Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Oct. 21, 2019
Cover [Abstract]
Entity Registrant Name	ACADIA REALTY TRUST
Entity Central Index Key	0000899629
Current Fiscal Year End Date	--12-31
Trading Symbol	AKR
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		86,948,888
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-12002
Entity Tax Identification Number	23-2715194
Entity Address, Address Line One	411 THEODORE FREMD AVENUE
Entity Address, Address Line Two	SUITE 300
Entity Address, City or Town	RYE
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10580
City Area Code	914
Local Phone Number	288-8100
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common shares of beneficial interest, par value $0.001 per share
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ASSETS
Operating real estate, net	$ 3,288,377	$ 3,160,851
Real estate under development	250,278	120,297
Net investments in real estate	3,538,655	3,281,148
Notes receivable, net	94,807	109,613
Investments in and advances to unconsolidated affiliates	372,478	262,410
Other assets, net	200,588	208,570
Cash and cash equivalents	48,140	21,268
Restricted cash	12,867	13,580
Rents receivable	59,071	62,191
Assets of properties held for sale	2,939
Total assets	4,329,545	3,958,780
LIABILITIES
Mortgage and other notes payable, net	1,029,678	1,017,288
Unsecured notes payable, net	625,677	533,257
Accounts payable and other liabilities	403,297	286,072
Dividends and distributions payable	26,017	24,593
Distributions in excess of income from, and investments in, unconsolidated affiliates	15,353	15,623
Total liabilities	2,100,022	1,876,833
Commitments and contingencies
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 86,644,196 and 81,557,472 shares, respectively	87	82
Additional paid-in capital	1,692,659	1,548,603
Accumulated other comprehensive (loss) income	(44,138)	516
Distributions in excess of accumulated earnings	(129,026)	(89,696)
Total Acadia shareholders’ equity	1,519,582	1,459,505
Noncontrolling interests	709,941	622,442
Total equity	2,229,523	2,081,947
Total liabilities and equity	$ 4,329,545	$ 3,958,780

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, authorized (in shares)	200,000,000	200,000,000
Common shares, issued (in shares)	86,644,196	81,557,472
Common shares, outstanding (in shares)	86,644,196	81,557,472

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Rental income	$ 72,191	$ 51,003	$ 214,490	$ 150,838
Expense reimbursements		13,194		35,000
Revenues	73,327	65,527	217,543	189,954
Operating expenses
Depreciation and amortization	32,170	28,676	92,807	86,755
General and administrative	8,222	7,982	25,579	24,359
Real estate taxes	10,225	11,538	29,680	27,528
Property operating	13,180	10,113	37,267	30,709
Impairment charge	321		1,721
Other operating		270		655
Total operating expenses	64,118	58,579	187,054	170,006
Gain on disposition of properties	12,056	5,107	14,070	5,140
Operating income	21,265	12,055	44,559	25,088
Equity in earnings of unconsolidated affiliates	1,299	376	7,129	7,079
Interest income	1,748	3,513	6,247	10,539
Other income	5,034		6,947
Interest expense	(19,103)	(18,077)	(56,721)	(50,882)
Income (loss) from continuing operations before income taxes	10,243	(2,133)	8,161	(8,176)
Income tax provision	(1,403)	(464)	(1,622)	(851)
Net income (loss)	8,840	(2,597)	6,539	(9,027)
Net loss attributable to noncontrolling interests	1,618	11,822	25,196	33,336
Net income attributable to Acadia	$ 10,458	$ 9,225	$ 31,735	$ 24,309
Basic and diluted earnings per share (in dollars per share)	$ 0.12	$ 0.11	$ 0.38	$ 0.29
Other
Revenues	$ 1,136	$ 1,330	$ 3,053	$ 4,116

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 8,840	$ (2,597)	$ 6,539	$ (9,027)
Other comprehensive (loss) income:
Unrealized (loss) income on valuation of swap agreements	(15,388)	3,973	(51,347)	12,576
Reclassification of realized interest on swap agreements	(288)	(55)	(1,374)	417
Other comprehensive (loss) income	(15,676)	3,918	(52,721)	12,993
Comprehensive (loss) income	(6,836)	1,321	(46,182)	3,966
Comprehensive loss attributable to noncontrolling interests	2,726	11,033	33,263	30,996
Comprehensive (loss) income attributable to Acadia	$ (4,110)	$ 12,354	$ (12,919)	$ 34,962

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	AOCI Attributable to Parent	Retained Earnings	Parent	Noncontrolling Interests
Beginning Balance at Dec. 31, 2017	$ 2,215,639	$ 84	$ 1,596,514	$ 2,614	$ (32,013)	$ 1,567,199	$ 648,440
Balance (in Shares) at Dec. 31, 2017		83,708,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0		1,957			1,957	(1,957)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		111,000
Repurchase of Common Shares	$ (55,057)	$ (2)	(55,055)			(55,057)
Repurchase of Common Shares (in shares)	(2,294,235)	(2,294,000)
Dividends/distributions declared ($0.28, $0.27, $0.84 and $0.81 per Common Share/OP Unit for three months and nine months ended September 30, 2019 and 2018)	$ (71,412)				(66,286)	(66,286)	(5,126)
Employee and trustee stock compensation, net	8,332		408			408	7,924
Employee and trustee stock compensation, net (in Shares)		25,000
Noncontrolling interest distributions	(24,654)						(24,654)
Noncontrolling interest contributions	46,990						46,990
Comprehensive (loss) income	3,966			10,653	24,309	34,962	(30,996)
Reallocation of noncontrolling interests	0		2,581			2,581	(2,581)
Ending Balance at Sep. 30, 2018	2,123,804	$ 82	1,546,405	13,267	(73,990)	1,485,764	638,040
Balance (in Shares) at Sep. 30, 2018		81,550,000
Beginning Balance at Dec. 31, 2017	2,215,639	$ 84	1,596,514	2,614	(32,013)	1,567,199	648,440
Balance (in Shares) at Dec. 31, 2017		83,708,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of Common Shares	$ (55,100)
Repurchase of Common Shares (in shares)	(2,294,235)
Ending Balance at Dec. 31, 2018	$ 2,081,947	$ 82	1,548,603	516	(89,696)	1,459,505	622,442
Balance (in Shares) at Dec. 31, 2018	81,557,472	81,557,000
Beginning Balance at Jun. 30, 2018	$ 2,112,549	$ 82	1,543,651	10,138	(61,196)	1,492,675	619,874
Balance (in Shares) at Jun. 30, 2018		81,503,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0		834			834	(834)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		47,000
Dividends/distributions declared ($0.28, $0.27, $0.84 and $0.81 per Common Share/OP Unit for three months and nine months ended September 30, 2019 and 2018)	(23,711)				(22,019)	(22,019)	(1,692)
Employee and trustee stock compensation, net	2,219		137			137	2,082
Noncontrolling interest distributions	(9,014)						(9,014)
Noncontrolling interest contributions	40,440						40,440
Comprehensive (loss) income	1,321			3,129	9,225	12,354	(11,033)
Reallocation of noncontrolling interests	0		1,783			1,783	(1,783)
Ending Balance at Sep. 30, 2018	2,123,804	$ 82	1,546,405	13,267	(73,990)	1,485,764	638,040
Balance (in Shares) at Sep. 30, 2018		81,550,000
Beginning Balance at Dec. 31, 2018	$ 2,081,947	$ 82	1,548,603	516	(89,696)	1,459,505	622,442
Balance (in Shares) at Dec. 31, 2018	81,557,472	81,557,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	$ 0		4,230			4,230	(4,230)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		250,000
Repurchase of Common Shares (in shares)	0
Issuance of Common Shares	$ 135,751	$ 5	135,746			135,751
Issuance of Common Shares (in Shares)		4,816,000
Dividends/distributions declared ($0.28, $0.27, $0.84 and $0.81 per Common Share/OP Unit for three months and nine months ended September 30, 2019 and 2018)	(76,387)				(71,065)	(71,065)	(5,322)
Employee and trustee stock compensation, net	7,361		396			396	6,965
Employee and trustee stock compensation, net (in Shares)		21,000
Noncontrolling interest distributions	(34,595)						(34,595)
Noncontrolling interest contributions	161,628						161,628
Comprehensive (loss) income	(46,182)			(44,654)	31,735	(12,919)	(33,263)
Reallocation of noncontrolling interests	0		3,684			3,684	(3,684)
Ending Balance at Sep. 30, 2019	$ 2,229,523	$ 87	1,692,659	(44,138)	(129,026)	1,519,582	709,941
Balance (in Shares) at Sep. 30, 2019	86,644,196	86,644,000
Beginning Balance at Jun. 30, 2019	$ 2,100,106	$ 84	1,625,906	(29,570)	(115,224)	1,481,196	618,910
Balance (in Shares) at Jun. 30, 2019		84,453,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0		720			720	(720)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		42,000
Issuance of Common Shares	60,637	$ 3	60,634			60,637
Issuance of Common Shares (in Shares)		2,149,000
Dividends/distributions declared ($0.28, $0.27, $0.84 and $0.81 per Common Share/OP Unit for three months and nine months ended September 30, 2019 and 2018)	(26,025)				(24,260)	(24,260)	(1,765)
Employee and trustee stock compensation, net	1,916		148			148	1,768
Noncontrolling interest distributions	(29,713)						(29,713)
Noncontrolling interest contributions	129,438						129,438
Comprehensive (loss) income	(6,836)			(14,568)	10,458	(4,110)	(2,726)
Reallocation of noncontrolling interests	0		5,251			5,251	(5,251)
Ending Balance at Sep. 30, 2019	$ 2,229,523	$ 87	$ 1,692,659	$ (44,138)	$ (129,026)	$ 1,519,582	$ 709,941
Balance (in Shares) at Sep. 30, 2019	86,644,196	86,644,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 8,840	$ (2,597)	$ 6,539	$ (9,027)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization			92,807	86,755
Distributions of operating income from unconsolidated affiliates			8,654	12,906
Equity in earnings and gains of unconsolidated affiliates	(1,299)	(376)	(7,129)	(7,079)
Stock compensation expense			7,361	8,332
Amortization of financing costs			5,769	4,350
Impairment charge	321		1,721
Gain on disposition of properties	(12,056)	(5,107)	(14,070)	(5,140)
Deferred gain on tax credits			(5,034)
Other, net			(7,804)	(6,331)
Changes in assets and liabilities:
Other liabilities			(6,071)	(61)
Prepaid expenses and other assets			10,271	(4,860)
Rents receivable			870	(7,452)
Accounts payable and accrued expenses			1,303	(5,210)
Net cash provided by operating activities			95,187	67,183
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate			(256,647)	(104,902)
Development, construction and property improvement costs			(77,636)	(66,238)
Issuance of or advances on notes receivable				(3,002)
Proceeds from the disposition of properties, net			80,120	52,759
Investments in and advances to unconsolidated affiliates and other			(154,256)	(3,481)
Return of capital from unconsolidated affiliates and other			38,359	23,777
Proceeds from notes receivable			15,250	26,000
Return of deposits for properties under contract			1,060	1,750
Payment of deferred leasing costs			(5,874)	(2,981)
Net cash used in investing activities			(359,624)	(76,318)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes			(166,865)	(69,050)
Principal payments on unsecured debt			(352,195)	(578,600)
Proceeds received on mortgage and other notes			183,556	122,332
Proceeds from unsecured debt			444,575	578,800
Payments for repurchase of Common Shares				(55,057)
Payments of finance lease obligations			(2,125)
Proceeds from the sale of Common Stock, net			135,750
Capital contributions from noncontrolling interests			161,628	46,990
Distributions to noncontrolling interests			(39,917)	(29,731)
Dividends paid to Common Shareholders			(69,641)	(66,869)
Deferred financing and other costs			(4,170)	(3,316)
Net cash provided by (used in) financing activities			290,596	(54,501)
Increase (decrease) in cash and restricted cash			26,159	(63,636)
Cash of $21,268 and $74,823 and restricted cash of $13,580 and $10,846, respectively, beginning of period			34,848	85,669	$ 85,669
Cash of $48,140 and $9,525 and restricted cash of $12,867 and $12,508, respectively, end of period	$ 61,007	$ 22,033	61,007	22,033	$ 34,848
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $8,430 and $4,366 respectively			53,586	45,251
Cash paid for income taxes, net of refunds			730	1,227
Supplemental disclosure of non-cash investing and financing activities
Assumption of accounts payable and accrued expenses through acquisition of real estate			3,697	1,014
Right-of-use assets, finance leases obtained in exchange for finance lease liabilities			16,349
Right-of-use assets, finance leases obtained in exchange for assets under capital lease			76,965
Right-of-use assets, operating leases obtained in exchange for operating lease liabilities			57,165
Capital lease obligation exchanged for finance lease liability			71,111
Other liabilities exchanged for operating lease liabilities			946
Assumption of debt through investments in unconsolidated affiliates			4,688
Acquisition of undivided interest in a property through conversion of notes receivable				$ 22,201
Debt exchanged for deferred gain on tax credits			(5,262)
Other assets exchanged for deferred gain on tax credits			$ 228

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement Of Cash Flows [Abstract]
Cash and cash equivalents, beginning balance	$ 21,268	$ 74,823
Cash and cash equivalents, ending balance	48,140	9,525
Restricted cash, beginning balance	13,580	10,846
Restricted cash, ending balance	12,867	12,508
Cash paid for capitalized interest	$ 8,430	$ 4,366

Organization, Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization, Basis of Presentation and Summary of Significant Accounting Policies

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

Organization

Acadia Realty Trust (collectively with its subsidiaries, the “Company”) is a fully-integrated equity real estate investment trust (“REIT”) focused on the ownership, acquisition, development, and management of retail properties located primarily in high-barrier-to-entry, supply-constrained, densely-populated metropolitan areas in the United States.

All of the Company’s assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the “Operating Partnership”) and entities in which the Operating Partnership owns an interest. As of September 30, 2019 and December 31, 2018, the Company controlled approximately 94% of the Operating Partnership as the sole general partner and is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units”) and employees who have been awarded restricted Common OP Units (“LTIP Units”) as long-term incentive compensation (Note 13). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest of the Company (“Common Shares”). This structure is referred to as an umbrella partnership REIT or “UPREIT.”

As of September 30, 2019, the Company has ownership interests in 125 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 57 properties within its opportunity funds, Acadia Strategic Opportunity Fund II, LLC (“Fund II”), Acadia Strategic Opportunity Fund III LLC (“Fund III”), Acadia Strategic Opportunity Fund IV LLC (“Fund IV”), and Acadia Strategic Opportunity Fund V LLC (“Fund V” and, collectively with Fund II, Fund III and Fund IV, the “Funds”). The 182 Core Portfolio and Fund properties primarily consist of street and urban retail, and suburban shopping centers. In addition, the Company, together with the investors in the Funds, invested in operating companies through Acadia Mervyn Investors I, LLC (“Mervyns I,” which was liquidated in 2018) and Acadia Mervyn Investors II, LLC (“Mervyns II”), all on a non-recourse basis. The Company consolidates the Funds as it has (i) the power to direct the activities that most significantly impact the Funds’ economic performance, (ii) is obligated to absorb the Funds’ losses and (iii) has the right to receive benefits from the Funds that could potentially be significant.

The Operating Partnership is the sole general partner or managing member of the Funds and Mervyns II and earns fees or priority distributions for asset management, property management, construction, development, leasing, and legal services. Cash flows from the Funds and Mervyns 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). All transactions between the Funds and the Operating Partnership have been eliminated in consolidation.

The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions):

Entity	Formation Date	Operating Partnership Share of Capital			Capital Called as of September 30, 2019		Unfunded Commitment		Equity Interest Held By Operating Partnership^(a)			Preferred Return			Total Distributions as of September 30, 2019 ^(b)
Fund II and Mervyns II ^(c)	6/2004		28.33	%	$	347.1	$	15.0		28.33	%		8	%	$	146.6
Fund III	5/2007		24.54	%		436.4		13.6		24.54	%		6	%		568.8
Fund IV	5/2012		23.12	%		438.1		91.9		23.12	%		6	%		172.1
Fund V	8/2016		20.10	%		258.6		261.4		20.10	%		6	%		2.0

(a)	Amount represents the current economic ownership at September 30, 2019, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.

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

(c)	During April 2018, a distribution of $15.0 million was made to the Fund II investors, including $4.3 million to the Operating Partnership. This amount remains subject to re-contribution to Fund II until April 2021.

Basis of Presentation

Segments

At September 30, 2019, the Company had three reportable operating segments: Core Portfolio, Funds and Structured Financing. The Company’s chief operating decision maker may review operational and financial data on a property-level basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital.

Principles of Consolidation

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

The interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items.

These interim consolidated financial statements should be read in conjunction with the Company’s 2018 Annual Report on Form 10-K, as filed with the SEC on February 19, 2019.

Use of Estimates

GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the interim consolidated financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.

Reclassifications

Certain prior period amounts with regard to gains on dispositions of properties and credit losses have been reclassified to conform to the current period presentation.

Recently Adopted Accounting Pronouncements

Lease Accounting

In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, will be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the former model, with the distinction between operating, sales-type and direct-financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard, ASC Topic 606, Revenue from Contracts with Customers (“Topic 606”). To ease the transition, the new lease accounting guidance permits companies to utilize certain practical expedients in their implementation of the new standard:

•

A package of three practical expedients that must be elected together for all leases and includes: (i) not reassessing expired or existing contracts as to whether they are or contain leases; (ii) not reassessing lease classification of existing leases and (iii) not reassessing the amount of capitalized initial direct costs for existing leases;

•

A practical expedient to use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets;

•

Lessees may make an accounting policy election by class of underlying asset not to separate lease components from non-lease components; and

•

Lessees may make an accounting policy election not to apply the recognition and measurement requirements to short-term leases.

ASU 2016-02 was modified by the following subsequently issued ASU’s (together with ASU 2016-02, “Topic 842”), many of which provided additional transition practical expedients:

•

ASU 2018-01, Land Easements Practical Expedient for Transition to Topic 842 added a transition practical expedient to not reassess existing or expired land easement agreements not previously accounted for as leases

•

ASU No. 2018-10, Codification Improvements to Topic 842, Leases. These amendments provide minor clarifications and corrections to ASU 2016-02.

•

ASU 2018-11, Leases (Topic 842): Targeted Improvements.

The amendments in this Update provide entities with an additional optional transition method to adopt ASU 2016-02. Under this new transition method, an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Consequently, an entity’s reporting under this additional transition method for the comparative periods presented in the financial statements in which it adopts the new leases standard would continue to be in accordance with former GAAP (Topic 840, Leases).

The amendments in this Update also provide lessors with a practical expedient, by class of underlying asset, to make a policy election to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606). Conditions are required to elect the practical expedient, and if met, the single component will be accounted for under either under Topic 842 or Topic 606 depending on which component(s) are predominant. The lessor practical expedient to not separate non-lease components from the associated component must be elected for all existing and new leases.

•

ASU 2018-20, Leases (Topic 842), Narrow-Scope Improvements for Lessors. This ASU modifies ASU No. 2016-02 to permit lessors, as an accounting policy election, not to evaluate whether certain sales taxes and other similar taxes are lessor costs or lessee costs. Instead, those lessors will account for those costs as if they are lessee costs. Consequently, a lessor making this election will exclude from the consideration in the contract and from variable payments not included in the consideration in the contract all collections from lessees of taxes within the scope of the election and will provide certain disclosures (includes sales, use, value added, and some excise taxes and excludes real estate taxes).

•

ASU 2019-01, Leases (Topic 842), Codification Improvements. There are three codification updates to Topic 842 covered by this ASU: Issue 1 provides guidance on how to compute fair value of leased items for lessors who are non-dealers or manufacturers; Issue 2 relates to cash flow presentation for lessors of sales-type and direct financing leases; and Issue 3 clarifies that certain transition disclosures will only be required in annual disclosures.

Under the new leasing guidance, contract consideration shall be allocated to its lease components (such as the lease of retail properties) and non-lease components (such as maintenance). For lessors, any non-lease components will be accounted for under Topic 606 unless the entity elects the lessor practical expedient to not separate the non-lease components from the associated lease component as described above. The new guidance also includes a definition of initial direct costs that is narrower than the prior definition in former GAAP (Topic 840, Leases). Topic 842 was effective for the Company beginning January 1, 2019.

The Company adopted Topic 842 effective January 1, 2019 utilizing the new transition method described in ASU 2018-11 and has availed itself of all the available practical expedients described above except it did not use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets.

As lessor, the Company has more than 1,000 leases primarily with retail tenants and to a lesser extent with office and residential tenants. A significant majority of its leases are on a triple-net basis. The impact of adoption of ASU 2016-02 for the Company as lessor was as follows:

•

The Company has elected the lessor practical expedient to not separate common area maintenance from the associated lease for all existing and new leases and to account for the combined component as a single lease component. Common area maintenance is considered a non-lease component within the scope of Topic 606 and reimbursements of taxes and insurance are considered contractual payments that do not transfer a good or service to the tenant; however, such revenues related to leases, which were formerly reported as reimbursed expenses, will be reported within lease revenues in the presentation of the statement of income subsequent to the implementation of ASC 842. Prior year classifications under ASC 840 will not be adjusted.

•

Due to its election of available practical expedients, the Company expects that post-adoption substantially all existing leases, and new leases compared to similar existing leases, will have no change in the timing of revenue recognition.

•

The Company’s internal leasing costs will be expensed as incurred, as opposed to being capitalized and deferred. Commissions subsequent to successful lease execution will continue to be capitalized. After adoption, the Company will no longer capitalize internal

leasing costs that were previously capitalized (the Company capitalized $1.8 million of internal leasing costs during the year ended December 31, 2018).

•

The Company has existing easement arrangements that have not been previously identified as leases. The Company expects that its existing and similar future easement arrangements will not be classified as rental revenue but as other revenues as these arrangements do not transfer control to the counterparty.

•

The Company makes a policy election to continue to account for only those taxes described under ASU 2018-20 that it pays on behalf of the tenant as reimbursable costs and will not account for those taxes paid directly by the lessee which are considered lessee costs.

As lessee, the Company was party to 13 ground, office and equipment leases with future payment obligations aggregating $203.1 million at December 31, 2018. The impact of adoption of ASU 2016-02 for the Company as lessee was as follows (Note 11):

•

As lessee, the Company has applied the following practical expedients in the implementation ASU 2016-02: (i) to not separate non-lease components from the associated lease component as described above and (ii) to not apply the right-of-use recognition requirements to short-term leases. As such, there were no changes in the timing of recognition of expenses related to its operating leases.

•

The Company recognized right-of-use assets and lease liabilities of $11.9 million and $12.8 million, respectively, related to its operating leases.

•

The Company reclassified its existing capital lease asset of $77.0 million and capital lease liability of $71.1 million to a right-of-use asset and a lease liability, respectively, pertaining to finance leases.

•

Subsequent to the adoption of and in accordance with Topic 842, the Company reassessed the circumstances surrounding three of its operating ground leases and determined that it had made significant leasehold improvements and was now reasonably certain to exercise their purchase options. Accordingly, the Company reclassified the existing right-of-use assets and lease liabilities from operating leases to finance leases and adjusted the leases’ right-of-use assets and corresponding lease liabilities to $5.7 million and $5.7 million, respectively, to incorporate the present value of the purchase options, which totaled $4.7 million at January 1, 2019.

•

With the adoption of ASC Topic 842, the Company will first apply the guidance under ASC 842 in assessing its rents receivable: if collection of rents under specific operating leases is not probable, then the Company recognizes the lesser of that lease’s rental income on a straight-line basis or cash received, plus variable rents as earned. Once this initial assessment is completed, the Company may apply a general reserve, as provided under ASC 450-20, if applicable.

The Company did not record any cumulative effect of change in accounting principle upon the adoption of ASC Topic 842 as lessor or lessee. Consistent with the transition guidance under ASU 2018-11, all prior period disclosures remain in accordance with ASC Topic 840.

Other Accounting Topics

In February 2018, the FASB issued ASU No. 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. These amendments provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods therein. The Company adopted this guidance effective January 1, 2019, which had no effect on the Company’s financial statements.

In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements. These amendments provide clarifications and corrections to certain ASC subtopics including the following: 220-10 (Income Statement - Reporting Comprehensive Income - Overall), 470-50 (Debt - Modifications and Extinguishments), 480-10 (Distinguishing Liabilities from Equity - Overall), 718-740 (Compensation - Stock Compensation - Income Taxes), 805-740 (Business Combinations - Income Taxes), 815-10 (Derivatives and Hedging - Overall), and 820-10 (Fair Value Measurement - Overall). Some of the amendments in ASU 2018-09 do not require transition guidance and were effective upon issuance; however, many of the amendments do have transition guidance with effective dates for annual periods beginning after December 15, 2018. For those amendments that were effective January 1, 2019 or earlier, there was no material effect on the Company’s financial statements.

