Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 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):

	December 31, 2023							December 31, 2022
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Assets
Marketable equity securities	$	33,284	$	—		$	—	$	85,403	$	—		$	—
Derivative financial instruments		—		28,989			—		—		54,902			—
Liabilities
Derivative financial instruments		—		(8,892	)		—		—		(46	)		—

Schedule realized and unrealized gain (loss) on marketable securities

The following table represents the realized and unrealized gain (loss) on marketable securities included in Realized and unrealized holding gains on investments and other on the Company's Consolidated Statements of Operations (in thousands):

	Year Ended December 31,
	2023			2022			2021
Realized gain on marketable securities	$	4,636		$	—		$	—
Less: previously recognized unrealized gains on marketable securities sold during the period		(4,636	)		—			—
Unrealized gains (losses) on marketable securities still held at the end of the period and through the disposition date on marketable securities sold during the period		1,634			(38,913	)		51,925
Gain on marketable securities, net	$	1,634		$	(38,913	)	$	51,925

Schedule of Items Measured at Fair Value on Nonrecurring Basis

Impairment charges for the periods presented are as follows (in thousands):

				Impairment Charge (a)
Property and Location	Owner	Triggering Event	Effective Date	Total		Acadia's Share
2023 Impairment Charges
146 Geary Street, San Francisco, CA	Fund IV	Reduced holding period (Note 7)	Sept 30, 2023	$	3,686	$	852
2022 Impairment Charges
146 Geary Street, San Francisco, CA	Fund IV	Reduced projected operating income	Sept 30, 2022	$	12,435	$	2,875
717 N. Michigan Avenue, Chicago, IL	Fund IV	Reduced holding period and intended use	Sept 30, 2022		20,876		4,827
Total 2022 Impairment Charges				$	33,311	$	7,702

The fair value of 717 N. Michigan Avenue was based on an observable contract to sell the asset, less estimated costs to sell. The Company estimated the fair value of 146 Geary Street based on a discounted cash flow analysis using a range of discount rates from 5.00% to 7.75% and a range of capitalization rates from 4.25% to 5.75%. As significant inputs to the models are unobservable, the Company determined that the value determined for these properties falls within Level 3 of the fair value reporting hierarchy.

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	December 31, 2023			December 31, 2022
Core
Interest Rate Swaps	$	225,000	Dec 2022 - Oct 2023	Jul 2027 - Dec 2029	3.61%		4.69%	Accounts payable and other liabilities	$	(8,807	)	$	(46	)
Interest Rate Swaps		631,000	May 2022 - May 2023	Mar 2025 - Jul 2030	1.98%	—	3.36%	Other assets, net		22,675			40,884
	$	856,000							$	13,868		$	40,838
Fund II
Interest Rate Swap	$	50,000	Jan 2023	Dec 2029	3.23%	—	3.23%	Other assets, net	$	634		$	1,108
Fund III
Interest Rate Cap	$	33,000	Sep 2023	Oct 2025	5.50%	—	5.50%	Other assets, net	$	26		$	232
Fund IV
Interest Rate Cap	$	54,500	Dec 2023	Dec 2025	6.00%	—	6.00%	Other assets, net	$	29		$	1,093
Fund V
Interest Rate Swaps	$	315,409	Apr 2022 - Jul 2023	Mar 2024- May 2026	1.14%	—	4.34%	Other assets, net	$	5,523		$	11,585
Interest Rate Caps		72,447	Jan 2023 - Aug 2023	Jan 2024 - Sep 2025	3.64%	—	5.00%	Other assets, net		102			—
Interest Rate Swaps		28,480	Jun 2023	Jun 2025	4.54%	—	4.54%	Accounts payable and other liabilities		(85	)		—
	$	416,336							$	5,540		$	11,585
Total asset derivatives									$	28,989		$	54,902
Total liability derivatives									$	(8,892	)	$	(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):

			December 31, 2023				December 31, 2022
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable (a)		3	$	124,949	$	124,789	$	123,903	$	122,716
City Point Loan (a)		3		66,741		66,017		65,945		65,856
Mortgages Payable (a)		3		937,200		921,563		935,917		906,348
Investment in non-traded equity securities (b)		3		4,398		4,702		4,160		5,593
Unsecured notes payable and Unsecured line of credit (c)		2		943,887		937,153		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 changes in interest rates. 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 4.90% to 14.25% for the Company's notes receivable and City Point Loan, and 5.83% to 9.27% 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.