Acadia Realty Trust (AKR) 10-K 14 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 10, 2025	Jun. 28, 2024
Cover [Abstract]
Entity Registrant Name	ACADIA REALTY TRUST
Entity Central Index Key	0000899629
Current Fiscal Year End Date	--12-31
Trading Symbol	AKR
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		119,679,930
Entity Public Float			$ 1,886.4
Entity Shell Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
ICFR Auditor Attestation Flag	true
Entity Current Reporting Status	Yes
Entity File Number	001-12002
Entity Tax Identification Number	23-2715194
Entity Address, Address Line One	411 Theodore Fremd Avenue
Entity Address, Address Line Two	Suite 300
Entity Address, City or Town	Rye
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10580
City Area Code	914
Local Phone Number	288-8100
Title of 12(b) Security	Common shares of beneficial interest, par value $0.001 per share
Security Exchange Name	NYSE
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Entity Interactive Data Current	Yes
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates by reference information from certain portions of the definitive proxy statement of Acadia Realty Trust for the 2025 annual meeting of shareholders to be filed with the Securities and Exchange Commission (the “SEC”) within 120 days after the end of the fiscal year, or April 30, 2025, covered by this Annual Report on Form 10-K for the year ended December 31, 2024 (the “Report”).
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	New York, New York
Document Financial Statement Error Correction [Flag]	false
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Acadia Realty Trust and subsidiaries (the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income (loss), changes in shareholders' equity, and cash flows, for each of the two years in the period ended December 31, 2024, and 2023, and the related notes, and the schedules listed in the Index at Item 15 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the each of the two years in the period ended December 31, 2024, and 2023, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 14, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
ASSETS
Operating real estate, net		$ 3,543,974	$ 3,517,281
Real estate under development		129,619	94,799
Net investments in real estate		3,673,593	3,612,080
Notes receivable, net ($2,004 and $1,279 of allowance for credit losses as of December 31, 2024 and December 31, 2023, respectively)	[1]	126,584	124,949
Investments in and advances to unconsolidated affiliates		209,232	197,240
Other assets, net		223,767	208,460
Right-of-use assets - operating leases, net		25,531	29,286
Cash and cash equivalents		16,806	17,481
Restricted cash		22,897	7,813
Marketable securities		14,771	33,284
Rents receivable, net		58,022	49,504
Assets of properties held for sale		0	11,057
Total assets	[2],[3]	4,371,203	4,291,154
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Mortgage and other notes payable, net		953,700	930,127
Unsecured notes payable, net		569,566	726,727
Unsecured line of credit		14,000	213,287
Accounts payable and other liabilities		232,726	229,375
Lease liabilities - operating leases		27,920	31,580
Dividends and distributions payable		24,505	18,520
Distributions in excess of income from, and investments in, unconsolidated affiliates		16,514	7,982
Total liabilities	[2]	1,838,931	2,157,598
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests (Note 10)		30,583	50,339
Acadia Shareholders' Equity
Common shares, $0.001 par value per share, authorized 200,000,000 shares, issued and outstanding 119,657,594 and 95,361,676 shares, respectively		120	95
Additional paid-in capital		2,436,285	1,953,521
Accumulated other comprehensive income		38,650	32,442
Distributions in excess of accumulated earnings		(409,383)	(349,141)
Total Acadia shareholders’ equity		2,065,672	1,636,917
Noncontrolling interests		436,017	446,300
Total equity		2,501,689	2,083,217
Total liabilities, redeemable noncontrolling interests, and equity		$ 4,371,203	$ 4,291,154
[1] Includes Notes receivable, net from related parties of $ 14.8 million and $ 6.4 million as of December 31, 2024 and 2023, respectively (Note 3). 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: $ 1,640.1 million and $ 1,679.8 million of Operating real estate, net; $ 31.5 million and $ 28.9 million of Real estate under development; $ 74.4 million and $ 92.8 million of Investments in and advances to unconsolidated affiliates; $ 79.4 million and $ 101.7 million of Other assets, net; $ 2.0 million and $ 2.1 million of Right-of-use assets - operating leases, net; $ 15.9 million and $ 10.8 million of Cash and cash equivalents; $ 11.0 million and $ 7.0 million of Restricted cash; $ 27.3 million and $ 21.4 million of Rents receivable, net; $ 799.7 million and $ 764.6 million of property mortgage loans and other notes payable, net; $ 0.0 million and $ 80.5 million of Unsecured notes payable, net; $ 120.1 million and $ 127.2 million of Accounts payable and other liabilities; $ 2.1 million and $ 2.2 million of Lease liability- operating leases as of December 31, 2024 and 2023, respectively. Total assets for the Investment Management segment include $ 515.2 million, $ 555.8 million, and $ 569.1 million related to Fund II’s City Point property at December 31, 2024, 2023, and 2022 , respectively.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024		Dec. 31, 2023
Allowance for credit losses	$ 2,004	[1]	$ 1,279
Common shares, par value (in dollars per share)	$ 0.001		$ 0.001
Common shares, authorized (in shares)	200,000,000		200,000,000
Common shares, issued (in shares)	119,657,594		95,361,676
Common shares, outstanding (in shares)	119,657,594		95,361,676
Note receivable from related party	$ 126,584	[1]	$ 124,949
Operating real estate, net	3,543,974		3,517,281
Real estate under development	129,619		94,799
Investments in and advances to unconsolidated affiliates	209,232		197,240
Other assets, net	223,767		208,460
Right-of-use assets - operating leases, net	25,531		29,286
Cash and cash equivalents	16,806		17,481
Restricted cash	22,897		7,813
Rents receivable, net	58,022		49,504
Mortgage and other notes payable, net	953,700		930,127
Unsecured notes payable, net	569,566		726,727
Accounts payable and other liabilities	232,726		229,375
Lease liabilities - operating leases	27,920		31,580
Related Party
Note receivable from related party	14,800		6,400
VIE
Operating real estate, net	1,640,071		1,679,779
Real estate under development	31,514		28,851
Investments in and advances to unconsolidated affiliates	74,361		92,802
Other assets, net	79,381		101,679
Right-of-use assets - operating leases, net	1,978		2,112
Cash and cash equivalents	15,934		10,787
Restricted cash	11,013		7,048
Rents receivable, net	27,317		21,427
Mortgage and other notes payable, net	799,734		764,614
Unsecured notes payable, net	0		80,473
Accounts payable and other liabilities	120,088		127,162
Lease liabilities - operating leases	$ 2,077		$ 2,213
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2024 .

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues		$ 359,689	$ 338,692	$ 326,290
Expenses
Depreciation and amortization		138,910	135,984	135,917
General and administrative		40,559	41,470	44,066
Real estate taxes		46,049	46,650	44,932
Property operating		66,000	61,826	56,995
Impairment charges		1,678	3,686	33,311
Total expenses		293,196	289,616	315,221
(Loss) gain on disposition of properties		(834)	0	57,161
Operating Income		65,659	49,076	68,230
Equity in earnings (losses) of unconsolidated affiliates		15,178	(7,677)	(32,907)
Interest income (a)	[1]	25,085	19,993	14,641
Realized and unrealized holding (losses) gains on investments and other		(5,014)	30,413	(34,994)
Interest expense		(92,557)	(93,253)	(80,209)
Income (loss) from continuing operations before income taxes		8,351	(1,448)	(65,239)
Income tax provision		(212)	(301)	(12)
Net income (loss)		8,139	(1,749)	(65,251)
Net loss attributable to redeemable noncontrolling interests		7,915	8,239	5,536
Net loss attributable to noncontrolling interests		5,596	13,383	24,270
Net income (loss) attributable to Acadia shareholders		$ 21,650	$ 19,873	$ (35,445)
Basic earnings (loss) per share		$ 0.19	$ 0.2	$ (0.38)
Diluted earnings (loss) per share		$ 0.19	$ 0.2	$ (0.4)
Weighted average shares for basic earnings (loss) per share		108,226,767	95,283,752	94,575,251
Weighted average shares for diluted earnings (loss) per share		108,257,862	95,283,752	94,643,466
Rental Income
Revenues		$ 349,530	$ 333,044	$ 317,814
Other
Revenues		$ 10,159	$ 5,648	$ 8,476
[1] Includes interest income on Notes receivable, net, advances to unconsolidated affiliates, and loans to redeemable noncontrolling interests from related parties of $ 13.9 million, $ 7.7 million and $ 4.4 million for the year ended December 31, 2024, 2023, and 2022, respectively ( Note 3 , Note 10 ).

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest income (a)	[1]	$ 25,085	$ 19,993	$ 14,641
Related Party
Interest income (a)		$ 13,900	$ 7,700	$ 4,400
[1] Includes interest income on Notes receivable, net, advances to unconsolidated affiliates, and loans to redeemable noncontrolling interests from related parties of $ 13.9 million, $ 7.7 million and $ 4.4 million for the year ended December 31, 2024, 2023, and 2022, respectively ( Note 3 , Note 10 ).

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 8,139	$ (1,749)	$ (65,251)
Other comprehensive income (loss):
Unrealized gain on valuation of swap agreements	33,232	10,963	96,858
Reclassification of realized interest on swap agreements	(30,336)	(33,647)	8,232
Other comprehensive income (loss)	2,896	(22,684)	105,090
Comprehensive income (loss)	11,035	(24,433)	39,839
Comprehensive loss attributable to redeemable noncontrolling interests	7,915	8,239	5,536
Comprehensive loss attributable to noncontrolling interests	8,908	21,692	2,211
Comprehensive income attributable to Acadia shareholders	$ 27,858	$ 5,498	$ 47,586

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Accumulated Earnings	Total Common Shareholders' Equity	Noncontrolling Interests		Redeemable Non Controlling Interests
Balance at Dec. 31, 2021	$ 2,149,935	$ 89	$ 1,754,383	$ (36,214)	$ (196,645)	$ 1,521,613	$ 628,322
Balance (in Shares) at Dec. 31, 2021		89,304,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Shares, net	119,485	$ 6	119,479			119,485
Issuance of Common Shares (in Shares)		5,525,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership			3,945			3,945	(3,945)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		235,000
Dividends/distributions declared	(73,406)				(68,312)	(68,312)	(5,094)
Acquisition of noncontrolling interest	(24,336)		67,475			67,475	(91,811)
City Point Loan Advances							0		$ (65,391)
City Point Loan accrued interest, net									(3,923)
Employee and trustee stock compensation, net	11,122		1,122			1,122	10,000
Employee and trustee stock compensation, net (in Shares)		57,000
Noncontrolling interest distributions	(79,838)						(79,838)
Noncontrolling interest contributions	109,428						109,428		65,945
Comprehensive income (loss)	39,839			83,031	(35,445)	47,586	(2,211)		(5,536)
Comprehensive income (loss)	45,375
Reclassification of redeemable noncontrolling interests	(76,569)						(76,569)	[1]	76,569
Reallocation of noncontrolling interests			(1,082)			(1,082)	1,082	[2]
Balance at Dec. 31, 2022	2,181,196	$ 95	1,945,322	46,817	(300,402)	1,691,832	489,364
Balance (in Shares) at Dec. 31, 2022		95,121,000
Ending Balance, Redeemable NCI at Dec. 31, 2022									67,664
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership			2,521			2,521	(2,521)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		151,000
Dividends/distributions declared	(73,964)				(68,612)	(68,612)	(5,352)
City Point Loan Advances							0		(796)
City Point Loan accrued interest, net									(9,350)
Employee and trustee stock compensation, net	12,753		1,689			1,689	11,064
Employee and trustee stock compensation, net (in Shares)		90,000
Noncontrolling interest distributions	(80,186)						(80,186)		(50)
Noncontrolling interest contributions	59,612						59,612		1,110
Comprehensive income (loss)	(24,433)			(14,375)	19,873	5,498	(21,692)		(8,239)
Comprehensive income (loss)	(16,194)
Reallocation of noncontrolling interests			3,989			3,989	(3,989)	[2]
Balance at Dec. 31, 2023	$ 2,083,217	$ 95	1,953,521	32,442	(349,141)	1,636,917	446,300
Balance (in Shares) at Dec. 31, 2023	95,361,676	95,362,000
Ending Balance, Redeemable NCI at Dec. 31, 2023	$ 50,339								50,339
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Shares, net	459,892	$ 24	459,868			459,892
Issuance of Common Shares (in Shares)		22,923,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		$ 1	20,928			20,929	(20,929)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		1,293,000
Dividends/distributions declared	(87,531)				(81,892)	(81,892)	(5,639)
City Point Loan accrued interest, net									(11,825)
Employee and trustee stock compensation, net	12,794		1,275			1,275	11,519
Employee and trustee stock compensation, net (in Shares)		80,000
Noncontrolling interest distributions	(36,751)						(36,751)		(16)
Noncontrolling interest contributions	51,118						51,118
Comprehensive income (loss)	11,035			6,208	21,650	27,858	(8,908)		(7,915)
Comprehensive income (loss)	18,950
Reallocation of noncontrolling interests			693			693	(693)	[2]
Balance at Dec. 31, 2024	$ 2,501,689	$ 120	$ 2,436,285	$ 38,650	$ (409,383)	$ 2,065,672	$ 436,017
Balance (in Shares) at Dec. 31, 2024	119,657,594	119,658,000
Ending Balance, Redeemable NCI at Dec. 31, 2024	$ 30,583								$ 30,583
[1] Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022 Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.74	$ 0.72	$ 0.72

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)		$ 8,139	$ (1,749)	$ (65,251)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		138,910	135,984	135,917
Loss (gain) on disposition of properties and other investments		834	0	(58,634)
Net Unrealized holding losses (gains) on investments		4,211	(1,634)	37,751
Stock compensation expense		12,794	12,753	11,122
Straight-line rents		277	(1,392)	(8,669)
Equity in (earnings) losses of unconsolidated affiliates		(15,178)	7,677	32,907
Distributions of operating income from unconsolidated affiliates		22,874	3,844	24,179
Adjustments to straight-line rent reserves		(2,849)	0	(292)
Amortization of financing costs		8,049	6,481	5,639
Non-cash lease expense		3,745	3,596	3,462
Adjustments to allowance for credit loss		0	(1,241)	(102)
Acceleration of below market lease		0	(8,057)	0
Impairment charges		1,678	3,686	33,311
Other, net		(5,105)	(5,818)	(7,675)
Changes in assets and liabilities:
Rents receivable		(6,665)	2,538	1,586
Other liabilities		(4,824)	15,492	(2,959)
Accounts payable and accrued expenses		(2,921)	2,045	(2,141)
Prepaid expenses and other assets		(19,539)	(14,756)	(3,452)
Lease liabilities - operating leases		(3,982)	(3,691)	(3,488)
Net cash provided by operating activities		140,448	155,758	133,211
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of real estate		(161,533)	(126,545)	(242,633)
Proceeds from the disposition of properties and other investments, net		89,078	0	224,558
Investments in unconsolidated affiliates		(33,795)	(53,736)	(154,695)
Development, construction and property improvement costs		(80,250)	(69,540)	(51,046)
(Deposits) refund for properties under purchase contract		(11,500)	1,080	(729)
Deposits for properties under sales contract		0	1,515	2,000
Change in control of previously unconsolidated affiliate		0	0	3,592
Return of capital from unconsolidated affiliates		24,639	44,486	77,774
Payment of deferred leasing costs		(9,251)	(9,007)	(7,997)
Acquisition of investment interests		0	0	(4,527)
Proceeds from sale of marketable securities		14,301	4,636	0
Proceeds from repayment of note receivable		6,000	0	29,530
Issuance of note receivable		(8,352)	(1,426)	0
Net cash used in investing activities		(170,663)	(208,537)	(124,173)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from unsecured debt		435,384	283,989	850,120
Principal payments on unsecured debt		(790,271)	(209,599)	(656,556)
Issuances of Common Shares		459,892	0	119,485
Capital contributions from noncontrolling interests		51,118	59,926	109,428
Principal payments on mortgage and other notes		(70,452)	(112,283)	(447,998)
Proceeds received from mortgage and other notes		92,200	132,902	204,138
Distributions to noncontrolling interests		(41,996)	(36,389)	(84,723)
Dividends paid to Common Shareholders		(76,323)	(68,568)	(64,586)
Payment of deferred financing and other costs		(12,491)	(4,026)	(9,348)
Acquisition of noncontrolling interest		0	0	(24,336)
Payments of finance lease obligations		(2,437)	(100)	0
Net cash provided by (used in) financing activities		44,624	45,852	(4,376)
Increase (decrease) in cash and restricted cash		14,409	(6,927)	4,662
Cash of $17,481, $17,158 and $17,746 and restricted cash of $7,813, $15,063 and $9,813, respectively, beginning of year		25,294	32,221	27,559
Cash of $16,806, $17,481 and $17,158 and restricted cash of $22,897, $7,813 and $15,063, respectively, end of year		39,703	25,294	32,221
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $7,175 and $7,206 and $4,166 respectively	[1]	118,728	119,550	65,109
Cash paid for income taxes, net of refunds		212	301	11
Supplemental disclosure of non-cash investing and financing activities
Distribution declared and payable		24,420	18,372	18,368
Assumption of accounts payable and accrued expenses through acquisition of real estate		2,534	645	4,062
Disposition of 146 Geary Street upon deed-in-lieu of foreclosure		0	19,338	0
Extinguishment of the obligations under the mortgage loan for 146 Geary Street upon deed-in-lieu of foreclosure		0	(19,338)	0
Issuance of note receivable used as capital contributions from redeemable noncontrolling interests		0	796	65,945
Conversion of Common OP Units to Common Shares		20,929	0	0
Accrued interest on note receivable recorded to redeemable noncontrolling interest		11,825	9,350	3,923
Recognition of non-refundable deposit upon expiration of sale agreement		3,315	0	0
Distributions to noncontrolling interests of marketable securities		0	49,117	0
Property contributed to an unconsolidated affiliate		2,432	0	0
Reclassification of investment in unconsolidated affiliate to marketable securities		0	32,745	0
Reclassification of noncontrolling interest in excess of amount paid to additional paid-in capital		0	0	67,475
Change in control of previously unconsolidated investment
Increase in real estate		0	0	(55,791)
Increase in mortgage notes payable		0	0	35,970
Decrease in investments in and advances to unconsolidated affiliates		0	0	17,822
Decrease in notes receivable		0	0	5,306
Decrease in reserve on note receivable		0	0	(4,582)
Decrease in accrued interest on notes receivable		0	0	4,691
Change in other assets and liabilities		0	0	176
Increase in cash and restricted cash upon change of control		$ 0	$ 0	$ 3,592
[1] Interest paid for the year ended December 31, 2024, 2023 and 2022 excludes the cash flows from net settlements on interest rate swap contracts, which was a net receipt of cash of $ 27.4 million, a net payment of $ 28.7 million, and a net receipt of $ 8.3 million, respectiv ely.

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash, beginning balance	$ 17,481	$ 17,158	$ 17,746
Cash, ending balance	16,806	17,481	17,158
Restricted cash, beginning balance	7,813	15,063	9,813
Restricted cash, ending balance	22,897	7,813	15,063
Cash paid for capitalized interest	7,175	7,206	4,166
Net settlements received on interest rate swap contracts, excluded from interest paid	$ 27,400		$ 8,300
Net settlements paid on interest rate swap contracts, excluded from interest paid		$ 28,700

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	3 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management,

Cybersecurity Risk Management, Strategy, and Governance	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	ITEM 1C. CYBERSECURITY . Governance Cybersecurity is an integral part of the Board’s risk analysis and discussions with management. At least annually, the full Board is updated on the Company’s cybersecurity risks and risk mitigation strategy by our Vice President of Information Technology, who is responsible for management of our IT program. The Board also receives ad hoc updates, as needed, about material changes to the Company’s cybersecurity program and/or the cybersecurity landscape, including briefings on major legislative and regulatory developments, from our Vice President of Information Technology and representatives from Legal and/or Risk Management, as applicable. Our Vice President of Information Technology regularly evaluate the Company’s cybersecurity risk profile and leads the development of strategies to mitigate risks and address cybersecurity issues that may arise, in consultation with members of our senior management and Risk Management teams. Our Vice President of Information Technology and Director of Risk Management each have approximately 25 years of experience, and holds certifications in cybersecurity from accredited information technology certification providers. We have formal policies and procedures that address cybersecurity incident response and disaster recovery from interference with our critical applications. Our Cybersecurity Incident Response Plan provides a documented framework for responding to cybersecurity incidents in coordination across multiple departments. In the event of such an incident, our Cybersecurity Incident Response Team (“CIRT”), which is comprised of our Vice President of Information Technology and representatives from Risk Management, Legal and Financial Reporting, would respond to such incident in accordance with our Cybersecurity Incident Response Plan. Any cybersecurity incident that meets certain criteria will be communicated by the CIRT to senior management and the Board in a timely manner, and will be evaluated by our Executive Management Team, comprised of certain executives, to assess the impact of the incident on the Company, considering qualitative and quantitative factors. In conducting this assessment and responding to an incident, the CIRT and Executive Management Team may utilize the services of third-party consultants. Cybersecurity user awareness training is mandatory for all new hires and for existing employees on an annual basis to help protect our employees and the Company against cybersecurity threats. This annual training is customized to address specific cybersecurity challenges and scenarios that we may face within the real estate investment industry. Novel cybersecurity threats to the Company that are identified by our IT team are communicated to all employees by email, as needed, in an effort to promote awareness and protect the Company from cyber attacks. Risk Management and Strategy We maintain an Enterprise Risk Management (“ERM”) program to identify and respond to the most critical risks to our business, including cybersecurity risks. Risks and vulnerabilities from our increased reliance on information technology systems are assessed at least annually as part of our ERM program. In response to such assessments, controls are embedded into our processes and technology by our Vice President of Information Technology to seek to mitigate risks to our systems and processes from cybersecurity incidents. We continuously evaluate if we have adequate controls in place utilizing a risk-based approach that aligns with the National Institute of Standards and Technology Cybersecurity Framework. Our daily operations are monitored by a dedicated IT team. We conduct monitoring of our computer networks, and have implemented systems and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive data, including through the use of encryption and authentication technologies. We assess the adequacy of our cybersecurity measures through annual penetration testing of our computer networks by external consultants, and we have performed tabletop simulations and drills at both a technical and management level around scenarios involving the loss of critical information and technology systems. We maintain a risk-based approach to evaluating and overseeing cybersecurity risks presented by our third-party vendors. Third-party vendors that meet certain criteria, such as owning and operating any information technology networks and systems on which the Company relies, are evaluated to assess their performance across several domains, including data security and operations management. We seek to maintain effective communication with our third-party vendors to facilitate timely notification of cybersecurity incidents that might impact the Company. Although risks from cybersecurity threats have to date not materially affected , and we do not believe they are reasonably likely to materially affect, us, our business strategy, results of operations or financial condition, like other companies in our industry, we could, from time to time, experience threats and security incidents related to our and our third-party vendors’ information systems. For more information, please see Item 1A. Risk Factors - Increased IT security threats and more sophisticated computer crime could pose a risk to our systems, networks, and services.
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Governance Cybersecurity is an integral part of the Board’s risk analysis and discussions with management. At least annually, the full Board is updated on the Company’s cybersecurity risks and risk mitigation strategy by our Vice President of Information Technology, who is responsible for management of our IT program. The Board also receives ad hoc updates, as needed, about material changes to the Company’s cybersecurity program and/or the cybersecurity landscape, including briefings on major legislative and regulatory developments, from our Vice President of Information Technology and representatives from Legal and/or Risk Management, as applicable. Our Vice President of Information Technology regularly evaluate the Company’s cybersecurity risk profile and leads the development of strategies to mitigate risks and address cybersecurity issues that may arise, in consultation with members of our senior management and Risk Management teams. Our Vice President of Information Technology and Director of Risk Management each have approximately 25 years of experience, and holds certifications in cybersecurity from accredited information technology certification providers. We have formal policies and procedures that address cybersecurity incident response and disaster recovery from interference with our critical applications. Our Cybersecurity Incident Response Plan provides a documented framework for responding to cybersecurity incidents in coordination across multiple departments. In the event of such an incident, our Cybersecurity Incident Response Team (“CIRT”), which is comprised of our Vice President of Information Technology and representatives from Risk Management, Legal and Financial Reporting, would respond to such incident in accordance with our Cybersecurity Incident Response Plan. Any cybersecurity incident that meets certain criteria will be communicated by the CIRT to senior management and the Board in a timely manner, and will be evaluated by our Executive Management Team, comprised of certain executives, to assess the impact of the incident on the Company, considering qualitative and quantitative factors. In conducting this assessment and responding to an incident, the CIRT and Executive Management Team may utilize the services of third-party consultants. Cybersecurity user awareness training is mandatory for all new hires and for existing employees on an annual basis to help protect our employees and the Company against cybersecurity threats. This annual training is customized to address specific cybersecurity challenges and scenarios that we may face within the real estate investment industry. Novel cybersecurity threats to the Company that are identified by our IT team are communicated to all employees by email, as needed, in an effort to promote awareness and protect the Company from cyber attacks.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	We maintain a risk-based approach to evaluating and overseeing cybersecurity risks presented by our third-party vendors. Third-party vendors that meet certain criteria, such as owning and operating any information technology networks and systems on which the Company relies, are evaluated to assess their performance across several domains, including data security and operations management. We seek to maintain effective communication with our third-party vendors to facilitate timely notification of cybersecurity incidents that might impact the Company.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Any cybersecurity incident that meets certain criteria will be communicated by the CIRT to senior management and the Board in a timely manner, and will be evaluated by our Executive Management Team, comprised of certain executives, to assess the impact of the incident on the Company, considering qualitative and quantitative factors. In conducting this assessment and responding to an incident, the CIRT and Executive Management Team may utilize the services of third-party consultants.
Cybersecurity Risk Role of Management [Text Block]	We maintain an Enterprise Risk Management (“ERM”) program to identify and respond to the most critical risks to our business, including cybersecurity risks. Risks and vulnerabilities from our increased reliance on information technology systems are assessed at least annually as part of our ERM program. In response to such assessments, controls are embedded into our processes and technology by our Vice President of Information Technology to seek to mitigate risks to our systems and processes from cybersecurity incidents. We continuously evaluate if we have adequate controls in place utilizing a risk-based approach that aligns with the National Institute of Standards and Technology Cybersecurity Framework. Our daily operations are monitored by a dedicated IT team. We conduct monitoring of our computer networks, and have implemented systems and processes intended to secure our information technology systems and prevent unauthorized access to or loss of sensitive data, including through the use of encryption and authentication technologies. We assess the adequacy of our cybersecurity measures through annual penetration testing of our computer networks by external consultants, and we have performed tabletop simulations and drills at both a technical and management level around scenarios involving the loss of critical information and technology systems. We maintain a risk-based approach to evaluating and overseeing cybersecurity risks presented by our third-party vendors. Third-party vendors that meet certain criteria, such as owning and operating any information technology networks and systems on which the Company relies, are evaluated to assess their performance across several domains, including data security and operations management. We seek to maintain effective communication with our third-party vendors to facilitate timely notification of cybersecurity incidents that might impact the Company.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Cybersecurity Incident Response Plan provides a documented framework for responding to cybersecurity incidents in coordination across multiple departments. In the event of such an incident, our Cybersecurity Incident Response Team (“CIRT”), which is comprised of our Vice President of Information Technology and representatives from Risk Management, Legal and Financial Reporting, would respond to such incident in accordance with our Cybersecurity Incident Response Plan.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Vice President of Information Technology and Director of Risk Management each have approximately 25 years of experience, and holds certifications in cybersecurity from accredited information technology certification providers.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Vice President of Information Technology regularly evaluate the Company’s cybersecurity risk profile and leads the development of strategies to mitigate risks and address cybersecurity issues that may arise, in consultation with members of our senior management and Risk Management teams.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Organization, Basis of Presenta

Organization, Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Basis of Presentation and Summary of Significant Accounting Policies	1. Organization, Basis of Presentation and Summary of Significant Accounting Policies Organization Acadia Realty Trust, (the “Trust”, collectively with its consolidated subsidiaries, the “Company”), a Maryland real estate investment trust (“REIT”), is a fully-integrated equity REIT focused on the ownership, acquisition, development, and management of retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States. All of the Company’s assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the “Operating Partnership”) and entities in which the Operating Partnership owns an interest. As of December 31, 2024 and 2023, the Trust controlled approximately 96 % and 95%, respectively, of the Operating Partnership as the sole general partner and is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units”) and employees who have been awarded restricted Common OP Units (“LTIP Units”) as long-term incentive compensation ( Note 13 ). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one -for-one basis for common shares of beneficial interest, par value $ 0.001 per share, of the Company (“Common Shares”). This structure is referred to as an umbrella partnership REIT or “UPREIT.” As of December 31, 2024, the Company has ownership interests in 159 properties (including properties in various stages of development an redevelopment) within its Core portfolio, which consist of those properties either 100 % owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through Investment Management (“Core Portfolio”). The Company also has ownership interests in 51 properties within an Investment Management platform, through which our Operating Partnership and outside institutional investors invest in primarily opportunistic and value-add retail real estate (“Investment Management”). As part of the Investment Management platform, we have active investments through the following opportunity funds, including: Acadia Strategic Opportunity Fund II, LLC (“Fund II”), Acadia Strategic Opportunity Fund III LLC (“Fund III”), Acadia Strategic Opportunity Fund IV LLC (“Fund IV”), and Acadia Strategic Opportunity Fund V LLC (“Fund V” and, collectively with Fund II, Fund III, and Fund IV, the “Funds”). The 210 Core Portfolio and Investment Management properties primarily consist of street and urban retail, and suburban shopping centers. The Company consolidates the Funds as it has (i) the power to direct the activities that most significantly impact the Funds’ economic performance, (ii) is obligated to absorb the Funds’ losses and (iii) has the right to receive benefits from the Funds that could potentially be significant. The Operating Partnership is the sole general partner or managing member of the Funds and earns fees or priority distributions for asset management, property management, construction, development, leasing, and legal services. Cash flows from the Funds are distributed pro-rata to their respective partners and members (including the Operating Partnership) until each receives a certain cumulative return (“Preferred Return”) and the return of all capital contributions. Thereafter, remaining cash flow is distributed 20 % to the Operating Partnership (“Promote”) and 80 % to the partners or members (including the Operating Partnership). All transactions between the Funds and the Operating Partnership have been eliminated in consolidation. The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds (dollars in millions): Entity Formation Operating Capital Called (a) Unfunded (a) Equity Interest (b) Preferred Total (a) Fund II 6/2004 61.67 % $ 559.4 $ 0.0 61.67 % 8 % $ 172.9 Fund III 5/2007 24.54 % 448.1 1.9 24.54 % 6 % 603.5 Fund IV 5/2012 23.12 % 506.0 24.0 23.12 % 6 % 221.4 Fund V 8/2016 20.10 % 468.8 51.2 20.10 % 6 % 150.8 a) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. b) Amount represents the current economic ownership at December 31, 2024 , which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund. Basis of Presentation Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”), in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control and does not consolidate, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in Equity in (losses) earnings of unconsolidated affiliates in the Consolidated Statement of Operations. Use of Estimates Generally accepted accounting principles (“GAAP”) require s the Company’s management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Segments During the second quarter of 2024, the Company renamed its historical Funds segment as the Investment Management segment. No prior period information was recast and the designation change did not impact the Company’s consolidated financial statements. We define our reportable segments to be aligned with our method of internal reporting and the way our chief operating decision maker makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, we have identified three reportable operating segments: Core Portfolio, Investment Management and Structured Financing, based on the economic characteristics and nature of our assets and services. Refer to Note 12 . Summary of Significant Accounting Policies Real Estate Land, buildings, and personal property are carried at cost less accumulated depreciation. Improvements and significant renovations that extend the useful life of the properties are capitalized, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Real estate under development includes costs for significant property expansion and development. Construction in progress pertains to construction activity or redevelopment at the Company’s operating properties that are in service and continue to operate during the construction period. Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows: Buildings and improvements Useful lives of 40 years for buildings and 15 years for improvements Furniture and fixtures Useful lives, ranging from five years to 10 years Tenant improvements Shorter of economic life or lease terms If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed, and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. Purchase Accounting – Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above- and below-market leases and acquired in-place leases) in accordance with ASC Topic 805, “Business Combinations” and ASC Topic 350 “Intangibles – Goodwill and Other,” and allocates the acquisition price based on their relative fair values. When acquisitions of properties do not meet the criteria for business combinations, they are accounted for as asset acquisitions; therefore, no goodwill is recorded, and acquisition costs are capitalized. The Company assesses the fair value of its tangible assets acquired and liabilities assumed based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information at the measurement period. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. In determining the value of above- and below-market leases, the Company estimates the present value difference between contractual rent obligations and estimated market rate of leases at the time of the transaction. To the extent there were fixed-rate options at below-market rental rates, the Company included these periods along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized to rental revenue over the remaining applicable lease term, inclusive of any option periods. In determining the value of acquired in-place leases, the Company considers market conditions at the time of the transaction and values the costs to execute similar leases during the expected lease-up period from vacancy to existing occupancy, including carrying costs. The value assigned to in-place leases and tenant relationships is amortized to depreciation and amortization expense over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs (e.g., lease intangibles) relating to that lease would be written off. The Company estimates the value of any assumption of property mortgage debt based on market conditions at the time of acquisitions including prevailing interest rates, terms, and ability to obtain financing for a similar asset. Property mortgage debt discounts or premiums are included in the carrying value of the debt and amortized into interest expense over the remaining term of the related debt instrument. Real Estate Under Development – The Company capitalizes certain costs related to the development of real estate. Interest and real estate taxes incurred during the period of the construction, expansion or development of real estate are capitalized and depreciated over the estimated useful life of the building. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity, at which time the project is placed in service and depreciation commences. If the Company suspends substantially all activities related to the development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed. Real Estate Impairment – The Company reviews its real estate, real estate under development and right-of-use assets for impairment periodically or when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. In cases where the Company does not expect to recover its carrying amounts on properties held for use, the Company reduces its carrying amounts to fair value. The determination of anticipated undiscounted cash flows considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. Such cash flow projections consider factors such as expected future operating income, trends, and prospects, as well as the effects of demand, competition, and other factors. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its estimated fair value based on third-party appraisals, broker selling estimates, sale agreements under negotiation, and/or final selling prices, when available. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates to be made by management such as market rental rates and capitalization rates, and considers the most likely expected course of action at the balance sheet date based on current plans and available market information. See Note 8 for information about impairment charges recorded during the periods presented. Dispositions of Real Estate – The Company recognizes property sales in accordance with ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets . Sales of real estate include the sale of investments in real estate properties and real estate joint ventures. Gains on the sale of investment in real estate are recognized, and the related real estate derecognized, when the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date. Real Estate Held for Sale – The Company generally considers assets to be held for sale when certain criteria have been met, and management believes it is probable that the disposition will occur within one year. Properties are held for sale for a period longer than one year if events or circumstances out of the Company’s control occur that delay the sale and while management continues to be committed to the plan of sale and is performing actions necessary to respond to the conditions causing the delay the properties held for sale remain salable in their current condition. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell, and depreciation and amortization are no longer recognized. Held for sale properties are evaluated quarterly to ensure that properties continue to meet the held for sale criteria. If properties are required to be reclassified from held for sale to held for use due to changes to a plan of sale, they are recorded at the lower of fair value or the carrying amount before the property was classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used. Properties that do not meet the held for sale criteria are accounted for as operating properties. Notes Receivable Notes receivable include certain loans that are held for investment and are collateralized by real estate-related investments and may be subordinate to other senior loans. Notes receivable are reported net of an allowance for current expected credit losses (“CECL”) and are recorded at stated principal amounts or at initial investment less accretive yield for loans purchased at a discount, which is accreted over the life of the note. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. Changes in cash flows from previous estimates are included in future interest income on a prospective basis and a new effective interest rate is computed based on the current cost basis of the instrument and remaining cash flows. Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment ( Note 12 ). Interest receivable is included in Other assets ( Note 5 ). The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral and the prospects of the borrower. Given the small number of notes outstanding, the Company believes the characteristics of its notes are not sufficiently similar to allow an evaluation as a group for CECL allowance. As such, all of the Company’s notes are evaluated individually for this purpose. The Company evaluates the collectability of both principal and interest based upon an assessment of the underlying collateral value to determine whether the note is impaired. Allowance for CECL represents management’s estimate of future losses based on national historical economic loss rates for similar obligations, management’s estimate of future economic impacts and factors specific to the borrower. Impairment charges may be required if and when such amounts are estimated to be nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold; however, non-recoverability may also be concluded if it is reasonably certain that all amounts due will not be collected. Pursuant to ASC 326, certain of the Company’s loans are considered “collateral dependent” in that settlement of the amount is likely to be achieved by obtaining access to the collateral (e.g., notes in default). The same valuation techniques are used to value the collateral for such collateral dependent instruments as those used to determine the fair value of real estate investments for impairment purposes. Interest income on performing notes is accrued as earned. The Company assesses the probability of a borrower’s ability to repay the loan similar to the factors noted above. We consider a loan to be past due when amounts contractually due have not been paid. Loans are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition is resumed on any loan that is on non-accrual status when such loan becomes contractually current and performance is demonstrated to be resumed. Allowance for Credit Losses The Company’s estimated allowance for CECL related to its Structured Financing segment (including unfunded commitments and guarantees) has been computed for its amortized cost basis in the portfolio, including accrued interest ( Note 5 ), factoring in the Company’s historical results and loss experience in the United States for similar loans, as adjusted for current conditions, as well as the Company’s expectations related to future economic conditions. If the Company has determined that a loan or a portion of a loan is uncollectible, it will write-off the loan through an adjustment to its CECL allowance based on the net present value of expected future cash flows or the fair value of the collateral less costs to sell, if repayment is expected from the sale of the collateral. The write-offs are recorded in the period in which the loan balance is deemed uncollectible based on management’s judgment. The Company records the CECL allowance related to its City Point Loan ( Note 10 ) as a reduction to redeemable noncontrolling interest. Investments in and Advances to Unconsolidated Joint Ventures Some of the Company’s unconsolidated joint ventures obtain non-recourse third-party financing on their property investments, contractually limiting the Company’s exposure to losses. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability. When characterizing distributions from unconsolidated investees within the Company’s consolidated statements of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered return of investment. In such cases, the distribution is classified as cash inflows from investing activities. To the extent that the Company’s carrying basis in an unconsolidated affiliate is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in earnings (losses) of unconsolidated affiliates. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. A decline in the value of our other investments may require us to recognize an other-than-temporary impairment (“OTTI”) against such assets. When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date, we assess whether the decline is temporary or other-than-temporary. If we intend to sell an impaired asset, or it is more likely than not that we will be required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through charges to earnings equal to the entire difference between the asset’s amortized cost and its fair value at the balance sheet date. When an OTTI is recognized through earning s, a new cost basis is established for the asset, and the new cost basis may not be adjusted through earnings for subsequent recoveries in fair value. Fair Value Measurements The Company follows the guidance in the FASB ASC Topic 820, Fair Value Measurements and Disclosures (“Topic 820”), to determine the fair value of financial and non-financial instruments. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value: Level 1 - quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and interest rate swaps; Level 3 - Financial instruments or other assets/liabilities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring the Company to develop its own assumptions. For significant Level 3 items, the Company has also provided the unobservable inputs. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the limits insured by the Federal Deposit Insurance Corporation. Restricted Cash Restricted cash consists principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy, and property operating income requirements at specific properties as required by certain loan agreements. Marketable Equity Securities The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. In accordance with ASC Topic 825 Financial Instruments: the Company recognizes changes in the fair value of equity investments with readily determinable fair values in Realized and unrealized holding gains on investments and other on the Company’s Consolidated Statements of Operations. Deferred Costs External fees and costs paid in the successful negotiation of leases, including direct and incremental capitalized internal leasing commissions incurred in connection with executed lease agreements, are deferred and amortized on a straight-line basis over the terms of the respective leases. External fees and costs incurred in connection with obtaining financing are deferred and amortized as a component of interest expense over the term of the related debt obligation on a straight-line basis, which approximates the effective interest method. Derivative Instruments and Hedging Activities The Company measures derivative instruments at fair value and records them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Accumulated other comprehensive income on the Consolidated Balance Sheets until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The Company accounts for its share of cash flow hedges from non-consolidated entities as part of Investment in and advances to unconsolidated affiliates and Accumulated other comprehensive income on the Consolidated Balance Sheets. Although the Company’s derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the Consolidated Balance Sheets. The Company does not use derivatives for trading or speculative purposes. The Company will discontinue hedge accounting on a prospective basis with changes in the estimated fair value reflected in earnings when (i) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions), (ii) it is no longer probable that the forecasted transaction will occur, or (iii) it is determined that designating the derivative as an interest rate swap is no longer appropriate. For the periods presented, all of the Company’s derivatives qualified and were designated as cash flow hedges, and none of its derivatives were deemed ineffective. Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also include amounts related to Common and Preferred OP Units issued to unrelated third parties in connection with certain property acquisitions. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. Redeemable noncontrolling interests that are redeemable at the option of the holder are classified outside of shareholders’ equity in accordance with ASC 480, Distinguishing Liabilities from Equity on the Company’s Consolidated Balance Sheets as temporary equity under the caption, Redeemable noncontrolling interests, and are measured at their redemption values at the end of each period. If the redemption value is greater than the carrying value, an adjustment is recorded in Additional paid-in capital to record the noncontrolling at its redemption value. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Operations. Variable Interest Entities The Company consolidates a VIE in which it is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The Company assesses the accounting treatment and determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion on an ongoing basis when certain events occur. In determining whether the Company is the primary beneficiary, it evaluates its control rights as well as economic interests in the entity held either directly or indirectly by the Company. Each entity is assessed on an individual basis to determine the rights provided to each party and whether those rights are protective or participating. For all VIEs, the Company reviews such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance. For those entities evaluated under the voting interest model, the Company consolidates the entity if it has a controlling financial interest. The Company has a controlling financial interest in a voting interest entity if it owns a majority voting interest in the entity. Investments in entities for which the Company has the ability to exercise significant influence over the entity, but does not have financial or operating control through its voting interest and entities which are VIEs but where the Company is not the primary beneficiary, are accounted for using the equity method of accounting. Revenue Recognition Rental Revenue - The Company recognizes rental revenue from fixed and variable lease payments, as designated within tenant operating leases in accordance with ASC Topic 842, Leases (“ASC 842”) , as further described below, as Rental revenue on the Consolidated Statement of Operations. We evaluate the collectability of amounts due from tenants and disputed enforceable charges on a lease-by-lease basis, which result from the inability of tenants to make required payments under their operating lease agreements. We recognize changes in the collectability assessment of these operating leases as adjustments to rental revenue in accordance with ASC 842. Other Revenue - The Company recognizes other categories of revenue such as parking and storage, as well as management, leasing, legal, development and construction fees charged to our unconsolidated affiliates. Leases Pursuant to ASC 842, the Company does not separate the non-lease components, such as common area maintenance, from its leases. In addition, the Company accounts for those taxes that it pays on behalf of the tenant as reimbursable costs and does not account for those taxes paid directly by the tenant. Minimum rents from tenants are recognized using the straight-line method over the non-cancelable lease term of the respective leases, unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from the use of the underlying asset. At December 31, 2024 and 2023 , unbilled rents receivable relating to the straight-lining of rents of $ 46.2 million and $ 49.3 million, respectively, are inclu

Real Estate

Real Estate	12 Months Ended
	Dec. 31, 2024
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]
Real Estate	2. Rea l Estate The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands): December 31, December 31, 2024 2023 Buildings and improvements $ 3,174,250 $ 3,128,650 Tenant improvements 304,645 257,955 Land 906,031 872,228 Construction in progress 23,704 23,250 Right-of-use assets - finance leases (Note 11) 61,366 58,637 Total 4,469,996 4,340,720 Less: Accumulated depreciation and amortization ( 926,022 ) ( 823,439 ) Operating real estate, net 3,543,974 3,517,281 Real estate under development 129,619 94,799 Net investments in real estate $ 3,673,593 $ 3,612,080 Acquisitions During the years ended December 31, 2024 and 2023, the Company acquired the following retail properties and other real estate investments (dollars in thousands): Property and Location Percent Date of Purchase (a) 2024 Acquisitions Core Bleecker Street Portfolio (4 assets) - New York, NY 100 % September 19, 2024 $ 20,347 1718 N. Henderson Ave (Land Parcel) - Dallas, TX 100 % September 19, 2024 1,063 123-129 N. 6th Street - Brooklyn, NY 100 % October 11, 2024 35,343 92-94 Greene Street - New York, NY 100 % October 17, 2024 43,594 109 N. 6th Street - Brooklyn, NY 100 % October 24, 2024 19,040 1834 N. Henderson Ave - Dallas, TX 100 % November 21, 2024 2,144 2107-2115 N. Henderson Ave (Land Parcel) - Dallas, TX 100 % November 25, 2024 11,082 Subtotal Core 132,613 Investment Management Walk at Highwoods Preserve - Tampa, FL (b) 100 % July 3, 2024 31,766 Total 2024 Acquisitions 164,379 2023 Acquisitions Investment Management Cypress Creek - Tampa, FL 100 % July 3, 2023 $ 49,374 Maple Tree Place - Williston, VT 100 % November 27, 2023 77,816 Total 2023 Acquisitions $ 127,190 (a) Purchase price includes capitalized transaction costs. (b) On October 25, 2024 , the Company contributed its Walk at Highwoods Preserve property to a newly formed joint venture and retained a 20 % non-controlling ownership interest. Refer to the disposition table below and Note 4 . For the years ended December 31, 2024 and 2023, the Company capitalized $ 2.9 million and $ 1.0 million of acquisition costs in connection with the 2024 Acquisitions and 2023 Acquisitions, respectively, which are included in Net investments in real estate on the Consolidated Balance Sheets. Purchase Price Allocations The purchase prices for the 2024 Acquisitions (excluding any properties that were acquired in development (a) ) and 2023 Acquisitions were allocated to the acquired assets and assumed liabilities based on their estimated relative fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2024 and 2023 (in thousands): Land Buildings and improvements Intangible assets Right-of-use asset Lease liability Intangible liabilities Other assets, net Net assets acquired Bleecker Street Portfolio (4 assets) $ 4,962 $ 10,460 $ 3,695 $ 2,729 $ ( 1,071 ) $ ( 428 ) $ — $ 20,347 Walk at Highwoods Preserve 9,730 18,026 8,631 — — ( 4,621 ) — 31,766 123-129 N. 6th Street 13,083 25,428 3,280 — — ( 6,448 ) — 35,343 109 N. 6th Street 5,142 13,146 3,081 — — ( 2,329 ) — 19,040 92-94 Greene Street 32,499 10,406 3,694 — — ( 3,005 ) — 43,594 1834 N. Henderson Ave 1,002 1,142 — — — — — 2,144 2024 Total (a) $ 66,418 $ 78,608 $ 22,381 $ 2,729 $ ( 1,071 ) $ ( 16,831 ) $ — $ 152,234 Cypress Creek $ — $ 39,637 $ 10,949 $ 25,313 $ ( 22,075 ) $ ( 4,450 ) $ — $ 49,374 Maple Tree Place 17,597 49,404 18,209 — — ( 7,395 ) — 77,816 2023 Total $ 17,597 $ 89,041 $ 29,158 $ 25,313 $ ( 22,075 ) $ ( 11,845 ) $ — $ 127,190 (a) Excludes 1718 N. Henderson Ave and 2107-2115 N. Henderson Ave properties that were placed in development upon acquisition. The Company determines the fair value of the individual components of real estate asset acquisitions primarily through calculating the “as-if vacant” value of a building, using an income approach, which relies significantly upon internally determined assumptions. The Company has determined that these estimates primarily rely on Level 3 inputs, which are unobservable inputs based on our own assumptions. The most significant assumptions used in calculating the “as-if vacant” value for acquisition activity during 2024 and 2023, respectively, are as follows: 2024 2023 Low High Low High Exit Capitalization Rate 5.50 % 8.00 % 7.00 % 8.50 % Discount Rate 7.50 % 10.00 % 10.00 % 10.25 % Annual net rental rate per square foot on acquired buildings $ 17.00 $ 615.00 $ 4.00 $ 47.00 Annual net rental rate per square foot on acquired master lease $ 29.11 $ 29.11 $ 1.04 $ 1.91 The estimate of the portion of the “as-if vacant” value that is allocated to the land underlying the acquired real estate relies on Level 3 inputs and is primarily determined by reference to recent comparable transactions. Dispositions During the years ended December 31, 2024 and 2023, the Company disposed of the following properties and other real estate investments (in thousands): Property and Location Owner Date Sold Sale Price Gain (Loss) (a) 2024 Dispositions 2208-2216 Fillmore Street - San Francisco, CA Fund IV April 3, 2024 $ 9,777 $ 1,239 2207 Fillmore Street - San Francisco, CA Fund IV April 3, 2024 4,283 1,130 Shops at Grand - Queens, NY (b) Core May 16, 2024 48,250 ( 2,213 ) Canton Marketplace (Outparcel) - Canton, GA Fund V June 28, 2024 2,200 601 Walk at Highwoods Preserve - Tampa, FL (c) Investment Management October 25, 2024 31,366 ( 393 ) Total 2024 Dispositions $ 95,876 $ 364 2023 Dispositions None (a) During the first quarter of 2024, the Company recorded a $ 1.2 million loss related to a Fund IV property that was sold in 2019 in connection with a post-closing dispute. (b) On May 16, 2024, the Company contributed its Shops at Grand property located in Queens, New York to a newly formed unconsolidated joint venture and retained a 5 % non-controlling ownership interest which was fair valued at $ 2.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective May 16, 2024 as it no longer controls the investment ( Note 4 ). The Company recognized a loss on deconsolidation of $ 2.2 million related to transaction costs, which is included in the Loss on disposition of properties in the Consolidated Statements of Operations. (c) On October 25, 2024, the Company contributed its Walk at Highwoods Preserve property located in Tampa, Florida to a newly formed unconsolidated joint venture for $ 31.4 million and retained a 20 % non-controlling ownership interest which was valued at $ 6.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective October 25, 2024 as it no longer controls the investment ( Note 4 ). The Company recognized a loss on deconsolidation of $ 0.4 million related to transaction costs, which is included in the Loss on disposition of properties in the Consolidated Statements of Operations. Properties Held for Sale At December 31, 2024, the Company did no t have any properties held for sale. At December 31, 2023 , the Company had one Core property classified as held for sale, with total assets of properties held for sale of $ 11.1 million, which was transferred to Investments in real estate, at cost during the first quarter of 2024, as the Company no longer believes it is probable the asset will be disposed of within the next twelve months. Real Estate Under Development Real estate under development represents the Company’s consolidated properties that have not yet been placed into service while undergoing substantial development or construction. Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands): January 1, 2024 Year Ended December 31, 2024 December 31, 2024 Number of Carrying Transfers In Capitalized Transfers Out Number of Carrying Core 2 $ 66,083 $ 12,156 $ 20,016 $ — 4 98,255 Fund III 1 28,716 — 2,648 — 1 31,364 Total 3 $ 94,799 $ 12,156 $ 22,664 $ — 5 $ 129,619 January 1, 2023 Year Ended December 31, 2023 December 31, 2023 Number of Carrying Transfers In Capitalized Transfers Out Number of Carrying Core 2 $ 54,817 $ — $ 11,266 $ — 2 $ 66,083 Fund II — 34,072 — 633 34,705 — — Fund III 1 25,798 — 2,958 40 1 28,716 Fund IV 1 69,915 — — 69,915 — — Total 4 $ 184,602 $ — $ 14,857 $ 104,660 3 $ 94,799 The number of properties in the tables above refers to projects comprising the entire property under development; however, certain projects represent a portion of a property. At December 31, 2024, consolidated development projects included: portions of the Henderson Avenue Portfolio in the Core Portfolio, and Broad Hollow Commons in Fund III. During the year ended December 31, 2024, the Company acquired two development land parcels in the Henderson Avenue Portfolio ( Note 2 ); the Company did not place any assets into service. At December 31, 2023, development projects included: portions of the Henderson Avenue Portfolio in the Core Portfolio, and Broad Hollow Commons in Fund III. During the year ended December 31, 2023, the Company: • placed the remainder of the building and improvements of one Fund II property, City Point, into service in the third quarter; and • placed the remainder of the building and improvements of one Fund IV property, 717 N. Michigan Avenue, into service in the first quarter. Construction in progress pertains to construction activity at the Company’s operating properties that are in service and continue to operate during the construction period.

