Document And Entity Information (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Feb. 20, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	ACADIA REALTY TRUST
Entity Central Index Key	0000899629
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		68,147,658
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,672.8

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Land	$ 424,661	$ 336,251
Buildings and improvements	1,329,080	1,140,613
Construction in progress	7,464	4,836
Real estate investment property, at cost	1,761,205	1,481,700
Less: accumulated depreciation	256,015	229,538
Net operating real estate	1,505,190	1,252,162
Real estate under development	447,390	337,353
Notes receivable and preferred equity investments, net	102,286	126,656
Investments in and advances to unconsolidated affiliates	184,352	181,322
Cash and cash equivalents	217,580	79,189
Cash in escrow	20,358	19,822
Restricted cash	30,604	109,795
Rents receivable, net	36,962	29,574
Deferred charges, net	30,679	30,775
Acquired lease intangibles, net	44,618	33,663
Prepaid expenses and other assets	56,508	44,212
Assets of discontinued operations and properties held for sale	56,073	20,434
Total assets	2,732,600	2,264,957
LIABILITIES
Mortgage and other notes payable	1,130,481	1,039,997
Distributions in excess of income from, and investments in, unconsolidated affiliates	12,564	8,701
Accounts payable and accrued expenses	34,026	38,050
Dividends and distributions payable	39,339	13,455
Acquired lease intangibles, net	29,585	22,394
Other liabilities	25,148	18,265
Liabilities of discontinued operations and properties held for sale	25,500	2,507
Total liabilities	1,296,643	1,143,369
Shareholders' Equity
Common shares, $.001 par value, authorized 100,000,000 shares, issued and outstanding 68,109,287 and 55,643,068 shares, respectively	68	56
Additional paid-in capital	1,027,861	665,301
Accumulated other comprehensive (loss) income	(4,005)	1,132
Retained earnings	31,617	37,747
Total shareholders’ equity	1,055,541	704,236
Noncontrolling interests	380,416	417,352
Total equity	1,435,957	1,121,588
Total liabilities and equity	$ 2,732,600	$ 2,264,957

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, authorized (in shares)	100,000,000	100,000,000
Common shares, issued (in shares)	68,109,287	55,643,068
Common shares, outstanding (in shares)	68,109,287	55,643,068

CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues
Rental income	$ 145,103	$ 122,730	$ 84,002
Interest income	12,607	11,800	8,027
Expense reimbursements	32,642	28,373	20,433
Other	4,660	5,383	2,525
Total revenues	195,012	168,286	114,987
Operating Expenses
Property operating	24,833	21,026	17,430
Other operating	3,776	4,605	3,899
Real estate taxes	23,062	20,922	16,387
General and administrative	27,433	25,555	21,223
Reserve for notes receivable	0	0	405
Depreciation and amortization	49,645	40,299	27,888
Total operating expenses	128,749	112,407	87,232
Operating income	66,263	55,879	27,755
Equity in earnings of unconsolidated affiliates	8,723	12,382	550
Gain on disposition of properties of unconsolidated affiliates	102,855	0	3,061
Impairment of unconsolidated affiliates	0	0	(2,032)
Impairment of asset	0	(1,500)	0
Loss on debt extinguishment	(335)	(765)	(198)
Gain on involuntary conversion of asset	0	0	2,368
Interest and other finance expense	(39,091)	(39,474)	(22,811)
Gain on disposition of properties	13,138	0	0
Income from continuing operations before income taxes	151,553	26,522	8,693
Income tax (provision) benefit	(629)	(19)	574
Income from continuing operations	150,924	26,503	9,267
Discontinued operations
Operating income from discontinued operations	0	6,818	12,007
Impairment of asset	0	(6,683)	0
Loss on debt extinguishment	0	(800)	(2,541)
Gain on disposition of properties	1,222	18,802	71,203
Income from discontinued operations	1,222	18,137	80,669
Net income	152,146	44,640	89,936
Noncontrolling interests
Continuing operations	(80,059)	7,523	14,352
Discontinued operations	(1,023)	(12,048)	(64,582)
Net income attributable to noncontrolling interests	(81,082)	(4,525)	(50,230)
Net income attributable to Common Shareholders	$ 71,064	$ 40,115	$ 39,706
Basic earnings per share
Income from continuing operations (in dollars per share)	$ 1.18	$ 0.61	$ 0.51
Income from discontinued operations (in dollars per share)	$ 0.00	$ 0.11	$ 0.34
Basic earnings per share (in dollars per share)	$ 1.18	$ 0.72	$ 0.85
Diluted earnings per share
Income from continuing operations (in dollars per share)	$ 1.18	$ 0.61	$ 0.51
Income from discontinued operations (in dollars per share)	$ 0.00	$ 0.11	$ 0.34
Diluted earnings per share (in dollars per share)	$ 1.18	$ 0.72	$ 0.85

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
Net income	$ 152,146	$ 44,640	$ 89,936
Other Comprehensive (loss) income:
Unrealized (loss) gain on valuation of swap agreements	(9,061)	3,610	(3,519)
Reclassification of realized interest on swap agreements	3,776	2,892	2,268
Other comprehensive (loss) income	(5,285)	6,502	(1,251)
Comprehensive income	146,861	51,142	88,685
Comprehensive income attributable to noncontrolling interests	(80,934)	(5,588)	(49,373)
Comprehensive income attributable to Common Shareholders	$ 65,927	$ 45,554	$ 39,312

- Definition

Amount after tax of increase (decrease) in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss).

+ References+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Total Common Shareholders’ Equity	Noncontrolling Interests
Balance at Dec. 31, 2011	$ 769,309	$ 43	$ 348,667	$ (3,913)	$ 39,317	$ 384,114	$ 385,195
Balance (in Shares) at Dec. 31, 2011		42,586,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0		5,880			5,880	(5,880)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		334,000
Issuance of Common Shares, net of issuance costs	226,721	9	226,712			226,721
Issuance of Common Shares, net of issuance costs (in Shares)		9,510,000
Dividends declared	(34,994)				(33,896)	(33,896)	(1,098)
Issuance of OP Units to acquire real estate	2,279						2,279
Employee and trustee stock compensation, net	6,691		666			666	6,025
Employee and trustee stock compensation, net (in Shares)		52,000
Noncontrolling interest distributions	(160,663)						(160,663)
Noncontrolling interest contributions	172,228						172,228
Balance before adjustment toward comprehensive income	981,571	52	581,925	(3,913)	5,421	583,485	398,086
Balance before adjustment toward comprehensive income (in Shares)		52,482,000
Comprehensive income (loss):
Net income	89,936				39,706	39,706	50,230
Unrealized income (loss) on valuation of swap agreements	(3,519)			(1,815)	0	(1,815)	(1,704)
Reclassification of realized interest on swap agreements	2,268			1,421	0	1,421	847
Total comprehensive (loss) income	88,685			(394)	39,706	39,312	49,373
Balance at Dec. 31, 2012	1,070,256	52	581,925	(4,307)	45,127	622,797	447,459
Balance (in Shares) at Dec. 31, 2012		52,482,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0		1,548			1,548	(1,548)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		93,000
Issuance of Common Shares, net of issuance costs	80,690	4	80,686			80,690
Issuance of Common Shares, net of issuance costs (in Shares)		3,013,000
Dividends declared	(49,159)				(47,495)	(47,495)	(1,664)
Issuance of OP Units to acquire real estate	33,300				0	0	33,300
Employee and trustee stock compensation, net	7,672		1,142			1,142	6,530
Employee and trustee stock compensation, net (in Shares)		55,000
Consolidation of previously unconsolidated investments	(33,949)						(33,949)
Noncontrolling interest distributions	(87,688)						(87,688)
Noncontrolling interest contributions	49,324						49,324
Balance before adjustment toward comprehensive income	1,070,446	56	665,301	(4,307)	(2,368)	658,682	411,764
Balance before adjustment toward comprehensive income (in Shares)		55,643,000
Comprehensive income (loss):
Net income	44,640				40,115	40,115	4,525
Unrealized income (loss) on valuation of swap agreements	3,610			3,541		3,541	69
Reclassification of realized interest on swap agreements	2,892			1,898		1,898	994
Total comprehensive (loss) income	51,142			5,439	40,115	45,554	5,588
Balance at Dec. 31, 2013	1,121,588	56	665,301	1,132	37,747	704,236	417,352
Balance (in Shares) at Dec. 31, 2013	55,643,068	55,643,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0		3,181			3,181	(3,181)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		136,000
Issuance of Common Shares, net of issuance costs	357,459	12	357,447			357,459
Issuance of Common Shares, net of issuance costs (in Shares)		12,237,000
Dividends declared	(82,279)				(77,194)	(77,194)	(5,085)
Issuance of OP Units to acquire real estate	44,051						44,051
Employee and trustee stock compensation, net	8,460		1,932			1,932	6,528
Employee and trustee stock compensation, net (in Shares)		93,000
Noncontrolling interest distributions	(218,152)						(218,152)
Noncontrolling interest contributions	57,969						57,969
Balance before adjustment toward comprehensive income	1,289,096	68	1,027,861	1,132	(39,447)	989,614	299,482
Balance before adjustment toward comprehensive income (in Shares)		68,109,000
Comprehensive income (loss):
Net income	152,146				71,064	71,064	81,082
Unrealized income (loss) on valuation of swap agreements	(9,061)			(7,814)		(7,814)	(1,247)
Reclassification of realized interest on swap agreements	3,776			2,677		2,677	1,099
Total comprehensive (loss) income	146,861			(5,137)	71,064	65,927	80,934
Balance at Dec. 31, 2014	$ 1,435,957	$ 68	$ 1,027,861	$ (4,005)	$ 31,617	$ 1,055,541	$ 380,416
Balance (in Shares) at Dec. 31, 2014	68,109,287	68,109,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 152,146	$ 44,640	$ 89,936
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	49,645	43,071	38,769
Amortization of financing costs	3,003	3,082	3,569
Gain on sale of property	(14,360)	(18,802)	(71,203)
Loss on debt extinguishment	335	1,565	2,739
Gain on involuntary conversion of asset	0	0	(2,368)
Reserve for notes receivable	0	0	405
Impairment of asset	0	8,183	0
Share compensation expense	6,744	7,667	3,350
Equity in earnings of unconsolidated affiliates	(8,723)	(12,382)	1,482
Gain on disposition of properties of unconsolidated affiliates	(102,855)	0	(3,061)
Distributions of operating income from unconsolidated affiliates	9,579	9,829	3,733
Other, net	(4,147)	(4,771)	278
Changes in assets and liabilities
Cash in escrow	(686)	218	2,035
Rents receivable, net	(8,097)	997	(6,757)
Prepaid expenses and other assets	852	(22,524)	1,033
Accounts payable and accrued expenses	(4,016)	5,586	(5,648)
Other liabilities	3,099	(1,126)	709
Net cash provided by operating activities	82,519	65,233	59,001
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(250,353)	(220,041)	(241,894)
Redevelopment and property improvement costs	(140,118)	(106,883)	(88,787)
Deferred leasing costs	(3,914)	(4,617)	(7,275)
Insurance proceeds from involuntary conversion of asset	0	0	3,672
Investments in and advances to unconsolidated affiliates	(156,972)	(56,171)	(160,888)
Return of capital from unconsolidated affiliates	74,371	108,899	22,296
Proceeds from disposition of properties of unconsolidated affiliates	190,356	0	0
Consolidation of previously unconsolidated investment	0	1,864	0
Proceeds from notes receivable	18,095	29,583	25,388
Issuance of notes receivable	(31,169)	(45,050)	(108,629)
Proceeds from disposition of properties	31,188	204,537	419,372
Net cash used in investing activities	(268,516)	(87,879)	(136,745)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	(176,323)	(437,257)	(549,095)
Proceeds received on mortgage and other notes	284,303	572,443	433,815
Loan proceeds held as restricted cash	79,191	(109,795)	0
Purchase of convertible notes payable	0	(550)	0
Deferred financing and other costs	(3,672)	(11,741)	(6,772)
Capital contributions from noncontrolling interests	57,970	49,324	172,228
Distributions to noncontrolling interests	(221,330)	(88,975)	(161,765)
Dividends paid to Common Shareholders	(53,210)	(44,115)	(32,143)
Proceeds from issuance of Common Shares, net of issuance costs of $2,112, $1,645, and $3,054 respectively	357,459	80,688	223,477
Net cash provided by financing activities	324,388	10,022	79,745
Increase (decrease) in cash and cash equivalents	138,391	(12,624)	2,001
Cash and cash equivalents, beginning of period	79,189	91,813	89,812
Cash and cash equivalents, end of period	217,580	79,189	91,813
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $12,650, $9,193, and $5,955, respectively	46,542	41,543	32,327
Cash paid for income taxes, net of refunds received of $2,045, $0 and $0, respectively	(1,772)	301	941
Supplemental disclosure of non-cash investing activities
Acquisition of real estate through assumption of debt	29,794	0	63,766
Disposition of real estate through forgiveness of debt	(22,865)	0	0
Acquisition of real estate through issuance of OP Units	38,937	33,300	2,279
Investments in and advances to unconsolidated affiliates through issuance of OP Units	5,114	0	0
Acquisition of real estate through conversion of notes receivable	38,000	18,500	14,000
Consolidation of previously unconsolidated investment
Real estate, net	0	(118,484)	0
Mortgage notes payable	0	166,200	0
Distributions in excess of income from, and investments in, unconsolidated affiliates	0	(10,298)	0
Other assets and liabilities	0	(1,605)	0
Noncontrolling interest	$ 0	$ (33,949)	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Statement of Cash Flows [Abstract]
Cash paid for capitalized interest	$ 12,650	$ 9,193	$ 5,955
Refunds received	2,045	0	0
Payments of Stock Issuance Costs	$ 2,112	$ 1,645	$ 3,054

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Basis of Presentation and Summary of Significant Accounting Policies

Acadia Realty Trust (the "Trust") and subsidiaries (collectively, the "Company"), is a fully-integrated equity real estate investment trust ("REIT") focused on the ownership, acquisition, redevelopment, and management of high-quality 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, 2014, the Trust controlled approximately 95% of the Operating Partnership as the sole general partner. As the general partner, the Trust 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 15). 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 of the Trust ("Common Shares"). This structure is referred to as an umbrella partnership REIT or "UPREIT."

As of December 31, 2014, the Company has ownership interests in 87 properties 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 its funds ("Core Portfolio"). The Company also has ownership interests in 56 properties within its funds, Acadia Strategic Opportunity Fund I, LP ("Fund I"), Acadia Strategic Opportunity II, LLC ("Fund II"), Acadia Strategic Opportunity Fund III LLC ("Fund III") and Acadia Strategic Opportunity Fund IV LLC (("Fund IV") and together with Funds I, II, and III, the "Funds"). The 143 Core Portfolio and Fund properties primarily consist street and urban retail, and dense suburban shopping centers. In addition, the Company, together with the investors in the Funds, invest in operating companies through Acadia Mervyn Investors I, LLC ("Mervyns I"), Acadia Mervyn Investors II, LLC ("Mervyns II") and Fund II, all on a non-recourse basis.

The Operating Partnership is the sole general partner or managing member of the Funds and Mervyns I and II and earns fees or priority distributions for asset management, property management, construction, redevelopment, leasing, and legal services. Cash flows from the Funds and Mervyns I and II 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).

Following is a table summarizing the general terms and Operating Partnership's equity interests in the Funds and Mervyns I and II:



Entity	Formation Date	Operating Partnership Share of Capital		Committed Capital		Capital Called as of December 31, 2014 (3)		Equity Interest Held By Operating Partnership		Preferred Return		Total Distributions as of December 31, 2014 (3)
Fund I and Mervyns I (1)	9/2001	22.22	%	$	90.0	$	86.6	37.78	%	9	%	$	192.3
Fund II and Mervyns II (2)	6/2004	20.00	%	300.0		300.0		20.00	%	8	%	131.6
Fund III	5/2007	19.90	%	475.0		381.6		19.90	%	6	%	368.5
Fund IV	5/2012	23.12	%	540.6		140.2		23.12	%	6	%	95.9

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued

Notes:

(1) Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions.

(2) During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects.

(3) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares.

Principles of Consolidation

The consolidated financial statements include the consolidated accounts of the Company and its controlling investments in partnerships and limited liability companies in which the Company has control 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, 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 consolidated net income.

Variable interest entities are accounted for within the scope of ASC Topic 810 and are required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is the enterprise that has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the variable interest entity that could be significant to the variable interest entity. Management has evaluated the applicability of ASC Topic 810 to its investments in certain joint ventures and determined that these joint ventures are not variable interest entities or that the Company is not the primary beneficiary and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method of accounting.

The Company owns a 22.22% interest in an approximately one million square foot retail portfolio (the "Brandywine Portfolio") located in Wilmington, Delaware. Effective January 1, 2013, following certain changes in the financial and operating controls of the joint venture agreement, in which the unaffiliated third party joint venture partner waived all of their substantive participating rights, the Company now accounts for this investment on a consolidated basis.

Investments in and Advances to Unconsolidated Joint Ventures

The Company primarily accounts for its investments in unconsolidated joint ventures using the equity method as it does not exercise control over significant asset decisions such as buying, selling or financing nor is it the primary beneficiary under ASC Topic 810, as discussed above in most of these investments. The Company does have significant influence over most of these investments, which requires equity method accounting. Under the equity method, the Company increases its investment for its proportionate share of net income and contributions to the joint venture and decreases its investment balance by recording its proportionate share of net loss and distributions. The Company accounts for some of its investments under the cost method. Due to its minor ownership of three investments as well as the terms of the underlying operating agreements, the Company has no influence over such entities' operating and financial policies. Other than the minority investor rights to which the Company is entitled pursuant to statute, it has no rights other than to receive its pro-rata share of cash distributions as declared by the managers of these investments. The Company has no rights with respect to the control and operation of these investments vehicles, nor with the formulation and execution of business and investment policies. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company. For investments in which there is recourse to the Company, distributions in excess of the investment are recorded as a liability. Although the Company accounts for its investment in Albertson’s (Note 4) under the equity method of accounting, the Company adopted the policy of not recording its equity in earnings or losses of this unconsolidated affiliate until it receives the audited financial statements of Albertson’s to support the equity earnings or losses in accordance with ASC Topic 323, "Investments – Equity Method and Joint Ventures."

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued

The Company periodically reviews its investment in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During 2012, the Company recorded an impairment charge of $2.0 million in connection with the estimated fair value in its investment in Mervyns. During the years ended December 31, 2014 and 2013, there were no impairment charges related to the Company’s investment in unconsolidated joint ventures.

Use of Estimates

Accounting principles generally accepted in the United States of America ("GAAP") require the Company’s management to make estimates and assumptions that affect the amounts reported in the 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.

Real Estate

Real estate assets are stated at cost less accumulated depreciation. Construction in progress includes costs for significant property expansion and redevelopment. Depreciation is computed on the straight-line basis over estimated useful lives of 30 to 40 years for buildings, the shorter of the useful life or lease term for tenant improvements and five years for furniture, fixtures and equipment. Expenditures for maintenance and repairs are charged to operations as incurred.

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 and customer relationships) and acquired liabilities in accordance with ASC Topic 805 "Business Combinations" and ASC Topic 350 "Intangibles – Goodwill and Other," and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. To the extent there were fixed-rate options at below-market rental rates, the Company included these 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 over the remaining applicable lease term, inclusive of any option periods. The Company assesses fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. 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.

The Company capitalizes certain costs related to the development and redevelopment of real estate including initial project acquisition costs, pre-construction costs, interest, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved with the specific project. Additionally, the Company capitalizes interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence, and cease when the property is held available for occupancy upon substantial completion of tenant improvements, 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.

The Company reviews its long-lived assets for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the year ended December 31, 2013, the Company determined that the values of the Walnut Hill Plaza and Fund III's Sheepshead Bay property were impaired. Accordingly, impairment charges of $1.5 million and $6.7 million, respectively were recorded. The Operating Partnership's share of the impairment charge related to Sheepshead Bay was $1.3 million. During the years ended December 31, 2014 and 2012, no impairment charges were recorded. Management does not believe that the values of any other properties within the portfolio are impaired as of December 31, 2014.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued

The Company recognizes property sales in accordance with ASC Topic 970 "Real Estate." The Company generally records the sales of operating properties and outparcels using the full accrual method at closing when the earnings process is deemed to be complete. Sales not qualifying for full recognition at the time of sale are accounted for under other appropriate deferral methods. The Company evaluates the held-for-sale classification of its real estate each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment.

On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance.

Involuntary Conversion of Asset

The Company experienced significant flooding resulting in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment were insured for an amount sufficient that would allow for full restoration of the property. Loss of rents during the redevelopment were covered by business interruption insurance subject to a $0.1 million deductible.

In accordance with ASC Topic 360 "Property, Plant and Equipment" and as a result of the above-described property damage, the Company had recorded a write-down of the asset's carrying value of approximately $1.4 million, as well as an insurance recovery in the same amount. During the years ended December 31, 2012 and 2011, the Company received insurance proceeds of approximately $3.7 million and $6.9 million, respectively. The Company recognized a gain on involuntary conversion of $2.4 million in 2012 as these proceeds exceeded the asset's net basis.

Deferred Costs

Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Fees and costs incurred in connection with obtaining financing are deferred and amortized over the term of the related debt obligation. The Company capitalizes salaries, commissions and benefits related to time spent by leasing and legal department personnel involved in originating leases.

Revenue Recognition and Accounts Receivable

Leases with tenants are accounted for as operating leases. Minimum rents are recognized, net of any rent concessions or tenant lease incentives, including free rent, on a straight-line basis over the term of the respective leases, beginning when the tenant is entitled to take possession of the space. As of December 31, 2014 and 2013, unbilled rents receivable relating to the straight-lining of rents of $28.0 million and $23.1 million, respectively are included in Rents Receivable, net on the accompanying consolidated balance sheets. Certain of these leases also provide for 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, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued

The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. Rents receivable at December 31, 2014 and 2013 are shown net of an allowance for doubtful accounts of $6.0 million and $6.0 million, respectively.

Notes Receivable and Preferred Equity

Notes receivable and preferred equity investments are intended to be held to maturity and are carried at amortized cost. Interest income from notes receivable and preferred equity investments are recognized on the effective interest method over the expected life of the loan. Under the effective interest method, interest or fees collected at the origination of the investment or the payoff of the investment are recognized over the term of the loan as an adjustment to yield.

Allowances for real estate notes receivable are established based upon management’s quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from their carrying values at the balance sheet date. Interest income recognition is generally suspended for loans when, in the opinion of management, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the suspended loan becomes contractually current and performance is demonstrated to be resumed.

During 2012, the Company provided a $0.4 million net reserve on note receivables as a result of changes in the value of the underlying collateral properties. During 2014, the Company recognized income of $2.7 million as a result of collections on notes that previously had reserves.

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 federally insured limit by the Federal Deposit Insurance Corporation. The Company has never experienced any losses related to these balances.

Restricted Cash and Cash in Escrow

Restricted cash and cash in escrow consist 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.

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.

Although it may qualify for REIT status for Federal income tax purposes, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries ("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.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued

In accordance with ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operation. The prior three years' income tax returns are subject to review by the Internal Revenue Service. The Company recognizes potential interest and penalties related to uncertain tax positions as a component of the provision for income taxes.

Stock-based Compensation

The Company accounts for stock-based compensation pursuant to ASC Topic 718, "Compensation – Stock Compensation." As such, all equity based awards are reflected as compensation expense in the Company’s consolidated financial statements over their vesting period based on the fair value at the date of grant.