Recently Issued Accounting Pronouncements

In April 2019, the FASB issued ASU No. 2019-04 Codification Improvements to Topic 326, Financial Instruments — Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, which provides updates and clarifications to three previously-issued ASUs: 2016-01 Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities; 2016-13 Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, described further below and which the Company has not yet adopted; and 2017-12 Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, which the Company early adopted effective January 1, 2018. The updates related to ASU 2016-13 have the same transition as ASU 2016-13 and are effective for periods beginning after December 15, 2019, with adoption permitted after the issuance of ASU 2019-04. The

updates related to ASU 2017-12 are effective for the Company on January 1, 2020. The updates related to ASU 2016-01 are effective for fiscal years beginning after December 15, 2019. The Company is currently evaluating the impact of this new standard on its consolidated financial statements.

In May 2019, the FASB issued ASU No. 2019-05 Financial Instruments — Credit Losses (Topic 326) which provides relief to certain entities adopting ASU 2016-13 (discussed below). The amendments accomplish those objectives by providing entities with an option to irrevocably elect the fair value option in Subtopic 825-10, applied on an instrument-by-instrument basis for eligible instruments, that are within the scope of Subtopic 326-20, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. ASU 2019-05 has the same transition as ASU 2016-13 and is effective for periods beginning after December 15, 2019, with adoption permitted after this update. The Company is currently evaluating the impact of this new standard on its consolidated financial statements.

In November 2018, the FASB issued ASU No. 2018-19 Codification Improvements to Topic 326, Financial Instruments — Credit Losses. This ASU modifies ASU 2016-13 (discussed below). The amendment clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20, Financial Instruments – Credit Losses – Measure at Amortized Cost. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. ASU 2018-19 is effective for periods beginning after December 15, 2019, with adoption permitted for fiscal years beginning after December 15, 2018. The Company is currently evaluating the impact of this new standard on its consolidated financial statements.

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses. ASU 2016-13 introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 is effective for periods beginning after December 15, 2019, with adoption permitted for fiscal years beginning after December 15, 2018. Retrospective adjustments shall be applied through a cumulative-effect adjustment to retained earnings. The Company is currently evaluating the impact of this new standard on its consolidated financial statements.

In June 2018, the FASB issued ASU No. 2018-07, Compensation — Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. These amendments provide specific guidance for transactions for acquiring goods and services from nonemployees and specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (i) financing to the issuer or (ii) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods beginning after December 15, 2020. Early adoption is permitted but not earlier than the adoption of Topic 606. The Company does not believe that this guidance will have a material effect on its consolidated financial statements as it has not historically issued share-based payments in exchange for goods or services to be consumed within its operations.

In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. This guidance is effective for public companies in fiscal years beginning after December 15, 2019 with early adoption permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15 Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract to provide guidance on implementation costs incurred in a cloud computing arrangement that is a service contract. The ASU aligns the accounting for such costs with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, the ASU amends ASC 350 to include in its scope implementation costs of such arrangements that are service contracts and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized. This ASU, which is effective for fiscal years beginning after December 15, 2019, is not expected to have a material impact on the Company’s financial statements as the Company has not incurred any significant costs associated with cloud computing arrangements.

Real Estate

9 Months Ended

Sep. 30, 2019

Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]

Real Estate

2. Real Estate

The Company’s consolidated real estate is comprised of the following (in thousands):

	September 30, 2019			December 31, 2018
Land	$	733,679		$	710,469
Buildings and improvements		2,669,992			2,594,828
Tenant improvements		170,214			151,154
Construction in progress		38,458			44,092
Properties under capital lease (Note 11)		—			76,965
Right-of-use assets - finance leases (Note 11)		93,796			—
Right-of-use assets - operating leases (Note 11)		55,717			—
Total		3,761,856			3,577,508
Less: Accumulated depreciation and amortization		(473,479	)		(416,657	)
Operating real estate, net		3,288,377			3,160,851
Real estate under development, at cost		250,278			120,297
Net investments in real estate	$	3,538,655		$	3,281,148

Acquisitions and Conversions

During the nine months ended September 30, 2019 and the year ended December 31, 2018, the Company acquired the following consolidated retail properties (dollars in thousands):

Property and Location	Percent Acquired	Date of Acquisition	Purchase Price
2019 Acquisitions
Core
Soho Acquisitions - 41, 47, 51 and 53 Greene Street - New York, NY ^(a)	100%	Mar 15, 2019 Mar 27, 2019 May 29, 2019 July 30, 2019	$	74,638
849 and 912 W. Armitage - Chicago, IL	100%	Sept 11, 2019		7,802
Subtotal Core				82,440

Fund V
Palm Coast Landing - Palm Coast, FL	100%	May 6, 2019		36,644
Lincoln Commons - Lincoln, RI	100%	June 21, 2019		54,299
Landstown Commons - Virginia Beach, VA	100%	Aug 2, 2019		86,961
Subtotal Fund V				177,904
Total 2019 Acquisitions			$	260,344

2018 Acquisitions and Conversions
Core
Bedford Green Land Parcel - Bedford Hills, NY	100%	Mar 23, 2018	$	1,337
Subtotal Core				1,337

Fund IV
Broughton Street Partners I - Savannah, GA (Conversion) (Note 4)	100%	Oct 11, 2018		36,104
Subtotal Fund IV				36,104

Fund V
Trussville Promenade - Trussville, AL	100%	Feb 21, 2018		45,259
Elk Grove Commons - Elk Grove, CA	100%	Jul 18, 2018		59,320
Hiram Pavilion - Hiram, GA	100%	Oct 23, 2018		44,443
Subtotal Fund V				149,022
Total 2018 Acquisitions and Conversions			$	186,463

(a)

The Soho Acquisitions are a collection of seven properties located in New York, NY with an aggregate purchase price of approximately $122.0 million under two separate contracts. The acquisitions of the remaining three properties are expected to be finalized through early 2020. No assurance can be given that the Company will successfully close on the remaining acquisitions under contract, which are subject to customary closing conditions.

The 2019 Acquisitions and 2018 Acquisitions and Conversions were considered asset acquisitions based on accounting guidance effective as of January 1, 2018. For the nine months ended September 30, 2019 and 2018, the Company capitalized $1.4 million and $0.2 million, respectively, of acquisition costs. No debt was assumed in any of the 2019 Acquisitions or 2018 Acquisitions or Conversions.

Purchase Price Allocations

The purchase prices for the 2019 Acquisitions and the 2018 Acquisitions and Conversions were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The following table summarizes the allocation of the purchase price of properties acquired during the nine months ended September 30, 2019 and the year ended December 31, 2018 (in thousands):

	Nine Months Ended September 30, 2019			Year Ended December 31, 2018
Net Assets Acquired
Land	$	54,171		$	38,086
Buildings and improvements		183,829			129,586
Acquisition-related intangible assets (Note 6)		31,883			26,693
Acquisition-related intangible liabilities (Note 6)		(9,539	)		(7,902	)
Net assets acquired	$	260,344		$	186,463

Consideration
Cash	$	256,647		$	147,985
Liabilities assumed		3,697			2,597
Existing interest in previously unconsolidated investment		—			35,881
Total consideration	$	260,344		$	186,463

Dispositions

During the nine months ended September 30, 2019 and the year ended December 31, 2018, the Company disposed of the following consolidated properties (in thousands):

Property and Location	Owner	Date Sold	Sale Price		Gain (Loss) on Sale
2019 Dispositions
3104 M Street - Washington, DC (Note 4)	Fund III	Jan 24, 2019	$	10,500	$	2,014
210 Bowery - 2 Residential Condos - New York, NY	Fund IV	May 17, 2019, Sept 23, 2019		5,900		(242	)
JFK Plaza - Waterville, ME	Fund IV	July 24, 2019		7,800		2,012
3780-3858 Nostrand Avenue - New York, NY	Fund III	Aug 22, 2019		27,650		3,079
938 W North Avenue - Chicago, IL	Fund IV	Sept 27, 2019		32,000		7,207
Total 2019 Dispositions			$	83,850	$	14,070


2018 Dispositions
Sherman Avenue - New York, NY	Fund II	Apr 17, 2018	$	26,000	$	33
Lake Montclair - Dumfries, VA	Fund IV	Aug 27, 2018		22,450		2,923
1861 Union Street - San Francisco, CA	Fund IV	Aug 29, 2018		6,000		2,184
210 Bowery - 4 Residential Condos - New York, NY	Fund IV	Nov 30, 2018, Dec 10, 2018, Dec 17, 2018, Dec 21, 2018		12,050		—
Total 2018 Dispositions			$	66,500	$	5,140

The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during the nine months ended September 30, 2019 and year ended December 31, 2018 were as follows (in thousands):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Revenues	$	1,071		$	2,919		$	5,652		$	7,542
Expenses		(1,322	)		(2,192	)		(4,595	)		(6,368	)
Gain on disposition of properties		12,056			5,107			14,070			5,140
Net income attributable to noncontrolling interests		(8,675	)		(4,089	)		(11,045	)		(4,155	)
Net income attributable to Acadia	$	3,130		$	1,745		$	4,082		$	2,159

Properties Held for Sale

At June 30, 2019, the Company had one property in Fund IV classified as held-for-sale, JFK Plaza, with total assets of $6.3 million. The property, which was sold during the third quarter of 2019, had insignificant net income for each of the nine months ended September 30, 2019 and 2018.

At September 30, 2019, the Company had one property in Fund IV classified as held-for-sale, a residential condo at 210 Bowery, with total assets of $2.9 million. The property had an insignificant loss for each of the nine months ended September 30, 2019 and 2018.

Real Estate Under Development and Construction in Progress

Real estate under development represents the Company’s consolidated properties that have not yet been placed into service while undergoing substantial development or construction.

Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands):

	December 31, 2018				Nine Months Ended 2019						September 30, 2019
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		1	$	7,759	$	57,342	$	9,663	$	9,819		1	$	64,945
Fund II		—		7,462		—		1,626		—		—		9,088
Fund III		1		21,242		12,313		1,969		—		1		35,524
Fund IV		1		83,834		47,166		9,721		—		2		140,721
Total		3	$	120,297	$	116,821	$	22,979	$	9,819		4	$	250,278

The number of properties in the table above refers to projects comprising the entire property; however, certain projects represent a portion of a property. During the nine months ended September 30, 2019, the Company placed the following projects into development:

•

a portion of City Center (Core)

•

a portion of Cortlandt Crossing (Fund III)

•

its 1238 Wisconsin Avenue property (Core, Note 11)

•

a portion of 110 University Place (Fund IV, Note 11)

•

its 146 Geary Street property (Fund IV)

During the nine months ended September 30, 2019, the Company placed one Core development project, 56 E. Walton, into service. Fund II amounts relate to the City Point Phase III project.

During the year ended December 31, 2018, the Company placed one Core development project into service. In addition to the consolidated projects noted above, the Company had one unconsolidated project in development at December 31, 2017, which it placed into service during the year ended December 31, 2018.

Construction in progress pertains to construction activity at the Company’s operating properties that are in service and continue to operate during the construction period.

Notes Receivable, Net

9 Months Ended

Sep. 30, 2019

Accounts And Notes Receivable Net [Abstract]

Notes Receivable, Net

3. Notes Receivable, Net

The Company’s notes receivable, net were generally collateralized either by the underlying properties or the borrower’s ownership interest in the entities that own the properties, and were as follows (dollars in thousands):

	September 30,		December 31,		September 30, 2019
Description	2019		2018		Number		Maturity Date	Interest Rate
Core Portfolio	$	56,475	$	56,475		2	Oct 2019 - Apr 2020	6.0% - 8.1%
Fund II		33,026		32,582		1	Dec 2020	1.75%
Fund III		5,306		5,306		1	Jul 2020	18.0%
Fund IV		—		15,250		—	Feb 2021	15.3%
	$	94,807	$	109,613		4

During the nine months ended September 30, 2019, the Company:

•

increased the balance of a Fund II note receivable by the interest accrued of $0.4 million;

•

redeemed its $15.25 million Fund IV investment plus accrued interest of $10.0 million;

•

stopped accruing interest on one Fund III loan, due to the estimated market value of the collateral. The note had $4.7 million of accrued interest at each of December 31, 2018 and September 30, 2019;

•

extended the maturity for Brandywine’s note receivable to October 31, 2019; and

•

modified one Core loan to defer $0.4 million of interest until maturity.

During the year ended December 31, 2018, the Company:

•

exchanged $22.0 million of a Core note receivable plus accrued interest thereon of $0.3 million for an additional undivided interest in the Town Center property (Note 4);

•

received full payment on $26.0 million of Core notes receivable plus accrued interest of $0.2 million;

•

funded an additional $2.8 million to its existing $15.0 million Core note receivable and entered into an agreement to extend the maturity to April 1, 2020;

•

advanced an additional $0.2 million on a Fund III note receivable; and

•

increased the balance of a Fund II note receivable by the interest accrued of $0.8 million.

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.

Earnings from these notes and mortgages receivable are reported within the Company’s Structured Financing segment (Note 12).

Investments in and Advances to Unconsolidated Affiliates

9 Months Ended

Sep. 30, 2019

Equity Method Investments And Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

4. Investments in and Advances to Unconsolidated Affiliates

The Company accounts for its investments in and advances to unconsolidated affiliates primarily under the equity method of accounting as it has the ability to exercise significant influence, but does not have financial or operating control over the investment, which is maintained by each of the unaffiliated partners who co-invest with the Company. The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):

		Ownership Interest	September 30,			December 31,
Portfolio	Property	September 30, 2019	2019			2018
Core:
	840 N. Michigan^(a)	88.43%	$	63,925		$	65,013
	Renaissance Portfolio	20%		32,458			32,458
	Gotham Plaza	49%		29,463			29,550
	Town Center^{(a, b)}	75.22%		98,243			99,758
	Georgetown Portfolio	50%		4,738			4,653
				228,827			231,432

Mervyns I & II:	KLA/Mervyn's, LLC ^(c)	10.5%		—			—

Fund III:
	Fund III Other Portfolio	90%		17			21
	Self Storage Management ^(d)	95%		206			206
				223			227
Fund IV:
	Broughton Street Portfolio ^(e)	50%		12,650			3,236
	Fund IV Other Portfolio	90%		14,353			14,540
	650 Bald Hill Road	90%		12,504			12,880
				39,507			30,656

Fund V:	Family Center at Riverdale ^(a)	89.42%		13,818			—
	Tri-City Plaza	90%		36,106			—
	Washington REIT Portfolio	90%		52,463			—
				102,387			—

Various:	Due (to) from Related Parties			(827	)		(461	)
	Other ^(f)			2,361			556
	Investments in and advances to unconsolidated affiliates		$	372,478		$	262,410

Core:
	Crossroads ^(g)	49%	$	15,353		$	15,623
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	15,353		$	15,623

(a)

Represents a tenancy-in-common interest.

(b)

During November 2017 and March 2018, as discussed below, the Company increased its ownership in Town Center.

(c)

Distributions, discussed below, have exceeded the Company’s non-recourse investment, therefore the carrying value is zero.

(d)

Represents a variable interest entity for which the Company was determined not to be the primary beneficiary.

(e)

The Company is entitled to a 15% return on its cumulative capital contribution which was $5.9 million and $3.0 million at September 30, 2019 and December 31, 2018, respectively. In addition, the Company is entitled to a 9% preferred return on a portion of its equity, which was $9.4 million and $2.8 million at September 30, 2019 and December 31, 2018, respectively.

(f)

Includes cost-method investments in Albertson’s (Note 8), Storage Post, Fifth Wall and other investments.

(g)

Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to return distributions to fund future obligations of the entity.

Core Portfolio

2019 Acquisition of Unconsolidated Investments

On January 24, 2019, the Renaissance Portfolio, in which the Company owns a 20% noncontrolling interest, acquired a 7,300 square foot property in Fund III’s 3104 M Street property located in Washington, D.C. for $10.7 million (Note 2) less the assumption of the outstanding mortgage of $4.7 million.

On August 8, 2019, the Company invested $1.8 million in Fifth Wall Ventures Retail Fund, L.P. The Company’s total commitment is $5.0 million. The Company accounts for its interest using the cost method of accounting given its ownership is approximately five percent and it does not have significant influence over the investment.

Brandywine Portfolio, Market Square and Town Center

The Company owns an interest in an approximately one million square foot retail portfolio (the “Brandywine Portfolio” joint venture) located in Wilmington, Delaware, which includes two properties referred to as “Market Square” and “Town Center.” Prior to the second quarter of 2016, the Company had a controlling interest in the Brandywine Portfolio, and it was therefore consolidated within the Company’s financial statements. During April 2016, the arrangement with the partners of the Brandywine Portfolio was modified to change the legal ownership from a partnership to a tenancy-in-common interest, as well as to provide certain participating rights to the outside partners. As a result of these modifications, the Company de-consolidated the Brandywine Portfolio and accounted for its interest under the equity method of accounting effective May 1, 2016. Furthermore, as the owners of the Brandywine Portfolio had consistent ownership interests before and after the modification and the underlying net assets were unchanged, the Company reflected the change from consolidation to equity method based upon its historical cost. The Brandywine Portfolio and Market Square ventures do not include the property held by Acadia Brandywine Holdings, LLC (“Brandywine Holdings”), an entity in which the Company has a 22.22% interest and which is consolidated by the Company.

Additionally, in April 2016, the Company repaid the outstanding balance of $140.0 million of non-recourse debt collateralized by the Brandywine Portfolio and provided a note receivable collateralized by the partners’ tenancy-in-common interest in the Brandywine Portfolio for their proportionate share of the repayment. On May 1, 2017, the Company exchanged $16.0 million of the $153.4 million notes receivable (the “Brandywine Notes Receivable”) (Note 3) plus accrued interest of $0.3 million for one of the partner’s 38.89% tenancy-in-common interests in Market Square. The Company already had a 22.22% interest in Market Square and continued to apply the equity method of accounting for its aggregate 61.11% noncontrolling interest in Market Square and its 22.22% interest in Town Center through November 16, 2017. The incremental investment in Market Square was recorded at $16.3 million and the excess of this amount over the venture’s book value associated with this interest, or $9.8 million, was being amortized over the remaining depreciable lives of the venture’s assets through November 16, 2017. On November 16, 2017, the Company exchanged an additional $16.0 million of Brandywine Notes Receivable plus accrued interest of $0.6 million for the remaining 38.89% interest in Market Square, thereby obtaining a 100% controlling interest in the property. The exchange was deemed to be a business combination and as a result, the property was consolidated and a gain on change of control of $5.6 million was recorded (Note 2).

On November 16, 2017, the Company exchanged $60.7 million of the Brandywine Notes Receivable plus accrued interest of $0.9 million for one of the partner’s 38.89% tenancy-in-common interests in Town Center. The incremental investment in Town Center was recorded at $61.6 million and the excess of this amount over the venture’s book value associated with this interest, or $34.5 million, is being amortized over the remaining depreciable lives of the venture’s assets. The Company previously had a 22.22% interest in Town Center which then became 61.11% following the November 2017 transaction.

On March 28, 2018, the Company exchanged $22.0 million of its Brandywine Notes Receivable plus accrued interest of $0.3 million for one of the partner’s 14.11% tenancy-in-common interests in Town Center. The incremental investment in Town Center was recorded at $ 22.3 million and the excess of this amount over the venture’s book value associated with this interest, or $12.7 million, is being amortized over the remaining depreciable lives of the venture’s assets. The Company continues to apply the equity method of accounting for its aggregate 75.22% noncontrolling interest in Town Center after the March 2018 transaction.

At September 30, 2019, $38.7 million of the Brandywine Note Receivable remains outstanding (Note 3), which is collateralized by the remaining 24.78% undivided interest in Town Center.

Fund Investments

2019 Acquisitions of Unconsolidated Investments

On March 19, 2019, Fund V obtained an 99.35% interest in a joint venture which in turn obtained a 90% undivided interest in the property and invested in a 428,000 square-foot property located in Riverdale, Utah referred to as “Family Center at Riverdale” for $48.5 million. The property is held by the venture as a tenancy in common. The Company accounts for its interest in the Family Center at Riverdale under the equity method of accounting as it does not control but exercises significant influence over the investment.

On April 30, 2019, Fund V acquired an interest in a venture which invested in a 300,000 square-foot property located in Vernon, Connecticut referred to as “Tri-City Plaza” for $36.7 million. The Company accounts for its interest in Tri-City Plaza under the equity method of accounting as it does not control but exercises significant influence over the investment.

On August 21, 2019, Fund V acquired an interest in a venture which invested in a 225,000 square foot property and a 300,000 square foot property, both located in Frederick County, Maryland collectively referred to as the “Washington REIT Portfolio” for $21.8 million and $33.1 million, respectively. The Company accounts for its interest in the Washington REIT Portfolio under the equity method of accounting as it does not control but exercises significant influence over the investment.

Broughton Street Portfolio

During 2014, Fund IV acquired 50% interests in two joint ventures referred to as “BSP I” and “BSP II” with the same venture partner to acquire and operate a total of 23 properties in Savannah, Georgia referred to as the “Broughton Street Portfolio.” Since that time, as described below, the ventures have sold eight of the properties and terminated the master leases on two of the properties. In October 2018, the venture partner relinquished its interest in BSP I resulting in Fund IV becoming the 100% owner of the BSP I venture, which holds 11 consolidated properties (Note 2). Fund IV accounted for this transaction as an asset purchase at fair value whereby its existing preferred and common interests were deemed consideration for the properties and no gain or loss was recognized. At September 30, 2019, the Broughton Street portfolio had 13 remaining properties, two of which are unconsolidated and are held within the BSP II venture.

Storage Post

On June 29, 2019, Fund III’s Storage Post venture, which is a cost-method investment with no carrying value, distributed $1.6 million of which the Operating Partnership’s share was $0.4 million. On May 15, 2018, the Storage Post venture, distributed $3.2 million of which the Operating Partnership’s share was $0.8 million.

2018 Dispositions of Unconsolidated Investments

On January 18, 2018, Fund IV’s Broughton Street Portfolio venture sold two properties for aggregate proceeds of $8.0 million, resulting in a net loss of $0.4 million at the property level of which the Fund’s share and the Operating Partnership’s proportionate share of the loss was zero, due to Fund IV’s preferred return.

On June 29, 2018, Fund IV’s Broughton Street Portfolio venture terminated its master leases on two of its properties resulting in a net loss of $1.0 million at the property level for which the Operating Partnership’s share was less than $0.1 million.

On August 29, 2018, Fund IV’s Broughton Street Portfolio venture sold a property for proceeds of $2.1 million, resulting in a net loss of $0.3 million at the property level, of which the Operating Partnership’s share was less than $0.1 million.

Fees from Unconsolidated Affiliates

The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $0.2 million and $0.3 million for each of the three months ended September 30, 2019 and 2018, respectively, and $0.7 million and $0.8 million for each of the nine months ended September 30, 2019 and 2018, respectively, which is included in other revenues in the consolidated financial statements.

In addition, the Company paid to certain unaffiliated partners of its joint ventures, $0.3 million and $0.4 million for the three months ended September 30, 2019 and 2018, and $1.0 million and $1.3 million for the nine months ended September 30, 2019 and 2018, respectively, for leasing commissions, development, management, construction and overhead fees.

