CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2022		Dec. 31, 2021
ASSETS
Operating real estate, net		$ 3,374,453		$ 3,219,373
Real estate under development		186,360		203,773
Net investments in real estate		3,560,813		3,423,146
Notes receivable, net		123,966		153,886
Investments in and advances to unconsolidated affiliates		317,422		322,326
Other assets, net		234,558		186,509
Right-of-use assets - operating leases, net		38,158		40,743
Cash and cash equivalents		18,068		17,746
Restricted cash		12,635		9,813
Rents receivable, net		46,821		43,625
Assets of properties held for sale		11,057		63,952
Total VIE assets	[2]	4,363,498	[1]	4,261,746
LIABILITIES
Mortgage and other notes payable, net		945,235		1,140,293
Unsecured notes payable, net		694,310		559,040
Unsecured line of credit		178,287		112,905
Accounts payable and other liabilities		201,033		236,415
Lease liability - operating leases, net		36,157		38,759
Dividends and distributions payable		18,393		14,460
Distributions in excess of income from, and investments in, unconsolidated affiliates		8,880		9,939
Total VIE liabilities	[2]	2,082,295		2,111,811
Commitments and contingencies
Redeemable noncontrolling interests		72,352		0
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 94,951,297 and 89,303,545 shares, respectively		95		89
Additional paid-in capital		1,940,033		1,754,383
Accumulated other comprehensive income (loss)		49,684		(36,214)
Distributions in excess of accumulated earnings		(287,262)		(196,645)
Total Acadia shareholders’ equity		1,702,550		1,521,613
Noncontrolling interests		506,301		628,322
Total equity		2,208,851		2,149,935
Total liabilities and equity		$ 4,363,498		$ 4,261,746

[1] Real estate at cost and total assets for the Funds segment include $661.7 million and $654.0 million, or $418.5 million and $190.0 million net of non-controlling interests, related to Fund II’s City Point property at September 30, 2022 and 2021, respectively.

[2] Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE"). As of September 30, 2022, the assets and liabilities of the Operating Partnership includes $2.0 billion and $0.9 billion of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership. As of December 31, 2021, the assets and liabilities of the Operating Partnership includes $2.0 billion and $1.2 billion of assets and liabilities, respectively, of certain VIEs that are consolidated by the Operating Partnership (Note 1).