Recent Accounting Pronouncements

During January 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-01, "Income Statement - Extraordinary and Unusual Items." ASU 2015-01 eliminates the concept of extraordinary items. However, the presentation and disclosure requirements for items that are either unusual or in nature or infrequent in occurrence remain and will be expanded to include items that are both unusual in nature and infrequent in occurrence. ASU 2015-01 is effective for periods beginning after December 15, 2015. ASU 2015-01 is not expected to have a material impact on the Company's financial statements.

During August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern." ASU 2014-15 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements.

During June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company's financial statements.

During May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017.

During April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 modifies the requirements for reporting discontinued operations. Under the amendments in ASU 2014-08, the definition of discontinued operation has been modified to only include those disposals of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 shall be applied prospectively for periods beginning on or after December 15, 2014, with early adoption permitted. The Company adopted ASU 2014-08 for the quarter ended March 31, 2014. The Company has adopted this standard on a prospective basis for transactions that have occurred after the adoption date. The adoption of ASU 2014-08 did not have a material effect on the Company's financial position or results of operations.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References+ Details

ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE

12 Months Ended

Dec. 31, 2014

Acquisition and Disposition of Properties and Discontinued Operations [Abstract]

Acquisitions And Disposition Of Properties, Discontinued Operations, and Properties Held For Sale

Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale

A. Acquisition and Disposition of Properties

Acquisitions

During 2014, the Company acquired the following properties through its Core Portfolio and Funds as follows:

Core Portfolio



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Debt Assumption		Location
11 E. Walton	6,738	100	%	Street Retail	January	$	44.0	$	—	Chicago, IL
61 Main Street	3,400	100	%	Street Retail	February	7.3		—		Westport, CT
865 W. North Avenue	16,000	100	%	Street Retail	March	14.8		—		Chicago, IL
252-256 Greenwich Avenue	9,172	100	%	Street Retail	March	24.5		—		Greenwich, CT
152-154 Spring Street	2,936	90	%	Street Retail	April	38.0		—		New York, NY
2520 Flatbush Avenue	29,114	100	%	Urban Retail	May	17.1		—		Brooklyn, NY
Bedford Green	90,472	100	%	Shopping Center	July	46.8		29.8		Bedford, NY
131-135 Prince Street (1)	3,200	100	%	Street Retail	August	51.4		—		New York, NY
Shops at Grand Ave	99,975	100	%	Shopping Center	October	56.0		—		Queens, NY
201 Needham Street	20,409	100	%	Suburban Retail	November	10.1		—		Newton, MA
840 N. Michigan (2)	87,135	88	%	Street Retail	December	163.2		55.0		Chicago, IL
Total	368,551					$	473.2	$	84.8

Notes:

(1) This acquisition was primarily funded with the issuance of 1.4 million Common OP Units.

(2) As the tenancy in common partner to this investment maintains operating control over this investment, it is accounted for under the equity method. This acquisition was partially funded with the issuance of 0.2 million Common OP Units.

The Company expensed $4.8 million of acquisition costs for the year ended December 31, 2014 related to the Core Portfolio.

Fund III

During December, Fund III, through an already existing unconsolidated joint venture, acquired a parcel adjacent to one of its existing investments $3.1 million.

The Company expensed $0.2 million of acquisition costs for the year ended December 31, 2014 related to Fund III.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued

Fund IV



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
Broughton Street Portfolio (1)	218,076	50	%	Street Retail	Various	$	33.9	Savannah, GA
Eden Square (2)	235,508	90	%	Shopping Center	July	25.4		Bear, DE
17 E. 71st Street	9,330	100	%	Street Retail	October	28.0		New York, NY
27 E. 61st Street (3)	9,637	100	%	Street Retail	October	19.3		New York, NY
Total	472,551					$	106.6

Notes:

(1) The Broughton Street Portfolio consists of 24 properties. As the joint venture partner to these investments maintains operating control over the investments, these are accounted for under the equity method. Of the 24 properties, nine of them are accounted for as asset acquisitions as they were purchased vacant and require future development.

(2) As the joint venture partner to this investment maintains operating control over this investment, it is accounted for under the equity method.

(3) This property was purchased vacant and requires future development and as such, it is accounted for as an asset acquisition.

The Company expensed $2.7 million of acquisition costs for the year ended December 31, 2014 related to Fund IV.

Purchase Price Allocations

With the exception of the asset acquisitions, the above acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the valuations and complete the purchase price allocations within one year from the dates of acquisition.

The following table summarizes both the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2014:



(dollars in thousands)	Preliminary Purchase Price Allocation
Land	$	145,833
Buildings and Improvements	411,896
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(6,434		)
Above-below market debt assumed (included in Mortgages and other notes payable)	(2,100		)
Total Consideration	$	549,195

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued

During 2013, the Company acquired properties and recorded the preliminary allocation of the purchase price to the assets acquired based on provisional measurements of fair value. During 2014, the Company finalized the allocation of the purchase price and made certain measurement period adjustments. The following table summarizes the preliminary allocation of the purchase price of properties as recorded as of December 31, 2013, and the finalized allocation of the purchase price as adjusted as of December 31, 2014:



(dollars in thousands)	Preliminary Purchase Price Allocation		Adjustments			Finalized Purchase Price Allocation
Land	$	65,804	$	14,720		$	80,524
Buildings and Improvements	245,925		(65,320		)	180,605
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—		56,871			56,871
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—		(6,271		)	(6,271		)
Total Consideration	$	311,729	$	—		$	311,729

Dispositions

During 2014, the Company disposed of the following properties:



(dollars in thousands)
Dispositions	GLA	Sale Price		Gain/(Loss) on Sale			Month Sold	Owner
Walnut Hill Plaza (1)	297,905	$	—	$	12,402		March	Core
Sheepshead Bay	96,418	20,200		1,399			April	Fund III
City Point (2)	—	26,300		561			June	Fund II
Other post-sale adjustments	—	—		(176		)	-	Fund II
Land sale	—	340		190			July	Core
Lincoln Road Portfolio (3)	61,443	141,800		86,600			August	Fund III
Lincoln Road Portfolio (3)	54,453	200,200		54,642			August	Fund IV
Total	510,219	$	388,840	$	155,618

Notes:

(1) This property was subject to $22.9 million of non-recourse debt and was foreclosed upon by the lender during March 2014, resulting in a $12.4 million gain.

(2) Represents the sale of a portion of the residential air rights known as "Tower 2" associated with the Company's City Point development project.

(3) Both the Fund III and Fund IV Lincoln Road Portfolios were unconsolidated and as such, the Company's share of gains related to these sales, which aggregated $102.9 million, are included in gain on disposition of properties of unconsolidated affiliates in the 2014 Consolidated Statement of Income.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued

B. Discontinued Operations

The Company previously reported properties sold as discontinued operations. The assets and liabilities and results of operations of discontinued operations are reflected as a separate component within the accompanying consolidated financial statements for all periods presented. As a result of the adoption of ASU 2014-08, there were no assets or liabilities classified as discontinued operations as of December 31, 2014.

The combined assets and liabilities as of December 31, 2013 and the results of operations of the properties classified as discontinued operations for the years ended December 31, 2014, 2013 and 2012, are summarized as follows:



(dollars in thousands)
BALANCE SHEETS	December 31, 2013
ASSETS
Net real estate	$	17,991
Rents receivable, net	565
Deferred charges, net	38
Prepaid expenses and other assets	1,840
Total assets of discontinued operations	$	20,434
LIABILITIES
Accounts payable and accrued expenses	$	1,473
Other liabilities	1,034
Total liabilities of discontinued operations	$	2,507



(dollars in thousands)	Years ended December 31,
STATEMENTS OF INCOME	2014			2013			2012
Total revenues	$	—		$	20,920		$	56,902
Total expenses	—			14,102			44,895
Operating income	—			6,818			12,007
Impairment of assets	—			(6,683		)	—
Loss on debt extinguishment	—			(800		)	(2,541		)
Gain on disposition of properties	1,222			18,802			71,203
Income from discontinued operations	1,222			18,137			80,669
Income from discontinued operations attributable to noncontrolling interests	(1,023		)	(12,048		)	(64,582		)
Income from discontinued operations attributable to Common Shareholders	$	199		$	6,089		$	16,087

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued

C. Properties Held For Sale

At December 31, 2014, The Company had two properties classified as held-for-sale. The assets and liabilities relating to those properties are summarized as follows:



(dollars in thousands)
BALANCE SHEETS	December 31, 2014
Assets of properties held for sale	$	56,073
Liabilities of properties held for sale	$	25,500

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Segment Reporting

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Investments in the Core Portfolio are typically held long-term. Given the contemplated finite life of the Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements. The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2014, 2013 and 2012 (does not include unconsolidated affiliates or discontinued operations):

2014



(dollars in thousands)	Core Portfolio			Funds			Structured Financing			Total
Revenues	$	125,022		$	54,659		$	15,331		$	195,012
Property operating expenses, other operating and real estate taxes	(33,097		)	(18,574		)	—			(51,671		)
General and administrative expenses	(24,853		)	(1,665		)	(915		)	(27,433		)
Depreciation and amortization	(35,875		)	(13,770		)	—			(49,645		)
Operating income	31,197			20,650			14,416			66,263
Equity in (losses) earnings of unconsolidated affiliates	(77		)	8,800			—			8,723
Gain on disposition of properties of unconsolidated affiliates	—			102,855			—			102,855
Loss on debt extinguishment	(3		)	(332		)	—			(335		)
Interest and other finance expense	(27,021		)	(12,070		)	—			(39,091		)
Gain on disposition of property	12,577			561			—			13,138
Income tax provision	(176		)	(453		)	—			(629		)
Income from continuing operations	16,497			120,011			14,416			150,924
Discontinued operations
Gain on disposition of properties	—			1,222			—			1,222
Income from discontinued operations	—			1,222			—			1,222
Net income	16,497			121,233			14,416			152,146
Noncontrolling interests
Income from continuing operations	(3,213		)	(76,846		)	—			(80,059		)
Income from discontinued operations	(9		)	(1,014		)	—			(1,023		)
Net income attributable to noncontrolling interests	(3,222		)	(77,860		)	—			(81,082		)
Net income attributable to Common Shareholders	$	13,275		$	43,373		$	14,416		$	71,064

Real Estate at Cost	$	1,366,017		$	842,578		$	—		$	2,208,595
Total Assets	$	1,615,436		$	1,014,878		$	102,286		$	2,732,600
Acquisition of Real Estate	$	203,103		$	47,250		$	—		$	250,353
Redevelopment and Property Improvement Costs	$	5,432		$	134,686		$	—		$	140,118

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2013



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	110,355		$	46,131		$	11,800	$	168,286
Property operating expenses, other operating and real estate taxes	(29,040		)	(17,513		)	—		(46,553		)
General and administrative expenses	(24,387		)	(1,168		)	—		(25,555		)
Depreciation and amortization	(28,989		)	(11,310		)	—		(40,299		)
Operating Income	27,939			16,140			11,800		55,879
Equity in (losses) earnings of unconsolidated affiliates	(99		)	12,481			—		12,382
Impairment of asset	(1,500		)	—			—		(1,500		)
Loss on debt extinguishment	(309		)	(456		)	—		(765		)
Interest and other finance expense	(26,158		)	(13,316		)	—		(39,474		)
Income tax benefit (provision)	131			(150		)	—		(19		)
Income from continuing operations	4			14,699			11,800		26,503
Discontinued operations
Operating income from discontinued operations	535			6,283			—		6,818
Impairment of asset	—			(6,683		)	—		(6,683		)
Loss on debt extinguishment	(145		)	(655		)	—		(800		)
Gain on disposition of properties	6,488			12,314			—		18,802
Income from discontinued operations	6,878			11,259			—		18,137
Net income	6,882			25,958			11,800		44,640
Noncontrolling interests
(Income) loss from continuing operations	(1,002		)	8,525			—		7,523
Income from discontinued operations	(2,406		)	(9,642		)	—		(12,048		)
Net income attributable to noncontrolling interests	(3,408		)	(1,117		)	—		(4,525		)
Net income attributable to Common Shareholders	$	3,474		$	24,841		$	11,800	$	40,115

Real Estate at Cost	$	1,059,257		$	759,796		$	—	$	1,819,053
Total Assets	$	1,012,553		$	1,105,264		$	126,706	$	2,244,523
Acquisition of Real Estate	$	143,616		$	76,425		$	—	$	220,041
Redevelopment and Property Improvement Costs	$	10,611		$	96,272		$	—	$	106,883

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2012



(dollars in thousands)	Core Portfolio			Funds			Structured Financing			Total
Revenues	$	70,400		$	36,560		$	8,027		$	114,987
Property operating expenses, other operating and real estate taxes	(21,817		)	(15,899		)	—			(37,716		)
Reserve for notes receivable	—			—			(405		)	(405		)
General and administrative expenses	(19,578		)	(1,645		)	—			(21,223		)
Depreciation and amortization	(17,065		)	(10,823		)	—			(27,888		)
Operating Income	11,940			8,193			7,622			27,755
Equity in earnings of unconsolidated affiliates	262			288			—			550
Gain on disposition of properties of unconsolidated affiliates	—			3,061			—			3,061
Impairment of unconsolidated affiliates	—			(2,032		)	—			(2,032		)
Loss on debt extinguishment	—			(198		)	—			(198		)
Gain on involuntary conversion of asset	2,368			—			—			2,368
Interest and other finance expense	(15,431		)	(7,380		)	—			(22,811		)
Income tax (provision) benefit	(241		)	815			—			574
(Loss) income from continuing operations	(1,102		)	2,747			7,622			9,267
Discontinued operations
Operating income from discontinued operations	319			11,688			—			12,007
Loss on debt extinguishment	—			(2,541		)	—			(2,541		)
Gain on disposition of properties	—			71,203			—			71,203
Income from discontinued operations	319			80,350			—			80,669
Net (loss) income	(783		)	83,097			7,622			89,936
Noncontrolling interests
Loss from continuing operations	60			14,292			—			14,352
Income from discontinued operations	(128		)	(64,454		)	—			(64,582		)
Net income attributable to noncontrolling interests	(68		)	(50,162		)	—			(50,230		)
Net (loss) income attributable to Common Shareholders	$	(851	)	$	32,935		$	7,622		$	39,706

Real Estate at Cost	$	722,345		$	564,853		$	—		$	1,287,198
Total Assets	$	727,423		$	811,855		$	130,885		$	1,670,163
Acquisition of Real Estate	$	175,556		$	66,338		$	—		$	241,894
Redevelopment and Property Improvement Costs	$	3,862		$	78,265		$	—		$	82,127

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

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-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

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-Name Accounting Standards Codification

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+ Details

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

Investments In and Advances to Unconsolidated Affiliates

Core Portfolio

The Company owns a 49% interest in a 311,000 square foot shopping center located in White Plains, New York ("Crossroads), a 50% interest in a 28,000 square foot retail portfolio located in Georgetown, Washington D.C. (the "Georgetown Portfolio"), a 22.22% interest in a 20,000 square foot retail property located in Wilmington, Delaware ("Route 202 Shopping Center") and a 88.43% tenancy in common interest in an 87,000 square foot retail property located in Chicago, Illinois. As our unaffiliated partners in these investments maintain operating control, these are accounted for under the equity method.

Funds

Fund Investments

During 2014, Fund IV, entered into a joint venture (the "Broughton Street Portfolio") with an unaffiliated entity, to acquire and operate properties located in Savannah, Georgia. Fund IV invested $8.1 million of equity and made a loan commitment of up to $69.0 million of which $28.4 million was funded to the joint venture as of December 31, 2014. As of December 31, 2014, the joint venture had acquired 24 properties for an aggregate purchase price of $33.9 million.

In addition, Fund IV, through a joint venture with an unaffiliated entity, purchased a shopping center in Bear, Delaware for $25.4 million.

During the third quarter of 2014, an unconsolidated joint venture between Fund III and an unaffiliated entity sold three properties located on Lincoln Road in Miami, Florida for an aggregate sales price of $141.8 million. In addition, an unconsolidated joint venture between Fund IV and an unaffiliated entity sold three properties located on Lincoln Road in Miami, Florida for an aggregate sales price of $200.2 million during the third quarter of 2014. The sales of the Fund III and Fund IV Lincoln Road portfolios resulted in gains of $86.6 million and $54.6 million, respectively.

The unaffiliated partners in Fund II's investment in Albee Tower I Owners, Fund III's investments in Parkway Crossing, Arundel Plaza and the White City Shopping Center as well as Fund IV's investments in 1701 Belmont Avenue, 2819 Kennedy Boulevard, Promenade at Manassas, Eden Square and the Broughton Street Portfolio, maintain control over these entities. The Company accounts for these investments under the equity method as it has the ability to exercise significant influence, but does not have any rights with respect to financial or operating control.

Self-Storage Management, a Fund III investment, was determined to be a variable interest entity. Management has evaluated the applicability of ASC Topic 810 to this joint venture and determined that the Company is not the primary beneficiary and, therefore, consolidation of this venture is not required. The Company accounts for this investment using the equity method of accounting.

RCP Venture

The Funds, together with two unaffiliated partners formed an investment group, the RCP Venture, for the purpose of making investments in surplus or underutilized properties owned by retailers and, in some instances, the retailers' operating company. The RCP Venture is neither a single entity nor a specific investment and the Company has no control or rights with respect to the formation and operation of these investments. The Company has made these investments through its subsidiaries, Mervyns I, Mervyns II and Fund II, (together the "Acadia Investors"), all on a non-recourse basis. Through December 31, 2014, the Acadia Investors have made investments in Mervyns Department Stores ("Mervyns") and Albertsons including additional investments in locations that are separate from these original investments ("Add-On Investments"). Additionally, they have invested in Shopko, Marsh and Rex Stores Corporation (collectively "Other RCP Investments").

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Investments In and Advances to Unconsolidated Affiliates, continued

The following table summarizes activity related to the RCP Venture investments from inception through December 31, 2014:



						Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	48,547	$	4,901	$	11,801
Mervyns Add-On investments	2005/2008	7,547		5,789		1,252		1,284
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		4,864		388		972
Shopko	2006	1,110		2,460		222		492
Marsh and Add-On investments	2006/2008	2,667		2,639		533		528
Rex Stores	2007	2,701		3,729		535		747
Total		$	63,216	$	149,622	$	12,070	$	32,142

The Company accounts for the original investments in Mervyns and Albertson’s under the equity method of accounting as the Company has the ability to exercise significant influence, but does not have financial or operating control.

The Company accounts for the Add-On Investments and Other RCP Investments under the cost method. Due to its minor ownership interest, based on the size of the investments as well as the terms of the underlying operating agreements, the Company has no influence over such entities' operating and financial policies. Other than the minority investor rights to which the Company is entitled pursuant to statute, it has no rights other than to receive its pro-rata share of cash distributions as declared by the managers of the Add-On Investments and Other RCP Investments. The Company has no rights with respect to the control and operation of these investment vehicles, nor with the formulation and execution of business and investment policies.

The Acadia Investors have non-controlling interests in the individual investee LLC’s as follows:



			Acadia Investors Ownership % in:
Investment	Investee LLC	Acadia Investors Entity	Investee LLC	Underlying entity(s)
Mervyns	KLA/Mervyn's, L.L.C	Mervyns I and Mervyns II	10.5%	5.8%
Mervyns Add-On Investments	KLA/Mervyn's, L.L.C	Mervyns I and Mervyns II	10.5%	5.8%
Albertsons	KLA A Markets, LLC	Mervyns II	18.9%	5.7%
Albertsons Add-On Investments	KLA A Markets, LLC	Mervyns II	20.0%	6.0%
Shopko	KA-Shopko, LLC	Fund II	20.0%	2.0%
Marsh and Add-On Investments	KA Marsh, LLC	Fund II	20.0%	3.3%
Rex Stores	KLAC Rex Venture, LLC	Mervyns II	13.3%	13.3%

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Investments In and Advances to Unconsolidated Affiliates, continued

Summary of Investments in Unconsolidated Affiliates

The following combined and condensed Balance Sheets and Statements of Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates.



(dollars in thousands)	December 31, 2014			December 31, 2013
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	387,739		$	380,268
Real estate under development	60,476			5,573
Investment in unconsolidated affiliates	11,154			63,745
Other assets	62,862			66,895
Total assets	$	522,231		$	516,481
Liabilities and partners’ equity:
Mortgage notes payable	$	315,897		$	265,982
Other liabilities	66,116			43,733
Partners’ equity	140,218			206,766
Total liabilities and partners’ equity	$	522,231		$	516,481
Company’s investment in and advances to unconsolidated affiliates	$	184,352		$	181,322
Company's share of distributions in excess of income and investments in unconsolidated affiliates	$	(12,564	)	$	(8,701	)

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Investments In and Advances to Unconsolidated Affiliates, continued



	Years Ended December 31,
(dollars in thousands)	2014			2013			2012
Combined and Condensed Statements of Income
Total revenues	$	44,422		$	51,638		$	49,729
Operating and other expenses	(17,069		)	(18,700		)	(18,919		)
Interest expense	(9,363		)	(8,943		)	(18,547		)
Equity in (losses) earnings of unconsolidated affiliates	(328		)	13,651			583
Depreciation and amortization	(10,967		)	(10,599		)	(9,551		)
Loss on debt extinguishment	(187		)	—			(293		)
Gain on disposition of properties	142,615			—			3,402
Net income	$	149,123		$	27,047		$	6,404

Company’s share of net income	$	111,970		$	12,774		$	1,971
Amortization of excess investment	(392		)	(392		)	(392		)
Company’s equity in earnings of unconsolidated affiliates	$	111,578		$	12,382		$	1,579

NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS

12 Months Ended

Dec. 31, 2014

Mortgage Loans on Real Estate [Abstract]

Notes Receivable, Preferred Equity and Other Real Estate Related Investments

During 2014, the Company made total investments in notes receivable and preferred equity investments of $31.2 million and total collections of $18.1 million.

The following table reconciles notes receivable investments from January 1, 2012 to December 31, 2014:



	For the years ended December 31,
(dollars in thousands)	2014			2013			2012
Beginning Balance	$	126,656		$	129,278		$	59,989
Additions during period:
New investments	31,169			45,000			108,629
Deductions during period:
Collections of principal	(18,095		)	(29,583		)	(25,388		)
Conversion to real estate through receipt of deed or through foreclosure	(38,000		)	(18,500		)	(14,000		)
Non-cash accretion of notes receivable	556			461			453
Reserves	—			—			(405		)
Ending Balance	$	102,286		$	126,656		$	129,278

As of December 31, 2014, the Company’s notes receivable, net, approximated $102.3 million and were collateralized by the underlying properties, the borrower’s ownership interest in the entities that own the properties and/or by the borrower’s personal guarantee. Notes receivable were as follows at December 31, 2014:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes Receivable, Preferred Equity and Other Real Estate Related Investments, continued



Note Description	Effective interest rate (1)	First Priority Liens		Net Carrying Amount of Notes Receivable as of December 31, 2014		Net Carrying Amount of Notes Receivable as of December 31, 2013		Maturity Date	Extension Options
(dollars in thousands)
First Mortgage Loan	7.7%	$	—	$	12,000	$	12,000	1/1/2015	—
Mezzanine Loan	12.7%	18,900		8,000		—		10/3/2015
First Mortgage Loan	8.8%	—		7,500		—		10/31/2015	1 x 12 Months
Zero Coupon Loan (2)	24.0%	166,200		4,986		4,431		1/3/2016	—
First Mortgage Loan	5.5%	—		4,000		42,000		4/1/2016	1 x 6 Months
Preferred Equity	13.5%	—		4,000		—		5/9/2016
Other	18.0%	—		3,307		—		7/1/2017
Preferred Equity	8.1%	20,855		13,000		13,000		9/1/2017	—
Mezzanine Loan	15.0%	—		30,879		30,879		11/9/2020	—
First Mortgage Loan	6.0%	—		—		6,400		Demand	—
Other	LIBOR + 2.5%	—		4,000		3,000		12/30/2020
Mezzanine Loan (3)	10.0%	87,477		7,983		9,089		Demand	—
Mezzanine Loan	15.0%	16,668		—		3,834		Upon Capital Event	—
Individually less than 3% (4)	2.7% to 17.5%	—		2,631		2,023		12/31/2015 to 5/1/2024	—
Total				$	102,286	$	126,656

Notes:

(1) Includes origination and exit fees

(2) The principal balance for this accrual-only loan is increased by the interest accrued

(3) Comprised of three cross-collateralized loans from one borrower, which are non-performing

(4) Consists of three loans as of December 31, 2014

During January 2014, the Company received a repayment of $6.4 million, representing the full principal amount on a note receivable.