Summarized Financial Information of Unconsolidated Affiliates

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

	September 30, 2019			December 31, 2018
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	644,970		$	487,846
Investment in unconsolidated affiliates		—			—
Other assets		82,302			89,890
Total assets	$	727,272		$	577,736
Liabilities and partners’ equity:
Mortgage notes payable	$	496,371		$	408,967
Other liabilities		63,478			54,585
Partners’ equity		167,423			114,184
Total liabilities and partners’ equity	$	727,272		$	577,736

Company's share of accumulated equity	$	249,480		$	139,028
Basis differential		101,658			103,812
Deferred fees, net of portion related to the Company's interest		4,247			3,646
Amounts payable by the Company		(827	)		(461	)
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates		354,558			246,025
Cost method investments		2,567			762
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		15,353			15,623
Investments in and advances to unconsolidated affiliates	$	372,478		$	262,410

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Combined and Condensed Statements of Income
Total revenues	$	22,310		$	19,971		$	65,023		$	59,730
Operating and other expenses		(6,746	)		(6,028	)		(17,088	)		(17,479	)
Interest expense		(5,888	)		(5,240	)		(16,303	)		(15,365	)
Depreciation and amortization		(7,321	)		(5,502	)		(17,908	)		(17,340	)
Loss on disposition of properties		—			(263	)		—			(1,673	)
Net income attributable to unconsolidated affiliates	$	2,355		$	2,938		$	13,724		$	7,873

Company’s share of equity in net income of unconsolidated affiliates	$	2,006		$	1,136		$	9,283		$	9,396
Basis differential amortization		(707	)		(760	)		(2,154	)		(2,317	)
Company’s equity in earnings of unconsolidated affiliates	$	1,299		$	376		$	7,129		$	7,079

Other Assets, Net and Accounts Payable and Other Liabilities

9 Months Ended

Sep. 30, 2019

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Other Assets, Net and Accounts Payable and Other Liabilities

5. Other Assets, Net and Accounts Payable and Other Liabilities

Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented:

(in thousands)	September 30, 2019			December 31, 2018
Other Assets, Net:
Lease intangibles, net (Note 6)	$	121,171		$	115,939
Deferred charges, net ^(a)		28,520			28,619
Prepaid expenses		18,301			18,422
Other receivables		10,361			5,058
Accrued interest receivable		9,898			17,046
Due from seller		3,682			4,000
Deposits		3,673			4,611
Corporate assets		1,666			1,953
Income taxes receivable		1,443			2,070
Derivative financial instruments (Note 8)		1,217			7,018
Deferred tax assets		656			2,032
Due from related parties		—			1,802
	$	200,588		$	208,570

(a) Deferred Charges, Net:
Deferred leasing and other costs	$	47,984		$	45,011
Deferred financing costs related to line of credit		9,489			8,960
		57,473			53,971
Accumulated amortization		(28,953	)		(25,352	)
Deferred charges, net	$	28,520		$	28,619

Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	$	89,832		$	95,045
Lease liability - finance leases, net (Note 11)		88,137			—
Accounts payable and accrued expenses		71,732			65,215
Lease liability - operating leases, net (Note 11)		57,093			—
Derivative financial instruments (Note 8)		53,194			7,304
Deferred income		31,392			34,052
Tenant security deposits, escrow and other		11,780			10,588
Other		137			2,757
Capital lease obligations (Note 11)		—			71,111
	$	403,297		$	286,072

Lease Intangibles

9 Months Ended

Sep. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Lease Intangibles

6. Lease Intangibles

Upon acquisitions of real estate (Note 2), the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below-market options and acquired in-place leases) and assumed liabilities. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable.

Intangible assets and liabilities are included in other assets and other liabilities (Note 5) on the consolidated balance sheet and summarized as follows (in thousands):

	September 30, 2019									December 31, 2018
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
In-place lease intangible assets	$	245,221		$	(128,237	)	$	116,984		$	216,021		$	(105,972	)	$	110,049
Above-market rent		17,118			(12,931	)		4,187			18,169			(12,279	)		5,890
	$	262,339		$	(141,168	)	$	121,171		$	234,190		$	(118,251	)	$	115,939

Amortizable Intangible Liabilities
Below-market rent	$	(159,814	)	$	70,516		$	(89,298	)	$	(152,188	)	$	57,721		$	(94,467	)
Above-market ground lease		(671	)		137			(534	)		(671	)		93			(578	)
	$	(160,485	)	$	70,653		$	(89,832	)	$	(152,859	)	$	57,814		$	(95,045	)

During the nine months ended September 30, 2019, the Company acquired in-place lease intangible assets of $31.4 million, above-market rents of $0.5 million, and below-market rents of $9.5 million with weighted-average useful lives of 8.5, 6.7, and 23.4 years, respectively.

During the year ended December 31, 2018, the Company acquired in-place lease intangible assets of $24.2 million, above-market rents of $2.5 million, and below-market rents of $7.9 million with weighted-average useful lives of 5.2, 5.1, and 20.5 years, respectively.

Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental income, respectively, in the consolidated statements of income. Amortization of above-market ground leases are recorded as a reduction to rent expense in the consolidated statements of income.

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of September 30, 2019 is as follows (in thousands):

Years Ending December 31,	Net Increase in Lease Revenues		Increase to Amortization			Reduction of Rent Expense		Net (Expense) Income
2019 (Remainder)	$	2,233	$	(8,454	)	$	15	$	(6,206	)
2020		8,120		(27,446	)		58		(19,268	)
2021		7,672		(20,486	)		58		(12,756	)
2022		7,312		(14,970	)		58		(7,600	)
2023		7,386		(11,432	)		58		(3,988	)
Thereafter		52,388		(34,196	)		287		18,479
Total	$	85,111	$	(116,984	)	$	534	$	(31,339	)

Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

7. Debt

A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):

	Interest Rate at						Carrying Value at
	September 30,		December 31,		Maturity Date at		September 30,			December 31,
	2019		2018		September 30, 2019		2019			2018
Mortgages Payable
Core Fixed Rate	3.88%-6.00%		3.88%-6.00%		Feb 2024 - Apr 2035		$	176,714		$	178,271
Core Variable Rate - Swapped ^(a)	3.41%-5.67%		3.41%-5.67%		Jan 2023 - Nov 2028			81,819			82,583
Total Core Mortgages Payable								258,533			260,854
Fund II Fixed Rate	4.75%		1.00%-4.75%		May 2020			200,000			205,262
Fund II Variable Rate	LIBOR+3.00%			—	March 2022			23,925			—
Fund II Variable Rate - Swapped ^(a)	4.27%		4.27%		Nov 2021			19,138			19,325
Total Fund II Mortgages Payable								243,063			224,587
Fund III Variable Rate	LIBOR+3.00%-LIBOR+3.10%		Prime+0.50%-LIBOR+4.65%		Jan 2020 - Jun 2020			74,145			90,096
Fund IV Fixed Rate	3.40%-4.50%		3.40%-4.50%		Oct 2025 - Jun 2026			8,189			8,189
Fund IV Variable Rate	LIBOR+1.60%-LIBOR+3.40%		LIBOR+1.60%-LIBOR+3.95%		Dec 2019 - Apr 2022			157,200			233,065
Fund IV Variable Rate - Swapped ^(a)	3.67%-4.61%		3.67%-4.23%		Mar 2020 - Dec 2022			88,601			71,841
Total Fund IV Mortgages Payable								253,990			313,095
Fund V Variable Rate	LIBOR+2.15%-LIBOR+2.25%		LIBOR+2.25%		Oct 2020 - Jan 2021			51,506			51,506
Fund V Variable Rate - Swapped ^(a)	4.01%-4.78%		4.61%-4.78%		Feb 2021 - Mar 2024			156,900			86,570
Total Fund V Mortgage Payable								208,406			138,076
Net unamortized debt issuance costs								(9,135	)		(10,173	)
Unamortized premium								676			753
Total Mortgages Payable							$	1,029,678		$	1,017,288
Unsecured Notes Payable
Core Term Loans		—	LIBOR+1.25%		Mar 2023		$	—		$	383
Core Variable Rate Unsecured Term Loans - Swapped ^(a)	2.49%-4.05%		2.54%-3.59%		Mar 2023			350,000			349,617
Total Core Unsecured Notes Payable								350,000			350,000
Fund II Unsecured Notes Payable	LIBOR+1.65%		LIBOR+1.40%		Sep 2020			40,000			40,000
Fund IV Term Loan/Subscription Facility	LIBOR+1.65%-LIBOR+2.00%		LIBOR+1.65%-LIBOR+2.75%		Dec 2019 - June 2021			87,625			40,825
Fund V Subscription Facility	LIBOR+1.60%		LIBOR+1.60%		May 2020			148,380			102,800

Net unamortized debt issuance costs								(328	)		(368	)
Total Unsecured Notes Payable							$	625,677		$	533,257
Unsecured Line of Credit
Core Unsecured Line of Credit		—		—		—	$	—		$	—

Total Debt - Fixed Rate ^(b)(c)							$	1,236,805		$	1,001,658
Total Debt - Variable Rate ^(d)								427,337			558,675
Total Debt								1,664,142			1,560,333
Net unamortized debt issuance costs								(9,463	)		(10,541	)
Unamortized premium								676			753
Total Indebtedness							$	1,655,355		$	1,550,545

(a)

At September 30, 2019, the stated rates ranged from LIBOR + 1.50% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 1.39% for Fund II variable-rate debt; LIBOR + 3.00% to LIBOR + 3.10% for Fund III variable-rate debt; LIBOR + 1.60% to LIBOR +3.40% for Fund IV variable-rate debt; LIBOR + 2.15% to LIBOR + 2.25% for Fund V variable-rate debt; LIBOR + 1.25% for Core variable-rate unsecured term loans; and LIBOR + 1.35% for Core variable-rate unsecured lines of credit.

(b)

Includes $696.5 million and $609.9 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

(c)

Fixed-rate debt at September 30, 2019 includes $155.4 million of Core swaps that may be used to hedge debt instruments of the Funds.

(d)

Includes $143.0 million and $143.8 million, respectively, of variable-rate debt that is subject to interest cap agreements.

Credit Facility

On February 20, 2018, the Company entered into a $500.0 million senior unsecured credit facility (the “Credit Facility”), comprised of a $150.0 million senior unsecured revolving credit facility (the “Revolver”) which bears interest at LIBOR + 1.35%, and a $350.0 million senior unsecured term loan (the “Term Loan”) which bears interest at LIBOR + 1.25%. The Credit Facility refinanced the Company’s existing $300.0 million credit facility (comprised of the $150.0 million Core unsecured revolving line of credit and the $150.0 million term loan), $150.0 million in Core unsecured term loans and repaid a $40.4 million mortgage secured by its 664 North Michigan Property. The Revolver and Term Loans mature on March 31, 2022 and March 31, 2023, respectively.

The Company’s Credit Facility was amended, and the capacity of the unsecured revolving line of credit was increased on October 8, 2019 (Note 15).

Mortgages Payable

During the nine months ended September 30, 2019:

•

The Company obtained four new Fund mortgages totaling $118.3 million with a weighted-average interest rate of LIBOR + 1.65% collateralized by four properties and maturing in 2022 through 2024.

•

The Company refinanced a Fund IV loan in the amount of $23.8 million, of which $18.9 million had been drawn at September 30, 2019, and which bears interest at a rate of LIBOR + 1.75% and matures in 2022.

•

Fund III mortgage, which had a balance of $4.7 million and an interest rate of Prime + 0.5%, was assumed by the purchasing venture in a property sale (Note 2). The Company also repaid a Fund IV loan in full, which had a balance of $38.2 million and an interest rate of LIBOR + 2.35%. The Company repaid one Fund III loan in the amount of $9.8 million and two Fund IV loans in the aggregate amount of $18.4 million in connection with the sale of the properties. The Company also made scheduled principal payments of $4.6 million.

•

The Company re-borrowed $49.0 million in the third quarter pursuant to the requirements of a loan amendment entered into during the second quarter and the Company also drew down $8.7 million on a Fund III construction loan

•

The Company modified two Fund IV loans to increase the commitment of BSP Venture I’s mortgage by $9.4 million; and to decrease the 717 North Michigan Avenue mortgage balance by $9.9 million, decrease future availability by $3.9 million and reduce the interest rate to LIBOR + 3.10%. The Company also modified a Fund III loan to decrease the balance by $10.0 million to $39.5 million and reduce the interest rate to LIBOR plus 3.10% from LIBOR plus 4.65%.

•

The Company entered into interest rate swap contracts to effectively fix the variable portion of the interest rates of four of the new obligations with a notional value of $91.5 million at a weighted-average interest rate of 2.74%.

At September 30, 2019 and December 31, 2018, the Company’s mortgages were collateralized by 41 and 43 properties, respectively, and the related tenant leases. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. A portion of the Company’s variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions (Note 8).

The mortgage loan collateralized by the property held by Brandywine Holdings in the Core Portfolio, was in default and subject to litigation at September 30, 2019 and December 31, 2018. This loan was originated in June 2006 and had an original principal amount of $26.3 million and a scheduled maturity of July 1, 2016. The loan bears interest at a stated rate of approximately 6.00%, and is subject to additional default interest of 5%. In April 2017, the successor to the lender, Wilmington – 5190 Brandywine Parkway, LLC, initiated lawsuits against Brandywine Holdings in Delaware Superior Court and Delaware Chancery Court for, among other things, judgment on the note (the “Note Complaint”) and foreclosure on the property. In a contemporaneously filed action in Delaware Superior Court (the “Guaranty Complaint”), the successor lender initiated a lawsuit against the Operating Partnership as guarantor of certain guaranteed obligations of Brandywine Holdings set forth in a non-recourse carve-out guaranty executed by the Operating Partnership. The Guaranty Complaint alleges that the Operating Partnership is liable for the full balance of the principal, accrued interest as well as fees and costs under the note, which the lender alleges was approximately $33.0 million as of November 9, 2017 (exclusive of accruing interest, default interest, fees and costs). In August 2019, the Delaware Superior Court heard arguments on the parties’ cross-motions for summary judgement regarding both the Guaranty Complaint and the Note Complaint. The Company believes it has valid defenses regarding the Guaranty Complaint and the Note Complaint and has been vigorously defending itself. A decision on the cross-motions for summary judgment is expected before the end of 2019.

During the third quarter of 2019, the company recognized income of $5.0 million related to Fund II’s New Market Tax Credit transaction (“NMTC”) involving its City Point project. NMTCs were created to encourage economic development in low income communities and provided for a 39% tax credit on certain qualifying invested equity/loans. In 2012, the NMTCs were transferred to a group of investors (“Investors”) in

exchange for $5.2 million. The NMTCs were subject to recapture under various circumstances, including redemption of the loan/investment prior to a requisite seven-year hold period, and recognition of income was deferred. Upon the expiration of the seven-year period and no further obligations, the Company recognized income of $5.0 million during the three months ended September 30, 2019, which is included in Other income in the consolidated statements of income.

Unsecured Notes Payable

Unsecured notes payable for which total availability was $17.6 million and $62.3 million at September 30, 2019 and December 31, 2018, respectively, are comprised of the following:

•

As discussed above, the Core unsecured term loans totaling $300.0 million were refinanced in February 2018, into one $350.0 million term loan with an interest rate of LIBOR+ 1.25% and maturing in March 2023. The outstanding balance of the Core term loans was $350.0 million at September 30, 2019 and December 31, 2018. During the nine months ended September 30, 2019, the Company entered into interest rate swap contracts to effectively fix the variable portion of the interest rate with a notional value of $156.0 million at a weighted-average interest rate of 2.43%, which may be used to swap the Company’s unhedged, unsecured, LIBOR-based variable-rate debt. The Company previously entered into swap agreements fixing the rates of the remaining Core term loan balance.

•

Fund II has a $40.0 million term loan secured by the real estate assets of City Point Phase II and guaranteed by the Company and the Operating Partnership. The outstanding balance of the Fund II term loan was $40.0 million at each of September 30, 2019 and December 31, 2018. Total availability was $0.0 million at each of September 30, 2019 and December 31, 2018.

•

At Fund IV there is a $80.2 million bridge facility and a $27.0 million subscription line, which were modified from their previous limits of $41.8 million and $15.0 million, respectively, during the second quarter of 2019. The outstanding balance of the Fund IV bridge facility was $79.2 million at September 30, 2019 and $40.8 million at December 31, 2018. Total availability was $1.0 million at each of September 30, 2019 and December 31, 2018. The outstanding balance of the Fund IV subscription line was $8.4 million at September 30, 2019 and $0 at December 31, 2018. Total availability was $15.0 million at both September 30, 2019 and December 31, 2018, reflecting letters of credit of $3.6 million and $7.4 million, respectively.

•

Fund V has a $150.0 million subscription line collateralized by Fund V’s unfunded capital commitments and guaranteed by the Operating Partnership. The outstanding balance and total available credit of the Fund V subscription line was $148.4 million and $1.6 million, respectively at September 30, 2019. The outstanding balance and total available credit of the Fund V subscription line was $102.8 million and $47.2 million, respectively at December 31, 2018.

Unsecured Revolving Line of Credit

The Company had a total of $133.2 million and $137.7 million available under its $150.0 million Core unsecured revolving line of credit reflecting the issuance of letters of credit of $16.8 million and $12.3 million at September 30, 2019 and December 31, 2018, respectively. At each of September 30, 2019 and December 31, 2018, all of the Core unsecured revolving line of credit was swapped to a fixed rate.

The capacity of the Company’s unsecured revolving line of credit was increased on October 8, 2019 (Note 15).

Scheduled Debt Principal Payments

The scheduled principal repayments of the Company’s consolidated indebtedness, as of September 30, 2019 are as follows (in thousands):

Year Ending December 31,
2019 (Remainder)	$	121,846
2020		561,472
2021		240,659
2022		91,357
2023		412,305
Thereafter		236,503
		1,664,142
Unamortized premium		676
Net unamortized debt issuance costs		(9,463	)
Total indebtedness	$	1,655,355

See Note 4 for information about liabilities of the Company’s unconsolidated affiliates.

Financial Instruments and Fair Value Measurements

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

8. Financial Instruments and Fair Value Measurements

The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and interest rate swaps; and Level 3, for financial instruments or other assets/liabilities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring the Company to develop its own assumptions.

Items Measured at Fair Value on a Recurring Basis

The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, the Company has also provided the unobservable inputs along with their weighted-average ranges.

Money Market Funds — The Company has money market funds, which are included in Cash and cash equivalents in the consolidated financial statements, are comprised of government securities and/or U.S. Treasury bills. These funds were classified as Level 1 as we used quoted prices from active markets to determine their fair values.

Derivative Assets — The Company has derivative assets, which are included in Other assets, net in the consolidated financial statements, and comprised of interest rate swaps and caps. The derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below.

Derivative Liabilities — The Company has derivative liabilities, which are included in Accounts payable and other liabilities in the consolidated financial statements, and comprised of interest rate swaps. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See “Derivative Financial Instruments,” below.

The Company did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the nine months ended September 30, 2019 or 2018.

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):

	September 30, 2019						December 31, 2018
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money Market Funds	$	10,000	$	—	$	—	$	4,504	$	—	$	—
Derivative financial instruments		—		1,217		—		—		7,018		—
Liabilities
Derivative financial instruments		—		53,194		—		—		7,304		—

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

Items Measured at Fair Value on a Nonrecurring Basis (Including Impairment Charges)

During 2018, the Company began selling the residential units of its 210 Bowery property in Fund IV. As the projected aggregate selling prices net of selling costs were in line with the carrying amount of the property through the first quarter 2019, no gain or loss had been recognized on the units sold through that date and no impairment was previously deemed necessary. During the second quarter 2019, the Company revised its estimate of the expected selling price of the remaining three units. Accordingly, the Company recognized a $1.4 million impairment charge, inclusive of an amount attributable to a noncontrolling interest of $1.1 million, to adjust the carrying value to the estimated selling price less estimated costs to sell. During the third quarter 2019, upon execution of a contract for sale (Note 2) the Company recognized an additional $0.3

million impairment charge for the remaining condominium unit, inclusive of an amount attributable to a noncontrolling interest of $0.2 million, to adjust the carrying value to the estimated selling price less estimated costs to sell.

The Company did not record any impairment charges during the nine months ended September 30, 2018.

Derivative Financial Instruments

The Company had the following interest rate swaps and caps for the periods presented (dollars in thousands):

							Strike Rate								Fair Value
Derivative Instrument	Aggregate Notional Amount		Effective Date		Maturity Date		Low				High			Balance Sheet Location	September 30, 2019			December 31, 2018
Core
Interest Rate Swaps	$	423,761	Dec 2012-July 2020		Mar 2022-July 2030			1.71	%	—		3.77	%	Other Liabilities ^(a)	$	(46,395	)	$	(6,332	)
Interest Rate Swaps		163,500	Oct 2014 - July 2016		Nov 2019-June 2021			1.24	%	—		1.70	%	Other Assets		581			6,022
	$	587,261													$	(45,814	)	$	(310	)

Fund II
Interest Rate Swap	$	19,138	Oct 2014		Nov 2021			2.88	%	—		2.88	%	Other Liabilities	$	(180	)	$	—
Interest Rate Swap		—		—		—		—		—		—		Other Assets		—			108
Interest Rate Cap		23,300	Mar 2019		Mar 2022			3.50	%	—		3.50	%	Other Assets		3			—
	$	42,438													$	(177	)	$	108

Fund III
Interest Rate Cap	$	58,000	Dec 2016		Jan 2020			3.00	%	—		3.00	%	Other Assets	$	—		$	8

Fund IV
Interest Rate Swap	$	23,100	Mar 2017		Mar 2020			1.82	%	—		1.82	%	Other Assets	$	2		$	851
Interest Rate Swaps		65,501	Mar 2017 - May 2019		Apr 2022 - Dec 2022			1.97	%	—		4.00	%	Other Liabilities		(1,068	)		—
Interest Rate Caps		104,400	Nov 2016 - July 2019		Dec 2019 - July 2021			3.00	%	—		3.50	%	Other Assets		—			8
	$	193,001													$	(1,066	)	$	859

Fund V
Interest Rate Swaps	$	—	Nov 2019		Sept 2024 - Oct 2024			1.25	%	—		1.28	%	Other Assets ^(b)	$	631		$	21
Interest Rate Swaps		156,900	Jan 2018-Oct 2019		Feb 2021-Oct 2024			1.45	%	—		2.88	%	Other Liabilities ^(c)		(5,551	)		(972	)
	$	156,900													$	(4,920	)	$	(951	)

Total asset derivatives															$	1,217		$	7,018
Total liability derivatives															$	(53,194	)	$	(7,304	)

(a)

Includes two swaps with an aggregate fair value of ($15.7) million and ($2.9) million at September 30, 2019 and December 31, 2018, respectively, which were acquired during July 2018 and are not effective until July 2020. At September 30, 2019 and December 31, 2018, $155.4 million and $0.0 million of the Core swaps were available, respectively to hedge debt at the Funds.

(b)

Includes three swaps with an aggregate fair value of $0.6 million at September 30, 2019, which were acquired during August 2019 and are not effective until November 2019.

(c)

Includes two swaps with an aggregate fair value of ($0.1) million at September 30, 2019, which were acquired during September 2019 and are not effective until October 2019.

All of the Company’s derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable-rate debt (Note 7). It is estimated that approximately $4.8 million included in accumulated other comprehensive (loss) income related to derivatives will be reclassified to interest expense within the next twelve months. As of September 30, 2019 and December 31, 2018, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated hedges.

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and, from time to time, through the use of derivative financial instruments. The Company enters into derivative financial instruments to manage exposures that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

The Company is exposed to credit risk in the event of non-performance by the counterparties to the swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions.

Credit Risk-Related Contingent Features

The Company has agreements with each of its swap counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness, the Company could also be declared in default on its swaps, resulting in an acceleration of payment under the swaps.

Other Financial Instruments

The Company’s other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands, inclusive of amounts attributable to noncontrolling interests where applicable):

			September 30, 2019				December 31, 2018
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable ^(a)		3	$	94,807	$	94,180	$	109,613	$	107,370
Mortgage and Other Notes Payable ^(a)		3		1,038,137		1,048,580		1,026,708		1,021,075
Investment in non-traded equity securities ^(b)		3		—		56,337		—		56,337
Unsecured notes payable and Unsecured line of credit ^(c)		2		626,005		626,785		533,625		533,954

(a)

The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment.

(b)	Represents Fund II’s cost-method investment in Albertson’s supermarkets (Note 4). The fair values for September 30, 2019 and December 31, 2018 are based on a valuation at December 31, 2018.

(c)

The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.

The Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and certain financial instruments included in other assets and other liabilities had fair values that approximated their carrying values due to their short maturity profiles at September 30, 2019.

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income

9 Months Ended

Sep. 30, 2019

Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income

10. Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Income

Common Shares and Units

In addition to the ATM Program activity discussed below, the Company completed the following transactions in its common shares during the nine months ended September 30, 2019:

•

The Company withheld 2,468 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested.

•

The Company recognized Common Share and Common OP Unit-based compensation totaling $5.4 million and $6.3 million in connection with Restricted Shares and Units (Note 13) for the nine months ended September 30, 2019 and 2018, respectively.

In addition to the share repurchase activity discussed below, the Company completed the following transactions in its common shares during the year ended December 31, 2018:

•

The Company withheld 3,288 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested.

•

The Company recognized Common Share and Common OP Unit-based compensation totaling $8.4 million in connection with Restricted Shares and Units (Note 13).

ATM Program

The Company has an at-the-market equity issuance program (“ATM Program”) which provides the Company an efficient and low-cost vehicle for raising public equity to fund its capital needs. The Company entered into its current $250.0 million ATM Program (which replaced its prior program) in the second quarter of 2019 and also added an optional “forward purchase” component. The Company has not issued any shares on a forward basis during the nine months ended September 30, 2019. During the three months ended September 30, 2019, the Company sold 2,149,154 Common Shares under its ATM Program for gross proceeds of $61.6 million, or $60.6 million net of issuance costs, at a weighted-average gross price per share of $28.64. During the nine months ended September 30, 2019, the Company sold 4,816,505 Common Shares under its ATM Program for gross proceeds of $137.8 million, or $135.8 million net of issuance costs, at a weighted-average gross price per share of $28.61.