Notes Receivable, Net

Notes Receivable, Net	12 Months Ended
	Dec. 31, 2024
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Notes Receivable, Net	3. Notes Re ceivable, Net Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment ( Note 12 ). Interest receivable is included in Other assets, net ( Note 5 ). The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands): December 31, December 31, December 31, 2024 Description 2024 2023 Number Maturity Date Interest Rate Notes receivable (a) $ 128,588 $ 126,228 6 Apr 2020 - Dec 2027 6.00 % - 12.00 % Allowance for credit losses ( 2,004 ) ( 1,279 ) Notes receivable, net $ 126,584 $ 124,949 6 (a) Included one note receivable from an OP Unit holder, with a balance of $ 6.0 million as of December 31, 2023. The note was paid off in the first quarter of 2024. During the year ended December 31, 2024, the Company: • originated one note receivable of $ 7.6 million to a related party, which is collateralized by the borrower’s equity interest in the Renaissance Portfolio, 1238 Wisconsin Avenue, and another Georgetown property, bears interest at 12 % and had an original maturity date of December 31, 2025 . In January 2025, the maturity date was extended to December 31, 2027 ; • extended the maturity date of one note receivable of $ 42.0 million from September 17, 2024 to September 17, 2025 ; and • received full payment on a $ 6.0 million note receivable. Subsequent to year end, the Company extended the maturity date of one note receivable of $ 54.0 million from January 9, 2025 to February 25, 2025 . During the year ended December 31, 2023, the Company: • originated a note receivable for $ 1.4 million with a stated interest rate of 6.5 % and a maturity date of September 30, 2024 , which was subsequently extended, collateralized by the venture partner’s interest in 840 N. Michigan Avenue ( Note 4 ). Changes in the Company’s credit allowance were as follows (dollars in thousands): Year Ended December 31, 2024 2023 Allowance for credit losses as of beginning of periods $ 1,279 $ 898 Provision of loan losses 725 381 Write-offs — — Total credit allowance $ 2,004 $ 1,279 Due to the lack of comparability across the Structured Financing portfolio, each note was evaluated separately. As a result, the Company did not elect the collateral-dependent allowance for credit losses practical expedient for five of its notes with a total amortized cost of $ 137.5 million, inclusive of accrued interest of $ 26.8 million, for which an allowance for credit losses has been recorded aggregating $ 2.0 million as of December 31, 2024. One note receivable aggregating $ 21.6 million, including accrued interest (exclusive of default interest and other amounts due on the loan that have not been recognized) was in default at December 31, 2024 and December 31, 2023 . On April 1, 2020, the loan matured and was not repaid. The Company expects to take appropriate actions to recover the amounts due under the loan and has issued a reservation of rights letter to the borrowers and guarantor, reserving all of its rights and remedies under the applicable note documents and otherwise. The Company has elected to apply the practical expedient in accordance with ASC Topic 326: Financial Instruments - Credit Losses (“ASC 326”) and did no t establish an allowance for credit losses because (i) this note is a collateral-dependent note, which due to their settlement term s is not expected to be settled in cash but rather by the Company’s possession of the real estate collateral; and (ii) at December 31, 2024, the Company determined that the estimated fair value of the collateral at the expected realization date for this loan was sufficient to cover the carrying value of its investments in this note receivable.

Investments in and Advances to

Investments in and Advances to Unconsolidated Affiliates	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	4. Investments in and Advance s to Unconsolidated Affiliates The Company accounts for its investments in and advances to unconsolidated affiliates primarily under the equity method of accounting. The Company’s I nvestments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Ownership Interest December 31, December 31, Portfolio Property December 31, 2024 2024 2023 Core: Renaissance Portfolio 20 % $ 28,250 $ 30,745 Gotham Plaza 49 % 30,561 30,772 Georgetown Portfolio (a) 50 % 4,214 4,230 1238 Wisconsin Avenue (a, b) 80 % 19,048 19,719 840 N. Michigan Avenue (c) 91.85 % 28,111 15,761 110,184 101,227 Investment Management: Fund IV: (g) Fund IV Other Portfolio 90 % 5,291 5,221 650 Bald Hill Road 90 % 9,220 9,486 Paramus Plaza 50 % — 70 14,511 14,777 Fund V: (g) Family Center at Riverdale (c) 89.42 % 1,832 2,552 Tri-City Plaza 90 % 6,914 6,452 Frederick County Acquisitions (d) 90 % 4,375 11,345 Wood Ridge Plaza 90 % 9,313 10,313 La Frontera Village 90 % 13,389 17,483 Shoppes at South Hills 90 % 10,139 11,707 Mohawk Commons 90 % 12,350 16,434 58,312 76,286 Other: Shops at Grand 5 % 2,452 — Walk at Highwoods Preserve 20 % 2,279 — LINQ Promenade (a) 15 % 16,508 — 21,239 — Various: Due (to) from Related Parties 446 396 Other (e) 4,540 4,554 Investments in and advances to $ 209,232 $ 197,240 Core: Crossroads (f) 49 % $ 16,514 $ 7,982 Distributions in excess of income from, $ 16,514 $ 7,982 a) Represents a variable interest entity (“VIE”) for which the Company is not the primary beneficiary ( Note 16 ). b) Includes the amounts advanced against a $ 12.8 million construction commitment from the Company to the venture that holds its investment in 1238 Wisconsin. As of December 31, 2024 and December 31, 2023 the note receivable from a related party had a balance of $ 12.8 million, as of each period, net of an allowance for credit losses of $ 0.1 million at each of December 31, 2024 and 2023. The loan is collateralized by the venture members’ equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor and matures on December 28, 2027 (as extended). The Company recognized Interest income of $ 0.2 million for each of the years ended December 31, 2024 and 2023, respectively, related to this note receivable. c) Represents a tenancy-in-common interest. In December 2023, the Company acquired an additional 3.42 % interest in the North Michigan Avenue venture, increasing its ownership from 88.43 % to 91.85 % and provided a loan to the remaining venture partners. The note receivable bears interest at 6.50 % had an outstanding balance of $ 2.3 million and $ 1.4 million as of December 31, 2024 and 2023, respectively ( Note 3 ). d) On September 25, 2024 the venture which Fund V holds a 90 % interest in sold a 300,000 square foot property in Frederick County, Maryland commonly referred to as Frederick Crossing. Fund V maintains its 90 % interest in the venture which retains its interest in the remaining property of the Frederick County Acquisitions portfolio, commonly referred to as Frederick County Square. e) Includes cost-method investment in Fifth Wall. As of December 31, 2024, the Company recorded an impairment charge of $ 0.4 million . f) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity. g) The Company owns 23.12 % and 20.10 % in Funds IV and V, respectively ( Note 1 ). For the ventures within these Funds, the ownership interest percentage represents the Fund’s ownership interest and not the Company’s proportionate share. During the year ended December 31, 2024, the Company: • on May 16, 2024, sold a 95 % interest in the Shops at Grand property for a total of $ 48.3 million and retained a 5 % interest through an investment in a newly formed joint venture which had a fair value of $ 2.4 million upon deconsolidation ( Note 2 ); • on June 28, 2024, through Fund IV, sold its investment in Paramus Plaza for $ 36.8 million and repaid the related $ 27.9 million property mortgage loan. The venture recognized a gain of $ 8.5 million, of which Fund IV’s proportionate share was $ 4.1 million. The Company’s proportionate share was $ 1.0 million; • on September 25, 2024, through Fund V, sold its investment in Frederick Crossing for $ 47.2 million and repaid the related $ 23.2 million property mortgage loan. The venture recognized a gain of $ 12.9 million, of which Fund V’s proportionate share was $ 11.6 million. The Company’s proportionate share was $ 2.3 million; • on September 19, 2024, refinanced a $ 17.1 million property mortgage loan at Gotham Plaza with a new lender upon maturity. The new $ 28.0 million property mortgage loan bears interest at 5.9 % and matures in October 2034; • on October 25, 2024, sold an 80 % interest in the Walk at Highwoods Preserve property for a total of $ 31.4 million and retained a 20 % interest through an investment in a newly formed joint venture which had a fair value of $ 6.4 million upon deconsolidation ( Note 2 ). At closing, the venture entered into a new $ 20.5 million property mortgage loan; • on November 5, 2024, refinanced a $ 58.1 million property mortgage loan at Crossroads with a new lender upon maturity. The new $ 75.0 million property mortgage loan bears interest at SOFR + 3.83 % and matures in November 2029; and • on December 12, 2024, acquired a 15 % interest in a venture for $ 41.6 million, which purchased the LINQ Promenade, an open-air retail, entertainment, and dining district located in Las Vegas, Nevada for $ 277.5 million, inclusive of transaction costs. At closing, the venture entered into a new $ 175.0 million property mortgage loan. During the year ended December 31, 2023, the Company: • funded $ 5.3 million of a $ 12.8 million construction loan commitment to the 1238 Wisconsin venture. The total outstanding balance of the loan was $ 12.8 million; • modified a property mortgage loan with an outstanding balance of $ 160.0 million with a new loan of $ 152.0 million and extended the maturity date at Georgetown Renaissance. The Company contributed an additional $ 1.4 million in equity to cover the venture partner’s share of the required paydown; • through Fund IV, modified a property mortgage loan with an outstanding balance of $ 21.9 million with a new loan of $ 24.1 million at Eden Square; • through Fund V, modified a property mortgage loan with an outstanding balance of $ 33.5 million to extend the maturity date at Wood Ridge Plaza; • through Fund V, acquired a 90 % interest in a venture for $ 20.2 million, which purchased Mohawk Commons, a shopping center located in Schenectady, New York for $ 62.1 million, inclusive of transaction costs. In addition, the Mohawk Commons venture entered into a $ 39.7 million property mortgage loan; • through Fund V, received payment on a bridge loan from the Shoppes at South Hills venture for $ 31.7 million which matured in February 2023. Upon maturity of the bridge loan, the venture entered into a $ 36.0 million property mortgage loan, of which $ 31.8 million was funded at closing; and • through Mervyns II, received cash dividends from its investment in Albertsons totaling $ 28.5 million on January 20, 2023, of which the Company’s share was $ 11.4 million. Additionally, the lock-up period, which restricted the transfer or sale of shares, expired on January 24, 2023, and 4.1 million shares of Albertsons were distributed to the individual investors as a non-cash distribution, of which the Company received 1.6 million shares. The shares are classified as Marketable securities on the Company’s Consolidated Balance Sheets ( Note 8 ). In December 2023, an unconsolidated venture that holds interest in a property on North Michigan Avenue modified its $ 73.5 million nonrecourse property mortgage loan. As part of the modification, the principal balance was reduced by $ 18.5 million and required a principal paydown of $ 17.5 million, the interest rate increased from 4.4 % to 6.5 %, and the maturity date was extended from February 2025 to December 2026. In addition, the venture, upon a sale or secured refinancing prior to maturity at an amount that exceeds $ 55.0 million (as adjusted pursuant to the modification agreement), may be subject to additional contingent payments to its lender of up to $ 17.5 million (“Contingent Payment”), which amortizes pursuant to the terms of the modification agreement on a straight-line basis over the remaining term of the loan. The modification was accounted for as a troubled debt restructuring pursuant to ASC 470, resulting in an initial gain of approximately $ 0.4 million, which was recognized within Equity in (losses) earnings of unconsolidated affiliates on the Company’s Consolidated Statements of Operations for the year ended December 31, 2023, and represented the excess of the original principal balance of the mortgage (prior to modification), over the maximum total future cash payments (inclusive of the Contingent Payment) under the new terms. Thus, all future cash payments under the terms of the payable, including the Contingent Payment, shall be accounted for as a reduction of the carrying amount of the mortgage, and no interest expense shall be recognized for any period between the modification and the revised maturity of the mortgage. As the Contingent Payment amortizes (and no transactions arise during the period that would require a payment as described above) the additional gain will be recognized within equity in earnings in the Company’s consolidated financial statements of which $ 5.4 million and $ 0 were recognized for the years ended December 31, 2024 and 2023, respectively. Additionally, as part of the modification, the Operating Partnership provided a recourse guarantee equivalent to 50 % of the unpaid outstanding principal balance of the mortgage. Fees earned from and paid to Unconsolidated Affiliates The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated affiliates totaling $ 1.5 million and $ 0.4 million and $ 0.4 million fo r the years ended December 31, 2024, 2023 and 2022, respectively, which are included in Other revenues in the Consolidated Statements of Operations. In addition, the Company’s unconsolidated joint ventures paid fees to the Company’s unaffiliated joint venture partners of $ 5.1 million and $ 4.5 million and $ 2.7 million for the years ended December 31, 2024, 2023 and 2022, respectively, for leasing commissions, development, management, construction, and overhead fees. Summarized Financial Information of Unconsolidated Affiliates The following Combined and Condensed Balance Sheets and Statements of Operations, in each period, summarized the financial information of the Company’s investments in unconsolidated affiliates that were held as of December 31, 2024 and 2023 (in thousands): December 31, December 31, 2024 2023 Combined and Condensed Balance Sheets Assets: Rental property, net $ 1,016,229 $ 723,411 Other assets 162,713 125,699 Total assets $ 1,178,942 $ 849,110 Liabilities and partners’ equity: Mortgage notes payable $ 815,045 $ 662,552 Other liabilities 140,743 100,270 Partners’ equity 223,154 86,288 Total liabilities and partners’ equity $ 1,178,942 $ 849,110 Company's share of accumulated equity $ 131,793 $ 128,690 Basis differential 50,851 51,824 Deferred fees, net of portion related to the Company's interest 5,400 3,794 Amounts receivable/payable by the Company 446 396 Investments in and advances to unconsolidated affiliates, net of Company's 188,490 184,704 Investments carried at cost 4,228 4,554 Company's share of distributions in excess of income from and 16,514 7,982 Investments in and advances to unconsolidated affiliates $ 209,232 $ 197,240 Year Ended December 31, 2024 2023 2022 Combined and Condensed Statements of Operations Total revenues $ 114,442 $ 108,425 $ 96,080 Operating and other expenses ( 41,001 ) ( 35,488 ) ( 29,858 ) Interest expense ( 40,998 ) ( 40,864 ) ( 26,807 ) Depreciation and amortization ( 43,183 ) ( 42,212 ) ( 34,596 ) Gain (loss) on extinguishment of debt (a) 3,934 368 ( 7 ) Impairment of Investment (b) — — ( 57,423 ) Gain on disposition of properties (c) 21,357 — 12,983 Net income (loss) attributable to unconsolidated affiliates $ 14,551 $ ( 9,771 ) $ ( 39,628 ) Company’s share of equity in net earnings (losses) of unconsolidated affiliates $ 16,151 $ ( 6,688 ) $ ( 31,907 ) Basis differential amortization ( 973 ) ( 989 ) ( 1,000 ) Company’s equity in earnings (losses) of unconsolidated affiliates $ 15,178 $ ( 7,677 ) $ ( 32,907 ) a) Includes the gain on debt extinguishment related to the restructuring at 840 N. Michigan Avenue for the year ended December 31, 2024 and 2023. b) Includes the impairment charge related to 840 N. Michigan Avenue for the year ended December 31, 2022. c) Includes the gain on the sale of Frederick Crossing, Paramus Plaza for the year ended December 31, 2024 and Promenade at Manassas for the year ended December 31, 2022.

Other Assets, Net and Accounts

Other Assets, Net and Accounts Payable and Other Liabilities	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets, Net and Accounts Payable and Other Liabilities	5. Other Assets, Net and Accou nts Payable and Other Liabilities Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented: December 31, December 31, (in thousands) 2024 2023 Other Assets, Net: Lease intangibles, net (Note 6) $ 86,853 $ 100,594 Derivative financial instruments (Note 8) 31,145 28,989 Deferred charges, net (A) 39,189 31,074 Accrued interest receivable (Note 3) 32,154 25,553 Prepaid expenses 15,448 15,204 Due from seller 2,343 2,631 Income taxes receivable 1,475 1,141 Deposits 12,074 575 Corporate assets, net 563 924 Other receivables 2,523 1,775 $ 223,767 $ 208,460 (A) Deferred Charges, Net: Deferred leasing and other costs (a) $ 82,770 $ 73,908 Deferred financing costs related to line of credit 13,889 9,829 96,659 83,737 Accumulated amortization ( 57,470 ) ( 52,663 ) Deferred charges, net $ 39,189 $ 31,074 Accounts Payable and Other Liabilities: Lease intangibles, net (Note 6) $ 77,534 $ 73,994 Accounts payable and accrued expenses 68,354 61,425 Deferred income 39,351 34,386 Tenant security deposits, escrow and other 14,515 17,939 Lease liability - finance leases, net (Note 11) 31,374 32,739 Derivative financial instruments (Note 8) 1,598 8,892 $ 232,726 $ 229,375 (a) At December 31, 2024 and 2023, deferred leasing and other costs include direct and incremental capitalized internal leasing commissions incurred in connection with executed lease agreements of $ 4.1 million and $ 2.2 million, respectively, which are amortized on a straight-line basis over the terms of the related leases.

Lease Intangibles

Lease Intangibles	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Lease Intangibles	6. Lease Intangibles Upon acquisitions of real estate ( Note 2 ), the Company assesses the relative fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable. Intangible assets and liabilities are included in Other assets, net and Accounts payable and other liabilities ( Note 5 ) on the Consolidated Balance Sheets and summarized as follows (in thousands): December 31, 2024 December 31, 2023 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amortizable Intangible Assets In-place lease intangible assets $ 336,660 $ ( 255,899 ) $ 80,761 $ 327,484 $ ( 234,808 ) $ 92,676 Above-market rent 26,432 ( 20,340 ) 6,092 27,294 ( 19,376 ) 7,918 $ 363,092 $ ( 276,239 ) $ 86,853 $ 354,778 $ ( 254,184 ) $ 100,594 Amortizable Intangible Liabilities Below-market rent $ ( 196,239 ) $ 118,933 $ ( 77,306 ) $ ( 188,098 ) $ 114,393 $ ( 73,705 ) Above-market ground lease ( 671 ) 443 ( 228 ) ( 671 ) 382 ( 289 ) $ ( 196,910 ) $ 119,376 $ ( 77,534 ) $ ( 188,769 ) $ 114,775 $ ( 73,994 ) During the year ended December 31, 2024, the Company: • acquired in-place lease intangibles of $ 21.9 million, above-market rent of $ 0.5 million, and below-market rent of $ 16.8 million with weighted-average useful lives of 5.1 , 4.8 , and 11.1 years, respectively ( Note 2 ); • recorded accelerated amortization related to in-place lease intangible assets of $ 0.8 million and below-market rent of $ 0.3 million, of which the Company’s share was $ 0.4 million and $ 0.2 million, respectively, related to early tenant lease terminations; and • derecognized below-market rent of $ 0.7 million of which the Company’s share was $ 0.6 million, related to disposed properties ( Note 2 ). During the year ended December 31, 2023, the Company: • acquired in-place lease intangibles of $ 25.9 million, above-market rent of $ 3.2 million, and below-market rent of $ 11.8 million with weighted-average useful lives of 5. 7 , 7 .1 , and 21 .1 years, respectively ( Note 2 ); • recorded accelerated amortization related to in-place lease intangible assets of $ 3.2 million and below-market rent of $ 8.8 million, of which the Company’s share was $ 2.8 million and $ 8.4 million, respectively, related to notification of tenant non-renewals and early tenant lease terminations. Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental income, respectively, on the Consolidated Statements of Operations. Amortization of above-market ground leases are recorded as a reduction to rent expense on the Consolidated Statements of Operations. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2024 is as follows (in thousands): Years Ending December 31, Net Increase in Increase to Reduction of 2025 $ 6,620 $ ( 22,110 ) $ 58 2026 6,094 ( 17,602 ) 58 2027 5,493 ( 12,569 ) 58 2028 5,567 ( 7,841 ) 54 2029 5,435 ( 4,719 ) — Thereafter 42,005 ( 15,920 ) — Total $ 71,214 $ ( 80,761 ) $ 228

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	7. Debt A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands): Carrying Value as of Interest Rate as of Maturity Date as of December 31, December 31, December 31, 2024 December 31, 2024 2024 2023 Mortgages Payable Core 3.99 % - 5.89 % Jul 2027 - Apr 2035 $ 180,212 $ 191,830 Fund II (a) SOFR+ 2.61 % Aug 2025 137,485 137,485 Fund III SOFR+ 3.75 % Oct 2025 33,000 33,000 Fund IV (b) SOFR+ 2.25 % - SOFR+ 3.33 % March 2025 - Jun 2028 109,471 115,925 Fund V SOFR + 1.86 % to SOFR + 3.10 % Jan 2025 - Jun 2028 498,779 458,960 Net unamortized debt issuance costs ( 5,459 ) ( 7,313 ) Unamortized premium 212 240 Total Mortgages Payable $ 953,700 $ 930,127 Unsecured Notes Payable Core Term Loans (c) SOFR+ 1.50 % - SOFR+ 1.75 % Apr 2028 - Jul 2029 $ 475,000 $ 650,000 Core Senior Notes 5.86 % - 5.94 % Aug 2027 - Aug 2029 100,000 — Fund V Subscription Line (d) — 80,600 Net unamortized debt issuance costs ( 5,434 ) ( 3,873 ) Total Unsecured Notes Payable $ 569,566 $ 726,727 Unsecured Line of Credit Revolving Credit Facility (c) SOFR+ 1.35 % Apr 2028 $ 14,000 $ 213,287 Total Debt (e)(f) $ 1,547,947 $ 1,881,087 Net unamortized debt issuance costs ( 10,893 ) ( 11,186 ) Unamortized premium 212 240 Total Indebtedness $ 1,537,266 $ 1,870,141 a) The Company has a total commitment of $ 198.0 million on the Fund II property mortgage loan as of both December 31, 2024 and December 31, 2023 . b) Includes the outstanding balance on the Fund IV secured bridge facility of $ 36.2 million at December 31, 2024 and December 31, 2023 . c) The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans at December 31, 2024 and 2023 ( Note 8 ). d) Fund V paid off the subscription line and terminated the outstanding letters of credit during the first quarter of 2024. e) Includes $ 852.0 million and $ 1,249.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.98 % to 4.61 % . f) Includes $ 111.2 million and $ 151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 4.50 % to 6.00 % . Unsecured Notes Payable Credit Facility On April 15, 2024, the Operating Partnership and the Company entered into a Third Amended and Restated Credit Agreement, with Bank of America, N.A., as administrative agent, to amend its existing senior unsecured credit facility (the “Amended Credit Facility”). The Amended Credit Facility provides for an increase in the existing unsecured revolving credit facility (the “Revolver”) from $ 300.0 million to $ 350.0 million, which includes the capacity to issue letters of credit in an amount up to $ 60.0 million, and the extension of the term from June 29, 2025 to April 15, 2028 , with two additional six-month extension options. The Amended Credit Facility also provides for the extension of the term on the existing $ 400.0 million unsecured term loan (“Term Loan”) from June 29, 2026 to April 15, 2028 , with two additional six-month extension options. The Amended Credit Facility has an accordion feature to increase its capacity up to $ 900 million at the option of the Operating Partnership, subject to customary conditions. On September 12, 2024, the Operating Partnership and the Company entered into a Consent and Second Amendment (the “Amendment”) to the Third Amended and Restated Credit Agreement, which further increased the revolving credit facility to $ 525.0 million and the accordion feature limit to $ 1.1 billion, maintaining the same terms and conditions. Borrowings under the Revolver and the Term Loan will accrue interest at a floating rate based on SOFR with margins based on leverage or credit rating. The Credit Facility is guaranteed by the Trust and certain subsidiaries of the Trust ( Note 9 ). Revolving Credit Facility At December 31, 2024, the Revolver bears interest at SOFR+ 1.35 % and matures on April 15, 2028 , subject to two six-month extension options. The outstanding balance and total available credit of the Revolver were $ 14.0 million and $ 511.0 million, respectively, as of December 31, 2024, reflecting no letters of credit outstanding. The outstanding balance and total available credit of the Revolver were $ 213.3 million and $ 86.7 million , respectively, at December 31, 2023 , reflecting no letters of credit outstanding. Core Term Loans At December 31, 2024 , the Term Loan had an outstanding balance of $ 400.0 million bears interest at SOFR + 1.50 % and matures on April 15, 2028 , subject to two six-month extension options. On September 12, 2024, using cash on hand and borrowings under the amended Credit Facility, the Operating Partnership repaid in full all outstanding obligations on the $ 175.0 million term loan facility (the “$175.0 Million Term Loan”), and all obligations of the Company and its subsidiaries under the $ 175.0 million Term Loan were released. The Company and its subsidiaries did no t incur any early termination penalties in connection with repayment of the indebtedness or termination of the $ 175.0 Million Term Loan. The $ 175.0 Million Term Loan had a maturity date of April 6, 2027 and bore interest at SOFR + 1.50 % at the time of the repayment. The Operating Partnership has a $ 75.0 million term loan (the “$75.0 Million Term Loan”), with TD Bank, N.A., as administrative agent, which bears interest at a floating rate based on SOFR with margins based on leverage or credit rating, matures on July 29, 2029 , and is guaranteed by the Trust and certain subsidiaries of the Trust ( Note 9 ). As of December 31, 2024 , the $ 75.0 Million Term Loan bears interest at SOFR+ 1.75 % . Senior Notes On August 21, 2024, the Operating Partnership issued $ 100.0 million aggregate principal amount of senior unsecured notes in a private placement, of which (i) $ 20.0 million are designated as 5.86 % Senior Notes, Series A, due August 21, 2027 (the “Series A Notes”) and (ii) $ 80.0 million are designated as 5.94 % Senior Notes, Series B, due August 21, 2029 (together with the Series A Notes, the “Senior Notes”) pursuant to a note purchase agreement (the “Senior Note Purchase Agreement”), dated July 30, 2024, between the Company, Operating Partnership and the purchasers named therein. The Senior Notes were issued at par in accordance with the Senior Note Purchase Agreement and pay interest semiannually on February 21st and August 21st until their respective maturities. The Company may prepay the Senior Notes at any time in full or in part subject to certain limitations set forth in the Senior Note Purchase Agreement . The Senior Notes are guaranteed by the Company and certain subsidiaries of the Company. Mortgages and Other Notes Payable A portion of the Company’s variable-rate property mortgage debt has been effectively fixed through certain cash flow hedge transactions ( Note 8 ). At December 31, 2024 and 2023, the Company’s property mortgage loans were collateralized by 31 and 33 properties, respectively, as well as the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. The Company was in compliance with its debt covenants as of December 31, 2024. Core Portfolio During the year ended December 31, 2024, the Company (amounts represent balances at the time of transactions): • repaid a Core property mortgage loan totaling $ 7.3 million at maturity; • extended a Core property mortgage loan of $ 60.0 million (excluding principal reductions of $ 2.5 million); and • made scheduled principal payments totaling $ 4.3 million. Investment Management During the year ended December 31, 2024, the Company, through Investment Management (amounts represent balances at the time of transactions): • entered into a new Investment Management property mortgage loan of $ 43.4 million; • repaid two consolidated Investment Management property mortgage loans of $ 6.4 million and a portion of one consolidated Investment Management property mortgage loan of $ 1.5 million in connection with property dispositions ( Note 2 ); • refinanced one Investment Management property mortgage loan of $ 41.0 million; • extended five Investment Management property mortgage loans totaling $ 174.0 million (excluding principal reductions of $ 2.0 million); and • made scheduled principal payments totaling $ 5.4 million. During the year ended December 31, 2023, the Company, through Investment Management (amounts represent balances at the time of transactions): • entered into a new Investment Management property mortgage loan of $ 32.2 million; • modified and extended five Investment Management property mortgage loans totaling $ 150.8 million (excluding principal reductions of $ 2.7 million) ; • refinanced four Investment Management property mortgage loans totaling $ 111.4 million; • repaid an Investment Management property mortgage loan totaling $ 5.8 million at maturity; • modified the Fund IV bridge loan with an outstanding balance of $ 36.2 million (excluding principal reductions of $ 3.0 million) and extended the maturity date to March 31, 2025; and • made sche duled principal payments totaling $ 7.7 million. Fund IV also has an outstanding balance and total available credit on its secured bridge facility of $ 36.2 million and $ 0.0 million, respectively, as of both December 31, 2024 and 2023 . The Operating Partnership has guaranteed up to $ 22.5 million of the Fund IV secured bridge facility ( Note 9 ). Scheduled Debt Principal Payments The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of December 31, 2024 are as follows (in thousands): Year Ending December 31, Principal Repayments 2025 $ 477,562 2026 83,698 2027 214,675 2028 595,805 2029 173,291 Thereafter 2,916 1,547,947 Unamortized premium 212 Net unamortized debt issuance costs ( 10,893 ) Total indebtedness $ 1,537,266 The table above does not reflect available extension options (subject to customary conditions) on consolidated debt with balances as of December 31, 2024. The Company has debt balances contractually due of $ 364.3 million due in 2025, $ 53.8 million due in 2026, $ 192.1 million due in 2027 and $ 471.5 million contractually due in 2028, all of which the Company has available options to extend by up to 12 months, and for some an additional 12 months thereafter. However, there can be no assurance that the Company will be able to successfully execute any or all of its available extension options.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements	8. Financial Instruments and Fair Value Measurements Items Measured at Fair Value on a Recurring Basis The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. Marketable Equity Securities — The Company has an investment in marketable equity securities of Albertsons, which has a readily determinable market value (traded on an exchange) and is being accounted for as a Level 1 investment. This investment was included in Marketable securities on the Consolidated Balance Sheets at December 31, 2024 and 2023, respectively. Derivative Financial Instruments — The Company has derivative assets, which are included in Other assets, net on the Consolidated Balance Sheets, and are comprised of interest rate swaps and caps. The Company has derivative liabilities, which are included in Accounts payable and other liabilities on the Consolidated Balance Sheets and are comprised of interest rate swaps. The derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below. 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, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Marketable equity securities $ 14,771 $ — $ — $ 33,284 $ — $ — Derivative financial instruments — 31,145 — — 28,989 — Liabilities Derivative financial instruments — ( 1,598 ) — — ( 8,892 ) — In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the year ended December 31, 2024 and 2023. Marketable Equity Securities During the year ended December 31, 2024, the Company sold 695,000 shares of Albertsons, generating net proceeds of $ 14.2 million. As of December 31, 2024, the Company he ld 0.8 million shares of Albertsons which had a fair value of $ 14.8 million. During the year ended December 31, 2024, 2023 and 2022, the Company recognized dividend income from marketable securities of $ 0.5 million, $ 29.1 million and $ 1.8 million, of which the Company’s share was $ 0.5 million, $ 12.0 million and $ 0.6 million, respectively. These amounts are included in Realized and unrealized holding (losses) gains on investments and other on the Company’s Consolidated Statements of Operations. The following table represents the realized and unrealized gain (loss) on marketable securities included in Realized and unrealized holding (losses) gains on investments and other on the Company’s Consolidated Statements of Operations (in thousands): Year Ended December 31, 2024 2023 2022 Realized gain on marketable securities, net $ 14,188 $ 4,636 — Less: previously recognized unrealized gains on marketable securities sold during the period ( 14,188 ) ( 4,636 ) — Unrealized (losses) gains on marketable securities still held as of the end of the period and through the disposition date on marketable securities sold during the period ( 4,324 ) 1,634 ( 38,913 ) (Loss) gain on marketable securities, net $ ( 4,324 ) $ 1,634 $ ( 38,913 ) Items Measured at Fair Value on a Nonrecurring Basis Impairment Charges 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 2024 Impairment Charges 1964 Union Street Fund IV Reduced holding period Dec 31, 2024 $ 1,170 $ 242 Mark Plaza Core Reduced projected operating income Dec 31, 2024 508 508 Total 2024 Impairment Charges (b) $ 1,678 $ 750 2023 Impairment Charges 146 Geary Street, Fund IV Reduced holding period Sept 30, 2023 $ 3,686 $ 852 (a) The Company est imated the fair valu e of 1964 Union Street, Mark Plaza and 146 Geary Street based on a discounted cash flow analysis using a discount rate of 7.75 % and a range of capitalization rates from 4.75 % to 5.75 %. A s 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 . The aggregate fair value of 1964 Union Street and Mark Plaza was $ 2.4 million at the measurement date. (b) Does not include the impairment charge of $ 0.4 million related to the Company’s investment in Fifth Wall ( Note 4 ) which is recorded in Realized and unrealized holding (losses) gains on investments and other, in the Company’s consolidated Statement of Operations. Redeemable Noncontrolling Interests The Company has redeemable noncontrolling interests related to certain properties. The Company is required to periodically review these redeemable noncontrolling interests in order to compare the redemption value to the carrying value. See Note 10 for further discussion regarding these interests. 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 Aggregate Notional Amount Effective Date Maturity Date Low High Balance Sheet December 31, December 31, Core Interest Rate Swaps $ 50,000 Oct 2023 Jul 2029 4.61 % — 4.61 % Accounts payable and other liabilities $ ( 1,316 ) $ ( 8,807 ) Interest Rate Swaps 681,000 May 2022 — May 2023 Mar 2025 — Jul 2030 1.98 % — 3.61 % Other Assets 28,173 22,675 $ 731,000 $ 26,857 $ 13,868 Fund II Interest Rate Swap 50,000 Jan 2023 Dec 2029 3.23 % — 3.23 % Other Assets 1,615 634 $ 50,000 $ 1,615 $ 634 Fund III Interest Rate Cap $ 33,000 Sep 2023 Oct 2025 5.50 % — 5.50 % Other Assets $ 1 $ 26 Fund IV Interest Rate Cap $ 54,500 Dec 2023 Dec 2025 6.00 % — 6.00 % Other Assets $ 2 $ 29 Fund V Interest Rate Swaps $ 135,148 Apr 2022 — Oct 2024 Apr 2025 — Dec 2027 2.61 % — 3.72 % Other Assets $ 1,352 $ 5,523 Interest Rate Cap 32,200 Aug 2023 Sep 2025 5.00 % — 5.00 % Other Assets 2 102 Interest Rate Swaps 127,909 Jun 2023 — Dec 2024 Jun 2025 — Dec 2027 4.08 % — 4.54 % Accounts payable and other liabilities ( 282 ) ( 85 ) Interest Rate Cap 39,673 Feb 2024 Jan 2025 4.50 % — 4.50 % Accounts payable and other liabilities — — $ 334,930 $ 1,072 $ 5,540 Total asset derivatives $ 31,145 $ 28,989 Total liability derivatives $ ( 1,598 ) $ ( 8,892 ) All of the Company’s derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable-rate debt ( Note 7 ). It is estimated that approximately $ 12.3 million included in Accumulated other comprehensive income related to derivatives will be reclassified as a reduction to interest expense within the next twelve months. As of December 31, 2024 and 2023 , no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated hedges. During the year ended December 31, 2024, the Company terminated four interest rate swaps with forward effective dates with an aggregate notional value of $ 125.0 million for cash payment of $ 3.0 million. The net derivative loss associated with the discontinued cash flow hedge continues to be reported in Accumulated other comprehensive income as the forecasted transaction is expected to occur within the originally specified time period. Such amounts will be reclassified from Accumulated other comprehensive income into earnings as interest expense over the period during which the hedged forecasted transaction affects earnings. During the year ended December 31, 2023, the Company terminated six interest rate swaps with forward effective dates with an aggregate notional value of $ 175.0 million for cash proceeds of $ 16.0 million. The net derivative gain associated with the discontinued cash flow hedge continues to be reported in Accumulated other comprehensive income as the forecasted transaction is expected to occur within the originally specified time period. Such amounts will be reclassified from Accumulated other comprehensive income into earnings as interest income over the period during which the hedged forecasted transaction affects earnings. Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and, from time to time, through the use of derivative financial instruments. The Company enters into derivative financial instruments to manage exposures that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. The Company is exposed to credit risk in the event of non-performance by the counterparties to the swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions. Credit Risk-Related Contingent Features The Company has agreements with each of its swap counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its swaps, resulting in an acceleration of payment under the swaps. Other Financial Instruments 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, 2024 December 31, 2023 Level Carrying Estimated Carrying Estimated Notes Receivable (a) 3 $ 126,584 $ 127,485 $ 124,949 $ 124,789 City Point Loan (a) 3 66,741 68,204 66,741 66,017 Mortgage and Other Notes Payable (a) 3 958,947 954,276 937,200 921,563 Investment in non-traded equity securities (b) 3 4,073 4,073 4,398 4,702 Unsecured notes payable and Unsecured line of credit (c) 2 589,000 589,018 943,887 937,153 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 3.88 % to 13.60 % for the Company’s notes receivable and City Point Loan, and 3.99 % to 7.68 % fo r the Company’s property mortgage loans and other notes payable, depending on the attributes of the specific loans. b) Includes 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. The Company’s cash and cash equivalents, restricted cash, rents receivable, accounts payable and certain financial instruments (classified as Level 1) included in other assets and other liabilities had fair values that approximated their carrying values due to their short maturity profiles at December 31, 2024 and 2023 .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	9. Commitments and Contingencies The Company is involved in various matters of litigation arising out of, or incidental to, its business. While the Company is unable to predict with certainty the outcome of any particular matter, management does not expect, when such litigation is resolved, that the Company’s resulting exposure to loss contingencies, if any, will have a material adverse effect on its consolidated financial position or results of operations. Commitments and Guaranties From time to time, the Company (or ventures in which the Company has an ownership interest) has agreed, and may in the future agree, to guarantee portions of the principal, interest and other amounts in connection with their borrowings, provide customary environmental indemnifications and nonrecourse carve-outs (e.g., guarantees against fraud, misrepresentation and bankruptcy) in connection with their borrowings and provide guarantees to lenders, tenants and other third parties for the completion of development projects. With respect to borrowings of our consolidated entities, the Company and certain subsidiaries of the Company have guarant eed $ 72.5 million of principal payment guarantees on various property mortgage loans and the Fund IV secured bridge facility ( Note 7 ). As of December 31, 2024 and 2023, no amounts related to the guarantees were recorded as liabilities in the Company’s consolidated financial statements. As of December 31, 2024, the Company had no Core or Investment Management letters of credit outstanding. As of December 31, 2023, the Company had no Core letters of credit outstanding and had Investment Management letters of cre dit of $ 2.0 million o utstanding. The Company has not recorded any obligation associated with these letters of credit. The majority of the letters of credit are collateral for existing indebtedness and other obligations of the Company. Additionally, in connection with the refinancing of the La Frontera Village ( Note 4 ) property mortgage loan of $ 57.0 million, which is collateralized by the investment property, Fund V guaranteed the joint venture’s obligation under the loan. Fund V earned a fee from the joint venture for providing the guarantee. At each of December 31, 2024 and 2023 , $ 0.2 million related to the guarantee was recorded as a liability in the Company’s Consolidated Balance Sheets. In conjunction with the development and expansion of various properties, the Company has entered into agreements with general contractors for the construction or development of properties aggregating approximately $ 97.4 million and $ 15.8 million, of which the Company’s share is $ 95.2 million and $ 12.5 million as of December 31, 2024 and 2023, respectively. The Company has committed client-related obligations for tenant improvements based on executed leases aggregating approximately $ 41.4 million and $ 25.7 million, of which the Company’s share is $ 32.3 million and $ 14.6 million, as of December 31, 2024 and 2023, respectively. The timing and amounts of payments for tenant-related obligations are uncertain and may only be due upon satisfactory performance of certain conditions. Forfeiture of Deposits The Company entered into a purchase and sale agreement (together with subsequent amendments thereto) to sell its West Shore Expressway property in the Core Portfolio. At the request of the former potential buyer, the Company extended the closing date numerous times in exchange for additional non-refundable deposits and contributions towards the carrying costs of the property. The agreement terminated and expired by its terms in August 2023, and the deposit was forfeited to an affiliate of the Company, when, among other things, the former potential buyer failed to close on the property pursuant to the terms of the agreement. During the third quarter of 2023, the former potential buyer filed for Chapter 11 bankruptcy, which bankruptcy was dismissed during the fourth quarter of 2023, and as of March 31, 2024 is no longer subject to appeal. The Company recorded income of $ 3.5 million in Other revenues on the Consolidated Statements of Operations during the first quarter of 2024, related to the forfeiture of the non-refundable payments. Insurance Coverage We carry insurance coverage on our properties of different types and in amounts with deductibles that we believe are in line with coverage customarily obtained by owners of similar properties.

Shareholders' Equity, Noncontro

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2024
Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss	10. Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Loss Public Offerings From time to time, the Company may offer its shares of beneficial interest through public offerings registered with the SEC. In connection with such offerings, the Company may issue and sell the offered shares upon settlement of the offering or, alternatively, enter into forward sale agreements with respect to all or a portion of the sold in such public offerings, pursuant to which the offered shares are borrowed by the forward sale purchasers and the issuance of such shares takes place upon settlement of the applicable forward sale agreement in accordance with its terms. On January 8, 2024, the Company completed a primary offering of 6,900,000 Common Shares (inclusive of 900,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional Common Shares) at a public offering price of $ 16.38 per share resulting in net proceeds of $ 113.0 million after deduction of offering expenses. On October 2, 2024, the Company completed another primary offering of 5,750,000 Common Shares (inclusive of 750,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional Common Shares) at a public offering price of $ 22.89 per share resulting in net proceeds of $ 131.6 million after deduction of the underwriting discounts and expenses. These shares were subject to forward sales agreements, which required settlement by September 30, 2025. The Company did not initially receive any proceeds from the sale of Common Shares in the offering, which were sold to the underwriters by the forward purchasers of their respective affiliates. On October 16, 2024, the Company physically settled the forward sales agreements in exchange for total net proceeds of $ 131.6 million. ATM Program The Company has an at-the-market equity issuance program (“ATM Program”) that provides the Company an efficient vehicle for raising public equity capital to fund its needs. On November 1, 2024, the Company entered into its current $ 400.0 million ATM Program, which includes an optional “forward sale” component, and concurrently terminated its existing $ 250.0 million ATM Program. As of December 31, 2024, $ 126.7 million remains available for future share issuance. During the year ended December 31, 2024, the Company issued 10,273,250 shares under its ATM Program for net proceeds of $ 216.9 million after deduction of issuance costs, at a weighted-average gross price per share of $ 21.38 . During the year ended December 31, 2023, the Company did no t sell any Common Shares under its ATM Program. During the year ended December 31, 2022, the Company sold 5,525,419 Common Shares under its $ 250.0 million ATM Program for net proceeds of $ 119.5 million after deduction of issuance costs, at an average price per share of $ 21.63 . As of December 31, 2024, the Company had 10,910,488 forward shares outstanding under its ATM Program. All forward sales agreements require settlement within one-year of the various effective dates. The net forward sales price per share of the forward shares under the ATM program was $ 24.79 and would result in the Company receiving $ 270.5 million in net cash proceeds if it was to physically settle the shares. The Company did not issue any shares on a forward basis as of December 31, 2022 or 2023. Subsequent to the year ended December 31, 2024, the Company sold a total of 262,211 shares under the ATM Program at an average price per share of $ 23.85 for an aggregate net value of $ 6.2 million, all of which were sold subject to the ATM forward sales agreements. The Company did not receive any proceeds from the sale of shares at the time it entered into each of the respective forward sale agreements. The Company determined that the ATM forward sales agreements meet the criteria for equity classification and, therefore, are exempt from derivative accounting. The Company recorded the ATM forward sales agreements at fair value at inception, which was determined to be zero. Subsequent changes to fair value are not required under equity classification. Common Shares and Units In addition to the ATM Program and share repurchase activity discussed above, the Company completed the following transactions during the year ended December 31, 2024: • The Company withheld 3,410 shares of its restricted Common Shares (“Restricted Shares”) to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. • The Company recognized Common Share and Common OP Unit-based compensation expense totaling $ 9.4 million in connection with Restricted Shares and restricted Common OP Units (“Restricted Units”) ( Note 13 ). In addition to the ATM Program and share repurchase activity discussed above, the Company completed the following transactions during the year ended December 31, 2023: • The Company withheld 3,251 shares of its restricted Common Shares ("Restricted Shares") to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. • The Company recognized Common Share and Common OP Unit-based compensation expense totaling $ 9.2 million in connection with Restricted Shares and restricted Common OP Units (“Restricted Units”) ( Note 13 ). Share Repurchase Program During 2018, the Company’s board of trustees (the “Board”) approved a new share repurchase program, which authorizes management, at its discretion, to repurchase up to $ 200.0 million of its outstanding Common Shares. The program does not obligate the Company to repurchase any specific number of Common Shares and may be discontinued or extended at any time. The Company did no t repurchase any shares during the years ended December 31, 2024, 2023 and 2022 . Under the share repurchase program $ 122.5 million remains available at December 31, 2024. Dividends and Distributions During the year ended December 31, 2024 and 2023, the Company declared distributions on Common Shares/OP Units o f $ 0.74 p er Common Share/OP Unit and $ 0.72 per Common Share/OP Unit, respectively. Noncontrolling Interests The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands): Noncontrolling (a) Noncontrolling (b) Total Redeemable Noncontrolling Interests (c) Balance at January 1, 2024 $ 99,718 $ 346,582 $ 446,300 $ 50,339 Distributions declared of $ 0.74 per Common OP Unit and distributions on Preferred OP Units ( 5,639 ) — ( 5,639 ) — Net income (loss) for the year ended December 31, 2024 1,409 ( 7,005 ) ( 5,596 ) ( 7,915 ) Conversion of 1,084,851 Common OP Units and 59,865 Series C Preferred Units to Common Shares by limited partners of the Operating Partnership ( 20,929 ) — ( 20,929 ) — Other comprehensive income - unrealized gain on valuation of swap agreements 501 7,564 8,065 — Reclassification of realized interest expense on swap agreements ( 156 ) ( 11,221 ) ( 11,377 ) — City Point Loan accrued interest — — — ( 11,825 ) Noncontrolling interest contributions — 51,118 51,118 — Noncontrolling interest distributions — ( 36,751 ) ( 36,751 ) ( 16 ) Employee Long-term Incentive Plan Unit Awards 11,519 — 11,519 — Reallocation of noncontrolling interests (d) ( 693 ) — ( 693 ) — Balance at December 31, 2024 $ 85,730 $ 350,287 $ 436,017 $ 30,583 Balance at January 1, 2023 $ 99,554 $ 389,810 $ 489,364 $ 67,664 Distributions declared of $ 0.72 per Common OP Unit and distributions on Preferred OP Units ( 5,352 ) — ( 5,352 ) — Net income (loss) for the year ended December 31, 2023 1,785 ( 15,168 ) ( 13,383 ) ( 8,239 ) Conversion of 151,257 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 2,521 ) — ( 2,521 ) — Other comprehensive income - unrealized gain on valuation of swap agreements ( 613 ) 6,015 5,402 — Reclassification of realized interest expense on swap agreements ( 210 ) ( 13,501 ) ( 13,711 ) — City Point Loan — — — ( 796 ) City Point Loan accrued interest — — — ( 9,350 ) Noncontrolling interest contributions — 59,612 59,612 1,110 Noncontrolling interest distributions — ( 80,186 ) ( 80,186 ) ( 50 ) Employee and trustee stock compensation, net 11,064 — 11,064 — Reallocation of noncontrolling interests (d) ( 3,989 ) — ( 3,989 ) — Balance at December 31, 2023 $ 99,718 $ 346,582 $ 446,300 $ 50,339 Noncontrolling (a) Noncontrolling (b) Total Redeemable Noncontrolling Interests (c) Balance at January 1, 2022 $ 94,120 $ 534,202 $ 628,322 $ — Distributions declared of $ 0.72 per Common OP Unit ( 5,094 ) — ( 5,094 ) — Net loss for the year ended December 31, 2022 ( 1,308 ) ( 22,962 ) ( 24,270 ) ( 5,536 ) Conversion of 234,473 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 3,945 ) — ( 3,945 ) — Other comprehensive income - unrealized gain on valuation of swap agreements 4,641 15,567 20,208 — Reclassification of realized interest expense on swap agreements 58 1,793 1,851 — City Point Loan — — — ( 65,391 ) City Point Loan accrued interest — — — ( 3,923 ) Employee and trustee stock compensation, net 10,000 — 10,000 — Noncontrolling interest distributions — ( 79,838 ) ( 79,838 ) — Noncontrolling interest contributions — 109,428 109,428 65,945 Acquisition of noncontrolling interest (e) — ( 91,811 ) ( 91,811 ) — Reclassification of redeemable noncontrolling interests (f) — ( 76,569 ) ( 76,569 ) 76,569 Reallocation of noncontrolling interests (d) 1,082 — 1,082 — Balance at December 31, 2022 $ 99,554 $ 389,810 $ 489,364 $ 67,664 (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,054,386 , 2,855,574 , and 3,062,108 Common OP Units at December 31, 2024, 2023 and 2022, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2024, 2023 and 2022; (iii) 66,519 Series C Preferred OP Units at December 31, 2024 and 126,384 at December 31, 2023 and 2022; and (iv) 4,667,742 , 4,247,054 , and 3,512,414 LTIP units at December 31, 2024, 2023 and 2022, respectively, as discussed in the Amended and Restated 2020 Plan ( Note 13 ). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above. (b) Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and seven ot her subsidiaries. (c) Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below. (d) Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership. (e) Represents the acquisition of the 11.67 % noncontrolling interest in Fund II acquired on June 27, 2022 for $ 18.5 million and of a 21.67 % interest in Fund II on August 1, 2022 for $ 5.8 million ( Note 1 ). (f) Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022 . Redeemable Noncontrolling Interests Williamsburg Portfolio In connection with the Williamsburg Portfolio acquisition in February 2022, the venture partner has a one-time right to put its 50.01 % interest in the property to the Company for redemption at fair value after five years have passed (“Williamsburg NCI”). As it was unlikely as of the acquisition date that the venture partner would receive any consideration on redemption due to the Company’s preferential returns, the initial fair value of the Williamsburg NCI was determined to be zero . As of December 31, 2024 , the fair value of the Williamsburg NCI was zero . City Point Loan In August 2022, the Company provided a loan, through a separate lending subsidiary, to other Fund II investors in City Point, through a separate borrower subsidiary, to fund the investors' pro-rata contribution necessary to complete the refinancing of the City Point debt, of which $ 65.9 million was funded at closing ("City Point Loan"). The City Point Loan has a five-year term which matures on August 1, 2027 and is collateralized by the investors' equity in City Point ("City Point NCI"). Because the City Point Loan was granted in return for a capital contribution from the investors, and is collateralized by the City Point NCI, the City Point Loan and accrued interest, net of a $ 0.8 million and $ 0.7 million allowance for CECL as of December 31, 2024 and 2023, respectively, are presented as a reduction of the City Point NCI balance. The borrower subsidiary of the City Point Loan was determined to be a VIE for which the Company is not the primary beneficiary. The maximum loss in the VIE is limited to the amount of the City Point Loan and any accrued interest. In connection with the City Point Loan, each partner has a one-time right to put its City Point NCI to the Company for redemption in exchange for the settlement of its proportion of the City Point Loan amount plus either (i) a fixed cash amount or (ii) a cash amount equal to the value of fixed number of Common Shares of the Company on the trading day prior to the election, which began in August 2023 ("Redemption Value"). As a result of granting these redemption rights, the City Point NCI, net of the City Point Loan, has been reclassified and presented as Redeemable noncontrolling interests on the Company's Consolidated Balance Sheets. Given the carrying value of the City Point NCI at the time of the transaction exceeded the maximum Redemption Value, the Company did not recognize any initial adjustment to accrete the City Point NCI to the Redemption Value. The Company is required to periodically evaluate the maximum redemption amount of the City Point NCI interest and recognize an increase in the carrying value if the redemption value exceeds the then current carrying value. At December 31, 2024, the Company determined that the carrying value exceeded the maximum Redemption Value and no adjustment was required. The Company determined that its valuation was classified within Level 3 of the fair value hierarchy. The estimated fair market value of this noncontrolling interest was based upon a discounted cash flow model, for which a capitalization rate of 5.25 % and discount rate of 6.25 % were utilized in the model based upon unobservable rates that the Company believes to be within a reasonable range of current market rates. 8833 Beverly Boulevard In July 2023, the Company entered into a limited partnership agreement to own and operate the 8833 Beverly Boulevard property. Following the formation of the partnership, the Company retained a 97.0 % controlling interest. At a future point in time, either party may elect a buy-out right, where either the Company may purchase the venture partner’s interest, or the venture partner may sell its 3.0 % interest in the partnership (the “8833 Beverly NCI”) to the Company for fair value. As a result of these redemption rights, the 8833 Beverly NCI was initially recorded at fair value. As of December 31, 2024 , the redemption value of the 8833 Beverly NCI was $ 0.1 million. As of December 31, 2024, the Company determined that the carrying value exceeded the maximum redemption value and no adjustment was required. Preferred OP Units During 2016, the Operating Partnership issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to a third party to acquire Gotham Plaza ( Note 4 ). The Series C Preferred OP Units have a value of $ 100.00 per unit and are entitled to a preferred quarterly distribution of $ 0.9375 per unit and are convertible into Common OP Units at a rate based on the share price at the time of conversion. If the share price is below $28.80 on the conversion date, each Series C Preferred OP Unit will be convertible into 3.4722 Common OP Units. If the share price is between $ 28.80 and $ 35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into a number of Common OP Units equal to $100.00 divided by the closing share price. If the share price is above $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into 2.8409 Common OP Units. The Series C Preferred OP Units have a mandatory conversion date of December 31, 2025, at which time all units that have not been converted will automatically be converted into Common OP Units based on the same calculations. Through December 31, 2024 , 75,074 Series C Preferred OP Units were converted into 260,475 Common OP Units and then into Common Shares. In 1999, the Operating Partnership issued 1,580 Series A Preferred OP Units in connection with the acquisition of a property, which have a stated value of $ 1,000 per unit, and a re entitled to a preferred quarterly distribution of the greater of (i) $ 22.50 ( 9.00 % annually) per Series A Preferred OP Unit or (ii) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit. Through December 31, 2024 , 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $ 7.50 . Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date.