During January 2014, the Company also received a payment of $1.4 million for a mezzanine loan with a carrying value, net of reserves, of $0.7 million. The Company recognized income of approximately $0.7 million relating to the payoff, which is included in Other, a component of revenue for the year ended December 31, 2014.

During April 2014, the Company made a $13.0 million loan, which is collateralized by a property and bears interest at 12.7% and matures October 2015. During July 2014, the borrower repaid $5.0 million of the loan. The outstanding balance at December 31, 2014 was $8.0 million.

During April 2014, the Company made a $1.9 million loan, which is collateralized by a property, bears interest at LIBOR plus 375 basis points and matures May 2024.

During April 2014, the Company converted a $38.0 million loan into an equity interest in 152-154 Spring Street (Note 4).

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes Receivable, Preferred Equity and Other Real Estate Related Investments, continued

During April 2014, the Company received payment of $10.3 million representing principal and accrued interest on a mezzanine loan for which the Company had a carrying value of $8.3 million, net of a $2.0 million reserve. Following the full collection of all amounts due under this note, the Company recognized income of approximately $2.0 million, which is included in Other, a component of revenue for the year ended December 31, 2014.

During May 2014, the Company made a $4.0 million preferred equity investment in an entity which owns a property located in the Bronx. The investment has a preferred return of 13.5% and matures May 2016.

During July 2014, the Company made an additional $1.0 million loan, which is collateralized by Common OP Units, to an existing borrower, bringing the total outstanding amount to $4.0 million. This loan bears interest at LIBOR plus 250 basis points and matures 12/20/20.

During July 2014, the Company made a $4.8 million loan, which is collateralized by the borrower's interest in a property, bears interest at 18% and matures July 2017. As of December 31, 2014, $3.3 million has been drawn down on the loan.

During September 2014, the Company received payment of $1.9 million on a note, representing $0.7 million of accrued interest and $1.2 million of principal.

During October 2014, the Company made a $7.5 million loan, which is collateralized by a property, bears interest at 8.8% and matures October 2015.

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. As of December 31, 2014, the Company held three non-performing notes.

The following table reconciles the activity in the allowance for notes receivable from December 31, 2012 to December 31, 2014:



	Allowance for
(dollars in thousands)	Notes Receivable
Balance at December 31, 2012	$	3,681
Additional reserves	—
Recoveries	—
Charge-offs and reclassifications	—
Balance at December 31, 2013	$	3,681
Additional reserves	—
Recoveries	(2,724		)
Charge-offs and reclassifications	(957		)
Balance at December 31, 2014	$	—

MORTGAGES AND OTHER NOTES PAYABLE

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Mortgages and Other Notes Payable

Mortgage and Other Notes Payable

At December 31, 2014 and 2013, mortgage, convertible and other notes payable, excluding the net valuation premium on the assumption of debt, aggregated $1,127.6 million and $1,038.1 million respectively, and were collateralized by 40 properties and related tenant leases. Interest rates on the Company’s outstanding mortgage indebtedness ranged from 1.00% to 6.65% with maturities that ranged from April 2015 to April 2023. 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 following table reflects mortgage loan activity for the year ended December 31, 2014:



(dollars in thousands)			Borrowings				Repayments
Property	Date	Description	Amount		Interest Rate	Maturity Date	Amount		Interest Rate
664 N. Michigan Avenue	January	New Borrowing	$	45,000	LIBOR + 1.65%	6/28/2018	$	—
New Hyde Park Shopping Center	January	Additional Draw	1,500		LIBOR + 2.25%	11/10/2015	—
Heritage Shops	February	Refinancing	24,500		LIBOR + 1.55%	2/28/2016	20,900		LIBOR + 2.25%
654 Broadway	March	New Borrowing	9,000		LIBOR + 1.88%	3/7/2017	—
Paramus Plaza	March	New Borrowing	12,600		LIBOR + 1.70%	2/20/2019	—
613-623 W. Diversey	April	Repayment	—			7/1/2014	4,200		6.35%
Lake Montclair Center	April	New Borrowing	15,500		LIBOR + 2.15%	5/1/2019	—
New Hyde Park Shopping Center	April	Refinancing	12,000		LIBOR + 1.85%	5/1/2017	7,700		LIBOR + 2.25%
938 W. North Avenue	May	New Borrowing	12,500		LIBOR + 2.35%	5/1/2017	—
1151 Third Ave	June	New Borrowing	12,500		LIBOR + 1.75%	6/3/2017	—
New Loudon Center	June	Repayment	—		5.64%	9/6/2014	13,300		5.64%
Bedford Green	July	Assumption	29,794		5.10%	9/5/2017	—
City Point	October	Refinancing	20,000		LIBOR + 2.00%	11/1/2021	20,000		7.25%
City Point	December	Refinancing	20,000		LIBOR + 1.70%	8/23/2015	20,000		LIBOR + 5.00%
Lincoln Park Center	December	Additional Draw	5,000
3104 M Street	December	New Borrowing	103		Prime + 0.50%	12/10/2021	—
City Point (1)	Various	Additional Draw	81,191
Total			$	301,188			$	86,100

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

Note:

(1) As of December 31, 2014, $199.0 million of funds have been released under the Company's EB-5 loan relating to its City Point project into a restricted cash account. $168.4 million has been drawn to fund construction activities, with $30.6 million remaining in the restricted cash account at December 31, 2014.

Unsecured Credit Facilities:

During the year ended December 31, 2014, the Company borrowed $15.0 million on its unsecured credit facility and paid down $15.0 million. As of December 31, 2014, there was no outstanding balance under this facility. During September 2014, the Company amended its unsecured credit facility and its $50.0 million term loan. The amendment extended the maturity date of the unsecured credit facility to January 31, 2018, reduced the interest rate from LIBOR plus 155 basis points to LIBOR plus 140 basis points and reduced the unused fee from 35 basis points to 25 basis points. The amendment also extended the maturity date of the Company's $50.0 million term loan to November 25, 2019 and reduced the interest rate from LIBOR plus 140 basis points to LIBOR plus 130 basis points.

During the year ended December 31, 2014, the Company borrowed $112.2 million on its Fund IV subscription line and paid down $103.9 million. The outstanding balance under this facility is $77.1 million as of December 31, 2014.

The following table sets forth certain information pertaining to our credit facilities as of December 31, 2014:



(dollars in thousands) Borrower	Total amount of credit facility		Amount borrowed as of December 31, 2013		Net borrowings (repayments) during the year ended December 31, 2014		Amount borrowed as of December 31, 2014		Letters of credit outstanding as of December 31, 2014		Amount available under credit facilities as of December 31, 2014
Operating Partnership	$	150,000	$	—	$	—	$	—	$	12,500	$	137,500
Fund IV	150,000		68,750		8,350		77,100		—		72,900
Total	$	300,000	$	68,750	$	8,350	$	77,100	$	12,500	$	210,400

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

The following table summarizes the Company’s mortgage and other indebtedness as of December 31, 2014 and December 31, 2013:

(dollars in thousands)

Description of Debt and Collateral

12/31/2014

12/31/2013

Interest Rate at December 31, 2014

Maturity

Payment
Terms

Mortgage notes payable – variable-rate

Liberty Avenue

8,973

9,090

2.92%
(LIBOR+2.75%)

4/30/2015

Monthly principal and interest.

210 Bowery

4,600

2.12%
(LIBOR+1.95%)

6/1/2015

Interest only monthly.

640 Broadway

22,564

22,750

3.12%
(LIBOR+2.95%)

7/1/2015

Monthly principal and interest.

Heritage Shops

—

20,871

2.42%
(LIBOR+2.25%)

8/10/2015

Interest only monthly.

CityPoint

20,650

4.17%
(LIBOR+4.00%)

8/12/2015

Interest only monthly.

CityPoint

20,000

1.87%
(LIBOR+1.70%)

8/23/2015

Interest only monthly.

Cortlandt Towne Center

83,936

84,745

1.82%
(LIBOR+1.65%)

10/26/2015

Monthly principal and interest.

New Hyde Park Shopping Center

—

6,294

2.40%
(LIBOR+1.85%)

11/10/2015

Monthly principal and interest.

3780-3858 Nostrand Avenue

12,046

12,567

2.82%
(LIBOR+2.65%)

2/1/2016

Monthly principal and interest.

Heritage Shops

24,500

—

1.72%
(LIBOR+1.55%)

2/28/2016

Interest only monthly.

Lincoln Park Centre

28,000

23,000

1.62%
(LIBOR+1.45%)

12/3/2016

Interest only monthly.

654 Broadway

9,000

—

2.05%
(LIBOR+1.88%)

3/1/2017

Interest only monthly.

New Hyde Park Shopping Center

11,720

—

2.02%
(LIBOR+1.85%)

5/1/2017

Monthly principal and interest.

938 W. North Avenue

12,500

—

2.52%
(LIBOR+2.35%)

5/1/2017

Interest only monthly.

1151 Third Avenue

12,481

—

1.92%
(LIBOR+1.75%)

6/3/2017

Interest only monthly.

161st Street

29,500

2.67%
(LIBOR+2.50%)

4/1/2018

Interest only monthly.

664 N. Michigan

44,369

—

1.82%
(LIBOR+1.65%)

6/28/2018

Monthly principal and interest.

Paramus Plaza

12,600

—

1.87%
(LIBOR+1.70%)

2/20/2019

Interest only monthly.

Lake Montclair Center

15,284

—

2.32%
(LIBOR+2.15%)

5/1/2019

Monthly principal and interest.

City Point

20,000

—

1.56%
(LIBOR+1.39%)

11/1/2021

Interest only monthly.

3104 M Street

103

—

3.75%
(Prime+0.5%)

12/10/2021

Interest only monthly.

4401 N. White Plains Road

6,141

6,263

2.07%
(LIBOR+1.90%)

9/1/2022

Monthly principal and interest.

28 Jericho Turnpike

15,747

16,164

2.07%
(LIBOR+1.90%)

1/23/2023

Monthly principal and interest.

60 Orange Street

8,236

8,457

1.92%
(LIBOR+1.75%)

4/3/2023

Monthly principal and interest.

Sub-total mortgage notes payable

422,950

284,951

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued



(dollars in thousands)
Description of Debt and Collateral	12/31/2014			12/31/2013			Interest Rate at December 31, 2014	Maturity	Payment Terms
Unsecured Debt
Fund IV revolving subscription line of credit (2)	$	77,100		$	68,750		1.82% (LIBOR+1.65%)	11/20/2015	Interest only monthly.
Unsecured Line of Credit	—			—			1.57% (LIBOR+1.40%)	1/31/2018	Interest only monthly.
Term Loan	50,000			50,000			1.47% (LIBOR+130%)	11/25/2019	Interest only monthly.
Interest rate swaps (1)	(223,829		)	(179,660		)
Total variable-rate debt	326,221			224,041

Mortgage notes payable – fixed-rate
613-623 W. Diversey	$	—		$	4,192		6.35%	7/1/2014	Monthly principal and interest.
New Loudon Center	—			13,369			5.64%	9/6/2014	Monthly principal and interest.
CityPoint	—			20,000			7.25%	11/1/2014	Interest only quarterly.
Crescent Plaza	16,455			16,747			4.98%	9/6/2015	Monthly principal and interest.
Pacesetter Park Shopping Center	11,307			11,530			5.12%	11/6/2015	Monthly principal and interest.
Elmwood Park Shopping Center	32,201			32,744			5.53%	1/1/2016	Monthly principal and interest.
Chicago Street Retail Portfolio	15,265			15,558			5.61%	2/1/2016	Monthly principal and interest.
Gateway Shopping Center	19,440			19,746			5.44%	3/1/2016	Monthly principal and interest.
330-340 River Street	10,668			10,904			5.30%	5/1/2016	Monthly principal and interest.
Brandywine Town Center	166,200			166,200			5.99%	7/1/2016	Interest only monthly.
Walnut Hill Plaza	—			22,910			6.06%	10/1/2016	Monthly principal and interest.
Rhode Island Place Shopping Center	15,975			16,208			6.35%	12/1/2016	Monthly principal and interest.
239 Greenwich Avenue	26,000			26,000			5.42%	2/11/2017	Interest only monthly.
639 West Diversey	4,245			4,341			6.65%	3/1/2017	Monthly principal and interest.
Merrillville Plaza	25,504			25,837			5.88%	8/1/2017	Monthly principal and interest.
Bedford Green	29,586			—			5.10%	9/5/2017	Monthly principal and interest.
216th Street	—			25,500			5.80%	10/1/2017	Interest only monthly.
CityPoint	5,262			5,262			1.00%	8/23/2019	Interest only monthly.
CityPoint	199,000			197,000			4.75%	2020 (3)	Interest only monthly.
Convertible Notes	380			380			3.75%	(4)	Interest only semi-annually.
Interest rate swaps (1)	223,829			179,660			2.15%
Total fixed-rate debt	801,317			814,088
Unamortized premium	2,943			1,868
Total	$	1,130,481		$	1,039,997

Notes:


(1)	Represents the amount of the Company’s variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 10).


(2)	The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.


(3)	The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2015.


(4)	Holders of the Convertible Notes may require the Company to repurchase them at par on December 15, 2016 and December 15, 2021. The Company may redeem the Convertible Notes, in whole, or in part, at any time.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

The scheduled principal repayments of all indebtedness, including Convertible Notes (Note 9), as of December 31, 2014 are as follows (does not include $2,943 net valuation premium on assumption of debt):




(dollars in thousands)
2015	$	271,784
2016	326,767
2017	130,721
2018	71,790
2019	82,423
Thereafter	244,053
	$	1,127,538

CONVERTIBLE NOTES PAYABLE	12 Months Ended
CONVERTIBLE NOTES PAYABLE	Dec. 31, 2014
Debt Disclosure [Abstract]
Convertible Notes Payable	Convertible Notes Payable In December 2006 and January 2007, the Company issued a total of $115.0 million of convertible notes with a fixed interest rate of 3.75% due 2026 (the "Convertible Notes"). The Convertible Notes were issued at par and require interest payments semi-annually in arrears on June 15 and December 15 of each year. The Convertible Notes are unsecured, unsubordinated obligations and rank equally with all other unsecured and unsubordinated indebtedness. The Convertible Notes were accounted for under ASC Topic 470-20, “Debt with Conversion and Other Options,” which required the Company to allocate the proceeds from the issuance between a debt component and an equity component. The resulting discount on the debt component was amortized over the period the convertible debt was expected to be outstanding, which was December 11, 2006 to December 20, 2011, as additional non-cash interest expense. Until December 20, 2011, the Convertible Notes had an effective interest rate of 6.03% after giving effect to ASC Topic 470-20. As of December 31, 2014, $114.6 million of the Convertible Notes have been repurchased. The remaining Convertible Notes bear interest at 3.75% and the Company has the right to redeem the notes, in whole, or in part, at any time, and from time to time, for cash equal to 100% of the principal amount of the notes plus any accrued and unpaid interest to, but not including, the redemption date. The Holders of notes may require the Company to repurchase their notes, in whole or in part, on December 15, 2016 and December 15, 2021 for cash equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid interest to, but not including, the repurchase date.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

The FASB’s fair value measurements and disclosure guidance requires the valuation of certain of the Company’s financial assets and liabilities, based on a three-level fair value hierarchy. Market participant assumptions obtained from sources independent of the Company are observable inputs that are classified within Levels 1 and 2 of the hierarchy, and the Company’s own assumptions about market participant assumptions are unobservable inputs classified within Level 3 of the hierarchy.

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2014:



(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Derivative financial instruments	$	—	$	226	$	—
Liabilities
Derivative financial instruments	$	—	$	4,567	$	—

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10. Financial Instruments and Fair Value Measurements, continued

During the year ended December 31, 2012, the Company determined that the carrying value in its investment in Mervyns was impaired and recorded an impairment of $2.0 million (Note 1). The analysis performed consisted of discounted cash flows which were used to determine the fair value of the Mervyns investment and were classified as Level 3 under authoritative guidance for fair value measurements.

During the year ended December 31, 2013, the Company determined that the value of the Walnut Hill Plaza was impaired and recorded an impairment loss of $1.5 million (Note 1). The Company estimated the fair value by using projected future cash flows, which it determined were not sufficient to recover the property's net book value. The inputs used to determine this fair value are classified within Level 3 under authoritative guidance for fair value measurements.

During the year ended December 31, 2013, the Company entered into a firm contract to sell Sheepshead Bay for $20.2 million. As this amount is less than the carrying cost, the Company recorded an impairment loss of $6.7 million (Note 1).

Derivative Financial Instruments

The FASB’s derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by the FASB guidance, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges.

For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive (loss) income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value would be recognized in earnings.

As of December 31, 2014, the Company’s derivative financial instruments consisted of 14 interest rate LIBOR swaps with an aggregate notional value of $223.8 million, which fix interest at rates from 0.70% to 3.77%, and mature between May 2015 and March 2025. The Company also has four derivative financial instruments with a notional value of $139.6 million which cap interest rates ranging from 3.0% to 4.3% and mature between July 2015 and April 2018. The fair value of the derivative liability of these instruments, which is included in other liabilities in the consolidated balance sheets, totaled $4.6 million and $2.0 million at December 31, 2014 and 2013, respectively. The fair value of these derivative instruments, included in prepaid expenses and other assets in the Consolidated Balance Sheets, totaled $0.2 million and $3.1 million at December 31, 2014 and 2013, respectively. The notional value does not represent exposure to credit, interest rate or market risks. The Company is also a party to two forward starting interest rate swap transactions with respect to $50.0 million of LIBOR-based variable debt.

These derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable rate mortgage debt. Such instruments are reported at the fair value reflected above. As of December 31, 2014 and 2013, unrealized (losses) and income totaling ($4.0 million) and $1.1 million, respectively, were reflected in accumulated other comprehensive (loss) income. It is estimated that approximately $4.3 million included in accumulated other comprehensive (loss) income related to derivatives will be reclassified to interest expense in the 2015 results of operations.

As of December 31, 2014 and 2013, 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 as hedges. As of December 31, 2014, none of the Company’s hedges were ineffective.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10. Financial Instruments and Fair Value Measurements, continued

Financial Instruments

Certain of the Company’s assets and liabilities meet the definition of financial instruments. Except as disclosed below, the carrying amounts of these financial instruments approximates their fair value due to the short-term nature of such accounts.

The Company has determined the estimated fair values of the following financial instruments within Level 2 of the hierarchy by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date:



	December 31, 2014				December 31, 2013
(dollars in thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable and Preferred Equity Investments	$	102,286	$	102,286	$	126,656	$	126,656
Mortgage, Convertible Notes and Other Notes Payable	$	1,130,481	$	1,141,371	$	1,039,997	$	1,056,457

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References+ Details

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2014

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Shareholders' Equity and Noncontrolling Interests

Shareholders’ Equity and Noncontrolling Interests

Common Shares

During 2014, 3,886 employee Restricted Shares were canceled to pay the employees’ income taxes due on the value of the portion of their Restricted Shares that vested. During 2014, the Company recognized accrued Common Share and Common OP Unit-based compensation totaling $6.2 million in connection with the vesting of Restricted Shares and Units (Note 15).

During 2014, the Company issued approximately 4.4 million Common Shares from the ATM program generating net proceeds of approximately $127.1 million and completed two public share offerings aggregating approximately 7.6 million Common Shares generating net proceeds of approximately $230.7 million.

During 2014, the Company issued approximately 1.6 million OP units to acquire real estate.

During 2013, the Company issued approximately 3.0 million Common Shares from the ATM program generating net proceeds of approximately $80.7 million.

During 2013, the Company issued approximately 1.2 million OP units to acquire real estate.

During 2012, the Company issued approximately 6.1 million Common Shares from the ATM program generating net proceeds of approximately $140.8 million and completed a public share offering of approximately 3.5 million Common Shares generating net proceeds of approximately $85.9 million.

During 2012, Kenneth Bernstein, President and CEO, converted 250,000 Common OP Units into Common Shares.

Noncontrolling Interests

The following table summarizes the change in the noncontrolling interests since December 31, 2013:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11. Shareholders’ Equity and Noncontrolling Interests, continued



	Noncontrolling Interests in Operating Partnership			Noncontrolling Interests in Partially-Owned Affiliates
(dollars in thousands)
Balance at December 31, 2013	$	48,948		$	368,404
Distributions declared of $1.23 per Common OP Unit	(5,085		)	—
Net income for the period January 1 through December 31, 2014	3,204			77,878
Conversion of 136,128 OP Units to Common Shares by limited partners of the Operating Partnership	(3,181		)	—
Issuance of OP Units to acquire real estate	44,051			—
Other comprehensive income - unrealized loss on valuation of swap agreements	(345		)	(902		)
Reclassification of realized interest expense on swap agreements	115			984
Noncontrolling interest contributions	—			57,969
Noncontrolling interest distributions and other reductions	—			(218,152		)
Employee Long-term Incentive Plan Unit Awards	6,528			—
Balance at December 31, 2014	$	94,235		$	286,181

Noncontrolling interests in the Operating Partnership represents (i) the limited partners’ 2,988,277 and 1,457,467 Common OP Units at December 31, 2014 and 2013, respectively, (ii) 188 Series A Preferred OP Units at both December 31, 2014 and 2013, with a stated value of $1,000 per unit, which are entitled to a preferred quarterly distribution of the greater of (a) $22.50 (9% annually) per Series A Preferred OP Unit or (b) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit and (iii) 1,719,206 and 1,368,086 LTIP units as of December 31, 2014 and 2013, respectively, as discussed in Share Incentive Plan (Note 15).

Noncontrolling interests in partially-owned affiliates include third-party interests in Fund I, II, III and IV, and Mervyns I and II, and five other entities.

The Series A Preferred OP Units were issued in 1999 in connection with the acquisition of a property. Through December 31, 2014, 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Number 210

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-Paragraph 29, 30, 31

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

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Reference 8: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

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Reference 12: http://www.xbrl.org/2003/role/presentationRef

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+ Details

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $0.2 million, $0.1 million and $0.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. Lee Wielansky, the Lead Trustee of the Company, was paid a consulting fee of $0.1 million for each of the years ended December 31, 2013 and 2012. The consulting agreement was terminated as of December 31, 2013 and no such fees were incurred for the year ended December 31, 2014.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References+ Details

TENANT LEASES

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Tenant Leases

Space in the shopping centers and other retail properties is leased to various tenants under operating leases that usually grant tenants renewal options and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volume.

Minimum future rentals to be received under non-cancelable leases for shopping centers and other retail properties as of December 31, 2014 are summarized as follows:




(dollars in thousands)
2015	$	124,699
2016	118,039
2017	107,338
2018	94,846
2019	82,356
Thereafter	418,588
Total	$	945,866

During the years ended December 31, 2014, 2013 and 2012, no single tenant collectively accounted for more than 10% of the Company’s total revenues.