Share Repurchase Program

During 2018, the Company’s board of trustees approved a new share repurchase program, which authorizes management, at its discretion, to repurchase up to $200.0 million of its outstanding Common Shares. The program does not obligate the Company to repurchase any specific number of Common Shares, and may be discontinued or extended at any time. The Company repurchased 2,294,235 Common Shares for $55.1 million, inclusive of $0.1 million of fees, during the year ended December 31, 2018. The Company repurchased 2,294,235 shares for $55.1 million, inclusive of $0.1 million of fees, during the nine months ended September 30, 2018. During the nine months ended September 30, 2019 the Company made no repurchases under the share repurchase program, under which $144.9 million currently remains available.

Dividends and Distributions

The following table sets forth the dividends declared and/or paid during the nine months ended September 30, 2019:

Date Declared	Amount Per Share		Record Date	Payment Date

November 15, 2018	$	0.28	December 31, 2018	January 15, 2019
February 28, 2019	$	0.28	March 29, 2019	April 15, 2019
May 9, 2019	$	0.28	June 28, 2019	July 15, 2019
August 13, 2019	$	0.28	September 30, 2019	October 15, 2019

Accumulated Other Comprehensive Income

The following tables set forth the activity in accumulated other comprehensive income for the three and nine months ended September 30, 2019 and 2018 (in thousands):

	Gains or Losses on Derivative Instruments
Balance at July 1, 2019	$	(29,570	)

Other comprehensive loss before reclassifications		(15,388	)
Reclassification of realized interest on swap agreements		(288	)
Net current period other comprehensive loss		(15,676	)
Net current period other comprehensive loss attributable to noncontrolling interests		1,108
Balance at September 30, 2019	$	(44,138	)

Balance at July 1, 2018	$	10,138

Other comprehensive income before reclassifications		3,973
Reclassification of realized interest on swap agreements		(55	)
Net current period other comprehensive income		3,918
Net current period other comprehensive income attributable to noncontrolling interests		(789	)
Balance at September 30, 2018	$	13,267

	Gains or Losses on Derivative Instruments
Balance at January 1, 2019	$	516

Other comprehensive loss before reclassifications		(51,347	)
Reclassification of realized interest on swap agreements		(1,374	)
Net current period other comprehensive loss		(52,721	)
Net current period other comprehensive loss attributable to noncontrolling interests		8,067
Balance at September 30, 2019	$	(44,138	)

Balance at January 1, 2018	$	2,614

Other comprehensive income before reclassifications		12,576
Reclassification of realized interest on swap agreements		417
Net current period other comprehensive income		12,993
Net current period other comprehensive income attributable to noncontrolling interests		(2,340	)
Balance at September 30, 2018	$	13,267

Noncontrolling Interests

The following tables summarize the change in the noncontrolling interests for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands):

	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total
Balance at July 1, 2019	$	103,705		$	515,205		$	618,910
Distributions declared of $0.28 per Common OP Unit		(1,765	)		—			(1,765	)
Net income (loss) for the three months ended September 30, 2019		785			(2,403	)		(1,618	)
Conversion of 41,646 Common OP Units to Common Shares by limited partners of the Operating Partnership		(720	)		—			(720	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(864	)		(251	)		(1,115	)
Reclassification of realized interest expense on swap agreements		(16	)		23			7
Noncontrolling interest contributions		—			129,438			129,438
Noncontrolling interest distributions		—			(29,713	)		(29,713	)
Employee Long-term Incentive Plan Unit Awards		1,768			—			1,768
Reallocation of noncontrolling interests ^(c)		(5,251	)		—			(5,251	)
Balance at September 30, 2019	$	97,642		$	612,299		$	709,941

Balance at July 1, 2018	$	105,100		$	514,774		$	619,874
Distributions declared of $0.27 per Common OP Unit		(1,692	)		—			(1,692	)
Net income (loss) for the three months ended September 30, 2018		732			(12,554	)		(11,822	)
Conversion of 46,950 Common OP Units to Common Shares by limited partners of the Operating Partnership		(834	)		—			(834	)
Other comprehensive income - unrealized gain on valuation of swap agreements		197			505			702
Reclassification of realized interest expense on swap agreements		(9	)		96			87
Noncontrolling interest contributions		—			40,440			40,440
Noncontrolling interest distributions		—			(9,014	)		(9,014	)
Employee Long-term Incentive Plan Unit Awards		2,082			—			2,082
Reallocation of noncontrolling interests ^(c)		(1,783	)		—			(1,783	)
Balance at September 30, 2018	$	103,793		$	534,247		$	638,040

	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total
Balance at January 1, 2019	$	104,223		$	518,219		$	622,442
Distributions declared of $0.84 per Common OP Unit		(5,322	)		—			(5,322	)
Net income (loss) for the nine months ended September 30, 2019		2,437			(27,633	)		(25,196	)
Conversion of 249,464 Common OP Units to Common Shares by limited partners of the Operating Partnership		(4,230	)		—			(4,230	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(2,686	)		(5,320	)		(8,006	)
Reclassification of realized interest expense on swap agreements		(61	)		—			(61	)
Noncontrolling interest contributions		—			161,628			161,628
Noncontrolling interest distributions		—			(34,595	)		(34,595	)
Employee Long-term Incentive Plan Unit Awards		6,965			—			6,965
Reallocation of noncontrolling interests ^(c)		(3,684	)		—			(3,684	)
Balance at September 30, 2019	$	97,642		$	612,299		$	709,941

Balance at January 1, 2018	$	102,921		$	545,519		$	648,440
Distributions declared of $0.81 per Common OP Unit		(5,126	)		—			(5,126	)
Net income (loss) for the nine months ended September 30, 2018		1,977			(35,313	)		(33,336	)
Conversion of 111,588 Common OP Units to Common Shares by limited partners of the Operating Partnership		(1,957	)		—			(1,957	)
Other comprehensive income - unrealized gain on valuation of swap agreements		625			1,435			2,060
Reclassification of realized interest expense on swap agreements		10			270			280
Noncontrolling interest contributions		—			46,990			46,990
Noncontrolling interest distributions		—			(24,654	)		(24,654	)
Employee Long-term Incentive Plan Unit Awards		7,924			—			7,924
Reallocation of noncontrolling interests ^(c)		(2,581	)		—			(2,581	)
Balance at September 30, 2018	$	103,793		$	534,247		$	638,040

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,306,879 and 3,331,440 Common OP Units at September 30, 2019 and September 30, 2018; (ii) 188 Series A Preferred OP Units at September 30, 2019 and September 30, 2018; (iii) 136,593 Series C Preferred OP Units at September 30, 2019 and September 30, 2018; and (iv) 2,673,608 and 2,547,002 LTIP units at September 30, 2019 and September 30, 2018, respectively, as discussed in Share Incentive Plan (Note 13). Distributions declared for Preferred OP Units are reflected in net income (loss) in the table above.

(b)	Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and six other subsidiaries.

(c)	Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership.

Preferred OP Units

There were no issuances of Preferred OP Units during the nine months ended September 30, 2019.

In 1999, the Operating Partnership issued 1,580 Series A Preferred OP Units in connection with the acquisition of a property, which have a stated value of $1,000 per unit, and are entitled to a preferred quarterly distribution of the greater of (i) $22.50 (9% annually) per Series A Preferred OP Unit or (ii) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit. Through September 30, 2019, 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.

During 2016, the Operating Partnership issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to a third party to acquire Gotham Plaza (Note 4). The Series C Preferred OP Units have a value of $100.00 per unit and are entitled to a preferred quarterly distribution of $0.9375 per unit and are convertible into Common OP Units at a rate based on the share price at the time of conversion. If the share price is below $28.80 on the conversion date, each Series C Preferred OP Unit will be convertible into 3.4722 Common OP Units. If the share price is between $28.80 and $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into a number of Common OP Units equal to $100.00 divided by the closing share price. If the share price is above $35.20 on the conversion date, each Series C Preferred OP Unit will be convertible into 2.8409 Common OP Units. The Series C Preferred OP Units have a mandatory conversion date of December 31, 2025, at which time all units that have not been converted will automatically be converted into Common OP Units based on the same calculations. Through September 30, 2019, 5,000 Series C Preferred OP Units were converted into 17,165 Common OP Units and then into Common Shares.

Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

11. Leases

As Lessor

The Company implemented ASC Topic 842, Leases, effective January 1, 2019 (Note 1). As lessor, there were no accounting adjustments required, however, the presentation of the Company’s lease revenues in 2019 includes amounts previously reported as reimbursed expenses. There was no cumulative effect adjustment to retained earnings required upon adoption of the new standard. In addition, the Company began expensing internal leasing costs, which have historically been capitalized.

The Company is engaged in the operation of shopping centers and other retail properties that are either owned or, with respect to certain shopping centers, operated under long-term ground leases (see below) that expire at various dates through June 20, 2066, with renewal options. Space in the shopping centers is leased to tenants pursuant to agreements that provide for terms ranging generally from one month to sixty years and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volumes. During the three and nine months ended September 30, 2019, the Company earned $14.7 million and $41.2 million, respectively, in variable lease revenues, primarily for real estate taxes and common area maintenance charges, which are included in lease revenues in the consolidated statements of income.

As Lessee

As lessee, upon implementation of ASC Topic 842, the Company recorded right-of-use assets and corresponding lease liabilities of $11.9 million and $12.8 million, respectively, for nine existing operating leases (for ground, office and equipment leases) and $82.6 million and $76.6 million, respectively, for four finance leases related to ground rentals including an existing capital lease which represented $77.0 million and $71.1 million, respectively, of the total. Three finance leases were recorded post-implementation upon assessment of triggering events whereby the Company’s cumulative leasehold investment made it reasonably certain that the Company would exercise its purchase options.

During the three months ended June 30, 2019, the Company

•

Entered into a new master lease that is a finance lease, (1238 Wisconsin Avenue, acquired on May 2, 2019 within the Core Portfolio) and recorded a Right-of-use asset–finance lease of $11.2 million and a corresponding Lease liability–finance lease of $10.7 million; and

•

Entered into a new master lease that is an operating lease (110 University Place, acquired on May 1, 2019 by Fund IV for $10.5 million) and recorded a Right of use asset–operating lease of $45.3 million and a corresponding Lease liability–operating lease of $45.3 million.

	Three Months Ended September 30,			Nine Months Ended September 30,
	2019		2018	2019			2018
Lease Cost			(Not applicable)				(Not applicable)
Finance lease cost:
Amortization of right-of-use assets	$	565		$	1,603
Interest on lease liabilities		978			2,755
Subtotal		1,543			4,358
Operating lease cost		1,394			3,037
Variable lease cost		62			119
Total lease cost	$	2,999		$	7,514

Other Information
Weighted-average remaining lease term - finance leases (years)					42.9
Weighted-average remaining lease term - operating leases (years)					33.7
Weighted-average discount rate - finance leases					4.5	%
Weighted-average discount rate - operating leases					5.8	%

Right-of-use assets are included in Operating real estate (Note 2) in the consolidated balance sheet. Lease liabilities are included in Accounts payable and other liabilities in the consolidated balance sheet (Note 5). Operating lease cost comprises amortization of right-of-use assets for operating properties (related to ground rents) or amortization of right-of-use assets for office and corporate assets and is included in Property operating expense or General and administrative expense, respectively, in the consolidated statements of income. Finance lease cost comprises amortization of right-of-use assets for certain ground leases, which is included in Property operating expense, as well as interest on lease liabilities, which is included in Interest expense in the consolidated statements of income.

Lease Disclosures Related to Prior Periods

The Company leased land at six of its shopping centers, which were accounted for as operating leases through December 31, 2018 which generally provided the Company with renewal options. Ground rent expense was $1.2 million (including capitalized ground rent at a property under development of $0.5 million) for the nine months ended September 30, 2018. The leases terminate at various dates between 2020 and 2066. These leases provide the Company with options to renew for additional terms aggregating up to 25 to 71 years. The Company also leases space for its corporate office. Office rent expense under this lease was $0.7 million for the nine months ended September 30, 2018.

During 2016, the Company entered into a 49-year master lease, which was accounted for as a capital lease through December 31, 2018 and was later reclassified as a finance lease upon implementation of ASC 842 as described above. During the nine months ended September 30, 2018, payments for this lease totaled $1.9 million. The property under the capital lease is included in Note 2.

Lease Obligations

The scheduled future minimum (i) rental revenues from rental properties under the terms of non-cancelable tenant leases greater than one year (assuming no new or renegotiated leases or option extensions for such premises) and (ii) rental payments under the terms of all non-cancelable operating and finance leases in which the Company is the lessee, principally for office space, land and equipment, as of September 30, 2019, are summarized as follows (in thousands):

Year Ending December 31,	Minimum Rental Revenues		Minimum Rental Payments ^{(a, b)}
2019 (Remainder)	$	48,697	$	1,821
2020		205,710		7,139
2021		193,653		7,073
2022		173,664		7,082
2023		152,273		7,075
Thereafter		652,003		334,761
Total	$	1,426,000	$	364,951

(a)

A ground lease expiring during 2078 provides the Company with an option to purchase the underlying land during 2031. If the Company does not exercise the option, the rents that will be due are based on future values and as such are not determinable at this time. Accordingly, the above table does not include rents for this lease beyond 2031.

(b)	Minimum rental payments include $220.8 million of interest related to finance leases.

During the three and nine months ended September 30, 2019 and 2018, no single tenant or property collectively comprised more than 10% of the Company’s consolidated total revenues.

Segment Reporting

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Reporting

12. Segment Reporting

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The Company’s Core Portfolio consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon. The Company’s Funds hold primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company’s Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable which are held within the Core Portfolio or the Funds (Note 3). Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements and are not presented in the Company’s segments.

The following tables set forth certain segment information for the Company (in thousands):

	For the Three Months Ended September 30, 2019
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	42,142		$	31,185		$	—	$	—		$	73,327
Depreciation and amortization		(15,179	)		(16,991	)		—		—			(32,170	)
Property operating expenses, other operating and real estate taxes		(11,205	)		(12,200	)		—		—			(23,405	)
General and administrative expenses		—			—			—		(8,222	)		(8,222	)
Impairment charge		—			(321	)		—		—			(321	)
Gain on disposition of properties		—			12,056			—		—			12,056
Operating income (loss)		15,758			13,729			—		(8,222	)		21,265
Interest income		—			—			1,748		—			1,748
Other income		—			5,034			—		—			5,034
Equity in earnings (losses) of unconsolidated affiliates		1,798			(499	)		—		—			1,299
Interest expense		(7,333	)		(11,770	)		—		—			(19,103	)
Income tax provision		—			—			—		(1,403	)		(1,403	)
Net income (loss)		10,223			6,494			1,748		(9,625	)		8,840
Net loss attributable to noncontrolling interests		263			1,355			—		—			1,618
Net income attributable to Acadia	$	10,486		$	7,849		$	1,748	$	(9,625	)	$	10,458

	For the Three Months Ended September 30, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	41,742		$	23,785		$	—	$	—		$	65,527
Depreciation and amortization		(14,856	)		(13,820	)		—		—			(28,676	)
Property operating expenses, other operating and real estate taxes		(11,910	)		(10,011	)		—		—			(21,921	)
General and administrative expenses		—			—			—		(7,982	)		(7,982	)
Gain on disposition of properties		—			5,107			—		—			5,107
Operating income (loss)		14,976			5,061			—		(7,982	)		12,055
Interest income		—			—			3,513		—			3,513
Equity in earnings (losses) of unconsolidated affiliates		2,005			(1,629	)		—		—			376
Interest expense		(6,972	)		(11,105	)		—		—			(18,077	)
Income tax provision		—			—			—		(464	)		(464	)
Net income (loss)		10,009			(7,673	)		3,513		(8,446	)		(2,597	)
Net loss attributable to noncontrolling interests		115			11,707			—		—			11,822
Net income attributable to Acadia	$	10,124		$	4,034		$	3,513	$	(8,446	)	$	9,225

	As of or for the Nine Months Ended September 30, 2019
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	131,356		$	86,187		$	—	$	—		$	217,543
Depreciation and amortization		(45,949	)		(46,858	)		—		—			(92,807	)
Property operating expenses, other operating and real estate taxes		(34,730	)		(32,217	)		—		—			(66,947	)
General and administrative expenses		—			—			—		(25,579	)		(25,579	)
Impairment charge		—			(1,721	)		—		—			(1,721	)
Gain on disposition of properties		—			14,070			—		—			14,070
Operating income (loss)		50,677			19,461			—		(25,579	)		44,559
Interest income		—			—			6,247		—			6,247
Other income		327			6,620			—		—			6,947
Equity in earnings (losses) of unconsolidated affiliates		7,322			(193	)		—		—			7,129
Interest expense		(20,866	)		(35,855	)		—		—			(56,721	)
Income tax provision		—			—			—		(1,622	)		(1,622	)
Net income (loss)		37,460			(9,967	)		6,247		(27,201	)		6,539
Net loss attributable to noncontrolling interests		648			24,548			—		—			25,196
Net income attributable to Acadia	$	38,108		$	14,581		$	6,247	$	(27,201	)	$	31,735

Real estate at cost	$	2,190,281		$	1,821,853		$	—	$	—		$	4,012,134
Total assets	$	2,316,683		$	1,918,055		$	94,807	$	—		$	4,329,545
Cash paid for acquisition of real estate	$	82,125		$	174,522		$	—	$	—		$	256,647
Cash paid for development and property improvement costs	$	19,059		$	58,577		$	—	$	—		$	77,636

	As of or for the Nine Months Ended September 30, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	122,959		$	66,995		$	—	$	—		$	189,954
Depreciation and amortization		(45,283	)		(41,472	)		—		—			(86,755	)
Property operating expenses, other operating and real estate taxes		(32,102	)		(26,790	)		—		—			(58,892	)
General and administrative expenses		—			—			—		(24,359	)		(24,359	)
Gain on disposition of properties		—			5,140			—		—			5,140
Operating income (loss)		45,574			3,873			—		(24,359	)		25,088
Interest and other income		—			—			10,539		—			10,539
Equity in earnings of unconsolidated affiliates		5,171			1,908			—		—			7,079
Interest expense		(20,475	)		(30,407	)		—		—			(50,882	)
Income tax provision		—			—			—		(851	)		(851	)
Net income (loss)		30,270			(24,626	)		10,539		(25,210	)		(9,027	)
Net loss attributable to noncontrolling interests		241			33,095			—		—			33,336
Net income attributable to Acadia	$	30,511		$	8,469		$	10,539	$	(25,210	)	$	24,309

Real estate at cost	$	2,060,024		$	1,553,150		$	—	$	—		$	3,613,174
Total assets	$	2,234,521		$	1,574,785		$	109,410	$	—		$	3,918,716
Cash paid for acquisition of real estate	$	1,343		$	103,559		$	—	$	—		$	104,902
Cash paid for development and property improvement costs	$	22,892		$	43,346		$	—	$	—		$	66,238

Share Incentive and Other Compensation

9 Months Ended

Sep. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Share Incentive and Other Compensation

13. Share Incentive and Other Compensation

Share Incentive Plan

The Second Amended and Restated 2006 Incentive Plan (the “Share Incentive Plan”) authorizes the Company to issue options, Restricted Shares, LTIP Units and other securities (collectively “Awards”) to, among others, the Company’s officers, trustees and employees. At September 30, 2019 a total of 704,479 shares remained available to be issued under the Share Incentive Plan.

Restricted Shares and LTIP Units

During the nine months ended September 30, 2019, the Company issued 330,718 LTIP Units and 8,041 Restricted Share Units to employees of the Company pursuant to the Share Incentive Plan. These awards were measured at their fair value on the grant date, incorporating the following factors:

•

A portion of these annual equity awards is granted in performance-based Restricted Share Units or LTIP Units that may be earned based on the Company’s attainment of specified relative total shareholder returns (“Relative TSR”) hurdles.

•

In the event the Relative TSR percentile falls between the 25th percentile and the 50th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 50% and 100% and in the event that the Relative TSR percentile falls between the 50th percentile and 75th percentile, the Relative TSR vesting percentage is determined using a straight-line linear interpolation between 100% and 200%.

•

Two-thirds (2/3) of the performance-based LTIP Units will vest based on the Company’s total shareholder return (“TSR”) for the three-year forward-looking performance period ending December 31, 2021 relative to the constituents of the SNL U.S. REIT Retail Shopping Center Index and one-third (1/3) on the Company’s TSR for the three-year forward-looking performance period as compared to the constituents of the SNL U.S. REIT Retail Index (both on a non-weighted basis).

•

If the Company’s performance fails to achieve the aforementioned hurdles at the culmination of the three-year performance period, all performance-based shares will be forfeited. Any earned performance-based shares vest 60% at the end of the performance period, with the remaining 40% of shares vesting ratably over the next two years.

For valuation of the 2019 Performance Shares, a Monte Carlo simulation was used to estimate the fair values based on probability of satisfying the market conditions and the projected share prices at the time of payments, discounted to the valuation dates over the three-year performance periods. The assumptions include volatility (19.60%) and risk-free interest rates (2.5%).

The total value of the above Restricted Share Units and LTIP Units as of the grant date was $ 11.1 million. Total long-term incentive compensation expense, including the expense related to the Share Incentive Plan, was $1.7 million, $5.4 million, $2.0 million and $6.3 million for the three and nine months ended September 30, 2019 and 2018, respectively and is recorded in General and Administrative on the Consolidated Statements of Income.

In addition, members of the Board of Trustees (the “Board”) have been issued shares and units under the Share Incentive Plan. During 2019, the Company issued 18,009 LTIP Units and 17,318 Restricted Shares to Trustees of the Company in connection with Trustee fees. Vesting with respect to 6,463 of the LTIP Units and 3,996 of the Restricted Shares will be on the first anniversary of the date of issuance and 11,546 of the LTIP Units and 13,322 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. Total trustee fee expense, including the expense related to the Share Incentive Plan, was $1.7 million and $0.9 million for the nine months ended September 30, 2019 and 2018.

In 2009, the Company adopted the Long-Term Investment Alignment Program (the “Program”) pursuant to which the Company may grant awards to employees, entitling them to receive up to 25% of any potential future payments of Promote to the Operating Partnership from Funds III, IV and V. The Company has granted such awards to employees representing 25% of the potential Promote payments from Fund III to the Operating Partnership, 22.8% of the potential Promote payments from Fund IV to the Operating Partnership and 2.2% of the potential Promote payments from Fund V to the Operating Partnership. Payments to senior executives under the Program require further Board approval at the time any potential payments are due pursuant to these grants. Compensation relating to these awards will be recognized in each reporting period in which Board approval is granted.

As payments to other employees are not subject to further Board approval, compensation relating to these awards will be recorded based on the estimated fair value at each reporting period in accordance with ASC Topic 718, Compensation– Stock Compensation. The awards in connection with Fund IV and Fund V were determined to have no intrinsic value as of September 30, 2019.

No compensation expense was recognized for the nine months ended September 30, 2019 and 2018, respectively, related to the Program in connection with Fund III, Fund IV or Fund V.

A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below:

Unvested Restricted Shares and LTIP Units	Common Restricted Shares			Weighted Grant-Date Fair Value		LTIP Units			Weighted Grant-Date Fair Value
Unvested at January 1, 2018		41,327		$	26.92		910,099		$	28.28
Granted		22,817			23.65		425,880			26.80
Vested		(25,261	)		30.79		(431,827	)		29.72
Forfeited		(428	)		27.25		(12,266	)		28.57
Unvested at December 31, 2018		38,455			22.44		891,886			26.87
Granted		25,359			28.56		348,726			32.78
Vested		(21,424	)		27.12		(290,753	)		29.30
Forfeited		—			—		(15,679	)		31.49
Unvested at September 30, 2019		42,390		$	23.73		934,180		$	28.24

The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the nine months ended September 30, 2019 and the year ended December 31, 2018 were $32.50 and $26.64, respectively. As of September 30, 2019, there was $18.2 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Share Incentive Plan. That cost is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of Restricted Shares that vested for the nine months ended September 30, 2019 and the year ended December 31, 2018, was $0.6 million and $0.8 million, respectively. The total fair value of LTIP Units that vested (LTIP units vest primarily during the first quarter) during the nine months ended September 30, 2019 and the year ended December 31, 2018, was $8.5 million and $12.8 million, respectively.

Other Plans

On a combined basis, the Company incurred a total of $0.3 million related to the following employee benefit plans for each of the nine months ended September 30, 2019 and 2018:

Employee Share Purchase Plan

The Acadia Realty Trust Employee Share Purchase Plan (the “Purchase Plan”), allows eligible employees of the Company to purchase Common Shares through payroll deductions. 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. A total of 1,803 and 2,836 Common Shares were purchased by employees under the Purchase Plan for the nine months ended September 30, 2019 and 2018, respectively.

Deferred Share Plan

During 2006, the Company adopted a Trustee Deferral and Distribution Election, under which the participating Trustees earn deferred compensation.

