126,647

124,789

City Point Loan

^[1]

66,674

66,017

Mortgage and Other Notes Payable

^[1]

947,938

921,563

Investment in non-traded equity securities

^[2]

4,141

4,702

Level 2 | Carrying Amount

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

Unsecured notes payable and Unsecured line of credit

^[3]

746,446

943,887

Level 2 | Estimated Fair Value

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

Unsecured notes payable and Unsecured line of credit

^[3]

$ 746,873

$ 937,153

[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 5.00% to 14.00% for the Company's notes receivable and City Point Loan, and 5.52% to 8.37% for the Company's mortgage and other notes payable, depending on the attributes of the specific loans.
[2]	Includes 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.