- Definition

The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

+ References+ Details

LEASE OBLIGATIONS

12 Months Ended

Dec. 31, 2014

Leases [Abstract]

Lease Obligations

The Company leases land at eight of its shopping centers, which are accounted for as operating leases and generally provide the Company with renewal options. Ground rent expense was $1.8 million, $1.8 million, and $1.7 million (including capitalized ground rent at properties under redevelopment of $0.8 million, $0.8 million and $0.8 million) for the years ended December 31, 2014, 2013 and 2012, respectively. The leases terminate at various dates between 2019 and 2066. These leases provide the Company with options to renew for additional terms aggregating from 23 to 71 years. The Company also leases space for its corporate office. Office rent expense under this lease was $1.5 million, $1.4 million and $1.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. Future minimum rental payments required for leases having remaining non-cancelable lease terms are as follows:




(dollars in thousands)
2015	$	2,756
2016	1,761
2017	6,336
2018	2,376
2019	2,346
Thereafter	19,424
Total	$	34,999

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References+ Details

SHARE INCENTIVE PLAN

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share Incentive Plan

During 2012, the Company terminated the 1999 and 2003 Plans and adopted the Amended 2006 Plan. The Amended 2006 Plan increased the authorization to issue options, Restricted Shares and LTIP Units (collectively "Awards") available to officers and employees by 1.9 million shares to 2.1 million shares. Options are granted by the Compensation Committee (the "Committee"), which currently consists of three non-employee Trustees, and will not have an exercise price less than 100% of the fair market value of the Common Shares and a term of greater than ten years at the grant date. Vesting of options is at the discretion of the Committee. The Committee determines the restrictions placed on Awards, including the dividends or distributions thereon and the term of such restrictions. The Committee also determines the award and vesting of the awards based on the attainment of specified performance objectives of the Company within a specified performance period.

On February 28, 2014, the Company issued a total of 326,230 LTIP Units and 918 Restricted Share Units to officers of the Company and 10,527 Restricted Share Units to other employees of the Company. Vesting with respect to these awards is generally recognized ratably over the five annual anniversaries following the issuance date. Vesting with respect to 16% of the awards issued to officers is also generally subject to achieving certain Company performance measures. LTIP Units are similar to Restricted Shares but provide for a quarterly partnership distribution in a like amount as paid to Common OP Units. This distribution is paid on both unvested and vested LTIP Units. The LTIP Units are convertible into Common OP Units and Common Shares upon vesting and a revaluation of the book capital accounts.

On March 31, 2014 , the Company entered into an Amended and Restated Employment Agreement with Kenneth Bernstein, Chief Executive Officer, and issued an additional 114,198 LTIP Units which are subject to a five-year vesting period.

These awards were measured at their fair value as if they were vested on the grant date. Fair value was established as the market price of the Company's Common Shares as of the close of trading on the day preceding the grant date.

The total value of the above Restricted Share Units and LTIP Units as of the grant date was $11.9 million, of which $0.5 million was recognized as compensation expense in 2013, and $11.4 million will be recognized as compensation expense over the vesting period. The weighted average fair value for Restricted Shares and LTIP Units granted for the years ended December 31, 2014, 2013 and 2012 were $26.30, $26.40 and $22.31, respectively.

Total long-term incentive compensation expense, including the expense related to the above mentioned plans, was $6.2 million, $7.3 million and $3.6 million for the years ended December 31, 2014, 2013 and 2012, respectively and is recorded in General and Administrative on the consolidated statements of income.

On June 4, 2014, the Company issued 17,118 Restricted Shares and 1,518 LTIP Units to Trustees of the Company in connection with Trustee fees. Vesting with respect to 6,276 of the Restricted Shares and 1,518 of the LTIP Units will be on the first anniversary of the date of issuance and 10,842 of the Restricted Shares vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, 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. Trustee fee expense of $0.2 million for the year ended December 31, 2014 has been recognized in the accompanying consolidated statement of income related to this issuance.

In 2009, the Company adopted the Long Term Investment Alignment Program (the "Program") pursuant to which the Company may award units primarily to senior executives which would entitle them to receive up to 25% of any future Fund III Promote when and if such Promote is ultimately realized. The Company has awarded all of the units under the Program, and these units were determined to have no value at issuance or as of December 31, 2014. In accordance with ASC Topic 718, "Compensation - Stock Compensation," compensation relating to these awards will be recorded based on the change in the estimated fair value at each reporting period.

As of December 31, 2014, the Company had 46,347 options outstanding to officers and employees and 9,000 options outstanding to non-employee Trustees of the Company all of which have vested. These options are for ten-year terms from the grant date and vested in three equal annual installments, which began on their respective grant dates.

A summary of option activity under all option arrangements as of December 31, 2014 and 2013, and changes during the years then ended, is presented below:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15. Share Incentive Plan, continued



Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (dollars in thousands)
Outstanding and exercisable at December 31, 2012	137,647		$	18.71	2.6	$	877
Granted	—		—		—	—
Exercised	(23,815	)	15.96		—	211
Forfeited or Expired	(746	)	20.65		—	—
Outstanding and exercisable at December 31, 2013	113,086		19.28		3.5	628
Granted	—		—		—	—
Exercised	(57,739	)	17.68		—	828
Forfeited or Expired	—		—		—	—
Outstanding and exercisable at December 31, 2014	55,347		$	20.93	1.1	$	614

The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $0.8 million, $0.2 million and $0.1 million, respectively.

A summary of the status of the Company’s unvested Restricted Shares and LTIP Units as of December 31, 2014 and 2013 and changes during the years then ended is presented below:



Unvested Restricted Shares and LTIP Units	Restricted Shares		Weighted Grant-Date Fair Value		LTIP Units		Weighted Grant-Date Fair Value
Unvested at December 31, 2012	60,916		$	19.36	943,686		$	19.27
Granted	31,830		23.75		290,912		26.69
Vested	(28,179	)	18.77		(350,264	)	19.51
Forfeited	(830	)	23.00		—		—
Unvested at December 31, 2013	63,737		23.34		884,334		21.62
Granted	28,563		27.18		441,946		26.24
Vested	(34,598	)	23.40		(263,556	)	20.23
Forfeited	(2,684	)	23.54		(800	)	24.66
Unvested at December 31, 2014	55,018		$	25.90	1,061,924		$	23.92

As of December 31, 2014, there was $16.1 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under share incentive plans. That cost is expected to be recognized over a weighted-average period of 2.4 years. The total fair value of Restricted Shares that vested during the years ended December 31, 2014, 2013 and 2012 was $0.8 million, $0.5 million and $0.8 million, respectively. The total fair value of LTIP Units that vested during the years ended December 31, 2014, 2013 and 2012 was $5.3 million, $6.8 million and $3.0 million, respectively.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References+ Details

EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN	12 Months Ended
EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Share Purchase and Deferred Share Plan	Employee Share Purchase and Deferred Share 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. 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 the $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. During 2014, 2013 and 2012, a total of 4,668, 3,678, and 3,829 Common Shares, respectively, were purchased by employees under the Purchase Plan. Associated compensation expense of $0.01 million was recorded in each of the years ended December 31, 2014, 2013 and 2012. During May of 2006, the Company adopted a Trustee Deferral and Distribution Election ("Trustee Deferral Plan"), under which the participating Trustees have deferred compensation of $0.09 million for 2014, $0.07 million for 2013 and $0.06 million for 2012.

EMPLOYEE 401(K) PLAN	12 Months Ended
EMPLOYEE 401(K) PLAN	Dec. 31, 2014
Compensation and Retirement Disclosure [Abstract]
Employee 401(k) Plan	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 compensation, up to $17,500, for the year ended December 31, 2014. The Company contributed $0.3 million for each of the years ended December 31, 2014, 2013 and 2012.

- Definition

The entire disclosure for pension and other postretirement benefits.

+ References+ Details

FEDERAL INCOME TAXES

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Federal Income Taxes

The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (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, 2014, 2013 and 2012, 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 Taxable REIT Subsidiaries ("TRS") is subject to Federal, state and local income taxes.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19. Federal Income Taxes, continued

Characterization of Distributions:

The Company has determined that the cash distributed to the shareholders is characterized as follows for Federal income tax purposes:



	For the years ended December 31,
	2014		2013		2012
Ordinary income	69	%	87	%	63	%
Qualified dividend	—	%	—	%	—	%
Capital gain	31	%	13	%	37	%
	100	%	100	%	100	%

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 and provision for income taxes for the years ended December 31, 2014, 2013 and 2012 are summarized as follows:



(dollars in thousands)	2014			2013			2012
TRS loss before income taxes	$	(36	)	$	(2,225	)	$	(2,056	)
(Provision) benefit for income taxes:
Federal	(377		)	276			592
State and local	(97		)	71			147
TRS net loss before noncontrolling interests	(510		)	(1,878		)	(1,317		)
Noncontrolling interests	(508		)	267			702
TRS net loss	$	(1,018	)	$	(1,611	)	$	(615	)

The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):



(dollars in thousands)	2014			2013			2012
Federal benefit at statutory tax rate	$	(12	)	$	(757	)	$	(699	)
TRS state and local taxes, net of federal benefit	(2		)	(117		)	(109		)
Tax effect of:
Permanent differences, net	446			496			809
Prior year overaccrual, net	1			128			(553		)
Restricted stock vesting	(20		)	(2		)	(159		)
Other	61			127			(41		)
REIT state and local income and franchise taxes	155			144			178
Total provision (benefit) for income taxes	$	629		$	19		$	(574	)

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Common Share

Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At December 31, 2014, the Company has unvested LTIP Units (Note 15) 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 unit ("Restricted Share Units") and share option awards issued under the Company’s Share Incentive Plans (Note 15). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and therefore is not included in the computation of diluted earnings per share for the years ended December 2014, 2013 and 2012.

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. Based on the market price of the Common Shares as of December 31, 2014, the issuance of additional Common Shares assuming conversion of the Company's convertible notes payable (Note 9) would be dilutive and is included in the computation of basic and diluted earnings per share for the year ended December 31, 2014.



	Years ended December 31,
(dollars in thousands, except per share amounts)	2014		2013		2012
Numerator:
Income from continuing operations	$	70,865	$	34,026	$	23,619
Less: net income attributable to participating securities	1,152		581		458
Income from continuing operations net of income	69,713		33,445		23,161
attributable to participating securities
Denominator:
Weighted average shares for basic earnings per share	59,402		54,919		45,854
Effect of dilutive securities:
Employee share options	24		38		40
Denominator for diluted earnings per share	59,426		54,957		45,894
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	1.18	$	0.61	$	0.51
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	1.18	$	0.61	$	0.51

- Definition

The entire disclosure for earnings per share.

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SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Information (unaudited)

The quarterly results of operations of the Company for the years ended December 31, 2014 and 2013 are as follows:



(amounts in thousands, except per share amounts)	March 31, 2014		June 30, 2014		September 30, 2014		December 31, 2014
Revenue	$	46,685	$	49,511	$	47,660	$	51,156
Income from continuing operations attributable to Common Shareholders	$	21,595	$	11,365	$	28,564	$	9,341
Income from discontinued operations attributable to Common Shareholders	—		99		—		100
Net income attributable to Common Shareholders	$	21,595	$	11,464	$	28,564	$	9,441
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.38	$	0.19	$	0.47	$	0.13
Income from discontinued operations	—		—		—		—
Net income per share	$	0.38	$	0.19	$	0.47	$	0.13
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.38	$	0.19	$	0.47	$	0.15
Income from discontinued operations	—		—		—		—
Net income per share	$	0.38	$	0.19	$	0.47	$	0.15
Cash dividends declared per Common Share	$	0.23	$	0.23	$	0.23	$	0.54



(amounts in thousands, except per share amounts)	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013
Revenue	$	42,291	$	40,808	$	41,085	$	44,102
Income from continuing operations attributable to Common Shareholders	$	9,590	$	7,967	$	8,893	$	7,576
Income from discontinued operations attributable to Common Shareholders	33		790		591		4,675
Net income attributable to Common Shareholders	$	9,623	$	8,757	$	9,484	$	12,251
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.18	$	0.14	$	0.16	$	0.14
Income from discontinued operations	—		0.02		0.01		0.08
Net income per share	$	0.18	$	0.16	$	0.17	$	0.22
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.18	$	0.14	$	0.16	$	0.14
Income from discontinued operations	—		0.02		0.01		0.08
Net income per share	$	0.18	$	0.16	$	0.17	$	0.22
Cash dividends declared per Common Share	$	0.21	$	0.21	$	0.21	$	0.23

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Under various Federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company conducts Phase I environmental reviews with respect to properties it acquires. These reviews include an investigation for the presence of asbestos, underground storage tanks and polychlorinated biphenyls (PCBs). Although such reviews are intended to evaluate the environmental condition of the subject property as well as surrounding properties, there can be no assurance that the review conducted by the Company will be adequate to identify environmental or other problems that may exist. Where a Phase II assessment is so recommended, a Phase II assessment is conducted to further determine the extent of possible environmental contamination. In all instances where a Phase I or II assessment has resulted in specific recommendations for remedial actions, the Company has either taken or scheduled the recommended remedial action. To mitigate unknown risks, the Company has obtained environmental insurance for most of its properties, which covers only unknown environmental risks. The Company believes that it is in compliance in all material respects with all Federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future. The Company is involved in various matters of litigation arising in the normal course of business. While the Company is unable to predict with certainty the amounts involved, the Company’s management and counsel are of the opinion that, when such litigation is resolved, the Company’s resulting liability, if any, will not have a significant effect on the Company’s consolidated financial position, results of operations, or liquidity. The Company's policy is to accrue legal expenses as they are incurred. During August 2009, the Company terminated the employment of a former Senior Vice President (the "Former Employee") for engaging in conduct that fell within the definition of "cause" in his severance agreement with the Company. Had the Former Employee not been terminated for "cause," he would have been eligible to receive approximately $0.9 million under the severance agreement. Because the Company terminated him for "cause," it did not pay the Former Employee any severance benefits under the agreement. The Former Employee has brought a lawsuit against the Company in New York State Supreme Court (the "Court"), alleging breach of the severance agreement. On August 7, 2014, the Court granted summary judgment in favor of the Company, as defendant, and against plaintiff, the Former Employee, finding that his conduct in fact and law, constituted "cause" under his severance agreement. Plaintiff has filed a notice of appeal but has not yet perfected his appeal. The Company continues to believe that termination was justified for “cause” and that it will be successful on appeal. In connection with Phase 2 of the City Point Project, Albee Development LLC ("Albee"), and a non-affiliated construction manager have been served with a Summons With Notice by Casino Development Group, Inc. ("Casino"), the former contractor responsible for the excavation and concrete work at the City Point Project. Albee terminated the contract with Casino for cause prior to completion of the contract. The plaintiff is seeking approximately $7.4 million , which has now been bonded. Albee believes that it has meritorious defenses to, and is prepared to vigorously defend itself against the claims. Presently, the parties are before the New York State Supreme Court in Kings County on procedural matters; Albee’s position is that Casino waived any right to arbitrate. As the case is in the early stages of litigation, the outcome of these claims cannot be determined at this time.

- Definition

The entire disclosure for commitments and contingencies.

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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2014

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2014



			Initial Cost to Company							Amount at which Carried at December 31, 2014
Description	Encumbrances		Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition			Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
Core Portfolio:
Crescent Plaza Brockton, MA	$	16,455	$	1,147	$	7,425	$	1,376		$	1,147	$	8,801	$	9,948	$	6,913	1993	(a)
New Loudon Center Latham, NY	—		505		4,161		13,052			505		17,213		17,718		13,112		1993	(a)
Mark Plaza Edwardsville, PA	—		—		4,268		(872		)	—		3,396		3,396		2,783		1993	(c)
Plaza 422 Lebanon, PA	—		190		3,004		2,309			190		5,313		5,503		4,963		1993	(c)
Route 6 Mall Honesdale, PA	—		1,664		—		12,276			1,664		12,276		13,940		7,624		1994	(c)
Abington Towne Center Abington, PA	—		799		3,197		2,357			799		5,554		6,353		3,307		1998	(a)
Bloomfield Town Square Bloomfield Hills, MI	—		3,207		13,774		21,579			3,207		35,353		38,560		15,511		1998	(a)
Elmwood Park Shopping Center Elmwood Park, NJ	32,201		3,248		12,992		15,855			3,798		28,297		32,095		15,647		1998	(a)
Merrillville Plaza Hobart, IN	25,503		4,288		17,152		5,553			4,288		22,705		26,993		9,400		1998	(a)
Marketplace of Absecon Absecon, NJ	—		2,573		10,294		4,900			2,577		15,190		17,767		6,616		1998	(a)
239 Greenwich Avenue Greenwich, CT	26,000		1,817		15,846		597			1,817		16,443		18,260		6,545		1998	(a)
Hobson West Plaza Naperville, IL	—		1,793		7,172		1,842			1,793		9,014		10,807		4,308		1998	(a)
Village Commons Shopping Center Smithtown, NY	—		3,229		12,917		4,048			3,229		16,965		20,194		7,799		1998	(a)
Town Line Plaza Rocky Hill, CT	—		878		3,510		7,609			907		11,090		11,997		8,615		1998	(a)
Branch Shopping Center Smithtown, NY	—		3,156		12,545		11,457			3,401		23,757		27,158		7,045		1998	(a)
Methuen Shopping Center Methuen, MA	—		956		3,826		594			961		4,415		5,376		2,070		1998	(a)
Gateway Shopping Center South Burlington, VT	19,440		1,273		5,091		12,258			1,273		17,349		18,622		7,608		1999	(a)
Mad River Station Dayton, OH	—		2,350		9,404		1,149			2,350		10,553		12,903		4,590		1999	(a)
Pacesetter Park Shopping Center Ramapo, NY	11,307		1,475		5,899		2,235			1,475		8,134		9,609		3,757		1999	(a)
Brandywine Town Center Wilmington, DE	141,825		21,993		87,988		16,329			24,213		102,097		126,310		28,808		2003
Brandywine Market Square Wilmington, DE	24,375		4,308		17,239		970			4,262		18,255		22,517		5,916		2003
Bartow Avenue Bronx, NY	—		1,691		5,803		638			1,691		6,441		8,132		2,310		2005	(c)
Amboy Road Staten Island, NY	—		—		11,909		2,514			—		14,423		14,423		4,306		2005	(a)
613-623 W. Diversey Chicago, IL	—		10,061		2,773		355			10,061		3,128		13,189		793		2006	(a)
Chestnut Hill Philadelphia, PA	—		8,289		5,691		4,242			8,289		9,933		18,222		2,143		2006	(a)
2914 Third Avenue Bronx, NY	—		11,108		8,038		4,397			11,855		11,688		23,543		1,851		2006	(a)



		Initial Cost to Company				Amount at which Carried at December 31, 2014
Description	Encumbrances	Land	Buildings & Improvements	Costs Capitalized Subsequent to Acquisition		Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)
Shopping Centers
West Shore Expressway Staten Island, NY	—	3,380	13,554	(55	)	3,380	13,499	16,879	2,969	2007	(a)
West 54th Street Manhattan, NY	—	16,699	18,704	949		16,699	19,653	36,352	3,692	2007	(a)
5-7 East 17th Street Manhattan, NY	—	3,048	7,281	376		3,048	7,657	10,705	1,321	2008	(a)
651-671 W Diversey Chicago, IL	—	8,576	17,256	8		8,576	17,264	25,840	1,546	2011	(a)
15 Mercer Street New York, NY	—	1,887	2,483	7		1,887	2,490	4,377	217	2011	(a)
4401 White Plains Bronx, NY	6,141	1,581	5,054	—		1,581	5,054	6,635	421	2011	(a)
Chicago Street Retail Portfolio Chicago, IL	15,485	18,521	55,627	1,576		18,559	57,165	75,724	3,692	2012	(a)
330 River Street Cambridge, MA	3,974	3,510	2,886	—		3,510	2,886	6,396	237	2012	(a)
Rhode Island Place Shopping Center Washington, D.C.	16,560	7,458	15,968	158		7,458	16,126	23,584	1,141	2012	(a)
1520 Milwaukee Avenue Chicago, IL	—	2,110	1,306	—		2,110	1,306	3,416	155	2012	(a)
340 River Street Cambridge, MA	6,820	4,894	11,349	—		4,894	11,349	16,243	840	2012	(a)
930 Rush Street Chicago, IL	—	4,933	14,587	11		4,933	14,598	19,531	1,003	2012	(a)
28 Jericho Turnpike Westbury, NY	15,747	6,220	24,416	—		6,220	24,416	30,636	1,654	2012	(a)
181 Main Street Westport, CT	—	1,908	12,158	—		1,908	12,158	14,066	644	2012	(a)
83 Spring Street Manhattan, NY	—	1,754	9,200	—		1,754	9,200	10,954	575	2012	(a)
60 Orange Street Bloomfield, NJ	8,236	3,609	10,790	—		3,609	10,790	14,399	669	2012	(a)
179-53 & 1801-03 Connecticut Avenue Washington, D.C.	—	11,690	10,135	318		11,689	10,454	22,143	579	2012	(a)
639 West Diversey Chicago, IL	4,480	4,429	6,102	313		4,429	6,415	10,844	332	2012	(a)
664 North Michigan Chicago, IL	44,369	15,240	65,331	—		15,240	65,331	80,571	3,089	2013	(a)
8-12 E. Walton Chicago, IL	—	5,398	15,601	22		5,398	15,623	21,021	626	2013	(a)
3200-3204 M Street Washington, DC	—	6,899	4,249	—		6,899	4,249	11,148	133	2013	(a)
868 Broadway Manhattan, NY	—	3,519	9,247	5		3,519	9,252	12,771	248	2013	(a)
313-315 Bowery Manhattan, NY	—	—	5,516	—		—	5,516	5,516	223	2013	(a)
120 West Broadway Manhattan, NY	—	—	32,819	20		—	32,839	32,839	497	2013	(a)
11 E. Walton Chicago, IL	—	11,000	33,000	—		11,000	33,000	44,000	756	2014	(a)
61 Main Street Westport, CT	—	1,825	5,505	—		1,825	5,505	7,330	114	2014	(a)
865 W. North Avenue Chicago, IL	—	3,688	11,063	—		3,688	11,063	14,751	230	2014	(a)
152-154 Spring Street Manhattan, NY	—	9,500	28,500	—		9,500	28,500	38,000	475	2014	(a)
2520 Flatbush Avenue Brooklyn, NY	—	4,275	12,825	—		4,275	12,825	17,100	187	2014	(a)
252-256 Greenwich Avenue Greenwich, CT	—	6,113	18,378	—		6,113	18,378	24,491	344	2014	(a)
Bedford Green Bedford Hill, NY	31,363	13,788	35,153	—		13,788	35,153	48,941	450	2014	(a)