Employee 401(k) Plan

The Company maintains a 401(k) plan for employees under which the Company currently matches 50% of a plan participant’s contribution up to 6% of the employee’s annual salary. A plan participant may contribute up to a maximum of 15% of their compensation, up to $19,000, for the year ending December 31, 2019.

Earnings Per Common Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Common Share

14. 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 (Note 10). During the periods presented, the Company had unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method.

Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share units (“Restricted Share Units”) issued under the Company’s Share Incentive Plans (Note 13). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below.

The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.

	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2019			2018			2019			2018
Numerator:
Net income attributable to Acadia	$	10,458		$	9,225		$	31,735		$	24,309
Less: net income attributable to participating securities		(38	)		(66	)		(134	)		(158	)
Income from continuing operations net of income attributable to participating securities	$	10,420		$	9,159		$	31,601		$	24,151

Denominator:
Weighted average shares for basic earnings per share		84,888,445			81,565,805			83,552,182			82,245,020
Effect of dilutive securities:
Employee unvested restricted shares		—			—			—			—
Denominator for diluted earnings per share		84,888,445			81,565,805			83,552,182			82,245,020

Basic and diluted earnings per Common Share from continuing operations attributable to Acadia	$	0.12		$	0.11		$	0.38		$	0.29

Anti-Dilutive Shares Excluded from Denominator:
Series A Preferred OP Units		188			188			188			188
Series A Preferred OP Units - Common share equivalent		25,067			25,067			25,067			25,067

Series C Preferred OP Units		136,593			136,593			136,593			136,593
Series C Preferred OP Units - Common share equivalent		474,278			474,278			474,278			474,278
Restricted shares		40,821			38,450			40,821			37,180

Subsequent Events

9 Months Ended

Sep. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

15. Subsequent Events

Financings

On October 8, 2019, the Operating Partnership amended its revolving senior unsecured credit facility which it originally entered into on February 20, 2018 (Note 7). Prior to this amendment, the credit agreement provided for a principal amount of up to $500.0 million, which consisted of a $150.0 million revolving credit facility and a $350.0 million term loan facility. The amendment provides for a $100.0 million increase in the revolving credit facility, resulting in borrowing capacity of up to $600.0 million in principal amount, which includes the $250.0 million revolving credit facility and the $350.0 million term loan facility. In addition, the amendment provides for an accordion feature, which allows for one or more increases in the revolving credit facility or term loan facility, for a maximum aggregate principal amount not to exceed $750.0 million.

During October 2019, Fund V’s property entities entered into new mortgages for certain of its consolidated (Note 2) and unconsolidated (Note 4) properties totaling $140.4 million for which Fund V had previously entered into forward swaps effective November 1 (Note 8) as follows:

•

Landstown Commons – $60.9 million at LIBOR plus 1.7%, swapped to a fixed rate of 2.949%, maturing on October 24, 2024.

•

Lincoln Commons – $40.8 million at LIBOR plus 1.7%, swapped to a fixed rate of 2.949%, maturing on October 24, 2024. At closing, $38.8 million was funded.

•

Tri-City Plaza – $38.7 million at LIBOR plus 1.9%, swapped to a fixed rate of 3.0935%, maturing on October 18, 2024. At closing, $25.4 million was funded.

Fund Distribution

On October 11, 2019, Fund V distributed $6.3 million to investors, of which the Company’s share was $1.3 million.

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Segments

Principles of Consolidation

These interim consolidated financial statements should be read in conjunction with the Company’s 2018 Annual Report on Form 10-K, as filed with the SEC on February 19, 2019.

Use of Estimates

Reclassifications

Certain prior period amounts with regard to gains on dispositions of properties and credit losses have been reclassified to conform to the current period presentation.

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Lease Accounting

•

A practical expedient to use hindsight in determining the lease term or assessing purchase options for existing leases and in assessing impairment of right of use assets;

•

Lessees may make an accounting policy election by class of underlying asset not to separate lease components from non-lease components; and

•

Lessees may make an accounting policy election not to apply the recognition and measurement requirements to short-term leases.

ASU 2016-02 was modified by the following subsequently issued ASU’s (together with ASU 2016-02, “Topic 842”), many of which provided additional transition practical expedients:

•

ASU No. 2018-10, Codification Improvements to Topic 842, Leases. These amendments provide minor clarifications and corrections to ASU 2016-02.

•

ASU 2018-11, Leases (Topic 842): Targeted Improvements.

•

leasing costs that were previously capitalized (the Company capitalized $1.8 million of internal leasing costs during the year ended December 31, 2018).

•

The Company recognized right-of-use assets and lease liabilities of $11.9 million and $12.8 million, respectively, related to its operating leases.

•

Other Accounting Topics

Recently Issued Accounting Pronouncements

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Operating Partnership's Equity Interest

The following table summarizes the general terms and Operating Partnership’s equity interests in the Funds and Mervyns II (dollars in millions):

Entity	Formation Date	Operating Partnership Share of Capital			Capital Called as of September 30, 2019		Unfunded Commitment		Equity Interest Held By Operating Partnership^(a)			Preferred Return			Total Distributions as of September 30, 2019 ^(b)
Fund II and Mervyns II ^(c)	6/2004		28.33	%	$	347.1	$	15.0		28.33	%		8	%	$	146.6
Fund III	5/2007		24.54	%		436.4		13.6		24.54	%		6	%		568.8
Fund IV	5/2012		23.12	%		438.1		91.9		23.12	%		6	%		172.1
Fund V	8/2016		20.10	%		258.6		261.4		20.10	%		6	%		2.0

(a)	Amount represents the current economic ownership at September 30, 2019, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective Fund.

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

(c)	During April 2018, a distribution of $15.0 million was made to the Fund II investors, including $4.3 million to the Operating Partnership. This amount remains subject to re-contribution to Fund II until April 2021.

Real Estate (Tables)

9 Months Ended

Sep. 30, 2019

Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]

Schedule of Consolidated Real Estate

The Company’s consolidated real estate is comprised of the following (in thousands):

	September 30, 2019			December 31, 2018
Land	$	733,679		$	710,469
Buildings and improvements		2,669,992			2,594,828
Tenant improvements		170,214			151,154
Construction in progress		38,458			44,092
Properties under capital lease (Note 11)		—			76,965
Right-of-use assets - finance leases (Note 11)		93,796			—
Right-of-use assets - operating leases (Note 11)		55,717			—
Total		3,761,856			3,577,508
Less: Accumulated depreciation and amortization		(473,479	)		(416,657	)
Operating real estate, net		3,288,377			3,160,851
Real estate under development, at cost		250,278			120,297
Net investments in real estate	$	3,538,655		$	3,281,148

Schedule of Business Acquisitions, by Acquisition

During the nine months ended September 30, 2019 and the year ended December 31, 2018, the Company acquired the following consolidated retail properties (dollars in thousands):

Property and Location	Percent Acquired	Date of Acquisition	Purchase Price
2019 Acquisitions
Core
Soho Acquisitions - 41, 47, 51 and 53 Greene Street - New York, NY ^(a)	100%	Mar 15, 2019 Mar 27, 2019 May 29, 2019 July 30, 2019	$	74,638
849 and 912 W. Armitage - Chicago, IL	100%	Sept 11, 2019		7,802
Subtotal Core				82,440

Fund V
Palm Coast Landing - Palm Coast, FL	100%	May 6, 2019		36,644
Lincoln Commons - Lincoln, RI	100%	June 21, 2019		54,299
Landstown Commons - Virginia Beach, VA	100%	Aug 2, 2019		86,961
Subtotal Fund V				177,904
Total 2019 Acquisitions			$	260,344

2018 Acquisitions and Conversions
Core
Bedford Green Land Parcel - Bedford Hills, NY	100%	Mar 23, 2018	$	1,337
Subtotal Core				1,337

Fund IV
Broughton Street Partners I - Savannah, GA (Conversion) (Note 4)	100%	Oct 11, 2018		36,104
Subtotal Fund IV				36,104

Fund V
Trussville Promenade - Trussville, AL	100%	Feb 21, 2018		45,259
Elk Grove Commons - Elk Grove, CA	100%	Jul 18, 2018		59,320
Hiram Pavilion - Hiram, GA	100%	Oct 23, 2018		44,443
Subtotal Fund V				149,022
Total 2018 Acquisitions and Conversions			$	186,463

(a)

Schedule of Purchase Price Allocations

The following table summarizes the allocation of the purchase price of properties acquired during the nine months ended September 30, 2019 and the year ended December 31, 2018 (in thousands):

	Nine Months Ended September 30, 2019			Year Ended December 31, 2018
Net Assets Acquired
Land	$	54,171		$	38,086
Buildings and improvements		183,829			129,586
Acquisition-related intangible assets (Note 6)		31,883			26,693
Acquisition-related intangible liabilities (Note 6)		(9,539	)		(7,902	)
Net assets acquired	$	260,344		$	186,463

Consideration
Cash	$	256,647		$	147,985
Liabilities assumed		3,697			2,597
Existing interest in previously unconsolidated investment		—			35,881
Total consideration	$	260,344		$	186,463

Schedule of Property Dispositions

During the nine months ended September 30, 2019 and the year ended December 31, 2018, the Company disposed of the following consolidated properties (in thousands):

Property and Location	Owner	Date Sold	Sale Price		Gain (Loss) on Sale
2019 Dispositions
3104 M Street - Washington, DC (Note 4)	Fund III	Jan 24, 2019	$	10,500	$	2,014
210 Bowery - 2 Residential Condos - New York, NY	Fund IV	May 17, 2019, Sept 23, 2019		5,900		(242	)
JFK Plaza - Waterville, ME	Fund IV	July 24, 2019		7,800		2,012
3780-3858 Nostrand Avenue - New York, NY	Fund III	Aug 22, 2019		27,650		3,079
938 W North Avenue - Chicago, IL	Fund IV	Sept 27, 2019		32,000		7,207
Total 2019 Dispositions			$	83,850	$	14,070


2018 Dispositions
Sherman Avenue - New York, NY	Fund II	Apr 17, 2018	$	26,000	$	33
Lake Montclair - Dumfries, VA	Fund IV	Aug 27, 2018		22,450		2,923
1861 Union Street - San Francisco, CA	Fund IV	Aug 29, 2018		6,000		2,184
210 Bowery - 4 Residential Condos - New York, NY	Fund IV	Nov 30, 2018, Dec 10, 2018, Dec 17, 2018, Dec 21, 2018		12,050		—
Total 2018 Dispositions			$	66,500	$	5,140

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Revenues	$	1,071		$	2,919		$	5,652		$	7,542
Expenses		(1,322	)		(2,192	)		(4,595	)		(6,368	)
Gain on disposition of properties		12,056			5,107			14,070			5,140
Net income attributable to noncontrolling interests		(8,675	)		(4,089	)		(11,045	)		(4,155	)
Net income attributable to Acadia	$	3,130		$	1,745		$	4,082		$	2,159

Schedule of Development in Process Activities

Development activity for the Company’s consolidated properties comprised the following during the periods presented (dollars in thousands):

	December 31, 2018				Nine Months Ended 2019						September 30, 2019
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		1	$	7,759	$	57,342	$	9,663	$	9,819		1	$	64,945
Fund II		—		7,462		—		1,626		—		—		9,088
Fund III		1		21,242		12,313		1,969		—		1		35,524
Fund IV		1		83,834		47,166		9,721		—		2		140,721
Total		3	$	120,297	$	116,821	$	22,979	$	9,819		4	$	250,278

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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-Topic 360
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Notes Receivable, Net (Tables)

9 Months Ended

Sep. 30, 2019

Accounts And Notes Receivable Net [Abstract]

Schedule of Notes Receivable

	September 30,		December 31,		September 30, 2019
Description	2019		2018		Number		Maturity Date	Interest Rate
Core Portfolio	$	56,475	$	56,475		2	Oct 2019 - Apr 2020	6.0% - 8.1%
Fund II		33,026		32,582		1	Dec 2020	1.75%
Fund III		5,306		5,306		1	Jul 2020	18.0%
Fund IV		—		15,250		—	Feb 2021	15.3%
	$	94,807	$	109,613		4

Investments in and Advances to Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2019

Equity Method Investments And Joint Ventures [Abstract]

Schedule of Equity Method Investments

The Company’s investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):

		Ownership Interest	September 30,			December 31,
Portfolio	Property	September 30, 2019	2019			2018
Core:
	840 N. Michigan^(a)	88.43%	$	63,925		$	65,013
	Renaissance Portfolio	20%		32,458			32,458
	Gotham Plaza	49%		29,463			29,550
	Town Center^{(a, b)}	75.22%		98,243			99,758
	Georgetown Portfolio	50%		4,738			4,653
				228,827			231,432

Mervyns I & II:	KLA/Mervyn's, LLC ^(c)	10.5%		—			—

Fund III:
	Fund III Other Portfolio	90%		17			21
	Self Storage Management ^(d)	95%		206			206
				223			227
Fund IV:
	Broughton Street Portfolio ^(e)	50%		12,650			3,236
	Fund IV Other Portfolio	90%		14,353			14,540
	650 Bald Hill Road	90%		12,504			12,880
				39,507			30,656

Fund V:	Family Center at Riverdale ^(a)	89.42%		13,818			—
	Tri-City Plaza	90%		36,106			—
	Washington REIT Portfolio	90%		52,463			—
				102,387			—

Various:	Due (to) from Related Parties			(827	)		(461	)
	Other ^(f)			2,361			556
	Investments in and advances to unconsolidated affiliates		$	372,478		$	262,410

Core:
	Crossroads ^(g)	49%	$	15,353		$	15,623
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	15,353		$	15,623

(a)

Represents a tenancy-in-common interest.

(b)

During November 2017 and March 2018, as discussed below, the Company increased its ownership in Town Center.

(c)

Distributions, discussed below, have exceeded the Company’s non-recourse investment, therefore the carrying value is zero.

(d)

Represents a variable interest entity for which the Company was determined not to be the primary beneficiary.

(e)

(f)

Includes cost-method investments in Albertson’s (Note 8), Storage Post, Fifth Wall and other investments.

(g)

Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to return distributions to fund future obligations of the entity.

Schedule of Condensed Balance Sheet

	September 30, 2019			December 31, 2018
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	644,970		$	487,846
Investment in unconsolidated affiliates		—			—
Other assets		82,302			89,890
Total assets	$	727,272		$	577,736
Liabilities and partners’ equity:
Mortgage notes payable	$	496,371		$	408,967
Other liabilities		63,478			54,585
Partners’ equity		167,423			114,184
Total liabilities and partners’ equity	$	727,272		$	577,736

Company's share of accumulated equity	$	249,480		$	139,028
Basis differential		101,658			103,812
Deferred fees, net of portion related to the Company's interest		4,247			3,646
Amounts payable by the Company		(827	)		(461	)
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates		354,558			246,025
Cost method investments		2,567			762
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		15,353			15,623
Investments in and advances to unconsolidated affiliates	$	372,478		$	262,410

Schedule of Condensed Income Statement

	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Combined and Condensed Statements of Income
Total revenues	$	22,310		$	19,971		$	65,023		$	59,730
Operating and other expenses		(6,746	)		(6,028	)		(17,088	)		(17,479	)
Interest expense		(5,888	)		(5,240	)		(16,303	)		(15,365	)
Depreciation and amortization		(7,321	)		(5,502	)		(17,908	)		(17,340	)
Loss on disposition of properties		—			(263	)		—			(1,673	)
Net income attributable to unconsolidated affiliates	$	2,355		$	2,938		$	13,724		$	7,873

Company’s share of equity in net income of unconsolidated affiliates	$	2,006		$	1,136		$	9,283		$	9,396
Basis differential amortization		(707	)		(760	)		(2,154	)		(2,317	)
Company’s equity in earnings of unconsolidated affiliates	$	1,299		$	376		$	7,129		$	7,079

Other Assets, Net and Accounts Payable and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2019

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Other Assets and Other Liabilities

Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented:

(in thousands)	September 30, 2019			December 31, 2018
Other Assets, Net:
Lease intangibles, net (Note 6)	$	121,171		$	115,939
Deferred charges, net ^(a)		28,520			28,619
Prepaid expenses		18,301			18,422
Other receivables		10,361			5,058
Accrued interest receivable		9,898			17,046
Due from seller		3,682			4,000
Deposits		3,673			4,611
Corporate assets		1,666			1,953
Income taxes receivable		1,443			2,070
Derivative financial instruments (Note 8)		1,217			7,018
Deferred tax assets		656			2,032
Due from related parties		—			1,802
	$	200,588		$	208,570

(a) Deferred Charges, Net:
Deferred leasing and other costs	$	47,984		$	45,011
Deferred financing costs related to line of credit		9,489			8,960
		57,473			53,971
Accumulated amortization		(28,953	)		(25,352	)
Deferred charges, net	$	28,520		$	28,619

Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	$	89,832		$	95,045
Lease liability - finance leases, net (Note 11)		88,137			—
Accounts payable and accrued expenses		71,732			65,215
Lease liability - operating leases, net (Note 11)		57,093			—
Derivative financial instruments (Note 8)		53,194			7,304
Deferred income		31,392			34,052
Tenant security deposits, escrow and other		11,780			10,588
Other		137			2,757
Capital lease obligations (Note 11)		—			71,111
	$	403,297		$	286,072

Lease Intangibles (Tables)

9 Months Ended

Sep. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Liabilities Included in Other Assets and Other Liabilities

Intangible assets and liabilities are included in other assets and other liabilities (Note 5) on the consolidated balance sheet and summarized as follows (in thousands):

	September 30, 2019									December 31, 2018
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
In-place lease intangible assets	$	245,221		$	(128,237	)	$	116,984		$	216,021		$	(105,972	)	$	110,049
Above-market rent		17,118			(12,931	)		4,187			18,169			(12,279	)		5,890
	$	262,339		$	(141,168	)	$	121,171		$	234,190		$	(118,251	)	$	115,939

Amortizable Intangible Liabilities
Below-market rent	$	(159,814	)	$	70,516		$	(89,298	)	$	(152,188	)	$	57,721		$	(94,467	)
Above-market ground lease		(671	)		137			(534	)		(671	)		93			(578	)
	$	(160,485	)	$	70,653		$	(89,832	)	$	(152,859	)	$	57,814		$	(95,045	)

Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of September 30, 2019 is as follows (in thousands):

Years Ending December 31,	Net Increase in Lease Revenues		Increase to Amortization			Reduction of Rent Expense		Net (Expense) Income
2019 (Remainder)	$	2,233	$	(8,454	)	$	15	$	(6,206	)
2020		8,120		(27,446	)		58		(19,268	)
2021		7,672		(20,486	)		58		(12,756	)
2022		7,312		(14,970	)		58		(7,600	)
2023		7,386		(11,432	)		58		(3,988	)
Thereafter		52,388		(34,196	)		287		18,479
Total	$	85,111	$	(116,984	)	$	534	$	(31,339	)

Debt (Tables)

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Summary of Consolidated Indebtedness

A summary of the Company’s consolidated indebtedness is as follows (dollars in thousands):

	Interest Rate at						Carrying Value at
	September 30,		December 31,		Maturity Date at		September 30,			December 31,
	2019		2018		September 30, 2019		2019			2018
Mortgages Payable
Core Fixed Rate	3.88%-6.00%		3.88%-6.00%		Feb 2024 - Apr 2035		$	176,714		$	178,271
Core Variable Rate - Swapped ^(a)	3.41%-5.67%		3.41%-5.67%		Jan 2023 - Nov 2028			81,819			82,583
Total Core Mortgages Payable								258,533			260,854
Fund II Fixed Rate	4.75%		1.00%-4.75%		May 2020			200,000			205,262
Fund II Variable Rate	LIBOR+3.00%			—	March 2022			23,925			—
Fund II Variable Rate - Swapped ^(a)	4.27%		4.27%		Nov 2021			19,138			19,325
Total Fund II Mortgages Payable								243,063			224,587
Fund III Variable Rate	LIBOR+3.00%-LIBOR+3.10%		Prime+0.50%-LIBOR+4.65%		Jan 2020 - Jun 2020			74,145			90,096
Fund IV Fixed Rate	3.40%-4.50%		3.40%-4.50%		Oct 2025 - Jun 2026			8,189			8,189
Fund IV Variable Rate	LIBOR+1.60%-LIBOR+3.40%		LIBOR+1.60%-LIBOR+3.95%		Dec 2019 - Apr 2022			157,200			233,065
Fund IV Variable Rate - Swapped ^(a)	3.67%-4.61%		3.67%-4.23%		Mar 2020 - Dec 2022			88,601			71,841
Total Fund IV Mortgages Payable								253,990			313,095
Fund V Variable Rate	LIBOR+2.15%-LIBOR+2.25%		LIBOR+2.25%		Oct 2020 - Jan 2021			51,506			51,506
Fund V Variable Rate - Swapped ^(a)	4.01%-4.78%		4.61%-4.78%		Feb 2021 - Mar 2024			156,900			86,570
Total Fund V Mortgage Payable								208,406			138,076
Net unamortized debt issuance costs								(9,135	)		(10,173	)
Unamortized premium								676			753
Total Mortgages Payable							$	1,029,678		$	1,017,288
Unsecured Notes Payable
Core Term Loans		—	LIBOR+1.25%		Mar 2023		$	—		$	383
Core Variable Rate Unsecured Term Loans - Swapped ^(a)	2.49%-4.05%		2.54%-3.59%		Mar 2023			350,000			349,617
Total Core Unsecured Notes Payable								350,000			350,000
Fund II Unsecured Notes Payable	LIBOR+1.65%		LIBOR+1.40%		Sep 2020			40,000			40,000
Fund IV Term Loan/Subscription Facility	LIBOR+1.65%-LIBOR+2.00%		LIBOR+1.65%-LIBOR+2.75%		Dec 2019 - June 2021			87,625			40,825
Fund V Subscription Facility	LIBOR+1.60%		LIBOR+1.60%		May 2020			148,380			102,800

Net unamortized debt issuance costs								(328	)		(368	)
Total Unsecured Notes Payable							$	625,677		$	533,257
Unsecured Line of Credit
Core Unsecured Line of Credit		—		—		—	$	—		$	—

Total Debt - Fixed Rate ^(b)(c)							$	1,236,805		$	1,001,658
Total Debt - Variable Rate ^(d)								427,337			558,675
Total Debt								1,664,142			1,560,333
Net unamortized debt issuance costs								(9,463	)		(10,541	)
Unamortized premium								676			753
Total Indebtedness							$	1,655,355		$	1,550,545

(a)

(b)

Includes $696.5 million and $609.9 million, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

(c)

Fixed-rate debt at September 30, 2019 includes $155.4 million of Core swaps that may be used to hedge debt instruments of the Funds.

(d)

Includes $143.0 million and $143.8 million, respectively, of variable-rate debt that is subject to interest cap agreements.

Scheduled Principal Repayments

The scheduled principal repayments of the Company’s consolidated indebtedness, as of September 30, 2019 are as follows (in thousands):

Year Ending December 31,
2019 (Remainder)	$	121,846
2020		561,472
2021		240,659
2022		91,357
2023		412,305
Thereafter		236,503
		1,664,142
Unamortized premium		676
Net unamortized debt issuance costs		(9,463	)
Total indebtedness	$	1,655,355

Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):

	September 30, 2019						December 31, 2018
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money Market Funds	$	10,000	$	—	$	—	$	4,504	$	—	$	—
Derivative financial instruments		—		1,217		—		—		7,018		—
Liabilities
Derivative financial instruments		—		53,194		—		—		7,304		—

Schedule of Derivative Financial Instruments

The Company had the following interest rate swaps and caps for the periods presented (dollars in thousands):

							Strike Rate								Fair Value
Derivative Instrument	Aggregate Notional Amount		Effective Date		Maturity Date		Low				High			Balance Sheet Location	September 30, 2019			December 31, 2018
Core
Interest Rate Swaps	$	423,761	Dec 2012-July 2020		Mar 2022-July 2030			1.71	%	—		3.77	%	Other Liabilities ^(a)	$	(46,395	)	$	(6,332	)
Interest Rate Swaps		163,500	Oct 2014 - July 2016		Nov 2019-June 2021			1.24	%	—		1.70	%	Other Assets		581			6,022
	$	587,261													$	(45,814	)	$	(310	)

Fund II
Interest Rate Swap	$	19,138	Oct 2014		Nov 2021			2.88	%	—		2.88	%	Other Liabilities	$	(180	)	$	—
Interest Rate Swap		—		—		—		—		—		—		Other Assets		—			108
Interest Rate Cap		23,300	Mar 2019		Mar 2022			3.50	%	—		3.50	%	Other Assets		3			—
	$	42,438													$	(177	)	$	108

Fund III
Interest Rate Cap	$	58,000	Dec 2016		Jan 2020			3.00	%	—		3.00	%	Other Assets	$	—		$	8

Fund IV
Interest Rate Swap	$	23,100	Mar 2017		Mar 2020			1.82	%	—		1.82	%	Other Assets	$	2		$	851
Interest Rate Swaps		65,501	Mar 2017 - May 2019		Apr 2022 - Dec 2022			1.97	%	—		4.00	%	Other Liabilities		(1,068	)		—
Interest Rate Caps		104,400	Nov 2016 - July 2019		Dec 2019 - July 2021			3.00	%	—		3.50	%	Other Assets		—			8
	$	193,001													$	(1,066	)	$	859

Fund V
Interest Rate Swaps	$	—	Nov 2019		Sept 2024 - Oct 2024			1.25	%	—		1.28	%	Other Assets ^(b)	$	631		$	21
Interest Rate Swaps		156,900	Jan 2018-Oct 2019		Feb 2021-Oct 2024			1.45	%	—		2.88	%	Other Liabilities ^(c)		(5,551	)		(972	)
	$	156,900													$	(4,920	)	$	(951	)

Total asset derivatives															$	1,217		$	7,018
Total liability derivatives															$	(53,194	)	$	(7,304	)

(a)

(b)

Includes three swaps with an aggregate fair value of $0.6 million at September 30, 2019, which were acquired during August 2019 and are not effective until November 2019.