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	11. Leases As Lessor The Company has approximately 1,300 leases in the leasing of shopping centers and other retail properties that are either owned or, with respect to certain shopping centers, leased under long-term ground leases (see below) that expire at various dates through December 31, 2121, with renewal options. Certain leases may allow for the tenants to terminate the leases before the expiration of the lease term. Space in the properties is leased to tenants pursuant to agreements that generally provide for terms ranging from one month to sixty years and for additional rents based on certain operating expenses as well as tenants’ sales volumes. The components of rental revenue are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Fixed lease revenue $ 282,492 $ 269,648 $ 258,472 Variable lease revenue 67,038 63,396 59,342 Total rental revenue $ 349,530 $ 333,044 $ 317,814 The scheduled future minimum rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) as of December 31, 2024, are summarized as follows (in thousands): Year Ending December 31, Minimum Rental (a) 2025 $ 252,564 2026 243,817 2027 218,934 2028 187,739 2029 154,725 Thereafter 577,342 Total $ 1,635,121 (a) Amount represents contractual lease maturities at December 31, 2024 , including any extension options that management determined were reasonably certain of exercise. During the years ended December 31, 2024, 2023 and 2022, no single tenant or property collectively comprised more than 10 % of the Company’s Total revenues. As Lessee The Company has properties in its portfolio that are currently owned by third parties. We also lease real estate for equipment and office space. We lease these properties pursuant to ground leases that provide us the right to operate each such property, and generally provide terms ranging from five ye ars to 98 years . Minimum Rental Payments Year Ending December 31, Operating Leases (a) Finance (a) 2025 $ 5,338 $ 1,319 2026 5,246 1,350 2027 4,450 1,350 2028 4,236 1,396 2029 3,700 1,414 Thereafter 12,267 155,319 35,237 162,148 Interest ( 7,317 ) ( 130,774 ) Total $ 27,920 $ 31,374 (a) Minimum rental payments include $ 7.3 million of interest related to operating leases and $ 130.8 m illion related to finance leases and exclude options or renewals not reasonably certain of exercise. Additional disclosures regarding the Company’s leases as lessee are as follows (dollars in thousands): Year Ended December 31, 2024 2023 2022 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 1,338 $ 1,244 $ 903 Interest on lease liabilities 2,061 1,239 410 Subtotal 3,399 2,483 1,313 Operating lease cost 5,265 5,291 5,338 Variable lease cost 276 228 80 Total lease cost $ 8,940 $ 8,002 $ 6,731 Cash Paid Payments of operating lease obligations - operating activities $ 5,438 $ 5,386 $ 5,364 Payments of interest on finance lease obligations - operating activities 2,061 1,239 410 Payments of finance lease obligations - financing activities 2,437 100 — As of December 31, 2024 2023 Other Information Weighted-average remaining lease term - finance leases (years) 56.8 58.3 Weighted-average remaining lease term - operating leases (years) 8.7 9.7 Weighted-average discount rate - finance leases 6.5 % 6.5 % Weighted-average discount rate - operating leases 5.1 % 5.1 % During the year ended December 31, 2024, the Company: • acquired a master lease as part of the acquisition of the Bleecker Street Portfolio in September 2024, and recorded a right-of-use-asset – finance lease of $ 2.7 million and a lease liability – finance lease of $ 1.1 million as the lease term was for a major part of the economic life of the underlying asset. During the year ended December 31, 2023, the Company: • modified its master lease at 565 Broadway within the Core Portfolio and extended the lease term for 43 years until December 31, 2121, for an additional payment of $ 4.0 million to be paid over the lease term. As a result, the transaction was accounted for as a lease modification which resulted in a change in lease classification per ASC 842 from Right-of-use-asset – operating lease to a right-of-use-asset – finance lease. The Company recorded an additional right-of-use asset – finance lease and corresponding lease liability-finance lease of $ 3.8 million. • acquired four ground leases as part of the Fund V acquisition of Cypress Creek in July 2023 ( Note 2 ), and recorded a right-of-use-asset – finance lease of $ 25.3 million and a lease liability – finance lease of $ 22.1 million as the present value of the sum of the lease payments exceeded substantially all of the fair value of the underlying assets.

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Reporting	12. Segmen t Reporting During the second quarter of 2024, the Company renamed its historical Funds segment as the Investment Management segment. No prior period information was recast and the designation change did not impact the Company’s consolidated financial statements. Additionally, in the current year, the Company adopted ASU 2023-07, which provided for incremental disclosures of the Company’s reportable segments. Refer to Note 1 . The Company has three reportable segments: Core Portfolio, Investment Management and Structured Financing. The Company’s Chief Operating Decision Maker, its Chief Executive Officer (CEO) , reviews the financial information presented for purposes of allocating resources and evaluating its financial performance. The CODM primarily uses net income as a measure of profitability for each of its segments because it provides a comprehensive view of the segments’ financial performance, including all revenues and expenses. The Company’s Core Portfolio segment consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon. The Company’s Investment Management segment holds primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company’s Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable ( Note 3 ). Fees earned by the Company as the general partner or managing member through Investment Management are eliminated in the Company’s consolidated financial statements and are not presented in the Company’s segments. The following tables set forth certain segment information for the Company (in thousands): As of or for the Year Ended December 31, 2024 Core Investment Structured Unallocated Total Rental revenue $ 193,581 $ 155,949 $ — $ — $ 349,530 Other revenue 6,829 3,330 — — 10,159 Depreciation and amortization ( 73,460 ) ( 65,450 ) — — ( 138,910 ) Property operating expenses ( 32,439 ) ( 33,561 ) — — ( 66,000 ) Real estate taxes ( 29,648 ) ( 16,401 ) — — ( 46,049 ) General and administrative expenses — — — ( 40,559 ) ( 40,559 ) Impairment charges ( 508 ) ( 1,170 ) — — ( 1,678 ) (Loss) gain on disposition of properties ( 2,213 ) 1,379 — — ( 834 ) Operating income 62,142 44,076 — ( 40,559 ) 65,659 Interest income — — 25,085 — 25,085 Equity in earnings of unconsolidated affiliates 4,771 10,407 — — 15,178 Interest expense ( 36,898 ) ( 55,659 ) — — ( 92,557 ) Realized and unrealized holding (losses) gains on investments and other ( 4,064 ) — ( 950 ) — ( 5,014 ) Income tax provision — — — ( 212 ) ( 212 ) Net income (loss) 25,951 ( 1,176 ) 24,135 ( 40,771 ) 8,139 Net loss attributable to redeemable noncontrolling interests — 7,915 — — 7,915 Net loss attributable to noncontrolling interests ( 1,629 ) 7,225 — — 5,596 Net income (loss) attributable to Acadia shareholders $ 24,322 $ 13,964 $ 24,135 $ ( 40,771 ) $ 21,650 Real estate at cost (a) $ 2,783,801 $ 1,815,814 $ — $ — $ 4,599,615 Total Assets (a) $ 2,675,808 $ 1,568,811 $ 126,584 $ — $ 4,371,203 Cash paid for acquisition of real estate $ 131,978 $ 29,555 $ — $ — $ 161,533 Cash paid for development and property improvement costs $ 50,676 $ 29,574 $ — $ — $ 80,250 As of or for the Year Ended December 31, 2023 Core Investment Structured Unallocated Total Rental revenue $ 200,842 $ 132,202 $ — $ — $ 333,044 Other revenue 2,703 2,945 — — 5,648 Depreciation and amortization ( 76,642 ) ( 59,342 ) — — ( 135,984 ) Property operating expenses ( 32,471 ) ( 29,355 ) — — ( 61,826 ) Real estate taxes ( 31,911 ) ( 14,739 ) — — ( 46,650 ) General and administrative expenses — — — ( 41,470 ) ( 41,470 ) Impairment charges — ( 3,686 ) — — ( 3,686 ) Gain on disposition of properties — — — — — Operating income (loss) 62,521 28,025 — ( 41,470 ) 49,076 Interest income — — 19,993 — 19,993 Equity in earnings (losses) of unconsolidated affiliates 2,734 ( 10,411 ) — — ( 7,677 ) Interest expense ( 44,521 ) ( 48,732 ) — — ( 93,253 ) Realized and unrealized holding gains (losses) on investments and other 5,756 24,995 ( 338 ) — 30,413 Income tax provision — — — ( 301 ) ( 301 ) Net income (loss) 26,490 ( 6,123 ) 19,655 ( 41,771 ) ( 1,749 ) Net loss attributable to redeemable noncontrolling interests — 8,239 — — 8,239 Net (income) loss attributable to noncontrolling interests ( 1,937 ) 15,320 — — 13,383 Net income (loss) attributable to Acadia shareholders $ 24,553 $ 17,436 $ 19,655 $ ( 41,771 ) $ 19,873 Real estate at cost (a) $ 2,646,831 $ 1,788,688 $ — $ — $ 4,435,519 Total Assets (a) $ 2,566,450 $ 1,599,755 $ 124,949 $ — $ 4,291,154 Cash paid for acquisition of real estate $ — $ 126,545 $ — $ — $ 126,545 Cash paid for development and property improvement costs $ 44,428 $ 25,112 $ — $ — $ 69,540 As of or for the Year Ended December 31, 2022 Core Investment Structured Unallocated Total Rental revenue $ 195,960 $ 121,854 $ — $ — $ 317,814 Other revenue 6,587 1,889 — — 8,476 Depreciation and amortization ( 75,614 ) ( 60,303 ) — — ( 135,917 ) Property operating expenses ( 30,067 ) ( 26,928 ) — — ( 56,995 ) Real estate taxes ( 30,239 ) ( 14,693 ) — — ( 44,932 ) General and administrative expenses — — — ( 44,066 ) ( 44,066 ) Impairment charges — ( 33,311 ) — — ( 33,311 ) Gain on disposition of properties 7,245 49,916 — — 57,161 Operating income (loss) 73,872 38,424 — ( 44,066 ) 68,230 Interest income — — 14,641 — 14,641 Equity in (losses) earnings of unconsolidated affiliates ( 45,919 ) 13,012 — — ( 32,907 ) Interest expense ( 37,892 ) ( 42,317 ) — — ( 80,209 ) Realized and unrealized holding gains (losses) on investments and other 1,163 ( 35,559 ) ( 598 ) — ( 34,994 ) Income tax provision — — — ( 12 ) ( 12 ) Net (loss) income ( 8,776 ) ( 26,440 ) 14,043 ( 44,078 ) ( 65,251 ) Net loss attributable to redeemable noncontrolling interests — 5,536 — — 5,536 Net loss attributable to noncontrolling interests 1,000 23,270 — — 24,270 Net (loss) income attributable to Acadia shareholders $ ( 7,776 ) $ 2,366 $ 14,043 $ ( 44,078 ) $ ( 35,445 ) Real estate at cost $ 2,597,394 $ 1,655,616 $ — $ — $ 4,253,010 Total Assets $ 2,599,268 $ 1,579,411 $ 123,903 $ — $ 4,302,582 Cash paid for acquisition of real estate and leasehold interest $ 242,633 $ — $ — $ — $ 242,633 Cash paid for development and property improvement costs $ 32,406 $ 18,640 $ — $ — $ 51,046 a) Total assets for the Investment Management segment include $ 515.2 million, $ 555.8 million, and $ 569.1 million related to Fund II’s City Point property at December 31, 2024, 2023, and 2022 , respectively.

Share Incentive and Other Compe

Share Incentive and Other Compensation	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share Incentive and Other Compensation	13. Share Incentive a nd Other Compensation Share Incentive Plan In March and May of 2020, respectively, the Board and the Company’s shareholders, approved the 2020 Share Incentive Plan (the “2020 Plan”), which increased the number of Common Shares authorized for issuance by 2,650,000 shares to an aggregate of 2,829,953 shares. On March 22, 2023 and May 4, 2023, respectively, the Board and the Company’s shareholders approved the Amended and Restated 2020 Share Incentive Plan (the “Amended and Restated 2020 Plan”) which further increased the number of Common Shares authorized for issuance by 3,100,000 to an aggregate of 3,883,564 shares. In this report, references to issuances, compensation arrangements and expenses under the Amended and Restated 2020 Plan include issuances, compensation arrangements and expenses under the originally adopted 2020 Plan, as applicable. The 2020 Plan and the Amended and Restated 2020 Plan authorize the Company to issue options, Restricted Shares, LTIP Units and other securities (collectively “Awards”) to, among others, the Company’s officers, trustees, and employees. At December 31, 2024 a total of 3,049,262 shares remained available to be issued under the Amended and Restated 2020 Plan. A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below: Unvested Restricted Shares and LTIP Units Common Weighted LTIP Units Weighted Unvested at January 1, 2022 89,746 $ 16.87 1,415,195 $ 20.85 Granted 45,813 20.98 637,818 21.04 Vested ( 40,894 ) 19.75 ( 309,283 ) 22.86 Forfeited ( 1,930 ) 31.82 ( 278,332 ) 31.16 Unvested at December 31, 2022 92,735 $ 17.31 1,465,398 $ 18.59 Granted 70,629 14.11 780,193 15.00 Vested ( 41,268 ) 19.09 ( 354,343 ) 20.35 Forfeited ( 8,187 ) 21.07 ( 92,589 ) 30.78 Unvested at December 31, 2023 113,909 14.41 1,798,659 16.03 Granted 49,756 17.06 766,508 16.19 Vested ( 55,947 ) 17.20 ( 448,598 ) 18.77 Forfeited ( 1,537 ) 17.24 ( 62,502 ) 26.47 Unvested at December 31, 2024 106,181 $ 14.14 2,054,067 $ 15.17 The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the years ended December 31, 2024, 2023 and 2022 were $ 16.24 , $ 14.93 and $ 21.04 , respectively. As of December 31, 2024, there was $ 17.3 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Amended and Restated 2020 Plan. That cost is expected to be recognized over a weighted-average period o f 1.5 years . The total fair value of Restricted Shares that vested for the year ended December 31, 2024 was $ 1.0 million and $ 0.8 million for each of the years ended December 31, 2023 and 2022. The total fair value of LTIP Units that vested (LTIP units vest primarily during the first quarter) during the years ended December 31, 2024, 2023, and 2022 was $ 8.4 million, $ 7.2 million and $ 7.1 million, respectively. Restricted Shares and LTIP Units - Employees During the year ended December 31, 2024, the Company issued 25,419 Restricted Share Units and 727,419 LTIP Units to employees of the Company pursuant to the Amended and Restated 2020 Plan. Certain of these equity awards were granted in performance-based Restricted Share Units or LTIP Units with market conditions as described below (“Performance Shares”). These awards were measured at their fair value on the grant date, incorporating the following factors: • A portion of these annual equity awards is granted in performance-based Restricted Share Units or LTIP Units that may be earned based on the Company’s attainment of specified relative total shareholder returns (“Relative TSR”) hurdles or specified same-property net operating income growth (“Absolute SSNOI Growth”). • In the event the Relative TSR percentile falls between the 25th percentile and the 50th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 50 % and 100 %, and in the event that the Relative TSR percentile falls between the 50th percentile and 75th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 100 % and 200 %. • Fifty percent ( 50 %) of the performance-based LTIP Units will vest based on the Company’s total shareholder return (“TSR”) for the three-year forward-looking performance period relative to the constituents of the National Association of Real Estate Investment Trusts (“NAREIT”) Shopping Center Property Subsector and twenty five percent ( 25 %) on the Company’s TSR for the three-year forward-looking performance period as compared to the constituents of the NAREIT Retail Property Sector (both on a non-weighted basis). • Twenty-five percent ( 25 %) of the performance-based LTIP Units will vest based on the Company’s same-property net operating income (“SSNOI”) growth for the three-year forward-looking performance period. If the Company achieves annualized SSNOI growth between 2 % and 3 %, the Absolute SSNOI Growth vesting percentage is determined using a straight-line linear interpolation between 50 % and 100 %, and in the event that the Company achieves annualized SSNOI growth between 3 % and 4 %, the Absolute SSNOI Growth vesting percentage is determined using a straight-line linear interpolation between 100 % and 200 %. • If the Company’s performance fails to achieve the aforementioned hurdles at the culmination of the three-year performance period, all performance-based shares will be forfeited. Any earned performance-based shares vest in accordance with the applicable award agreements. For valuation of the 2024, 2023 and 2022 Performance Shares, a Monte Carlo simulation was used to estimate the fair values of the relative TSR portion based on probability of satisfying the market conditions and the projected share prices at the time of payments, discounted to the valuation dates over the three-year performance periods. The assumptions include volatility ( 43.0 % , 48.0 % and 49.0 %) and risk-free interest rates of ( 4.8 % , 4.3 % and 1.7 %) for 2024, 2023 and 2022, respectively. The total value of the 2024, 2023 and 2022 Performance Shares will be expensed over the vesting period. The total fair value of the above Restricted Share Units and LTIP Units as of the grant da te was $ 12.2 million, $ 11.5 milli on and $ 13.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Total long-term incentive compensation expense, including the expense related to the Amended and Restated 2020 Plan, was $ 9.4 million , $ 9.2 million, and $ 7.4 million for the years ended December 31, 2024, 2023, and 2022, respectively and is recorded in General and administrative on the Consolidated Statements of Operations. Restricted Shares and LTIP Units - Board of Trustees In addition, members of the Board have been issued shares and units under the Amended and Restated 2020 Plan. During the year ended December 31, 2024 , the Company issued 39,079 LTIP Units and 23,448 Restricted Share Units to Trustees of the Company. The Restricted Share Units do not carry voting rights or other rights of Common Shares until vesting and may not be tra nsferred, assigned or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Total trustee fee expense, including the expense related to the Amended and Restated 2020 Plan, was $ 1.6 million , $ 1.9 million and $ 1.7 million for the years ended December 31, 2024, 2023 and 2022, respectively, and is recorded in General and administrative on the Consolidated Statements of Operations. Long-Term Investment Alignment Program In 2009, the Company adopted the Long-Term Investment Alignment Program (the “Program”) pursuant to which the Company may grant awards to employees, entitling them to receive up to 25 % of any potential future payments of Promote to the Operating Partnership from Funds III, IV and V. The Company has granted such awards to employees representing 25 % of the potential Promote payments from Fund III to the Operating Partnership, 23.1 % of the potential Promote payments from Fund IV to the Operating Partnership and 21.3 % of the potential Promote payments from Fund V to the Operating Partnership. Payments to senior executives under the Program require further Board approval at the time any potential payments are due pursuant to these grants. Compensation relating to these awards will be recognized in each reporting period in which Board approval is granted. As payments to other employees are not subject to further Board approval, compensation relating to these awards will be recorded based on the estimated fair value at each reporting period in accordance with ASC Topic 718, Compensation – Stock Compensation. The awards in connection with Fund IV were determined to have no intrinsic value at December 31, 2024 or 2023. For the year ended December 31, 2024 , the Company did no t recognize any compensation expense under the Program related to Funds III and V. The Company recognized $ 0.2 million and $ 0.4 million compensation expense related to the Program for the years ended December 31, 2023 and 2022, related to Funds III and V. Other Plans On a combined basis, the Company incurred a total of $ 0.5 million , $ 0.5 million, and $ 0.4 million of compe nsation expense related to the following employee benefit plans for the years ended December 31, 2024, 2023 and 2022, respectively: Employee Share Purchase Plan The Acadia Realty Trust Employee Share Purchase Plan (the “Purchase Plan”) allows eligible employees of the Company to purchase Common Shares through payroll deductions for a maximum aggregate issuance of 200,000 Common Shares. The Purchase Plan provides for employees to purchase Common Shares on a quarterly basis at a 15 % discount to the closing price of the Company’s Common Shares on either the first day or the last day of the quarter, whichever is lower. A participant may not purchase more than $ 25,000 in Common Shares per year. Compensation expense will be recognized by the Company to the extent of the above discount to the closing price of the Common Shares with respect to the applicable quarter. A total of 13,725 and 13,177 Common Shares were purchased by employees under the Purchase Plan for the years ended December 31, 2024 and 2023, respectively. Deferred Share Plan The Company maintains a Trustee Deferral and Distribution Election program, under which the participating Trustees earn deferred compensation. Employee 401(k) Plan The Company maintains a 401(k) plan for employees under which the Company currently matches 50 % of a plan participant’s contribution up to 6 % of the employee’s annual salary. A plan participant may contribute up to a maximum of 15 % of their compen sation, up to $ 23,000 , for the year ended December 31, 2024 .

Federal Income Taxes

Federal Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Federal Income Taxes	14. Federal Inc om e Taxes The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the Code and intends at all times to qualify as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 % of its annual REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to corporate federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. As the Company distributed sufficient taxable income for the years ended December 31, 2024, 2023 and 2022 , no U.S. federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at the regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and federal income and excise taxes on any undistributed taxable income. In addition, taxable income from non-REIT activities managed through the Company’s TRS’s is subject to federal, state and local income taxes. No more than 20 % of the value of our total assets may consist of the securities of one or more TRS. In the normal course of business, the Company or one or more of its subsidiaries is subject to examination by federal, state and local jurisdictions, in which it operates, where applicable. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense. For the three years ended December 31, 2024, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2024, the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2021 and forward. Reconciliation of Net Income to Taxable Income Reconciliation of GAAP net income attributable to Acadia shareholders to taxable income (loss) is as follows (unaudited): Year Ended December 31, (in thousands) 2024 2023 2022 Net income (loss) attributable to Acadia shareholders $ 21,650 $ 19,873 $ ( 35,445 ) Deferred rental and other income loss (a) 2,810 351 ( 1,854 ) Book/tax difference - depreciation and amortization (a) 43,081 22,353 28,337 Straight-line rent and above- and below-market rent adjustments (a) ( 9,381 ) ( 12,484 ) ( 11,917 ) Book/tax differences - equity-based compensation 9,079 7,519 5,952 Joint venture equity in earnings, net and other investments (a) 12,369 33,522 22,493 Impairment charges and reserves 1,700 524 54,822 Acquisition costs (a) 10,220 9 2,048 Gain (loss) on disposition of properties and investments 3,925 1,800 ( 14,960 ) Book adjustment marketable securities ( 18,512 ) ( 4,813 ) — Book/tax differences - miscellaneous ( 208 ) 2,355 5,638 Taxable income $ 76,733 $ 71,009 $ 55,114 Dividends/Distributions declared (b) $ 81,892 $ 68,612 $ 68,312 (a) Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.” (b) The entire fourth quarter 2024 dividend of $ 22.7 million (paid in January 2025 ) was attributed to 2025. Any additional distributions required for REIT qualification may be made through October 15, 2025. The entire fourth quarter 2023 dividend of $ 17.2 million (paid in January 2024 ) was attributed to 2024. The entire fourth quarter 2022 dividend of $ 17.1 million (paid in January 2023 ) was attributed to 2023 ( Note 10 ). Characterization of Distributions The Company has determined that the cash distributed to the shareholders for the periods presented is characterized as follows for federal income tax purposes: Year Ended December 31, 2024 2023 2022 Per Share % Per Share % Per Share % Ordinary income - Section 199A $ 0.679 93 % $ 0.583 81 % $ 0.650 90 % Qualified dividend 0.007 1 % 0.115 16 % 0.010 1 % Capital gain 0.044 6 % 0.022 3 % 0.060 9 % Total (a) $ 0.730 100 % $ 0.720 100 % $ 0.720 100 % (a) The fourth quarte r 2024 regular dividend was $ 0.19 per Common Share, all of which is allocable to 2025. The fourth quarter 2023 regular dividend was $ 0.18 per Common Share, all of which is allocable to 2024. The fourth quarter 2022 regular dividend was $ 0.18 per Comm on Share, all of which is allocable to 2023. Taxable REIT Subsidiaries Income taxes have been provided for using the liability method as required by ASC Topic 740, “Income Taxes.” The Company’s TRS income (loss) and provision for income taxes associated with the TRS for the periods presented are summarized as follows (in thousands): Year Ended December 31, 2024 2023 2022 TRS loss before income taxes $ ( 2,987 ) $ ( 3,768 ) $ ( 3,178 ) Provision for income taxes: Federal — — — State and local — — — TRS net loss before noncontrolling interests ( 2,987 ) ( 3,768 ) ( 3,178 ) Noncontrolling interests — — - TRS net loss $ ( 2,987 ) $ ( 3,768 ) $ ( 3,178 ) The income tax provision for the Company differs from the amount computed by applying the statutory Federal income tax rate to income (loss) before income taxes as follows. Amounts are not adjusted for temporary book/tax differences (in thousands): Year Ended December 31, 2024 2023 2022 Federal tax benefit at statutory tax rate $ ( 577 ) $ ( 791 ) $ ( 667 ) TRS state and local taxes, net of Federal benefit ( 239 ) ( 238 ) ( 201 ) Tax effect of: Permanent differences, net 617 246 194 Adjustment to deferred tax reserve 633 ( 8 ) 691 Other ( 436 ) 791 ( 16 ) REIT state and local income and franchise taxes 214 301 11 Total provision for income taxes $ 212 $ 301 $ 12 As of December 31, 2024 , and 2023, the Company’s deferred tax assets were $ 0.6 million and $ 0.0 million net of applicable reserves of $ 4.9 million and were comprised of capital loss carryovers of $ 0.0 million and $ 0.0 million and net operating loss carryovers of $ 2.9 million and $ 3.1 million, respectively . Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. For the years ended December 31, 2024, 2023, and 2022, the Company determined that the realization of its deferred tax assets was not likely and as such, the Company recorded a valuation allowance against its deferred tax assets of $ 0.6 million , $ 0.0 million, and $ 0.7 million, respectively.

Earnings (Loss) Per Common Shar

Earnings (Loss) Per Common Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings (Loss) Per Common Share	15. Earnings (Loss) P er Common Share Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted-average Common Shares outstanding ( Note 10 ). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of Restricted Share Units issued under the Company’s Amended and Restated 2020 Plan ( Note 13 ) and the shares to be issued by us upon settlement of any outstanding forward sale agreements for the period such dilutive security is outstanding ( Note 10 ). The shares issuable upon settlement of any outstanding forward sale agreements are reflected in the diluted earnings per share calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of Common Shares used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of Common Shares that would be issued upon full physical settlement of the shares under any outstanding forward sale agreements for the period prior to settlement over the number of Common Shares that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one -for-one basis . The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. Year Ended December 31, (dollars in thousands) 2024 2023 2022 Numerator: Net income (loss) attributable to Acadia shareholders $ 21,650 $ 19,873 $ ( 35,445 ) Less: net income attributable to participating securities ( 1,189 ) ( 978 ) ( 805 ) Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share 20,461 18,895 ( 36,250 ) Impact of City Point Loan share conversion option (a) — — ( 1,804 ) Income from continuing operations net of income attributable to participating securities for diluted earnings per share $ 20,461 $ 18,895 $ ( 38,054 ) Denominator: Weighted average shares for basic earnings (loss) per share 108,226,767 95,283,752 94,575,251 Effect of dilutive securities: Series A Preferred OP Units — — — Employee unvested restricted shares — — — Assumed settlement of forward sales agreements (Note 10) 31,095 — — City Point Loan common stock conversion option (Note 10) (a) — — 68,215 Denominator for diluted earnings per share 108,257,862 95,283,752 94,643,466 Basic earnings (loss) per Common Share from continuing operations attributable to Acadia shareholders $ 0.19 $ 0.20 $ ( 0.38 ) Diluted earnings (loss) per Common Share from continuing operations attributable to Acadia shareholders $ 0.19 $ 0.20 $ ( 0.40 ) Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units 188 188 188 Series A Preferred OP Units - Common share equivalent 25,067 25,067 25,067 Series C Preferred OP Units 66,519 126,384 126,384 Series C Preferred OP Units - Common share equivalent 230,967 438,831 438,831 Restricted shares 81,175 90,006 68,832 (a) The impact of the assumed conversion of dilutive convertible securities is related to the assumed conversion of potential Common Shares of the Company that could be subsequently issued in connection with the City Point Loan ( Note 10 ) for the stub-period until the put rights were modified for a cash-only settlement option in the third quarter of 2022 .

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Variable Interest Entities	16. Variable Interest Entities Pursuant to GAAP consolidation guidance, the Company consolidates certain VIEs for which the Company is the primary beneficiary. As of December 31, 2024 and 2023, the Company has identified seven consolidated VIEs, including the Operating Partnership and the Funds. Excluding the Operating Partnership and the Funds at December 31, 2024 and 2023, the VIEs consisted of three in-service core properties: the Williamsburg Portfolio, 239 Greenwich Avenue, and 8833 Beverly Boulevard. The Operating Partnership is considered a VIE in which the Company is the primary beneficiary because the limited partners do not have substantive kick-out or participating rights. The Company consolidates these VIEs because it is the primary beneficiary in which the Company has (i) the power to direct the activities of the entity that most significantly impact the entity’s economic performance, and (ii) the obligation to absorb the entity’s losses or receive benefits from the entity that could potentially be significant to the entity. The third parties’ interests in these consolidated entities are reflected as noncontrolling interests and redeemable noncontrolling interests in the accompanying consolidated financial statements and in Note 10 . The majority of the operations of these VIEs are funded with fees earned from investment opportunities or cash flows generated from the properties. The Company has not provided financial support to any of these VIEs that it was not previously contractually required to provide, which consists primarily of funding any capital commitments and capital expenditures, which are deemed necessary to continue to operate the entity and any operating cash shortfalls the entity may experience. Since the Company conducts its business through and substantially all of its interests are held by the Operating Partnership, substantially all of the assets and liabilities on the Consolidated Balance Sheets represent the assets and liabilities of the Operating Partnership. As of December 31, 2024 and December 31, 2023, the Consolidated Balance Sheets include the following assets and liabilities of the consolidated VIEs of the Operating Partnership: (in thousands) December 31, 2024 December 31, 2023 VIE ASSETS Operating real estate, net $ 1,640,071 $ 1,679,779 Real estate under development 31,514 28,851 Investments in and advances to unconsolidated affiliates 74,361 92,802 Other assets, net 79,381 101,679 Right-of-use assets - operating leases, net 1,978 2,112 Cash and cash equivalents 15,934 10,787 Restricted cash 11,013 7,048 Rents receivable, net 27,317 21,427 Total VIE assets (a) $ 1,881,569 $ 1,944,485 VIE LIABILITIES Mortgage and other notes payable, net $ 799,734 $ 764,614 Unsecured notes payable, net — 80,473 Accounts payable and other liabilities 120,088 127,162 Lease liability - operating leases, net 2,077 2,213 Total VIE liabilities (a) $ 921,899 $ 974,462 (a) At December 31, 2024 and December 31, 2023 , totals included VIE assets of $ 705.6 million and $ 721.2 million, respectively, and VIE liabilities of $ 235.1 million and $ 234.7 million, respectively, related to third-party property mortgage loans 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 property mortgage debt and are collateral under the respective property mortgage loans and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. Th e 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 The Company holds variable interests in certain VIEs which are not consolidated. While the Company may be responsible for managing the day-to-day operations of these investees, it is not the primary beneficiary of these VIEs, as the Company does not hold unilateral power over activities that, when taken together, most significantly impact the respective VIE’s economic performance. The Company accounts for investments in these entities under the equity method ( Note 4 ). As of December 31, 2024 and 2023, the Company has determined that the following entities are unconsolidated VIEs: 1238 Wisconsin Avenue and the Georgetown Portfolio. The Company’s involvement with these entities is in the form of direct and indirect equity interests and fee arrangements. The maximum exposure to loss in these entities is limited to: (i) the amount of the Company’s equity investment and (ii) debt guarantees ( Note 9 ). The Company’s aggregate investment in the unconsolidated VIEs assets was $ 44.2 million and $ 44.2 million at December 31, 2024 and 2023, respectively. The Company’s aggregate investment in unconsolidated VIEs liabilities was $ 39.1 million and $ 40.1 million at December 31, 2024 and 2023, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events In January 2025, the Company acquired two properties in New York, New York for approximately $ 80.0 million. In January 2025, the Company acquired an additional 48 % interest in the Renaissance Portfolio venture ( Note 4 ), increasing its existing 20 % interest to approximately 68 %, for approximately $ 117.1 million. Following the closing of the acquisition of the interest, the venture modified the terms of its non-recourse mortgage resulting in a reduction of the interest rate and a paydown of a portion of the outstanding obligation. In January 2025, the Company sold 262,211 shares on a forward basis under the ATM Program for anticipated net proceeds of $ 6.2 million ( Note 10 ). On February 11, 2025, the Company declared a cash dividend of $ 0.20 per Common Share, which is payable on April 15, 2025 to stockholders of record as of March 31, 2025.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Depreciation	December 31, 2024 Initial Cost Gross Amount at Which Description and Encumbrances Land Buildings & Increase Land Buildings & (1) Total (2) Accumulated (1) Date of Life on which (1) Core Portfolio: Crescent Plaza — 1,147 7,425 4,855 1,147 12,280 13,427 10,166 1993 (a) 40 years New Loudon Center — 505 4,161 17,520 505 21,681 22,186 18,315 1993 (a) 40 years Mark Plaza — — 3,396 ( 176 ) — 3,220 3,220 3,220 1993 (c) 40 years Plaza 422 — 190 3,004 2,832 190 5,836 6,026 5,441 1993 (c) 40 years Route 6 Mall — 1,664 — 18,857 1,664 18,857 20,521 12,909 1994 (c) 40 years Abington Towne Center — 799 3,197 5,302 799 8,499 9,298 5,437 1998 (a) 40 years Bloomfield Town Square — 3,207 13,774 29,481 3,207 43,255 46,462 31,131 1998 (a) 40 years Elmwood Park Shopping Center Elmwood Park, NJ — 3,248 12,992 23,045 3,798 35,487 39,285 24,300 1998 (a) 40 years Merrillville Plaza — 4,288 17,152 12,891 4,288 30,043 34,331 19,150 1998 (a) 40 years Marketplace of Absecon — 2,573 10,294 6,649 2,577 16,939 19,516 11,372 1998 (a) 40 years 239 Greenwich Avenue 26,000 1,817 15,846 4,137 1,817 19,983 21,800 11,339 1998 (a) 40 years Hobson West Plaza — 1,793 7,172 5,914 1,793 13,086 14,879 8,544 1998 (a) 40 years Village Commons Shopping Center Smithtown, NY — 3,229 12,917 5,935 3,229 18,852 22,081 13,223 1998 (a) 40 years Town Line Plaza — 878 3,510 8,524 907 12,005 12,912 10,176 1998 (a) 40 years Branch Shopping Center — 3,156 12,545 17,520 3,401 29,820 33,221 22,497 1998 (a) 40 years Methuen Shopping Center — 956 3,826 2,088 961 5,909 6,870 3,845 1998 (a) 40 years The Gateway Shopping Center — 1,273 5,091 13,849 1,273 18,940 20,213 13,434 1999 (a) 40 years Mad River Station — 2,350 9,404 3,732 2,350 13,136 15,486 8,124 1999 (a) 40 years Brandywine Holdings — 5,063 15,252 3,095 5,201 18,209 23,410 9,863 2003 (a) 40 years Bartow Avenue — 1,691 5,803 1,797 1,691 7,600 9,291 4,361 2005 (c) 40 years Amboy Road — — 11,909 3,588 — 15,497 15,497 12,255 2005 (a) 40 years Chestnut Hill — 8,289 5,691 5,546 8,289 11,237 19,526 6,860 2006 (a) 40 years 2914 Third Avenue — 11,108 8,038 5,709 11,855 13,000 24,855 5,292 2006 (a) 40 years West Shore Expressway Staten Island, NY — 3,380 13,499 117 3,380 13,616 16,996 6,629 2007 (a) West 54th Street — 16,699 18,704 1,615 16,699 20,319 37,018 9,571 2007 (a) 40 years 5-7 East 17th Street — 3,048 7,281 8,090 3,048 15,371 18,419 9,316 2008 (a) 40 years 651-671 W Diversey — 8,576 17,256 722 8,576 17,978 26,554 5,928 2011 (a) 40 years 15 Mercer Street — 1,887 2,483 496 1,887 2,979 4,866 854 2011 (a) 40 years 4401 White Plains — 1,581 5,054 — 1,581 5,054 6,635 1,685 2011 (a) 40 years 56 E. Walton — 994 6,126 3,428 994 9,554 10,548 1,798 2011 (a) 40 years 841 W. Armitage — 728 1,989 441 728 2,430 3,158 1,094 2011 (a) 40 years 2731 N. Clark — 557 1,839 162 557 2,001 2,558 649 2011 (a) 40 years 2140 N. Clybourn — 306 788 112 306 900 1,206 287 2011 (a) 40 years 853 W. Armitage — 557 1,946 508 557 2,454 3,011 1,145 2011 (a) 40 years 2299 N. Clybourn Avenue — 177 484 — 177 484 661 162 2011 (a) 40 years 843-45 W. Armitage — 731 2,730 336 731 3,066 3,797 1,063 2012 (a) 40 years 1525 W. Belmont Avenue — 1,480 3,338 902 1,480 4,240 5,720 1,755 2012 (a) 40 years 2206-08 N. Halsted — 1,183 3,540 360 1,183 3,900 5,083 1,479 2012 (a) 40 years 2633 N. Halsted — 960 4,096 359 998 4,417 5,415 1,457 2012 (a) 40 years 50-54 E. Walton — 2,848 12,694 1,050 2,848 13,744 16,592 4,418 2012 (a) 40 years 662 W. Diversey — 1,713 1,603 10 1,713 1,613 3,326 487 2012 (a) 40 years 837 W. Armitage — 780 1,758 151 780 1,909 2,689 677 2012 (a) 40 years 823 W. Armitage — 717 1,149 118 717 1,267 1,984 400 2012 (a) 40 years 851 W. Armitage — 545 209 139 545 348 893 202 2012 (a) 40 years 1240 W. Belmont Avenue — 2,137 1,589 1,358 2,137 2,947 5,084 1,155 2012 (a) 40 years 21 E. Chestnut — 1,318 8,468 815 1,318 9,283 10,601 2,888 2012 (a) 40 years 819 W. Armitage — 790 1,266 691 790 1,957 2,747 626 2012 (a) 40 years 1520 Milwaukee Avenue — 2,110 1,306 350 2,110 1,656 3,766 717 2012 (a) 40 years Rhode Island Place Shopping Center Washington, D.C. — 7,458 15,968 2,691 7,458 18,659 26,117 7,213 2012 (a) 40 years 930 Rush Street — 4,933 14,587 — 4,933 14,587 19,520 4,649 2012 (a) 40 years 28 Jericho Turnpike — 6,220 24,416 46 6,220 24,462 30,682 8,067 2012 (a) 40 years 181 Main Street — 1,908 12,158 729 1,908 12,887 14,795 4,168 2012 (a) 40 years 83 Spring Street — 1,754 9,200 313 1,754 9,513 11,267 2,927 2012 (a) 40 years 179-53 & 1801-03 Connecticut Avenue Washington, D.C. — 11,690 10,135 2,012 11,690 12,147 23,837 4,022 2012 (a) 40 years 639 West Diversey — 4,429 6,102 1,382 4,429 7,484 11,913 2,663 2012 (a) 40 years 664 North Michigan — 15,240 65,331 324 15,240 65,655 80,895 19,413 2013 (a) 40 years 8-12 E. Walton — 5,398 15,601 980 5,398 16,581 21,979 5,484 2013 (a) 40 years 3200-3204 M Street — 6,899 4,249 1,213 6,899 5,462 12,361 1,753 2013 (a) 40 years 868 Broadway — 3,519 9,247 5 3,519 9,252 12,771 2,563 2013 (a) 40 years 313-315 Bowery — — 5,516 — — 5,516 5,516 2,456 2013 (a) 40 years 120 West Broadway — — 32,819 2,221 — 35,040 35,040 6,522 2013 (a) 40 years 11 E. Walton — 16,744 28,346 1,444 16,744 29,790 46,534 8,647 2014 (a) 40 years 61 Main Street — 4,578 2,645 1,887 4,578 4,532 9,110 1,450 2014 (a) 40 years 865 W. North Avenue — 1,893 11,594 251 1,893 11,845 13,738 3,175 2014 (a) 40 years 152-154 Spring St. — 8,544 27,001 347 8,544 27,348 35,892 7,427 2014 (a) 40 years 2520 Flatbush Ave — 6,613 10,419 313 6,613 10,732 17,345 2,973 2014 (a) 40 years 252-256 Greenwich Avenue — 10,175 12,641 1,122 10,175 13,763 23,938 4,174 2014 (a) 40 years Bedford Green — 12,425 32,730 4,815 13,765 36,205 49,970 10,569 2014 (a) 40 years 131-135 Prince Street — — 57,536 1,153 — 58,689 58,689 29,246 2014 (a) 40 years 201 Needham Street — 4,550 4,459 270 4,550 4,729 9,279 1,234 2014 (a) 40 years City Center — 36,063 109,098 7,193 26,386 125,968 152,354 31,428 2015 (a) 40 years 163 Highland Avenue - 12,679 11,213 ( 104 ) 12,529 11,259 23,788 2,934 2015 (a) 40 years Roosevelt Galleria — 4,838 14,574 1,208 4,838 15,782 20,620 3,666 2015 (a) 40 years Route 202 Shopping Center — — 6,346 709 — 7,055 7,055 2,182 2015 (a) 40 years 991 Madison Avenue — — 76,965 ( 75,357 ) — 1,608 1,608 904 2016 (a) 40 years 165 Newbury Street — 1,918 3,980 — 1,918 3,980 5,898 862 2016 (a) 40 years Concord & Milwaukee 2,204 2,739 2,746 523 2,739 3,269 6,008 871 2016 (a) 40 years State & Washington 20,690 3,907 70,943 6,295 3,907 77,238 81,145 17,682 2016 (a) 40 years 151 N. State Street 11,830 1,941 25,529 172 1,941 25,701 27,642 5,389 2016 (a) 40 years North & Kingsbury 9,953 18,731 16,292 3,272 18,731 19,564 38,295 4,653 2016 (a) 40 years Sullivan Center 50,000 13,443 137,327 1,615 13,443 138,942 152,385 29,205 2016 (a) 40 years California & Armitage 2,035 6,770 2,292 98 6,770 2,390 9,160 545 2016 (a) 40 years 555 9th Street 57,500 75,591 73,268 14,631 75,591 87,899 163,490 15,786 2016 (a) 40 years Market Square — 8,100 31,221 748 8,100 31,969 40,069 6,242 2017 (a) 40 years 613-623 W. Diversey — 10,061 2,773 11,876 10,061 14,649 24,710 5,021 2018 (c) 40 years 51 Greene Street — 4,488 8,992 100 4,488 9,092 13,580 1,333 2019 (a) 40 years 53 Greene Street — 3,605 12,177 2 3,605 12,179 15,784 1,751 2019 (a) 40 years 41 Greene Street — 6,276 9,582 — 6,276 9,582 15,858 1,338 2019 (a) 40 years 47 Greene Street — 6,265 16,758 6 6,265 16,764 23,029 2,270 2019 (a) 40 years 849 W Armitage — 837 2,731 — 837 2,731 3,568 382 2019 (a) 40 years 912 W Armitage — 982 2,868 183 982 3,051 4,033 452 2019 (a) 40 years Melrose Place Collection — 20,490 26,788 — 20,490 26,788 47,278 3,472 2019 (a) 40 years 45 Greene Street — 2,903 8,487 297 2,903 8,784 11,687 1,236 2019 (a) 40 years 565 Broadway — - 22,491 11,630 — 34,121 34,121 3,245 2019 (a) 40 years 907 W Armitage — 700 2,081 — 700 2,081 2,781 288 2019 (a) 40 years 37 Greene Street — 6,721 9,119 752 6,721 9,871 16,592 1,167 2020 (a) 40 years 917 W Armitage — 901 2,368 — 901 2,368 3,269 315 2020 (a) 40 years Brandywine Town Center — 15,632 101,861 23,042 15,632 124,903 140,535 15,589 2020 (a) 40 years 1324 14th Street — 728 3,044 — 728 3,044 3,772 228 2021 (a) 40 years 1526 14th Street — 1,377 6,964 2 1,377 6,966 8,343 522 2021 (a) 40 years 1529 14th Street — 1,485 10,411 — 1,485 10,411 11,896 781 2021 (a) 40 years 121 Spring St — 5,380 31,707 34 5,380 31,741 37,121 2,378 2022 (a) 40 years 8833 Beverly Blvd — 14,423 8,314 — 14,423 8,314 22,737 591 2022 (a) 40 years Williamsburg Portfolio — 31,500 60,720 3,317 31,500 64,037 95,537 4,458 2022 (a) 40 years Henderson Portfolio — 28,090 42,966 5,634 28,090 48,600 76,690 3,101 2022 (a) 40 years Bleecker Street Portfolio Manhattan, NY — 4,962 13,189 — 4,962 13,189 18,151 91 2024 (a) 40 years 123-129 N 6th St Brooklyn, NY — 13,083 25,428 — 13,083 25,428 38,511 160 2024 (a) 40 years 109 N 6th St, Brooklyn, NY — 5,142 13,146 — 5,142 13,146 18,288 55 2024 (a) 40 years 92-94 Greene St Manhattan, NY — 32,499 10,406 — 32,499 10,406 42,905 135 2024 (a) 40 years Fund II: City Point 137,485 — 100,316 578,700 — 679,016 679,016 157,011 2007 (c) 40 years Fund III: 640 Broadway 33,000 27,831 27,291 1,152 27,831 28,443 56,274 2,109 2012 (a) 40 years Fund IV: 210 Bowery — 1,875 5,625 ( 6,516 ) 518 466 984 291 2012 (c) 40 years 27 E. 61st Street 7,473 4,813 14,438 3,774 3,523 19,502 23,025 3,560 2014 (c) 40 years 17 E. 71st Street — 7,391 20,176 490 7,391 20,666 28,057 5,446 2014 (a) 40 years 1035 Third Avenue 13,725 12,759 37,431 5,854 14,099 41,945 56,044 12,079 2015 (a) 40 years 801 Madison Avenue 15,002 4,178 28,470 ( 4,666 ) 2,922 25,060 27,982 5,181 2015 (c) 40 years 1964 Union Street 1,332 563 1,688 901 380 2,772 3,152 706 2016 (c) 40 years Restaurants at Fort Point — 1,041 10,905 106 1,041 11,011 12,052 2,482 2016 (a) 40 years 717 N. Michigan 46,000 72,591 35,440 ( 24,822 ) 48,920 34,289 83,209 2,499 2016 (a) 40 years 18 E. Broughton St. 1,545 609 1,513 61 609 1,574 2,183 278 2018 (a) 40 years 20 E. Broughton St. 1,008 588 937 12 588 949 1,537 152 2018 (a) 40 years 25 E. Broughton St. 3,178 1,324 2,459 383 1,324 2,842 4,166 590 2018 (a) 40 years 109 W. Broughton St. 6,466 2,343 6,560 1,780 2,343 8,340 10,683 1,414 2018 (a) 40 years 204-206 W. Broughton St. 910 547 439 32 547 471 1,018 87 2018 (a) 40 years 216-218 W. Broughton St. 2,663 1,160 2,736 1,959 1,160 4,695 5,855 1,010 2018 (a) 40 years 220 W. Broughton St. 1,863 619 1,799 985 619 2,784 3,403 606 2018 (a) 40 years 223 W. Broughton St. 910 465 688 28 465 716 1,181 117 2018 (a) 40 years 226-228 W. Broughton St. — 660 1,900 240 660 2,140 2,800 338 2018 (a) 40 years 309/311 W. Broughton St. 2,345 1,160 2,695 193 1,160 2,888 4,048 447 2018 (a) 40 years 230-240 W. Broughton St. 5,052 2,185 9,597 6 2,185 9,603 11,788 1,101 2020 (a) 40 years 102 E. Broughton St. — — 514 38 — 552 552 65 2020 (a) 40 years Fund V: Plaza Santa Fe 22,893 — 28,214 2,218 — 30,432 30,432 6,565 2017 (a) 40 years Hickory Ridge 26,708 7,852 29,998 5,157 7,852 35,155 43,007 8,716 2017 (a) 40 years New Towne Plaza 16,037 5,040 17,391 587 4,719 18,299 23,018 4,084 2017 (a) 40 years Fairlane Green 31,639 18,121 37,143 4,120 18,121 41,263 59,384 8,245 2017 (a) 40 years Trussville Promenade 28,109 7,587 34,285 944 7,587 35,229 42,816 6,410 2018 (a) 40 years Elk Grove Commons 41,000 6,204 48,008 2,035 6,204 50,043 56,247 8,662 2018 (a) 40 years Hiram Pavilion 27,088 13,029 25,446 1,098 13,029 26,544 39,573 5,304 2018 (a) 40 years Palm Coast Landing 25,301 7,066 27,299 1,492 7,066 28,791 35,857 4,996 2019 (a) 40 years Lincoln Commons 35,595 14,429 34,417 6,390 14,429 40,807 55,236 6,949 2019 (a) 40 years Landstown Commons 58,848 10,222 69,005 6,951 10,222 75,956 86,178 11,466 2019 (a) 40 years Canton Marketplace 34,460 11,883 34,902 521 10,588 36,718 47,306 3,648 2021 (a) 40 years Monroe Marketplace 25,300 8,755 35,452 2,567 8,755 38,019 46,774 3,952 2021 (a) 40 years Midstate Mall 50,200 13,062 43,290 10,553 13,062 53,843 66,905 4,442 2021 (a) 40 years Cypress Creek 32,200 25,313 39,637 56 — 65,006 65,006 2,238 2023 (a) 40 years Maple Tree Place 43,400 17,597 49,404 1,126 17,597 50,530 68,127 1,577 2023 (a) 40 years Total operating real estate 958,947 966,108 2,630,967 872,921 906,031 3,563,965 4,469,996 926,022 Real estate under development — 43,817 — 85,802 43,817 85,802 129,619 — Unamortized loan costs ( 5,459 ) — — — — — — — Unamortized premium 212 — — — — — — — Total $ 953,700 $ 1,009,925 $ 2,630,967 $ 958,723 $ 949,848 $ 3,649,767 $ 4,599,615 $ 926,022 (1) Depreciation on buildings and improvements reflected on the Consolidated Statements of Operations is calculated over the estimated useful life of the assets as follows: Buildings at 40 years and improvements at the shorter of lease term or useful life. (2) The aggregate gross cost of property included above for Federal income tax purposes was approximately $ 4.7 billion as of December 31, 2024 . The following table reconciles the activity for real estate properties from January 1, 2022 to December 31, 2024 (in thousands): Year Ended December 31, 2024 2023 2022 Balance at beginning of year $ 4,435,519 $ 4,253,010 $ 4,071,607 Improvements and other 87,253 75,668 50,696 Property acquisitions 158,926 131,952 234,557 Property dispositions or held for sale assets ( 97,732 ) ( 21,425 ) ( 125,933 ) Consolidation of previously unconsolidated investments — — 55,394 Property transfers out of Held for Sale 16,996 Impairment charges ( 1,347 ) ( 3,686 ) ( 33,311 ) Balance at end of year $ 4,599,615 $ 4,435,519 $ 4,253,010 The following table reconciles accumulated depreciation from January 1, 2022 to December 31, 2024 (in thousands): Year Ended December 31, 2024 2023 2022 Balance at beginning of year $ 823,439 $ 725,143 $ 648,461 Depreciation related to real estate 107,464 100,300 98,414 Property dispositions or held for sale assets ( 10,777 ) ( 2,004 ) ( 21,732 ) Property transfers out of Held for Sale 5,896 — — Balance at end of year $ 926,022 $ 823,439 $ 725,143