			Initial Cost to Company						Amount at which Carried at December 31, 2014
Description	Encumbrances		Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
131-135 Prince Street Manhattan, NY	—		19,274		38,519		—		19,274		38,519		57,793		321		2014	(a)
Shops at Grand Ave Queens, NY	—		14,000		42,000		—		14,000		42,000		56,000		263		2014	(a)
201 Needham Street Newton, MA	—		2,531		7,594		—		2,531		7,594		10,125		16		2014	(a)
Undeveloped Land	—		100		—		—		100		—		100		—
ARLP	50,000		—		—		—		—		—		—		—
Fund I:
Kroger/Safeway Various	—		—		4,215		—		—		4,215		4,215		4,027		2003	(a)
Fund II:
Liberty Ave Ozone Park, NY	8,973		—		12,627		647		—		13,274		13,274		3,060		2004	(a)
CityPoint Brooklyn, NY	—		—		—		7,473		—		7,473		7,473		186		2010	(c)
161st Street Bronx, NY	29,500		16,679		28,410		18,231		16,679		46,641		63,320		9,494		2005	(a)
Fund III:
Cortlandt Towne Center Mohegan Lake, NY	83,936		7,293		61,395		9,213		7,293		70,608		77,901		17,637		2009	(a)
Heritage Shops Chicago, IL	24,500		13,131		15,409		386		13,131		15,795		28,926		2,012		2011	(a)
654 Broadway Manhattan, NY	9,000		9,040		3,654		1,435		9,040		5,089		14,129		352		2011	(a)
New Hyde Park Shopping Center New Hyde Park, NY	11,720		3,016		7,733		4,019		3,016		11,752		14,768		1,050		2011	(a)
640 Broadway Manhattan, NY	22,564		12,503		19,960		6,430		12,503		26,390		38,893		1,814		2012	(a)
Lincoln Park Centre Chicago, IL	28,000		—		—		—		—		—		—		—		2012	(a)
3780-3858 Nostrand Avenue Brooklyn, NY	12,047		6,229		11,216		3,128		6,229		14,344		20,573		594		2013	(a)
Fund IV:
210 Bowery LLC Manhattan, NY	4,600		1,875		5,625		22		1,875		5,647		7,522		281		2012	(a)
Paramus Plaza Paramus, NJ	12,600		11,052		7,037		1,852		11,052		8,889		19,941		272		2013	(a)
1151 Third Ave Manhattan, NY	12,481		8,306		9,685		978		8,306		10,663		18,969		321		2013	(a)
Lake Montclair Center Prince William County, VA	15,284		7,077		12,028		25		7,077		12,053		19,130		381		2013	(a)
938 W. North Avenue Chicago, IL	12,500		2,314		17,067		34		2,314		17,101		19,415		449		2013	(a)
17 E. 71st Street Manhattan, NY	—		7,000		21,000		—		7,000		21,000		28,000		86		2014	(a)
Fund IV	77,100		—		—		—		—		—		—		—
Real Estate Under Development	265,015		30,830		19,253		397,307		54,215		393,175		447,390		—

Total	$	1,130,101	$	451,700	$	1,152,388	$	604,507	$	478,876	$	1,729,719	$	2,208,595	$	256,015

Notes:

(1) Depreciation on buildings and improvements reflected in the consolidated statements of income is calculated over the estimated useful life of the assets as follows:

Buildings: 30 to 40 years

Improvements: Shorter of lease term or useful life

(2) The aggregate gross cost of property included above for Federal income tax purposes was $1,811.2 million as of December 31, 2014

(3) (a) Reconciliation of Real Estate Properties:

The following table reconciles the activity for real estate properties from January 1, 2012 to December 31, 2014:



	For the years ended December 31,
(dollars in thousands)	2014			2013		2012
Balance at beginning of year	$	1,819,053		$	1,287,198	$	897,370
Other improvements	162,827			112,622		65,480
Property acquisitions	299,793			272,661		324,348
Property dispositions	(73,078		)	—		—
Consolidation of previously unconsolidated investments	—			146,572		—
Balance at end of year	$	2,208,595		$	1,819,053	$	1,287,198

(3) (b) Reconciliation of Accumulated Depreciation:

The following table reconciles accumulated depreciation from January 1, 2012 to December 31, 2014:



	For the years ended December 31,
(dollars in thousands)	2014		2013		2012
Balance at beginning of year	$	229,538	$	169,718	$	147,626
Depreciation related to real estate	26,477		31,732		22,092
Consolidation of Previously Unconsolidated Investments	—		28,088		—
Balance at end of year	$	256,015	$	229,538	$	169,718

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation, Policy	Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its controlling investments in partnerships and limited liability companies in which the Company has control 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, 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 consolidated net income. Variable interest entities are accounted for within the scope of ASC Topic 810 and are required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is the enterprise that has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the variable interest entity that could be significant to the variable interest entity. Management has evaluated the applicability of ASC Topic 810 to its investments in certain joint ventures and determined that these joint ventures are not variable interest entities or that the Company is not the primary beneficiary and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method of accounting. The Company owns a 22.22% interest in an approximately one million square foot retail portfolio (the "Brandywine Portfolio") located in Wilmington, Delaware. Effective January 1, 2013, following certain changes in the financial and operating controls of the joint venture agreement, in which the unaffiliated third party joint venture partner waived all of their substantive participating rights, the Company now accounts for this investment on a consolidated basis.
Investments in and Advances to Unconsolidated Joint Ventures, Policy	Investments in and Advances to Unconsolidated Joint Ventures The Company primarily accounts for its investments in unconsolidated joint ventures using the equity method as it does not exercise control over significant asset decisions such as buying, selling or financing nor is it the primary beneficiary under ASC Topic 810, as discussed above in most of these investments. The Company does have significant influence over most of these investments, which requires equity method accounting. Under the equity method, the Company increases its investment for its proportionate share of net income and contributions to the joint venture and decreases its investment balance by recording its proportionate share of net loss and distributions. The Company accounts for some of its investments under the cost method. Due to its minor ownership of three investments as well as the terms of the underlying operating agreements, the Company has no influence over such entities' operating and financial policies. Other than the minority investor rights to which the Company is entitled pursuant to statute, it has no rights other than to receive its pro-rata share of cash distributions as declared by the managers of these investments. The Company has no rights with respect to the control and operation of these investments vehicles, nor with the formulation and execution of business and investment policies. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company. For investments in which there is recourse to the Company, distributions in excess of the investment are recorded as a liability. Although the Company accounts for its investment in Albertson’s (Note 4) under the equity method of accounting, the Company adopted the policy of not recording its equity in earnings or losses of this unconsolidated affiliate until it receives the audited financial statements of Albertson’s to support the equity earnings or losses in accordance with ASC Topic 323, "Investments – Equity Method and Joint Ventures." ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued The Company periodically reviews its investment in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During 2012, the Company recorded an impairment charge of $2.0 million in connection with the estimated fair value in its investment in Mervyns. During the years ended December 31, 2014 and 2013, there were no impairment charges related to the Company’s investment in unconsolidated joint ventures.
Use of Estimates, Policy	Use of Estimates Accounting principles generally accepted in the United States of America ("GAAP") require the Company’s management to make estimates and assumptions that affect the amounts reported in the 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.
Real Estate, Policy	Real Estate Real estate assets are stated at cost less accumulated depreciation. Construction in progress includes costs for significant property expansion and redevelopment. Depreciation is computed on the straight-line basis over estimated useful lives of 30 to 40 years for buildings, the shorter of the useful life or lease term for tenant improvements and five years for furniture, fixtures and equipment. Expenditures for maintenance and repairs are charged to operations as incurred. 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 and customer relationships) and acquired liabilities in accordance with ASC Topic 805 "Business Combinations" and ASC Topic 350 "Intangibles – Goodwill and Other," and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. To the extent there were fixed-rate options at below-market rental rates, the Company included these 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 over the remaining applicable lease term, inclusive of any option periods. The Company assesses fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. 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. The Company capitalizes certain costs related to the development and redevelopment of real estate including initial project acquisition costs, pre-construction costs, interest, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved with the specific project. Additionally, the Company capitalizes interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence, and cease when the property is held available for occupancy upon substantial completion of tenant improvements, 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. The Company reviews its long-lived assets for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the year ended December 31, 2013, the Company determined that the values of the Walnut Hill Plaza and Fund III's Sheepshead Bay property were impaired. Accordingly, impairment charges of $1.5 million and $6.7 million, respectively were recorded. The Operating Partnership's share of the impairment charge related to Sheepshead Bay was $1.3 million. During the years ended December 31, 2014 and 2012, no impairment charges were recorded. Management does not believe that the values of any other properties within the portfolio are impaired as of December 31, 2014.
Sale of Real Estate, Policy	The Company recognizes property sales in accordance with ASC Topic 970 "Real Estate." The Company generally records the sales of operating properties and outparcels using the full accrual method at closing when the earnings process is deemed to be complete. Sales not qualifying for full recognition at the time of sale are accounted for under other appropriate deferral methods.
Real Estate Held-for-Sale, Policy	The Company evaluates the held-for-sale classification of its real estate each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment. On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance.
Involuntary Conversion of Asset, Policy	Involuntary Conversion of Asset The Company experienced significant flooding resulting in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment were insured for an amount sufficient that would allow for full restoration of the property. Loss of rents during the redevelopment were covered by business interruption insurance subject to a $0.1 million deductible. In accordance with ASC Topic 360 "Property, Plant and Equipment" and as a result of the above-described property damage, the Company had recorded a write-down of the asset's carrying value of approximately $1.4 million, as well as an insurance recovery in the same amount. During the years ended December 31, 2012 and 2011, the Company received insurance proceeds of approximately $3.7 million and $6.9 million, respectively. The Company recognized a gain on involuntary conversion of $2.4 million in 2012 as these proceeds exceeded the asset's net basis.
Deferred Costs, Policy	Deferred Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Fees and costs incurred in connection with obtaining financing are deferred and amortized over the term of the related debt obligation. The Company capitalizes salaries, commissions and benefits related to time spent by leasing and legal department personnel involved in originating leases.
Revenue Recognition and Accounts Receivable, Policy	Revenue Recognition and Accounts Receivable Leases with tenants are accounted for as operating leases. Minimum rents are recognized, net of any rent concessions or tenant lease incentives, including free rent, on a straight-line basis over the term of the respective leases, beginning when the tenant is entitled to take possession of the space. As of December 31, 2014 and 2013, unbilled rents receivable relating to the straight-lining of rents of $28.0 million and $23.1 million, respectively are included in Rents Receivable, net on the accompanying consolidated balance sheets. Certain of these leases also provide for 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, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. Rents receivable at December 31, 2014 and 2013 are shown net of an allowance for doubtful accounts of $6.0 million and $6.0 million, respectively.
Notes Receivable and Preferred Equity Investments, Policy	Notes Receivable and Preferred Equity Notes receivable and preferred equity investments are intended to be held to maturity and are carried at amortized cost. Interest income from notes receivable and preferred equity investments are recognized on the effective interest method over the expected life of the loan. Under the effective interest method, interest or fees collected at the origination of the investment or the payoff of the investment are recognized over the term of the loan as an adjustment to yield. Allowances for real estate notes receivable are established based upon management’s quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from their carrying values at the balance sheet date. Interest income recognition is generally suspended for loans when, in the opinion of management, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the suspended loan becomes contractually current and performance is demonstrated to be resumed. During 2012, the Company provided a $0.4 million net reserve on note receivables as a result of changes in the value of the underlying collateral properties. During 2014, the Company recognized income of $2.7 million as a result of collections on notes that previously had reserves.
Cash and Cash Equivalents, Policy	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 federally insured limit by the Federal Deposit Insurance Corporation. The Company has never experienced any losses related to these balances.
Restricted Cash and Cash in Escrow, Policy	Restricted Cash and Cash in Escrow Restricted cash and cash in escrow consist 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.
Income Tax, Policy	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. Although it may qualify for REIT status for Federal income tax purposes, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries ("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. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued In accordance with ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operation. The prior three years' income tax returns are subject to review by the Internal Revenue Service. The Company recognizes potential interest and penalties related to uncertain tax positions as a component of the provision for income taxes.
Share-based Compensation Policy	Stock-based Compensation The Company accounts for stock-based compensation pursuant to ASC Topic 718, "Compensation – Stock Compensation." As such, all equity based awards are reflected as compensation expense in the Company’s consolidated financial statements over their vesting period based on the fair value at the date of grant.
Recent Accounting Pronouncements, Policy	Recent Accounting Pronouncements During January 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-01, "Income Statement - Extraordinary and Unusual Items." ASU 2015-01 eliminates the concept of extraordinary items. However, the presentation and disclosure requirements for items that are either unusual or in nature or infrequent in occurrence remain and will be expanded to include items that are both unusual in nature and infrequent in occurrence. ASU 2015-01 is effective for periods beginning after December 15, 2015. ASU 2015-01 is not expected to have a material impact on the Company's financial statements. During August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern." ASU 2014-15 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements. During June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company's financial statements. During May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. During April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 modifies the requirements for reporting discontinued operations. Under the amendments in ASU 2014-08, the definition of discontinued operation has been modified to only include those disposals of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 shall be applied prospectively for periods beginning on or after December 15, 2014, with early adoption permitted. The Company adopted ASU 2014-08 for the quarter ended March 31, 2014. The Company has adopted this standard on a prospective basis for transactions that have occurred after the adoption date. The adoption of ASU 2014-08 did not have a material effect on the Company's financial position or results of operations.

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General terms and operating partnership's equity interests

Following is a table summarizing the general terms and Operating Partnership's equity interests in the Funds and Mervyns I and II:



Entity	Formation Date	Operating Partnership Share of Capital		Committed Capital		Capital Called as of December 31, 2014 (3)		Equity Interest Held By Operating Partnership		Preferred Return		Total Distributions as of December 31, 2014 (3)
Fund I and Mervyns I (1)	9/2001	22.22	%	$	90.0	$	86.6	37.78	%	9	%	$	192.3
Fund II and Mervyns II (2)	6/2004	20.00	%	300.0		300.0		20.00	%	8	%	131.6
Fund III	5/2007	19.90	%	475.0		381.6		19.90	%	6	%	368.5
Fund IV	5/2012	23.12	%	540.6		140.2		23.12	%	6	%	95.9

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued

Notes:

(1) Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions.

(3) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares.

ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2014

Acquisition and Disposition of Properties and Discontinued Operations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the preliminary allocation of the purchase price of properties as recorded as of December 31, 2013, and the finalized allocation of the purchase price as adjusted as of December 31, 2014:



(dollars in thousands)	Preliminary Purchase Price Allocation		Adjustments			Finalized Purchase Price Allocation
Land	$	65,804	$	14,720		$	80,524
Buildings and Improvements	245,925		(65,320		)	180,605
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—		56,871			56,871
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—		(6,271		)	(6,271		)
Total Consideration	$	311,729	$	—		$	311,729

During 2014, the Company acquired the following properties through its Core Portfolio and Funds as follows:

Core Portfolio



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Debt Assumption		Location
11 E. Walton	6,738	100	%	Street Retail	January	$	44.0	$	—	Chicago, IL
61 Main Street	3,400	100	%	Street Retail	February	7.3		—		Westport, CT
865 W. North Avenue	16,000	100	%	Street Retail	March	14.8		—		Chicago, IL
252-256 Greenwich Avenue	9,172	100	%	Street Retail	March	24.5		—		Greenwich, CT
152-154 Spring Street	2,936	90	%	Street Retail	April	38.0		—		New York, NY
2520 Flatbush Avenue	29,114	100	%	Urban Retail	May	17.1		—		Brooklyn, NY
Bedford Green	90,472	100	%	Shopping Center	July	46.8		29.8		Bedford, NY
131-135 Prince Street (1)	3,200	100	%	Street Retail	August	51.4		—		New York, NY
Shops at Grand Ave	99,975	100	%	Shopping Center	October	56.0		—		Queens, NY
201 Needham Street	20,409	100	%	Suburban Retail	November	10.1		—		Newton, MA
840 N. Michigan (2)	87,135	88	%	Street Retail	December	163.2		55.0		Chicago, IL
Total	368,551					$	473.2	$	84.8

Notes:

(1) This acquisition was primarily funded with the issuance of 1.4 million Common OP Units.

Fund IV



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
Broughton Street Portfolio (1)	218,076	50	%	Street Retail	Various	$	33.9	Savannah, GA
Eden Square (2)	235,508	90	%	Shopping Center	July	25.4		Bear, DE
17 E. 71st Street	9,330	100	%	Street Retail	October	28.0		New York, NY
27 E. 61st Street (3)	9,637	100	%	Street Retail	October	19.3		New York, NY
Total	472,551					$	106.6

Notes:

(2) As the joint venture partner to this investment maintains operating control over this investment, it is accounted for under the equity method.

(3) This property was purchased vacant and requires future development and as such, it is accounted for as an asset acquisition.

The following table summarizes both the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2014:



(dollars in thousands)	Preliminary Purchase Price Allocation
Land	$	145,833
Buildings and Improvements	411,896
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(6,434		)
Above-below market debt assumed (included in Mortgages and other notes payable)	(2,100		)
Total Consideration	$	549,195

Schedule Of Property Dispositions

During 2014, the Company disposed of the following properties:



(dollars in thousands)
Dispositions	GLA	Sale Price		Gain/(Loss) on Sale			Month Sold	Owner
Walnut Hill Plaza (1)	297,905	$	—	$	12,402		March	Core
Sheepshead Bay	96,418	20,200		1,399			April	Fund III
City Point (2)	—	26,300		561			June	Fund II
Other post-sale adjustments	—	—		(176		)	-	Fund II
Land sale	—	340		190			July	Core
Lincoln Road Portfolio (3)	61,443	141,800		86,600			August	Fund III
Lincoln Road Portfolio (3)	54,453	200,200		54,642			August	Fund IV
Total	510,219	$	388,840	$	155,618

Notes:

(1) This property was subject to $22.9 million of non-recourse debt and was foreclosed upon by the lender during March 2014, resulting in a $12.4 million gain.

(2) Represents the sale of a portion of the residential air rights known as "Tower 2" associated with the Company's City Point development project.

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures



(dollars in thousands)
BALANCE SHEETS	December 31, 2013
ASSETS
Net real estate	$	17,991
Rents receivable, net	565
Deferred charges, net	38
Prepaid expenses and other assets	1,840
Total assets of discontinued operations	$	20,434
LIABILITIES
Accounts payable and accrued expenses	$	1,473
Other liabilities	1,034
Total liabilities of discontinued operations	$	2,507



(dollars in thousands)	Years ended December 31,
STATEMENTS OF INCOME	2014			2013			2012
Total revenues	$	—		$	20,920		$	56,902
Total expenses	—			14,102			44,895
Operating income	—			6,818			12,007
Impairment of assets	—			(6,683		)	—
Loss on debt extinguishment	—			(800		)	(2,541		)
Gain on disposition of properties	1,222			18,802			71,203
Income from discontinued operations	1,222			18,137			80,669
Income from discontinued operations attributable to noncontrolling interests	(1,023		)	(12,048		)	(64,582		)
Income from discontinued operations attributable to Common Shareholders	$	199		$	6,089		$	16,087

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued

C. Properties Held For Sale

At December 31, 2014, The Company had two properties classified as held-for-sale. The assets and liabilities relating to those properties are summarized as follows:



(dollars in thousands)
BALANCE SHEETS	December 31, 2014
Assets of properties held for sale	$	56,073
Liabilities of properties held for sale	$	25,500

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References+ Details

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Reconciliation of Certain Segment Information from Segments to Consolidated

The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2014, 2013 and 2012 (does not include unconsolidated affiliates or discontinued operations):

2014



(dollars in thousands)	Core Portfolio			Funds			Structured Financing			Total
Revenues	$	125,022		$	54,659		$	15,331		$	195,012
Property operating expenses, other operating and real estate taxes	(33,097		)	(18,574		)	—			(51,671		)
General and administrative expenses	(24,853		)	(1,665		)	(915		)	(27,433		)
Depreciation and amortization	(35,875		)	(13,770		)	—			(49,645		)
Operating income	31,197			20,650			14,416			66,263
Equity in (losses) earnings of unconsolidated affiliates	(77		)	8,800			—			8,723
Gain on disposition of properties of unconsolidated affiliates	—			102,855			—			102,855
Loss on debt extinguishment	(3		)	(332		)	—			(335		)
Interest and other finance expense	(27,021		)	(12,070		)	—			(39,091		)
Gain on disposition of property	12,577			561			—			13,138
Income tax provision	(176		)	(453		)	—			(629		)
Income from continuing operations	16,497			120,011			14,416			150,924
Discontinued operations
Gain on disposition of properties	—			1,222			—			1,222
Income from discontinued operations	—			1,222			—			1,222
Net income	16,497			121,233			14,416			152,146
Noncontrolling interests
Income from continuing operations	(3,213		)	(76,846		)	—			(80,059		)
Income from discontinued operations	(9		)	(1,014		)	—			(1,023		)
Net income attributable to noncontrolling interests	(3,222		)	(77,860		)	—			(81,082		)
Net income attributable to Common Shareholders	$	13,275		$	43,373		$	14,416		$	71,064

Real Estate at Cost	$	1,366,017		$	842,578		$	—		$	2,208,595
Total Assets	$	1,615,436		$	1,014,878		$	102,286		$	2,732,600
Acquisition of Real Estate	$	203,103		$	47,250		$	—		$	250,353
Redevelopment and Property Improvement Costs	$	5,432		$	134,686		$	—		$	140,118

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2013



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	110,355		$	46,131		$	11,800	$	168,286
Property operating expenses, other operating and real estate taxes	(29,040		)	(17,513		)	—		(46,553		)
General and administrative expenses	(24,387		)	(1,168		)	—		(25,555		)
Depreciation and amortization	(28,989		)	(11,310		)	—		(40,299		)
Operating Income	27,939			16,140			11,800		55,879
Equity in (losses) earnings of unconsolidated affiliates	(99		)	12,481			—		12,382
Impairment of asset	(1,500		)	—			—		(1,500		)
Loss on debt extinguishment	(309		)	(456		)	—		(765		)
Interest and other finance expense	(26,158		)	(13,316		)	—		(39,474		)
Income tax benefit (provision)	131			(150		)	—		(19		)
Income from continuing operations	4			14,699			11,800		26,503
Discontinued operations
Operating income from discontinued operations	535			6,283			—		6,818
Impairment of asset	—			(6,683		)	—		(6,683		)
Loss on debt extinguishment	(145		)	(655		)	—		(800		)
Gain on disposition of properties	6,488			12,314			—		18,802
Income from discontinued operations	6,878			11,259			—		18,137
Net income	6,882			25,958			11,800		44,640
Noncontrolling interests
(Income) loss from continuing operations	(1,002		)	8,525			—		7,523
Income from discontinued operations	(2,406		)	(9,642		)	—		(12,048		)
Net income attributable to noncontrolling interests	(3,408		)	(1,117		)	—		(4,525		)
Net income attributable to Common Shareholders	$	3,474		$	24,841		$	11,800	$	40,115

Real Estate at Cost	$	1,059,257		$	759,796		$	—	$	1,819,053
Total Assets	$	1,012,553		$	1,105,264		$	126,706	$	2,244,523
Acquisition of Real Estate	$	143,616		$	76,425		$	—	$	220,041
Redevelopment and Property Improvement Costs	$	10,611		$	96,272		$	—	$	106,883

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2012



(dollars in thousands)	Core Portfolio			Funds			Structured Financing			Total
Revenues	$	70,400		$	36,560		$	8,027		$	114,987
Property operating expenses, other operating and real estate taxes	(21,817		)	(15,899		)	—			(37,716		)
Reserve for notes receivable	—			—			(405		)	(405		)
General and administrative expenses	(19,578		)	(1,645		)	—			(21,223		)
Depreciation and amortization	(17,065		)	(10,823		)	—			(27,888		)
Operating Income	11,940			8,193			7,622			27,755
Equity in earnings of unconsolidated affiliates	262			288			—			550
Gain on disposition of properties of unconsolidated affiliates	—			3,061			—			3,061
Impairment of unconsolidated affiliates	—			(2,032		)	—			(2,032		)
Loss on debt extinguishment	—			(198		)	—			(198		)
Gain on involuntary conversion of asset	2,368			—			—			2,368
Interest and other finance expense	(15,431		)	(7,380		)	—			(22,811		)
Income tax (provision) benefit	(241		)	815			—			574
(Loss) income from continuing operations	(1,102		)	2,747			7,622			9,267
Discontinued operations
Operating income from discontinued operations	319			11,688			—			12,007
Loss on debt extinguishment	—			(2,541		)	—			(2,541		)
Gain on disposition of properties	—			71,203			—			71,203
Income from discontinued operations	319			80,350			—			80,669
Net (loss) income	(783		)	83,097			7,622			89,936
Noncontrolling interests
Loss from continuing operations	60			14,292			—			14,352
Income from discontinued operations	(128		)	(64,454		)	—			(64,582		)
Net income attributable to noncontrolling interests	(68		)	(50,162		)	—			(50,230		)
Net (loss) income attributable to Common Shareholders	$	(851	)	$	32,935		$	7,622		$	39,706

Real Estate at Cost	$	722,345		$	564,853		$	—		$	1,287,198
Total Assets	$	727,423		$	811,855		$	130,885		$	1,670,163
Acquisition of Real Estate	$	175,556		$	66,338		$	—		$	241,894
Redevelopment and Property Improvement Costs	$	3,862		$	78,265		$	—		$	82,127

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)

12 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The following table summarizes activity related to the RCP Venture investments from inception through December 31, 2014:



						Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	48,547	$	4,901	$	11,801
Mervyns Add-On investments	2005/2008	7,547		5,789		1,252		1,284
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		4,864		388		972
Shopko	2006	1,110		2,460		222		492
Marsh and Add-On investments	2006/2008	2,667		2,639		533		528
Rex Stores	2007	2,701		3,729		535		747
Total		$	63,216	$	149,622	$	12,070	$	32,142

Schedule of Noncontrolling Interest In Individual Investee

The Acadia Investors have non-controlling interests in the individual investee LLC’s as follows:



			Acadia Investors Ownership % in:
Investment	Investee LLC	Acadia Investors Entity	Investee LLC	Underlying entity(s)
Mervyns	KLA/Mervyn's, L.L.C	Mervyns I and Mervyns II	10.5%	5.8%
Mervyns Add-On Investments	KLA/Mervyn's, L.L.C	Mervyns I and Mervyns II	10.5%	5.8%
Albertsons	KLA A Markets, LLC	Mervyns II	18.9%	5.7%
Albertsons Add-On Investments	KLA A Markets, LLC	Mervyns II	20.0%	6.0%
Shopko	KA-Shopko, LLC	Fund II	20.0%	2.0%
Marsh and Add-On Investments	KA Marsh, LLC	Fund II	20.0%	3.3%
Rex Stores	KLAC Rex Venture, LLC	Mervyns II	13.3%	13.3%

Schedule of Condensed Balance Sheet

The following combined and condensed Balance Sheets and Statements of Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates.