(c)

Includes two swaps with an aggregate fair value of ($0.1) million at September 30, 2019, which were acquired during September 2019 and are not effective until October 2019.

Schedule of Other Financial Instruments Carrying Values and Fair values

			September 30, 2019				December 31, 2018
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable ^(a)		3	$	94,807	$	94,180	$	109,613	$	107,370
Mortgage and Other Notes Payable ^(a)		3		1,038,137		1,048,580		1,026,708		1,021,075
Investment in non-traded equity securities ^(b)		3		—		56,337		—		56,337
Unsecured notes payable and Unsecured line of credit ^(c)		2		626,005		626,785		533,625		533,954

(a)

(b)	Represents Fund II’s cost-method investment in Albertson’s supermarkets (Note 4). The fair values for September 30, 2019 and December 31, 2018 are based on a valuation at December 31, 2018.

(c)

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income (Tables)

9 Months Ended

Sep. 30, 2019

Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]

Schedule of Dividends Declared and Paid

The following table sets forth the dividends declared and/or paid during the nine months ended September 30, 2019:

Date Declared	Amount Per Share		Record Date	Payment Date

November 15, 2018	$	0.28	December 31, 2018	January 15, 2019
February 28, 2019	$	0.28	March 29, 2019	April 15, 2019
May 9, 2019	$	0.28	June 28, 2019	July 15, 2019
August 13, 2019	$	0.28	September 30, 2019	October 15, 2019

Summary of Activity in Accumulated Other Comprehensive Income

The following tables set forth the activity in accumulated other comprehensive income for the three and nine months ended September 30, 2019 and 2018 (in thousands):

	Gains or Losses on Derivative Instruments
Balance at July 1, 2019	$	(29,570	)

Other comprehensive loss before reclassifications		(15,388	)
Reclassification of realized interest on swap agreements		(288	)
Net current period other comprehensive loss		(15,676	)
Net current period other comprehensive loss attributable to noncontrolling interests		1,108
Balance at September 30, 2019	$	(44,138	)

Balance at July 1, 2018	$	10,138

Other comprehensive income before reclassifications		3,973
Reclassification of realized interest on swap agreements		(55	)
Net current period other comprehensive income		3,918
Net current period other comprehensive income attributable to noncontrolling interests		(789	)
Balance at September 30, 2018	$	13,267

	Gains or Losses on Derivative Instruments
Balance at January 1, 2019	$	516

Other comprehensive loss before reclassifications		(51,347	)
Reclassification of realized interest on swap agreements		(1,374	)
Net current period other comprehensive loss		(52,721	)
Net current period other comprehensive loss attributable to noncontrolling interests		8,067
Balance at September 30, 2019	$	(44,138	)

Balance at January 1, 2018	$	2,614

Other comprehensive income before reclassifications		12,576
Reclassification of realized interest on swap agreements		417
Net current period other comprehensive income		12,993
Net current period other comprehensive income attributable to noncontrolling interests		(2,340	)
Balance at September 30, 2018	$	13,267

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the three and nine months ended September 30, 2019 and 2018 (dollars in thousands):

	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total
Balance at July 1, 2019	$	103,705		$	515,205		$	618,910
Distributions declared of $0.28 per Common OP Unit		(1,765	)		—			(1,765	)
Net income (loss) for the three months ended September 30, 2019		785			(2,403	)		(1,618	)
Conversion of 41,646 Common OP Units to Common Shares by limited partners of the Operating Partnership		(720	)		—			(720	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(864	)		(251	)		(1,115	)
Reclassification of realized interest expense on swap agreements		(16	)		23			7
Noncontrolling interest contributions		—			129,438			129,438
Noncontrolling interest distributions		—			(29,713	)		(29,713	)
Employee Long-term Incentive Plan Unit Awards		1,768			—			1,768
Reallocation of noncontrolling interests ^(c)		(5,251	)		—			(5,251	)
Balance at September 30, 2019	$	97,642		$	612,299		$	709,941

Balance at July 1, 2018	$	105,100		$	514,774		$	619,874
Distributions declared of $0.27 per Common OP Unit		(1,692	)		—			(1,692	)
Net income (loss) for the three months ended September 30, 2018		732			(12,554	)		(11,822	)
Conversion of 46,950 Common OP Units to Common Shares by limited partners of the Operating Partnership		(834	)		—			(834	)
Other comprehensive income - unrealized gain on valuation of swap agreements		197			505			702
Reclassification of realized interest expense on swap agreements		(9	)		96			87
Noncontrolling interest contributions		—			40,440			40,440
Noncontrolling interest distributions		—			(9,014	)		(9,014	)
Employee Long-term Incentive Plan Unit Awards		2,082			—			2,082
Reallocation of noncontrolling interests ^(c)		(1,783	)		—			(1,783	)
Balance at September 30, 2018	$	103,793		$	534,247		$	638,040

	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total
Balance at January 1, 2019	$	104,223		$	518,219		$	622,442
Distributions declared of $0.84 per Common OP Unit		(5,322	)		—			(5,322	)
Net income (loss) for the nine months ended September 30, 2019		2,437			(27,633	)		(25,196	)
Conversion of 249,464 Common OP Units to Common Shares by limited partners of the Operating Partnership		(4,230	)		—			(4,230	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(2,686	)		(5,320	)		(8,006	)
Reclassification of realized interest expense on swap agreements		(61	)		—			(61	)
Noncontrolling interest contributions		—			161,628			161,628
Noncontrolling interest distributions		—			(34,595	)		(34,595	)
Employee Long-term Incentive Plan Unit Awards		6,965			—			6,965
Reallocation of noncontrolling interests ^(c)		(3,684	)		—			(3,684	)
Balance at September 30, 2019	$	97,642		$	612,299		$	709,941

Balance at January 1, 2018	$	102,921		$	545,519		$	648,440
Distributions declared of $0.81 per Common OP Unit		(5,126	)		—			(5,126	)
Net income (loss) for the nine months ended September 30, 2018		1,977			(35,313	)		(33,336	)
Conversion of 111,588 Common OP Units to Common Shares by limited partners of the Operating Partnership		(1,957	)		—			(1,957	)
Other comprehensive income - unrealized gain on valuation of swap agreements		625			1,435			2,060
Reclassification of realized interest expense on swap agreements		10			270			280
Noncontrolling interest contributions		—			46,990			46,990
Noncontrolling interest distributions		—			(24,654	)		(24,654	)
Employee Long-term Incentive Plan Unit Awards		7,924			—			7,924
Reallocation of noncontrolling interests ^(c)		(2,581	)		—			(2,581	)
Balance at September 30, 2018	$	103,793		$	534,247		$	638,040

(a)

(b)	Noncontrolling interests in partially-owned affiliates comprise third-party interests in Funds II, III, IV and V, and Mervyns II, and six other subsidiaries.

(c)	Adjustment reflects the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving changes in ownership.

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Lease Cost

	Three Months Ended September 30,			Nine Months Ended September 30,
	2019		2018	2019			2018
Lease Cost			(Not applicable)				(Not applicable)
Finance lease cost:
Amortization of right-of-use assets	$	565		$	1,603
Interest on lease liabilities		978			2,755
Subtotal		1,543			4,358
Operating lease cost		1,394			3,037
Variable lease cost		62			119
Total lease cost	$	2,999		$	7,514

Other Information
Weighted-average remaining lease term - finance leases (years)					42.9
Weighted-average remaining lease term - operating leases (years)					33.7
Weighted-average discount rate - finance leases					4.5	%
Weighted-average discount rate - operating leases					5.8	%

Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases

Year Ending December 31,	Minimum Rental Revenues		Minimum Rental Payments ^{(a, b)}
2019 (Remainder)	$	48,697	$	1,821
2020		205,710		7,139
2021		193,653		7,073
2022		173,664		7,082
2023		152,273		7,075
Thereafter		652,003		334,761
Total	$	1,426,000	$	364,951

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Summary of Segment Information

The following tables set forth certain segment information for the Company (in thousands):

	For the Three Months Ended September 30, 2019
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	42,142		$	31,185		$	—	$	—		$	73,327
Depreciation and amortization		(15,179	)		(16,991	)		—		—			(32,170	)
Property operating expenses, other operating and real estate taxes		(11,205	)		(12,200	)		—		—			(23,405	)
General and administrative expenses		—			—			—		(8,222	)		(8,222	)
Impairment charge		—			(321	)		—		—			(321	)
Gain on disposition of properties		—			12,056			—		—			12,056
Operating income (loss)		15,758			13,729			—		(8,222	)		21,265
Interest income		—			—			1,748		—			1,748
Other income		—			5,034			—		—			5,034
Equity in earnings (losses) of unconsolidated affiliates		1,798			(499	)		—		—			1,299
Interest expense		(7,333	)		(11,770	)		—		—			(19,103	)
Income tax provision		—			—			—		(1,403	)		(1,403	)
Net income (loss)		10,223			6,494			1,748		(9,625	)		8,840
Net loss attributable to noncontrolling interests		263			1,355			—		—			1,618
Net income attributable to Acadia	$	10,486		$	7,849		$	1,748	$	(9,625	)	$	10,458

	For the Three Months Ended September 30, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	41,742		$	23,785		$	—	$	—		$	65,527
Depreciation and amortization		(14,856	)		(13,820	)		—		—			(28,676	)
Property operating expenses, other operating and real estate taxes		(11,910	)		(10,011	)		—		—			(21,921	)
General and administrative expenses		—			—			—		(7,982	)		(7,982	)
Gain on disposition of properties		—			5,107			—		—			5,107
Operating income (loss)		14,976			5,061			—		(7,982	)		12,055
Interest income		—			—			3,513		—			3,513
Equity in earnings (losses) of unconsolidated affiliates		2,005			(1,629	)		—		—			376
Interest expense		(6,972	)		(11,105	)		—		—			(18,077	)
Income tax provision		—			—			—		(464	)		(464	)
Net income (loss)		10,009			(7,673	)		3,513		(8,446	)		(2,597	)
Net loss attributable to noncontrolling interests		115			11,707			—		—			11,822
Net income attributable to Acadia	$	10,124		$	4,034		$	3,513	$	(8,446	)	$	9,225

	As of or for the Nine Months Ended September 30, 2019
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	131,356		$	86,187		$	—	$	—		$	217,543
Depreciation and amortization		(45,949	)		(46,858	)		—		—			(92,807	)
Property operating expenses, other operating and real estate taxes		(34,730	)		(32,217	)		—		—			(66,947	)
General and administrative expenses		—			—			—		(25,579	)		(25,579	)
Impairment charge		—			(1,721	)		—		—			(1,721	)
Gain on disposition of properties		—			14,070			—		—			14,070
Operating income (loss)		50,677			19,461			—		(25,579	)		44,559
Interest income		—			—			6,247		—			6,247
Other income		327			6,620			—		—			6,947
Equity in earnings (losses) of unconsolidated affiliates		7,322			(193	)		—		—			7,129
Interest expense		(20,866	)		(35,855	)		—		—			(56,721	)
Income tax provision		—			—			—		(1,622	)		(1,622	)
Net income (loss)		37,460			(9,967	)		6,247		(27,201	)		6,539
Net loss attributable to noncontrolling interests		648			24,548			—		—			25,196
Net income attributable to Acadia	$	38,108		$	14,581		$	6,247	$	(27,201	)	$	31,735

Real estate at cost	$	2,190,281		$	1,821,853		$	—	$	—		$	4,012,134
Total assets	$	2,316,683		$	1,918,055		$	94,807	$	—		$	4,329,545
Cash paid for acquisition of real estate	$	82,125		$	174,522		$	—	$	—		$	256,647
Cash paid for development and property improvement costs	$	19,059		$	58,577		$	—	$	—		$	77,636

	As of or for the Nine Months Ended September 30, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	122,959		$	66,995		$	—	$	—		$	189,954
Depreciation and amortization		(45,283	)		(41,472	)		—		—			(86,755	)
Property operating expenses, other operating and real estate taxes		(32,102	)		(26,790	)		—		—			(58,892	)
General and administrative expenses		—			—			—		(24,359	)		(24,359	)
Gain on disposition of properties		—			5,140			—		—			5,140
Operating income (loss)		45,574			3,873			—		(24,359	)		25,088
Interest and other income		—			—			10,539		—			10,539
Equity in earnings of unconsolidated affiliates		5,171			1,908			—		—			7,079
Interest expense		(20,475	)		(30,407	)		—		—			(50,882	)
Income tax provision		—			—			—		(851	)		(851	)
Net income (loss)		30,270			(24,626	)		10,539		(25,210	)		(9,027	)
Net loss attributable to noncontrolling interests		241			33,095			—		—			33,336
Net income attributable to Acadia	$	30,511		$	8,469		$	10,539	$	(25,210	)	$	24,309

Real estate at cost	$	2,060,024		$	1,553,150		$	—	$	—		$	3,613,174
Total assets	$	2,234,521		$	1,574,785		$	109,410	$	—		$	3,918,716
Cash paid for acquisition of real estate	$	1,343		$	103,559		$	—	$	—		$	104,902
Cash paid for development and property improvement costs	$	22,892		$	43,346		$	—	$	—		$	66,238

Share Incentive and Other Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Unvested Restricted Shares and LTIP Units

A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below:

Unvested Restricted Shares and LTIP Units	Common Restricted Shares			Weighted Grant-Date Fair Value		LTIP Units			Weighted Grant-Date Fair Value
Unvested at January 1, 2018		41,327		$	26.92		910,099		$	28.28
Granted		22,817			23.65		425,880			26.80
Vested		(25,261	)		30.79		(431,827	)		29.72
Forfeited		(428	)		27.25		(12,266	)		28.57
Unvested at December 31, 2018		38,455			22.44		891,886			26.87
Granted		25,359			28.56		348,726			32.78
Vested		(21,424	)		27.12		(290,753	)		29.30
Forfeited		—			—		(15,679	)		31.49
Unvested at September 30, 2019		42,390		$	23.73		934,180		$	28.24

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2019			2018			2019			2018
Numerator:
Net income attributable to Acadia	$	10,458		$	9,225		$	31,735		$	24,309
Less: net income attributable to participating securities		(38	)		(66	)		(134	)		(158	)
Income from continuing operations net of income attributable to participating securities	$	10,420		$	9,159		$	31,601		$	24,151

Denominator:
Weighted average shares for basic earnings per share		84,888,445			81,565,805			83,552,182			82,245,020
Effect of dilutive securities:
Employee unvested restricted shares		—			—			—			—
Denominator for diluted earnings per share		84,888,445			81,565,805			83,552,182			82,245,020

Basic and diluted earnings per Common Share from continuing operations attributable to Acadia	$	0.12		$	0.11		$	0.38		$	0.29

Anti-Dilutive Shares Excluded from Denominator:
Series A Preferred OP Units		188			188			188			188
Series A Preferred OP Units - Common share equivalent		25,067			25,067			25,067			25,067

Series C Preferred OP Units		136,593			136,593			136,593			136,593
Series C Preferred OP Units - Common share equivalent		474,278			474,278			474,278			474,278
Restricted shares		40,821			38,450			40,821			37,180

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)		9 Months Ended	12 Months Ended
	Jan. 01, 2019 USD ($)	Sep. 30, 2019 USD ($) property segment	Dec. 31, 2018 USD ($)
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Limited partnership to common stock conversion ratio		100.00%
Number of retail properties \| property		182
Number of reportable segments \| segment		3
Capitalized internal leasing costs			$ 1,800,000
Operating lease, right-of-use asset		$ 55,717,000
Operating lease, liability		12,800,000
Finance lease, right-of-use asset		93,796,000
Finance lease, liability		88,137,000
Accounting Standards Update 2016-02
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Leases, future payment obligations			$ 203,100
Operating lease, right-of-use asset		11,900,000
Finance lease, right-of-use asset		5,700,000
Finance lease, liability		5,700,000
Present value of lease purchase options	$ 4,700,000
Capital Lease Liability
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Finance lease, liability		71,100,000
Capital Leases Asset
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Finance lease, right-of-use asset		$ 77,000,000.0
Core Portfolio
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of retail properties \| property		125
Properties owned percentage		100.00%
Opportunity Funds
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Number of retail properties \| property		57
Operating Partnership, as General Partner or Managing Member
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Remaining funds rate of distribution to operating partnership (in percent)		20.00%
Operating Partnership, as General Partner or Managing Member \| Acadia's OP Ownership
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity interest held by Operating Partnership		94.00%	94.00%
Institutional Investors
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Remaining funds rate of distribution to all partners (in percent)		80.00%

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Apr. 30, 2018	Sep. 30, 2019
Operating Partnership, as General Partner or Managing Member
Variable Interest Entity [Line Items]
Total Distributions	$ 4.3
Fund II and Mervyns II
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital		28.33%
Capital Called		$ 347.1
Unfunded Commitment		$ 15.0
Equity interest held by Operating Partnership		28.33%
Preferred Return		8.00%
Total Distributions		$ 146.6
Fund III
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital		24.54%
Capital Called		$ 436.4
Unfunded Commitment		$ 13.6
Equity interest held by Operating Partnership		24.54%
Preferred Return		6.00%
Total Distributions		$ 568.8
Fund IV
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital		23.12%
Capital Called		$ 438.1
Unfunded Commitment		$ 91.9
Equity interest held by Operating Partnership		23.12%
Preferred Return		6.00%
Total Distributions		$ 172.1
Fund V
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital		20.10%
Capital Called		$ 258.6
Unfunded Commitment		$ 261.4
Equity interest held by Operating Partnership		20.10%
Preferred Return		6.00%
Total Distributions		$ 2.0
Fund II
Variable Interest Entity [Line Items]
Total Distributions	$ 15.0

Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]
Land	$ 733,679	$ 710,469
Buildings and improvements	2,669,992	2,594,828
Tenant improvements	170,214	151,154
Construction in progress	38,458	44,092
Properties under capital lease		76,965
Finance lease, right-of-use asset	93,796
Operating lease, right-of-use asset	55,717
Total	3,761,856	3,577,508
Less: Accumulated depreciation and amortization	(473,479)	(416,657)
Operating real estate, net	3,288,377	3,160,851
Real estate under development, at cost	250,278	120,297
Net investments in real estate	$ 3,538,655	$ 3,281,148

Real Estate - Schedule of Acquisitions and Conversions (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Purchase Price	$ 260,344	$ 186,463
Core Portfolio
Business Acquisition [Line Items]
Purchase Price	$ 82,440	$ 1,337
Core Portfolio \| 849 and 912 W. Armitage - Chicago, IL
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 7,802
Core Portfolio \| Soho Acquisitions \| 41, 47, 51 and 53 Greene Street - New York, NY
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 74,638
Core Portfolio \| Bedford Green Land Parcel \| Bedford Hills N Y
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 1,337
Fund V
Business Acquisition [Line Items]
Purchase Price	$ 177,904	$ 149,022
Fund V \| Palm Coast Landing \| Palm Coast, FL
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 36,644
Fund V \| Trussville Promenade - Trussville, AL \| Trussville, AL
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 45,259
Fund V \| Lincoln Commons \| Lincoln, RI
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 54,299
Fund V \| Elk Grove Commons - Elk Grove, CA \| Elk Grove, CA
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 59,320
Fund V \| Landstown Commons \| Virginia Beach, VA
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 86,961
Fund V \| Hiram Pavilion \| Hiram G A
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 44,443
Fund IV
Business Acquisition [Line Items]
Purchase Price		$ 36,104
Fund IV \| Broughton Street Partners I \| Savannah G A
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 36,104

Real Estate - Schedule of Purchase Price Allocations (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Purchase Price Allocation
Land	$ 54,171	$ 38,086
Buildings and improvements	183,829	129,586
Acquisition-related intangible assets (Note 6)	31,883	26,693
Acquisition-related intangible liabilities (Note 6)	(9,539)	(7,902)
Net assets acquired	260,344	186,463
Consideration
Cash	256,647	147,985
Liabilities assumed	3,697	2,597
Existing interest in previously unconsolidated investment	0	35,881
Total consideration	$ 260,344	$ 186,463

Real Estate - Schedule of Property Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale	$ 12,056	$ 5,107	$ 14,070	$ 5,140
Disposal Group, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale Price			83,850		$ 66,500
Gain (Loss) on Sale	$ 12,056	$ 5,107	$ 14,070	$ 5,140	$ 5,140
Fund III \| Disposal Group, Not Discontinued Operations \| A3104 M St. Washington D C
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold			Jan. 24, 2019
Sale Price			$ 10,500
Gain (Loss) on Sale			$ 2,014
Fund III \| Disposal Group, Not Discontinued Operations \| 3780-3858 Nostrand Avenue - New York, NY
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold			Aug. 22, 2019
Sale Price			$ 27,650
Gain (Loss) on Sale			$ 3,079
Fund IV \| Disposal Group, Not Discontinued Operations \| 210 Bowery - 2 Residential Condos - New York, NY \| Scenario One
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold			May 17, 2019
Sale Price			$ 5,900
Gain (Loss) on Sale			$ (242)
Fund IV \| Disposal Group, Not Discontinued Operations \| 210 Bowery - 2 Residential Condos - New York, NY \| Scenario Two
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold			Sep. 23, 2019
Fund IV \| Disposal Group, Not Discontinued Operations \| JFK Plaza - Waterville, ME
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold			Jul. 24, 2019
Sale Price			$ 7,800
Gain (Loss) on Sale			$ 2,012
Fund IV \| Disposal Group, Not Discontinued Operations \| 938 W North Avenue - Chicago, IL
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold			Sep. 27, 2019
Sale Price			$ 32,000
Gain (Loss) on Sale			$ 7,207
Fund IV \| Disposal Group, Not Discontinued Operations \| Lake Montclair
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold					Aug. 27, 2018
Sale Price					$ 22,450
Gain (Loss) on Sale					$ 2,923
Fund IV \| Disposal Group, Not Discontinued Operations \| 1861 Union Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold					Aug. 29, 2018
Sale Price					$ 6,000
Gain (Loss) on Sale					$ 2,184
Fund IV \| Disposal Group, Not Discontinued Operations \| Bowery4 Residential Condos New York N Y \| Scenario One
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold					Nov. 30, 2018
Sale Price					$ 12,050
Fund IV \| Disposal Group, Not Discontinued Operations \| Bowery4 Residential Condos New York N Y \| Scenario Two
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold					Dec. 10, 2018
Fund IV \| Disposal Group, Not Discontinued Operations \| Bowery4 Residential Condos New York N Y \| Scenario Three
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold					Dec. 17, 2018
Fund IV \| Disposal Group, Not Discontinued Operations \| Bowery4 Residential Condos New York N Y \| Scenario Four
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold					Dec. 21, 2018
Fund II \| Disposal Group, Not Discontinued Operations \| Sherman Avenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold					Apr. 17, 2018
Sale Price					$ 26,000
Gain (Loss) on Sale					$ 33

Real Estate - Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
STATEMENTS OF INCOME
Gain on disposition of properties	$ 12,056	$ 5,107	$ 14,070	$ 5,140
Disposal Group, Not Discontinued Operations
STATEMENTS OF INCOME
Revenues	1,071	2,919	5,652	7,542
Expenses	(1,322)	(2,192)	(4,595)	(6,368)
Gain on disposition of properties	12,056	5,107	14,070	5,140	$ 5,140
Net income attributable to noncontrolling interests	(8,675)	(4,089)	(11,045)	(4,155)
Net income attributable to Acadia	$ 3,130	$ 1,745	$ 4,082	$ 2,159

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109222160&loc=d3e1012-107759