SCHEDULE IV - MORTGAGE LOANS ON

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE	12 Months Ended
	Dec. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE	December 31, 2024 (in thousands) Description Effective Final Maturity Periodic Payment Terms Prior Liens Face Amount Net Carrying Amount of (a) Principal Amount of Loans First Mortgage Loan 6.00 % 4/1/2020 Interest only — $ 17,810 $ 17,810 $ 17,810 Mezzanine Loan (b) 9.75 % 1/9/2025 Interest only — 54,000 54,000 — First Mortgage Loan 6.74 % 9/17/2025 Interest only — 43,000 42,000 — Other 6.50 % 7/31/2025 Interest only — 2,147 2,147 — Mezzanine Loan 10.00 % 12/11/2027 Interest only — 5,000 5,000 — Mezzanine Loan 12.00 % 12/31/2025 Interest only — 7,631 7,631 — Total $ 129,588 128,588 $ 17,810 Allowance for credit loss ( 2,004 ) Net carrying amount of notes receivable $ 126,584 (a) The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2024 . (b) In January 2025, the maturity date on the mezzanine loan was extended to February 25, 2025. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral, the personal guarantees of the borrower and the prospects of the borrower. The following table reconciles the activity for loans on real estate from January 1, 2022 to December 31, 2024 (in thousands): Reconciliation of Loans on Real Estate Year Ended December 31, 2024 2023 2022 Balance at beginning of year $ 126,228 $ 124,801 $ 159,638 Additions 8,360 1,427 - Repayments ( 6,000 ) — ( 29,531 ) Conversion of OP Units — — — Conversion to real estate through receipt of deed or through foreclosure — — ( 5,306 ) Total $ 128,588 $ 126,228 $ 124,801 Allowance for credit loss ( 2,004 ) ( 1,279 ) ( 898 ) Balance at end of year $ 126,584 $ 124,949 $ 123,903

Organization, Basis of Presen_2

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company has control, including where the Company has been determined to be a primary beneficiary of a variable interest entity (“VIE”), in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control and does not consolidate, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in Equity in (losses) earnings of unconsolidated affiliates in the Consolidated Statement of Operations.
Use of Estimates	Use of Estimates Generally accepted accounting principles (“GAAP”) require s the Company’s management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.
Segments	Segments During the second quarter of 2024, the Company renamed its historical Funds segment as the Investment Management segment. No prior period information was recast and the designation change did not impact the Company’s consolidated financial statements. We define our reportable segments to be aligned with our method of internal reporting and the way our chief operating decision maker makes key operating decisions, evaluates financial results, allocates resources and manages our business. Accordingly, we have identified three reportable operating segments: Core Portfolio, Investment Management and Structured Financing, based on the economic characteristics and nature of our assets and services. Refer to Note 12 .
Real Estate	Real Estate Land, buildings, and personal property are carried at cost less accumulated depreciation. Improvements and significant renovations that extend the useful life of the properties are capitalized, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Real estate under development includes costs for significant property expansion and development. Construction in progress pertains to construction activity or redevelopment at the Company’s operating properties that are in service and continue to operate during the construction period. Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows: Buildings and improvements Useful lives of 40 years for buildings and 15 years for improvements Furniture and fixtures Useful lives, ranging from five years to 10 years Tenant improvements Shorter of economic life or lease terms If the Company funds tenant improvements and the improvements are deemed to be owned by the Company, revenue recognition will commence when the improvements are substantially completed, and possession or control of the space is turned over to the tenant. If the Company determines that the tenant allowances are lease incentives, the Company commences revenue recognition when possession or control of the space is turned over to the tenant for tenant work to begin. The lease incentive is recorded as a deferred expense and amortized as a reduction of revenue on a straight-line basis over the respective lease term. Purchase Accounting – Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above- and below-market leases and acquired in-place leases) in accordance with ASC Topic 805, “Business Combinations” and ASC Topic 350 “Intangibles – Goodwill and Other,” and allocates the acquisition price based on their relative fair values. When acquisitions of properties do not meet the criteria for business combinations, they are accounted for as asset acquisitions; therefore, no goodwill is recorded, and acquisition costs are capitalized. The Company assesses the fair value of its tangible assets acquired and liabilities assumed based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information at the measurement period. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. In determining the value of above- and below-market leases, the Company estimates the present value difference between contractual rent obligations and estimated market rate of leases at the time of the transaction. To the extent there were fixed-rate options at below-market rental rates, the Company included these periods along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized to rental revenue over the remaining applicable lease term, inclusive of any option periods. In determining the value of acquired in-place leases, the Company considers market conditions at the time of the transaction and values the costs to execute similar leases during the expected lease-up period from vacancy to existing occupancy, including carrying costs. The value assigned to in-place leases and tenant relationships is amortized to depreciation and amortization expense over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs (e.g., lease intangibles) relating to that lease would be written off. The Company estimates the value of any assumption of property mortgage debt based on market conditions at the time of acquisitions including prevailing interest rates, terms, and ability to obtain financing for a similar asset. Property mortgage debt discounts or premiums are included in the carrying value of the debt and amortized into interest expense over the remaining term of the related debt instrument. Real Estate Under Development – The Company capitalizes certain costs related to the development of real estate. Interest and real estate taxes incurred during the period of the construction, expansion or development of real estate are capitalized and depreciated over the estimated useful life of the building. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity, at which time the project is placed in service and depreciation commences. If the Company suspends substantially all activities related to the development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed. Real Estate Impairment – The Company reviews its real estate, real estate under development and right-of-use assets for impairment periodically or when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. In cases where the Company does not expect to recover its carrying amounts on properties held for use, the Company reduces its carrying amounts to fair value. The determination of anticipated undiscounted cash flows considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. Such cash flow projections consider factors such as expected future operating income, trends, and prospects, as well as the effects of demand, competition, and other factors. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its estimated fair value based on third-party appraisals, broker selling estimates, sale agreements under negotiation, and/or final selling prices, when available. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates to be made by management such as market rental rates and capitalization rates, and considers the most likely expected course of action at the balance sheet date based on current plans and available market information. See Note 8 for information about impairment charges recorded during the periods presented.
Dispositions of Real Estate	Dispositions of Real Estate – The Company recognizes property sales in accordance with ASC Topic 610-20, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets . Sales of real estate include the sale of investments in real estate properties and real estate joint ventures. Gains on the sale of investment in real estate are recognized, and the related real estate derecognized, when the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date.
Real Estate Held for Sale	Real Estate Held for Sale – The Company generally considers assets to be held for sale when certain criteria have been met, and management believes it is probable that the disposition will occur within one year. Properties are held for sale for a period longer than one year if events or circumstances out of the Company’s control occur that delay the sale and while management continues to be committed to the plan of sale and is performing actions necessary to respond to the conditions causing the delay the properties held for sale remain salable in their current condition. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell, and depreciation and amortization are no longer recognized. Held for sale properties are evaluated quarterly to ensure that properties continue to meet the held for sale criteria. If properties are required to be reclassified from held for sale to held for use due to changes to a plan of sale, they are recorded at the lower of fair value or the carrying amount before the property was classified as held for sale, adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used. Properties that do not meet the held for sale criteria are accounted for as operating properties.
Notes Receivable	Notes Receivable Notes receivable include certain loans that are held for investment and are collateralized by real estate-related investments and may be subordinate to other senior loans. Notes receivable are reported net of an allowance for current expected credit losses (“CECL”) and are recorded at stated principal amounts or at initial investment less accretive yield for loans purchased at a discount, which is accreted over the life of the note. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. Changes in cash flows from previous estimates are included in future interest income on a prospective basis and a new effective interest rate is computed based on the current cost basis of the instrument and remaining cash flows. Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment ( Note 12 ). Interest receivable is included in Other assets ( Note 5 ). The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company’s loan in relation to other debt secured by the collateral and the prospects of the borrower. Given the small number of notes outstanding, the Company believes the characteristics of its notes are not sufficiently similar to allow an evaluation as a group for CECL allowance. As such, all of the Company’s notes are evaluated individually for this purpose. The Company evaluates the collectability of both principal and interest based upon an assessment of the underlying collateral value to determine whether the note is impaired. Allowance for CECL represents management’s estimate of future losses based on national historical economic loss rates for similar obligations, management’s estimate of future economic impacts and factors specific to the borrower. Impairment charges may be required if and when such amounts are estimated to be nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of foreclosure, when the underlying asset is sold; however, non-recoverability may also be concluded if it is reasonably certain that all amounts due will not be collected. Pursuant to ASC 326, certain of the Company’s loans are considered “collateral dependent” in that settlement of the amount is likely to be achieved by obtaining access to the collateral (e.g., notes in default). The same valuation techniques are used to value the collateral for such collateral dependent instruments as those used to determine the fair value of real estate investments for impairment purposes. Interest income on performing notes is accrued as earned. The Company assesses the probability of a borrower’s ability to repay the loan similar to the factors noted above. We consider a loan to be past due when amounts contractually due have not been paid. Loans are placed on a non-accrual status at the earlier of the date at which payments become 90 days past due or when, in the opinion of management, a full recovery of interest income becomes doubtful. Interest income recognition is resumed on any loan that is on non-accrual status when such loan becomes contractually current and performance is demonstrated to be resumed.
Allowance for Credit Losses	Allowance for Credit Losses The Company’s estimated allowance for CECL related to its Structured Financing segment (including unfunded commitments and guarantees) has been computed for its amortized cost basis in the portfolio, including accrued interest ( Note 5 ), factoring in the Company’s historical results and loss experience in the United States for similar loans, as adjusted for current conditions, as well as the Company’s expectations related to future economic conditions. If the Company has determined that a loan or a portion of a loan is uncollectible, it will write-off the loan through an adjustment to its CECL allowance based on the net present value of expected future cash flows or the fair value of the collateral less costs to sell, if repayment is expected from the sale of the collateral. The write-offs are recorded in the period in which the loan balance is deemed uncollectible based on management’s judgment. The Company records the CECL allowance related to its City Point Loan ( Note 10 ) as a reduction to redeemable noncontrolling interest.
Investments in and Advances to Unconsolidated Joint Ventures	Investments in and Advances to Unconsolidated Joint Ventures Some of the Company’s unconsolidated joint ventures obtain non-recourse third-party financing on their property investments, contractually limiting the Company’s exposure to losses. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability. When characterizing distributions from unconsolidated investees within the Company’s consolidated statements of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered return of investment. In such cases, the distribution is classified as cash inflows from investing activities. To the extent that the Company’s carrying basis in an unconsolidated affiliate is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in earnings (losses) of unconsolidated affiliates. The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. A decline in the value of our other investments may require us to recognize an other-than-temporary impairment (“OTTI”) against such assets. When the fair value of an investment is determined to be less than its amortized cost at the balance sheet date, we assess whether the decline is temporary or other-than-temporary. If we intend to sell an impaired asset, or it is more likely than not that we will be required to sell the impaired asset before any anticipated recovery, then we must recognize an OTTI through charges to earnings equal to the entire difference between the asset’s amortized cost and its fair value at the balance sheet date. When an OTTI is recognized through earning s, a new cost basis is established for the asset, and the new cost basis may not be adjusted through earnings for subsequent recoveries in fair value.
Fair Value Measurements	Fair Value Measurements The Company follows the guidance in the FASB ASC Topic 820, Fair Value Measurements and Disclosures (“Topic 820”), to determine the fair value of financial and non-financial instruments. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk. The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value: Level 1 - quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and interest rate swaps; Level 3 - Financial instruments or other assets/liabilities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring the Company to develop its own assumptions. For significant Level 3 items, the Company has also provided the unobservable inputs.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the limits insured by the Federal Deposit Insurance Corporation.
Restricted Cash	Restricted Cash Restricted cash consists principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy, and property operating income requirements at specific properties as required by certain loan agreements.
Marketable Equity Securities	Marketable Equity Securities The Company classifies its marketable equity securities as available-for-sale in accordance with the FASB’s Investments-Debt and Equity Securities guidance. In accordance with ASC Topic 825 Financial Instruments: the Company recognizes changes in the fair value of equity investments with readily determinable fair values in Realized and unrealized holding gains on investments and other on the Company’s Consolidated Statements of Operations.
Deferred Costs	Deferred Costs External fees and costs paid in the successful negotiation of leases, including direct and incremental capitalized internal leasing commissions incurred in connection with executed lease agreements, are deferred and amortized on a straight-line basis over the terms of the respective leases. External fees and costs incurred in connection with obtaining financing are deferred and amortized as a component of interest expense over the term of the related debt obligation on a straight-line basis, which approximates the effective interest method.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company measures derivative instruments at fair value and records them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Accumulated other comprehensive income on the Consolidated Balance Sheets until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The Company accounts for its share of cash flow hedges from non-consolidated entities as part of Investment in and advances to unconsolidated affiliates and Accumulated other comprehensive income on the Consolidated Balance Sheets. Although the Company’s derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the Consolidated Balance Sheets. The Company does not use derivatives for trading or speculative purposes. The Company will discontinue hedge accounting on a prospective basis with changes in the estimated fair value reflected in earnings when (i) it is determined that the derivative is no longer effective in offsetting cash flows of a hedged item (including forecasted transactions), (ii) it is no longer probable that the forecasted transaction will occur, or (iii) it is determined that designating the derivative as an interest rate swap is no longer appropriate. For the periods presented, all of the Company’s derivatives qualified and were designated as cash flow hedges, and none of its derivatives were deemed ineffective.
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. Noncontrolling interests also include amounts related to Common and Preferred OP Units issued to unrelated third parties in connection with certain property acquisitions. The Company identifies its noncontrolling interests separately within the equity section on the Company’s Consolidated Balance Sheets. Redeemable noncontrolling interests that are redeemable at the option of the holder are classified outside of shareholders’ equity in accordance with ASC 480, Distinguishing Liabilities from Equity on the Company’s Consolidated Balance Sheets as temporary equity under the caption, Redeemable noncontrolling interests, and are measured at their redemption values at the end of each period. If the redemption value is greater than the carrying value, an adjustment is recorded in Additional paid-in capital to record the noncontrolling at its redemption value. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s Consolidated Statements of Operations.
Variable Interest Entitites	Variable Interest Entities The Company consolidates a VIE in which it is considered the primary beneficiary. The primary beneficiary is the entity that has (i) the power to direct the activities that most significantly impact the entity’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could be significant to the VIE. The Company assesses the accounting treatment and determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders that conclusion on an ongoing basis when certain events occur. In determining whether the Company is the primary beneficiary, it evaluates its control rights as well as economic interests in the entity held either directly or indirectly by the Company. Each entity is assessed on an individual basis to determine the rights provided to each party and whether those rights are protective or participating. For all VIEs, the Company reviews such agreements in order to determine which party has the power to direct the activities that most significantly impact the entity’s economic performance. For those entities evaluated under the voting interest model, the Company consolidates the entity if it has a controlling financial interest. The Company has a controlling financial interest in a voting interest entity if it owns a majority voting interest in the entity. Investments in entities for which the Company has the ability to exercise significant influence over the entity, but does not have financial or operating control through its voting interest and entities which are VIEs but where the Company is not the primary beneficiary, are accounted for using the equity method of accounting.
Revenue Recognition	Revenue Recognition Rental Revenue - The Company recognizes rental revenue from fixed and variable lease payments, as designated within tenant operating leases in accordance with ASC Topic 842, Leases (“ASC 842”) , as further described below, as Rental revenue on the Consolidated Statement of Operations. We evaluate the collectability of amounts due from tenants and disputed enforceable charges on a lease-by-lease basis, which result from the inability of tenants to make required payments under their operating lease agreements. We recognize changes in the collectability assessment of these operating leases as adjustments to rental revenue in accordance with ASC 842. Other Revenue - The Company recognizes other categories of revenue such as parking and storage, as well as management, leasing, legal, development and construction fees charged to our unconsolidated affiliates.
Leases	Leases Pursuant to ASC 842, the Company does not separate the non-lease components, such as common area maintenance, from its leases. In addition, the Company accounts for those taxes that it pays on behalf of the tenant as reimbursable costs and does not account for those taxes paid directly by the tenant. Minimum rents from tenants are recognized using the straight-line method over the non-cancelable lease term of the respective leases, unless another systematic and rational basis is more representative of the pattern in which benefit is expected to be derived from the use of the underlying asset. At December 31, 2024 and 2023 , unbilled rents receivable relating to the straight-lining of rents of $ 46.2 million and $ 49.3 million, respectively, are included in Rents receivable, net on the accompanying Consolidated Balance Sheets. The Company manages the risk associated with the residual value of its leased properties by including contract clauses that make tenants responsible for surrendering the space in good condition upon lease termination, holding a diversified portfolio, and other activities. The Company does not have residual value guarantees on specific properties. Contractual rent increases of renewal options are often fixed at the initial lease agreement. In addition to fixed base rents, variable rental revenue is derived from certain leases that are dependent on percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, variable rental revenue is derived from leases through reimbursement to the Company by our tenants for real estate taxes, insurance, and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. Right-of-use (“ROU”) assets are recorded for properties the Company leases from third parties, and represent our right to use an underlying asset for the lease term, and the corresponding lease liabilities represent our obligation to make lease payments arising from these leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. The initial measurement of a ROU asset may differ from the initial measurement of the lease liability due to initial direct costs, prepaid lease payments and lease incentives. Our leases often offer renewal options, which we assess against relevant economic factors to determine whether the Company is reasonably certain of exercising or not exercising the option. Lease payments associated with renewal periods, for which the Company has determined are reasonably certain of being exercised, are included in the measurement of the corresponding lease liability and the ROU asset. For finance leases and operating leases, the discount rate applied to measure each ROU asset and lease liability is based on the incremental borrowing rate of the lease due to the rate implicit in the lease not being readily determinable. The Company initially considers the general economic environment and factors in various financing and asset specific secured borrowings so that the overall incremental borrowing rate is appropriate to the intended use of the lease. Certain expenses derived from these leases are variable and are not included in the measurement of the corresponding lease liability and ROU asset, but are recognized in the period in which the obligation for those payments is incurred. These variable lease payments consist of payments for real estate taxes and common area maintenance, which is dependent on projects and activities at each individual property under ground or building lease. Right-of-use assets – finance leases are included in Operating real estate ( Note 2 ) on the Consolidated Balance Sheets. Lease liabilities – finance leases are included in Accounts payable and other liabilities on the Consolidated Balance Sheets ( Note 5 ). Operating lease cost comprises amortization of ROU assets for operating properties (related to ground rents) or amortization of ROU assets for office and corporate assets and is included in Property operating expense or General and administrative expense, respectively, on the Consolidated Statements of Operations. Finance lease cost comprises amortization of ROU assets for certain ground leases, which is included in Property operating expense, as well as interest on lease liabilities, which is included in Interest expense on the Consolidated Statements of Operations.
Accounts Receivable	Accounts Receivable In addition to the lease-specific collectability assessment, the Company also recognizes a general allowance based on the Company’s historical collection experience, for its portfolio of operating lease receivables which are not expected to be fully collectible. The Company estimates the collectability of its accrued rent and accounts receivable balances related to lease revenue. The Company estimates the collectability of the accounts receivable related to billed rents, straight-line rents, recoveries from tenants, and other revenue taking into consideration the Company's historical write-off experience, tenant creditworthiness, current economic trends, and remaining lease terms. Rents receivable at December 31, 2024 and 2023 are shown net of a general allowance of $ 0.3 million and $ 4.1 million , respectively. Rental income for the years ended December 31, 2024, 2023 and 2022 are reported net of adjustments of $( 3.8 ) million, $( 1.3 ) million, and $ 1.5 million , r espectively, to allowance for uncollectible accounts.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. The Company recognizes these compensation costs for only those shares or units expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. The Company records forfeitures during the period in which they occur by reversing all previously recorded stock compensation expense associated with the forfeited shares. Dividends declared on awards issued are recorded as cumulative distributions in excess of retained earnings on the Consolidated Balance Sheets. Accumulated dividends related to forfeited awards are reversed through compensation expense in the period the forfeiture occurs. The Company includes stock-based compensation within general and administrative expense on the Consolidated Statements of Operations.
Income Taxes	Income Taxes The Company has made an election to be taxed, and believes it qualifies, as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To maintain REIT status for federal income tax purposes, the Company is generally required to distribute at least 90 % of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to federal corporate income tax to the extent that it distributes 100 % of its REIT taxable income each year. The Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code. As such, the Company is subject to federal and state income taxes on the income from these activities. Although it may qualify for REIT status for federal income tax purposes, the Company is subject to state or local income or franchise taxes in certain jurisdictions in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s Taxable REIT Subsidiary (“TRS”) is fully subject to federal, state and local income taxes. The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, “ Income Taxes .” Under the liability method, deferred income taxes are recognized for the temporary differences between the GAAP basis and tax basis of the TRS income, assets, and liabilities. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. In 2024 and 2023, the Company recorded valuation allowances to reduce deferred tax assets when it determined that an uncertainty existed regarding their realization, which increased the provision for income taxes. In making such determination, the Company considered all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carryforwards, tax planning strategies and recent results of operations. Several of these considerations require assumptions and significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is utilizing to manage its business. To the extent facts and circumstances change in the future, further adjustments to the valuation allowances may be required.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2023, the FASB issued Accounting Standards Update (“ASU”) ASU 2023-05, “Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement” (“ASU 2023-05”). ASU 2023-05 addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. Prior to the amendment, the FASB did not provide specific authoritative guidance on the initial measurement of assets and liabilities assumed by a joint venture upon its formation. ASU 2023-05 requires a joint venture to recognize and initially measure its assets and liabilities at fair value (with exceptions to fair value measurement that are consistent with the business combinations guidance). ASU 2023-05 is effective for all joint venture formations with a formation date on or after January 1, 2025, with early adoption permitted. The Company has elected not to early adopt ASU 2023-05 and does not expect the adoption will have a significant impact on our consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 provides for additional disclosures as it relates to the Company’s segments and is effective for fiscal years beginning after December 15, 2023. Additional requirements per the update include disclosures for significant segment expenses, measures of profit or loss used by the chief operating decision maker and how these measures are used to allocate resources and assess segment performance. The amendments in ASU 2023-07 will also apply to entities with a single reportable segment. The Company has adopted the amendments in this update in its annual report on Form 10-K for the year ended December 31, 2024. While the adoption had no impact on the Company’s consolidated financial statements, it resulted in incremental disclosures within the footnotes to the Company’s consolidated financial statements. Refer to Note 12 . In December 2023, the FASB issued ASU 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), to expand the disclosure requirements for income taxes, specifically related to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The company is currently reviewing this ASU to determine its impact on its disclosures within the footnotes to its consolidated financial statements. On November 4, 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”) which requires disaggregated disclosure of income statement expenses for public business entities (PBEs). Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This guidance applies to all public business entities (PBEs) and is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company has elected not to early adopt and the requirements will be applied prospectively with the option for retrospective application. The Company is currently reviewing this ASU to determine the impact on its disclosures within the footnotes to its consolidated financial statements.. Any other recently issued accounting standards or pronouncements not disclosed above have been excluded as they are not relevant to the Company, or they are not expected to have a material impact on the consolidated financial statements.
Lease Intangibles	Upon acquisitions of real estate ( Note 2 ), the Company assesses the relative fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable.
Earnings (Loss) Per Common Share	( Note 10 ). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of Restricted Share Units issued under the Company’s Amended and Restated 2020 Plan ( Note 13 ) and the shares to be issued by us upon settlement of any outstanding forward sale agreements for the period such dilutive security is outstanding ( Note 10 ). The shares issuable upon settlement of any outstanding forward sale agreements are reflected in the diluted earnings per share calculations using the treasury stock method for the period outstanding prior to settlement. Under this method, the number of Common Shares used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of Common Shares that would be issued upon full physical settlement of the shares under any outstanding forward sale agreements for the period prior to settlement over the number of Common Shares that could be purchased by us in the market (based on the average market price during the period prior to settlement) using the proceeds receivable upon full physical settlement (based on the adjusted forward sales price immediately prior to settlement). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one -for-one basis . The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

Organization, Basis of Presen_3

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Operating Partnership's Equity Interest	The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds (dollars in millions): Entity Formation Operating Capital Called (a) Unfunded (a) Equity Interest (b) Preferred Total (a) Fund II 6/2004 61.67 % $ 559.4 $ 0.0 61.67 % 8 % $ 172.9 Fund III 5/2007 24.54 % 448.1 1.9 24.54 % 6 % 603.5 Fund IV 5/2012 23.12 % 506.0 24.0 23.12 % 6 % 221.4 Fund V 8/2016 20.10 % 468.8 51.2 20.10 % 6 % 150.8 a) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. b) Amount represents the current economic ownership at December 31, 2024 , which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.

Real Estate (Tables)

Real Estate (Tables)	12 Months Ended
	Dec. 31, 2024
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]
Schedule of Consolidated Real Estate	The Company’s consolidated real estate is comprised of the following for the periods presented (in thousands): December 31, December 31, 2024 2023 Buildings and improvements $ 3,174,250 $ 3,128,650 Tenant improvements 304,645 257,955 Land 906,031 872,228 Construction in progress 23,704 23,250 Right-of-use assets - finance leases (Note 11) 61,366 58,637 Total 4,469,996 4,340,720 Less: Accumulated depreciation and amortization ( 926,022 ) ( 823,439 ) Operating real estate, net 3,543,974 3,517,281 Real estate under development 129,619 94,799 Net investments in real estate $ 3,673,593 $ 3,612,080
Schedule of Business Acquisitions, by Acquisition	During the years ended December 31, 2024 and 2023, the Company acquired the following retail properties and other real estate investments (dollars in thousands): Property and Location Percent Date of Purchase (a) 2024 Acquisitions Core Bleecker Street Portfolio (4 assets) - New York, NY 100 % September 19, 2024 $ 20,347 1718 N. Henderson Ave (Land Parcel) - Dallas, TX 100 % September 19, 2024 1,063 123-129 N. 6th Street - Brooklyn, NY 100 % October 11, 2024 35,343 92-94 Greene Street - New York, NY 100 % October 17, 2024 43,594 109 N. 6th Street - Brooklyn, NY 100 % October 24, 2024 19,040 1834 N. Henderson Ave - Dallas, TX 100 % November 21, 2024 2,144 2107-2115 N. Henderson Ave (Land Parcel) - Dallas, TX 100 % November 25, 2024 11,082 Subtotal Core 132,613 Investment Management Walk at Highwoods Preserve - Tampa, FL (b) 100 % July 3, 2024 31,766 Total 2024 Acquisitions 164,379 2023 Acquisitions Investment Management Cypress Creek - Tampa, FL 100 % July 3, 2023 $ 49,374 Maple Tree Place - Williston, VT 100 % November 27, 2023 77,816 Total 2023 Acquisitions $ 127,190 (a) Purchase price includes capitalized transaction costs. (b) On October 25, 2024 , the Company contributed its Walk at Highwoods Preserve property to a newly formed joint venture and retained a 20 % non-controlling ownership interest. Refer to the disposition table below and Note 4 .
Schedule of Purchase Price Allocations	The following table summarizes the allocation of the purchase price of properties acquired during the years ended December 31, 2024 and 2023 (in thousands): Land Buildings and improvements Intangible assets Right-of-use asset Lease liability Intangible liabilities Other assets, net Net assets acquired Bleecker Street Portfolio (4 assets) $ 4,962 $ 10,460 $ 3,695 $ 2,729 $ ( 1,071 ) $ ( 428 ) $ — $ 20,347 Walk at Highwoods Preserve 9,730 18,026 8,631 — — ( 4,621 ) — 31,766 123-129 N. 6th Street 13,083 25,428 3,280 — — ( 6,448 ) — 35,343 109 N. 6th Street 5,142 13,146 3,081 — — ( 2,329 ) — 19,040 92-94 Greene Street 32,499 10,406 3,694 — — ( 3,005 ) — 43,594 1834 N. Henderson Ave 1,002 1,142 — — — — — 2,144 2024 Total (a) $ 66,418 $ 78,608 $ 22,381 $ 2,729 $ ( 1,071 ) $ ( 16,831 ) $ — $ 152,234 Cypress Creek $ — $ 39,637 $ 10,949 $ 25,313 $ ( 22,075 ) $ ( 4,450 ) $ — $ 49,374 Maple Tree Place 17,597 49,404 18,209 — — ( 7,395 ) — 77,816 2023 Total $ 17,597 $ 89,041 $ 29,158 $ 25,313 $ ( 22,075 ) $ ( 11,845 ) $ — $ 127,190 (a) Excludes 1718 N. Henderson Ave and 2107-2115 N. Henderson Ave properties that were placed in development upon acquisition.
Schedule of Significant Assumptions Used in Calculating Fair Value of the Asset Acquisitions	The most significant assumptions used in calculating the “as-if vacant” value for acquisition activity during 2024 and 2023, respectively, are as follows: 2024 2023 Low High Low High Exit Capitalization Rate 5.50 % 8.00 % 7.00 % 8.50 % Discount Rate 7.50 % 10.00 % 10.00 % 10.25 % Annual net rental rate per square foot on acquired buildings $ 17.00 $ 615.00 $ 4.00 $ 47.00 Annual net rental rate per square foot on acquired master lease $ 29.11 $ 29.11 $ 1.04 $ 1.91
Schedule of Property Dispositions	During the years ended December 31, 2024 and 2023, the Company disposed of the following properties and other real estate investments (in thousands): Property and Location Owner Date Sold Sale Price Gain (Loss) (a) 2024 Dispositions 2208-2216 Fillmore Street - San Francisco, CA Fund IV April 3, 2024 $ 9,777 $ 1,239 2207 Fillmore Street - San Francisco, CA Fund IV April 3, 2024 4,283 1,130 Shops at Grand - Queens, NY (b) Core May 16, 2024 48,250 ( 2,213 ) Canton Marketplace (Outparcel) - Canton, GA Fund V June 28, 2024 2,200 601 Walk at Highwoods Preserve - Tampa, FL (c) Investment Management October 25, 2024 31,366 ( 393 ) Total 2024 Dispositions $ 95,876 $ 364 2023 Dispositions None (a) During the first quarter of 2024, the Company recorded a $ 1.2 million loss related to a Fund IV property that was sold in 2019 in connection with a post-closing dispute. (b) On May 16, 2024, the Company contributed its Shops at Grand property located in Queens, New York to a newly formed unconsolidated joint venture and retained a 5 % non-controlling ownership interest which was fair valued at $ 2.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective May 16, 2024 as it no longer controls the investment ( Note 4 ). The Company recognized a loss on deconsolidation of $ 2.2 million related to transaction costs, which is included in the Loss on disposition of properties in the Consolidated Statements of Operations. (c) On October 25, 2024, the Company contributed its Walk at Highwoods Preserve property located in Tampa, Florida to a newly formed unconsolidated joint venture for $ 31.4 million and retained a 20 % non-controlling ownership interest which was valued at $ 6.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective October 25, 2024 as it no longer controls the investment ( Note 4 ). The Company recognized a loss on deconsolidation of $ 0.4 million related to transaction costs, which is included in the Loss on disposition of properties in the Consolidated Statements of Operations.
Schedule of Development in Process Activities	Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands): January 1, 2024 Year Ended December 31, 2024 December 31, 2024 Number of Carrying Transfers In Capitalized Transfers Out Number of Carrying Core 2 $ 66,083 $ 12,156 $ 20,016 $ — 4 98,255 Fund III 1 28,716 — 2,648 — 1 31,364 Total 3 $ 94,799 $ 12,156 $ 22,664 $ — 5 $ 129,619 January 1, 2023 Year Ended December 31, 2023 December 31, 2023 Number of Carrying Transfers In Capitalized Transfers Out Number of Carrying Core 2 $ 54,817 $ — $ 11,266 $ — 2 $ 66,083 Fund II — 34,072 — 633 34,705 — — Fund III 1 25,798 — 2,958 40 1 28,716 Fund IV 1 69,915 — — 69,915 — — Total 4 $ 184,602 $ — $ 14,857 $ 104,660 3 $ 94,799

Notes Receivable, Net (Tables)

Notes Receivable, Net (Tables)	12 Months Ended
	Dec. 31, 2024
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Schedule of Notes Receivable	The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands): December 31, December 31, December 31, 2024 Description 2024 2023 Number Maturity Date Interest Rate Notes receivable (a) $ 128,588 $ 126,228 6 Apr 2020 - Dec 2027 6.00 % - 12.00 % Allowance for credit losses ( 2,004 ) ( 1,279 ) Notes receivable, net $ 126,584 $ 124,949 6 (a) Included one note receivable from an OP Unit holder, with a balance of $ 6.0 million as of December 31, 2023. The note was paid off in the first quarter of 2024.
Schedule of Changes in the Company's Credit Allowance	Changes in the Company’s credit allowance were as follows (dollars in thousands): Year Ended December 31, 2024 2023 Allowance for credit losses as of beginning of periods $ 1,279 $ 898 Provision of loan losses 725 381 Write-offs — — Total credit allowance $ 2,004 $ 1,279

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Affiliates (Tables)	12 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	nvestments in and advances to unconsolidated affiliates consist of the following (dollars in thousands): Ownership Interest December 31, December 31, Portfolio Property December 31, 2024 2024 2023 Core: Renaissance Portfolio 20 % $ 28,250 $ 30,745 Gotham Plaza 49 % 30,561 30,772 Georgetown Portfolio (a) 50 % 4,214 4,230 1238 Wisconsin Avenue (a, b) 80 % 19,048 19,719 840 N. Michigan Avenue (c) 91.85 % 28,111 15,761 110,184 101,227 Investment Management: Fund IV: (g) Fund IV Other Portfolio 90 % 5,291 5,221 650 Bald Hill Road 90 % 9,220 9,486 Paramus Plaza 50 % — 70 14,511 14,777 Fund V: (g) Family Center at Riverdale (c) 89.42 % 1,832 2,552 Tri-City Plaza 90 % 6,914 6,452 Frederick County Acquisitions (d) 90 % 4,375 11,345 Wood Ridge Plaza 90 % 9,313 10,313 La Frontera Village 90 % 13,389 17,483 Shoppes at South Hills 90 % 10,139 11,707 Mohawk Commons 90 % 12,350 16,434 58,312 76,286 Other: Shops at Grand 5 % 2,452 — Walk at Highwoods Preserve 20 % 2,279 — LINQ Promenade (a) 15 % 16,508 — 21,239 — Various: Due (to) from Related Parties 446 396 Other (e) 4,540 4,554 Investments in and advances to $ 209,232 $ 197,240 Core: Crossroads (f) 49 % $ 16,514 $ 7,982 Distributions in excess of income from, $ 16,514 $ 7,982 a) Represents a variable interest entity (“VIE”) for which the Company is not the primary beneficiary ( Note 16 ). b) Includes the amounts advanced against a $ 12.8 million construction commitment from the Company to the venture that holds its investment in 1238 Wisconsin. As of December 31, 2024 and December 31, 2023 the note receivable from a related party had a balance of $ 12.8 million, as of each period, net of an allowance for credit losses of $ 0.1 million at each of December 31, 2024 and 2023. The loan is collateralized by the venture members’ equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor and matures on December 28, 2027 (as extended). The Company recognized Interest income of $ 0.2 million for each of the years ended December 31, 2024 and 2023, respectively, related to this note receivable. c) Represents a tenancy-in-common interest. In December 2023, the Company acquired an additional 3.42 % interest in the North Michigan Avenue venture, increasing its ownership from 88.43 % to 91.85 % and provided a loan to the remaining venture partners. The note receivable bears interest at 6.50 % had an outstanding balance of $ 2.3 million and $ 1.4 million as of December 31, 2024 and 2023, respectively ( Note 3 ). d) On September 25, 2024 the venture which Fund V holds a 90 % interest in sold a 300,000 square foot property in Frederick County, Maryland commonly referred to as Frederick Crossing. Fund V maintains its 90 % interest in the venture which retains its interest in the remaining property of the Frederick County Acquisitions portfolio, commonly referred to as Frederick County Square. e) Includes cost-method investment in Fifth Wall. As of December 31, 2024, the Company recorded an impairment charge of $ 0.4 million . f) Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity. g) The Company owns 23.12 % and 20.10 % in Funds IV and V, respectively ( Note 1 ). For the ventures within these Funds, the ownership interest percentage represents the Fund’s ownership interest and not the Company’s proportionate share.
Schedule of Condensed Balance Sheet	The following Combined and Condensed Balance Sheets and Statements of Operations, in each period, summarized the financial information of the Company’s investments in unconsolidated affiliates that were held as of December 31, 2024 and 2023 (in thousands): December 31, December 31, 2024 2023 Combined and Condensed Balance Sheets Assets: Rental property, net $ 1,016,229 $ 723,411 Other assets 162,713 125,699 Total assets $ 1,178,942 $ 849,110 Liabilities and partners’ equity: Mortgage notes payable $ 815,045 $ 662,552 Other liabilities 140,743 100,270 Partners’ equity 223,154 86,288 Total liabilities and partners’ equity $ 1,178,942 $ 849,110 Company's share of accumulated equity $ 131,793 $ 128,690 Basis differential 50,851 51,824 Deferred fees, net of portion related to the Company's interest 5,400 3,794 Amounts receivable/payable by the Company 446 396 Investments in and advances to unconsolidated affiliates, net of Company's 188,490 184,704 Investments carried at cost 4,228 4,554 Company's share of distributions in excess of income from and 16,514 7,982 Investments in and advances to unconsolidated affiliates $ 209,232 $ 197,240
Schedule of Condensed Income Statement	Year Ended December 31, 2024 2023 2022 Combined and Condensed Statements of Operations Total revenues $ 114,442 $ 108,425 $ 96,080 Operating and other expenses ( 41,001 ) ( 35,488 ) ( 29,858 ) Interest expense ( 40,998 ) ( 40,864 ) ( 26,807 ) Depreciation and amortization ( 43,183 ) ( 42,212 ) ( 34,596 ) Gain (loss) on extinguishment of debt (a) 3,934 368 ( 7 ) Impairment of Investment (b) — — ( 57,423 ) Gain on disposition of properties (c) 21,357 — 12,983 Net income (loss) attributable to unconsolidated affiliates $ 14,551 $ ( 9,771 ) $ ( 39,628 ) Company’s share of equity in net earnings (losses) of unconsolidated affiliates $ 16,151 $ ( 6,688 ) $ ( 31,907 ) Basis differential amortization ( 973 ) ( 989 ) ( 1,000 ) Company’s equity in earnings (losses) of unconsolidated affiliates $ 15,178 $ ( 7,677 ) $ ( 32,907 ) a) Includes the gain on debt extinguishment related to the restructuring at 840 N. Michigan Avenue for the year ended December 31, 2024 and 2023. b) Includes the impairment charge related to 840 N. Michigan Avenue for the year ended December 31, 2022. c) Includes the gain on the sale of Frederick Crossing, Paramus Plaza for the year ended December 31, 2024 and Promenade at Manassas for the year ended December 31, 2022.

Other Assets, Net and Account_2

Other Assets, Net and Accounts Payable and Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets and Other Liabilities	Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented: December 31, December 31, (in thousands) 2024 2023 Other Assets, Net: Lease intangibles, net (Note 6) $ 86,853 $ 100,594 Derivative financial instruments (Note 8) 31,145 28,989 Deferred charges, net (A) 39,189 31,074 Accrued interest receivable (Note 3) 32,154 25,553 Prepaid expenses 15,448 15,204 Due from seller 2,343 2,631 Income taxes receivable 1,475 1,141 Deposits 12,074 575 Corporate assets, net 563 924 Other receivables 2,523 1,775 $ 223,767 $ 208,460 (A) Deferred Charges, Net: Deferred leasing and other costs (a) $ 82,770 $ 73,908 Deferred financing costs related to line of credit 13,889 9,829 96,659 83,737 Accumulated amortization ( 57,470 ) ( 52,663 ) Deferred charges, net $ 39,189 $ 31,074 Accounts Payable and Other Liabilities: Lease intangibles, net (Note 6) $ 77,534 $ 73,994 Accounts payable and accrued expenses 68,354 61,425 Deferred income 39,351 34,386 Tenant security deposits, escrow and other 14,515 17,939 Lease liability - finance leases, net (Note 11) 31,374 32,739 Derivative financial instruments (Note 8) 1,598 8,892 $ 232,726 $ 229,375 (a) At December 31, 2024 and 2023, deferred leasing and other costs include direct and incremental capitalized internal leasing commissions incurred in connection with executed lease agreements of $ 4.1 million and $ 2.2 million, respectively, which are amortized on a straight-line basis over the terms of the related leases.

