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Variable Interest Entities - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
ASSETS        
Operating real estate, net $ 3,517,281 $ 3,343,265    
Real estate under development 94,799 184,602    
Notes receivable, net 124,949 123,903    
Investments in and advances to unconsolidated affiliates 197,240 291,156    
Other assets, net 208,460 229,591    
Right-of-use assets - operating leases, net 29,286 37,281    
Cash and cash equivalents 17,481 17,158 $ 17,746 $ 18,699
Restricted cash 7,813 15,063 9,813 $ 11,096
Rents receivable, net 49,504 49,506    
Total assets [2] 4,291,154 [1] 4,302,582 [1] $ 4,261,746  
Liabilities:        
Mortgage and other notes payable, net 930,127 928,639    
Unsecured notes payable, net 726,727 696,134    
Accounts payable and other liabilities 229,375 196,491    
Lease liability - operating leases 31,580 35,271    
Total liabilities [1] 2,157,598 2,053,722    
VIE        
ASSETS        
Operating real estate, net 1,679,779 1,466,381    
Real estate under development 28,851 129,888    
Investments in and advances to unconsolidated affiliates 92,802 210,922    
Other assets, net 101,679 98,675    
Right-of-use assets - operating leases, net 2,112 2,535    
Cash and cash equivalents 10,787 13,330    
Restricted cash 7,048 14,995    
Rents receivable, net 21,427 17,915    
Total assets [3] 1,944,485 1,954,641    
Liabilities:        
Mortgage and other notes payable, net 764,614 761,166    
Unsecured notes payable, net 80,473 51,202    
Accounts payable and other liabilities 127,162 95,385    
Lease liability - operating leases 2,213 2,657    
Total liabilities [3] $ 974,462 $ 910,410    
[1] Represents the consolidated assets and liabilities of Acadia Realty Limited Partnership (the "Operating Partnership"), which is a consolidated variable interest entity ("VIE") (Note 16). The Consolidated Balance Sheets include the following amounts related to our consolidated VIEs that are consolidated by the Operating Partnership: $1,679.8 million and $1,466.4 million of Operating real estate, net; $28.9 million and $129.9 million of Real estate under development; $92.8 million and $210.9 million of Investments in and advances to unconsolidated affiliates; $101.7 million and $98.7 million of Other assets, net; $2.1 million and $2.5 million of Right-of-use assets - operating leases, net; $10.8 million and $13.3 million of Cash and cash equivalents; $7.0 million and $15.0 million of Restricted cash; $21.4 million and $17.9 million of Rents receivable, net; $764.6 million and $761.2 million of Mortgage and other notes payable, net; $80.5 million and $51.2 million of Unsecured notes payable, net; $127.2 million and $95.4 million of Accounts payable and other liabilities; $2.2 million and $2.7 million of Lease liability- operating leases as of December 31, 2023 and 2022, respectively.
[2] Total assets for the Funds segment include $555.8 million, $569.1 million, and $583.4 million related to Fund II’s City Point property at December 31, 2023, 2022,and 2021, respectively.
[3] At December 31, 2023 and December 31, 2022, totals included VIE assets of $721.2 million and 678.1 million, respectively, and VIE liabilities of $234.7 million and $200.4 million, respectively, related to third-party mortgages that are collateralized by the real estate assets of City Point, a Fund II property, and 27 East 61st Street, 801 Madison Avenue, and 1035 Third Avenue, all Fund IV properties, of which $72.5 million is guaranteed by the Operating Partnership (Note 9). The remaining VIE assets are generally encumbered by third-party non-recourse mortgage debt and are collateral under the respective mortgages and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. The remaining VIE assets may only be used to settle obligations of these consolidated VIEs and the remaining VIE liabilities are only the obligations of these consolidated VIEs and they do not have recourse to the Operating Partnership or the Company.

 

Unconsolidated VIEs