CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Jun. 30, 2023		Dec. 31, 2022
ASSETS
Operating real estate, net		$ 3,386,576		$ 3,343,265
Real estate under development		122,275		184,602
Net investments in real estate		3,508,851		3,527,867
Notes receivable, net ($899 and $898 of CECL allowance as of June 30, 2023 and December 31, 2022, respectively)		123,902		123,903
Investments in and advances to unconsolidated affiliates		191,925		291,156
Other assets, net		219,928		229,591
Right-of-use assets - operating leases, net		35,481		37,281
Cash and cash equivalents		17,193		17,158
Restricted cash		12,325		15,063
Marketable securities		35,940		0
Rents receivable, net		47,557		49,506
Assets of properties held for sale		11,057		11,057
Total assets	[2]	4,204,159	[1]	4,302,582
LIABILITIES
Mortgage and other notes payable, net		935,348		928,639
Unsecured notes payable, net		647,589		696,134
Unsecured line of credit		180,087		168,287
Accounts payable and other liabilities		182,641		196,491
Lease liability - operating leases, net		33,445		35,271
Dividends and distributions payable		18,519		18,395
Distributions in excess of income from, and investments in, unconsolidated affiliates		8,588		10,505
Total liabilities	[2]	2,006,217		2,053,722
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests (Note 10)		59,833		67,664
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 95,296,799 and 95,120,773 shares, respectively		95		95
Additional paid-in capital		1,947,779		1,945,322
Accumulated other comprehensive income		49,855		46,817
Distributions in excess of accumulated earnings		(312,057)		(300,402)
Total Acadia shareholders’ equity		1,685,672		1,691,832
Noncontrolling interests		452,437		489,364
Total equity		2,138,109		2,181,196
Total liabilities, redeemable noncontrolling interests, and equity		$ 4,204,159		$ 4,302,582

[1] Real estate at cost and total assets for the Funds segment include $672.7 million and $660.0 million, or $275.9 million and $270.7 million net of noncontrolling interests, related to Fund II’s City Point property at June 30, 2023 and 2022, respectively.

[2] 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 consolidated balance sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,525.2 million and $1,466.4 million of Operating real estate, net; $63.3 million and $129.9 million of Real estate under development; $108.0 million and $210.9 million of Investments in and advances to unconsolidated affiliates; $90.2 million and $98.7 million of Other assets, net; $2.3 million and $2.5 million of Right-of-use assets - operating leases, net; $12.0 million and $13.3 million of Cash and cash equivalents; $12.2 million and $15.0 million of Restricted cash; $17.7 million and $17.9 million of Rents receivable, net; $768.8 million and $761.2 million of Mortgage and other notes payable, net; $2.0 million and $51.2 million of Unsecured notes payable, net; $91.8 million and $95.4 million of Accounts payable and other liabilities; $2.4 million and $2.7 million of Lease liability- operating leases, net as of June 30, 2023 and December 31, 2022, respectively.