Lease Intangibles (Tables)

Lease Intangibles (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Liabilities Included in Other Assets Net and Accounts Payable and Other Liabilities	Intangible assets and liabilities are included in Other assets, net and Accounts payable and other liabilities ( Note 5 ) on the Consolidated Balance Sheets and summarized as follows (in thousands): December 31, 2024 December 31, 2023 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amortizable Intangible Assets In-place lease intangible assets $ 336,660 $ ( 255,899 ) $ 80,761 $ 327,484 $ ( 234,808 ) $ 92,676 Above-market rent 26,432 ( 20,340 ) 6,092 27,294 ( 19,376 ) 7,918 $ 363,092 $ ( 276,239 ) $ 86,853 $ 354,778 $ ( 254,184 ) $ 100,594 Amortizable Intangible Liabilities Below-market rent $ ( 196,239 ) $ 118,933 $ ( 77,306 ) $ ( 188,098 ) $ 114,393 $ ( 73,705 ) Above-market ground lease ( 671 ) 443 ( 228 ) ( 671 ) 382 ( 289 ) $ ( 196,910 ) $ 119,376 $ ( 77,534 ) $ ( 188,769 ) $ 114,775 $ ( 73,994 )
Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities	The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2024 is as follows (in thousands): Years Ending December 31, Net Increase in Increase to Reduction of 2025 $ 6,620 $ ( 22,110 ) $ 58 2026 6,094 ( 17,602 ) 58 2027 5,493 ( 12,569 ) 58 2028 5,567 ( 7,841 ) 54 2029 5,435 ( 4,719 ) — Thereafter 42,005 ( 15,920 ) — Total $ 71,214 $ ( 80,761 ) $ 228

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Summary of Consolidated Indebtedness	A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands): Carrying Value as of Interest Rate as of Maturity Date as of December 31, December 31, December 31, 2024 December 31, 2024 2024 2023 Mortgages Payable Core 3.99 % - 5.89 % Jul 2027 - Apr 2035 $ 180,212 $ 191,830 Fund II (a) SOFR+ 2.61 % Aug 2025 137,485 137,485 Fund III SOFR+ 3.75 % Oct 2025 33,000 33,000 Fund IV (b) SOFR+ 2.25 % - SOFR+ 3.33 % March 2025 - Jun 2028 109,471 115,925 Fund V SOFR + 1.86 % to SOFR + 3.10 % Jan 2025 - Jun 2028 498,779 458,960 Net unamortized debt issuance costs ( 5,459 ) ( 7,313 ) Unamortized premium 212 240 Total Mortgages Payable $ 953,700 $ 930,127 Unsecured Notes Payable Core Term Loans (c) SOFR+ 1.50 % - SOFR+ 1.75 % Apr 2028 - Jul 2029 $ 475,000 $ 650,000 Core Senior Notes 5.86 % - 5.94 % Aug 2027 - Aug 2029 100,000 — Fund V Subscription Line (d) — 80,600 Net unamortized debt issuance costs ( 5,434 ) ( 3,873 ) Total Unsecured Notes Payable $ 569,566 $ 726,727 Unsecured Line of Credit Revolving Credit Facility (c) SOFR+ 1.35 % Apr 2028 $ 14,000 $ 213,287 Total Debt (e)(f) $ 1,547,947 $ 1,881,087 Net unamortized debt issuance costs ( 10,893 ) ( 11,186 ) Unamortized premium 212 240 Total Indebtedness $ 1,537,266 $ 1,870,141 a) The Company has a total commitment of $ 198.0 million on the Fund II property mortgage loan as of both December 31, 2024 and December 31, 2023 . b) Includes the outstanding balance on the Fund IV secured bridge facility of $ 36.2 million at December 31, 2024 and December 31, 2023 . c) The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans at December 31, 2024 and 2023 ( Note 8 ). d) Fund V paid off the subscription line and terminated the outstanding letters of credit during the first quarter of 2024. e) Includes $ 852.0 million and $ 1,249.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.98 % to 4.61 % . f) Includes $ 111.2 million and $ 151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 4.50 % to 6.00 % .
Scheduled Principal Repayments	The scheduled principal repayments, without regard to available extension options (described further below), of the Company’s consolidated indebtedness, as of December 31, 2024 are as follows (in thousands): Year Ending December 31, Principal Repayments 2025 $ 477,562 2026 83,698 2027 214,675 2028 595,805 2029 173,291 Thereafter 2,916 1,547,947 Unamortized premium 212 Net unamortized debt issuance costs ( 10,893 ) Total indebtedness $ 1,537,266

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
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, 2024 December 31, 2023 Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Assets Marketable equity securities $ 14,771 $ — $ — $ 33,284 $ — $ — Derivative financial instruments — 31,145 — — 28,989 — Liabilities Derivative financial instruments — ( 1,598 ) — — ( 8,892 ) —
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 (losses) gains on investments and other on the Company’s Consolidated Statements of Operations (in thousands): Year Ended December 31, 2024 2023 2022 Realized gain on marketable securities, net $ 14,188 $ 4,636 — Less: previously recognized unrealized gains on marketable securities sold during the period ( 14,188 ) ( 4,636 ) — Unrealized (losses) gains on marketable securities still held as of the end of the period and through the disposition date on marketable securities sold during the period ( 4,324 ) 1,634 ( 38,913 ) (Loss) gain on marketable securities, net $ ( 4,324 ) $ 1,634 $ ( 38,913 )
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 2024 Impairment Charges 1964 Union Street Fund IV Reduced holding period Dec 31, 2024 $ 1,170 $ 242 Mark Plaza Core Reduced projected operating income Dec 31, 2024 508 508 Total 2024 Impairment Charges (b) $ 1,678 $ 750 2023 Impairment Charges 146 Geary Street, Fund IV Reduced holding period Sept 30, 2023 $ 3,686 $ 852 (a) The Company est imated the fair valu e of 1964 Union Street, Mark Plaza and 146 Geary Street based on a discounted cash flow analysis using a discount rate of 7.75 % and a range of capitalization rates from 4.75 % to 5.75 %. A s 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 . The aggregate fair value of 1964 Union Street and Mark Plaza was $ 2.4 million at the measurement date. (b) Does not include the impairment charge of $ 0.4 million related to the Company’s investment in Fifth Wall ( Note 4 ) which is recorded in Realized and unrealized holding (losses) gains on investments and other, in the Company’s consolidated Statement of Operations.
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 Aggregate Notional Amount Effective Date Maturity Date Low High Balance Sheet December 31, December 31, Core Interest Rate Swaps $ 50,000 Oct 2023 Jul 2029 4.61 % — 4.61 % Accounts payable and other liabilities $ ( 1,316 ) $ ( 8,807 ) Interest Rate Swaps 681,000 May 2022 — May 2023 Mar 2025 — Jul 2030 1.98 % — 3.61 % Other Assets 28,173 22,675 $ 731,000 $ 26,857 $ 13,868 Fund II Interest Rate Swap 50,000 Jan 2023 Dec 2029 3.23 % — 3.23 % Other Assets 1,615 634 $ 50,000 $ 1,615 $ 634 Fund III Interest Rate Cap $ 33,000 Sep 2023 Oct 2025 5.50 % — 5.50 % Other Assets $ 1 $ 26 Fund IV Interest Rate Cap $ 54,500 Dec 2023 Dec 2025 6.00 % — 6.00 % Other Assets $ 2 $ 29 Fund V Interest Rate Swaps $ 135,148 Apr 2022 — Oct 2024 Apr 2025 — Dec 2027 2.61 % — 3.72 % Other Assets $ 1,352 $ 5,523 Interest Rate Cap 32,200 Aug 2023 Sep 2025 5.00 % — 5.00 % Other Assets 2 102 Interest Rate Swaps 127,909 Jun 2023 — Dec 2024 Jun 2025 — Dec 2027 4.08 % — 4.54 % Accounts payable and other liabilities ( 282 ) ( 85 ) Interest Rate Cap 39,673 Feb 2024 Jan 2025 4.50 % — 4.50 % Accounts payable and other liabilities — — $ 334,930 $ 1,072 $ 5,540 Total asset derivatives $ 31,145 $ 28,989 Total liability derivatives $ ( 1,598 ) $ ( 8,892 )
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, 2024 December 31, 2023 Level Carrying Estimated Carrying Estimated Notes Receivable (a) 3 $ 126,584 $ 127,485 $ 124,949 $ 124,789 City Point Loan (a) 3 66,741 68,204 66,741 66,017 Mortgage and Other Notes Payable (a) 3 958,947 954,276 937,200 921,563 Investment in non-traded equity securities (b) 3 4,073 4,073 4,398 4,702 Unsecured notes payable and Unsecured line of credit (c) 2 589,000 589,018 943,887 937,153 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 3.88 % to 13.60 % for the Company’s notes receivable and City Point Loan, and 3.99 % to 7.68 % fo r the Company’s property mortgage loans and other notes payable, depending on the attributes of the specific loans. b) Includes 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.

Shareholders' Equity, Noncont_2

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2024
Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Summary of Change in Noncontrolling Interest	The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2024, 2023 and 2022 (dollars in thousands): Noncontrolling (a) Noncontrolling (b) Total Redeemable Noncontrolling Interests (c) Balance at January 1, 2024 $ 99,718 $ 346,582 $ 446,300 $ 50,339 Distributions declared of $ 0.74 per Common OP Unit and distributions on Preferred OP Units ( 5,639 ) — ( 5,639 ) — Net income (loss) for the year ended December 31, 2024 1,409 ( 7,005 ) ( 5,596 ) ( 7,915 ) Conversion of 1,084,851 Common OP Units and 59,865 Series C Preferred Units to Common Shares by limited partners of the Operating Partnership ( 20,929 ) — ( 20,929 ) — Other comprehensive income - unrealized gain on valuation of swap agreements 501 7,564 8,065 — Reclassification of realized interest expense on swap agreements ( 156 ) ( 11,221 ) ( 11,377 ) — City Point Loan accrued interest — — — ( 11,825 ) Noncontrolling interest contributions — 51,118 51,118 — Noncontrolling interest distributions — ( 36,751 ) ( 36,751 ) ( 16 ) Employee Long-term Incentive Plan Unit Awards 11,519 — 11,519 — Reallocation of noncontrolling interests (d) ( 693 ) — ( 693 ) — Balance at December 31, 2024 $ 85,730 $ 350,287 $ 436,017 $ 30,583 Balance at January 1, 2023 $ 99,554 $ 389,810 $ 489,364 $ 67,664 Distributions declared of $ 0.72 per Common OP Unit and distributions on Preferred OP Units ( 5,352 ) — ( 5,352 ) — Net income (loss) for the year ended December 31, 2023 1,785 ( 15,168 ) ( 13,383 ) ( 8,239 ) Conversion of 151,257 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 2,521 ) — ( 2,521 ) — Other comprehensive income - unrealized gain on valuation of swap agreements ( 613 ) 6,015 5,402 — Reclassification of realized interest expense on swap agreements ( 210 ) ( 13,501 ) ( 13,711 ) — City Point Loan — — — ( 796 ) City Point Loan accrued interest — — — ( 9,350 ) Noncontrolling interest contributions — 59,612 59,612 1,110 Noncontrolling interest distributions — ( 80,186 ) ( 80,186 ) ( 50 ) Employee and trustee stock compensation, net 11,064 — 11,064 — Reallocation of noncontrolling interests (d) ( 3,989 ) — ( 3,989 ) — Balance at December 31, 2023 $ 99,718 $ 346,582 $ 446,300 $ 50,339 Noncontrolling (a) Noncontrolling (b) Total Redeemable Noncontrolling Interests (c) Balance at January 1, 2022 $ 94,120 $ 534,202 $ 628,322 $ — Distributions declared of $ 0.72 per Common OP Unit ( 5,094 ) — ( 5,094 ) — Net loss for the year ended December 31, 2022 ( 1,308 ) ( 22,962 ) ( 24,270 ) ( 5,536 ) Conversion of 234,473 Common OP Units to Common Shares by limited partners of the Operating Partnership ( 3,945 ) — ( 3,945 ) — Other comprehensive income - unrealized gain on valuation of swap agreements 4,641 15,567 20,208 — Reclassification of realized interest expense on swap agreements 58 1,793 1,851 — City Point Loan — — — ( 65,391 ) City Point Loan accrued interest — — — ( 3,923 ) Employee and trustee stock compensation, net 10,000 — 10,000 — Noncontrolling interest distributions — ( 79,838 ) ( 79,838 ) — Noncontrolling interest contributions — 109,428 109,428 65,945 Acquisition of noncontrolling interest (e) — ( 91,811 ) ( 91,811 ) — Reclassification of redeemable noncontrolling interests (f) — ( 76,569 ) ( 76,569 ) 76,569 Reallocation of noncontrolling interests (d) 1,082 — 1,082 — Balance at December 31, 2022 $ 99,554 $ 389,810 $ 489,364 $ 67,664 (a) Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,054,386 , 2,855,574 , and 3,062,108 Common OP Units at December 31, 2024, 2023 and 2022, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2024, 2023 and 2022; (iii) 66,519 Series C Preferred OP Units at December 31, 2024 and 126,384 at December 31, 2023 and 2022; and (iv) 4,667,742 , 4,247,054 , and 3,512,414 LTIP units at December 31, 2024, 2023 and 2022, respectively, as discussed in the Amended and Restated 2020 Plan ( Note 13 ). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above. (b) Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and seven ot her subsidiaries. (c) Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below. (d) Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership. (e) Represents the acquisition of the 11.67 % noncontrolling interest in Fund II acquired on June 27, 2022 for $ 18.5 million and of a 21.67 % interest in Fund II on August 1, 2022 for $ 5.8 million ( Note 1 ). (f) Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022 .

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Schedule of Rental Revenue	The components of rental revenue are as follows (in thousands): Year Ended December 31, 2024 2023 2022 Fixed lease revenue $ 282,492 $ 269,648 $ 258,472 Variable lease revenue 67,038 63,396 59,342 Total rental revenue $ 349,530 $ 333,044 $ 317,814
Schedule of Future Minimum Rental Revenues	The scheduled future minimum rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) as of December 31, 2024, are summarized as follows (in thousands): Year Ending December 31, Minimum Rental (a) 2025 $ 252,564 2026 243,817 2027 218,934 2028 187,739 2029 154,725 Thereafter 577,342 Total $ 1,635,121 Amount represents contractual lease maturities at December 31, 2024 , including any extension options that management determined were reasonably certain of exercise.
Schedule of Future Minimum Rental Payments for Operating and Capital Leases	Minimum Rental Payments Year Ending December 31, Operating Leases (a) Finance (a) 2025 $ 5,338 $ 1,319 2026 5,246 1,350 2027 4,450 1,350 2028 4,236 1,396 2029 3,700 1,414 Thereafter 12,267 155,319 35,237 162,148 Interest ( 7,317 ) ( 130,774 ) Total $ 27,920 $ 31,374 (a) Minimum rental payments include $ 7.3 million of interest related to operating leases and $ 130.8 m illion related to finance leases and exclude options or renewals not reasonably certain of exercise.
Schedule of Lease Cost	Additional disclosures regarding the Company’s leases as lessee are as follows (dollars in thousands): Year Ended December 31, 2024 2023 2022 Lease Cost Finance lease cost: Amortization of right-of-use assets $ 1,338 $ 1,244 $ 903 Interest on lease liabilities 2,061 1,239 410 Subtotal 3,399 2,483 1,313 Operating lease cost 5,265 5,291 5,338 Variable lease cost 276 228 80 Total lease cost $ 8,940 $ 8,002 $ 6,731 Cash Paid Payments of operating lease obligations - operating activities $ 5,438 $ 5,386 $ 5,364 Payments of interest on finance lease obligations - operating activities 2,061 1,239 410 Payments of finance lease obligations - financing activities 2,437 100 — As of December 31, 2024 2023 Other Information Weighted-average remaining lease term - finance leases (years) 56.8 58.3 Weighted-average remaining lease term - operating leases (years) 8.7 9.7 Weighted-average discount rate - finance leases 6.5 % 6.5 % Weighted-average discount rate - operating leases 5.1 % 5.1 %

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Summary of Segment Information	The following tables set forth certain segment information for the Company (in thousands): As of or for the Year Ended December 31, 2024 Core Investment Structured Unallocated Total Rental revenue $ 193,581 $ 155,949 $ — $ — $ 349,530 Other revenue 6,829 3,330 — — 10,159 Depreciation and amortization ( 73,460 ) ( 65,450 ) — — ( 138,910 ) Property operating expenses ( 32,439 ) ( 33,561 ) — — ( 66,000 ) Real estate taxes ( 29,648 ) ( 16,401 ) — — ( 46,049 ) General and administrative expenses — — — ( 40,559 ) ( 40,559 ) Impairment charges ( 508 ) ( 1,170 ) — — ( 1,678 ) (Loss) gain on disposition of properties ( 2,213 ) 1,379 — — ( 834 ) Operating income 62,142 44,076 — ( 40,559 ) 65,659 Interest income — — 25,085 — 25,085 Equity in earnings of unconsolidated affiliates 4,771 10,407 — — 15,178 Interest expense ( 36,898 ) ( 55,659 ) — — ( 92,557 ) Realized and unrealized holding (losses) gains on investments and other ( 4,064 ) — ( 950 ) — ( 5,014 ) Income tax provision — — — ( 212 ) ( 212 ) Net income (loss) 25,951 ( 1,176 ) 24,135 ( 40,771 ) 8,139 Net loss attributable to redeemable noncontrolling interests — 7,915 — — 7,915 Net loss attributable to noncontrolling interests ( 1,629 ) 7,225 — — 5,596 Net income (loss) attributable to Acadia shareholders $ 24,322 $ 13,964 $ 24,135 $ ( 40,771 ) $ 21,650 Real estate at cost (a) $ 2,783,801 $ 1,815,814 $ — $ — $ 4,599,615 Total Assets (a) $ 2,675,808 $ 1,568,811 $ 126,584 $ — $ 4,371,203 Cash paid for acquisition of real estate $ 131,978 $ 29,555 $ — $ — $ 161,533 Cash paid for development and property improvement costs $ 50,676 $ 29,574 $ — $ — $ 80,250 As of or for the Year Ended December 31, 2023 Core Investment Structured Unallocated Total Rental revenue $ 200,842 $ 132,202 $ — $ — $ 333,044 Other revenue 2,703 2,945 — — 5,648 Depreciation and amortization ( 76,642 ) ( 59,342 ) — — ( 135,984 ) Property operating expenses ( 32,471 ) ( 29,355 ) — — ( 61,826 ) Real estate taxes ( 31,911 ) ( 14,739 ) — — ( 46,650 ) General and administrative expenses — — — ( 41,470 ) ( 41,470 ) Impairment charges — ( 3,686 ) — — ( 3,686 ) Gain on disposition of properties — — — — — Operating income (loss) 62,521 28,025 — ( 41,470 ) 49,076 Interest income — — 19,993 — 19,993 Equity in earnings (losses) of unconsolidated affiliates 2,734 ( 10,411 ) — — ( 7,677 ) Interest expense ( 44,521 ) ( 48,732 ) — — ( 93,253 ) Realized and unrealized holding gains (losses) on investments and other 5,756 24,995 ( 338 ) — 30,413 Income tax provision — — — ( 301 ) ( 301 ) Net income (loss) 26,490 ( 6,123 ) 19,655 ( 41,771 ) ( 1,749 ) Net loss attributable to redeemable noncontrolling interests — 8,239 — — 8,239 Net (income) loss attributable to noncontrolling interests ( 1,937 ) 15,320 — — 13,383 Net income (loss) attributable to Acadia shareholders $ 24,553 $ 17,436 $ 19,655 $ ( 41,771 ) $ 19,873 Real estate at cost (a) $ 2,646,831 $ 1,788,688 $ — $ — $ 4,435,519 Total Assets (a) $ 2,566,450 $ 1,599,755 $ 124,949 $ — $ 4,291,154 Cash paid for acquisition of real estate $ — $ 126,545 $ — $ — $ 126,545 Cash paid for development and property improvement costs $ 44,428 $ 25,112 $ — $ — $ 69,540 As of or for the Year Ended December 31, 2022 Core Investment Structured Unallocated Total Rental revenue $ 195,960 $ 121,854 $ — $ — $ 317,814 Other revenue 6,587 1,889 — — 8,476 Depreciation and amortization ( 75,614 ) ( 60,303 ) — — ( 135,917 ) Property operating expenses ( 30,067 ) ( 26,928 ) — — ( 56,995 ) Real estate taxes ( 30,239 ) ( 14,693 ) — — ( 44,932 ) General and administrative expenses — — — ( 44,066 ) ( 44,066 ) Impairment charges — ( 33,311 ) — — ( 33,311 ) Gain on disposition of properties 7,245 49,916 — — 57,161 Operating income (loss) 73,872 38,424 — ( 44,066 ) 68,230 Interest income — — 14,641 — 14,641 Equity in (losses) earnings of unconsolidated affiliates ( 45,919 ) 13,012 — — ( 32,907 ) Interest expense ( 37,892 ) ( 42,317 ) — — ( 80,209 ) Realized and unrealized holding gains (losses) on investments and other 1,163 ( 35,559 ) ( 598 ) — ( 34,994 ) Income tax provision — — — ( 12 ) ( 12 ) Net (loss) income ( 8,776 ) ( 26,440 ) 14,043 ( 44,078 ) ( 65,251 ) Net loss attributable to redeemable noncontrolling interests — 5,536 — — 5,536 Net loss attributable to noncontrolling interests 1,000 23,270 — — 24,270 Net (loss) income attributable to Acadia shareholders $ ( 7,776 ) $ 2,366 $ 14,043 $ ( 44,078 ) $ ( 35,445 ) Real estate at cost $ 2,597,394 $ 1,655,616 $ — $ — $ 4,253,010 Total Assets $ 2,599,268 $ 1,579,411 $ 123,903 $ — $ 4,302,582 Cash paid for acquisition of real estate and leasehold interest $ 242,633 $ — $ — $ — $ 242,633 Cash paid for development and property improvement costs $ 32,406 $ 18,640 $ — $ — $ 51,046 a) Total assets for the Investment Management segment include $ 515.2 million, $ 555.8 million, and $ 569.1 million related to Fund II’s City Point property at December 31, 2024, 2023, and 2022 , respectively.

Share Incentive and Other Com_2

Share Incentive and Other Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Unvested Restricted Shares and LTIP Units	A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below: Unvested Restricted Shares and LTIP Units Common Weighted LTIP Units Weighted Unvested at January 1, 2022 89,746 $ 16.87 1,415,195 $ 20.85 Granted 45,813 20.98 637,818 21.04 Vested ( 40,894 ) 19.75 ( 309,283 ) 22.86 Forfeited ( 1,930 ) 31.82 ( 278,332 ) 31.16 Unvested at December 31, 2022 92,735 $ 17.31 1,465,398 $ 18.59 Granted 70,629 14.11 780,193 15.00 Vested ( 41,268 ) 19.09 ( 354,343 ) 20.35 Forfeited ( 8,187 ) 21.07 ( 92,589 ) 30.78 Unvested at December 31, 2023 113,909 14.41 1,798,659 16.03 Granted 49,756 17.06 766,508 16.19 Vested ( 55,947 ) 17.20 ( 448,598 ) 18.77 Forfeited ( 1,537 ) 17.24 ( 62,502 ) 26.47 Unvested at December 31, 2024 106,181 $ 14.14 2,054,067 $ 15.17

Federal Income Taxes (Tables)

Federal Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Reconciliation of Net Income to Taxable Income (Loss)	Reconciliation of GAAP net income attributable to Acadia shareholders to taxable income (loss) is as follows (unaudited): Year Ended December 31, (in thousands) 2024 2023 2022 Net income (loss) attributable to Acadia shareholders $ 21,650 $ 19,873 $ ( 35,445 ) Deferred rental and other income loss (a) 2,810 351 ( 1,854 ) Book/tax difference - depreciation and amortization (a) 43,081 22,353 28,337 Straight-line rent and above- and below-market rent adjustments (a) ( 9,381 ) ( 12,484 ) ( 11,917 ) Book/tax differences - equity-based compensation 9,079 7,519 5,952 Joint venture equity in earnings, net and other investments (a) 12,369 33,522 22,493 Impairment charges and reserves 1,700 524 54,822 Acquisition costs (a) 10,220 9 2,048 Gain (loss) on disposition of properties and investments 3,925 1,800 ( 14,960 ) Book adjustment marketable securities ( 18,512 ) ( 4,813 ) — Book/tax differences - miscellaneous ( 208 ) 2,355 5,638 Taxable income $ 76,733 $ 71,009 $ 55,114 Dividends/Distributions declared (b) $ 81,892 $ 68,612 $ 68,312 (a) Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.” (b) The entire fourth quarter 2024 dividend of $ 22.7 million (paid in January 2025 ) was attributed to 2025. Any additional distributions required for REIT qualification may be made through October 15, 2025. The entire fourth quarter 2023 dividend of $ 17.2 million (paid in January 2024 ) was attributed to 2024. The entire fourth quarter 2022 dividend of $ 17.1 million (paid in January 2023 ) was attributed to 2023 ( Note 10 ).
Schedule of Tax Status of Dividends	The Company has determined that the cash distributed to the shareholders for the periods presented is characterized as follows for federal income tax purposes: Year Ended December 31, 2024 2023 2022 Per Share % Per Share % Per Share % Ordinary income - Section 199A $ 0.679 93 % $ 0.583 81 % $ 0.650 90 % Qualified dividend 0.007 1 % 0.115 16 % 0.010 1 % Capital gain 0.044 6 % 0.022 3 % 0.060 9 % Total (a) $ 0.730 100 % $ 0.720 100 % $ 0.720 100 % (a) The fourth quarte r 2024 regular dividend was $ 0.19 per Common Share, all of which is allocable to 2025. The fourth quarter 2023 regular dividend was $ 0.18 per Common Share, all of which is allocable to 2024. The fourth quarter 2022 regular dividend was $ 0.18 per Comm on Share, all of which is allocable to 2023.
Schedule of TRS Income (Loss) and Provision for Income Taxes	Income taxes have been provided for using the liability method as required by ASC Topic 740, “Income Taxes.” The Company’s TRS income (loss) and provision for income taxes associated with the TRS for the periods presented are summarized as follows (in thousands): Year Ended December 31, 2024 2023 2022 TRS loss before income taxes $ ( 2,987 ) $ ( 3,768 ) $ ( 3,178 ) Provision for income taxes: Federal — — — State and local — — — TRS net loss before noncontrolling interests ( 2,987 ) ( 3,768 ) ( 3,178 ) Noncontrolling interests — — - TRS net loss $ ( 2,987 ) $ ( 3,768 ) $ ( 3,178 )
Schedule of Effective Income Tax Rate Reconciliation	The income tax provision for the Company differs from the amount computed by applying the statutory Federal income tax rate to income (loss) before income taxes as follows. Amounts are not adjusted for temporary book/tax differences (in thousands): Year Ended December 31, 2024 2023 2022 Federal tax benefit at statutory tax rate $ ( 577 ) $ ( 791 ) $ ( 667 ) TRS state and local taxes, net of Federal benefit ( 239 ) ( 238 ) ( 201 ) Tax effect of: Permanent differences, net 617 246 194 Adjustment to deferred tax reserve 633 ( 8 ) 691 Other ( 436 ) 791 ( 16 ) REIT state and local income and franchise taxes 214 301 11 Total provision for income taxes $ 212 $ 301 $ 12

Earnings (Loss) Per Common Sh_2

Earnings (Loss) Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Year Ended December 31, (dollars in thousands) 2024 2023 2022 Numerator: Net income (loss) attributable to Acadia shareholders $ 21,650 $ 19,873 $ ( 35,445 ) Less: net income attributable to participating securities ( 1,189 ) ( 978 ) ( 805 ) Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share 20,461 18,895 ( 36,250 ) Impact of City Point Loan share conversion option (a) — — ( 1,804 ) Income from continuing operations net of income attributable to participating securities for diluted earnings per share $ 20,461 $ 18,895 $ ( 38,054 ) Denominator: Weighted average shares for basic earnings (loss) per share 108,226,767 95,283,752 94,575,251 Effect of dilutive securities: Series A Preferred OP Units — — — Employee unvested restricted shares — — — Assumed settlement of forward sales agreements (Note 10) 31,095 — — City Point Loan common stock conversion option (Note 10) (a) — — 68,215 Denominator for diluted earnings per share 108,257,862 95,283,752 94,643,466 Basic earnings (loss) per Common Share from continuing operations attributable to Acadia shareholders $ 0.19 $ 0.20 $ ( 0.38 ) Diluted earnings (loss) per Common Share from continuing operations attributable to Acadia shareholders $ 0.19 $ 0.20 $ ( 0.40 ) Anti-Dilutive Shares Excluded from Denominator: Series A Preferred OP Units 188 188 188 Series A Preferred OP Units - Common share equivalent 25,067 25,067 25,067 Series C Preferred OP Units 66,519 126,384 126,384 Series C Preferred OP Units - Common share equivalent 230,967 438,831 438,831 Restricted shares 81,175 90,006 68,832 (a) The impact of the assumed conversion of dilutive convertible securities is related to the assumed conversion of potential Common Shares of the Company that could be subsequently issued in connection with the City Point Loan ( Note 10 ) for the stub-period until the put rights were modified for a cash-only settlement option in the third quarter of 2022 .

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2024
Variable Interest Entity, Primary Beneficiary, Does Not Hold Majority Voting Interest, Disclosures [Abstract]
Schedule of Assets and Liabilities Included in Consolidated Balance Sheets	As of December 31, 2024 and December 31, 2023, the Consolidated Balance Sheets include the following assets and liabilities of the consolidated VIEs of the Operating Partnership: (in thousands) December 31, 2024 December 31, 2023 VIE ASSETS Operating real estate, net $ 1,640,071 $ 1,679,779 Real estate under development 31,514 28,851 Investments in and advances to unconsolidated affiliates 74,361 92,802 Other assets, net 79,381 101,679 Right-of-use assets - operating leases, net 1,978 2,112 Cash and cash equivalents 15,934 10,787 Restricted cash 11,013 7,048 Rents receivable, net 27,317 21,427 Total VIE assets (a) $ 1,881,569 $ 1,944,485 VIE LIABILITIES Mortgage and other notes payable, net $ 799,734 $ 764,614 Unsecured notes payable, net — 80,473 Accounts payable and other liabilities 120,088 127,162 Lease liability - operating leases, net 2,077 2,213 Total VIE liabilities (a) $ 921,899 $ 974,462 (a) At December 31, 2024 and December 31, 2023 , totals included VIE assets of $ 705.6 million and $ 721.2 million, respectively, and VIE liabilities of $ 235.1 million and $ 234.7 million, respectively, related to third-party property mortgage loans 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 property mortgage debt and are collateral under the respective property mortgage loans and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. Th e 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.

Organization, Basis of Presen_4

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) Segment Property $ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Limited partnership to common stock conversion ratio	100%
Common shares of beneficial interest, par value | $ / shares	$ 0.001	$ 0.001
Number of retail properties | Property	210
Number of reportable segments | Segment	3
Amount of goodwill recorded and acquisition costs capitalized	$ 0
Deferred Rent Receivables, Net	46,200,000	$ 49,300,000
General allowance, Outstanding	300,000	4,100,000
Allowance for uncollectible accounts receivable adjustments	$ (3,800,000)	$ (1,300,000)	$ 1,500,000
REIT
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of distribute taxable income	90%
Percentage of taxable income.	100%
Buildings
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, plant and equipment, useful life	40 years
Building Improvements
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, plant and equipment, useful life	15 years
Furniture and fixtures | Minimum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, plant and equipment, useful life	5 years
Furniture and fixtures | Maximum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, plant and equipment, useful life	10 years
Core Portfolio
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of retail properties | Property	159
Properties owned percentage	100%
Investment Management
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of retail properties | Property	51
Operating Partnership, as General Partner or Managing Member
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Remaining funds rate of distribution to operating partnership (in percent)	20%
Operating Partnership, as General Partner or Managing Member | Acadia's OP Ownership
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity interest held by Operating Partnership	96%	96%
Institutional Investors
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Remaining funds rate of distribution to all partners (in percent)	80%

Organization, Basis of Presen_5

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Fund II
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating Partnership Share of Capital	61.67%
Capital Called	$ 559.4	[1]
Unfunded Commitment	$ 0	[1]
Equity interest held by Operating Partnership	61.67%	[2]
Preferred Return	8%
Total Distributions	$ 172.9	[1]
Fund III
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating Partnership Share of Capital	24.54%
Capital Called	$ 448.1	[1]
Unfunded Commitment	$ 1.9	[1]
Equity interest held by Operating Partnership	24.54%	[2]
Preferred Return	6%
Total Distributions	$ 603.5	[1]
Fund IV
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating Partnership Share of Capital	23.12%
Capital Called	$ 506	[1]
Unfunded Commitment	$ 24	[1]
Equity interest held by Operating Partnership	23.12%	[2]
Preferred Return	6%
Total Distributions	$ 221.4	[1]
Fund V
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Operating Partnership Share of Capital	20.10%
Capital Called	$ 468.8	[1]
Unfunded Commitment	$ 51.2	[1]
Equity interest held by Operating Partnership	20.10%	[2]
Preferred Return	6%
Total Distributions	$ 150.8	[1]
[1] Represents the total for the Funds, including the Operating Partnership and noncontrolling interests’ shares. Amount represents the current economic ownership at December 31, 2024 , which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.

Real Estate - Schedule of Conso

Real Estate - Schedule of Consolidated Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Jan. 01, 2024	Dec. 31, 2023	Jan. 01, 2023
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]
Buildings and improvements	$ 3,174,250		$ 3,128,650
Tenant improvements	304,645		257,955
Land	906,031		872,228
Construction in progress	23,704		23,250
Right-of-use assets - finance leases	$ 61,366		$ 58,637
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Net investments in real estate		Net investments in real estate
Total	$ 4,469,996		$ 4,340,720
Less: Accumulated depreciation and amortization	(926,022)		(823,439)
Operating real estate, net	3,543,974		3,517,281
Real estate under development	129,619	$ 94,799	94,799	$ 184,602
Net investments in real estate	$ 3,673,593		$ 3,612,080

Real Estate - Schedule of Busin

Real Estate - Schedule of Business Acquisitions by Acquisition (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Total consideration	[1]	$ 164,379	$ 127,190
Core Portfolio
Business Acquisition [Line Items]
Total consideration	[1]	$ 132,613
Core Portfolio | Bleecker Street Portfolio (4 assets) | New York, NY
Business Acquisition [Line Items]
Percent Acquired		100%
Total consideration	[1]	$ 20,347
Core Portfolio | 1718 N. Henderson Ave (Land Parcel) | Dallas TX
Business Acquisition [Line Items]
Percent Acquired		100%
Total consideration	[1]	$ 1,063
Core Portfolio | 123-129 N. 6th Street | Brooklyn, NY
Business Acquisition [Line Items]
Percent Acquired		100%
Total consideration	[1]	$ 35,343
Core Portfolio | 92-94 Greene Street | New York, NY
Business Acquisition [Line Items]
Percent Acquired		100%
Total consideration	[1]	$ 43,594
Core Portfolio | 109 N. 6th Street | Brooklyn, NY
Business Acquisition [Line Items]
Percent Acquired		100%
Total consideration	[1]	$ 19,040
Core Portfolio | 1834 N. Henderson Ave | Dallas TX
Business Acquisition [Line Items]
Percent Acquired		100%
Total consideration	[1]	$ 2,144
Core Portfolio | 2107-2115 N. Henderson Ave (Land Parcel) | Dallas TX
Business Acquisition [Line Items]
Percent Acquired		100%
Total consideration	[1]	$ 11,082
Investment Management | Walk at Highwoods Preserve | Tampa, FL
Business Acquisition [Line Items]
Percent Acquired	[2]	100%
Total consideration	[1],[2]	$ 31,766
Investment Management | Cypress Creek | Tampa, FL
Business Acquisition [Line Items]
Percent Acquired			100%
Total consideration	[1]		$ 49,374
Investment Management | Maple Tree Place | Williston, VT
Business Acquisition [Line Items]
Percent Acquired			100%
Total consideration	[1]		$ 77,816
[1] Purchase price includes capitalized transaction costs. On October 25, 2024 , the Company contributed its Walk at Highwoods Preserve property to a newly formed joint venture and retained a 20 % non-controlling ownership interest. Refer to the disposition table below and Note 4 .

Real Estate - Schedule of Bus_2

Real Estate - Schedule of Business Acquisitions by Acquisition (Parenthetical) (Details) - Walk at Highwoods Preserve	Oct. 25, 2024
Business Acquisition [Line Items]
Percentage of non-controlling ownership interest retained	20%
Tampa, FL
Business Acquisition [Line Items]
Percentage of non-controlling ownership interest retained	20%

Real Estate - Acquisitions - Ad

Real Estate - Acquisitions - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Capitalized acquisition costs	$ 2.9	$ 1

Real Estate - Schedule of Purch

Real Estate - Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands	Dec. 31, 2024		Dec. 31, 2023
Business Acquisition [Line Items]
Land	$ 66,418	[1]	$ 17,597
Buildings and improvements	78,608	[1]	89,041
Intangible assets	22,381	[1]	29,158
Right-of-use asset	2,729	[1]	25,313
Lease liability	(1,071)	[1]	(22,075)
Intangible liabilities	(16,831)	[1]	(11,845)
Other assets, net	0	[1]	0
Net assets acquired	152,234	[1]	127,190
Bleecker Street Portfolio (4 assets)
Business Acquisition [Line Items]
Land	4,962
Buildings and improvements	10,460
Intangible assets	3,695
Right-of-use asset	2,729
Lease liability	(1,071)
Intangible liabilities	(428)
Other assets, net	0
Net assets acquired	20,347
Walk at Highwoods Preserve
Business Acquisition [Line Items]
Land	9,730
Buildings and improvements	18,026
Intangible assets	8,631
Right-of-use asset	0
Lease liability	0
Intangible liabilities	(4,621)
Other assets, net	0
Net assets acquired	31,766
123-129 N. 6th Street
Business Acquisition [Line Items]
Land	13,083
Buildings and improvements	25,428
Intangible assets	3,280
Right-of-use asset	0
Lease liability	0
Intangible liabilities	(6,448)
Other assets, net	0
Net assets acquired	35,343
109 N. 6th Street
Business Acquisition [Line Items]
Land	5,142
Buildings and improvements	13,146
Intangible assets	3,081
Right-of-use asset	0
Lease liability	0
Intangible liabilities	(2,329)
Other assets, net	0
Net assets acquired	19,040
92-94 Greene Street
Business Acquisition [Line Items]
Land	32,499
Buildings and improvements	10,406
Intangible assets	3,694
Right-of-use asset	0
Lease liability	0
Intangible liabilities	(3,005)
Other assets, net	0
Net assets acquired	43,594
1834 N Henderson Ave
Business Acquisition [Line Items]
Land	1,002
Buildings and improvements	1,142
Intangible assets	0
Right-of-use asset	0
Lease liability	0
Intangible liabilities	0
Other assets, net	0
Net assets acquired	$ 2,144
Cypress Creek
Business Acquisition [Line Items]
Land			0
Buildings and improvements			39,637
Intangible assets			10,949
Right-of-use asset			25,313
Lease liability			(22,075)
Intangible liabilities			(4,450)
Other assets, net			0
Net assets acquired			49,374
Maple Tree Place
Business Acquisition [Line Items]
Land			17,597
Buildings and improvements			49,404
Intangible assets			18,209
Right-of-use asset			0
Lease liability			0
Intangible liabilities			(7,395)
Other assets, net			0
Net assets acquired			$ 77,816
[1] Excludes 1718 N. Henderson Ave and 2107-2115 N. Henderson Ave properties that were placed in development upon acquisition.

Real Estate - Schedule of Signi

Real Estate - Schedule of Significant Assumptions Used in Calculating Fair Value of the Asset Acquisitions (Details) - Level 3 - $ / ft²	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Maximum
Business Acquisition [Line Items]
Exit Capitalization Rate	8%	8.50%
Discount Rate	10%	10.25%
Annual net rental rate per square foot on acquired buildings	615	47
Annual net rental rate per square foot on acquired master lease	29.11	1.91
Minimum
Business Acquisition [Line Items]
Exit Capitalization Rate	5.50%	7%
Discount Rate	7.50%	10%
Annual net rental rate per square foot on acquired buildings	17	4
Annual net rental rate per square foot on acquired master lease	29.11	1.04

Real Estate - Schedule of Prope

Real Estate - Schedule of Property Dispositions (Details) - USD ($) $ in Thousands				12 Months Ended
		Oct. 25, 2024	May 16, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale				$ (834)	$ 0	$ 57,161
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale Price				95,876
Gain (Loss) on Sale	[1]			$ 364
Disposed of by sale | Shops at Grand - Queens, NY
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale			$ (2,200)
Disposed of by sale | Walk at Highwoods - Tampa, FL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale Price		$ 31,400
Gain (Loss) on Sale		$ (400)
Fund IV | Disposed of by sale | 2208-2216 Fillmore Street - San Francisco, CA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date sold				Apr. 03, 2024
Sale Price				$ 9,777
Gain (Loss) on Sale	[1]			$ 1,239
Fund IV | Disposed of by sale | 2207 Fillmore Street - San Francisco, CA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date sold				Apr. 03, 2024
Sale Price				$ 4,283
Gain (Loss) on Sale	[1]			$ 1,130
Core Portfolio | Disposed of by sale | Shops at Grand - Queens, NY
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date sold	[2]			May 16, 2024
Sale Price	[2]			$ 48,250
Gain (Loss) on Sale	[1],[2]			$ (2,213)
Fund V | Disposed of by sale | Canton Marketplace (Outparcel) - Canton, GA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date sold				Jun. 28, 2024
Sale Price				$ 2,200
Gain (Loss) on Sale	[1]			$ 601
Investment Management | Disposed of by sale | Walk at Highwoods Preserve - Tampa, FL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date sold	[3]			Oct. 25, 2024
Sale Price	[3]			$ 31,366
Gain (Loss) on Sale	[1],[3]			$ (393)
[1] During the first quarter of 2024, the Company recorded a $ 1.2 million loss related to a Fund IV property that was sold in 2019 in connection with a post-closing dispute. On May 16, 2024, the Company contributed its Shops at Grand property located in Queens, New York to a newly formed unconsolidated joint venture and retained a 5 % non-controlling ownership interest which was fair valued at $ 2.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective May 16, 2024 as it no longer controls the investment ( Note 4 ). The Company recognized a loss on deconsolidation of $ 2.2 million related to transaction costs, which is included in the Loss on disposition of properties in the Consolidated Statements of Operations. On October 25, 2024, the Company contributed its Walk at Highwoods Preserve property located in Tampa, Florida to a newly formed unconsolidated joint venture for $ 31.4 million and retained a 20 % non-controlling ownership interest which was valued at $ 6.4 million. As a result of the transaction, the Company deconsolidated the property and accounted for its interest under the equity method of accounting effective October 25, 2024 as it no longer controls the investment ( Note 4 ). The Company recognized a loss on deconsolidation of $ 0.4 million related to transaction costs, which is included in the Loss on disposition of properties in the Consolidated Statements of Operations.

Real Estate - Schedule of Pro_2

Real Estate - Schedule of Property Dispositions (Details) (Parenthetical) - USD ($) $ in Thousands				3 Months Ended	12 Months Ended
		Oct. 25, 2024	May 16, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) gain on disposition of properties					$ (834)	$ 0	$ 57,161
Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price					95,876
(Loss) gain on disposition of properties	[1]				$ 364
Shops at Grand - Queens, NY | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment Owned, Fair Value			$ 2,400
(Loss) gain on disposition of properties			$ (2,200)
Shops at Grand - Queens, NY | Core Portfolio | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of non-controlling ownership interest retained			5%
Walk at Highwoods - Tampa, FL | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price		$ 31,400
Investment Owned, Fair Value		6,400
(Loss) gain on disposition of properties		$ (400)
Walk at Highwoods - Tampa, FL | Core Portfolio | Disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of non-controlling ownership interest retained		20%
Fund IV
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on disposition of assets				$ (1,200)
[1] During the first quarter of 2024, the Company recorded a $ 1.2 million loss related to a Fund IV property that was sold in 2019 in connection with a post-closing dispute.

Real Estate - Dispositions - Ad

Real Estate - Dispositions - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) Property	Dec. 31, 2024 USD ($) Property
Business Acquisition [Line Items]
Properties held for sale | Property		210
Properties held for sale | $	$ 11,057	$ 0
Properties Held for Sale of disposition | $	$ 11,100
Core
Business Acquisition [Line Items]
Properties held for sale | Property	1

Real Estate - Schedule of Devel

Real Estate - Schedule of Development in Process Activities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Property	Dec. 31, 2023 USD ($) Property	Jan. 01, 2024 USD ($) Property	Jan. 01, 2023 USD ($) Property
Property, Plant and Equipment [Line Items]
Number of properties under development | Property	5	3	3	4
Real estate under development, beginning balance	$ 129,619	$ 94,799	$ 94,799	$ 184,602
Transfers In	12,156	0
Capitalized Costs	22,664	14,857
Transfers Out	$ 0	$ 104,660
Core Portfolio
Property, Plant and Equipment [Line Items]
Number of properties under development | Property	4	2	2	2
Real estate under development, beginning balance	$ 98,255	$ 66,083	$ 66,083	$ 54,817
Transfers In	12,156	0
Capitalized Costs	20,016	11,266
Transfers Out	$ 0	$ 0
Fund Portfolio | Fund II
Property, Plant and Equipment [Line Items]
Number of properties under development | Property		0		0
Real estate under development, beginning balance		$ 0		$ 34,072
Transfers In		0
Capitalized Costs		633
Transfers Out		$ 34,705
Fund Portfolio | Fund III
Property, Plant and Equipment [Line Items]
Number of properties under development | Property	1	1	1	1
Real estate under development, beginning balance	$ 31,364	$ 28,716	$ 28,716	$ 25,798
Transfers In	0	0
Capitalized Costs	2,648	2,958
Transfers Out	$ 0	$ 40
Fund Portfolio | Fund IV
Property, Plant and Equipment [Line Items]
Number of properties under development | Property		0		1
Real estate under development, beginning balance		$ 0		$ 69,915
Transfers In		0
Capitalized Costs		0
Transfers Out		$ 69,915

Notes Receivable, Net - Schedul

Notes Receivable, Net - Schedule of Notes Receivable (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2024 USD ($) NotesReceivable		Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts Notes And Loans Receivable [Line Items]
Notes receivable	[1]	$ 128,588	[2]	$ 126,228
Allowance for credit losses		(2,004)	[2]	(1,279)	$ (898)
Notes receivable, net		$ 126,584	[2]	$ 124,949
Number | NotesReceivable	[1]	6
Minimum
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[1]	2020-04
Interest Rate	[1]	6%
Maximum
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[1]	2027-12
Interest Rate	[1]	12%
[1] Included one note receivable from an OP Unit holder, with a balance of $ 6.0 million as of December 31, 2023. The note was paid off in the first quarter of 2024. The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2024 .

Notes Receivable, Net - Sched_2

Notes Receivable, Net - Schedule of Notes Receivable (Parenthetical) (Details) - USD ($) $ in Thousands		Dec. 31, 2024	[2]	Dec. 31, 2023
Accounts Notes And Loans Receivable [Line Items]
Notes receivable	[1]	$ 128,588		$ 126,228
OP Unit Holders | Core Portfolio
Accounts Notes And Loans Receivable [Line Items]
Notes receivable				$ 6,000
[1] Included one note receivable from an OP Unit holder, with a balance of $ 6.0 million as of December 31, 2023. The note was paid off in the first quarter of 2024. The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2024 .

Notes Receivable, Net - Sched_3

Notes Receivable, Net - Schedule of Changes in the Company's Credit Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023
Accounts and Financing Receivable, after Allowance for Credit Loss [Abstract]
Allowance for credit losses as of beginning of periods	$ 1,279		$ 898
Provision of loan losses	725		381
Write-offs	0		0
Total credit allowance	$ 2,004	[1]	$ 1,279
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2024 .

Notes Receivable, Net - Additio

Notes Receivable, Net - Additional Information (Details) - USD ($)			1 Months Ended	12 Months Ended
		Jan. 01, 2025	Jan. 31, 2025	Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
Accounts Notes And Loans Receivable [Line Items]
Notes receivable	[1]			$ 128,588,000	[2]	$ 126,228,000
Note receivable accrued interest				32,154,000		25,553,000
Notes receivable, net	[3]			126,584,000		124,949,000
Credit loss reserve				2,004,000	[2]	1,279,000	$ 898,000
Aggregate loans				126,584,000	[2]	$ 124,949,000
Notes Receivable
Accounts Notes And Loans Receivable [Line Items]
Notes receivable, net				$ 6,000,000
840 N. Michigan Avenue | Notes Receivable
Accounts Notes And Loans Receivable [Line Items]
Notes receivable maturity date						Sep. 30, 2024
Notes receivable, net						$ 1,400,000
Interest Rate						6.50%
1238 Wisconsin Avenue | Notes Receivable
Accounts Notes And Loans Receivable [Line Items]
Notes receivable maturity date				Dec. 31, 2025
Notes receivable, net				$ 7,600,000
Interest Rate				12%
1238 Wisconsin Avenue | Notes Receivable | Subsequent Event
Accounts Notes And Loans Receivable [Line Items]
Notes receivable extended maturity date			Dec. 31, 2027
Note Receivable 1
Accounts Notes And Loans Receivable [Line Items]
Notes receivable modified, subsequent payment default				$ 21,600,000		$ 21,600,000
Note Receivable Three
Accounts Notes And Loans Receivable [Line Items]
Notes receivable				$ 42,000,000
Notes receivable maturity date				Sep. 17, 2025		Sep. 17, 2024
Note Receivable Three | Subsequent Event
Accounts Notes And Loans Receivable [Line Items]
Notes receivable		$ 54,000,000
Maximum
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[1]			2027-12
Interest Rate	[1]			12%
Maximum | Note Receivable Three | Subsequent Event
Accounts Notes And Loans Receivable [Line Items]
Notes receivable maturity date		Feb. 25, 2025
Minimum
Accounts Notes And Loans Receivable [Line Items]
Maturity Date	[1]			2020-04
Interest Rate	[1]			6%
Minimum | Note Receivable Three | Subsequent Event
Accounts Notes And Loans Receivable [Line Items]
Notes receivable maturity date		Jan. 09, 2025
Structured Financing
Accounts Notes And Loans Receivable [Line Items]
Loans amortized cost				$ 0
Structured Financing | Non-Collateral Dependent Loans
Accounts Notes And Loans Receivable [Line Items]
Note receivable accrued interest				26,800,000
Credit loss reserve				2,000,000
Loans amortized cost				$ 137,500,000
[1] Included one note receivable from an OP Unit holder, with a balance of $ 6.0 million as of December 31, 2023. The note was paid off in the first quarter of 2024. The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2024 . Includes Notes receivable, net from related parties of $ 14.8 million and $ 6.4 million as of December 31, 2024 and 2023, respectively (Note 3).