(dollars in thousands)	December 31, 2014			December 31, 2013
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	387,739		$	380,268
Real estate under development	60,476			5,573
Investment in unconsolidated affiliates	11,154			63,745
Other assets	62,862			66,895
Total assets	$	522,231		$	516,481
Liabilities and partners’ equity:
Mortgage notes payable	$	315,897		$	265,982
Other liabilities	66,116			43,733
Partners’ equity	140,218			206,766
Total liabilities and partners’ equity	$	522,231		$	516,481
Company’s investment in and advances to unconsolidated affiliates	$	184,352		$	181,322
Company's share of distributions in excess of income and investments in unconsolidated affiliates	$	(12,564	)	$	(8,701	)

Schedule of Condensed Income Statement



	Years Ended December 31,
(dollars in thousands)	2014			2013			2012
Combined and Condensed Statements of Income
Total revenues	$	44,422		$	51,638		$	49,729
Operating and other expenses	(17,069		)	(18,700		)	(18,919		)
Interest expense	(9,363		)	(8,943		)	(18,547		)
Equity in (losses) earnings of unconsolidated affiliates	(328		)	13,651			583
Depreciation and amortization	(10,967		)	(10,599		)	(9,551		)
Loss on debt extinguishment	(187		)	—			(293		)
Gain on disposition of properties	142,615			—			3,402
Net income	$	149,123		$	27,047		$	6,404

Company’s share of net income	$	111,970		$	12,774		$	1,971
Amortization of excess investment	(392		)	(392		)	(392		)
Company’s equity in earnings of unconsolidated affiliates	$	111,578		$	12,382		$	1,579

NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2014

Mortgage Loans on Real Estate [Abstract]

Schedule of Notes Receivable and Preferred Equity Investments Reconciliation

The following table reconciles notes receivable investments from January 1, 2012 to December 31, 2014:



	For the years ended December 31,
(dollars in thousands)	2014			2013			2012
Beginning Balance	$	126,656		$	129,278		$	59,989
Additions during period:
New investments	31,169			45,000			108,629
Deductions during period:
Collections of principal	(18,095		)	(29,583		)	(25,388		)
Conversion to real estate through receipt of deed or through foreclosure	(38,000		)	(18,500		)	(14,000		)
Non-cash accretion of notes receivable	556			461			453
Reserves	—			—			(405		)
Ending Balance	$	102,286		$	126,656		$	129,278

Schedule of Notes Receivable

Notes receivable were as follows at December 31, 2014:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes Receivable, Preferred Equity and Other Real Estate Related Investments, continued



Note Description	Effective interest rate (1)	First Priority Liens		Net Carrying Amount of Notes Receivable as of December 31, 2014		Net Carrying Amount of Notes Receivable as of December 31, 2013		Maturity Date	Extension Options
(dollars in thousands)
First Mortgage Loan	7.7%	$	—	$	12,000	$	12,000	1/1/2015	—
Mezzanine Loan	12.7%	18,900		8,000		—		10/3/2015
First Mortgage Loan	8.8%	—		7,500		—		10/31/2015	1 x 12 Months
Zero Coupon Loan (2)	24.0%	166,200		4,986		4,431		1/3/2016	—
First Mortgage Loan	5.5%	—		4,000		42,000		4/1/2016	1 x 6 Months
Preferred Equity	13.5%	—		4,000		—		5/9/2016
Other	18.0%	—		3,307		—		7/1/2017
Preferred Equity	8.1%	20,855		13,000		13,000		9/1/2017	—
Mezzanine Loan	15.0%	—		30,879		30,879		11/9/2020	—
First Mortgage Loan	6.0%	—		—		6,400		Demand	—
Other	LIBOR + 2.5%	—		4,000		3,000		12/30/2020
Mezzanine Loan (3)	10.0%	87,477		7,983		9,089		Demand	—
Mezzanine Loan	15.0%	16,668		—		3,834		Upon Capital Event	—
Individually less than 3% (4)	2.7% to 17.5%	—		2,631		2,023		12/31/2015 to 5/1/2024	—
Total				$	102,286	$	126,656

Notes:

(1) Includes origination and exit fees

(2) The principal balance for this accrual-only loan is increased by the interest accrued

(3) Comprised of three cross-collateralized loans from one borrower, which are non-performing

(4) Consists of three loans as of December 31, 2014

Schedule of Allowance for Credit Losses on Notes Receivable

The following table reconciles the activity in the allowance for notes receivable from December 31, 2012 to December 31, 2014:



	Allowance for
(dollars in thousands)	Notes Receivable
Balance at December 31, 2012	$	3,681
Additional reserves	—
Recoveries	—
Charge-offs and reclassifications	—
Balance at December 31, 2013	$	3,681
Additional reserves	—
Recoveries	(2,724		)
Charge-offs and reclassifications	(957		)
Balance at December 31, 2014	$	—

MORTGAGES AND OTHER NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2014

Debt Disclosure [Abstract]

Mortgage Loan Activity

The following table reflects mortgage loan activity for the year ended December 31, 2014:



(dollars in thousands)			Borrowings				Repayments
Property	Date	Description	Amount		Interest Rate	Maturity Date	Amount		Interest Rate
664 N. Michigan Avenue	January	New Borrowing	$	45,000	LIBOR + 1.65%	6/28/2018	$	—
New Hyde Park Shopping Center	January	Additional Draw	1,500		LIBOR + 2.25%	11/10/2015	—
Heritage Shops	February	Refinancing	24,500		LIBOR + 1.55%	2/28/2016	20,900		LIBOR + 2.25%
654 Broadway	March	New Borrowing	9,000		LIBOR + 1.88%	3/7/2017	—
Paramus Plaza	March	New Borrowing	12,600		LIBOR + 1.70%	2/20/2019	—
613-623 W. Diversey	April	Repayment	—			7/1/2014	4,200		6.35%
Lake Montclair Center	April	New Borrowing	15,500		LIBOR + 2.15%	5/1/2019	—
New Hyde Park Shopping Center	April	Refinancing	12,000		LIBOR + 1.85%	5/1/2017	7,700		LIBOR + 2.25%
938 W. North Avenue	May	New Borrowing	12,500		LIBOR + 2.35%	5/1/2017	—
1151 Third Ave	June	New Borrowing	12,500		LIBOR + 1.75%	6/3/2017	—
New Loudon Center	June	Repayment	—		5.64%	9/6/2014	13,300		5.64%
Bedford Green	July	Assumption	29,794		5.10%	9/5/2017	—
City Point	October	Refinancing	20,000		LIBOR + 2.00%	11/1/2021	20,000		7.25%
City Point	December	Refinancing	20,000		LIBOR + 1.70%	8/23/2015	20,000		LIBOR + 5.00%
Lincoln Park Center	December	Additional Draw	5,000
3104 M Street	December	New Borrowing	103		Prime + 0.50%	12/10/2021	—
City Point (1)	Various	Additional Draw	81,191
Total			$	301,188			$	86,100

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

Note:

Schedule of Line of Credit Facilities

The following table sets forth certain information pertaining to our credit facilities as of December 31, 2014:



(dollars in thousands) Borrower	Total amount of credit facility		Amount borrowed as of December 31, 2013		Net borrowings (repayments) during the year ended December 31, 2014		Amount borrowed as of December 31, 2014		Letters of credit outstanding as of December 31, 2014		Amount available under credit facilities as of December 31, 2014
Operating Partnership	$	150,000	$	—	$	—	$	—	$	12,500	$	137,500
Fund IV	150,000		68,750		8,350		77,100		—		72,900
Total	$	300,000	$	68,750	$	8,350	$	77,100	$	12,500	$	210,400

Schedule of Debt

8. Mortgage and Other Notes Payable, continued

The following table summarizes the Company’s mortgage and other indebtedness as of December 31, 2014 and December 31, 2013:

(dollars in thousands)

Description of Debt and Collateral

12/31/2014

12/31/2013

Interest Rate at December 31, 2014

Maturity

Payment
Terms

Mortgage notes payable – variable-rate

Liberty Avenue

8,973

9,090

2.92%
(LIBOR+2.75%)

4/30/2015

Monthly principal and interest.

210 Bowery

4,600

2.12%
(LIBOR+1.95%)

6/1/2015

Interest only monthly.

640 Broadway

22,564

22,750

3.12%
(LIBOR+2.95%)

7/1/2015

Monthly principal and interest.

Heritage Shops

—

20,871

2.42%
(LIBOR+2.25%)

8/10/2015

Interest only monthly.

CityPoint

20,650

4.17%
(LIBOR+4.00%)

8/12/2015

Interest only monthly.

CityPoint

20,000

1.87%
(LIBOR+1.70%)

8/23/2015

Interest only monthly.

Cortlandt Towne Center

83,936

84,745

1.82%
(LIBOR+1.65%)

10/26/2015

Monthly principal and interest.

New Hyde Park Shopping Center

—

6,294

2.40%
(LIBOR+1.85%)

11/10/2015

Monthly principal and interest.

3780-3858 Nostrand Avenue

12,046

12,567

2.82%
(LIBOR+2.65%)

2/1/2016

Monthly principal and interest.

Heritage Shops

24,500

—

1.72%
(LIBOR+1.55%)

2/28/2016

Interest only monthly.

Lincoln Park Centre

28,000

23,000

1.62%
(LIBOR+1.45%)

12/3/2016

Interest only monthly.

654 Broadway

9,000

—

2.05%
(LIBOR+1.88%)

3/1/2017

Interest only monthly.

New Hyde Park Shopping Center

11,720

—

2.02%
(LIBOR+1.85%)

5/1/2017

Monthly principal and interest.

938 W. North Avenue

12,500

—

2.52%
(LIBOR+2.35%)

5/1/2017

Interest only monthly.

1151 Third Avenue

12,481

—

1.92%
(LIBOR+1.75%)

6/3/2017

Interest only monthly.

161st Street

29,500

2.67%
(LIBOR+2.50%)

4/1/2018

Interest only monthly.

664 N. Michigan

44,369

—

1.82%
(LIBOR+1.65%)

6/28/2018

Monthly principal and interest.

Paramus Plaza

12,600

—

1.87%
(LIBOR+1.70%)

2/20/2019

Interest only monthly.

Lake Montclair Center

15,284

—

2.32%
(LIBOR+2.15%)

5/1/2019

Monthly principal and interest.

City Point

20,000

—

1.56%
(LIBOR+1.39%)

11/1/2021

Interest only monthly.

3104 M Street

103

—

3.75%
(Prime+0.5%)

12/10/2021

Interest only monthly.

4401 N. White Plains Road

6,141

6,263

2.07%
(LIBOR+1.90%)

9/1/2022

Monthly principal and interest.

28 Jericho Turnpike

15,747

16,164

2.07%
(LIBOR+1.90%)

1/23/2023

Monthly principal and interest.

60 Orange Street

8,236

8,457

1.92%
(LIBOR+1.75%)

4/3/2023

Monthly principal and interest.

Sub-total mortgage notes payable

422,950

284,951

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued



(dollars in thousands)
Description of Debt and Collateral	12/31/2014			12/31/2013			Interest Rate at December 31, 2014	Maturity	Payment Terms
Unsecured Debt
Fund IV revolving subscription line of credit (2)	$	77,100		$	68,750		1.82% (LIBOR+1.65%)	11/20/2015	Interest only monthly.
Unsecured Line of Credit	—			—			1.57% (LIBOR+1.40%)	1/31/2018	Interest only monthly.
Term Loan	50,000			50,000			1.47% (LIBOR+130%)	11/25/2019	Interest only monthly.
Interest rate swaps (1)	(223,829		)	(179,660		)
Total variable-rate debt	326,221			224,041

Mortgage notes payable – fixed-rate
613-623 W. Diversey	$	—		$	4,192		6.35%	7/1/2014	Monthly principal and interest.
New Loudon Center	—			13,369			5.64%	9/6/2014	Monthly principal and interest.
CityPoint	—			20,000			7.25%	11/1/2014	Interest only quarterly.
Crescent Plaza	16,455			16,747			4.98%	9/6/2015	Monthly principal and interest.
Pacesetter Park Shopping Center	11,307			11,530			5.12%	11/6/2015	Monthly principal and interest.
Elmwood Park Shopping Center	32,201			32,744			5.53%	1/1/2016	Monthly principal and interest.
Chicago Street Retail Portfolio	15,265			15,558			5.61%	2/1/2016	Monthly principal and interest.
Gateway Shopping Center	19,440			19,746			5.44%	3/1/2016	Monthly principal and interest.
330-340 River Street	10,668			10,904			5.30%	5/1/2016	Monthly principal and interest.
Brandywine Town Center	166,200			166,200			5.99%	7/1/2016	Interest only monthly.
Walnut Hill Plaza	—			22,910			6.06%	10/1/2016	Monthly principal and interest.
Rhode Island Place Shopping Center	15,975			16,208			6.35%	12/1/2016	Monthly principal and interest.
239 Greenwich Avenue	26,000			26,000			5.42%	2/11/2017	Interest only monthly.
639 West Diversey	4,245			4,341			6.65%	3/1/2017	Monthly principal and interest.
Merrillville Plaza	25,504			25,837			5.88%	8/1/2017	Monthly principal and interest.
Bedford Green	29,586			—			5.10%	9/5/2017	Monthly principal and interest.
216th Street	—			25,500			5.80%	10/1/2017	Interest only monthly.
CityPoint	5,262			5,262			1.00%	8/23/2019	Interest only monthly.
CityPoint	199,000			197,000			4.75%	2020 (3)	Interest only monthly.
Convertible Notes	380			380			3.75%	(4)	Interest only semi-annually.
Interest rate swaps (1)	223,829			179,660			2.15%
Total fixed-rate debt	801,317			814,088
Unamortized premium	2,943			1,868
Total	$	1,130,481		$	1,039,997

Notes:


(1)	Represents the amount of the Company’s variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 10).


(2)	The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.


(3)	The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2015.


(4)	Holders of the Convertible Notes may require the Company to repurchase them at par on December 15, 2016 and December 15, 2021. The Company may redeem the Convertible Notes, in whole, or in part, at any time.

Schedule of Maturities of Long-term Debt




(dollars in thousands)
2015	$	271,784
2016	326,767
2017	130,721
2018	71,790
2019	82,423
Thereafter	244,053
	$	1,127,538

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured 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 as of December 31, 2014:



(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Derivative financial instruments	$	—	$	226	$	—
Liabilities
Derivative financial instruments	$	—	$	4,567	$	—

Fair Value, by Balance Sheet Grouping



	December 31, 2014				December 31, 2013
(dollars in thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable and Preferred Equity Investments	$	102,286	$	102,286	$	126,656	$	126,656
Mortgage, Convertible Notes and Other Notes Payable	$	1,130,481	$	1,141,371	$	1,039,997	$	1,056,457

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References+ Details

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Tables)

12 Months Ended

Dec. 31, 2014

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Change in Noncontrolling Interests

The following table summarizes the change in the noncontrolling interests since December 31, 2013:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11. Shareholders’ Equity and Noncontrolling Interests, continued



	Noncontrolling Interests in Operating Partnership			Noncontrolling Interests in Partially-Owned Affiliates
(dollars in thousands)
Balance at December 31, 2013	$	48,948		$	368,404
Distributions declared of $1.23 per Common OP Unit	(5,085		)	—
Net income for the period January 1 through December 31, 2014	3,204			77,878
Conversion of 136,128 OP Units to Common Shares by limited partners of the Operating Partnership	(3,181		)	—
Issuance of OP Units to acquire real estate	44,051			—
Other comprehensive income - unrealized loss on valuation of swap agreements	(345		)	(902		)
Reclassification of realized interest expense on swap agreements	115			984
Noncontrolling interest contributions	—			57,969
Noncontrolling interest distributions and other reductions	—			(218,152		)
Employee Long-term Incentive Plan Unit Awards	6,528			—
Balance at December 31, 2014	$	94,235		$	286,181

SHARE INCENTIVE PLAN (Tables)

12 Months Ended

Dec. 31, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity

A summary of option activity under all option arrangements as of December 31, 2014 and 2013, and changes during the years then ended, is presented below:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15. Share Incentive Plan, continued



Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (dollars in thousands)
Outstanding and exercisable at December 31, 2012	137,647		$	18.71	2.6	$	877
Granted	—		—		—	—
Exercised	(23,815	)	15.96		—	211
Forfeited or Expired	(746	)	20.65		—	—
Outstanding and exercisable at December 31, 2013	113,086		19.28		3.5	628
Granted	—		—		—	—
Exercised	(57,739	)	17.68		—	828
Forfeited or Expired	—		—		—	—
Outstanding and exercisable at December 31, 2014	55,347		$	20.93	1.1	$	614

Schedule of Unvested Restricted Shares and LTIP Units

A summary of the status of the Company’s unvested Restricted Shares and LTIP Units as of December 31, 2014 and 2013 and changes during the years then ended is presented below:



Unvested Restricted Shares and LTIP Units	Restricted Shares		Weighted Grant-Date Fair Value		LTIP Units		Weighted Grant-Date Fair Value
Unvested at December 31, 2012	60,916		$	19.36	943,686		$	19.27
Granted	31,830		23.75		290,912		26.69
Vested	(28,179	)	18.77		(350,264	)	19.51
Forfeited	(830	)	23.00		—		—
Unvested at December 31, 2013	63,737		23.34		884,334		21.62
Granted	28,563		27.18		441,946		26.24
Vested	(34,598	)	23.40		(263,556	)	20.23
Forfeited	(2,684	)	23.54		(800	)	24.66
Unvested at December 31, 2014	55,018		$	25.90	1,061,924		$	23.92

FEDERAL INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Tax Status of Dividends

The Company has determined that the cash distributed to the shareholders is characterized as follows for Federal income tax purposes:



	For the years ended December 31,
	2014		2013		2012
Ordinary income	69	%	87	%	63	%
Qualified dividend	—	%	—	%	—	%
Capital gain	31	%	13	%	37	%
	100	%	100	%	100	%

Schedule of TRS Income and Provision for Income Taxes

The Company’s TRS income and provision for income taxes for the years ended December 31, 2014, 2013 and 2012 are summarized as follows:



(dollars in thousands)	2014			2013			2012
TRS loss before income taxes	$	(36	)	$	(2,225	)	$	(2,056	)
(Provision) benefit for income taxes:
Federal	(377		)	276			592
State and local	(97		)	71			147
TRS net loss before noncontrolling interests	(510		)	(1,878		)	(1,317		)
Noncontrolling interests	(508		)	267			702
TRS net loss	$	(1,018	)	$	(1,611	)	$	(615	)

Schedule of Effective Income Tax Rate Reconciliation

The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):



(dollars in thousands)	2014			2013			2012
Federal benefit at statutory tax rate	$	(12	)	$	(757	)	$	(699	)
TRS state and local taxes, net of federal benefit	(2		)	(117		)	(109		)
Tax effect of:
Permanent differences, net	446			496			809
Prior year overaccrual, net	1			128			(553		)
Restricted stock vesting	(20		)	(2		)	(159		)
Other	61			127			(41		)
REIT state and local income and franchise taxes	155			144			178
Total provision (benefit) for income taxes	$	629		$	19		$	(574	)

EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	Years ended December 31,
(dollars in thousands, except per share amounts)	2014		2013		2012
Numerator:
Income from continuing operations	$	70,865	$	34,026	$	23,619
Less: net income attributable to participating securities	1,152		581		458
Income from continuing operations net of income	69,713		33,445		23,161
attributable to participating securities
Denominator:
Weighted average shares for basic earnings per share	59,402		54,919		45,854
Effect of dilutive securities:
Employee share options	24		38		40
Denominator for diluted earnings per share	59,426		54,957		45,894
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	1.18	$	0.61	$	0.51
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	1.18	$	0.61	$	0.51

SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2014

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The quarterly results of operations of the Company for the years ended December 31, 2014 and 2013 are as follows:



(amounts in thousands, except per share amounts)	March 31, 2014		June 30, 2014		September 30, 2014		December 31, 2014
Revenue	$	46,685	$	49,511	$	47,660	$	51,156
Income from continuing operations attributable to Common Shareholders	$	21,595	$	11,365	$	28,564	$	9,341
Income from discontinued operations attributable to Common Shareholders	—		99		—		100
Net income attributable to Common Shareholders	$	21,595	$	11,464	$	28,564	$	9,441
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.38	$	0.19	$	0.47	$	0.13
Income from discontinued operations	—		—		—		—
Net income per share	$	0.38	$	0.19	$	0.47	$	0.13
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.38	$	0.19	$	0.47	$	0.15
Income from discontinued operations	—		—		—		—
Net income per share	$	0.38	$	0.19	$	0.47	$	0.15
Cash dividends declared per Common Share	$	0.23	$	0.23	$	0.23	$	0.54



(amounts in thousands, except per share amounts)	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013
Revenue	$	42,291	$	40,808	$	41,085	$	44,102
Income from continuing operations attributable to Common Shareholders	$	9,590	$	7,967	$	8,893	$	7,576
Income from discontinued operations attributable to Common Shareholders	33		790		591		4,675
Net income attributable to Common Shareholders	$	9,623	$	8,757	$	9,484	$	12,251
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.18	$	0.14	$	0.16	$	0.14
Income from discontinued operations	—		0.02		0.01		0.08
Net income per share	$	0.18	$	0.16	$	0.17	$	0.22
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.18	$	0.14	$	0.16	$	0.14
Income from discontinued operations	—		0.02		0.01		0.08
Net income per share	$	0.18	$	0.16	$	0.17	$	0.22
Cash dividends declared per Common Share	$	0.21	$	0.21	$	0.21	$	0.23

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Sep. 30, 2011

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Business interruption insurance deductible

$ 100,000

Impairment of asset

8,183,000

Insurance proceeds from involuntary conversion of asset

3,672,000

Insurance proceeds from involuntary conversion of asset, other

6,900,000

Gain on involuntary conversion of asset

2,368,000

Deferred rent receivables, net

28,000,000

23,100,000

Allowance for doubtful accounts receivable

6,000,000

Additional reserves

2,700,000

Required distribution rate to maintain REIT status (in percent)

90.00%

Loss of Anchor Tenant [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Additional reserves

400,000

Flood [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Impairment of asset

1,400,000

Insurance recoveries

1,400,000

Funiture, Fixtures and Equipment [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Property, plant and equipment, useful life, minimum (In Years)

5 years

Minimum [Member] | Building [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Property, plant and equipment, useful life, minimum (In Years)

30 years

Maximum [Member] | Building [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Property, plant and equipment, useful life, minimum (In Years)

40 years

Operating Partnership, as General Partner or Managing Member [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Ownership interest by general partner or managing partner (in percent)

95.00%

Remaining funds rate of distribution to operating partnership (in percent)

20.00%

Institutional Investors [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Remaining funds rate of distribution to all partners (in percent)

80.00%

Fund I and Mervyns I [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Ownership interest by general partner or managing partner (in percent)

37.78%

^[1]

Operating partnership share of capital

22.22%

^[1]

Committed capital

90,000,000

^[1]

Capital called

86,600,000

^[1]

Preferred return

9.00%

^[1]

Total distributions

192,300,000

^[1]

Fund II and Mervyns II [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Ownership interest by general partner or managing partner (in percent)

20.00%

^[2]

Operating partnership share of capital

20.00%

^[2]

Committed capital

300,000,000

^[2]

Capital called

300,000,000

^[2]

Preferred return

8.00%

^[2]

Total distributions

131,600,000

^[2]

Fund II [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Total distributions

47,100,000

^[2]

Fund III [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Ownership interest by general partner or managing partner (in percent)

19.90%

^[3]

Operating partnership share of capital

19.90%

^[3]

Committed capital

475,000,000

^[3]

Capital called

381,600,000

^[3]

Preferred return

6.00%

^[3]

Total distributions

368,500,000

^[3]

Fund III [Member] | Walnut Hill Plaza [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Impairment of asset

1,500,000

Fund III [Member] | Sheepshead Bay [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Impairment of asset

6,700,000

Fund III [Member] | Operating Partnership, as General Partner or Managing Member [Member] | Sheepshead Bay [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Impairment of asset

1,300,000

Mervyns I and Mervyns II [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Impairment of asset

2,000,000

Fund IV [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Ownership interest by general partner or managing partner (in percent)

23.12%

Operating partnership share of capital

23.12%

Committed capital

540,600,000

Capital called

140,200,000

^[3]

Preferred return

6.00%

Total distributions

95,900,000

^[3]

Brandywine Portfolio [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Operating partnership share of capital

22.22%

Square footage of real estate property (in square feet)

1,000,000

Core Portfolio [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Number of retail properties

Properties owned percentage

100.00%

Gain on involuntary conversion of asset

2,368,000

Opportunity Funds [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Number of retail properties

Gain on involuntary conversion of asset

$ 0

Core Portfolio and Opportunity Funds [Member]

Organization, Consolidation and Presentation of Financial Statements [Line Items]

Number of retail properties

143

[1]	Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions.
[2]	During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects.
[3]	Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares.

ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE Acquisitions (Details) (USD $)
Share data in Millions, unless otherwise specified

12 Months Ended

1 Months Ended

12 Months Ended

Dec. 31, 2014

sqft

Dec. 31, 2014

Core Portfolio [Member]

sqft

Dec. 31, 2014

Fund III [Member]

Dec. 31, 2014

Fund IV [Member]

sqft

Dec. 31, 2014

11 East Walton [Member]

Chicago, Illinois [Member]

Core Portfolio [Member]

sqft

Dec. 31, 2014

61 Main Street [Member]

West Port, Connecticut [Member]

Core Portfolio [Member]

sqft

Dec. 31, 2014

865 W. North Avenue [Member]

Chicago, Illinois [Member]

Core Portfolio [Member]

sqft

Dec. 31, 2014

252 - 254 Greenwich Avenue [Member]

Greenwich, Connecticut [Member]

Core Portfolio [Member]

sqft

Dec. 31, 2014

152 - 154 Spring Street [Member]

New York, New York [Member]

Core Portfolio [Member]

sqft

Dec. 31, 2014

2520 Flatbush Avenue [Member]

Brooklyn, New York [Member]

Core Portfolio [Member]

sqft

Dec. 31, 2014

Bedford Green [Member]

Bedford, New York [Member]

Core Portfolio [Member]

sqft

Dec. 31, 2014

131 - 135 Prince Street [Member]

Common OP Units [Member]

Dec. 31, 2014

131 - 135 Prince Street [Member]

New York, New York [Member]

Core Portfolio [Member]

sqft

Dec. 31, 2014

Shops At Grand Avenue [Member]

Queens, New York [Member]

Core Portfolio [Member]

sqft

Dec. 31, 2014

201 Needham Street [Member]

Newton, Massachusetts [Member]

Core Portfolio [Member]

sqft

Dec. 31, 2014

840 North Michigan [Member]

Common OP Units [Member]

Dec. 31, 2014

840 North Michigan [Member]

Chicago, Illinois [Member]

Core Portfolio [Member]

sqft

Dec. 31, 2014

Arundel Plaza [Member]

Fund III [Member]

Dec. 31, 2014

Broughton Street Portfolio [Member]

Savannah, Georgia [Member]

Fund IV [Member]

property

sqft

Dec. 31, 2014

Eden Square [Member]

Bear, Delaware [Member]

Fund IV [Member]

sqft

Dec. 31, 2014

17 E. 71st Street [Member]

New York, New York [Member]

Fund IV [Member]

sqft

Dec. 31, 2014

27 E. 61st Street [Member]

New York, New York [Member]

Fund IV [Member]

sqft

Dec. 31, 2014

Acquisitions in 2013 [Member]

Dec. 31, 2013

Acquisitions in 2013 [Member]

Dec. 31, 2014

Acquisitions In 2014 [Member]

Business Acquisition [Line Items]

GLA (in square feet)

510,219

368,551

472,551

6,738

3,400

16,000

9,172

2,936

29,114

90,472

3,200

^[1]

99,975

20,409

87,135

^[2]

218,076

^[3]

235,508

^[4]

9,330

9,637

^[5]

Percent Owned

100.00%

90.00%

100.00%

^[1]

100.00%

88.00%

^[2]

50.00%

^[3]

90.00%

^[4]

100.00%

^[5]

Purchase Price

$ 473,200,000

$ 106,600,000

$ 44,000,000

$ 7,300,000

$ 14,800,000

$ 24,500,000

$ 38,000,000

$ 17,100,000

$ 46,800,000

$ 51,400,000

^[1]

$ 56,000,000

$ 10,100,000

$ 163,200,000

^[2]

$ 3,100,000

$ 33,900,000

^[3]

$ 25,400,000

^[4]

$ 28,000,000

$ 19,300,000

^[5]

Debt Assumption

84,800,000

29,800,000

^[1]

55,000,000

^[2]

Issuance of OP units in exchange for ownership, number of shares

1.4

0.2

Acquisition related costs

4,800,000

200,000

2,700,000

Number of properties acquired

Number of asset acquisitions

Purchase Price Allocation

Land

80,524,000

65,804,000

145,833,000

Buildings and Improvements

180,605,000

245,925,000

411,896,000

56,871,000

(6,271,000)

(6,434,000)

Above-below market debt assumed (included in Mortgages and other notes payable)

(2,100,000)

Total Consideration

311,729,000

549,195,000

Adjustments

Land

14,720,000

Buildings and Improvements

(65,320,000)

56,871,000

(6,271,000)

Total Consideration

$ 0

[1]	This acquisition was primarily funded with the issuance of 1.4 million Common OP Units.
[2]	As the tenancy in common partner to this investment maintains operating control over this investment, it is accounted for under the equity method. This acquisition was partially funded with the issuance of 0.2 million Common OP Units.
[3]	The Broughton Street Portfolio consists of 24 properties. As the joint venture partner to these investments maintains operating control over the investments, these are accounted for under the equity method. Of the 24 properties, nine of them are accounted for as asset acquisitions as they were purchased vacant and require future development.
[4]	As the joint venture partner to this investment maintains operating control over this investment, it is accounted for under the equity method.
[5]	This property was purchased vacant and requires future development and as such, it is accounted for as an asset acquisition.

ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE Dispositions (Details) (USD $)

12 Months Ended

Dec. 31, 2014

sqft

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet)

510,219

Sales Price

$ 388,840,000

Gain/(Loss)

155,618,000

Walnut Hill Property [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Non-recourse debt

22,900,000

Lincoln Road Portfolio [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain/(Loss)

102,900,000

Core Portfolio [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet)

368,551

Core Portfolio [Member] | Walnut Hill Property [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet)

297,905

^[1]

Sales Price

^[1]

Gain/(Loss)

12,402,000

^[1]

Core Portfolio [Member] | Land Sale [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet)

Sales Price

340,000

Gain/(Loss)

190,000

Fund III [Member] | Sheepshead Bay [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet)

96,418

Sales Price

20,200,000

Gain/(Loss)

1,399,000

Fund III [Member] | Lincoln Road Portfolio [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet)

61,443

^[2]

Sales Price

141,800,000

^[2]

Gain/(Loss)

86,600,000

^[2]

Fund II [Member] | City Point [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet)

^[3]

Sales Price

26,300,000

^[3]

Gain/(Loss)

561,000

^[3]

Fund II [Member] | Other Post-sale Adjustments [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet)

Sales Price

Gain/(Loss)

(176,000)

Fund IV [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet)

472,551

Fund IV [Member] | Lincoln Road Portfolio [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet)

54,453

^[2]

Sales Price

200,200,000

^[2]

Gain/(Loss)

$ 54,642,000

^[2]

[1]	This property was subject to $22.9 million of non-recourse debt and was foreclosed upon by the lender during March 2014, resulting in a $12.4 million gain.
[2]	Both the Fund III and Fund IV Lincoln Road Portfolios were unconsolidated and as such, the Company's share of gains related to these sales, which aggregated $102.9 million, are included in gain on disposition of properties of unconsolidated affiliates in the 2014 Consolidated Statement of Income.
[3]	Represents the sale of a portion of the residential air rights known as "Tower 2" associated with the Company's City Point development project.

ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE Discontinued Operations (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
BALANCE SHEETS
Net real estate					$ 17,991					$ 17,991
Rents receivable, net					565					565
Deferred charges, net					38					38
Prepaid expenses and other assets					1,840					1,840
Total assets of discontinued operations	56,073				20,434				56,073	20,434
LIABILITIES
Accounts payable and accrued expenses					1,473					1,473
Other liabilities					1,034					1,034
Total liabilities of discontinued operations	25,500				2,507				25,500	2,507
STATEMENTS OF INCOME
Total revenues									0	20,920	56,902
Total expenses									0	14,102	44,895
Operating income									0	6,818	12,007
Impairment of assets									0	(6,683)	0
Loss on debt extinguishment									0	(800)	(2,541)
Gain on disposition of properties									1,222	18,802	71,203
Income from discontinued operations									1,222	18,137	80,669
Income from discontinued operations attributable to noncontrolling interests									(1,023)	(12,048)	(64,582)
Income from discontinued operations attributable to Common Shareholders	$ 100	$ 0	$ 99	$ 0	$ 4,675	$ 591	$ 790	$ 33	$ 199	$ 6,089	$ 16,087

ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE Held For Sale (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014 property	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]
Number of properties held-for-sale	2
Assets of discontinued operations and properties held for sale	$ 56,073	$ 20,434
Liabilities of discontinued operations and properties held for sale	$ 25,500	$ 2,507

SEGMENT REPORTING Income Statement (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014 segment	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of reportable segments									3
Revenues	$ 51,156	$ 47,660	$ 49,511	$ 46,685	$ 44,102	$ 41,085	$ 40,808	$ 42,291	$ 195,012	$ 168,286	$ 114,987
Property operating expenses, other operating and real estate taxes									(51,671)	(46,553)	(37,716)
Reserve for notes receivable									0	0	(405)
General and administrative expenses									(27,433)	(25,555)	(21,223)
Depreciation and amortization									(49,645)	(40,299)	(27,888)
Operating income									66,263	55,879	27,755
Equity in (losses) earnings of unconsolidated affiliates									8,723	12,382	550
Gain on disposition of properties of unconsolidated affiliates									102,855	0	3,061
Impairment of unconsolidated affiliates									0	0	(2,032)
Impairment of asset									0	(1,500)	0
Loss on debt extinguishment									(335)	(765)	(198)
Gain on involuntary conversion of asset									0	0	2,368
Interest and other finance expense									(39,091)	(39,474)	(22,811)
Gain on disposition of property									13,138	0	0
Income tax (provision) benefit									(629)	(19)	574
Income from continuing operations									150,924	26,503	9,267
Discontinued operations
Operating income from discontinued operations									0	6,818	12,007
Impairment of asset									0	(6,683)	0
Loss on debt extinguishment									0	(800)	(2,541)
Gain on disposition of properties									1,222	18,802	71,203
Income from discontinued operations									1,222	18,137	80,669
Net income									152,146	44,640	89,936
Noncontrolling interests
Income from continuing operations									(80,059)	7,523	14,352
Income from discontinued operations									(1,023)	(12,048)	(64,582)
Net income attributable to noncontrolling interests									(81,082)	(4,525)	(50,230)
Net income attributable to Common Shareholders	9,441	28,564	11,464	21,595	12,251	9,484	8,757	9,623	71,064	40,115	39,706
Core Portfolio [Member]
Segment Reporting Information [Line Items]
Revenues									125,022	110,355	70,400
Property operating expenses, other operating and real estate taxes									(33,097)	(29,040)	(21,817)
Reserve for notes receivable											0
General and administrative expenses									(24,853)	(24,387)	(19,578)
Depreciation and amortization									(35,875)	(28,989)	(17,065)
Operating income									31,197	27,939	11,940
Equity in (losses) earnings of unconsolidated affiliates									(77)	(99)	262
Gain on disposition of properties of unconsolidated affiliates									0		0
Impairment of unconsolidated affiliates											0
Impairment of asset										(1,500)
Loss on debt extinguishment									(3)	(309)	0
Gain on involuntary conversion of asset											2,368
Interest and other finance expense									(27,021)	(26,158)	(15,431)
Gain on disposition of property									12,577
Income tax (provision) benefit									(176)	131	(241)
Income from continuing operations									16,497	4	(1,102)
Discontinued operations
Operating income from discontinued operations										535	319
Impairment of asset										0
Loss on debt extinguishment										(145)	0
Gain on disposition of properties									0	6,488	0
Income from discontinued operations									0	6,878	319
Net income									16,497	6,882	(783)
Noncontrolling interests
Income from continuing operations									(3,213)	(1,002)	60
Income from discontinued operations									(9)	(2,406)	(128)
Net income attributable to noncontrolling interests									(3,222)	(3,408)	(68)
Net income attributable to Common Shareholders									13,275	3,474	(851)
Opportunity Funds [Member]
Segment Reporting Information [Line Items]
Revenues									54,659	46,131	36,560
Property operating expenses, other operating and real estate taxes									(18,574)	(17,513)	(15,899)
Reserve for notes receivable											0
General and administrative expenses									(1,665)	(1,168)	(1,645)
Depreciation and amortization									(13,770)	(11,310)	(10,823)
Operating income									20,650	16,140	8,193
Equity in (losses) earnings of unconsolidated affiliates									8,800	12,481	288
Gain on disposition of properties of unconsolidated affiliates									102,855		3,061
Impairment of unconsolidated affiliates											(2,032)
Impairment of asset										0
Loss on debt extinguishment									(332)	(456)	(198)
Gain on involuntary conversion of asset											0
Interest and other finance expense									(12,070)	(13,316)	(7,380)
Gain on disposition of property									561
Income tax (provision) benefit									(453)	(150)	815
Income from continuing operations									120,011	14,699	2,747
Discontinued operations
Operating income from discontinued operations										6,283	11,688
Impairment of asset										(6,683)
Loss on debt extinguishment										(655)	(2,541)
Gain on disposition of properties									1,222	12,314	71,203
Income from discontinued operations									1,222	11,259	80,350
Net income									121,233	25,958	83,097
Noncontrolling interests
Income from continuing operations									(76,846)	8,525	14,292
Income from discontinued operations									(1,014)	(9,642)	(64,454)
Net income attributable to noncontrolling interests									(77,860)	(1,117)	(50,162)
Net income attributable to Common Shareholders									43,373	24,841	32,935
Notes Receivable [Member]
Segment Reporting Information [Line Items]
Revenues									15,331	11,800	8,027
Property operating expenses, other operating and real estate taxes									0	0	0
Reserve for notes receivable											(405)
General and administrative expenses									(915)	0	0
Depreciation and amortization									0	0	0
Operating income									14,416	11,800	7,622
Equity in (losses) earnings of unconsolidated affiliates									0	0	0
Gain on disposition of properties of unconsolidated affiliates									0		0
Impairment of unconsolidated affiliates											0
Impairment of asset										0
Loss on debt extinguishment									0	0	0
Gain on involuntary conversion of asset											0
Interest and other finance expense									0	0	0
Gain on disposition of property									0
Income tax (provision) benefit									0	0	0
Income from continuing operations									14,416	11,800	7,622
Discontinued operations
Operating income from discontinued operations										0	0
Impairment of asset										0
Loss on debt extinguishment										0	0
Gain on disposition of properties									0	0	0
Income from discontinued operations									0	0	0
Net income									14,416	11,800	7,622
Noncontrolling interests
Income from continuing operations									0	0	0
Income from discontinued operations									0	0	0
Net income attributable to noncontrolling interests									0	0	0
Net income attributable to Common Shareholders									$ 14,416	$ 11,800	$ 7,622

SEGMENT REPORTING Balance Sheet (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Segment Reporting Information [Line Items]
Real Estate at Cost	$ 2,208,595	$ 1,819,053	$ 1,287,198
Total Assets	2,732,600	2,244,523	1,670,163
Acquisition of Real Estate	250,353	220,041	241,894
Redevelopment and Property Improvement Costs	140,118	106,883	82,127
Core Portfolio [Member]
Segment Reporting Information [Line Items]
Real Estate at Cost	1,366,017	1,059,257	722,345
Total Assets	1,615,436	1,012,553	727,423
Acquisition of Real Estate	203,103	143,616	175,556
Redevelopment and Property Improvement Costs	5,432	10,611	3,862
Opportunity Funds [Member]
Segment Reporting Information [Line Items]
Real Estate at Cost	842,578	759,796	564,853
Total Assets	1,014,878	1,105,264	811,855
Acquisition of Real Estate	47,250	76,425	66,338
Redevelopment and Property Improvement Costs	134,686	96,272	78,265
Notes Receivable [Member]
Segment Reporting Information [Line Items]
Real Estate at Cost	0	0	0
Total Assets	102,286	126,706	130,885
Acquisition of Real Estate	0	0	0
Redevelopment and Property Improvement Costs	$ 0	$ 0	$ 0

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Combined and Condensed Balance Sheets
Real estate under development	$ 447,390,000				$ 337,353,000				$ 447,390,000	$ 337,353,000
Investments in and advances to unconsolidated affiliates	184,352,000				181,322,000				184,352,000	181,322,000
Total assets	2,732,600,000				2,264,957,000				2,732,600,000	2,264,957,000
Other liabilities	25,148,000				18,265,000				25,148,000	18,265,000
Total liabilities and equity	2,732,600,000				2,264,957,000				2,732,600,000	2,264,957,000
Company's share of distributions in excess of income and investments in unconsolidated affiliates	(12,564,000)				(8,701,000)				(12,564,000)	(8,701,000)
Combined and Condensed Statements of Operations [Abstract]
Total revenues	51,156,000	47,660,000	49,511,000	46,685,000	44,102,000	41,085,000	40,808,000	42,291,000	195,012,000	168,286,000	114,987,000
Operating and other expenses									(128,749,000)	(112,407,000)	(87,232,000)
Equity in (losses) earnings of unconsolidated affiliates									8,723,000	12,382,000	550,000
Depreciation and amortization									(49,645,000)	(40,299,000)	(27,888,000)
Loss on debt extinguishment									(335,000)	(765,000)	(198,000)
Income from continuing operations									150,924,000	26,503,000	9,267,000
Unconsolidated Affiliates [Member]
Combined and Condensed Balance Sheets
Rental property, net	387,739,000				380,268,000				387,739,000	380,268,000
Real estate under development	60,476,000				5,573,000				60,476,000	5,573,000
Investments in and advances to unconsolidated affiliates	11,154,000				63,745,000				11,154,000	63,745,000
Other assets	62,862,000				66,895,000				62,862,000	66,895,000
Total assets	522,231,000				516,481,000				522,231,000	516,481,000
Mortgage notes payable	315,897,000				265,982,000				315,897,000	265,982,000
Other liabilities	66,116,000				43,733,000				66,116,000	43,733,000
Partners’ equity	140,218,000				206,766,000				140,218,000	206,766,000
Total liabilities and equity	522,231,000				516,481,000				522,231,000	516,481,000
Combined and Condensed Statements of Operations [Abstract]
Total revenues									44,422,000	51,638,000	49,729,000
Operating and other expenses									(17,069,000)	(18,700,000)	(18,919,000)
Interest expense									(9,363,000)	(8,943,000)	(18,547,000)
Equity in (losses) earnings of unconsolidated affiliates									(328,000)	13,651,000	583,000
Depreciation and amortization									(10,967,000)	(10,599,000)	(9,551,000)
Loss on debt extinguishment									(187,000)	0	(293,000)
Gain on disposition of properties									142,615,000	0	3,402,000
Income from continuing operations									149,123,000	27,047,000	6,404,000
Operating Partnership, as General Partner or Managing Member [Member]
Combined and Condensed Statements of Operations [Abstract]
Equity in (losses) earnings of unconsolidated affiliates									111,578,000	12,382,000	1,579,000
Company’s share of net income									111,970,000	12,774,000	1,971,000
Amortization of excess investment									(392,000)	(392,000)	(392,000)
KLA/Mervyns LLC Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	10.50%								10.50%
KLA A Markets LLC Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	20.00%								20.00%
KA-Shopko LLC [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	20.00%								20.00%
Marsh and Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	20.00%								20.00%
KLAC Rex Venture LLC [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	13.30%								13.30%
Mervyns I and Mervyns II [Member] \| KLA/Mervyns LLC Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	5.80%								5.80%
Mervyns II [Member] \| KLA A Markets LLC Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	6.00%								6.00%
Mervyns II [Member] \| KLAC Rex Venture LLC [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	13.30%								13.30%
Fund II [Member] \| KA-Shopko LLC [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	2.00%								2.00%
Fund II [Member] \| Marsh and Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	3.30%								3.30%
KLA/Mervyns LLC [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	10.50%								10.50%
KLA/Mervyns LLC [Member] \| Mervyns I and Mervyns II [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	5.80%								5.80%
KLA A Markets LLC [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	18.90%								18.90%
KLA A Markets LLC [Member] \| Mervyns II [Member]
Schedule of Equity Method Investments [Line Items]
Acadia Investors Ownership Percentage	5.70%								5.70%
Core Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Purchase Price									473,200,000
Combined and Condensed Statements of Operations [Abstract]
Total revenues									125,022,000	110,355,000	70,400,000
Equity in (losses) earnings of unconsolidated affiliates									(77,000)	(99,000)	262,000
Depreciation and amortization									(35,875,000)	(28,989,000)	(17,065,000)
Loss on debt extinguishment									(3,000)	(309,000)	0
Income from continuing operations									16,497,000	4,000	(1,102,000)
Core Portfolio [Member] \| Chicago, Illinois [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	88.43%								88.43%
Square footage of real estate property (in square feet)	87,000								87,000
Core Portfolio [Member] \| White Plains, New York [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%								49.00%
Square footage of real estate property (in square feet)	311,000								311,000
Core Portfolio [Member] \| Georgetown Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%								50.00%
Square footage of real estate property (in square feet)	28,000								28,000
Core Portfolio [Member] \| Route 202 Shopping Center [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	22.22%								22.22%
Square footage of real estate property (in square feet)	20,000								20,000
Opportunity Funds [Member]
Schedule of Equity Method Investments [Line Items]
Number of unaffiliated partners									2
Combined and Condensed Statements of Operations [Abstract]
Total revenues									54,659,000	46,131,000	36,560,000
Equity in (losses) earnings of unconsolidated affiliates									8,800,000	12,481,000	288,000
Depreciation and amortization									(13,770,000)	(11,310,000)	(10,823,000)
Loss on debt extinguishment									(332,000)	(456,000)	(198,000)
Income from continuing operations									120,011,000	14,699,000	2,747,000
Opportunity Funds [Member] \| RCP Venture [Member]
Schedule of Equity Method Investments [Line Items]
Distributions, cost method investments									149,622,000
Combined and Condensed Balance Sheets
Investments in and advances to unconsolidated affiliates	63,216,000								63,216,000
Opportunity Funds [Member] \| RCP Venture [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Distributions, cost method investments									32,142,000
Combined and Condensed Balance Sheets
Investments in and advances to unconsolidated affiliates	12,070,000								12,070,000
Opportunity Funds [Member] \| Mervyns I and Mervyns II [Member] \| KLA/Mervyns LLC Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	7,547,000								7,547,000
Distributions, cost method investments									5,789,000
Opportunity Funds [Member] \| Mervyns I and Mervyns II [Member] \| KLA/Mervyns LLC Add-On Investments [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	1,252,000								1,252,000
Distributions, cost method investments									1,284,000
Opportunity Funds [Member] \| Mervyns II [Member] \| KLA A Markets LLC Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	2,416,000								2,416,000
Distributions, cost method investments									4,864,000
Opportunity Funds [Member] \| Mervyns II [Member] \| KLA A Markets LLC Add-On Investments [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	388,000								388,000
Distributions, cost method investments									972,000
Opportunity Funds [Member] \| Mervyns II [Member] \| KLAC Rex Venture LLC [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	2,701,000								2,701,000
Distributions, cost method investments									3,729,000
Opportunity Funds [Member] \| Mervyns II [Member] \| KLAC Rex Venture LLC [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	535,000								535,000
Distributions, cost method investments									747,000
Opportunity Funds [Member] \| Fund II [Member] \| KA-Shopko LLC [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	1,110,000								1,110,000
Distributions, cost method investments									2,460,000
Opportunity Funds [Member] \| Fund II [Member] \| KA-Shopko LLC [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	222,000								222,000
Distributions, cost method investments									492,000
Opportunity Funds [Member] \| Fund II [Member] \| Marsh and Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	2,667,000								2,667,000
Distributions, cost method investments									2,639,000
Opportunity Funds [Member] \| Fund II [Member] \| Marsh and Add-On Investments [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	533,000								533,000
Distributions, cost method investments									528,000
Opportunity Funds [Member] \| KLA/Mervyns LLC [Member] \| Mervyns I and Mervyns II [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, equity method investment	26,058,000								26,058,000
Distributions, equity method investments									48,547,000
Opportunity Funds [Member] \| KLA/Mervyns LLC [Member] \| Mervyns I and Mervyns II [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, equity method investment	4,901,000								4,901,000
Distributions, equity method investments									11,801,000
Opportunity Funds [Member] \| KLA A Markets LLC [Member] \| Mervyns II [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, equity method investment	20,717,000								20,717,000
Distributions, equity method investments									81,594,000
Opportunity Funds [Member] \| KLA A Markets LLC [Member] \| Mervyns II [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, equity method investment	4,239,000								4,239,000
Distributions, equity method investments									16,318,000
Fund IV [Member]
Schedule of Equity Method Investments [Line Items]
Purchase Price									106,600,000
Fund IV [Member] \| Savannah, Georgia [Member]
Schedule of Equity Method Investments [Line Items]
Loan commitment	69,000,000								69,000,000
Number of properties acquired									24
Purchase Price									33,900,000
Combined and Condensed Balance Sheets
Investments in and advances to unconsolidated affiliates	8,100,000								8,100,000
Fund IV [Member] \| Savannah, Georgia [Member] \| RCP Venture [Member]
Schedule of Equity Method Investments [Line Items]
Loan commitment	28,400,000								28,400,000
Fund IV [Member] \| Bear, Delaware [Member]
Combined and Condensed Balance Sheets
Investments in and advances to unconsolidated affiliates	25,400,000								25,400,000
Fund IV [Member] \| Miami, Florida [Member] \| Lincoln Road Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Investment, aggregate sales price		200,200,000
Gain (loss) on sale of investments		54,600,000
Fund III [Member] \| Miami, Florida [Member] \| Lincoln Road Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Number of properties sold		3
Investment, aggregate sales price		141,800,000
Gain (loss) on sale of investments		$ 86,600,000

NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS Schedule of Notes Receivable and Preferred Equity Investments Reconciliation (Details) (USD $) In Thousands, unless otherwise specified	1 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning Balance		$ 126,656	$ 129,278	$ 59,989
New investments		31,169	45,000	108,629
Collections of principal	(1,200)	(18,095)	(29,583)	(25,388)
Conversion to real estate through receipt of deed or through foreclosure		(38,000)	(18,500)	(14,000)
Non-cash accretion of notes receivable		556	461	453
Reserves		0	0	(405)
Ending Balance		$ 102,286	$ 126,656	$ 129,278

NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS Schedule of Notes Receivable (Details) (USD $)

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

Sep. 30, 2014

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Apr. 30, 2014

152 - 154 Spring Street [Member]

Dec. 31, 2014

First Mortgage, 7.7% Loan Due 2015 [Member]

Dec. 31, 2013

First Mortgage, 7.7% Loan Due 2015 [Member]

Jul. 31, 2014

Mezzanine Loan, 12.7% Loan, Due 2015 [Member]

Apr. 30, 2014

Mezzanine Loan, 12.7% Loan, Due 2015 [Member]

Dec. 31, 2014

Mezzanine Loan, 12.7% Loan, Due 2015 [Member]

Dec. 31, 2013

Mezzanine Loan, 12.7% Loan, Due 2015 [Member]

Oct. 31, 2014

First Mortgage Loan, 8.8% Loan, Due 2015 [Member]

Dec. 31, 2014

First Mortgage Loan, 8.8% Loan, Due 2015 [Member]

installment

Dec. 31, 2013

First Mortgage Loan, 8.8% Loan, Due 2015 [Member]

Dec. 31, 2014

Zero Coupon Loan, 24% Loan, Due 2016 [Member]

loan

borrower

Dec. 31, 2013

Zero Coupon Loan, 24% Loan, Due 2016 [Member]

Dec. 31, 2014

First Mortgage Loan, 5.5% Loan Due 2016 [Member]

installment

Dec. 31, 2013

First Mortgage Loan, 5.5% Loan Due 2016 [Member]

Dec. 31, 2014

Preferred Equity, 13.5% Loan, Due 2016 [Member]

May 31, 2014

Preferred Equity, 13.5% Loan, Due 2016 [Member]

Dec. 31, 2013

Preferred Equity, 13.5% Loan, Due 2016 [Member]

Dec. 31, 2014

Other Loan, 18% Loan, Due 2017 [Member]

Jul. 31, 2014

Other Loan, 18% Loan, Due 2017 [Member]

Dec. 31, 2013

Other Loan, 18% Loan, Due 2017 [Member]

Dec. 31, 2014

Preferred Equity, 8.1% Loan, Due 2017 [Member]

Dec. 31, 2013

Preferred Equity, 8.1% Loan, Due 2017 [Member]

Dec. 31, 2014

Mezzanine, 15% Due 2020 [Member]

Dec. 31, 2013

Mezzanine, 15% Due 2020 [Member]

Jan. 31, 2014

First Mortgage Loan, 8.0% Loan, Due On Demand [Member]

Dec. 31, 2014

First Mortgage Loan, 8.0% Loan, Due On Demand [Member]

Dec. 31, 2013

First Mortgage Loan, 8.0% Loan, Due On Demand [Member]

Jul. 31, 2014

Other Loan, 2.5% LIBOR Loan, Due 2020 [Member]

Dec. 31, 2014

Other Loan, 2.5% LIBOR Loan, Due 2020 [Member]

Dec. 31, 2013

Other Loan, 2.5% LIBOR Loan, Due 2020 [Member]

Dec. 31, 2014

Mezzanine Loan, 10.0% Loan, Due On Demand [Member]

Dec. 31, 2013

Mezzanine Loan, 10.0% Loan, Due On Demand [Member]

Dec. 31, 2014

Mezzanine Loan, 15.0% Loan, Due Upon Capital Event [Member]

Dec. 31, 2013

Mezzanine Loan, 15.0% Loan, Due Upon Capital Event [Member]

Dec. 31, 2014

Individually Less Than 3%, Variable Interest Rate Due 2014 to Capital Event [Member]

loan

Dec. 31, 2013

Individually Less Than 3%, Variable Interest Rate Due 2014 to Capital Event [Member]

Dec. 31, 2014

Individually Less Than 3%, Variable Interest Rate Due 2014 to Capital Event [Member]

Minimum [Member]

Dec. 31, 2014

Individually Less Than 3%, Variable Interest Rate Due 2014 to Capital Event [Member]

Maximum [Member]

Apr. 30, 2014

Mortgage Loan, LIBOR Plus 13.75% Loan, Due 2024 [Member]

Apr. 30, 2014

Mezzanine Loan [Member]

Jan. 31, 2014

Mezzanine Loan [Member]

Dec. 31, 2014

Mezzanine Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

7.70%

^[1]

12.70%

^[1]

8.80%

^[1]

24.00%

^[1],[2]

5.50%

^[1]

13.50%

^[1]

13.50%

18.00%

^[1]

18.00%

8.10%

^[1]

15.00%

^[1]

6.00%

^[1]

10.00%

^[1],[3]

15.00%

^[1]

Basis spread on variable rate

2.50%

^[1]

2.70%

^[1],[4]

17.50%

^[1],[4]

3.75%

First Priority Liens

$ 0

$ 18,900,000

$ 0

$ 166,200,000

^[2]

$ 0

$ 20,855,000

$ 0

$ 87,477,000

^[3]

$ 16,668,000

$ 0

^[4]

Net carrying amount of notes receivable

102,286,000

126,656,000

129,278,000

59,989,000

12,000,000

8,000,000

7,500,000

4,986,000

^[2]

4,431,000

^[2]

4,000,000

42,000,000

4,000,000

3,307,000

4,800,000

13,000,000

30,879,000

6,400,000

4,000,000

3,000,000

7,983,000

^[3]

9,089,000

^[3]

3,834,000

2,631,000

^[4]

2,023,000

^[4]

1,900,000

8,300,000

Number of loan extensions

Length of loan extension

12 months

6 months

Number of cross-collateralized loans

Number of borrowers

Number of loans

Proceeds from notes receivable

1,900,000

18,095,000

29,583,000

25,388,000

5,000,000

13,000,000

6,400,000

10,300,000

1,400,000

Collections of principal

1,200,000

18,095,000

29,583,000

25,388,000

700,000

Gain (loss) on sale of notes receivable

700,000

Exchange of mortgage for investment

38,000,000

Write-down or reserve, amount

2,000,000

New investments

31,169,000

45,000,000

108,629,000

7,500,000

1,000,000

Collections of interest

$ 700,000

[1]	Includes origination and exit fees
[2]	The principal balance for this accrual-only loan is increased by the interest accrued
[3]	Comprised of three cross-collateralized loans from one borrower, which are non-performing
[4]	Consists of three loans as of December 31, 2014

NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS Schedule of Allowance for Credit Losses on Notes Receivable (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 3,681	$ 3,681
Additional reserves	0	0
Recoveries	(2,724)	0
Charge-offs and reclassifications	(957)	0
Balance at end of period	$ 0	$ 3,681

DEFERRED CHARGES (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Deferred Costs [Abstract]
Deferred financing costs	$ 39,660	$ 36,481
Deferred leasing and other costs	37,275	33,664
Deferred costs, gross	76,935	70,145
Accumulated amortization	(46,256)	(39,370)
Total	$ 30,679	$ 30,775

ACQUIRED LEASE INTANGIBLES (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Acquired Lease Intangibles [Abstract]
Total	$ 44,618	$ 33,663
Assets [Member]
Acquired Lease Intangibles [Abstract]
2015	6,687
2016	6,330
2017	5,126
2018	4,676
2019	4,119
Thereafter	17,680
Total	44,618
Liabilities [Member]
Acquired Lease Intangibles [Abstract]
2015	5,126
2016	4,932
2017	4,301
2018	3,705
2019	3,569
Thereafter	7,952
Total	$ 29,585

MORTGAGES AND OTHER NOTES PAYABLE Mortgage Loan Activity (Details) (USD $)

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

Dec. 31, 2014

property

Dec. 31, 2013

Dec. 31, 2014

LIBOR [Member]

Apr. 30, 2014

LIBOR [Member]

Feb. 28, 2014

LIBOR [Member]

Dec. 31, 2014

Mortgages [Member]

Jan. 31, 2014

Mortgages [Member]

664 N. Michigan [Member]

LIBOR plus 1.65% Mortgage Note [Member]

Jan. 31, 2014

Mortgages [Member]

664 N. Michigan [Member]

LIBOR plus 1.65% Mortgage Note [Member]

LIBOR [Member]

Apr. 30, 2014

Mortgages [Member]

New Hyde Park Shopping Center [Member]

LIBOR Plus 2.25% Mortgage Note [Member]

Jan. 31, 2014

Mortgages [Member]

New Hyde Park Shopping Center [Member]

LIBOR Plus 2.25% Mortgage Note [Member]

Apr. 30, 2014

Mortgages [Member]

New Hyde Park Shopping Center [Member]

LIBOR Plus 2.25% Mortgage Note [Member]

LIBOR [Member]

Jan. 31, 2014

Mortgages [Member]

New Hyde Park Shopping Center [Member]

LIBOR Plus 2.25% Mortgage Note [Member]

LIBOR [Member]

Apr. 30, 2014

Mortgages [Member]

New Hyde Park Shopping Center [Member]

LIBOR Plus 1.85% Mortgage Note [Member]

Apr. 30, 2014

Mortgages [Member]

New Hyde Park Shopping Center [Member]

LIBOR Plus 1.85% Mortgage Note [Member]

LIBOR [Member]

Feb. 28, 2014

Mortgages [Member]

Heritage [Member]

LIBOR Plus 2.25% Mortgage Note [Member]

Feb. 28, 2014

Mortgages [Member]

Heritage [Member]

LIBOR Plus 2.25% Mortgage Note [Member]

LIBOR [Member]

Feb. 28, 2014

Mortgages [Member]

Heritage [Member]

LIBOR Plus 1.55% Mortgage Note [Member]

Feb. 28, 2014

Mortgages [Member]

Heritage [Member]

LIBOR Plus 1.55% Mortgage Note [Member]

LIBOR [Member]

Mar. 31, 2014

Mortgages [Member]

654 Broadway [Member]

LIBOR Plus 1.88% Mortgage Note [Member] [Member]

Mar. 31, 2014

Mortgages [Member]

654 Broadway [Member]

LIBOR Plus 1.88% Mortgage Note [Member] [Member]

LIBOR [Member]

Mar. 31, 2014

Mortgages [Member]

Paramus Plaza [Member]

LIBOR Plus 1.70% Percent Mortgage Note [Member]

Mar. 31, 2014

Mortgages [Member]

Paramus Plaza [Member]

LIBOR Plus 1.70% Percent Mortgage Note [Member]

LIBOR [Member]

Apr. 30, 2014

Mortgages [Member]

613 - 623 W. Diversey [Member]

6.35% Mortgage Note [Member]

Apr. 30, 2014

Mortgages [Member]

Lake Montclair [Member]

LIBOR Plus 2.15% Mortgage Note [Member]

Apr. 30, 2014

Mortgages [Member]

Lake Montclair [Member]

LIBOR Plus 2.15% Mortgage Note [Member]

LIBOR [Member]

May 31, 2014

Mortgages [Member]

938 W. North Avenue [Member]

LIBOR Plus 2.35% Mortgage Note [Member]

May 31, 2014

Mortgages [Member]

938 W. North Avenue [Member]

LIBOR Plus 2.35% Mortgage Note [Member]

LIBOR [Member]

Jun. 30, 2014

Mortgages [Member]

1151 Third Avenue [Member]

LIBOR Plus 1.75% Mortgage Note [Member]

Jun. 30, 2014

Mortgages [Member]

1151 Third Avenue [Member]

LIBOR Plus 1.75% Mortgage Note [Member]

LIBOR [Member]

Jun. 30, 2014

Mortgages [Member]

New Loudon Center [Member]

5.64% Mortgage Note [Member]

Jul. 31, 2014

Mortgages [Member]

Bedford Green [Member]

5.95% Mortgage Note [Member]

Dec. 31, 2014

Mortgages [Member]

City Point [Member]

Dec. 31, 2014

Mortgages [Member]

City Point [Member]

LIBOR Plus 1.70% Percent Mortgage Note [Member]

Dec. 31, 2014

Mortgages [Member]

City Point [Member]

LIBOR Plus 1.70% Percent Mortgage Note [Member]

LIBOR [Member]

Oct. 31, 2014

Mortgages [Member]

City Point [Member]

LIBOR Plus 2.00% Mortgage Note [Member]

Oct. 31, 2014

Mortgages [Member]

City Point [Member]

LIBOR Plus 2.00% Mortgage Note [Member]

LIBOR [Member]

Oct. 31, 2014

Mortgages [Member]

City Point [Member]

7.25% Mortgage Loan [Member]

Dec. 31, 2014

Mortgages [Member]

City Point [Member]

LIBOR Plus 5.00% Mortgage Loan [Member]

Dec. 31, 2014

Mortgages [Member]

City Point [Member]

LIBOR Plus 5.00% Mortgage Loan [Member]

LIBOR [Member]

Dec. 31, 2014

Mortgages [Member]

Lincoln Park Center [Member]

Dec. 31, 2014

Mortgages [Member]

3104 M Street [Member]

Prime Plus .50% Mortgage Note [Member]

Dec. 31, 2014

Mortgages [Member]

3104 M Street [Member]

Prime Plus .50% Mortgage Note [Member]

Prime [Member]

Dec. 31, 2014

Construction Loans [Member]

City Point [Member]

Debt Instrument [Line Items]

Mortgages and other notes payable

$ 1,127,600,000

$ 1,038,100,000

Number of properties collateralized

Interest rate, minimum

1.00%

Interest rate, maximum

6.65%

Borrowings, amount

301,188,000

45,000,000

1,500,000

12,000,000

24,500,000

9,000,000

12,600,000

15,500,000

12,500,000

29,794,000

81,191,000

^[1]

20,000,000

5,000,000

103,000

Borrowings, interest rate description

LIBOR

PRIME

Borrowings, interest rate basis spread

1.65%

2.25%

1.85%

2.25%

1.55%

1.88%

1.70%

2.15%

2.35%

1.75%

1.70%

2.00%

5.00%

0.50%

Borrowings, interest rate

6.35%

5.64%

5.10%

7.25%

Repayments of debt

86,100,000

7,700,000

20,900,000

4,200,000

13,300,000

20,000,000

Construction loan, amount released into restricted cash

199,000,000

Construction loan, amount withdrawn from restricted cash

168,400,000

Construction loan, amount released into restricted cash, amount available

$ 30,600,000

[1]

As of December 31, 2014, $199.0 million of funds have been released under the Company's EB-5 loan relating to its City Point project into a restricted cash account. $168.4 million has been drawn to fund construction activities, with $30.6 million remaining in the restricted cash account at December 31, 2014.

MORTGAGES AND OTHER NOTES PAYABLE Unsecured Credit Facilities (Details) (USD $)

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Line of Credit Facility [Line Items]

Mortgage and other notes payable

$ 1,130,481,000

$ 1,039,997,000

Total amount of credit facility

300,000,000

Amount borrowed

77,100,000

68,750,000

Net borrowings (repayments) during the year ended December 31, 2014

8,350,000

Letters of credit outstanding as of December 31, 2014

12,500,000

Amount available under credit facilities as of December 31, 2014

210,400,000

Acadia Realty, LP [Member]

Line of Credit Facility [Line Items]

Total amount of credit facility

150,000,000

Amount borrowed

Net borrowings (repayments) during the year ended December 31, 2014

Letters of credit outstanding as of December 31, 2014

12,500,000

Amount available under credit facilities as of December 31, 2014

137,500,000

Fund IV [Member]

Line of Credit Facility [Line Items]

Total amount of credit facility

150,000,000

Amount borrowed

77,100,000

68,750,000

Net borrowings (repayments) during the year ended December 31, 2014

8,350,000

Letters of credit outstanding as of December 31, 2014

Amount available under credit facilities as of December 31, 2014

72,900,000

Unsecured Debt [Member] | Fund IV [Member]

Line of Credit Facility [Line Items]

Mortgage and other notes payable

77,100,000

^[1]

68,750,000

^[1]

Unsecured Debt [Member] | LIBOR [Member] | Fund IV [Member]

Line of Credit Facility [Line Items]

Borrowings, interest rate basis spread

1.65%

Unsecured Debt [Member] | Line of Credit [Member]

Line of Credit Facility [Line Items]

Mortgage and other notes payable

Unsecured Debt [Member] | Line of Credit [Member] | LIBOR [Member]

Line of Credit Facility [Line Items]

Borrowings, interest rate basis spread

1.40%

Unsecured Debt [Member] | Unsecured Credit Facility [Member] | Line of Credit [Member]

Line of Credit Facility [Line Items]

Proceeds from lines of credit

15,000,000

Repayments of debt

15,000,000

Amount borrowed

Unsecured Debt [Member] | Unsecured Credit Facility [Member] | Line of Credit [Member] | LIBOR [Member] | January 31, 2016

Line of Credit Facility [Line Items]

Borrowings, interest rate basis spread

1.55%

Unused capacity fee percentage

0.35%

Unsecured Debt [Member] | Unsecured Credit Facility [Member] | Line of Credit [Member] | LIBOR [Member] | January 31, 2018

Line of Credit Facility [Line Items]

Borrowings, interest rate basis spread

1.40%

Unused capacity fee percentage

0.25%

Unsecured Debt [Member] | Unsecured Credit Facility [Member] | Line of Credit [Member] | LIBOR [Member] | November 25, 2018

Line of Credit Facility [Line Items]

Borrowings, interest rate basis spread

1.40%

Unsecured Debt [Member] | Unsecured Credit Facility [Member] | Line of Credit [Member] | LIBOR [Member] | November 25, 2019

Line of Credit Facility [Line Items]

Borrowings, interest rate basis spread

1.30%

Unsecured Debt [Member] | Unsecured Credit Facility, Term Loan [Member]

Line of Credit Facility [Line Items]

Mortgage and other notes payable

50,000,000

Unsecured Debt [Member] | Unsecured Credit Facility, Term Loan [Member] | November 25, 2018

Line of Credit Facility [Line Items]

Mortgage and other notes payable

50,000,000

Line of Credit [Member] | Subscription Line [Member] | Line of Credit [Member] | Fund IV [Member]

Line of Credit Facility [Line Items]

Repayments of debt

103,900,000

Borrowings, amount

112,200,000.0

Mortgage and other notes payable

$ 77,100,000

[1]	The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.

Mortgage Loan and Other Indebtedness Balances (Details) (USD $)
In Thousands, unless otherwise specified

1 Months Ended

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2014

LIBOR [Member]

Apr. 30, 2014

LIBOR [Member]

Feb. 28, 2014

LIBOR [Member]

Dec. 31, 2014

Variable Rate Debt [Member]

Dec. 31, 2013

Variable Rate Debt [Member]

Dec. 31, 2014