Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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

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

	March 31, 2023							December 31, 2022
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Assets
Money market funds	$	—	$	—		$	—	$	—	$	—		$	—
Derivative financial instruments		—		35,867			—		—		54,902			—
Marketable equity securities		34,227		—			—		85,403		—			—
Liabilities
Derivative financial instruments		—		(1,171	)		—		—		(46	)		—

Schedule of Items Measured at Fair Value on Nonrecurring Basis

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

					Impairment Charge
Property and Location	Owner	Triggering Event	Level 3 Inputs	Effective Date	Total		Acadia's Share
2023 Impairment Charges
None
2022 Impairment Charges
146 Geary Street, San Francisco, CA	Fund IV	Reduced projected operating income	Projections of: holding period, net operating income, cap rate, incremental costs	Sept 30, 2022	$	12,435	$	2,875
717 N. Michigan Avenue, Chicago, IL	Fund IV	Reduced holding period and intended use	Offering price	Sept 30, 2022		20,876		4,827
Total 2022 Impairment Charges					$	33,311	$	7,702

Schedule of Derivative Financial Instruments

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

					Strike Rate				Fair Value
Derivative Instrument	Aggregate Notional Amount		Effective Date	Maturity Date	Low		High	Balance Sheet Location	March 31, 2023			December 31, 2022
Core
Interest Rate Swaps	$	50,000	Dec 2022 - Apr 2023	Apr 2028 - Dec 2029	3.35%	—	3.61%	Other Liabilities	$	(1,171	)	$	(46	)
Interest Rate Swap		756,000	Mar 2015 - Jan 2023	Mar 2023 - Jul 2030	2.10%	—	3.05%	Other Assets		26,009			40,884
	$	806,000							$	24,838		$	40,838
Fund II
Interest Rate Swap	$	50,000	Jan 2023	Dec 2029	3.23%	—	3.23%	Other Assets	$	53		$	1,108
Fund III
Interest Rate Cap	$	35,970	Jul 2022	Jul 2023	3.50%	—	3.50%	Other Assets	$	137		$	232
Fund IV
Interest Rate Caps	$	76,338	Jul 2021 - Dec 2022	Jul 2023 - Dec 2023	3.00%	—	3.50%	Other Assets	$	793		$	1,093
Fund V
Interest Rate Swaps	$	301,459	Nov 2019- Jan 2023	Jun 2023- Dec 2027	1.14%	—	3.36%	Other Assets	$	8,490		$	11,585
Interest Rate Cap		40,665	Jan 2023	Jan 2024	3.64%	—	3.64%	Other Assets		385			—
	$	342,124							$	8,875		$	11,585
Total asset derivatives									$	35,867		$	54,902
Total liability derivatives									$	(1,171	)	$	(46	)

Schedule of Other Financial Instruments Carrying Values and Fair values

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

			March 31, 2023				December 31, 2022
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable (a)		3	$	123,967	$	122,094	$	123,903	$	122,716
City Point Loan (a)		3		65,945		66,398		65,945		65,856
Mortgage and Other Notes Payable (a)		3		933,722		914,099		935,917		906,348
Investment in non-traded equity securities (b)		3		4,187		4,824		4,160		5,593
Unsecured notes payable and Unsecured line of credit (c)		2		824,411		823,167		869,497		868,399

(a)The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment. Amounts exclude discounts and loan costs. The estimated market rates are between 5.01% to 13.66% for the Company's notes receivable and City Point Loan, and 6.27% to 10.82% for the Company's mortgage and other notes payable, depending on the attributes of the specific loans.

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

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