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Oct. 25, 2024	Sep. 25, 2024	May 16, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Due (to) from Related Parties		$ 2,523				$ 1,775
Other	[1]	4,540				4,554
Investments in and advances to unconsolidated affiliates		209,232				197,240
Distributions in excess of income from, and investments in, unconsolidated affiliates		16,514				7,982
Related Party
Schedule of Equity Method Investments [Line Items]
Due (to) from Related Parties		$ 446				396
Fund IV
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		23.12%
Fund V
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		20.10%		90%
Shops at Grand - Queens, NY
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage					95%
Walk at Highwoods Preserve
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			80%
Core Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 110,184				101,227
Core Portfolio | Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		20%
Equity method investments		$ 28,250				30,745
Core Portfolio | Gotham Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		49%
Equity method investments		$ 30,561				30,772
Core Portfolio | Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[2]	50%
Equity method investments	[2]	$ 4,214				4,230
Core Portfolio | 1238 Wisconsin Avenue
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[2],[3]	80%
Equity method investments	[2],[3]	$ 19,048				19,719
Core Portfolio | 840 N. Michigan
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[4]	91.85%
Equity method investments	[4]	$ 28,111				15,761
Core Portfolio | Crossroads
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[5]	49%
Distributions in excess of income from, and investments in, unconsolidated affiliates	[5]	$ 16,514				7,982
Investment Management | Fund IV Other Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[6]	90%
Equity method investments	[6]	$ 5,291				5,221
Investment Management | 650 Bald Hill Road
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[6]	90%
Equity method investments	[6]	$ 9,220				9,486
Investment Management | Paramus Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[6]	50%
Equity method investments	[6]	$ 0				70
Investment Management | Fund IV
Schedule of Equity Method Investments [Line Items]
Equity method investments	[6]	$ 14,511				14,777
Investment Management | Fund V Family Center at Riverdale
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[4],[6]	89.42%
Equity method investments	[4],[6]	$ 1,832				2,552
Investment Management | Tri City Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[6]	90%
Equity method investments	[6]	$ 6,914				6,452
Investment Management | Frederick County Acquisitions
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[6],[7]	90%
Equity method investments	[6],[7]	$ 4,375				11,345
Investment Management | Wood Ridge Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[6]	90%
Equity method investments	[6]	$ 9,313				10,313
Investment Management | La Frontera Village
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[6]	90%
Equity method investments	[6]	$ 13,389				17,483
Investment Management | Shoppes at South Hills
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[6]	90%
Equity method investments	[6]	$ 10,139				11,707
Investment Management | Mohawk Commons
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	[6]	90%
Equity method investments	[6]	$ 12,350				16,434
Investment Management | Fund V
Schedule of Equity Method Investments [Line Items]
Equity method investments	[6]	$ 58,312				76,286
Investment Management | Shops at Grand - Queens, NY
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		5%
Equity method investments		$ 2,452				0
Investment Management | Walk at Highwoods Preserve
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		20%
Equity method investments		$ 2,279				0
Investment Management | LINQ Promenade
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		15%
Equity method investments		$ 16,508				0
Investment Management | Other
Schedule of Equity Method Investments [Line Items]
Equity method investments		$ 21,239				$ 0
[1] Includes cost-method investment in Fifth Wall. As of December 31, 2024, the Company recorded an impairment charge of $ 0.4 million . Represents a variable interest entity (“VIE”) for which the Company is not the primary beneficiary ( Note 16 ). Includes the amounts advanced against a $ 12.8 million construction commitment from the Company to the venture that holds its investment in 1238 Wisconsin. As of December 31, 2024 and December 31, 2023 the note receivable from a related party had a balance of $ 12.8 million, as of each period, net of an allowance for credit losses of $ 0.1 million at each of December 31, 2024 and 2023. The loan is collateralized by the venture members’ equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor and matures on December 28, 2027 (as extended). The Company recognized Interest income of $ 0.2 million for each of the years ended December 31, 2024 and 2023, respectively, related to this note receivable. Represents a tenancy-in-common interest. In December 2023, the Company acquired an additional 3.42 % interest in the North Michigan Avenue venture, increasing its ownership from 88.43 % to 91.85 % and provided a loan to the remaining venture partners. The note receivable bears interest at 6.50 % had an outstanding balance of $ 2.3 million and $ 1.4 million as of December 31, 2024 and 2023, respectively ( Note 3 ). Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may elect to contribute capital to the entity. The Company owns 23.12 % and 20.10 % in Funds IV and V, respectively ( Note 1 ). For the ventures within these Funds, the ownership interest percentage represents the Fund’s ownership interest and not the Company’s proportionate share. On September 25, 2024 the venture which Fund V holds a 90 % interest in sold a 300,000 square foot property in Frederick County, Maryland commonly referred to as Frederick Crossing. Fund V maintains its 90 % interest in the venture which retains its interest in the remaining property of the Frederick County Acquisitions portfolio, commonly referred to as Frederick County Square.

Investments in and Advances t_4

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Parenthetical) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022	Sep. 25, 2024
Schedule of Equity Method Investments [Line Items]
Note receivable from related party		$ 126,584	[1]	$ 124,949
Allowance for credit losses		2,004	[1]	1,279	$ 898
Interest income		25,085		19,993	$ 14,641
Impairment charge		400
Long-term debt outstanding	[2],[3]	$ 1,547,947		1,881,087
1238 Wisconsin Avenue
Schedule of Equity Method Investments [Line Items]
Debt Instrument, Description of Variable Rate Basis		The loan is collateralized by the venture members’ equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor and matures on December 28, 2027 (as extended).
1238 Wisconsin Avenue | Core Portfolio
Schedule of Equity Method Investments [Line Items]
Construction commitment		$ 12,800
Note receivable from related party		12,800		12,800
Allowance for credit losses		100		100
Interest income		$ 200		200
Equity method investment, ownership percentage	[4],[5]	80%
Fund V
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		20.10%				90%
Long-term debt outstanding				33,500
Fund IV
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		23.12%
Long-term debt outstanding				$ 21,900
Frederick Crossing
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage						90%
840 N. Michigan Avenue
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				3.42%
Debt Instrument, Basis Spread on Variable Rate		6.50%		6.50%
Long-term debt outstanding		$ 2,300		$ 1,400
840 N. Michigan Avenue | Maximum
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				91.85%
840 N. Michigan Avenue | Minimum
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				88.43%
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2024 . Includes $ 111.2 million and $ 151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 4.50 % to 6.00 % . Includes $ 852.0 million and $ 1,249.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.98 % to 4.61 % . Includes the amounts advanced against a $ 12.8 million construction commitment from the Company to the venture that holds its investment in 1238 Wisconsin. As of December 31, 2024 and December 31, 2023 the note receivable from a related party had a balance of $ 12.8 million, as of each period, net of an allowance for credit losses of $ 0.1 million at each of December 31, 2024 and 2023. The loan is collateralized by the venture members’ equity interest in the entity that holds the 1238 Wisconsin development property, bears interest at Prime + 1.0% subject to a 4.5% floor and matures on December 28, 2027 (as extended). The Company recognized Interest income of $ 0.2 million for each of the years ended December 31, 2024 and 2023, respectively, related to this note receivable. Represents a variable interest entity (“VIE”) for which the Company is not the primary beneficiary ( Note 16 ).

Investments in and Advances t_5

Investments in and Advances to Unconsolidated Affiliates - Fund Investments - Additional Information (Details) - USD ($) $ in Thousands, shares in Millions							12 Months Ended
		Oct. 25, 2024	Sep. 25, 2024	Jun. 28, 2024	May 16, 2024	Jan. 20, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Nov. 05, 2024	Sep. 19, 2024
Schedule of Equity Method Investments [Line Items]
Long-term debt, gross	[1],[2]						$ 1,547,947	$ 1,881,087
Contingent payment							5,400	0
Equity in earnings (losses) of unconsolidated affiliates							15,178	(7,677)	$ (32,907)
Additional contingent payments								17,500
Proceeds from dividends received							500	29,100	1,800
Proceeds from the disposition of properties and other investments, net							89,078	$ 0	$ 224,558
Venture Capital Gain (Loss), Net			$ 12,900	$ 8,500
Mohawk Commons Venture
Schedule of Equity Method Investments [Line Items]
Percentage of voting interests acquired								90%
LINQ Promenade
Schedule of Equity Method Investments [Line Items]
Purchase Price							$ 41,600
Percentage of voting interests acquired							15%
Real estate investments, unconsolidated real estate and other joint ventures							$ 277,500
Mortgage loan							$ 175,000
Paramus Plaza
Schedule of Equity Method Investments [Line Items]
Proceeds from the disposition of properties and other investments, net				36,800
Repayment related to mortgage				27,900
Fund IV
Schedule of Equity Method Investments [Line Items]
Long-term debt, gross								$ 21,900
Equity method investment, ownership percentage							23.12%
Loans payable								24,100
Venture Capital Gain (Loss), Net				4,100
Share of the gain based on ownership				$ 1,000
Frederick Crossing
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage			90%
Proceeds from the disposition of properties and other investments, net			$ 47,200
Repayment related to mortgage			$ 23,200
Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Long-term debt, gross								160,000
Loans payable								152,000
Debt instrument convertible carrying amount of the equity component								1,400
Crossroads
Schedule of Equity Method Investments [Line Items]
Purchase Price										$ 58,100
Mortgage loan										$ 75,000
Crossroads | SOFR
Schedule of Equity Method Investments [Line Items]
Interest rate										3.83%
Gotham Plaza
Schedule of Equity Method Investments [Line Items]
Purchase Price											$ 17,100
Mortgage loan											$ 28,000
Gotham Plaza | Base Rate
Schedule of Equity Method Investments [Line Items]
Interest rate											5.90%
Walk at Highwoods Preserve
Schedule of Equity Method Investments [Line Items]
Percentage of voting interests acquired		20%
Investment Owned, Fair Value		$ 6,400
Equity method investment, ownership percentage		80%
Sale price		$ 31,400
Mortgage loan		$ 20,500
840 N. Michigan Avenue
Schedule of Equity Method Investments [Line Items]
Long-term debt, gross							$ 2,300	1,400
Equity in earnings (losses) of unconsolidated affiliates								400
Investment owned balance principal amount								18,500
Investment Owned Balance Principal Paydown								$ 17,500
Description of maturity date								the maturity date was extended from February 2025 to December 2026.
Proceeds from sale and maturity of other investments								$ 55,000
Percentage of unpaid outstanding principal								50%
Equity method investment, ownership percentage								3.42%
Mortgage loan								$ 73,500
840 N. Michigan Avenue | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Debt instrument interest rate increase decrease								6.50%
Equity method investment, ownership percentage								91.85%
840 N. Michigan Avenue | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Debt instrument interest rate increase decrease								4.40%
Equity method investment, ownership percentage								88.43%
1238 Wisconsin Avenue
Schedule of Equity Method Investments [Line Items]
Term loan								$ 5,300
Construction loan commitment								12,800
Long-term debt, gross								12,800
Fund V
Schedule of Equity Method Investments [Line Items]
Purchase Price								20,200
Long-term debt, gross								33,500
Equity method investment, ownership percentage			90%				20.10%
Venture Capital Gain (Loss), Net			$ 11,600
Share of the gain based on ownership			$ 2,300
Fund V | Bridge Loan
Schedule of Equity Method Investments [Line Items]
Long-term line of credit, noncurrent								31,700
Mohawk Commons
Schedule of Equity Method Investments [Line Items]
Purchase Price								62,100
Mortgage loan								39,700
Fund V Acquisition One
Schedule of Equity Method Investments [Line Items]
Mortgage loan								36,000
Mortgage loan funded at closing								$ 31,800
Albertsons
Schedule of Equity Method Investments [Line Items]
Proceeds from dividends received						$ 28,500
Investment, shares						$ 11,400
Share distributed to investor						4.1
Investment owned, shares						1.6
Shops at Grand - Queens, NY
Schedule of Equity Method Investments [Line Items]
Percentage of voting interests acquired					5%
Investment Owned, Fair Value					$ 2,400
Equity method investment, ownership percentage					95%
Sale price					$ 48,300
[1] Includes $ 111.2 million and $ 151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 4.50 % to 6.00 % . Includes $ 852.0 million and $ 1,249.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.98 % to 4.61 % .

Investments in and Advances t_6

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Additional Information (Details) - Equity Method Investee - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Related party revenue	$ 1.5	$ 0.4	$ 0.4
Expenses, related party	$ 5.1	$ 4.5	$ 2.7

Investments in and Advances t_7

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Thousands		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Combined and Condensed Balance Sheets
Other assets		$ 223,767		$ 208,460
Total assets		4,371,203	[1],[2]	4,291,154	[1],[2]	$ 4,302,582
Total liabilities, redeemable noncontrolling interests, and equity		4,371,203		4,291,154
Investments carried at cost	[3]	4,540		4,554
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		16,514		7,982
Investments in and advances to unconsolidated affiliates		209,232		197,240
Unconsolidated Affiliates
Combined and Condensed Balance Sheets
Rental property, net		1,016,229		723,411
Other assets		162,713		125,699
Total assets		1,178,942		849,110
Mortgage notes payable		815,045		662,552
Other liabilities		140,743		100,270
Partners’ equity		223,154		86,288
Total liabilities, redeemable noncontrolling interests, and equity		1,178,942		849,110
Company's share of accumulated equity		131,793		128,690
Basis differential		50,851		51,824
Deferred fees, net of portion related to the Company's interest		5,400		3,794
Amounts receivable/payable by the Company		446		396
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates		188,490		184,704
Investments carried at cost		4,228		4,554
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		16,514		7,982
Investments in and advances to unconsolidated affiliates		$ 209,232		$ 197,240
[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: $ 1,640.1 million and $ 1,679.8 million of Operating real estate, net; $ 31.5 million and $ 28.9 million of Real estate under development; $ 74.4 million and $ 92.8 million of Investments in and advances to unconsolidated affiliates; $ 79.4 million and $ 101.7 million of Other assets, net; $ 2.0 million and $ 2.1 million of Right-of-use assets - operating leases, net; $ 15.9 million and $ 10.8 million of Cash and cash equivalents; $ 11.0 million and $ 7.0 million of Restricted cash; $ 27.3 million and $ 21.4 million of Rents receivable, net; $ 799.7 million and $ 764.6 million of property mortgage loans and other notes payable, net; $ 0.0 million and $ 80.5 million of Unsecured notes payable, net; $ 120.1 million and $ 127.2 million of Accounts payable and other liabilities; $ 2.1 million and $ 2.2 million of Lease liability- operating leases as of December 31, 2024 and 2023, respectively. Total assets for the Investment Management segment include $ 515.2 million, $ 555.8 million, and $ 569.1 million related to Fund II’s City Point property at December 31, 2024, 2023, and 2022 , respectively. Includes cost-method investment in Fifth Wall. As of December 31, 2024, the Company recorded an impairment charge of $ 0.4 million .

Investments in and Advances t_8

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Combined and Condensed Statements of Operations
Depreciation and amortization		$ (138,910)	$ (135,984)	$ (135,917)
Company's equity in earnings (losses) of unconsolidated affiliates		15,178	(7,677)	(32,907)
Unconsolidated Affiliates
Combined and Condensed Statements of Operations
Total revenues		114,442	108,425	96,080
Operating and other expenses		(41,001)	(35,488)	(29,858)
Interest expense		(40,998)	(40,864)	(26,807)
Depreciation and amortization		(43,183)	(42,212)	(34,596)
Gain (loss) on extinguishment of debt	[1]	3,934	368	(7)
Impairment of Investment	[2]	0	0	(57,423)
Gain on disposition of properties	[3]	21,357	0	12,983
Net income (loss) attributable to unconsolidated affiliates		14,551	(9,771)	(39,628)
Operating Partnership, as General Partner or Managing Member
Combined and Condensed Statements of Operations
Company's share of equity in net earnings (losses) of unconsolidated affiliates		16,151	(6,688)	(31,907)
Basis differential amortization		(973)	(989)	(1,000)
Company's equity in earnings (losses) of unconsolidated affiliates		$ 15,178	$ (7,677)	$ (32,907)
[1] Includes the gain on debt extinguishment related to the restructuring at 840 N. Michigan Avenue for the year ended December 31, 2024 and 2023. Includes the impairment charge related to 840 N. Michigan Avenue for the year ended December 31, 2022. Includes the gain on the sale of Frederick Crossing, Paramus Plaza for the year ended December 31, 2024 and Promenade at Manassas for the year ended December 31, 2022.

Other Assets, Net and Account_3

Other Assets, Net and Accounts Payable and Other Liabilities - Schedule of Other Assets and Other Liabilities (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Other Assets, Net:
Lease intangibles, net (Note 6)		$ 86,853	$ 100,594
Derivative financial instruments (Note 8)		31,145	28,989
Deferred charges, net (A)		39,189	31,074
Accrued interest receivable (Note 3)		32,154	25,553
Prepaid expenses		15,448	15,204
Due from seller		2,343	2,631
Income taxes receivable		1,475	1,141
Deposits		12,074	575
Corporate assets, net		563	924
Other receivables		2,523	1,775
Other assets, net		223,767	208,460
Deferred Charges, Net:
Deferred leasing and other costs	[1]	82,770	73,908
Deferred financing costs related to line of credit		13,889	9,829
Deferred costs, gross		96,659	83,737
Accumulated amortization		(57,470)	(52,663)
Deferred charges, net		39,189	31,074
Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)		$ 77,534	$ 73,994
Operating Lease, Liability, Statement of Financial Position [Extensible List]		Accounts payable and other liabilities	Accounts payable and other liabilities
Accounts payable and accrued expenses		$ 68,354	$ 61,425
Deferred income		39,351	34,386
Tenant security deposits, escrow and other		14,515	17,939
Lease liability - finance leases, net (Note 11)		$ 31,374	$ 32,739
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]		Accounts payable and other liabilities	Accounts payable and other liabilities
Derivative financial instruments (Note 8)		$ 1,598	$ 8,892
Accounts payable and other liabilities		$ 232,726	$ 229,375
[1] At December 31, 2024 and 2023, deferred leasing and other costs include direct and incremental capitalized internal leasing commissions incurred in connection with executed lease agreements of $ 4.1 million and $ 2.2 million, respectively, which are amortized on a straight-line basis over the terms of the related leases.

Other Assets, Net and Account_4

Other Assets, Net and Accounts Payable and Other Liabilities - Schedule of Other Assets and Other Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred Costs [Abstract]
Incremental capitalized internal leasing commission	$ 4.1	$ 2.2

Lease Intangibles - Schedule of

Lease Intangibles - Schedule of Intangible Assets and Liabilities Included in Other Assets Net and Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	$ 363,092	$ 354,778
Amortizable Intangible Assets, Accumulated Amortization	(276,239)	(254,184)
Amortizable Intangible Assets, Net Carrying Amount	86,853	100,594
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Gross Carrying Amount	(196,239)	(188,098)
Amortizable Intangible Liabilities, Accumulated Amortization	118,933	114,393
Amortizable Intangible Liabilities, Net Carrying Amount	(77,306)	(73,705)
Above-market Ground Lease, Gross	(671)	(671)
Above-market Ground Lease, Accumulated Amortization	443	382
Above-market Ground Lease, Net	(228)	(289)
Finite-Lived Intangible Liabilities, Gross	(196,910)	(188,769)
Finite-Lived Intangible Liabilities, Accumulated Amortization	119,376	114,775
Finite-Lived Intangible Liabilities, Net	(77,534)	(73,994)
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	336,660	327,484
Amortizable Intangible Assets, Accumulated Amortization	(255,899)	(234,808)
Amortizable Intangible Assets, Net Carrying Amount	80,761	92,676
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Net Carrying Amount	(71,214)
Above-market rent
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	26,432	27,294
Amortizable Intangible Assets, Accumulated Amortization	(20,340)	(19,376)
Amortizable Intangible Assets, Net Carrying Amount	$ 6,092	$ 7,918

Lease Intangibles - Additional

Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 21.9	$ 25.9
Acquired intangible assets, weighted average useful life	5 years 1 month 6 days	5 years 8 months 12 days
Accelerated amortization related to below market lease	$ 0.8	$ 3.2
In-place lease intangible assets | Tenant Non-renewals
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below market lease		2.8
In-place lease intangible assets | Early Tenant Lease Terminations
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below market lease	0.4
Above-market rent
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 0.5	$ 3.2
Acquired intangible assets, weighted average useful life	4 years 9 months 18 days	7 years 1 month 6 days
Below Market Rents
Finite-Lived Intangible Assets [Line Items]
Below market rents, acquired	$ 16.8	$ 11.8
Acquired intangible assets, weighted average useful life	11 years 1 month 6 days	21 years 1 month 6 days
Finite lived intangible assets derecognized	$ 0.7
Accelerated amortization related to below market lease	0.3	$ 8.8
Below Market Rents | Early Tenant Lease Terminations
Finite-Lived Intangible Assets [Line Items]
Accelerated amortization related to below market lease	0.2	$ 8.4
Below Market Rents | Disposed of by sale
Finite-Lived Intangible Assets [Line Items]
Below market rents, acquired	$ 0.6

Lease Intangibles - Scheduled A

Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Acquired Lease Intangibles [Abstract]
Total, Net Increase In Rental Revenues	$ 77,306	$ 73,705
Total, Increase to Amortization Expense	(86,853)	(100,594)
In-place lease intangible assets
Acquired Lease Intangibles [Abstract]
2025, Net Increase In Rental Revenues	6,620
2026, Net Increase In Rental Revenues	6,094
2027, Net Increase In Rental Revenues	5,493
2028, Net Increase In Rental Revenues	5,567
2029, Net Increase In Rental Revenues	5,435
Thereafter, Net Increase in Rental Revenues	42,005
Total, Net Increase In Rental Revenues	71,214
2025, Increase to Amortization Expense	(22,110)
2026, Increase to Amortization Expense	(17,602)
2027, Increase to Amortization Expense	(12,569)
2028, Increase to Amortization Expense	(7,841)
2029, Increase to Amortization Expense	(4,719)
Thereafter, Increase to Amortization Expense	(15,920)
Total, Increase to Amortization Expense	(80,761)	$ (92,676)
2025, Reduction of Property Operating Expense	58
2026, Reduction of Property Operating Expense	58
2027, Reduction of Property Operating Expense	58
2028, Reduction of Property Operating Expense	54
2029, Reduction of Property Operating Expense	0
Thereafter, Reduction of Property Operating Expense	0
Total, Reduction of Property Operating Expense	$ 228

Debt - Summary of Consolidated

Debt - Summary of Consolidated Indebtedness (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	[1],[2]	$ 1,547,947	$ 1,881,087
Net unamortized debt issuance costs		(10,893)	(11,186)
Unamortized premium		212	240
Secured Debt, Total		953,700	930,127
Unsecured notes payable, net		569,566	726,727
Total Indebtedness		1,537,266	1,870,141
Fund IV
Debt Instrument [Line Items]
Long-term debt, gross		36,200	36,200
Mortgages
Debt Instrument [Line Items]
Net unamortized debt issuance costs		(5,459)	(7,313)
Unamortized premium		212	240
Secured Debt, Total		953,700	930,127
Mortgages | Fund Portfolio | Fund II
Debt Instrument [Line Items]
Long-term debt, gross	[3]	137,485	137,485
Mortgages | Fund Portfolio | Fund III
Debt Instrument [Line Items]
Long-term debt, gross		33,000	33,000
Mortgages | Fund Portfolio | Fund IV
Debt Instrument [Line Items]
Long-term debt, gross	[4]	109,471	115,925
Mortgages | Fund Portfolio | Fund V
Debt Instrument [Line Items]
Long-term debt, gross		498,779	458,960
Unsecured Debt
Debt Instrument [Line Items]
Net unamortized debt issuance costs		(5,434)	(3,873)
Unsecured notes payable, net		569,566	726,727
Line of Credit
Debt Instrument [Line Items]
Unsecured notes payable, net	[5]	14,000	213,287
Fixed Rate | Mortgages | Core Portfolio
Debt Instrument [Line Items]
Long-term debt, gross		$ 180,212	191,830
Fixed Rate | Mortgages | Core Portfolio | Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage		5.89%
Maturity Date		2035-04
Fixed Rate | Mortgages | Core Portfolio | Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage		3.99%
Maturity Date		2027-07
Variable Rate Debt | Mortgages | SOFR | Fund II
Debt Instrument [Line Items]
Basis spread on variable rate	[3]	2.61%
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund II
Debt Instrument [Line Items]
Maturity Date	[3]	2025-08
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund IV | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	[4]	3.33%
Maturity Date	[4]	2028-06
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund IV | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	[4]	2.25%
Maturity Date	[4]	2025-03
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund V | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.10%
Maturity Date		2028-06
Variable Rate Debt | Mortgages | Fund Portfolio | SOFR | Fund V | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.86%
Maturity Date		2025-01
Variable Rate Debt | Mortgages | Variable Rate | SOFR | Fund III
Debt Instrument [Line Items]
Maturity Date		2025-10
Variable Rate Debt | Mortgages | Variable Rate | SOFR | Fund III | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		3.75%
Variable Rate Unsecured Term Loans | Unsecured Debt | Core Portfolio
Debt Instrument [Line Items]
Long-term debt, gross	[5]	$ 475,000	650,000
Variable Rate Unsecured Term Loans | Unsecured Debt | Core Portfolio | Maximum
Debt Instrument [Line Items]
Maturity Date	[5]	2029-07
Variable Rate Unsecured Term Loans | Unsecured Debt | Core Portfolio | Minimum
Debt Instrument [Line Items]
Maturity Date	[5]	2028-04
Variable Rate Unsecured Term Loans | Unsecured Debt | Core Portfolio | SOFR | Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	[5]	1.75%
Variable Rate Unsecured Term Loans | Unsecured Debt | Core Portfolio | SOFR | Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	[5]	1.50%
Variable Rate Unsecured Term Loans | Unsecured Debt | Core Senior Notes Portfolio
Debt Instrument [Line Items]
Long-term debt, gross		$ 100,000	0
Variable Rate Unsecured Term Loans | Unsecured Debt | Core Senior Notes Portfolio | Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage		5.94%
Maturity Date		2029-08
Variable Rate Unsecured Term Loans | Unsecured Debt | Core Senior Notes Portfolio | Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage		5.86%
Maturity Date		2027-08
Variable Rate Unsecured Term Loans | Line of Credit | Core Portfolio | SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	[5]	1.35%
Maturity Date	[5]	2028-04
Subscription Line | Unsecured Debt | Fund Portfolio | Fund V
Debt Instrument [Line Items]
Long-term debt, gross	[6]	$ 0	$ 80,600
[1] Includes $ 111.2 million and $ 151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 4.50 % to 6.00 % . Includes $ 852.0 million and $ 1,249.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.98 % to 4.61 % . The Company has a total commitment of $ 198.0 million on the Fund II property mortgage loan as of both December 31, 2024 and December 31, 2023 . Includes the outstanding balance on the Fund IV secured bridge facility of $ 36.2 million at December 31, 2024 and December 31, 2023 . The Company has entered into various swap agreements to effectively fix its interest costs on a portion of its Revolver and term loans at December 31, 2024 and 2023 ( Note 8 ). Fund V paid off the subscription line and terminated the outstanding letters of credit during the first quarter of 2024.

Debt - Summary of Consolidate_2

Debt - Summary of Consolidated Indebtedness (Parenthetical) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, gross	[1],[2]	$ 1,547,947	$ 1,881,087
Interest Rate Caps
Debt Instrument [Line Items]
Long-term debt, gross		111,200	151,400
Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements
Debt Instrument [Line Items]
Long-term debt, gross		$ 852,000	$ 1,249,800
Minimum | Interest Rate Caps
Debt Instrument [Line Items]
Debt Instrument, Interest Rate		4.50%
Minimum | Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements
Debt Instrument [Line Items]
Debt Instrument, Interest Rate		1.98%
Maximum | Interest Rate Caps
Debt Instrument [Line Items]
Debt Instrument, Interest Rate			6%
Maximum | Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements
Debt Instrument [Line Items]
Debt Instrument, Interest Rate			4.61%
Fund II
Debt Instrument [Line Items]
Single Mortgage Loan		$ 198,000	$ 198,000
Fund IV
Debt Instrument [Line Items]
Long-term debt, gross		$ 36,200	$ 36,200
[1] Includes $ 111.2 million and $ 151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 4.50 % to 6.00 % . Includes $ 852.0 million and $ 1,249.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.98 % to 4.61 % .

Debt - Unsecured Notes Payable

Debt - Unsecured Notes Payable - Additional Information (Details) - USD ($) $ in Thousands				12 Months Ended
		Sep. 12, 2024	Apr. 15, 2024	Dec. 31, 2024	Aug. 21, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt outstanding	[1],[2]			$ 1,547,947		$ 1,881,087
Letters of credit, outstanding amount				$ 2,000		2,000
Unsecured Notes Payable
Debt Instrument [Line Items]
Initiation date			Jun. 29, 2026
Maturity date			Apr. 15, 2028
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount					$ 100,000
Description of prepayment of senior notes				The Company may prepay the Senior Notes at any time in full or in part subject to certain limitations set forth in the Senior Note Purchase Agreement
$400 Million Term Loan | Unsecured Notes Payable
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 400,000
Series A Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount					$ 20,000
Interest rate, stated percentage					5.86%
Series B Notes | Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount					$ 80,000
Interest rate, stated percentage					5.94%
Fund V [Member] | Fund Portfolio [Member] | Subscription Line | Unsecured Notes Payable
Debt Instrument [Line Items]
Long-term debt outstanding	[3]			$ 0		80,600
Revolving Credit Facility | Unsecured Notes Payable
Debt Instrument [Line Items]
Basis spread on variable rate				1.35%
Maturity date				Apr. 15, 2028
Long-term debt outstanding				$ 14,000		213,300
Letters of credit, outstanding amount						0
Total available credit				$ 511,000		$ 86,700
Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
Long-term line of credit, noncurrent				$ 400,000
Maturity date				Apr. 15, 2028
Term Loan | $175.0 Million Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 175,000
Repayment of debt		175,000
Early termination penalty upon repayment		$ 0
Basis spread on variable rate		1.50%
Maturity date		Apr. 06, 2027
Term Loan | $75.0 Million Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 75,000
Basis spread on variable rate				1.75%
Maturity date				Jul. 29, 2029
Letter of Credit
Debt Instrument [Line Items]
Initiation date			Jun. 29, 2025
Maturity date			Apr. 15, 2028
Total available credit			$ 60,000
Amended Credit Facility | Operating Partnership
Debt Instrument [Line Items]
Total available credit			900,000
Amended Credit Facility | Maximum | Unsecured Notes Payable
Debt Instrument [Line Items]
Total available credit			350,000
Amended Credit Facility | Maximum | Operating Partnership
Debt Instrument [Line Items]
Total available credit		$ 1,100,000
Amended Credit Facility | Minimum | Unsecured Notes Payable
Debt Instrument [Line Items]
Total available credit			$ 300,000
Amended Credit Facility | Minimum | Operating Partnership
Debt Instrument [Line Items]
Total available credit		$ 525,000
[1] Includes $ 111.2 million and $ 151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 4.50 % to 6.00 % . Includes $ 852.0 million and $ 1,249.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.98 % to 4.61 % . Fund V paid off the subscription line and terminated the outstanding letters of credit during the first quarter of 2024.

Debt - Mortgages and Other Note

Debt - Mortgages and Other Notes Payable - Additional Information (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2024 USD ($) Mortgage	Dec. 31, 2023 USD ($) Mortgage
Debt Instrument [Line Items]
Notes receivable, net	[1]	$ 126,584	$ 124,949
Line of credit		$ 14,000	$ 213,287
Mortgages
Debt Instrument [Line Items]
Number of properties collateralized | Mortgage		31	33
Investment Management
Debt Instrument [Line Items]
Scheduled principal payment		$ 5,400	$ 7,700
Investment Management | Core mortgage
Debt Instrument [Line Items]
Note receivable principal amount		2,000
Investment Management | Mortgages
Debt Instrument [Line Items]
Notes receivable, net		43,400	32,200
Repayments of debt		6,400
Refinanced of debt			5,800
Investment Management | Mortgages | Outparcel Disposition
Debt Instrument [Line Items]
Repayments of debt		1,500
Investment Management | Mortgages | Subscription Line
Debt Instrument [Line Items]
Notes receivable, net		174,000	150,800
Refinanced Investment Management | Mortgages
Debt Instrument [Line Items]
Repayments of debt		41,000	111,400
Fund IV
Debt Instrument [Line Items]
Maximum borrowing capacity		22,500
Remaining borrowing capacity		0	0
Long-term line of credit, noncurrent		36,200	36,200
Bridge loan principal reduction amount			3,000
Core Portfolio
Debt Instrument [Line Items]
Scheduled principal payment		4,300
Core Portfolio | Core mortgage
Debt Instrument [Line Items]
Notes receivable, net		60,000
Line of credit		7,300
Note receivable principal amount		$ 2,500	$ 2,700
[1] Includes Notes receivable, net from related parties of $ 14.8 million and $ 6.4 million as of December 31, 2024 and 2023, respectively (Note 3).

Debt - Scheduled Principal Repa

Debt - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2025		$ 477,562
2026		83,698
2027		214,675
2028		595,805
2029		173,291
Thereafter		2,916
Long-term debt and convertible notes payable	[1],[2]	1,547,947	$ 1,881,087
Unamortized premium		212	240
Net unamortized debt issuance costs		(10,893)	(11,186)
Total Indebtedness		$ 1,537,266	$ 1,870,141
[1] Includes $ 111.2 million and $ 151.4 million, respectively, of variable-rate debt that is subject to interest cap agreements as of the periods presented. The effective fixed rates ranged fro m 4.50 % to 6.00 % . Includes $ 852.0 million and $ 1,249.8 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented. The effective fixed rates ranged from 1.98 % to 4.61 % .

Debt - Scheduled Principal Re_2

Debt - Scheduled Principal Repayments - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Contractual due 2025	$ 477,562
Contractual due 2026	83,698
Contractual due 2027	214,675
Contractual due 2028	595,805
Debt With Extension Options
Debt Instrument [Line Items]
Contractual due 2025	364,300
Contractual due 2026	53,800
Contractual due 2027	192,100
Contractual due 2028	$ 471,500
Consolidated debt, Extension Term	12 months
Consolidated debt, Extension Term (Thereafter)	12 months

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Marketable equity securities	$ 14,771	$ 33,284
Derivative financial instruments	31,145	28,989
Liabilities
Derivative financial instruments	1,598	8,892
Recurring | Level 1
Assets
Marketable equity securities	14,771	33,284
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	0	0
Recurring | Level 2
Assets
Marketable equity securities	0	0
Derivative financial instruments	31,145	28,989
Liabilities
Derivative financial instruments	(1,598)	(8,892)
Recurring | Level 3
Assets
Marketable equity securities	0	0
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	$ 0	$ 0

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurements - Schedule of realized and unrealized gain (loss) on marketable securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Realized gain on marketable securities, net	$ 14,188	$ 4,636	$ 0
Less: previously recognized unrealized gains on marketable securities sold during the period	(14,188)	(4,636)	0
Unrealized (losses) gains on marketable securities still held as of the end of the period and through the disposition date on marketable securities sold during the period	(4,324)	1,634	(38,913)
(Loss) gain on marketable securities, net	$ (4,324)	$ 1,634	$ (38,913)

Financial Instruments and Fai_5

Financial Instruments and Fair Value Measurements - Schedule of Items Measured at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Impairment charges		$ 1,678	$ 3,686	$ 33,311
Fair Value, Measurements, Nonrecurring
Real Estate [Line Items]
Impairment charges	[1],[2]	1,678
Fair Value, Measurements, Nonrecurring | Acadia Realty Trust
Real Estate [Line Items]
Impairment charges	[1],[2]	$ 750
Fair Value, Measurements, Nonrecurring | 1964 Union Street San Francisco, CA | Fund IV | Level 3 Inputs Projections
Real Estate [Line Items]
Triggering Event		Reduced holding period
Impairment charges	[2]	$ 1,170
Fair Value, Measurements, Nonrecurring | 1964 Union Street San Francisco, CA | Acadia Realty Trust | Fund IV | Level 3 Inputs Projections
Real Estate [Line Items]
Impairment charges	[2]	$ 242
Fair Value, Measurements, Nonrecurring | Mark Plaza Edwardsville, PA | Core | Level 3 Inputs Projections
Real Estate [Line Items]
Triggering Event		Reduced projected operating income
Impairment charges	[2]	$ 508
Fair Value, Measurements, Nonrecurring | Mark Plaza Edwardsville, PA | Acadia Realty Trust | Core | Level 3 Inputs Projections
Real Estate [Line Items]
Impairment charges	[2]	$ 508
Fair Value, Measurements, Nonrecurring | 146 Geary Street, San Francisco, CA | Fund IV | Level 3 Inputs Projections
Real Estate [Line Items]
Triggering Event			Reduced holding period
Impairment charges	[2]		$ 3,686
Fair Value, Measurements, Nonrecurring | 146 Geary Street, San Francisco, CA | Acadia Realty Trust | Fund IV | Level 3 Inputs Projections
Real Estate [Line Items]
Impairment charges	[2]		$ 852
[1] Does not include the impairment charge of $ 0.4 million related to the Company’s investment in Fifth Wall ( Note 4 ) which is recorded in Realized and unrealized holding (losses) gains on investments and other, in the Company’s consolidated Statement of Operations. The Company est imated the fair valu e of 1964 Union Street, Mark Plaza and 146 Geary Street based on a discounted cash flow analysis using a discount rate of 7.75 % and a range of capitalization rates from 4.75 % to 5.75 %. A s 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 .

Financial Instruments and Fai_6

Financial Instruments and Fair Value Measurements - Schedule of Items Measured at Fair Value on Nonrecurring Basis (Parenthetical) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Real Estate [Line Items]
Impairment charge	$ 0.4
1964 Union Street San Francisco, CA
Real Estate [Line Items]
Aggregate fair value	2.4
Mark Plaza Edwardsville, PA
Real Estate [Line Items]
Aggregate fair value	$ 2.4
Fair Value, Measurements, Nonrecurring | 1964 Union Street San Francisco, CA | Discounted Cash Flow Analysis
Real Estate [Line Items]
Discount rate	7.75%
Fair Value, Measurements, Nonrecurring | 1964 Union Street San Francisco, CA | Discounted Cash Flow Analysis | Minimum
Real Estate [Line Items]
Capitalization rate	4.75%
Fair Value, Measurements, Nonrecurring | 1964 Union Street San Francisco, CA | Discounted Cash Flow Analysis | Maximum
Real Estate [Line Items]
Capitalization rate	5.75%
Fair Value, Measurements, Nonrecurring | Mark Plaza Edwardsville, PA | Discounted Cash Flow Analysis
Real Estate [Line Items]
Discount rate	7.75%
Fair Value, Measurements, Nonrecurring | Mark Plaza Edwardsville, PA | Discounted Cash Flow Analysis | Minimum
Real Estate [Line Items]
Capitalization rate	4.75%
Fair Value, Measurements, Nonrecurring | Mark Plaza Edwardsville, PA | Discounted Cash Flow Analysis | Maximum
Real Estate [Line Items]
Capitalization rate	5.75%
Fair Value, Measurements, Nonrecurring | 146 Geary Street, San Francisco, CA | Discounted Cash Flow Analysis
Real Estate [Line Items]
Discount rate	7.75%
Fair Value, Measurements, Nonrecurring | 146 Geary Street, San Francisco, CA | Discounted Cash Flow Analysis | Minimum
Real Estate [Line Items]
Capitalization rate	4.75%
Fair Value, Measurements, Nonrecurring | 146 Geary Street, San Francisco, CA | Discounted Cash Flow Analysis | Maximum
Real Estate [Line Items]
Capitalization rate	5.75%

Financial Instruments and Fai_7

Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (1,598)	$ (8,892)
Derivative Asset	31,145	28,989
Fund IV | Interest Rate Caps | Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	54,500
Core Portfolio
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	731,000
Fair value, derivatives, net	26,857	13,868
Core Portfolio | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (1,316)	$ (8,807)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Derivative Asset	$ 28,173	$ 22,675
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Core Portfolio | Interest Rate Swaps | Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 50,000
Core Portfolio | Interest Rate Swaps | Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 681,000
Core Portfolio | Interest Rate Swaps | Minimum | Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-10
Derivative Maturity Date	2029-07
Strike Rate	4.61%
Core Portfolio | Interest Rate Swaps | Minimum | Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2022-05
Derivative Maturity Date	2025-03
Strike Rate	1.98%
Core Portfolio | Interest Rate Swaps | Maximum | Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Strike Rate	4.61%
Core Portfolio | Interest Rate Swaps | Maximum | Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-05
Derivative Maturity Date	2030-07
Strike Rate	3.61%
Core Portfolio | Fund IV | Interest Rate Caps | Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-12
Derivative Maturity Date	2025-12
Fund Portfolio | Fund II
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 50,000
Fair value, derivatives, net	1,615	$ 634
Fund Portfolio | Fund II | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 1,615	$ 634
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Fund Portfolio | Fund II | Interest Rate Swaps | Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 50,000
Derivative Effective Date	2023-01
Derivative Maturity Date	2029-12
Fund Portfolio | Fund II | Interest Rate Swaps | Minimum | Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.23%
Fund Portfolio | Fund II | Interest Rate Swaps | Maximum | Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.23%
Fund Portfolio | Fund III | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 1	$ 26
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Fund Portfolio | Fund III | Interest Rate Caps | Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 33,000
Derivative Effective Date	2023-09
Derivative Maturity Date	2025-10
Fund Portfolio | Fund III | Interest Rate Caps | Minimum | Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	5.50%
Fund Portfolio | Fund III | Interest Rate Caps | Maximum | Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	5.50%
Fund Portfolio | Fund IV | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative Asset	$ 2	$ 29
Fund Portfolio | Fund IV | Interest Rate Swaps | Minimum | Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	6%
Fund Portfolio | Fund IV | Interest Rate Swaps | Maximum | Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	6%
Fund Portfolio | Fund IV | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Fund Portfolio | Fund V
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 334,930
Fair value, derivatives, net	1,072	$ 5,540
Fund Portfolio | Fund V | Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (282)	$ (85)
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Derivative Asset	$ 1,352	$ 5,523
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Fund Portfolio | Fund V | Interest Rate Swaps | Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 127,909
Fund Portfolio | Fund V | Interest Rate Swaps | Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 135,148
Fund Portfolio | Fund V | Interest Rate Swaps | Minimum | Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-06
Derivative Maturity Date	2025-06
Strike Rate	4.08%
Fund Portfolio | Fund V | Interest Rate Swaps | Minimum | Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2022-04
Derivative Maturity Date	2025-04
Strike Rate	2.61%
Fund Portfolio | Fund V | Interest Rate Swaps | Maximum | Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2024-12
Derivative Maturity Date	2027-12
Strike Rate	4.54%
Fund Portfolio | Fund V | Interest Rate Swaps | Maximum | Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2024-10
Derivative Maturity Date	2027-12
Strike Rate	3.72%
Fund Portfolio | Fund V | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ 0	$ 0
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Derivative Asset	$ 2	$ 102
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Fund Portfolio | Fund V | Interest Rate Caps | Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 39,673
Derivative Effective Date	2024-02
Derivative Maturity Date	2025-01
Fund Portfolio | Fund V | Interest Rate Caps | Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 32,200
Fund Portfolio | Fund V | Interest Rate Caps | Minimum | Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Strike Rate	4.50%
Fund Portfolio | Fund V | Interest Rate Caps | Minimum | Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2023-08
Derivative Maturity Date	2025-09
Strike Rate	5%
Fund Portfolio | Fund V | Interest Rate Caps | Maximum | Accounts payable and other liabilities
Derivatives, Fair Value [Line Items]
Strike Rate	4.50%
Fund Portfolio | Fund V | Interest Rate Caps | Maximum | Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	5%

Financial Instruments and Fai_8

Financial Instruments and Fair Value Measurements - Additional Information (Details) $ in Thousands		12 Months Ended
	Jan. 20, 2023 USD ($)	Dec. 31, 2024 USD ($) SwapSwap shares	Dec. 31, 2023 USD ($) SwapSwap	Dec. 31, 2022 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Reclassification adjustment related to derivatives from AOCI to interest expense		$ 12,300
Net proceeds from sale of common stock		459,892	$ 0	$ 119,485
Proceeds from dividends received		500	29,100	1,800
Derivative designated to hedges of net investments in foreign operations		$ 0	$ 0
Number of forward swaps terminated | SwapSwap		4	6
Forward swaps
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivative, notional amount		$ 125,000	$ 175,000
Cash payment for swaps		$ 3,000
Cash proceeds from swaps			16,000
Albertsons
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Sale of shares | shares		695,000
Net proceeds from sale of common stock		$ 14,200
Common stock shares held		800
Securities held at fair value		14,800
Proceeds from dividends received	$ 28,500
Acadia
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Proceeds from dividends received		$ 500	$ 12,000	$ 600

Financial Instruments and Fai_9

Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($) $ in Thousands		Dec. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	[1]	$ 126,584	$ 124,949
Mortgage and Other Notes Payable		1,537,266	1,870,141
Unsecured notes payable and Unsecured line of credit		569,566	726,727
Level 3 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	[2]	126,584	124,949
City Point Loan	[2]	66,741	66,741
Mortgage and Other Notes Payable	[2]	958,947	937,200
Investment in non-traded equity securities	[3]	4,073	4,398
Level 3 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	[2]	127,485	124,789
City Point Loan	[2]	68,204	66,017
Mortgage and Other Notes Payable	[2]	954,276	921,563
Investment in non-traded equity securities	[3]	4,073	4,702
Level 2 | Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable and Unsecured line of credit	[4]	589,000	943,887
Level 2 | Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable and Unsecured line of credit	[4]	$ 589,018	$ 937,153
[1] Includes Notes receivable, net from related parties of $ 14.8 million and $ 6.4 million as of December 31, 2024 and 2023, respectively (Note 3). 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 3.88 % to 13.60 % for the Company’s notes receivable and City Point Loan, and 3.99 % to 7.68 % fo r the Company’s property mortgage loans and other notes payable, depending on the attributes of the specific loans. Includes the Operating Partnership’s cost-method investment in Fifth Wall ( Note 4 ). 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.

Financial Instruments and Fa_10

Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Parenthetical) (Details) - Level 3	Dec. 31, 2024
City Point Loan | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	13.60%
City Point Loan | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	3.88%
Mortgage and Other Notes Payable | Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	7.68%
Mortgage and Other Notes Payable | Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Estimated market rates of financial instruments	3.99%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Liabilities	[1]		$ 1,838,931	$ 2,157,598
Contractual obligation			97,400	15,800
Contractual obligation for tenant improvements			41,400	25,700
Tenant improvements share amount			32,300	14,600
Company related obligations			95,200	12,500
Letters of credit, outstanding amount			2,000	2,000
Revenue from forfeiture of non refundable payments		$ 3,500
Fund IV
Loss Contingencies [Line Items]
Principal payment			72,500
La Frontera Village Member
Loss Contingencies [Line Items]
Mortgage loan			57,000
Liabilities			$ 200	$ 200
[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: $ 1,640.1 million and $ 1,679.8 million of Operating real estate, net; $ 31.5 million and $ 28.9 million of Real estate under development; $ 74.4 million and $ 92.8 million of Investments in and advances to unconsolidated affiliates; $ 79.4 million and $ 101.7 million of Other assets, net; $ 2.0 million and $ 2.1 million of Right-of-use assets - operating leases, net; $ 15.9 million and $ 10.8 million of Cash and cash equivalents; $ 11.0 million and $ 7.0 million of Restricted cash; $ 27.3 million and $ 21.4 million of Rents receivable, net; $ 799.7 million and $ 764.6 million of property mortgage loans and other notes payable, net; $ 0.0 million and $ 80.5 million of Unsecured notes payable, net; $ 120.1 million and $ 127.2 million of Accounts payable and other liabilities; $ 2.1 million and $ 2.2 million of Lease liability- operating leases as of December 31, 2024 and 2023, respectively.

