CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022		Dec. 31, 2021
ASSETS
Operating real estate, net	$ 3,406,577		$ 3,219,373
Real estate under development	192,115		203,773
Net investments in real estate	3,598,692		3,423,146
Notes receivable, net	153,161		153,886
Investments in and advances to unconsolidated affiliates	413,141		322,326
Other assets, net	198,767		186,509
Right-of-use assets - operating leases, net	39,885		40,743
Cash and cash equivalents	36,151		17,746
Restricted cash	11,875		9,813
Rents receivable, net	44,509		43,625
Assets of properties held for sale	0		63,952
Total assets	4,496,181	[1]	4,261,746
LIABILITIES
Mortgage and other notes payable, net	1,095,445		1,140,293
Unsecured notes payable, net	529,796		559,040
Unsecured line of credit	194,405		112,905
Accounts payable and other liabilities	202,526		236,415
Lease liability - operating leases, net	37,936		38,759
Dividends and distributions payable	18,320		14,460
Distributions in excess of income from, and investments in, unconsolidated affiliates	9,547		9,939
Total liabilities	2,087,975		2,111,811
Commitments and contingencies
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 94,507,864 and 89,303,545 shares, respectively	95		89
Additional paid-in capital	1,864,060		1,754,383
Accumulated other comprehensive loss	(5,724)		(36,214)
Distributions in excess of accumulated earnings	(196,818)		(196,645)
Total Acadia shareholders’ equity	1,661,613		1,521,613
Noncontrolling interests	746,593		628,322
Total equity	2,408,206		2,149,935
Total liabilities and equity	$ 4,496,181		$ 4,261,746

[1] Real estate at cost and total assets for the Funds segment include $657.9 million and $643.0 million, or $191.1 million and $186.9 million net of non-controlling interests, related to Fund II’s City Point property at March 31, 2022 and 2021, respectively.