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4568447-111683

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721525-107759

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721523-107759

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222160&loc=d3e957-107759

+ Details

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Real Estate - Schedule of Development in Process Activities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($) property	Dec. 31, 2018 USD ($) property
Property, Plant and Equipment [Line Items]
Number of properties under development \| property	4	3
Real estate under development, beginning balance	$ 250,278	$ 120,297
Transfers In	116,821
Capitalized Costs	22,979
Transfers Out	$ 9,819
Core Portfolio
Property, Plant and Equipment [Line Items]
Number of properties under development \| property	1	1
Real estate under development, beginning balance	$ 64,945	$ 7,759
Transfers In	57,342
Capitalized Costs	9,663
Transfers Out	$ 9,819
Fund Portfolio \| Fund II
Property, Plant and Equipment [Line Items]
Number of properties under development \| property	0	0
Real estate under development, beginning balance	$ 9,088	$ 7,462
Transfers In	0
Capitalized Costs	1,626
Transfers Out	$ 0
Fund Portfolio \| Fund III
Property, Plant and Equipment [Line Items]
Number of properties under development \| property	1	1
Real estate under development, beginning balance	$ 35,524	$ 21,242
Transfers In	12,313
Capitalized Costs	1,969
Transfers Out	$ 0
Fund Portfolio \| Fund IV
Property, Plant and Equipment [Line Items]
Number of properties under development \| property	2	1
Real estate under development, beginning balance	$ 140,721	$ 83,834
Transfers In	47,166
Capitalized Costs	9,721
Transfers Out	$ 0

Notes Receivable, Net - Schedule of Notes Receivable (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($) debtinstrument	Dec. 31, 2018 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable	$ 94,807	$ 109,613
Number of instruments held \| debtinstrument	4
Core Portfolio
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable	$ 56,475	56,475
Number of instruments held \| debtinstrument	2
Core Portfolio \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Maturity Date	2019-10
Effective interest rate	6.00%
Core Portfolio \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Maturity Date	2020-04
Effective interest rate	8.10%
Fund Portfolio \| Fund II
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable	$ 33,026	32,582
Number of instruments held \| debtinstrument	1
Maturity Date	2020-12
Effective interest rate	1.75%
Fund Portfolio \| Fund III
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable	$ 5,306	5,306
Number of instruments held \| debtinstrument	1
Maturity Date	2020-07
Effective interest rate	18.00%
Fund Portfolio \| Fund IV
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable		$ 15,250
Maturity Date	2021-02
Effective interest rate	15.30%

Notes Receivable, Net - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from notes receivable	$ 15,250	$ 26,000
Additional advance	183,556	$ 122,332
Core Portfolio
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Note receivable accrued interest			$ 200
Proceeds from notes receivable			26,000
Mortgage loans on real estate interest until maturity	400
Core Portfolio \| Note Receivable Due April 1, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from notes receivable			15,000
Additional advance			2,800
Core Portfolio \| Town Center
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Note receivable accrued interest			300
Note receivable exchanged			22,000
Fund II
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Note receivable accrued interest	400		800
Fund IV
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Note receivable accrued interest	10,000
Proceeds from notes receivable	15,250
Fund III
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Note receivable accrued interest	$ 4,700		4,700
Additional advance			$ 200

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Mar. 28, 2018	Nov. 16, 2017
Schedule of Equity Method Investments [Line Items]
Due (to) from related parties	$ (827)	$ (461)
Other	2,361	556
Investments in and advances to unconsolidated affiliates	372,478	262,410
Distributions in excess of income from, and investments in, unconsolidated affiliates	$ 15,353	15,623
KLA Mervyns LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	10.50%
Equity method investments	$ 0	0
Fund III Other Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 17	21
Self Storage Management
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	95.00%
Equity method investments	$ 206	206
Fund III
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 223	227
Broughton St. Portfolio Savannah, GA
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 12,650	3,236
Fund IV Other Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 14,353	14,540
650 Bald Hill Road
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 12,504	12,880
Fund IV
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 39,507	30,656
Fund V Family Center at Riverdale
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	89.42%
Equity method investments	$ 13,818	$ 0
Fund V
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 102,387
Tri City Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 36,106
Washington REIT Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 52,463
Core Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	75.22%	61.11%		22.22%
Equity method investments	$ 228,827	$ 231,432	$ 22,300	$ 61,600
Core Portfolio \| Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.00%
Equity method investments	$ 32,458	32,458
Core Portfolio \| Gotham Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Equity method investments	$ 29,463	29,550
Core Portfolio \| Town Center
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	75.22%
Equity method investments	$ 98,243	99,758
Core Portfolio \| Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 4,738	4,653
Core Portfolio \| 840 N. Michigan
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	88.43%
Equity method investments	$ 63,925	65,013
Core Portfolio \| Crossroads
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Distributions in excess of income from, and investments in, unconsolidated affiliates	$ 15,353	$ 15,623

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Parenthetical) (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
KLA Mervyns LLC
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 0	$ 0
Broughton St. Portfolio Savannah, GA
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 12,650	3,236
Cumulative capital contribution, percentage	15.00%
Cumulative capital contribution	$ 5,900	3,000
Preferred return percentage	9.00%
Preferred return	$ 9,400	$ 2,800

Investments in and Advances to Unconsolidated Affiliates - Core Portfolio - Additional Information (Details)						1 Months Ended	9 Months Ended	12 Months Ended
	Aug. 08, 2019 USD ($)	Jan. 24, 2019 USD ($) ft²	Mar. 28, 2018 USD ($)	Nov. 16, 2017 USD ($)	May 01, 2017 USD ($)	Apr. 29, 2016 USD ($)	Sep. 30, 2019 USD ($) ft²	Dec. 31, 2018 USD ($)
Schedule of Equity Method Investments [Line Items]
Purchase Price							$ 260,344,000	$ 186,463,000
Cost method investments							2,361,000	556,000
Notes receivable, net							$ 94,807,000	109,613,000
Acadia Brandywine Holdings, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage							22.22%
Brandywine Portfolio
Schedule of Equity Method Investments [Line Items]
Preferred return							$ 5,600,000
Core Portfolio
Schedule of Equity Method Investments [Line Items]
Purchase Price							82,440,000	1,337,000
Notes receivable, net							$ 56,475,000	56,475,000
Note receivable accrued interest								$ 200,000
Equity method investment, ownership percentage by third party			14.11%	38.89%			24.78%
Equity method investment, ownership percentage				22.22%			75.22%	61.11%
Equity method investments			$ 22,300,000	$ 61,600,000			$ 228,827,000	$ 231,432,000
Gain on equity method investment			12,700,000	34,500,000
Core Portfolio \| Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Percentage of voting interests acquired		20.00%
Equity method investment, ownership percentage							20.00%
Equity method investments							$ 32,458,000	$ 32,458,000
Core Portfolio \| Fifth Wall Ventures Retail Fund, L.P.
Schedule of Equity Method Investments [Line Items]
Cost method investments	$ 1,800,000
Maximum amount commitment to invest	$ 5,000,000.0
Cost method investment ownership percentage	5.00%
Core Portfolio \| Brandywine Portfolio
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in square feet) \| ft²							1,000,000
Repayments of debt						$ 140,000,000.0
Note receivable exchanged			22,000,000.0		$ 16,000,000.0
Notes receivable, net					153,400,000		$ 38,700,000
Note receivable accrued interest			$ 300,000		$ 300,000
Core Portfolio \| Brandywine Portfolio \| Exchange Transaction One
Schedule of Equity Method Investments [Line Items]
Note receivable exchanged				16,000,000.0
Note receivable accrued interest				600,000
Core Portfolio \| Brandywine Portfolio \| Exchange Transaction Two
Schedule of Equity Method Investments [Line Items]
Note receivable exchanged				60,700,000
Note receivable accrued interest				$ 900,000
Core Portfolio \| Market Square
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage by third party				38.89%	38.89%
Equity method investment, ownership percentage				22.22%	61.11%
Equity method investments					$ 16,300,000
Gain on equity method investment					$ 9,800,000
Core Portfolio \| Washington, D.C. \| Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in square feet) \| ft²		7,300
Purchase Price		$ 10,700,000
Purchase price less the assumption of the outstanding mortgage		$ 4,700,000

Investments in and Advances to Unconsolidated Affiliates - Fund Investments - Additional Information (Details)									9 Months Ended		12 Months Ended
	Aug. 21, 2019 USD ($) ft²	Jun. 29, 2019 USD ($)	Apr. 30, 2019 USD ($) ft²	Mar. 19, 2019 USD ($) ft²	Aug. 29, 2018 USD ($) property	Jun. 29, 2018 USD ($) property	May 15, 2018 USD ($)	Jan. 18, 2018 USD ($) property	Sep. 30, 2019 USD ($) property	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2014 property JointVenture	Oct. 31, 2018 segment
Schedule of Equity Method Investments [Line Items]
Purchase Price									$ 260,344,000		$ 186,463,000
Number of retail properties \| property									182
Proceeds from the disposition of properties, net									$ 80,120,000	$ 52,759,000
Fund V Family Center at Riverdale
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage									89.42%
Tri City Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage									90.00%
Washington REIT Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage									90.00%
BSP I and BSP II
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage												50.00%
Number of Joint Ventures \| JointVenture												2
Broughton St. Portfolio Savannah, GA
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage									50.00%
Number of businesses acquired \| property												23
Number of retail properties \| property									13
Fund I Vs Broughton Street Portfolio Venture
Schedule of Equity Method Investments [Line Items]
Number of retail properties \| property						2						8
Losses on cost method investments						$ 1,000,000.0
Fund I Vs Broughton Street Portfolio Venture \| Partnership Interest \| Maximum
Schedule of Equity Method Investments [Line Items]
Losses on cost method investments						$ 100,000
Fund IV \| Disposed of by sale \| Broughton St. Portfolio Savannah, GA
Schedule of Equity Method Investments [Line Items]
Number of retail properties \| property					1			2				2
Proceeds from the disposition of properties, net					$ 2,100,000			$ 8,000,000.0
Gain (loss) on disposal					(300,000)			(400,000)
Fund IV \| Disposed of by sale \| Broughton St. Portfolio Savannah, GA \| Partnership Interest
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal								$ 0
Fund IV \| Disposed of by sale \| Broughton St. Portfolio Savannah, GA \| Partnership Interest \| Maximum
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal					$ (100,000)
BSP I
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage													100.00%
BSP I \| Consolidated Entity
Schedule of Equity Method Investments [Line Items]
Number of retail properties \| segment													11
BSP II \| Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Number of retail properties \| property									2
Fund III's Storage Post venture
Schedule of Equity Method Investments [Line Items]
Distribution from cost method investment		$ 1,600,000					$ 3,200,000
Cost method investments		0
Fund III's Storage Post venture \| Partnership Interest
Schedule of Equity Method Investments [Line Items]
Distribution from cost method investment		$ 400,000					$ 800,000
Riverdale, Utah \| Fund V Family Center at Riverdale
Schedule of Equity Method Investments [Line Items]
Joint venture interest percentage				99.35%
Undivided interest in property percentage				90.00%
Square footage of real estate property (in square feet) \| ft²				428,000
Purchase Price				$ 48,500,000
Vernon, Connecticut \| Tri City Plaza
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in square feet) \| ft²			300,000
Purchase Price			$ 36,700,000
Frederick County, Maryland \| Washington REIT Portfolio \| 225,000 Square Foot Property
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in square feet) \| ft²	225,000
Purchase Price	$ 21,800,000
Frederick County, Maryland \| Washington REIT Portfolio \| 300,00 Square Foot Property
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in square feet) \| ft²	300,000
Purchase Price	$ 33,100,000

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Combined and Condensed Balance Sheets
Other assets	$ 200,588	$ 208,570
Total assets	4,329,545	3,958,780	$ 3,918,716
Total liabilities and equity	4,329,545	3,958,780
Cost method investments	2,361	556
Company's share of distributions in excess of income from and investments in unconsolidated affiliates	15,353	15,623
Investments in and advances to unconsolidated affiliates	372,478	262,410
Unconsolidated Affiliates
Combined and Condensed Balance Sheets
Rental property, net	644,970	487,846
Other assets	82,302	89,890
Total assets	727,272	577,736
Mortgage notes payable	496,371	408,967
Other liabilities	63,478	54,585
Partners’ equity	167,423	114,184
Total liabilities and equity	727,272	577,736
Company's share of accumulated equity	249,480	139,028
Basis differential	101,658	103,812
Deferred fees, net of portion related to the Company's interest	4,247	3,646
Amounts payable by the Company	(827)	(461)
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates	354,558	246,025
Cost method investments	2,567	762
Company's share of distributions in excess of income from and investments in unconsolidated affiliates	15,353	15,623
Investments in and advances to unconsolidated affiliates	$ 372,478	$ 262,410

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Combined and Condensed Statements of Income
Revenues	$ 73,327	$ 65,527	$ 217,543	$ 189,954
Operating and other expenses	(64,118)	(58,579)	(187,054)	(170,006)
Depreciation and amortization	(32,170)	(28,676)	(92,807)	(86,755)
Company’s share of equity in net income of unconsolidated affiliates	2,006	1,136	9,283	9,396
Equity in earnings of unconsolidated affiliates	1,299	376	7,129	7,079
Unconsolidated Affiliates
Combined and Condensed Statements of Income
Revenues	22,310	19,971	65,023	59,730
Operating and other expenses	(6,746)	(6,028)	(17,088)	(17,479)
Interest expense	(5,888)	(5,240)	(16,303)	(15,365)
Depreciation and amortization	(7,321)	(5,502)	(17,908)	(17,340)
Loss on disposition of properties		(263)		(1,673)
Net income attributable to unconsolidated affiliates	2,355	2,938	13,724	7,873
Operating Partnership, as General Partner or Managing Member
Combined and Condensed Statements of Income
Basis differential amortization	$ (707)	$ (760)	$ (2,154)	$ (2,317)

Other Assets, Net and Accounts Payable and Other Liabilities - Schedule of other assets and other liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Other Assets, Net:
Lease intangibles, net (Note 6)	$ 121,171	$ 115,939
Deferred charges, net	28,520	28,619
Prepaid expenses	18,301	18,422
Other receivables	10,361	5,058
Accrued interest receivable	9,898	17,046
Due from seller	3,682	4,000
Deposits	3,673	4,611
Corporate assets	1,666	1,953
Income taxes receivable	1,443	2,070
Derivative financial instruments (Note 8)	1,217	7,018
Deferred tax assets	656	2,032
Due from related parties		1,802
Other assets, net	200,588	208,570
Deferred Charges, Net:
Deferred leasing and other costs	47,984	45,011
Deferred financing costs related to line of credit	9,489	8,960
Deferred costs, gross	57,473	53,971
Accumulated amortization	(28,953)	(25,352)
Deferred charges, net	28,520	28,619
Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	89,832	95,045
Finance lease, liability	88,137
Accounts payable and accrued expenses	71,732	65,215
Lease liability - operating leases, net (Note 11)	57,093
Derivative financial instruments (Note 8)	53,194	7,304
Deferred income	31,392	34,052
Tenant security deposits, escrow and other	11,780	10,588
Other	137	2,757
Capital lease obligations (Note 11)		71,111
Accounts payable and other liabilities	$ 403,297	$ 286,072

Lease Intangibles - Schedule of Intangible Assets and Liabilities Included in Other Assets and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	$ 262,339	$ 234,190
Amortizable Intangible Assets, Accumulated Amortization	(141,168)	(118,251)
Amortizable Intangible Assets, Net Carrying Amount	121,171	115,939
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Gross Carrying Amount	(159,814)	(152,188)
Amortizable Intangible Liabilities, Accumulated Amortization	70,516	57,721
Amortizable Intangible Liabilities, Net Carrying Amount	(89,298)	(94,467)
Above-market Ground Lease, Gross	(671)	(671)
Above-market Ground Lease, Accumulated Amortization	137	93
Above-market Ground Lease, Net	(534)	(578)
Finite-Lived Intangible Liabilities, Gross	(160,485)	(152,859)
Finite-Lived Intangible Liabilities, Accumulated Amortization	70,653	57,814
Finite-Lived Intangible Liabilities, Net	(89,832)	(95,045)
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	245,221	216,021
Amortizable Intangible Assets, Accumulated Amortization	(128,237)	(105,972)
Amortizable Intangible Assets, Net Carrying Amount	116,984	110,049
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Net Carrying Amount	(85,111)
Above-market rent
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	17,118	18,169
Amortizable Intangible Assets, Accumulated Amortization	(12,931)	(12,279)
Amortizable Intangible Assets, Net Carrying Amount	$ 4,187	$ 5,890

Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Below market rents, acquired	$ 9.5	$ 7.9
Below market rents acquired, weighted average useful life	23 years 4 months 24 days	20 years 6 months
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 31.4	$ 24.2
Acquired intangible assets, weighted average useful life	8 years 6 months	5 years 2 months 12 days
Above-market rent
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 0.5	$ 2.5
Acquired intangible assets, weighted average useful life	6 years 8 months 12 days	5 years 1 month 6 days

Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Acquired Lease Intangibles [Abstract]
Net Increase In Lease Revenues, Total	$ 89,298	$ 94,467
Amortizable Intangible Assets, Net Carrying Amount	(121,171)	(115,939)
In-place lease intangible assets
Acquired Lease Intangibles [Abstract]
2019 (Remainder), Net Increase In Lease Revenues	2,233
2020, Net Increase In Lease Revenues	8,120
2021, Net Increase In Lease Revenues	7,672
2022, Net Increase In Lease Revenues	7,312
2023, Net Increase In Lease Revenues	7,386
Thereafter, Net Increase In Lease Revenues	52,388
Net Increase In Lease Revenues, Total	85,111
2019 (Remainder), Increase to Amortization	(8,454)
2020, Increase to Amortization	(27,446)
2021, Increase to Amortization	(20,486)
2022, Increase to Amortization	(14,970)
2023, Increase to Amortization	(11,432)
Thereafter, Increase to Amortization	(34,196)
Amortizable Intangible Assets, Net Carrying Amount	(116,984)	$ (110,049)
2019 (Remainder), Reduction of Rent Expense	15
2020, Reduction of Rent Expense	58
2021, Reduction of Rent Expense	58
2022, Reduction of Rent Expense	58
2023, Reduction of Rent Expense	58
Thereafter, Reduction of Rent Expense	287
Reduction of Rent Expense, Total	534
2019 (Remainder), Net Income (Expense)	(6,206)
2020, Net Income (Expense)	(19,268)
2021, Net Income (Expense)	(12,756)
2022, Net Income (Expense)	(7,600)
2023, Net Income (Expense)	(3,988)
Thereafter, Net Income (Expense)	18,479
Total, Net Income (Expense)	$ (31,339)

Debt - Summary of Consolidated Indebtedness (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,664,142	$ 1,560,333
Net unamortized debt issuance costs	(9,463)	(10,541)
Unamortized fair market value of assumed debt	676	753
Mortgage and other notes payable, net	1,029,678	1,017,288
Unsecured notes payable, net	625,677	533,257
Total Indebtedness	1,655,355	1,550,545
Mortgages
Debt Instrument [Line Items]
Net unamortized debt issuance costs	(9,135)	(10,173)
Unamortized fair market value of assumed debt	676	753
Mortgage and other notes payable, net	$ 1,029,678	1,017,288
Mortgages \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Unsecured Debt
Debt Instrument [Line Items]
Net unamortized debt issuance costs	$ (328)	(368)
Unsecured notes payable, net	$ 625,677	533,257
Core Portfolio \| Minimum
Debt Instrument [Line Items]
Maturity Date	2019-10
Core Portfolio \| Maximum
Debt Instrument [Line Items]
Maturity Date	2020-04
Core Portfolio \| Variable Rate Debt \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Core Portfolio \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.90%
Core Portfolio \| Unsecured Line of Credit \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Core Portfolio \| Unsecured Notes Payable \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Core Portfolio \| Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 258,533	260,854
Core Portfolio \| Mortgages \| Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 176,714	$ 178,271
Core Portfolio \| Mortgages \| Fixed Rate \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	3.88%	3.88%
Maturity Date	2024-02
Core Portfolio \| Mortgages \| Fixed Rate \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	6.00%	6.00%
Maturity Date	2035-04
Core Portfolio \| Mortgages \| Variable Rate - Swapped
Debt Instrument [Line Items]
Long-term debt, gross	$ 81,819	$ 82,583
Core Portfolio \| Mortgages \| Variable Rate - Swapped \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	3.41%	3.41%
Maturity Date	2023-01
Core Portfolio \| Mortgages \| Variable Rate - Swapped \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	5.67%	5.67%
Maturity Date	2028-11
Core Portfolio \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 383
Core Portfolio \| Unsecured Debt \| Variable Rate Unsecured Term Loans - Swapped
Debt Instrument [Line Items]
Interest rate, stated percentage		1.25%
Maturity Date	2023-03
Long-term debt, gross	$ 350,000	$ 349,617
Core Portfolio \| Unsecured Debt \| Variable Rate Unsecured Term Loans - Swapped \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	2.49%	2.54%
Core Portfolio \| Unsecured Debt \| Variable Rate Unsecured Term Loans - Swapped \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	4.05%	3.59%
Core Portfolio \| Line of Credit \| Unsecured Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 0
Fund Portfolio \| Mortgages \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%
Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,236,805	$ 1,001,658
Variable Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 427,337	558,675
Fund II \| Fund Portfolio
Debt Instrument [Line Items]
Maturity Date	2020-12
Long-term debt, gross	$ 23,925
Fund II \| Fund Portfolio \| Variable Rate Debt \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.39%
Fund II \| Fund Portfolio \| Mortgages
Debt Instrument [Line Items]
Maturity Date	2022-03
Long-term debt, gross	$ 243,063	224,587
Fund II \| Fund Portfolio \| Mortgages \| Fixed Rate
Debt Instrument [Line Items]
Interest rate, stated percentage	4.75%
Maturity Date	2020-05
Long-term debt, gross	$ 200,000	$ 205,262
Fund II \| Fund Portfolio \| Mortgages \| Fixed Rate \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage		1.00%
Fund II \| Fund Portfolio \| Mortgages \| Fixed Rate \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage		4.75%
Fund II \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped
Debt Instrument [Line Items]
Interest rate, stated percentage	4.27%	4.27%
Maturity Date	2021-11
Long-term debt, gross	$ 19,138	$ 19,325
Fund II \| Fund Portfolio \| Mortgages \| Variable Rate Debt \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Fund II \| Fund Portfolio \| Unsecured Debt \| Variable Rate Debt \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%	1.40%
Fund II \| Fund Portfolio \| Unsecured Debt \| Unsecured Notes Payable
Debt Instrument [Line Items]
Long-term debt, gross	$ 40,000	$ 40,000
Fund II \| Fund Portfolio \| Unsecured Debt \| Unsecured Notes Payable \| LIBOR
Debt Instrument [Line Items]
Maturity Date	2020-09
Fund III \| Fund Portfolio
Debt Instrument [Line Items]
Maturity Date	2020-07
Fund III \| Fund Portfolio \| Variable Rate Debt \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Fund III \| Fund Portfolio \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.10%
Fund III \| Fund Portfolio \| Mortgages \| Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 74,145	$ 90,096
Fund III \| Fund Portfolio \| Mortgages \| Variable Rate Debt \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Maturity Date	2020-01
Fund III \| Fund Portfolio \| Mortgages \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.10%	4.65%
Maturity Date	2020-06
Fund III \| Fund Portfolio \| Mortgages \| Variable Rate Debt \| Prime Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Fund IV \| Fund Portfolio
Debt Instrument [Line Items]
Maturity Date	2021-02
Fund IV \| Fund Portfolio \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Fund IV \| Fund Portfolio \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.40%
Fund IV \| Fund Portfolio \| Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 253,990	$ 313,095
Fund IV \| Fund Portfolio \| Mortgages \| Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 8,189	$ 8,189
Fund IV \| Fund Portfolio \| Mortgages \| Fixed Rate \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	3.40%	3.40%
Maturity Date	2025-10
Fund IV \| Fund Portfolio \| Mortgages \| Fixed Rate \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	4.50%	4.50%
Maturity Date	2026-06
Fund IV \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped
Debt Instrument [Line Items]
Long-term debt, gross	$ 88,601	$ 71,841
Fund IV \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped \| Minimum
Debt Instrument [Line Items]
Maturity Date	2020-03
Fund IV \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped \| Maximum
Debt Instrument [Line Items]
Maturity Date	2022-12
Fund IV \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3.67%	3.67%
Fund IV \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.61%	4.23%
Fund IV \| Fund Portfolio \| Mortgages \| Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 157,200	$ 233,065
Fund IV \| Fund Portfolio \| Mortgages \| Variable Rate Debt \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%	1.60%
Maturity Date	2019-12
Fund IV \| Fund Portfolio \| Mortgages \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.40%	3.95%
Maturity Date	2022-04
Fund IV \| Fund Portfolio \| Unsecured Debt \| Term Loan / Subscription Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 87,625	$ 40,825
Fund IV \| Fund Portfolio \| Unsecured Debt \| Term Loan / Subscription Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%	1.65%
Maturity Date	2019-12
Fund IV \| Fund Portfolio \| Unsecured Debt \| Term Loan / Subscription Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%	2.75%
Maturity Date	2021-06
Fund V \| Fund Portfolio \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.15%
Fund V \| Fund Portfolio \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Fund V \| Fund Portfolio \| Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 208,406	$ 138,076
Fund V \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped
Debt Instrument [Line Items]
Long-term debt, gross	$ 156,900	$ 86,570
Fund V \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped \| Minimum
Debt Instrument [Line Items]
Maturity Date	2021-02
Fund V \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped \| Maximum
Debt Instrument [Line Items]
Maturity Date	2024-03
Fund V \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	4.01%	4.61%
Fund V \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.78%	4.78%
Fund V \| Fund Portfolio \| Mortgages \| Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 51,506	$ 51,506
Fund V \| Fund Portfolio \| Mortgages \| Variable Rate Debt \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%
Fund V \| Fund Portfolio \| Mortgages \| Variable Rate Debt \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.15%
Maturity Date	2020-10
Fund V \| Fund Portfolio \| Mortgages \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Maturity Date	2021-01
Fund V \| Fund Portfolio \| Unsecured Debt \| Subscription Line
Debt Instrument [Line Items]
Long-term debt, gross	$ 148,380	$ 102,800
Fund V \| Fund Portfolio \| Unsecured Debt \| Subscription Line \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%	1.60%
Maturity Date	2020-05