Shareholders' Equity, Noncont_3

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Public Offerings - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Oct. 16, 2024	Oct. 02, 2024	Jan. 08, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Net proceeds from sale of common stock				$ 459,892	$ 0	$ 119,485
Primary Offering
Class of Stock [Line Items]
Sale of shares		5,750,000	6,900,000
Purchase of additional shares		750,000	900,000
Sale of stock, price per share		$ 22.89	$ 16.38
Net proceeds from sale of common stock	$ 131,600	$ 131,600	$ 113,000

Shareholders' Equity, Noncont_4

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - ATM Program - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Nov. 01, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Issuance of Common Shares, net		$ 459,892		$ 119,485
Net proceeds from sale of common stock		459,892	$ 0	119,485
ATM Program
Class of Stock [Line Items]
Issuance of Common Shares, net	$ 400,000			$ 250,000
Stock issued during period value new issues terminated	$ 250,000
Future Share Issuance, Value		$ 126,700
Issuance of Common Shares (in Shares)		10,273,250	0	5,525,419
Net proceeds from sale of common stock		$ 216,900		$ 119,500
Weighted Average Share Price		$ 21.38		$ 21.63
Outstanding shares subject to forward sale agreement (in shares)		10,910,488
Remaining Net Proceeds Unsettled		$ 270,500
Sale of stock, price per share		$ 24.79
ATM Forward Sales Agreements
Class of Stock [Line Items]
Issuance of Common Shares, net		$ 262,211
Net proceeds from sale of common stock		$ 6,200
Weighted Average Share Price		$ 23.85

Shareholders' Equity, Noncont_5

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Public Offerings and ATM Program - Summary of Company's Public Offerings and ATM Program Equity Issuance (Details) - ATM Program - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Total Shares Sold	10,273,250	0	5,525,419
Remaining Net Proceeds Unsettled	$ 270.5

Shareholders' Equity, Noncont_6

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Public Offerings and ATM Program - Summary of Company's Public Offerings and ATM Program Equity Issuance (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2024 shares
At The Market Program [Member]
Class of Stock [Line Items]
Outstanding shares subject to forward sale agreement (in shares)	10,910,488

Shareholders' Equity, Noncont_7

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Common Shares and Units - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restricted shares
Class of Stock [Line Items]
Restricted stock, shares canceled for tax withholding for share based compensation (in shares)	3,410	3,251
LTIP Units and Restricted Stock
Class of Stock [Line Items]
Unit based compensation expense	$ 9.4	$ 9.2

Shareholders' Equity, Noncont_8

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Share Repurchases - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018
Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Authorized amount				$ 200
Number of shares repurchased during period (in shares)	0	0	0
Remaining authorized repurchase amount	$ 122.5

Shareholders' Equity, Noncont_9

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Dividends and Distributions - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.74	$ 0.72	$ 0.72

Shareholders' Equity, Noncon_10

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Change in Noncontrolling Interest (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		$ 446,300
Employee and trustee stock compensation, net		12,794	$ 12,753	$ 11,122
Noncontrolling interest distributions		(36,751)	(80,186)	(79,838)
Noncontrolling interest contributions		51,118	59,612	109,428
Net income (loss)		8,139	(1,749)	(65,251)
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements		33,232	10,963	96,858
Reclassification of realized interest on swap agreements		30,336	33,647	(8,232)
Reclassification of redeemable noncontrolling interests				(76,569)
Ending Balance		436,017	446,300
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance		446,300	489,364	628,322
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership		(20,929)	(2,521)	(3,945)
Distributions declared per Common OP Unit		(5,639)	(5,352)	(5,094)
Acquisition of noncontrolling interest asset	[1]			(91,811)
City Point Loan Advances			0	0
City Point Loan accrued interest		0	0	0
Employee and trustee stock compensation, net		11,519	11,064	10,000
Noncontrolling interest distributions		(36,751)	(80,186)	(79,838)
Noncontrolling interest contributions		51,118	59,612	109,428
Net income (loss)		(5,596)	(13,383)	(24,270)
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements		8,065	5,402	20,208
Reclassification of realized interest on swap agreements		(11,377)	(13,711)	(1,851)
Reclassification of redeemable noncontrolling interests	[2]			(76,569)
Reallocation of noncontrolling interests	[3]	(693)	(3,989)	1,082
Ending Balance		436,017	446,300	489,364
Noncontrolling Interests | Noncontrolling Interests in Partially-Owned Affiliates
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	[4]	346,582	389,810	534,202
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	[4]	0	0	0
Distributions declared per Common OP Unit	[4]	0	0	0
Acquisition of noncontrolling interest asset	[1],[4]			(91,811)
City Point Loan Advances	[4]		0	0
City Point Loan accrued interest	[4]	0	0	0
Employee and trustee stock compensation, net	[4]	0	0	0
Noncontrolling interest distributions	[4]	(36,751)	(80,186)	(79,838)
Noncontrolling interest contributions	[4]	51,118	59,612	109,428
Net income (loss)	[4]	(7,005)	(15,168)	(22,962)
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements	[4]	7,564	6,015	15,567
Reclassification of realized interest on swap agreements	[4]	(11,221)	(13,501)	(1,793)
Reclassification of redeemable noncontrolling interests	[2],[4]			(76,569)
Reallocation of noncontrolling interests	[3],[4]	0	0	0
Ending Balance	[4]	350,287	346,582	389,810
Noncontrolling Interests | Operating Partnership, as General Partner or Managing Member
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	[5]	99,718	99,554	94,120
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	[5]	(20,929)	(2,521)	(3,945)
Distributions declared per Common OP Unit	[5]	(5,639)	(5,352)	(5,094)
Acquisition of noncontrolling interest asset	[1],[5]			0
City Point Loan Advances	[5]		0	0
City Point Loan accrued interest	[5]	0	0	0
Employee and trustee stock compensation, net	[5]	11,519	11,064	10,000
Noncontrolling interest distributions	[5]	0	0	0
Noncontrolling interest contributions	[5]	0	0	0
Net income (loss)	[5]	1,409	1,785	(1,308)
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements	[5]	501	(613)	4,641
Reclassification of realized interest on swap agreements	[5]	(156)	(210)	(58)
Reclassification of redeemable noncontrolling interests	[2],[5]			0
Reallocation of noncontrolling interests	[3],[5]	(693)	(3,989)	1,082
Ending Balance	[5]	85,730	99,718	99,554
Redeemable NonControlling Interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	[6]	50,339	67,664	0
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	[6]	0	0	0
Distributions declared per Common OP Unit	[6]	0	0	0
Acquisition of noncontrolling interest asset	[1],[6]			0
City Point Loan Advances	[6]		(796)	(65,391)
City Point Loan accrued interest	[6]	(11,825)	(9,350)	(3,923)
Employee and trustee stock compensation, net	[6]	0	0	0
Noncontrolling interest distributions	[6]	(16)	(50)	0
Noncontrolling interest contributions	[6]	0	1,110	65,945
Net income (loss)	[6]	(7,915)	(8,239)	(5,536)
Other comprehensive (loss) income - unrealized gain on valuation of swap agreements	[6]	0	0	0
Reclassification of realized interest on swap agreements	[6]	0	0	0
Reclassification of redeemable noncontrolling interests	[2],[6]			76,569
Reallocation of noncontrolling interests	[3],[6]	0	0	0
Ending Balance	[6]	$ 30,583	$ 50,339	$ 67,664
[1] Represents the acquisition of the 11.67 % noncontrolling interest in Fund II acquired on June 27, 2022 for $ 18.5 million and of a 21.67 % interest in Fund II on August 1, 2022 for $ 5.8 million ( Note 1 ). Represents the reclassification of redeemable noncontrolling interests related to the City Point Loan in the third quarter of 2022 Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership. Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and seven ot her subsidiaries. Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 2,054,386 , 2,855,574 , and 3,062,108 Common OP Units at December 31, 2024, 2023 and 2022, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2024, 2023 and 2022; (iii) 66,519 Series C Preferred OP Units at December 31, 2024 and 126,384 at December 31, 2023 and 2022; and (iv) 4,667,742 , 4,247,054 , and 3,512,414 LTIP units at December 31, 2024, 2023 and 2022, respectively, as discussed in the Amended and Restated 2020 Plan ( Note 13 ). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above. Redeemable noncontrolling interests comprise third-party interests that have been granted put rights, as further described below.

Shareholders' Equity, Noncon_11

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Summary of Change in Noncontrolling Interest (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Minority Interest [Line Items]
Distributions declared (in dollars per share)		$ 0.74	$ 0.72	$ 0.72
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership (in shares)		1,084,851	151,257	234,473
Conversion of Preferred Units to Common Shares by limited partners of the Operating Partnership		59,865
Total consideration	[1]	$ 164,379	$ 127,190
Fund II and Mervyns II
Minority Interest [Line Items]
Minority interest ownership percentage		11.67%
Fund II
Minority Interest [Line Items]
Minority interest ownership percentage		21.67%
Total consideration		$ 5,800
Series A Preferred Stock
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)		188	188	188
Operating Partnership, as General Partner or Managing Member | Series C Preferred Stock
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)		66,519	126,384	126,384
Noncontrolling Interests
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)		2,054,386	2,855,574	3,062,108
LTIP Units
Minority Interest [Line Items]
LTIP units outstanding (in shares)		4,667,742	4,247,054	3,512,414
Mervyns II
Minority Interest [Line Items]
Total consideration		$ 18,500
[1] Purchase price includes capitalized transaction costs.

Shareholders Equity, Noncontrol

Shareholders Equity, Noncontrolling Interests and Other Comprehensive Loss - Redeemable Noncontrolling Interests - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2022	Dec. 31, 2024		Dec. 31, 2023	Jul. 31, 2023	Dec. 31, 2022	Aug. 01, 2022
Class of Stock [Line Items]
City Point Loan	$ 65,900
Allowance for credit losses		$ 2,004	[1]	$ 1,279		$ 898
City Point Loan, Term period							5 years
Redeemable Noncontrolling Interest, Equity, Redemption Value, Total		100
8833 Beverly Boulevard
Class of Stock [Line Items]
Minority interest ownership percentage					97%
Percentage of interest sold by the venture partner					3%
Williamsburg Portfolio
Class of Stock [Line Items]
Redeemable Noncontrolling Interest, Fair Value		$ 0
Equity method investment, ownership percentage by third party		50.01%
Williamsburg Portfolio | Discounted Cash Flow Analysis
Class of Stock [Line Items]
Capitalization rate		5.25%
Discount rate		6.25%
City Point Loan
Class of Stock [Line Items]
Allowance for credit losses		$ 800		$ 700
[1] The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2024 .

Shareholders' Equity, Noncon_12

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Loss - Preferred OP Units - Additional Information (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2016
Class of Stock [Line Items]
Denominator for Series A Preferred OP Unit conversion	$ 7.5
Common Shares
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)	22,923,000		5,525,000
Gotham Plaza | Common Shares
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)				442,478
Preferred quarterly distribution per share price				$ 0.9375
Number of convertible units if share price below $28.80 (in shares)				3.4722
Number of convertible units if share price above $35.20 (in shares)				2.8409
Preferred OP Units | Gotham Plaza
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)				141,593
Share price (in dollars per share)				$ 100
Preferred OP Units | Gotham Plaza | Minimum
Class of Stock [Line Items]
Share price at conversion date				28.8
Preferred OP Units | Gotham Plaza | Maximum
Class of Stock [Line Items]
Share price at conversion date				$ 35.2
Series A Preferred Stock
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)	1,580
Preferred stock, stated value per unit	$ 1,000
Per unit conversion amount, Series A Preferred OP Units (in dollars per unit)	$ 22.5
Per unit conversion annual rate, Preferred OP Units	9%
Number of preferred OP Units converted (in shares)	1,392
Units converted from Preferred OP Units (in shares)	185,600
Series A Preferred OP Units (in shares)	188	188	188
Series C Preferred Stock | Gotham Plaza
Class of Stock [Line Items]
Number of preferred OP Units converted (in shares)		75,074
Units converted from Preferred OP Units (in shares)	260,475

Leases - Additional Information

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Property		Dec. 31, 2023 USD ($)	Dec. 31, 2022
Operating Leased Assets [Line Items]
Number of leases | Property	1,300
Extended lease term			43 years
Additional Lease Payment			$ 4,000
Lease liability - finance leases			3,800
Right-of-use asset - finance lease	$ 2,729	[1]	25,313
Lease liability - finance lease	$ 1,100		$ 22,100
Minimum
Operating Leased Assets [Line Items]
Operating lease term	1 month
Lease Term	5 years
Minimum | Consolidated Total Revenues | Customer Concentration Risk
Operating Leased Assets [Line Items]
Concentration risk, percentage	10%		10%	10%
Maximum
Operating Leased Assets [Line Items]
Operating lease term	60 years
Lease Term	98 years
[1] Excludes 1718 N. Henderson Ave and 2107-2115 N. Henderson Ave properties that were placed in development upon acquisition.

Leases - Schedule of rental rev

Leases - Schedule of rental revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Leased Assets [Line Items]
Fixed lease revenue	$ 282,492	$ 269,648	$ 258,472
Variable lease revenue	67,038	63,396	59,342
Total rental revenue	359,689	338,692	326,290
Rental Income
Operating Leased Assets [Line Items]
Total rental revenue	$ 349,530	$ 333,044	$ 317,814

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Rental Revenues (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2025	$ 252,564
2026	243,817
2027	218,934
2028	187,739
2029	154,725
Thereafter	577,342
Total	$ 1,635,121

Leases - Schedule of Future M_2

Leases - Schedule of Future Minimum Rental Payments for Operating and Capital Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Minimum Rental Payments, Operating Leases
2025	$ 5,338
2026	5,246
2027	4,450
2028	4,236
2029	3,700
Thereafter	12,267
Total before interest	35,237
Interest	(7,317)
Total	27,920	$ 31,580
Minimum Rental Payments, Finance Leases
2025	1,319
2026	1,350
2027	1,350
2028	1,396
2029	1,414
Thereafter	155,319
Total before interest	162,148
Interest	(130,774)
Total	$ 31,374	$ 32,739

Leases - Schedule of Future M_3

Leases - Schedule of Future Minimum Rental Payments for Operating and Capital Leases (Parenthetical) (Details) $ in Millions	Dec. 31, 2024 USD ($)
Leases [Abstract]
Minimum rental payments of interest related to operating lease	$ 7.3
Minimum rental payments of interest related to finance lease	$ 130.8

Leases - Schedule of Lease Cost

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Amortization of right-of-use assets	$ 1,338	$ 1,244	$ 903
Interest on lease liabilities	2,061	1,239	410
Subtotal	3,399	2,483	1,313
Operating lease cost	5,265	5,291	5,338
Variable lease cost	276	228	80
Total lease cost	8,940	8,002	6,731
Payments of operating lease obligations - operating activities	5,438	5,386	5,364
Payments of interest on finance lease obligations - operating activities	2,061	1,239	410
Payments of finance lease obligations - financing activities	$ 2,437	$ 100	$ 0
Weighted-average remaining lease term - finance leases (years)	56 years 9 months 18 days	58 years 3 months 18 days
Weighted-average remaining lease term - operating leases (years)	8 years 8 months 12 days	9 years 8 months 12 days
Weighted-average discount rate - finance leases	6.50%	6.50%
Weighted-average discount rate - operating leases	5.10%	5.10%

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of reportable segments	3
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s Chief Operating Decision Maker, its Chief Executive Officer (CEO), reviews the financial information presented for purposes of allocating resources and evaluating its financial performance. The CODM primarily uses net income as a measure of profitability for each of its segments because it provides a comprehensive view of the segments’ financial performance, including all revenues and expenses.

Segment Reporting - Summary of

Segment Reporting - Summary of Segment Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Segment Reporting Information [Line Items]
Revenues	$ 359,689		$ 338,692		$ 326,290
Depreciation and amortization	(138,910)		(135,984)		(135,917)
Property operating expenses	(66,000)		(61,826)		(56,995)
Real estate taxes	(46,049)		(46,650)		(44,932)
General and administrative expenses	(40,559)		(41,470)		(44,066)
Impairment charges	(1,678)		(3,686)		(33,311)
(Loss) gain on disposition of properties	(834)		0		57,161
Operating Income	65,659		49,076		68,230
Interest income	25,085		19,993		14,641
Equity in earnings (losses) of unconsolidated affiliates inclusive of gains on disposition of properties	15,178		(7,677)		(32,907)
Interest expense	(92,557)		(93,253)		(80,209)
Realized and unrealized holding gains (losses) on investments and other	(5,014)		30,413		(34,994)
Income tax provision	(212)		(301)		(12)
Net income (loss)	8,139		(1,749)		(65,251)
Net loss attributable to redeemable noncontrolling interests	7,915		8,239		5,536
Net loss attributable to noncontrolling interests	5,596		13,383		24,270
Net income (loss) attributable to Acadia shareholders	21,650		19,873		(35,445)
Real estate at cost	4,599,615	[1]	4,435,519	[1]	4,253,010
Total assets	4,371,203	[1],[2]	4,291,154	[1],[2]	4,302,582
Cash paid for acquisition of real estate	161,533		126,545		242,633
Cash paid for acquisition of real estate and leasehold interest					242,633
Cash paid for development and property improvement costs	80,250		69,540		51,046
Rental Income
Segment Reporting Information [Line Items]
Revenues	349,530		333,044		317,814
Other
Segment Reporting Information [Line Items]
Revenues	10,159		5,648		8,476
Operating Segments | Core Portfolio
Segment Reporting Information [Line Items]
Depreciation and amortization	(73,460)		(76,642)		(75,614)
Property operating expenses	(32,439)		(32,471)		(30,067)
Real estate taxes	(29,648)		(31,911)		(30,239)
General and administrative expenses	0		0		0
Impairment charges	(508)		0		0
(Loss) gain on disposition of properties	(2,213)		0		7,245
Operating Income	62,142		62,521		73,872
Interest income	0		0		0
Equity in earnings (losses) of unconsolidated affiliates inclusive of gains on disposition of properties	4,771		2,734		(45,919)
Interest expense	(36,898)		(44,521)		(37,892)
Realized and unrealized holding gains (losses) on investments and other	(4,064)		5,756		1,163
Income tax provision	0		0		0
Net income (loss)	25,951		26,490		(8,776)
Net loss attributable to redeemable noncontrolling interests	0		0		0
Net loss attributable to noncontrolling interests	(1,629)		(1,937)		1,000
Net income (loss) attributable to Acadia shareholders	24,322		24,553		(7,776)
Real estate at cost	2,783,801	[1]	2,646,831	[1]	2,597,394
Total assets	2,675,808	[1]	2,566,450	[1]	2,599,268
Cash paid for acquisition of real estate	131,978		0
Cash paid for acquisition of real estate and leasehold interest					242,633
Cash paid for development and property improvement costs	50,676		44,428		32,406
Operating Segments | Core Portfolio | Rental Income
Segment Reporting Information [Line Items]
Revenues	193,581		200,842		195,960
Operating Segments | Core Portfolio | Other
Segment Reporting Information [Line Items]
Revenues	6,829		2,703		6,587
Operating Segments | Investment Management
Segment Reporting Information [Line Items]
Depreciation and amortization	(65,450)		(59,342)		(60,303)
Property operating expenses	(33,561)		(29,355)		(26,928)
Real estate taxes	(16,401)		(14,739)		(14,693)
General and administrative expenses	0		0		0
Impairment charges	(1,170)		(3,686)		(33,311)
(Loss) gain on disposition of properties	1,379		0		49,916
Operating Income	44,076		28,025		38,424
Interest income	0		0		0
Equity in earnings (losses) of unconsolidated affiliates inclusive of gains on disposition of properties	10,407		(10,411)		13,012
Interest expense	(55,659)		(48,732)		(42,317)
Realized and unrealized holding gains (losses) on investments and other	0		24,995		(35,559)
Income tax provision	0		0		0
Net income (loss)	(1,176)		(6,123)		(26,440)
Net loss attributable to redeemable noncontrolling interests	7,915		8,239		5,536
Net loss attributable to noncontrolling interests	7,225		15,320		23,270
Net income (loss) attributable to Acadia shareholders	13,964		17,436		2,366
Real estate at cost	1,815,814	[1]	1,788,688	[1]	1,655,616
Total assets	1,568,811	[1]	1,599,755	[1]	1,579,411
Cash paid for acquisition of real estate	29,555		126,545
Cash paid for acquisition of real estate and leasehold interest					0
Cash paid for development and property improvement costs	29,574		25,112		18,640
Operating Segments | Investment Management | Rental Income
Segment Reporting Information [Line Items]
Revenues	155,949		132,202		121,854
Operating Segments | Investment Management | Other
Segment Reporting Information [Line Items]
Revenues	3,330		2,945		1,889
Operating Segments | Structured Financing
Segment Reporting Information [Line Items]
Depreciation and amortization	0		0		0
Property operating expenses	0		0		0
Real estate taxes	0		0		0
General and administrative expenses	0		0		0
Impairment charges	0		0		0
(Loss) gain on disposition of properties	0		0		0
Operating Income	0		0		0
Interest income	25,085		19,993		14,641
Equity in earnings (losses) of unconsolidated affiliates inclusive of gains on disposition of properties	0		0		0
Interest expense	0		0		0
Realized and unrealized holding gains (losses) on investments and other	(950)		(338)		(598)
Income tax provision	0		0		0
Net income (loss)	24,135		19,655		14,043
Net loss attributable to redeemable noncontrolling interests	0		0		0
Net loss attributable to noncontrolling interests	0		0		0
Net income (loss) attributable to Acadia shareholders	24,135		19,655		14,043
Real estate at cost	0	[1]	0	[1]	0
Total assets	126,584	[1]	124,949	[1]	123,903
Cash paid for acquisition of real estate	0		0
Cash paid for acquisition of real estate and leasehold interest					0
Cash paid for development and property improvement costs	0		0		0
Operating Segments | Structured Financing | Rental Income
Segment Reporting Information [Line Items]
Revenues	0		0		0
Operating Segments | Structured Financing | Other
Segment Reporting Information [Line Items]
Revenues	0		0		0
Unallocated
Segment Reporting Information [Line Items]
Depreciation and amortization	0		0		0
Property operating expenses	0		0		0
Real estate taxes	0		0		0
General and administrative expenses	(40,559)		(41,470)		(44,066)
Impairment charges	0		0		0
(Loss) gain on disposition of properties	0		0		0
Operating Income	(40,559)		(41,470)		(44,066)
Interest income	0		0		0
Equity in earnings (losses) of unconsolidated affiliates inclusive of gains on disposition of properties	0		0		0
Interest expense	0		0		0
Realized and unrealized holding gains (losses) on investments and other	0		0		0
Income tax provision	(212)		(301)		(12)
Net income (loss)	(40,771)		(41,771)		(44,078)
Net loss attributable to redeemable noncontrolling interests	0		0		0
Net loss attributable to noncontrolling interests	0		0		0
Net income (loss) attributable to Acadia shareholders	(40,771)		(41,771)		(44,078)
Real estate at cost	0	[1]	0	[1]	0
Total assets	0	[1]	0	[1]	0
Cash paid for acquisition of real estate	0		0
Cash paid for acquisition of real estate and leasehold interest					0
Cash paid for development and property improvement costs	0		0		0
Unallocated | Rental Income
Segment Reporting Information [Line Items]
Revenues	0		0		0
Unallocated | Other
Segment Reporting Information [Line Items]
Revenues	$ 0		$ 0		$ 0
[1] Total assets for the Investment Management segment include $ 515.2 million, $ 555.8 million, and $ 569.1 million related to Fund II’s City Point property at December 31, 2024, 2023, and 2022 , respectively. 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: $ 1,640.1 million and $ 1,679.8 million of Operating real estate, net; $ 31.5 million and $ 28.9 million of Real estate under development; $ 74.4 million and $ 92.8 million of Investments in and advances to unconsolidated affiliates; $ 79.4 million and $ 101.7 million of Other assets, net; $ 2.0 million and $ 2.1 million of Right-of-use assets - operating leases, net; $ 15.9 million and $ 10.8 million of Cash and cash equivalents; $ 11.0 million and $ 7.0 million of Restricted cash; $ 27.3 million and $ 21.4 million of Rents receivable, net; $ 799.7 million and $ 764.6 million of property mortgage loans and other notes payable, net; $ 0.0 million and $ 80.5 million of Unsecured notes payable, net; $ 120.1 million and $ 127.2 million of Accounts payable and other liabilities; $ 2.1 million and $ 2.2 million of Lease liability- operating leases as of December 31, 2024 and 2023, respectively.

Segment Reporting - Summary o_2

Segment Reporting - Summary of Segment Information (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Segment Reporting Information [Line Items]
Total assets	$ 4,371,203	[1],[2]	$ 4,291,154	[1],[2]	$ 4,302,582
Investment Management | Fund II's City Point Property
Segment Reporting Information [Line Items]
Total assets	$ 515,200		$ 555,800		$ 569,100
[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: $ 1,640.1 million and $ 1,679.8 million of Operating real estate, net; $ 31.5 million and $ 28.9 million of Real estate under development; $ 74.4 million and $ 92.8 million of Investments in and advances to unconsolidated affiliates; $ 79.4 million and $ 101.7 million of Other assets, net; $ 2.0 million and $ 2.1 million of Right-of-use assets - operating leases, net; $ 15.9 million and $ 10.8 million of Cash and cash equivalents; $ 11.0 million and $ 7.0 million of Restricted cash; $ 27.3 million and $ 21.4 million of Rents receivable, net; $ 799.7 million and $ 764.6 million of property mortgage loans and other notes payable, net; $ 0.0 million and $ 80.5 million of Unsecured notes payable, net; $ 120.1 million and $ 127.2 million of Accounts payable and other liabilities; $ 2.1 million and $ 2.2 million of Lease liability- operating leases as of December 31, 2024 and 2023, respectively. Total assets for the Investment Management segment include $ 515.2 million, $ 555.8 million, and $ 569.1 million related to Fund II’s City Point property at December 31, 2024, 2023, and 2022 , respectively.

Share Incentive and Other Com_3

Share Incentive and Other Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
	May 04, 2023	Mar. 22, 2023	May 31, 2020	Mar. 31, 2020	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation					$ 12,794	$ 12,753	$ 11,122
Trustee fees					1,600	1,900	1,700
Compensation expense					0	200	400
Total unrecognized compensation cost related to nonvested awards					$ 17,300
Weighted-average period over which cost is expected to be recognized					1 year 6 months
Fund V
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award					21.30%
NAREIT retail property sector
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					25%
Same-property net operating income
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					25%
Performance Period Ending December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Minimum | Growth rate two and three percentage | Same-property net operating income
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					50%
Growth rate Percentage					2%
Minimum | Growth rate three and four percentage | Same-property net operating income
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					100%
Growth rate Percentage					3%
Maximum | Growth rate two and three percentage | Same-property net operating income
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					100%
Growth rate Percentage					3%
Maximum | Growth rate three and four percentage | Same-property net operating income
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					200%
Growth rate Percentage					4%
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested					$ 8,400	7,200	7,100
LTIP Units | Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures					39,079
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested					$ 1,000	800	800
Restricted shares | Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures					23,448
LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total value of restricted shares and LTIP units as of the grant date					$ 12,200	$ 11,500	$ 13,100
Weighted average grant date fair value, grants (in dollars per share)					$ 16.24	$ 14.93	$ 21.04
LTIP Units and Restricted Stock | General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation					$ 9,400	$ 9,200	$ 7,400
LTIP Units and Restricted Stock | Performance Period Ending December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
LTIP Units and Restricted Stock | Minimum | TSR percentile falls between the 25th percentile and the 50th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					50%
LTIP Units and Restricted Stock | Minimum | TSR percentile falls between the 50th percentile and 75th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					100%
LTIP Units and Restricted Stock | Maximum | TSR percentile falls between the 25th percentile and the 50th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					100%
LTIP Units and Restricted Stock | Maximum | TSR percentile falls between the 50th percentile and 75th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					200%
Employee Benefit Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense					$ 500	500	$ 400
Performance-based ltip units | Performance Period Ending December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period					3 years
Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares authorized			2,650,000	2,650,000
Number of shares authorized			2,829,953	2,829,953
Performance Shares 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period					3 years
Volatility rate					43%
Risk-free interest rates					4.80%
Performance Shares 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period					3 years
Volatility rate					48%
Risk-free interest rates					4.30%
Performance Shares 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period					3 years
Volatility rate					49%
Risk-free interest rates					1.70%
Performance Shares 2022 | Performance-based ltip units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage					50%
Long Term Investment Alignment Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Max percentage of future fund III promote that may be awarded to senior executives					25%
Long Term Investment Alignment Program | Fund III
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award					25%
Long Term Investment Alignment Program | Fund IV
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award					23.10%
Awards in connection with fund to have intrinsic value					$ 0	$ 0
Amended and Restated 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares authorized	3,100,000	3,100,000
Number of shares authorized	3,883,564	3,883,564			3,049,262
Amended and Restated 2020 Plan | LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures					727,419
Amended and Restated 2020 Plan | Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures					25,419

Share Incentive and Other Com_4

Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares unvested, Beginning of period (in shares)	113,909	92,735	89,746
Shares granted (in shares)	49,756	70,629	45,813
Shares vested (in shares)	(55,947)	(41,268)	(40,894)
Shares forfeited (in shares)	(1,537)	(8,187)	(1,930)
Shares unvested, End of period (in shares)	106,181	113,909	92,735
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 14.41	$ 17.31	$ 16.87
Shares granted, Weighted average grant date fair value (in dollars per share)	17.06	14.11	20.98
Shares vested, Weighted average grant date fair value (in dollars per share)	17.2	19.09	19.75
Shares forfeited, Weighted average grant date fair value (in dollars per share)	17.24	21.07	31.82
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share)	$ 14.14	$ 14.41	$ 17.31
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares unvested, Beginning of period (in shares)	1,798,659	1,465,398	1,415,195
Shares granted (in shares)	766,508	780,193	637,818
Shares vested (in shares)	(448,598)	(354,343)	(309,283)
Shares forfeited (in shares)	(62,502)	(92,589)	(278,332)
Shares unvested, End of period (in shares)	2,054,067	1,798,659	1,465,398
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 16.03	$ 18.59	$ 20.85
Shares granted, Weighted average grant date fair value (in dollars per share)	16.19	15	21.04
Shares vested, Weighted average grant date fair value (in dollars per share)	18.77	20.35	22.86
Shares forfeited, Weighted average grant date fair value (in dollars per share)	26.47	30.78	31.16
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share)	$ 15.17	$ 16.03	$ 18.59

Share Incentive and Other Com_5

Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase discount rate	15%
Issuance of common shares	200,000
Employee share purchase maximum purchase amount	$ 25,000
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase (in shares)	13,725	13,177

Share Incentive and Other Com_6

Share Incentive and Other Compensation - Employee 401 (k) Plan - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Share-Based Payment Arrangement [Abstract]
Employer matching contribution	50%
Maximum annual contribution per employee	6%
Maximum employee annual salary contribution	15%
Maximum employee annual salary contribution amount	$ 23,000

Federal Income Taxes - Addition

Federal Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Minimum distribution percentage of annual taxable income to qualify as REIT	90%
Maximum percentage of total assets consisting of securities of TRS	20%
Deferred tax assets, net	$ 0.6	$ 0
Deferred tax assets, applicable reserves	4.9	4.9
Deferred tax assets, capital loss carryforwards	0	0
Deferred tax assets, operating loss carryforwards	$ 2.9	3.1
Minimum percentage of unrealized deferred tax asset required for qualification of valuation allowance	50%
Deferred tax assets valuation allowance	$ 0.6	$ 0	$ 0.7

Federal Income Taxes - Schedule

Federal Income Taxes - Schedule of Reconciliation of Net Income to Taxable Income (Loss) (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net income (loss) attributable to Acadia shareholders		$ 21,650	$ 19,873	$ (35,445)
Deferred rental and other income loss	[1]	2,810	351	(1,854)
Book/tax difference - depreciation and amortization	[1]	43,081	22,353	28,337
Straight-line rent and above- and below-market rent adjustments	[1]	(9,381)	(12,484)	(11,917)
Book/tax differences - equity-based compensation		9,079	7,519	5,952
Joint venture equity in earnings, net and other investments	[1]	12,369	33,522	22,493
Impairment charges and reserves		1,700	524	54,822
Acquisition costs	[1]	10,220	9	2,048
Gain (loss) on disposition of properties and investments		3,925	1,800	(14,960)
Book adjustment marketable securities		(18,512)	(4,813)	0
Book/tax differences - miscellaneous		(208)	2,355	5,638
Taxable income		76,733	71,009	55,114
Dividends/Distributions declared	[2]	$ 81,892	$ 68,612	$ 68,312
[1] Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.” The entire fourth quarter 2024 dividend of $ 22.7 million (paid in January 2025 ) was attributed to 2025. Any additional distributions required for REIT qualification may be made through October 15, 2025. The entire fourth quarter 2023 dividend of $ 17.2 million (paid in January 2024 ) was attributed to 2024. The entire fourth quarter 2022 dividend of $ 17.1 million (paid in January 2023 ) was attributed to 2023 ( Note 10 ).

Federal Income Taxes - Schedu_2

Federal Income Taxes - Schedule of Reconciliation of Net Income to Taxable Income (Loss) (Parenthetical) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fourth Quarter Two Thousand Twenty Two Member
Income Taxes [Line Items]
Dividends			$ 17.1
Dividends payable, month and year			2023-01
Fourth Quarter Two Thousand Twenty Three [Member]
Income Taxes [Line Items]
Dividends		$ 17.2
Dividends payable, month and year		2024-01
Fourth Quarter Two Thousand Twenty Four [Member]
Income Taxes [Line Items]
Dividends	$ 22.7
Dividends payable, month and year	2025-01

Federal Income Taxes - Schedu_3

Federal Income Taxes - Schedule of Tax Status of Dividends (Details) - $ / shares		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Total (in dollars per share)		$ 0.74	$ 0.72	$ 0.72
Characterization Of Distributions For Federal Income Tax Purposes
Income Tax Contingency [Line Items]
Qualified dividend (in dollars per share)		0.007	0.115	0.01
Capital gain (in dollars per share)		0.044	0.022	0.06
Total (in dollars per share)	[1]	$ 0.73	$ 0.72	$ 0.72
Qualified dividend		1%	16%	1%
Capital gain		6%	3%	9%
Total	[1]	100%	100%	100%
Section 199A | Characterization Of Distributions For Federal Income Tax Purposes
Income Tax Contingency [Line Items]
Ordinary income (in dollars per share)		$ 0.679	$ 0.583	$ 0.65
Ordinary income		93%	81%	90%
[1] The fourth quarte r 2024 regular dividend was $ 0.19 per Common Share, all of which is allocable to 2025. The fourth quarter 2023 regular dividend was $ 0.18 per Common Share, all of which is allocable to 2024. The fourth quarter 2022 regular dividend was $ 0.18 per Comm on Share, all of which is allocable to 2023.

Federal Income Taxes - Schedu_4

Federal Income Taxes - Schedule of Tax Status of Dividends (Parenthetical) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Valuation Allowance [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.74	$ 0.72	$ 0.72
Fourth Quarter Two Thousand Twenty Two [member]
Valuation Allowance [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.18
Fourth Quarter Two Thousand Twenty Three [Member]
Valuation Allowance [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.18
Fourth Quarter Two Thousand Twenty Four [Member]
Valuation Allowance [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.19

Federal Income Taxes - Schedu_5

Federal Income Taxes - Schedule of TRS Income (Loss) and Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Provision for income taxes:
Net income (loss)	$ 8,139	$ (1,749)	$ (65,251)
Noncontrolling interests	5,596	13,383	24,270
Net income (loss) attributable to Acadia shareholders	21,650	19,873	(35,445)
TRS [Member]
Income Tax Contingency [Line Items]
TRS loss before income taxes	(2,987)	(3,768)	(3,178)
Provision for income taxes:
Federal	0	0	0
State and local	0	0	0
Net income (loss)	(2,987)	(3,768)	(3,178)
Noncontrolling interests	0	0	0
Net income (loss) attributable to Acadia shareholders	$ (2,987)	$ (3,768)	$ (3,178)

Federal Income Taxes - Schedu_6

Federal Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Federal tax benefit at statutory tax rate	$ (577)	$ (791)	$ (667)
TRS state and local taxes, net of Federal benefit	(239)	(238)	(201)
Permanent differences, net	617	246	194
Adjustment to deferred tax reserve	633	(8)	691
Other	(436)	791	(16)
REIT state and local income and franchise taxes	214	301	11
Total provision for income taxes	$ 212	$ 301	$ 12

Earnings (Loss) Per Common Sh_3

Earnings (Loss) Per Common Share - Additional Information (Details)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Description of conversion of common OP units to common shares	The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis
Conversion of common OP units to common shares	1%

Earnings (Loss) Per Common Sh_4

Earnings (Loss) Per Common Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net income (loss) attributable to Acadia shareholders		$ 21,650	$ 19,873	$ (35,445)
Less: net income attributable to participating securities		(1,189)	(978)	(805)
Income (loss) from continuing operations net of income attributable to participating securities for basic earnings per share		20,461	18,895	(36,250)
Impact of City Point Loan share conversion option	[1]	0	0	(1,804)
Income from continuing operations net of income attributable to participating securities for diluted earnings per share		$ 20,461	$ 18,895	$ (38,054)
Denominator:
Weighted average shares for basic earnings (loss) per share		108,226,767	95,283,752	94,575,251
Denominator for diluted earnings per share		108,257,862	95,283,752	94,643,466
Effect of dilutive securities:
Series A Preferred OP Units		0	0	0
Employee unvested restricted shares		0	0	0
Assumed settlement of forward sales agreements (Note 10)		31,095	0	0
City Point Loan common stock conversion option	[1]	0	0	68,215
Basic earnings (loss) per Common Share from continuing operations attributable to Acadia shareholders		$ 0.19	$ 0.2	$ (0.38)
Diluted earnings (loss) per Common Share from continuing operations attributable to Acadia shareholders		$ 0.19	$ 0.2	$ (0.4)
Series A Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)		188	188	188
Series A Preferred OP Units - Common Share Equivalent
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)		25,067	25,067	25,067
Series C Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)		66,519	126,384	126,384
Series C Preferred OP Units - Common Share Equivalent
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)		230,967	438,831	438,831
Restricted shares
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)		81,175	90,006	68,832
[1] The impact of the assumed conversion of dilutive convertible securities is related to the assumed conversion of potential Common Shares of the Company that could be subsequently issued in connection with the City Point Loan ( Note 10 ) for the stub-period until the put rights were modified for a cash-only settlement option in the third quarter of 2022

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - USD ($) $ in Thousands		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Variable Interest Entity [Line Items]
Unconsolidated VIE assets		$ 4,371,203	[1],[2]	$ 4,291,154	[1],[2]	$ 4,302,582
Total liabilities	[1]	1,838,931		2,157,598
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Unconsolidated VIE assets		44,200		44,200
Total liabilities		$ 39,100		$ 40,100
[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: $ 1,640.1 million and $ 1,679.8 million of Operating real estate, net; $ 31.5 million and $ 28.9 million of Real estate under development; $ 74.4 million and $ 92.8 million of Investments in and advances to unconsolidated affiliates; $ 79.4 million and $ 101.7 million of Other assets, net; $ 2.0 million and $ 2.1 million of Right-of-use assets - operating leases, net; $ 15.9 million and $ 10.8 million of Cash and cash equivalents; $ 11.0 million and $ 7.0 million of Restricted cash; $ 27.3 million and $ 21.4 million of Rents receivable, net; $ 799.7 million and $ 764.6 million of property mortgage loans and other notes payable, net; $ 0.0 million and $ 80.5 million of Unsecured notes payable, net; $ 120.1 million and $ 127.2 million of Accounts payable and other liabilities; $ 2.1 million and $ 2.2 million of Lease liability- operating leases as of December 31, 2024 and 2023, respectively. Total assets for the Investment Management segment include $ 515.2 million, $ 555.8 million, and $ 569.1 million related to Fund II’s City Point property at December 31, 2024, 2023, and 2022 , respectively.

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022	Dec. 31, 2021
ASSETS
Operating real estate, net		$ 3,543,974		$ 3,517,281
Real estate under development		129,619		94,799
Investments in and advances to unconsolidated affiliates		209,232		197,240
Other assets, net		223,767		208,460
Right-of-use assets - operating leases, net		25,531		29,286
Cash and cash equivalents		16,806		17,481		$ 17,158	$ 17,746
Restricted cash		22,897		7,813		15,063	$ 9,813
Rents receivable, net		58,022		49,504
Total assets		4,371,203	[1],[2]	4,291,154	[1],[2]	$ 4,302,582
Liabilities:
Mortgage and other notes payable, net		953,700		930,127
Unsecured notes payable, net		569,566		726,727
Accounts payable and other liabilities		232,726		229,375
Lease liabilities - operating leases		27,920		31,580
Total liabilities	[1]	1,838,931		2,157,598
VIE
ASSETS
Operating real estate, net		1,640,071		1,679,779
Real estate under development		31,514		28,851
Investments in and advances to unconsolidated affiliates		74,361		92,802
Other assets, net		79,381		101,679
Right-of-use assets - operating leases, net		1,978		2,112
Cash and cash equivalents		15,934		10,787
Restricted cash		11,013		7,048
Rents receivable, net		27,317		21,427
Total assets	[3]	1,881,569		1,944,485
Liabilities:
Mortgage and other notes payable, net		799,734		764,614
Unsecured notes payable, net		0		80,473
Accounts payable and other liabilities		120,088		127,162
Lease liabilities - operating leases		2,077		2,213
Total liabilities	[3]	$ 921,899		$ 974,462
[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: $ 1,640.1 million and $ 1,679.8 million of Operating real estate, net; $ 31.5 million and $ 28.9 million of Real estate under development; $ 74.4 million and $ 92.8 million of Investments in and advances to unconsolidated affiliates; $ 79.4 million and $ 101.7 million of Other assets, net; $ 2.0 million and $ 2.1 million of Right-of-use assets - operating leases, net; $ 15.9 million and $ 10.8 million of Cash and cash equivalents; $ 11.0 million and $ 7.0 million of Restricted cash; $ 27.3 million and $ 21.4 million of Rents receivable, net; $ 799.7 million and $ 764.6 million of property mortgage loans and other notes payable, net; $ 0.0 million and $ 80.5 million of Unsecured notes payable, net; $ 120.1 million and $ 127.2 million of Accounts payable and other liabilities; $ 2.1 million and $ 2.2 million of Lease liability- operating leases as of December 31, 2024 and 2023, respectively. Total assets for the Investment Management segment include $ 515.2 million, $ 555.8 million, and $ 569.1 million related to Fund II’s City Point property at December 31, 2024, 2023, and 2022 , respectively. At December 31, 2024 and December 31, 2023 , totals included VIE assets of $ 705.6 million and $ 721.2 million, respectively, and VIE liabilities of $ 235.1 million and $ 234.7 million, respectively, related to third-party property mortgage loans 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 property mortgage debt and are collateral under the respective property mortgage loans and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. Th e 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.

Variable Interest Entities - _2

Variable Interest Entities - Schedule of Assets and Liabilities Included in Consolidated Balance Sheets (Parenthetical) (Details) - USD ($) $ in Thousands		Dec. 31, 2024		Dec. 31, 2023		Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets		$ 4,371,203	[1],[2]	$ 4,291,154	[1],[2]	$ 4,302,582
Liabilities	[1]	1,838,931		2,157,598
VIE
Variable Interest Entity [Line Items]
Assets	[3]	1,881,569		1,944,485
Liabilities	[3]	921,899		974,462
VIE | City Point Brooklyn, NY
Variable Interest Entity [Line Items]
Maximum borrowing capacity		72,500
Assets		705,600		721,200
VIE | City Point Brooklyn, NY | Recourse
Variable Interest Entity [Line Items]
Liabilities		$ 235,100		$ 234,700
[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: $ 1,640.1 million and $ 1,679.8 million of Operating real estate, net; $ 31.5 million and $ 28.9 million of Real estate under development; $ 74.4 million and $ 92.8 million of Investments in and advances to unconsolidated affiliates; $ 79.4 million and $ 101.7 million of Other assets, net; $ 2.0 million and $ 2.1 million of Right-of-use assets - operating leases, net; $ 15.9 million and $ 10.8 million of Cash and cash equivalents; $ 11.0 million and $ 7.0 million of Restricted cash; $ 27.3 million and $ 21.4 million of Rents receivable, net; $ 799.7 million and $ 764.6 million of property mortgage loans and other notes payable, net; $ 0.0 million and $ 80.5 million of Unsecured notes payable, net; $ 120.1 million and $ 127.2 million of Accounts payable and other liabilities; $ 2.1 million and $ 2.2 million of Lease liability- operating leases as of December 31, 2024 and 2023, respectively. Total assets for the Investment Management segment include $ 515.2 million, $ 555.8 million, and $ 569.1 million related to Fund II’s City Point property at December 31, 2024, 2023, and 2022 , respectively. At December 31, 2024 and December 31, 2023 , totals included VIE assets of $ 705.6 million and $ 721.2 million, respectively, and VIE liabilities of $ 235.1 million and $ 234.7 million, respectively, related to third-party property mortgage loans 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 property mortgage debt and are collateral under the respective property mortgage loans and are therefore restricted and can only be used to settle the corresponding liabilities of the VIE. Th e 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.

