CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands		Sep. 30, 2023		Dec. 31, 2022
ASSETS
Operating real estate, net		$ 3,482,675		$ 3,343,265
Real estate under development		92,729		184,602
Net investments in real estate		3,575,404		3,527,867
Notes receivable, net ($988 and $898 of allowance for credit losses as of September 30, 2023 and December 31, 2022, respectively)		123,813		123,903
Investments in and advances to unconsolidated affiliates		184,034		291,156
Other assets, net		243,498		229,591
Right-of-use assets - operating leases, net		30,180		37,281
Cash and cash equivalents		19,312		17,158
Restricted cash		7,868		15,063
Marketable securities		35,197		0
Rents receivable, net		50,415		49,506
Assets of properties held for sale		11,057		11,057
Total assets	[2]	4,280,778	[1]	4,302,582
LIABILITIES
Mortgage and other notes payable, net		961,611		928,639
Unsecured notes payable, net		666,188		696,134
Unsecured line of credit		192,287		168,287
Accounts payable and other liabilities		221,586		196,491
Lease liability - operating leases, net		32,520		35,271
Dividends and distributions payable		18,519		18,395
Distributions in excess of income from, and investments in, unconsolidated affiliates		8,545		10,505
Total liabilities	[2]	2,101,256		2,053,722
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests (Note 10)		55,284		67,664
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 95,310,104 a and 95,120,773 shares, respectively		95		95
Additional paid-in capital		1,950,212		1,945,322
Accumulated other comprehensive income		65,560		46,817
Distributions in excess of accumulated earnings		(330,639)		(300,402)
Total Acadia shareholders’ equity		1,685,228		1,691,832
Noncontrolling interests		439,010		489,364
Total equity		2,124,238		2,181,196
Total liabilities, redeemable noncontrolling interests, and equity		$ 4,280,778		$ 4,302,582

[1] Real estate at cost and total assets for the Funds segment include $670.1 million and $661.7 million, or $423.8 million and $418.5 million net of noncontrolling interests, related to Fund II’s City Point property at September 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: $1,636.8 million and $1,466.4 million of Operating real estate, net; $28.1 million and $129.9 million of Real estate under development; $100.5 million and $210.9 million of Investments in and advances to unconsolidated affiliates; $97.4 million and $98.7 million of Other assets, net; $2.2 million and $2.5 million of Right-of-use assets - operating leases, net; $10.5 million and $13.3 million of Cash and cash equivalents; $7.4 million and $15.0 million of Restricted cash; $19.7 million and $17.9 million of Rents receivable, net; $795.6 million and $761.2 million of Mortgage and other notes payable, net; $20.3 million and $51.2 million of Unsecured notes payable, net; $122.2 million and $95.4 million of Accounts payable and other liabilities; $2.3 million and $2.7 million of Lease liability- operating leases, net as of September 30, 2023 and December 31, 2022, respectively.