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Feb. 11, 2025 $ / shares	Jan. 31, 2025 USD ($) Property shares	Dec. 31, 2024 USD ($) Property $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Subsequent Event [Line Items]
Number of retail properties | Property			210
Net proceeds from sale of common stock			$ 459,892	$ 0	$ 119,485
Cash dividends declared per common share (in dollars per share) | $ / shares			$ 0.74	$ 0.72	$ 0.72
Albertsons
Subsequent Event [Line Items]
Net proceeds from sale of common stock			$ 14,200
Subsequent Event
Subsequent Event [Line Items]
Cash dividends declared per common share (in dollars per share) | $ / shares	$ 0.2
Subsequent Event | New York
Subsequent Event [Line Items]
Number of retail properties | Property		2
Payments to Acquire Businesses		$ 80,000
Subsequent Event | Renaissance Portfolio
Subsequent Event [Line Items]
Ownership interest rate		48%
Equity method investments		$ 117,100
ATM Program
Subsequent Event [Line Items]
Issuance of Common Shares (in Shares) | shares			10,273,250	0	5,525,419
Net proceeds from sale of common stock			$ 216,900		$ 119,500
ATM Program | Subsequent Event
Subsequent Event [Line Items]
Issuance of Common Shares (in Shares) | shares		262,211
Net proceeds from sale of common stock		$ 6,200
Minimum | Subsequent Event | Renaissance Portfolio
Subsequent Event [Line Items]
Ownership interest rate		20%
Maximum | Subsequent Event | Renaissance Portfolio
Subsequent Event [Line Items]
Ownership interest rate		68%

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands		Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 953,700
Initial Cost to Company of Land		1,009,925
Initial Cost to Company of Buildings and Improvements		2,630,967
Increase (Decrease) in Net Investments		958,723
Carrying Amount of Land		949,848
Carrying Amount of Buildings and Improvements	[1]	3,649,767
Total Carrying Amount		4,599,615	[2]	$ 4,435,519	$ 4,253,010	$ 4,071,607
Accumulated Depreciation		926,022		823,439	$ 725,143	$ 648,461
Unamortized Loan costs		(5,459)
Unamortized premium		212		$ 240
Real estate, federal income tax basis		$ 4,700,000
Buildings
Real Estate And Accumulated Depreciation [Line Items]
Life on which Depreciation in Latest Statement of Operations is Compared		40 years
Real Estate Under Development
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		43,817
Initial Cost to Company of Buildings and Improvements		0
Increase (Decrease) in Net Investments		85,802
Carrying Amount of Land		43,817
Carrying Amount of Buildings and Improvements	[1]	85,802
Total Carrying Amount	[2]	129,619
Accumulated Depreciation		0
Total operating real estate
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		958,947
Initial Cost to Company of Land		966,108
Initial Cost to Company of Buildings and Improvements		2,630,967
Increase (Decrease) in Net Investments		872,921
Carrying Amount of Land		906,031
Carrying Amount of Buildings and Improvements	[1]	3,563,965
Total Carrying Amount	[2]	4,469,996
Accumulated Depreciation		926,022
Core Portfolio | Crescent Plaza Brockton, MA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		0
Initial Cost to Company of Land		1,147
Initial Cost to Company of Buildings and Improvements		7,425
Increase (Decrease) in Net Investments		4,855
Carrying Amount of Land		1,147
Carrying Amount of Buildings and Improvements	[1]	12,280
Total Carrying Amount	[2]	13,427
Accumulated Depreciation		$ 10,166
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | New Loudon Center Latham, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		505
Initial Cost to Company of Buildings and Improvements		4,161
Increase (Decrease) in Net Investments		17,520
Carrying Amount of Land		505
Carrying Amount of Buildings and Improvements	[1]	21,681
Total Carrying Amount	[2]	22,186
Accumulated Depreciation		$ 18,315
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Mark Plaza Edwardsville, PA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		0
Initial Cost to Company of Buildings and Improvements		3,396
Increase (Decrease) in Net Investments		(176)
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements	[1]	3,220
Total Carrying Amount	[2]	3,220
Accumulated Depreciation		$ 3,220
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Plaza 422 Lebanon, PA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		190
Initial Cost to Company of Buildings and Improvements		3,004
Increase (Decrease) in Net Investments		2,832
Carrying Amount of Land		190
Carrying Amount of Buildings and Improvements	[1]	5,836
Total Carrying Amount	[2]	6,026
Accumulated Depreciation		$ 5,441
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Route 6 Mall Honesdale, PA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,664
Initial Cost to Company of Buildings and Improvements		0
Increase (Decrease) in Net Investments		18,857
Carrying Amount of Land		1,664
Carrying Amount of Buildings and Improvements	[1]	18,857
Total Carrying Amount	[2]	20,521
Accumulated Depreciation		$ 12,909
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Abington Towne Center Abington, PA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		799
Initial Cost to Company of Buildings and Improvements		3,197
Increase (Decrease) in Net Investments		5,302
Carrying Amount of Land		799
Carrying Amount of Buildings and Improvements	[1]	8,499
Total Carrying Amount	[2]	9,298
Accumulated Depreciation		$ 5,437
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Bloomfield Town Square Bloomfield Hills, MI
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		3,207
Initial Cost to Company of Buildings and Improvements		13,774
Increase (Decrease) in Net Investments		29,481
Carrying Amount of Land		3,207
Carrying Amount of Buildings and Improvements	[1]	43,255
Total Carrying Amount	[2]	46,462
Accumulated Depreciation		$ 31,131
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Elmwood Park Shopping Center Elmwood Park, NJ
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		3,248
Initial Cost to Company of Buildings and Improvements		12,992
Increase (Decrease) in Net Investments		23,045
Carrying Amount of Land		3,798
Carrying Amount of Buildings and Improvements	[1]	35,487
Total Carrying Amount	[2]	39,285
Accumulated Depreciation		$ 24,300
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Merrillville Plaza Hobart, IN
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		4,288
Initial Cost to Company of Buildings and Improvements		17,152
Increase (Decrease) in Net Investments		12,891
Carrying Amount of Land		4,288
Carrying Amount of Buildings and Improvements	[1]	30,043
Total Carrying Amount	[2]	34,331
Accumulated Depreciation		$ 19,150
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Marketplace of Absecon Absecon, NJ
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		2,573
Initial Cost to Company of Buildings and Improvements		10,294
Increase (Decrease) in Net Investments		6,649
Carrying Amount of Land		2,577
Carrying Amount of Buildings and Improvements	[1]	16,939
Total Carrying Amount	[2]	19,516
Accumulated Depreciation		$ 11,372
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 239 Greenwich Avenue Greenwich, CT
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 26,000
Initial Cost to Company of Land		1,817
Initial Cost to Company of Buildings and Improvements		15,846
Increase (Decrease) in Net Investments		4,137
Carrying Amount of Land		1,817
Carrying Amount of Buildings and Improvements	[1]	19,983
Total Carrying Amount	[2]	21,800
Accumulated Depreciation		$ 11,339
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Hobson West Plaza Naperville, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,793
Initial Cost to Company of Buildings and Improvements		7,172
Increase (Decrease) in Net Investments		5,914
Carrying Amount of Land		1,793
Carrying Amount of Buildings and Improvements	[1]	13,086
Total Carrying Amount	[2]	14,879
Accumulated Depreciation		$ 8,544
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Village Commons Shopping Center Smithtown, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		3,229
Initial Cost to Company of Buildings and Improvements		12,917
Increase (Decrease) in Net Investments		5,935
Carrying Amount of Land		3,229
Carrying Amount of Buildings and Improvements	[1]	18,852
Total Carrying Amount	[2]	22,081
Accumulated Depreciation		$ 13,223
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Town Line Plaza Rocky Hill, CT
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		878
Initial Cost to Company of Buildings and Improvements		3,510
Increase (Decrease) in Net Investments		8,524
Carrying Amount of Land		907
Carrying Amount of Buildings and Improvements	[1]	12,005
Total Carrying Amount	[2]	12,912
Accumulated Depreciation		$ 10,176
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Branch Shopping Center Smithtown, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		3,156
Initial Cost to Company of Buildings and Improvements		12,545
Increase (Decrease) in Net Investments		17,520
Carrying Amount of Land		3,401
Carrying Amount of Buildings and Improvements	[1]	29,820
Total Carrying Amount	[2]	33,221
Accumulated Depreciation		$ 22,497
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Methuen Shopping Center Methuen, MA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		956
Initial Cost to Company of Buildings and Improvements		3,826
Increase (Decrease) in Net Investments		2,088
Carrying Amount of Land		961
Carrying Amount of Buildings and Improvements	[1]	5,909
Total Carrying Amount	[2]	6,870
Accumulated Depreciation		$ 3,845
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | The Gateway Shopping Center South Burlington, VT
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,273
Initial Cost to Company of Buildings and Improvements		5,091
Increase (Decrease) in Net Investments		13,849
Carrying Amount of Land		1,273
Carrying Amount of Buildings and Improvements	[1]	18,940
Total Carrying Amount	[2]	20,213
Accumulated Depreciation		$ 13,434
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Mad River Station Dayton, OH
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		2,350
Initial Cost to Company of Buildings and Improvements		9,404
Increase (Decrease) in Net Investments		3,732
Carrying Amount of Land		2,350
Carrying Amount of Buildings and Improvements	[1]	13,136
Total Carrying Amount	[2]	15,486
Accumulated Depreciation		$ 8,124
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Brandywine Holdings Wilmington, DE
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		5,063
Initial Cost to Company of Buildings and Improvements		15,252
Increase (Decrease) in Net Investments		3,095
Carrying Amount of Land		5,201
Carrying Amount of Buildings and Improvements	[1]	18,209
Total Carrying Amount	[2]	23,410
Accumulated Depreciation		$ 9,863
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Bartow Avenue Bronx, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,691
Initial Cost to Company of Buildings and Improvements		5,803
Increase (Decrease) in Net Investments		1,797
Carrying Amount of Land		1,691
Carrying Amount of Buildings and Improvements	[1]	7,600
Total Carrying Amount	[2]	9,291
Accumulated Depreciation		$ 4,361
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Amboy Road Staten Island, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		0
Initial Cost to Company of Buildings and Improvements		11,909
Increase (Decrease) in Net Investments		3,588
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements	[1]	15,497
Total Carrying Amount	[2]	15,497
Accumulated Depreciation		$ 12,255
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Chestnut Hill Philadelphia, PA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		8,289
Initial Cost to Company of Buildings and Improvements		5,691
Increase (Decrease) in Net Investments		5,546
Carrying Amount of Land		8,289
Carrying Amount of Buildings and Improvements	[1]	11,237
Total Carrying Amount	[2]	19,526
Accumulated Depreciation		$ 6,860
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 2914 Third Avenue Bronx, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		11,108
Initial Cost to Company of Buildings and Improvements		8,038
Increase (Decrease) in Net Investments		5,709
Carrying Amount of Land		11,855
Carrying Amount of Buildings and Improvements	[1]	13,000
Total Carrying Amount	[2]	24,855
Accumulated Depreciation		$ 5,292
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | West Shore Expressway Staten Island, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		3,380
Initial Cost to Company of Buildings and Improvements		13,499
Increase (Decrease) in Net Investments		117
Carrying Amount of Land		3,380
Carrying Amount of Buildings and Improvements	[1]	13,616
Total Carrying Amount	[2]	16,996
Accumulated Depreciation		6,629
Core Portfolio | West 54th Street Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		0
Initial Cost to Company of Land		16,699
Initial Cost to Company of Buildings and Improvements		18,704
Increase (Decrease) in Net Investments		1,615
Carrying Amount of Land		16,699
Carrying Amount of Buildings and Improvements	[1]	20,319
Total Carrying Amount	[2]	37,018
Accumulated Depreciation		$ 9,571
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 5-7 East 17th Street Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		3,048
Initial Cost to Company of Buildings and Improvements		7,281
Increase (Decrease) in Net Investments		8,090
Carrying Amount of Land		3,048
Carrying Amount of Buildings and Improvements	[1]	15,371
Total Carrying Amount	[2]	18,419
Accumulated Depreciation		$ 9,316
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 651-671 W Diversey Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		8,576
Initial Cost to Company of Buildings and Improvements		17,256
Increase (Decrease) in Net Investments		722
Carrying Amount of Land		8,576
Carrying Amount of Buildings and Improvements	[1]	17,978
Total Carrying Amount	[2]	26,554
Accumulated Depreciation		$ 5,928
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 15 Mercer Street Manhattan NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,887
Initial Cost to Company of Buildings and Improvements		2,483
Increase (Decrease) in Net Investments		496
Carrying Amount of Land		1,887
Carrying Amount of Buildings and Improvements	[1]	2,979
Total Carrying Amount	[2]	4,866
Accumulated Depreciation		$ 854
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 4401 White Plains Bronx, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,581
Initial Cost to Company of Buildings and Improvements		5,054
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		1,581
Carrying Amount of Buildings and Improvements	[1]	5,054
Total Carrying Amount	[2]	6,635
Accumulated Depreciation		$ 1,685
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 56E Walton Chicago IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		994
Initial Cost to Company of Buildings and Improvements		6,126
Increase (Decrease) in Net Investments		3,428
Carrying Amount of Land		994
Carrying Amount of Buildings and Improvements	[1]	9,554
Total Carrying Amount	[2]	10,548
Accumulated Depreciation		$ 1,798
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 841 W. Armitage Chicago IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		728
Initial Cost to Company of Buildings and Improvements		1,989
Increase (Decrease) in Net Investments		441
Carrying Amount of Land		728
Carrying Amount of Buildings and Improvements	[1]	2,430
Total Carrying Amount	[2]	3,158
Accumulated Depreciation		$ 1,094
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 2731 N Clark Chicago IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		557
Initial Cost to Company of Buildings and Improvements		1,839
Increase (Decrease) in Net Investments		162
Carrying Amount of Land		557
Carrying Amount of Buildings and Improvements	[1]	2,001
Total Carrying Amount	[2]	2,558
Accumulated Depreciation		$ 649
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 2140 N Clyboum Chicago IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		306
Initial Cost to Company of Buildings and Improvements		788
Increase (Decrease) in Net Investments		112
Carrying Amount of Land		306
Carrying Amount of Buildings and Improvements	[1]	900
Total Carrying Amount	[2]	1,206
Accumulated Depreciation		$ 287
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 853 W. Armitage Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		557
Initial Cost to Company of Buildings and Improvements		1,946
Increase (Decrease) in Net Investments		508
Carrying Amount of Land		557
Carrying Amount of Buildings and Improvements	[1]	2,454
Total Carrying Amount	[2]	3,011
Accumulated Depreciation		$ 1,145
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 2299 N. Clybourn Avenue Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		177
Initial Cost to Company of Buildings and Improvements		484
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		177
Carrying Amount of Buildings and Improvements	[1]	484
Total Carrying Amount	[2]	661
Accumulated Depreciation		$ 162
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 843-45 W. Armitage Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		731
Initial Cost to Company of Buildings and Improvements		2,730
Increase (Decrease) in Net Investments		336
Carrying Amount of Land		731
Carrying Amount of Buildings and Improvements	[1]	3,066
Total Carrying Amount	[2]	3,797
Accumulated Depreciation		$ 1,063
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 1525 W. Belmont Avenue Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,480
Initial Cost to Company of Buildings and Improvements		3,338
Increase (Decrease) in Net Investments		902
Carrying Amount of Land		1,480
Carrying Amount of Buildings and Improvements	[1]	4,240
Total Carrying Amount	[2]	5,720
Accumulated Depreciation		$ 1,755
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 2206-08 N. Halsted Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,183
Initial Cost to Company of Buildings and Improvements		3,540
Increase (Decrease) in Net Investments		360
Carrying Amount of Land		1,183
Carrying Amount of Buildings and Improvements	[1]	3,900
Total Carrying Amount	[2]	5,083
Accumulated Depreciation		$ 1,479
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 2633 N. Halsted Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		960
Initial Cost to Company of Buildings and Improvements		4,096
Increase (Decrease) in Net Investments		359
Carrying Amount of Land		998
Carrying Amount of Buildings and Improvements	[1]	4,417
Total Carrying Amount	[2]	5,415
Accumulated Depreciation		$ 1,457
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 50-54 E. Walton Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		2,848
Initial Cost to Company of Buildings and Improvements		12,694
Increase (Decrease) in Net Investments		1,050
Carrying Amount of Land		2,848
Carrying Amount of Buildings and Improvements	[1]	13,744
Total Carrying Amount	[2]	16,592
Accumulated Depreciation		$ 4,418
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 662 W. Diversey Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,713
Initial Cost to Company of Buildings and Improvements		1,603
Increase (Decrease) in Net Investments		10
Carrying Amount of Land		1,713
Carrying Amount of Buildings and Improvements	[1]	1,613
Total Carrying Amount	[2]	3,326
Accumulated Depreciation		$ 487
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 837 W. Armitage Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		780
Initial Cost to Company of Buildings and Improvements		1,758
Increase (Decrease) in Net Investments		151
Carrying Amount of Land		780
Carrying Amount of Buildings and Improvements	[1]	1,909
Total Carrying Amount	[2]	2,689
Accumulated Depreciation		$ 677
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 823 W. Armitage Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		717
Initial Cost to Company of Buildings and Improvements		1,149
Increase (Decrease) in Net Investments		118
Carrying Amount of Land		717
Carrying Amount of Buildings and Improvements	[1]	1,267
Total Carrying Amount	[2]	1,984
Accumulated Depreciation		$ 400
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 851 W. Armitage Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		545
Initial Cost to Company of Buildings and Improvements		209
Increase (Decrease) in Net Investments		139
Carrying Amount of Land		545
Carrying Amount of Buildings and Improvements	[1]	348
Total Carrying Amount	[2]	893
Accumulated Depreciation		$ 202
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 1240 W. Belmont Avenue Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		2,137
Initial Cost to Company of Buildings and Improvements		1,589
Increase (Decrease) in Net Investments		1,358
Carrying Amount of Land		2,137
Carrying Amount of Buildings and Improvements	[1]	2,947
Total Carrying Amount	[2]	5,084
Accumulated Depreciation		$ 1,155
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 21 E. Chestnut Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,318
Initial Cost to Company of Buildings and Improvements		8,468
Increase (Decrease) in Net Investments		815
Carrying Amount of Land		1,318
Carrying Amount of Buildings and Improvements	[1]	9,283
Total Carrying Amount	[2]	10,601
Accumulated Depreciation		$ 2,888
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 819 W. Armitage Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		790
Initial Cost to Company of Buildings and Improvements		1,266
Increase (Decrease) in Net Investments		691
Carrying Amount of Land		790
Carrying Amount of Buildings and Improvements	[1]	1,957
Total Carrying Amount	[2]	2,747
Accumulated Depreciation		$ 626
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 1520 Milwaukee Avenue Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		2,110
Initial Cost to Company of Buildings and Improvements		1,306
Increase (Decrease) in Net Investments		350
Carrying Amount of Land		2,110
Carrying Amount of Buildings and Improvements	[1]	1,656
Total Carrying Amount	[2]	3,766
Accumulated Depreciation		$ 717
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Rhode Island Place Shopping Center Washington, D.C.
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		7,458
Initial Cost to Company of Buildings and Improvements		15,968
Increase (Decrease) in Net Investments		2,691
Carrying Amount of Land		7,458
Carrying Amount of Buildings and Improvements	[1]	18,659
Total Carrying Amount	[2]	26,117
Accumulated Depreciation		$ 7,213
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 930 Rush Street Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		4,933
Initial Cost to Company of Buildings and Improvements		14,587
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		4,933
Carrying Amount of Buildings and Improvements	[1]	14,587
Total Carrying Amount	[2]	19,520
Accumulated Depreciation		$ 4,649
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 28 Jericho Turnpike Westbury, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		6,220
Initial Cost to Company of Buildings and Improvements		24,416
Increase (Decrease) in Net Investments		46
Carrying Amount of Land		6,220
Carrying Amount of Buildings and Improvements	[1]	24,462
Total Carrying Amount	[2]	30,682
Accumulated Depreciation		$ 8,067
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 181 Main Street Westport, CT
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,908
Initial Cost to Company of Buildings and Improvements		12,158
Increase (Decrease) in Net Investments		729
Carrying Amount of Land		1,908
Carrying Amount of Buildings and Improvements	[1]	12,887
Total Carrying Amount	[2]	14,795
Accumulated Depreciation		$ 4,168
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 83 Spring Street Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,754
Initial Cost to Company of Buildings and Improvements		9,200
Increase (Decrease) in Net Investments		313
Carrying Amount of Land		1,754
Carrying Amount of Buildings and Improvements	[1]	9,513
Total Carrying Amount	[2]	11,267
Accumulated Depreciation		$ 2,927
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 179-53 & 1801-03 Connecticut Avenue Washington, D.C.
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		11,690
Initial Cost to Company of Buildings and Improvements		10,135
Increase (Decrease) in Net Investments		2,012
Carrying Amount of Land		11,690
Carrying Amount of Buildings and Improvements	[1]	12,147
Total Carrying Amount	[2]	23,837
Accumulated Depreciation		$ 4,022
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 639 West Diversey Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		4,429
Initial Cost to Company of Buildings and Improvements		6,102
Increase (Decrease) in Net Investments		1,382
Carrying Amount of Land		4,429
Carrying Amount of Buildings and Improvements	[1]	7,484
Total Carrying Amount	[2]	11,913
Accumulated Depreciation		$ 2,663
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 664 North Michigan Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		15,240
Initial Cost to Company of Buildings and Improvements		65,331
Increase (Decrease) in Net Investments		324
Carrying Amount of Land		15,240
Carrying Amount of Buildings and Improvements	[1]	65,655
Total Carrying Amount	[2]	80,895
Accumulated Depreciation		$ 19,413
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 8-12 E. Walton Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		5,398
Initial Cost to Company of Buildings and Improvements		15,601
Increase (Decrease) in Net Investments		980
Carrying Amount of Land		5,398
Carrying Amount of Buildings and Improvements	[1]	16,581
Total Carrying Amount	[2]	21,979
Accumulated Depreciation		$ 5,484
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 3200-3204 M Street Washington, DC
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		6,899
Initial Cost to Company of Buildings and Improvements		4,249
Increase (Decrease) in Net Investments		1,213
Carrying Amount of Land		6,899
Carrying Amount of Buildings and Improvements	[1]	5,462
Total Carrying Amount	[2]	12,361
Accumulated Depreciation		$ 1,753
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 868 Broadway Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		3,519
Initial Cost to Company of Buildings and Improvements		9,247
Increase (Decrease) in Net Investments		5
Carrying Amount of Land		3,519
Carrying Amount of Buildings and Improvements	[1]	9,252
Total Carrying Amount	[2]	12,771
Accumulated Depreciation		$ 2,563
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 313-315 Bowery Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		0
Initial Cost to Company of Buildings and Improvements		5,516
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements	[1]	5,516
Total Carrying Amount	[2]	5,516
Accumulated Depreciation		$ 2,456
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 120 West Broadway Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		0
Initial Cost to Company of Buildings and Improvements		32,819
Increase (Decrease) in Net Investments		2,221
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements	[1]	35,040
Total Carrying Amount	[2]	35,040
Accumulated Depreciation		$ 6,522
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 11 E. Walton Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		16,744
Initial Cost to Company of Buildings and Improvements		28,346
Increase (Decrease) in Net Investments		1,444
Carrying Amount of Land		16,744
Carrying Amount of Buildings and Improvements	[1]	29,790
Total Carrying Amount	[2]	46,534
Accumulated Depreciation		$ 8,647
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 61 Main St. Westport, CT
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		4,578
Initial Cost to Company of Buildings and Improvements		2,645
Increase (Decrease) in Net Investments		1,887
Carrying Amount of Land		4,578
Carrying Amount of Buildings and Improvements	[1]	4,532
Total Carrying Amount	[2]	9,110
Accumulated Depreciation		$ 1,450
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 865 W. North Avenue Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,893
Initial Cost to Company of Buildings and Improvements		11,594
Increase (Decrease) in Net Investments		251
Carrying Amount of Land		1,893
Carrying Amount of Buildings and Improvements	[1]	11,845
Total Carrying Amount	[2]	13,738
Accumulated Depreciation		$ 3,175
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 152-154 Spring St. Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		8,544
Initial Cost to Company of Buildings and Improvements		27,001
Increase (Decrease) in Net Investments		347
Carrying Amount of Land		8,544
Carrying Amount of Buildings and Improvements	[1]	27,348
Total Carrying Amount	[2]	35,892
Accumulated Depreciation		$ 7,427
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 2520 Flatbush Ave Brooklyn, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		6,613
Initial Cost to Company of Buildings and Improvements		10,419
Increase (Decrease) in Net Investments		313
Carrying Amount of Land		6,613
Carrying Amount of Buildings and Improvements	[1]	10,732
Total Carrying Amount	[2]	17,345
Accumulated Depreciation		$ 2,973
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 252-256 Greenwich Avenue Greenwich, CT
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		10,175
Initial Cost to Company of Buildings and Improvements		12,641
Increase (Decrease) in Net Investments		1,122
Carrying Amount of Land		10,175
Carrying Amount of Buildings and Improvements	[1]	13,763
Total Carrying Amount	[2]	23,938
Accumulated Depreciation		$ 4,174
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Bedford Green Bedford Hills, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		12,425
Initial Cost to Company of Buildings and Improvements		32,730
Increase (Decrease) in Net Investments		4,815
Carrying Amount of Land		13,765
Carrying Amount of Buildings and Improvements	[1]	36,205
Total Carrying Amount	[2]	49,970
Accumulated Depreciation		$ 10,569
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 131-135 Prince Street Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		0
Initial Cost to Company of Buildings and Improvements		57,536
Increase (Decrease) in Net Investments		1,153
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements	[1]	58,689
Total Carrying Amount	[2]	58,689
Accumulated Depreciation		$ 29,246
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 201 Needham St. Newton, MA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		4,550
Initial Cost to Company of Buildings and Improvements		4,459
Increase (Decrease) in Net Investments		270
Carrying Amount of Land		4,550
Carrying Amount of Buildings and Improvements	[1]	4,729
Total Carrying Amount	[2]	9,279
Accumulated Depreciation		$ 1,234
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | City Center San Francisco, CA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		36,063
Initial Cost to Company of Buildings and Improvements		109,098
Increase (Decrease) in Net Investments		7,193
Carrying Amount of Land		26,386
Carrying Amount of Buildings and Improvements	[1]	125,968
Total Carrying Amount	[2]	152,354
Accumulated Depreciation		$ 31,428
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 163 Highland Avenue Needham, MA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		12,679
Initial Cost to Company of Buildings and Improvements		11,213
Increase (Decrease) in Net Investments		(104)
Carrying Amount of Land		12,529
Carrying Amount of Buildings and Improvements	[1]	11,259
Total Carrying Amount	[2]	23,788
Accumulated Depreciation		$ 2,934
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Roosevelt Galleria Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		4,838
Initial Cost to Company of Buildings and Improvements		14,574
Increase (Decrease) in Net Investments		1,208
Carrying Amount of Land		4,838
Carrying Amount of Buildings and Improvements	[1]	15,782
Total Carrying Amount	[2]	20,620
Accumulated Depreciation		$ 3,666
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Route 202 Shopping Center Wilmington, DE
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		0
Initial Cost to Company of Buildings and Improvements		6,346
Increase (Decrease) in Net Investments		709
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements	[1]	7,055
Total Carrying Amount	[2]	7,055
Accumulated Depreciation		$ 2,182
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 991 Madison Avenue Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		0
Initial Cost to Company of Buildings and Improvements		76,965
Increase (Decrease) in Net Investments		(75,357)
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements	[1]	1,608
Total Carrying Amount	[2]	1,608
Accumulated Depreciation		$ 904
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 165 Newbury Street - Boston, MA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,918
Initial Cost to Company of Buildings and Improvements		3,980
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		1,918
Carrying Amount of Buildings and Improvements	[1]	3,980
Total Carrying Amount	[2]	5,898
Accumulated Depreciation		$ 862
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Concord & Milwaukee - Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 2,204
Initial Cost to Company of Land		2,739
Initial Cost to Company of Buildings and Improvements		2,746
Increase (Decrease) in Net Investments		523
Carrying Amount of Land		2,739
Carrying Amount of Buildings and Improvements	[1]	3,269
Total Carrying Amount	[2]	6,008
Accumulated Depreciation		$ 871
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | State & Washington - Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 20,690
Initial Cost to Company of Land		3,907
Initial Cost to Company of Buildings and Improvements		70,943
Increase (Decrease) in Net Investments		6,295
Carrying Amount of Land		3,907
Carrying Amount of Buildings and Improvements	[1]	77,238
Total Carrying Amount	[2]	81,145
Accumulated Depreciation		$ 17,682
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 151 N. State Street Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 11,830
Initial Cost to Company of Land		1,941
Initial Cost to Company of Buildings and Improvements		25,529
Increase (Decrease) in Net Investments		172
Carrying Amount of Land		1,941
Carrying Amount of Buildings and Improvements	[1]	25,701
Total Carrying Amount	[2]	27,642
Accumulated Depreciation		$ 5,389
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | North & Kingsbury - Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 9,953
Initial Cost to Company of Land		18,731
Initial Cost to Company of Buildings and Improvements		16,292
Increase (Decrease) in Net Investments		3,272
Carrying Amount of Land		18,731
Carrying Amount of Buildings and Improvements	[1]	19,564
Total Carrying Amount	[2]	38,295
Accumulated Depreciation		$ 4,653
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Sullivan Center - Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 50,000
Initial Cost to Company of Land		13,443
Initial Cost to Company of Buildings and Improvements		137,327
Increase (Decrease) in Net Investments		1,615
Carrying Amount of Land		13,443
Carrying Amount of Buildings and Improvements	[1]	138,942
Total Carrying Amount	[2]	152,385
Accumulated Depreciation		$ 29,205
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | California & Armitage - Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 2,035
Initial Cost to Company of Land		6,770
Initial Cost to Company of Buildings and Improvements		2,292
Increase (Decrease) in Net Investments		98
Carrying Amount of Land		6,770
Carrying Amount of Buildings and Improvements	[1]	2,390
Total Carrying Amount	[2]	9,160
Accumulated Depreciation		$ 545
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 555 9th Street - San Francisco, CA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 57,500
Initial Cost to Company of Land		75,591
Initial Cost to Company of Buildings and Improvements		73,268
Increase (Decrease) in Net Investments		14,631
Carrying Amount of Land		75,591
Carrying Amount of Buildings and Improvements	[1]	87,899
Total Carrying Amount	[2]	163,490
Accumulated Depreciation		$ 15,786
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Market Square Wilmington, DE
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		8,100
Initial Cost to Company of Buildings and Improvements		31,221
Increase (Decrease) in Net Investments		748
Carrying Amount of Land		8,100
Carrying Amount of Buildings and Improvements	[1]	31,969
Total Carrying Amount	[2]	40,069
Accumulated Depreciation		$ 6,242
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 613-623 W. Diversey Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		10,061
Initial Cost to Company of Buildings and Improvements		2,773
Increase (Decrease) in Net Investments		11,876
Carrying Amount of Land		10,061
Carrying Amount of Buildings and Improvements	[1]	14,649
Total Carrying Amount	[2]	24,710
Accumulated Depreciation		$ 5,021
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 51 Greene Street Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		4,488
Initial Cost to Company of Buildings and Improvements		8,992
Increase (Decrease) in Net Investments		100
Carrying Amount of Land		4,488
Carrying Amount of Buildings and Improvements	[1]	9,092
Total Carrying Amount	[2]	13,580
Accumulated Depreciation		$ 1,333
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 53 Greene Street Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		3,605
Initial Cost to Company of Buildings and Improvements		12,177
Increase (Decrease) in Net Investments		2
Carrying Amount of Land		3,605
Carrying Amount of Buildings and Improvements	[1]	12,179
Total Carrying Amount	[2]	15,784
Accumulated Depreciation		$ 1,751
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 41 Greene Street Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		6,276
Initial Cost to Company of Buildings and Improvements		9,582
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		6,276
Carrying Amount of Buildings and Improvements	[1]	9,582
Total Carrying Amount	[2]	15,858
Accumulated Depreciation		$ 1,338
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 47 Greene Street Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		6,265
Initial Cost to Company of Buildings and Improvements		16,758
Increase (Decrease) in Net Investments		6
Carrying Amount of Land		6,265
Carrying Amount of Buildings and Improvements	[1]	16,764
Total Carrying Amount	[2]	23,029
Accumulated Depreciation		$ 2,270
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 849 W Armitage Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		837
Initial Cost to Company of Buildings and Improvements		2,731
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		837
Carrying Amount of Buildings and Improvements	[1]	2,731
Total Carrying Amount	[2]	3,568
Accumulated Depreciation		$ 382
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 912 W Armitage Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		982
Initial Cost to Company of Buildings and Improvements		2,868
Increase (Decrease) in Net Investments		183
Carrying Amount of Land		982
Carrying Amount of Buildings and Improvements	[1]	3,051
Total Carrying Amount	[2]	4,033
Accumulated Depreciation		$ 452
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Melrose Place Collection Los Angeles, CA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		20,490
Initial Cost to Company of Buildings and Improvements		26,788
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		20,490
Carrying Amount of Buildings and Improvements	[1]	26,788
Total Carrying Amount	[2]	47,278
Accumulated Depreciation		$ 3,472
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 45 Greene Street Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		2,903
Initial Cost to Company of Buildings and Improvements		8,487
Increase (Decrease) in Net Investments		297
Carrying Amount of Land		2,903
Carrying Amount of Buildings and Improvements	[1]	8,784
Total Carrying Amount	[2]	11,687
Accumulated Depreciation		$ 1,236
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 565 Broadway Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		0
Initial Cost to Company of Buildings and Improvements		22,491
Increase (Decrease) in Net Investments		11,630
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements	[1]	34,121
Total Carrying Amount	[2]	34,121
Accumulated Depreciation		$ 3,245
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 907 W Armitage Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		700
Initial Cost to Company of Buildings and Improvements		2,081
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		700
Carrying Amount of Buildings and Improvements	[1]	2,081
Total Carrying Amount	[2]	2,781
Accumulated Depreciation		$ 288
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 37 Greene Street Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		6,721
Initial Cost to Company of Buildings and Improvements		9,119
Increase (Decrease) in Net Investments		752
Carrying Amount of Land		6,721
Carrying Amount of Buildings and Improvements	[1]	9,871
Total Carrying Amount	[2]	16,592
Accumulated Depreciation		$ 1,167
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 917 W Armitage Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		901
Initial Cost to Company of Buildings and Improvements		2,368
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		901
Carrying Amount of Buildings and Improvements	[1]	2,368
Total Carrying Amount	[2]	3,269
Accumulated Depreciation		$ 315
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Brandywine Town Center Wilmington, DE
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		15,632
Initial Cost to Company of Buildings and Improvements		101,861
Increase (Decrease) in Net Investments		23,042
Carrying Amount of Land		15,632
Carrying Amount of Buildings and Improvements	[1]	124,903
Total Carrying Amount	[2]	140,535
Accumulated Depreciation		$ 15,589
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 1324 14th Street Washington, D.C.
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		728
Initial Cost to Company of Buildings and Improvements		3,044
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		728
Carrying Amount of Buildings and Improvements	[1]	3,044
Total Carrying Amount	[2]	3,772
Accumulated Depreciation		$ 228
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 1526 14th Street Washington, D.C.
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,377
Initial Cost to Company of Buildings and Improvements		6,964
Increase (Decrease) in Net Investments		2
Carrying Amount of Land		1,377
Carrying Amount of Buildings and Improvements	[1]	6,966
Total Carrying Amount	[2]	8,343
Accumulated Depreciation		$ 522
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 1529 14th Street Washington, D.C.
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,485
Initial Cost to Company of Buildings and Improvements		10,411
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		1,485
Carrying Amount of Buildings and Improvements	[1]	10,411
Total Carrying Amount	[2]	11,896
Accumulated Depreciation		$ 781
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 121 Spring St Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		5,380
Initial Cost to Company of Buildings and Improvements		31,707
Increase (Decrease) in Net Investments		34
Carrying Amount of Land		5,380
Carrying Amount of Buildings and Improvements	[1]	31,741
Total Carrying Amount	[2]	37,121
Accumulated Depreciation		$ 2,378
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 8833 Beverly Blvd West Hollywood, CA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		14,423
Initial Cost to Company of Buildings and Improvements		8,314
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		14,423
Carrying Amount of Buildings and Improvements	[1]	8,314
Total Carrying Amount	[2]	22,737
Accumulated Depreciation		$ 591
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Williamsburg Portfolio Brooklyn, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		31,500
Initial Cost to Company of Buildings and Improvements		60,720
Increase (Decrease) in Net Investments		3,317
Carrying Amount of Land		31,500
Carrying Amount of Buildings and Improvements	[1]	64,037
Total Carrying Amount	[2]	95,537
Accumulated Depreciation		$ 4,458
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Henderson Portfolio Dallas, TX
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		28,090
Initial Cost to Company of Buildings and Improvements		42,966
Increase (Decrease) in Net Investments		5,634
Carrying Amount of Land		28,090
Carrying Amount of Buildings and Improvements	[1]	48,600
Total Carrying Amount	[2]	76,690
Accumulated Depreciation		$ 3,101
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | Bleecker Street Portfolio Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		4,962
Initial Cost to Company of Buildings and Improvements		13,189
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		4,962
Carrying Amount of Buildings and Improvements	[1]	13,189
Total Carrying Amount	[2]	18,151
Accumulated Depreciation		$ 91
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 123-129 N 6th St Brooklyn, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		13,083
Initial Cost to Company of Buildings and Improvements		25,428
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		13,083
Carrying Amount of Buildings and Improvements	[1]	25,428
Total Carrying Amount	[2]	38,511
Accumulated Depreciation		$ 160
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 109 N 6th St, Brooklyn, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		5,142
Initial Cost to Company of Buildings and Improvements		13,146
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		5,142
Carrying Amount of Buildings and Improvements	[1]	13,146
Total Carrying Amount	[2]	18,288
Accumulated Depreciation		$ 55
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Core Portfolio | 92-94 Greene St Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		32,499
Initial Cost to Company of Buildings and Improvements		10,406
Increase (Decrease) in Net Investments		0
Carrying Amount of Land		32,499
Carrying Amount of Buildings and Improvements	[1]	10,406
Total Carrying Amount	[2]	42,905
Accumulated Depreciation		$ 135
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund II | City Point Brooklyn, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 137,485
Initial Cost to Company of Land		0
Initial Cost to Company of Buildings and Improvements		100,316
Increase (Decrease) in Net Investments		578,700
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements	[1]	679,016
Total Carrying Amount	[2]	679,016
Accumulated Depreciation		$ 157,011
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund III | 640 Broadway Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 33,000
Initial Cost to Company of Land		27,831
Initial Cost to Company of Buildings and Improvements		27,291
Increase (Decrease) in Net Investments		1,152
Carrying Amount of Land		27,831
Carrying Amount of Buildings and Improvements	[1]	28,443
Total Carrying Amount	[2]	56,274
Accumulated Depreciation		$ 2,109
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 210 Bowery Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,875
Initial Cost to Company of Buildings and Improvements		5,625
Increase (Decrease) in Net Investments		(6,516)
Carrying Amount of Land		518
Carrying Amount of Buildings and Improvements	[1]	466
Total Carrying Amount	[2]	984
Accumulated Depreciation		$ 291
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 27 E. 61st Street Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 7,473
Initial Cost to Company of Land		4,813
Initial Cost to Company of Buildings and Improvements		14,438
Increase (Decrease) in Net Investments		3,774
Carrying Amount of Land		3,523
Carrying Amount of Buildings and Improvements	[1]	19,502
Total Carrying Amount	[2]	23,025
Accumulated Depreciation		$ 3,560
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 17 E. 71st Street Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		7,391
Initial Cost to Company of Buildings and Improvements		20,176
Increase (Decrease) in Net Investments		490
Carrying Amount of Land		7,391
Carrying Amount of Buildings and Improvements	[1]	20,666
Total Carrying Amount	[2]	28,057
Accumulated Depreciation		$ 5,446
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 1035 Third Ave Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 13,725
Initial Cost to Company of Land		12,759
Initial Cost to Company of Buildings and Improvements		37,431
Increase (Decrease) in Net Investments		5,854
Carrying Amount of Land		14,099
Carrying Amount of Buildings and Improvements	[1]	41,945
Total Carrying Amount	[2]	56,044
Accumulated Depreciation		$ 12,079
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 801 Madison Avenue Manhattan, NY
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 15,002
Initial Cost to Company of Land		4,178
Initial Cost to Company of Buildings and Improvements		28,470
Increase (Decrease) in Net Investments		(4,666)
Carrying Amount of Land		2,922
Carrying Amount of Buildings and Improvements	[1]	25,060
Total Carrying Amount	[2]	27,982
Accumulated Depreciation		$ 5,181
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 1964 Union Street San Francisco, CA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 1,332
Initial Cost to Company of Land		563
Initial Cost to Company of Buildings and Improvements		1,688
Increase (Decrease) in Net Investments		901
Carrying Amount of Land		380
Carrying Amount of Buildings and Improvements	[1]	2,772
Total Carrying Amount	[2]	3,152
Accumulated Depreciation		$ 706
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | Restaurants at Fort Point - Boston, MA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		1,041
Initial Cost to Company of Buildings and Improvements		10,905
Increase (Decrease) in Net Investments		106
Carrying Amount of Land		1,041
Carrying Amount of Buildings and Improvements	[1]	11,011
Total Carrying Amount	[2]	12,052
Accumulated Depreciation		$ 2,482
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 717 N. Michigan Avenue, Chicago, IL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 46,000
Initial Cost to Company of Land		72,591
Initial Cost to Company of Buildings and Improvements		35,440
Increase (Decrease) in Net Investments		(24,822)
Carrying Amount of Land		48,920
Carrying Amount of Buildings and Improvements	[1]	34,289
Total Carrying Amount	[2]	83,209
Accumulated Depreciation		$ 2,499
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 18 E. Broughton St. Savannah, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 1,545
Initial Cost to Company of Land		609
Initial Cost to Company of Buildings and Improvements		1,513
Increase (Decrease) in Net Investments		61
Carrying Amount of Land		609
Carrying Amount of Buildings and Improvements	[1]	1,574
Total Carrying Amount	[2]	2,183
Accumulated Depreciation		$ 278
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 20 E. Broughton St. Savannah, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 1,008
Initial Cost to Company of Land		588
Initial Cost to Company of Buildings and Improvements		937
Increase (Decrease) in Net Investments		12
Carrying Amount of Land		588
Carrying Amount of Buildings and Improvements	[1]	949
Total Carrying Amount	[2]	1,537
Accumulated Depreciation		$ 152
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 25 E. Broughton St. Savannah, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 3,178
Initial Cost to Company of Land		1,324
Initial Cost to Company of Buildings and Improvements		2,459
Increase (Decrease) in Net Investments		383
Carrying Amount of Land		1,324
Carrying Amount of Buildings and Improvements	[1]	2,842
Total Carrying Amount	[2]	4,166
Accumulated Depreciation		$ 590
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 109 W. Broughton St. Savannah, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 6,466
Initial Cost to Company of Land		2,343
Initial Cost to Company of Buildings and Improvements		6,560
Increase (Decrease) in Net Investments		1,780
Carrying Amount of Land		2,343
Carrying Amount of Buildings and Improvements	[1]	8,340
Total Carrying Amount	[2]	10,683
Accumulated Depreciation		$ 1,414
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 204-206 W. Broughton St. Savannah, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 910
Initial Cost to Company of Land		547
Initial Cost to Company of Buildings and Improvements		439
Increase (Decrease) in Net Investments		32
Carrying Amount of Land		547
Carrying Amount of Buildings and Improvements	[1]	471
Total Carrying Amount	[2]	1,018
Accumulated Depreciation		$ 87
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 216-218 W. Broughton St. Savannah, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 2,663
Initial Cost to Company of Land		1,160
Initial Cost to Company of Buildings and Improvements		2,736
Increase (Decrease) in Net Investments		1,959
Carrying Amount of Land		1,160
Carrying Amount of Buildings and Improvements	[1]	4,695
Total Carrying Amount	[2]	5,855
Accumulated Depreciation		$ 1,010
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 220 W. Broughton St. Savannah, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 1,863
Initial Cost to Company of Land		619
Initial Cost to Company of Buildings and Improvements		1,799
Increase (Decrease) in Net Investments		985
Carrying Amount of Land		619
Carrying Amount of Buildings and Improvements	[1]	2,784
Total Carrying Amount	[2]	3,403
Accumulated Depreciation		$ 606
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 223 W. Broughton St. Savannah, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 910
Initial Cost to Company of Land		465
Initial Cost to Company of Buildings and Improvements		688
Increase (Decrease) in Net Investments		28
Carrying Amount of Land		465
Carrying Amount of Buildings and Improvements	[1]	716
Total Carrying Amount	[2]	1,181
Accumulated Depreciation		$ 117
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 226-228 W. Broughton St. Savannah, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		660
Initial Cost to Company of Buildings and Improvements		1,900
Increase (Decrease) in Net Investments		240
Carrying Amount of Land		660
Carrying Amount of Buildings and Improvements	[1]	2,140
Total Carrying Amount	[2]	2,800
Accumulated Depreciation		$ 338
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 309/311 W. Broughton St. Savannah, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 2,345
Initial Cost to Company of Land		1,160
Initial Cost to Company of Buildings and Improvements		2,695
Increase (Decrease) in Net Investments		193
Carrying Amount of Land		1,160
Carrying Amount of Buildings and Improvements	[1]	2,888
Total Carrying Amount	[2]	4,048
Accumulated Depreciation		$ 447
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 230-240 W. Broughton St. Savannah, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 5,052
Initial Cost to Company of Land		2,185
Initial Cost to Company of Buildings and Improvements		9,597
Increase (Decrease) in Net Investments		6
Carrying Amount of Land		2,185
Carrying Amount of Buildings and Improvements	[1]	9,603
Total Carrying Amount	[2]	11,788
Accumulated Depreciation		$ 1,101
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund IV | 102 E. Broughton St. Savannah, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 0
Initial Cost to Company of Land		0
Initial Cost to Company of Buildings and Improvements		514
Increase (Decrease) in Net Investments		38
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements	[1]	552
Total Carrying Amount	[2]	552
Accumulated Depreciation		$ 65
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Plaza Santa Fe Santa Fe, NM
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 22,893
Initial Cost to Company of Land		0
Initial Cost to Company of Buildings and Improvements		28,214
Increase (Decrease) in Net Investments		2,218
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements	[1]	30,432
Total Carrying Amount	[2]	30,432
Accumulated Depreciation		$ 6,565
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Hickory Ridge - Hickory, NC
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 26,708
Initial Cost to Company of Land		7,852
Initial Cost to Company of Buildings and Improvements		29,998
Increase (Decrease) in Net Investments		5,157
Carrying Amount of Land		7,852
Carrying Amount of Buildings and Improvements	[1]	35,155
Total Carrying Amount	[2]	43,007
Accumulated Depreciation		$ 8,716
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | New Towne Plaza - Canton, MI
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 16,037
Initial Cost to Company of Land		5,040
Initial Cost to Company of Buildings and Improvements		17,391
Increase (Decrease) in Net Investments		587
Carrying Amount of Land		4,719
Carrying Amount of Buildings and Improvements	[1]	18,299
Total Carrying Amount	[2]	23,018
Accumulated Depreciation		$ 4,084
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Fairlane Green Allen Park, MI
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 31,639
Initial Cost to Company of Land		18,121
Initial Cost to Company of Buildings and Improvements		37,143
Increase (Decrease) in Net Investments		4,120
Carrying Amount of Land		18,121
Carrying Amount of Buildings and Improvements	[1]	41,263
Total Carrying Amount	[2]	59,384
Accumulated Depreciation		$ 8,245
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Trussville Promenade Birmingham, AL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 28,109
Initial Cost to Company of Land		7,587
Initial Cost to Company of Buildings and Improvements		34,285
Increase (Decrease) in Net Investments		944
Carrying Amount of Land		7,587
Carrying Amount of Buildings and Improvements	[1]	35,229
Total Carrying Amount	[2]	42,816
Accumulated Depreciation		$ 6,410
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Elk Grove Commons Elk Grove, CA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 41,000
Initial Cost to Company of Land		6,204
Initial Cost to Company of Buildings and Improvements		48,008
Increase (Decrease) in Net Investments		2,035
Carrying Amount of Land		6,204
Carrying Amount of Buildings and Improvements	[1]	50,043
Total Carrying Amount	[2]	56,247
Accumulated Depreciation		$ 8,662
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Hiram Pavilion Hiram, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 27,088
Initial Cost to Company of Land		13,029
Initial Cost to Company of Buildings and Improvements		25,446
Increase (Decrease) in Net Investments		1,098
Carrying Amount of Land		13,029
Carrying Amount of Buildings and Improvements	[1]	26,544
Total Carrying Amount	[2]	39,573
Accumulated Depreciation		$ 5,304
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Palm Coast Landing Palm Coast, FL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 25,301
Initial Cost to Company of Land		7,066
Initial Cost to Company of Buildings and Improvements		27,299
Increase (Decrease) in Net Investments		1,492
Carrying Amount of Land		7,066
Carrying Amount of Buildings and Improvements	[1]	28,791
Total Carrying Amount	[2]	35,857
Accumulated Depreciation		$ 4,996
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Lincoln Commons Lincoln, RI
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 35,595
Initial Cost to Company of Land		14,429
Initial Cost to Company of Buildings and Improvements		34,417
Increase (Decrease) in Net Investments		6,390
Carrying Amount of Land		14,429
Carrying Amount of Buildings and Improvements	[1]	40,807
Total Carrying Amount	[2]	55,236
Accumulated Depreciation		$ 6,949
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Landstown Commons Virginia Beach, VA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 58,848
Initial Cost to Company of Land		10,222
Initial Cost to Company of Buildings and Improvements		69,005
Increase (Decrease) in Net Investments		6,951
Carrying Amount of Land		10,222
Carrying Amount of Buildings and Improvements	[1]	75,956
Total Carrying Amount	[2]	86,178
Accumulated Depreciation		$ 11,466
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Canton Marketplace Canton, GA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 34,460
Initial Cost to Company of Land		11,883
Initial Cost to Company of Buildings and Improvements		34,902
Increase (Decrease) in Net Investments		521
Carrying Amount of Land		10,588
Carrying Amount of Buildings and Improvements	[1]	36,718
Total Carrying Amount	[2]	47,306
Accumulated Depreciation		$ 3,648
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Monroe Marketplace Selinsgrove, PA
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 25,300
Initial Cost to Company of Land		8,755
Initial Cost to Company of Buildings and Improvements		35,452
Increase (Decrease) in Net Investments		2,567
Carrying Amount of Land		8,755
Carrying Amount of Buildings and Improvements	[1]	38,019
Total Carrying Amount	[2]	46,774
Accumulated Depreciation		$ 3,952
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Midstate Mall East Brunswick, NJ
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 50,200
Initial Cost to Company of Land		13,062
Initial Cost to Company of Buildings and Improvements		43,290
Increase (Decrease) in Net Investments		10,553
Carrying Amount of Land		13,062
Carrying Amount of Buildings and Improvements	[1]	53,843
Total Carrying Amount	[2]	66,905
Accumulated Depreciation		$ 4,442
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Cypress Creek Tampa, FL
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 32,200
Initial Cost to Company of Land		25,313
Initial Cost to Company of Buildings and Improvements		39,637
Increase (Decrease) in Net Investments		56
Carrying Amount of Land		0
Carrying Amount of Buildings and Improvements	[1]	65,006
Total Carrying Amount	[2]	65,006
Accumulated Depreciation		$ 2,238
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
Opportunity Funds | Fund V | Maple Tree Place Williston, VT
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances		$ 43,400
Initial Cost to Company of Land		17,597
Initial Cost to Company of Buildings and Improvements		49,404
Increase (Decrease) in Net Investments		1,126
Carrying Amount of Land		17,597
Carrying Amount of Buildings and Improvements	[1]	50,530
Total Carrying Amount	[2]	68,127
Accumulated Depreciation		$ 1,577
Life on which Depreciation in Latest Statement of Operations is Compared	[1]	40 years
[1] Depreciation on buildings and improvements reflected on the Consolidated Statements of Operations is calculated over the estimated useful life of the assets as follows: Buildings at 40 years and improvements at the shorter of lease term or useful life. The aggregate gross cost of property included above for Federal income tax purposes was approximately $ 4.7 billion as of December 31, 2024 .

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at beginning of year	$ 4,435,519		$ 4,253,010	$ 4,071,607
Improvements and other	87,253		75,668	50,696
Property acquisitions	158,926		131,952	234,557
Property dispositions or held for sale assets	(97,732)		(21,425)	(125,933)
Consolidation of previously unconsolidated investments	0		0	55,394
Property transfers out of Held for Sale	16,996
Impairment charges	(1,347)		(3,686)	(33,311)
Balance at end of year	$ 4,599,615	[1]	$ 4,435,519	$ 4,253,010
[1] The aggregate gross cost of property included above for Federal income tax purposes was approximately $ 4.7 billion as of December 31, 2024 .

SCHEDULE III - REAL ESTATE AN_4

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Balance at beginning of year	$ 823,439	$ 725,143	$ 648,461
Depreciation related to real estate	107,464	100,300	98,414
Property dispositions or held for sale assets	(10,777)	(2,004)	(21,732)
Property transfers out of Held for Sale	5,896	0	0
Balance at end of year	$ 926,022	$ 823,439	$ 725,143

SCHEDULE IV - MORTGAGE LOANS _2

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Loans On Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024		Dec. 31, 2023	Dec. 31, 2022
Mortgage Loans on Real Estate [Line Items]
Face Amount of Notes Receivable		$ 129,588
Notes receivable	[1]	128,588	[2]	$ 126,228
Allowance for credit losses		(2,004)	[2]	(1,279)	$ (898)
Notes receivable, net		126,584	[2]	$ 124,949
Principal amount of loans subject to delinquent principal or interest		$ 17,810
First Mortgage Loan, 6.00% Loan, Due 4/1/2020
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate		6%
Face Amount of Notes Receivable		$ 17,810
Notes receivable	[2]	17,810
Principal amount of loans subject to delinquent principal or interest		$ 17,810
Mezzanine Loan, 9.75% Loan, Due 1/9/2025
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	[3]	9.75%
Face Amount of Notes Receivable	[3]	$ 54,000
Notes receivable	[2],[3]	$ 54,000
First Mortgage Loan, 6.74% Loan, Due 9/17/2025
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate		6.74%
Face Amount of Notes Receivable		$ 43,000
Notes receivable	[2]	$ 42,000
Other, 6.50% Loan, Due 7/31/2025
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate		6.50%
Face Amount of Notes Receivable		$ 2,147
Notes receivable	[2]	$ 2,147
Mezzanine Loan, 10.00% Loan, Due 12/11/2027
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate		10%
Face Amount of Notes Receivable		$ 5,000
Notes receivable	[2]	$ 5,000
Mezzanine Loan, 12.00% Loan, Due 12/31/2025
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate		12%
Face Amount of Notes Receivable		$ 7,631
Notes receivable	[2]	$ 7,631
[1] Included one note receivable from an OP Unit holder, with a balance of $ 6.0 million as of December 31, 2023. The note was paid off in the first quarter of 2024. The aggregate carrying amount of notes receivable included above for Federal income tax purposes was approximately $ 126.2 million as of December 31, 2024 . In January 2025, the maturity date on the mezzanine loan was extended to February 25, 2025.

SCHEDULE IV - MORTGAGE LOANS _3

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Loans On Real Estate (Parenthetical) (Details) $ in Millions	Dec. 31, 2024 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Notes receivable net of CECL	$ 126.2

SCHEDULE IV - MORTGAGE LOANS _4

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Reconciliation of Loans on Real Estate (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	[1]	$ 124,949
Total	[1]	126,584	$ 124,949
Reconciliation of Loans on Real Estate
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year		126,228	124,801	$ 159,638
Additions		8,360	1,427	0
Repayments		(6,000)	0	(29,531)
Conversion of OP Units		0	0	0
Conversion to real estate through receipt of deed or through foreclosure		0	0	(5,306)
Total		128,588	126,228	124,801
Allowance for credit loss		(2,004)	(1,279)	(898)
Balance at end of year		$ 126,584	$ 124,949	$ 123,903
[1] Includes Notes receivable, net from related parties of $ 14.8 million and $ 6.4 million as of December 31, 2024 and 2023, respectively (Note 3).