Debt - Summary of Consolidated Indebtedness (Parenthetical) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,664,142	$ 1,560,333
Variable-rate debt that subject to interest cap agreements
Debt Instrument [Line Items]
Long-term debt, gross	143,000	143,800
Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements
Debt Instrument [Line Items]
Long-term debt, gross	696,500	$ 609,900
Core Portfolio \| Interest Rate Swaps
Debt Instrument [Line Items]
Long-term debt, gross	$ 155,400
Minimum \| Core Portfolio \| Variable Rate Debt \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Minimum \| Core Portfolio \| Unsecured Notes Payable \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Minimum \| Core Portfolio \| Unsecured Line of Credit \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Maximum \| Core Portfolio \| Variable Rate Debt \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.90%
Fund II \| Fund Portfolio
Debt Instrument [Line Items]
Long-term debt, gross	$ 23,925
Fund II \| Fund Portfolio \| Variable Rate Debt \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.39%
Fund III \| Minimum \| Fund Portfolio \| Variable Rate Debt \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%
Fund III \| Maximum \| Fund Portfolio \| Variable Rate Debt \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.10%
Fund IV \| Minimum \| Fund Portfolio \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Fund IV \| Maximum \| Fund Portfolio \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	3.40%
Fund V \| Minimum \| Fund Portfolio \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.15%
Fund V \| Maximum \| Fund Portfolio \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%

Debt - Credit Facility - Additional Information (Details) - USD ($)	Feb. 20, 2018	Sep. 30, 2019
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300,000,000.0
Unsecured Debt
Debt Instrument [Line Items]
Maturity date	Mar. 31, 2023
Unsecured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000.0
Basis spread on variable rate	1.35%
Maturity date	Mar. 31, 2022
Unsecured Debt \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000,000.0
Unsecured Debt \| $300 Million Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000.0
Basis spread on variable rate	1.25%
Unsecured Debt \| $150 Million Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000.0
Other Secured Financings
Debt Instrument [Line Items]
Maximum borrowing capacity	40,400,000
Core Portfolio \| Unsecured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	150,000,000.0	$ 150,000,000.0
Core Portfolio \| Unsecured Debt \| $150 Million Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000.0

Debt - Mortgage Payable - Additional Information (Details)		3 Months Ended		9 Months Ended	12 Months Ended
	Nov. 09, 2017 USD ($)	Sep. 30, 2019 USD ($) property	Jun. 30, 2019 USD ($)	Sep. 30, 2019 USD ($) property loan	Dec. 31, 2012 USD ($)	Dec. 31, 2018 USD ($) property
Debt Instrument [Line Items]
Number of properties collateralized \| property		41		41		43
Interest Rate Swaps
Debt Instrument [Line Items]
Derivative, notional amount		$ 156,000,000.0		$ 156,000,000.0
Derivative weighted average interest rate		2.43%		2.43%
Mortgages
Debt Instrument [Line Items]
Scheduled principal payment				$ 4,600,000
Prepayment of line of credit			$ 49,000,000.0
Mortgages \| Interest Rate Swaps
Debt Instrument [Line Items]
Derivative, notional amount		$ 91,500,000		$ 91,500,000
Derivative weighted average interest rate		2.74%		2.74%
Fund Portfolio \| Mortgages
Debt Instrument [Line Items]
Number of mortgage loans \| loan				4
Borrowings, amount		$ 118,300,000		$ 118,300,000
Fund IV \| Mortgages
Debt Instrument [Line Items]
Borrowings, amount		23,800,000		23,800,000
Loan amount drew down		18,900,000		18,900,000
Repayments of debt				38,200,000
Decrease in future availability of mortgage loan				3,900,000
Fund IV \| Mortgages \| BSP I
Debt Instrument [Line Items]
Increase (decrease) in mortgage loans				9,400,000
Fund IV \| Mortgages \| 717 North Michigan Avenue
Debt Instrument [Line Items]
Increase (decrease) in mortgage loans				9,900,000
Fund IV \| Mortgages Two
Debt Instrument [Line Items]
Repayments of debt				18,400,000
Fund III \| Mortgages
Debt Instrument [Line Items]
Repayments of debt				4,700,000
Increase (decrease) in mortgage loans				10,000,000.0
Outstanding mortgage loan amount		39,500,000		39,500,000
Fund III \| Mortgages One
Debt Instrument [Line Items]
Repayments of debt				9,800,000
Fund III \| Construction Loans
Debt Instrument [Line Items]
Loan amount drew down		8,700,000		8,700,000
Core Portfolio
Debt Instrument [Line Items]
Derivative, notional amount		587,261,000		587,261,000
Core Portfolio \| Interest Rate Swaps
Debt Instrument [Line Items]
Derivative, notional amount		155,400,000		155,400,000		$ 0.0
Core Portfolio \| Mortgages \| Brandywine Portfolio
Debt Instrument [Line Items]
Debt default, amount		$ 26,300,000		$ 26,300,000		$ 26,300,000
Debt instrument, maturity date				Jul. 01, 2016
Interest rate, stated percentage		6.00%		6.00%
Debt default interest		5.00%		5.00%
Claim amount exclusive of accruing interest, default interest, fees and costs	$ 33,000,000.0
Fund II \| New Market Tax Credit
Debt Instrument [Line Items]
Percentage of tax credits on qualifying invested equity loans		39.00%
Transfer of tax credit transactions to investors exchange amount					$ 5,200,000
Redemption of loan expiration period				7 years
Fund II \| New Market Tax Credit \| Other Income
Debt Instrument [Line Items]
Income recognized from tax credit transactions		$ 5,000,000.0
Fund II \| City Point Project \| New Market Tax Credit
Debt Instrument [Line Items]
Income recognized from tax credit transactions		$ 5,000,000.0
LIBOR \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate				1.75%
LIBOR \| Fund Portfolio \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate				1.65%
LIBOR \| Fund IV \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate				2.35%
LIBOR \| Fund IV \| Mortgages \| Variable Rate Debt
Debt Instrument [Line Items]
Basis spread on variable rate				3.10%
LIBOR \| Fund III \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
LIBOR \| Fund III \| Mortgages \| Variable Rate Debt \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				3.10%
LIBOR \| Fund III \| Mortgages \| Variable Rate Debt \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				4.65%
LIBOR \| Core Portfolio \| Variable Rate Debt \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
LIBOR \| Core Portfolio \| Variable Rate Debt \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate				1.90%

Debt - Unsecured Notes Payable - Additional Information (Details) - USD ($)		9 Months Ended	12 Months Ended
	Feb. 20, 2018	Sep. 30, 2019	Dec. 31, 2018	Jun. 30, 2019	Mar. 31, 2019
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 300,000,000.0
Long-term debt outstanding		$ 1,664,142,000	$ 1,560,333,000
Letters of credit, outstanding amount		20,400,000	19,700,000
Core Portfolio
Debt Instrument [Line Items]
Derivative, notional amount		587,261,000
Fund Portfolio \| Fund II
Debt Instrument [Line Items]
Long-term debt outstanding		23,925,000
Derivative, notional amount		42,438,000
Fund Portfolio \| Fund IV
Debt Instrument [Line Items]
Derivative, notional amount		193,001,000
Fund Portfolio \| Fund V
Debt Instrument [Line Items]
Derivative, notional amount		156,900,000
Interest Rate Swaps
Debt Instrument [Line Items]
Derivative, notional amount		$ 156,000,000.0
Derivative weighted average interest rate		2.43%
Interest Rate Swaps \| Core Portfolio
Debt Instrument [Line Items]
Long-term debt outstanding		$ 155,400,000
Derivative, notional amount		155,400,000	0.0
Unsecured Debt \| Fund IV \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit, outstanding amount		3,600,000	7,400,000
Unsecured Debt \| Core Portfolio
Debt Instrument [Line Items]
Long-term debt outstanding			383,000
Unsecured Notes Payable \| Unsecured Debt
Debt Instrument [Line Items]
Debt available balance		17,600,000	62,300,000
Unsecured Notes Payable \| Unsecured Debt \| Fund Portfolio \| Fund II
Debt Instrument [Line Items]
Long-term debt outstanding		40,000,000	40,000,000
$300 Million Term Loan \| Unsecured Debt \| Core Portfolio
Debt Instrument [Line Items]
Maximum borrowing capacity	300,000,000.0
$350 Million Term Loan \| Unsecured Debt \| Core Portfolio
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000.0
Long-term debt outstanding		350,000,000.0	350,000,000.0
$350 Million Term Loan \| Unsecured Debt \| Core Portfolio \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Term Loan Maturing In September 2020 \| Secured Debt \| Fund II
Debt Instrument [Line Items]
Maximum borrowing capacity		40,000,000.0
Long-term line of credit, noncurrent		40,000,000.0	40,000,000.0
Remaining borrowing capacity		0.0	0.0
Bridge facility \| Unsecured Debt \| Fund IV
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 80,200,000	$ 41,800,000
Long-term line of credit, noncurrent		79,200,000	40,800,000
Remaining borrowing capacity		1,000,000.0	1,000,000.0
Subscription Line \| Unsecured Debt \| Fund IV
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 27,000,000.0	$ 15,000,000.0
Long-term line of credit, noncurrent		8,400,000	0
Remaining borrowing capacity		15,000,000.0	15,000,000.0
Subscription Line \| Unsecured Debt \| Fund V
Debt Instrument [Line Items]
Maximum borrowing capacity		150,000,000.0
Long-term line of credit, noncurrent		148,400,000
Remaining borrowing capacity		1,600,000
Subscription Line \| Unsecured Debt \| Fund Portfolio \| Fund V
Debt Instrument [Line Items]
Long-term debt outstanding		$ 148,380,000	102,800,000
Remaining borrowing capacity			$ 47,200,000
Subscription Line \| Unsecured Debt \| Fund Portfolio \| LIBOR \| Fund V
Debt Instrument [Line Items]
Basis spread on variable rate		1.60%	1.60%

Debt - Unsecured Revolving Lines of Credit - Additional Information (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018	Feb. 20, 2018
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 300,000,000.0
Letters of credit, outstanding amount	$ 20,400,000	$ 19,700,000
Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity			150,000,000.0
Core Portfolio \| Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Debt available balance	133,200,000	137,700,000
Maximum borrowing capacity	150,000,000.0		$ 150,000,000.0
Letters of credit, outstanding amount	$ 16,800,000	$ 12,300,000

Debt - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2019 (Remainder)	$ 121,846
2020	561,472
2021	240,659
2022	91,357
2023	412,305
Thereafter	236,503
Long-term debt and convertible notes payable	1,664,142	$ 1,560,333
Unamortized premium	676	753
Net unamortized debt issuance costs	(9,463)	(10,541)
Total Indebtedness	$ 1,655,355	$ 1,550,545

Financial Instruments and Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Assets
Derivative financial instruments	$ 1,217	$ 7,018
Liabilities
Derivative financial instruments	53,194	7,304
Recurring \| Level 1
Assets
Money Market Funds	10,000	4,504
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	0	0
Recurring \| Level 2
Assets
Money Market Funds	0	0
Derivative financial instruments	1,217	7,018
Liabilities
Derivative financial instruments	53,194	7,304
Recurring \| Level 3
Assets
Money Market Funds	0	0
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain on disposition of properties	$ 12,056,000		$ 5,107,000	$ 14,070,000	$ 5,140,000
Impairment charges	321,000			1,721,000
Reclassification adjustment related to derivatives from AOCI to interest expense				4,800,000
Derivatives designated as fair value hedges	0			0		$ 0
Derivative designated to hedges of net investments in foreign operations	0			$ 0		0
Nonrecurring \| Disposal group, held-for-sale
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charges					$ 0
Nonrecurring \| Disposal group, held-for-sale \| Fund IV \| 210 Bowery property
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain on disposition of properties						0
Impairment charges	300,000	$ 1,400,000				$ 0
Nonrecurring \| Noncontrolling Interests \| Disposal group, held-for-sale \| Fund IV \| 210 Bowery property
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charges	$ 200,000	$ 1,100,000

Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (53,194)	$ (7,304)
Fair value, asset derivatives	1,217	7,018
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	156,000
Core Portfolio
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	587,261
Fair value, derivatives, net	(45,814)	(310)
Core Portfolio \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 155,400	0
Derivative Effective Date	2020-07
Fair value, liability derivatives	$ (15,700)	(2,900)
Core Portfolio \| Interest Rate Swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	423,761
Fair value, liability derivatives	(46,395)	(6,332)
Core Portfolio \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	163,500
Fair value, asset derivatives	$ 581	6,022
Core Portfolio \| Interest Rate Swaps \| Minimum \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2012-12
Derivative Maturity Date	2022-03
Strike Rate	1.71%
Core Portfolio \| Interest Rate Swaps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2014-10
Derivative Maturity Date	2019-11
Strike Rate	1.24%
Core Portfolio \| Interest Rate Swaps \| Maximum \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2020-07
Derivative Maturity Date	2030-07
Strike Rate	3.77%
Core Portfolio \| Interest Rate Swaps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2016-07
Derivative Maturity Date	2021-06
Strike Rate	1.70%
Fund Portfolio \| Interest Rate Swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2019-10
Fair value, liability derivatives	$ (100)
Fund Portfolio \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2019-11
Fair value, liability derivatives	$ 600
Fund Portfolio \| Fund II
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	42,438
Fair value, derivatives, net	(177)	108
Fund Portfolio \| Fund II \| Interest Rate Swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 19,138
Derivative Effective Date	2014-10
Derivative Maturity Date	2021-11
Fair value, liability derivatives	$ (180)	0
Fund Portfolio \| Fund II \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Fair value, asset derivatives	$ 0	108
Fund Portfolio \| Fund II \| Interest Rate Swaps \| Minimum \| Other Liabilities
Derivatives, Fair Value [Line Items]
Strike Rate	2.88%
Fund Portfolio \| Fund II \| Interest Rate Swaps \| Maximum \| Other Liabilities
Derivatives, Fair Value [Line Items]
Strike Rate	2.88%
Fund Portfolio \| Fund II \| Interest Rate Cap \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 23,300
Derivative Effective Date	2019-03
Derivative Maturity Date	2022-03
Fair value, asset derivatives	$ 3	0
Fund Portfolio \| Fund II \| Interest Rate Cap \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.50%
Fund Portfolio \| Fund II \| Interest Rate Cap \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.50%
Fund Portfolio \| Fund IV
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 193,001
Fair value, derivatives, net	(1,066)	859
Fund Portfolio \| Fund IV \| Interest Rate Swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	65,501
Fair value, liability derivatives	(1,068)	0
Fund Portfolio \| Fund IV \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 23,100
Derivative Effective Date	2017-03
Derivative Maturity Date	2020-03
Fair value, asset derivatives	$ 2	851
Fund Portfolio \| Fund IV \| Interest Rate Swaps \| Minimum \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2017-03
Derivative Maturity Date	2022-04
Strike Rate	1.97%
Fund Portfolio \| Fund IV \| Interest Rate Swaps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	1.82%
Fund Portfolio \| Fund IV \| Interest Rate Swaps \| Maximum \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2019-05
Derivative Maturity Date	2022-12
Strike Rate	4.00%
Fund Portfolio \| Fund IV \| Interest Rate Swaps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	1.82%
Fund Portfolio \| Fund IV \| Interest Rate Cap \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 104,400
Fair value, asset derivatives	$ 0	8
Fund Portfolio \| Fund IV \| Interest Rate Cap \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2016-11
Derivative Maturity Date	2019-12
Strike Rate	3.00%
Fund Portfolio \| Fund IV \| Interest Rate Cap \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2019-07
Derivative Maturity Date	2021-07
Strike Rate	3.50%
Fund Portfolio \| Fund III \| Interest Rate Cap \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 58,000
Derivative Effective Date	2016-12
Derivative Maturity Date	2020-01
Fair value, asset derivatives	$ 0	8
Fund Portfolio \| Fund III \| Interest Rate Cap \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund Portfolio \| Fund III \| Interest Rate Cap \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund Portfolio \| Fund V
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 156,900
Fair value, derivatives, net	(4,920)	(951)
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	156,900
Fair value, liability derivatives	(5,551)	(972)
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 0
Derivative Effective Date	2019-11
Fair value, asset derivatives	$ 631	$ 21
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Minimum \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2018-01
Derivative Maturity Date	2021-02
Strike Rate	1.45%
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Maturity Date	2024-09
Strike Rate	1.25%
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Maximum \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2019-10
Derivative Maturity Date	2024-10
Strike Rate	2.88%
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Maturity Date	2024-10
Strike Rate	1.28%

Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Parenthetical) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($) derivative	Dec. 31, 2018 USD ($)
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (53,194)	$ (7,304)
Core Portfolio
Derivatives, Fair Value [Line Items]
Derivative, notional amount	587,261
Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative, notional amount	$ 156,000
Interest Rate Swaps \| Core Portfolio
Derivatives, Fair Value [Line Items]
Number of derivative instruments held \| derivative	2
Fair value, liability derivatives	$ (15,700)	(2,900)
Derivative Effective Date	2020-07
Derivative, notional amount	$ 155,400	0
Interest Rate Swaps \| Core Portfolio \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative, notional amount	163,500
Interest Rate Swaps \| Core Portfolio \| Other Liabilities
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	(46,395)	$ (6,332)
Derivative, notional amount	$ 423,761
Interest Rate Swaps \| Fund Portfolio \| Other Assets
Derivatives, Fair Value [Line Items]
Number of derivative instruments held \| derivative	3
Fair value, liability derivatives	$ 600
Derivative Effective Date	2019-11
Interest Rate Swaps \| Fund Portfolio \| Other Liabilities
Derivatives, Fair Value [Line Items]
Number of derivative instruments held \| derivative	2
Fair value, liability derivatives	$ (100)
Derivative Effective Date	2019-10

Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable	$ 94,807	$ 109,613
Mortgage and Other Notes Payable	1,655,355	1,550,545
Unsecured notes payable and Unsecured line of credit	625,677	533,257
Level 3 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable	94,807	109,613
Mortgage and Other Notes Payable	1,038,137	1,026,708
Investment in non-traded equity securities	0	0
Level 3 \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable	94,180	107,370
Mortgage and Other Notes Payable	1,048,580	1,021,075
Investment in non-traded equity securities	56,337	56,337
Level 2 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable and Unsecured line of credit	626,005	533,625
Level 2 \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable and Unsecured line of credit	$ 626,785	$ 533,954

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - ATM Program - Additional Information (Details) - ATM Program - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2019
Class Of Stock [Line Items]
Issuance of ordinary shares (in shares)	2,149,154		4,816,505
Gross proceeds	$ 61.6		$ 137.8
Weighted Average Share Price	$ 28.64		$ 28.61
Proceeds from stock plans net of issuance costs	$ 60.6		$ 135.8
Purchase new program included an optional forward purchase component		$ 250.0

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Share Repurchases - Additional Information (Details) - USD ($)	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Stockholders Equity Including Portion Attributable To Noncontrolling Interest [Abstract]
Authorized amount			$ 200,000,000.0
Number of shares repurchased during period (in shares)	0	2,294,235	2,294,235
Shares repurchased during period		$ 55,057,000	$ 55,100,000
Stock repurchase fees		$ 100,000	$ 100,000
Remaining authorized repurchase amount	$ 144,900,000

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Schedule of Dividends Declared and paid (Details) - $ / shares					3 Months Ended		9 Months Ended
	Aug. 13, 2019	May 09, 2019	Feb. 28, 2019	Nov. 15, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Class Of Stock [Line Items]
Cash dividends declared per common share (in dollars per share)					$ 0.28	$ 0.27	$ 0.84	$ 0.81
Fourth Quarter Two Thousand Eighteen
Class Of Stock [Line Items]
Cash dividends, declared date							Nov. 15, 2018
Cash dividends declared per common share (in dollars per share)				$ 0.28
Cash dividends, record date							Dec. 31, 2018
Cash dividends, paid date							Jan. 15, 2019
First Quarter Two Thousand Nineteen
Class Of Stock [Line Items]
Cash dividends, declared date							Feb. 28, 2019
Cash dividends declared per common share (in dollars per share)			$ 0.28
Cash dividends, record date							Mar. 29, 2019
Cash dividends, paid date							Apr. 15, 2019
Second Quarter Two Thousand Nineteen
Class Of Stock [Line Items]
Cash dividends, declared date							May 09, 2019
Cash dividends declared per common share (in dollars per share)		$ 0.28
Cash dividends, record date							Jun. 28, 2019
Cash dividends, paid date							Jul. 15, 2019
Third Quarter Two Thousand Nineteen
Class Of Stock [Line Items]
Cash dividends, declared date							Aug. 13, 2019
Cash dividends declared per common share (in dollars per share)	$ 0.28
Cash dividends, record date							Sep. 30, 2019
Cash dividends, paid date							Oct. 15, 2019

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Summary of Activity in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 2,100,106	$ 2,112,549	$ 2,081,947	$ 2,215,639
Other comprehensive loss before reclassifications	(15,388)	3,973	(51,347)	12,576
Reclassification of realized interest on swap agreements	(288)	(55)	(1,374)	417
Net current period other comprehensive Income (loss)	(15,676)	3,918	(52,721)	12,993
Ending Balance	2,229,523	2,123,804	2,229,523	2,123,804
AOCI Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net current period other comprehensive Income (loss)	1,108	(789)	8,067	(2,340)
AOCI Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(29,570)	10,138	516	2,614
Ending Balance	$ (44,138)	$ 13,267	$ (44,138)	$ 13,267

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Summary of Change in Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance			$ 622,442
Net income (loss)	$ 8,840	$ (2,597)	6,539	$ (9,027)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	0	0	0
Other comprehensive loss - unrealized loss on valuation of swap agreements	(15,388)	3,973	(51,347)	12,576
Reclassification of realized interest on swap agreements	(288)	(55)	(1,374)	417
Noncontrolling interest distributions	(29,713)	(9,014)	(34,595)	(24,654)
Employee Long-term Incentive Plan Unit Awards	1,916	2,219	7,361	8,332
Reallocation of noncontrolling interests	0	0	0	0
Ending Balance	709,941		709,941
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	618,910	619,874	622,442	648,440
Distributions declared of $0.28, 0.27 and $0.84, $0.81 per Common OP Unit for three and nine months ended September 30, 2019 and 2018, respectively	(1,765)	(1,692)	(5,322)	(5,126)
Net income (loss)	(1,618)	(11,822)	(25,196)	(33,336)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	(720)	(834)	(4,230)	(1,957)
Other comprehensive loss - unrealized loss on valuation of swap agreements	(1,115)	702	(8,006)	2,060
Reclassification of realized interest on swap agreements	7	87	(61)	280
Noncontrolling interest contributions	129,438	40,440	161,628	46,990
Noncontrolling interest distributions	(29,713)	(9,014)	(34,595)	(24,654)
Employee Long-term Incentive Plan Unit Awards	1,768	2,082	6,965	7,924
Reallocation of noncontrolling interests	(5,251)	(1,783)	(3,684)	(2,581)
Ending Balance	709,941	638,040	709,941	638,040
Noncontrolling Interests \| Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending Balance	(3,684)		(3,684)
Noncontrolling Interests \| Noncontrolling Interests in Partially-Owned Affiliates
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	515,205	514,774	518,219	545,519
Distributions declared of $0.28, 0.27 and $0.84, $0.81 per Common OP Unit for three and nine months ended September 30, 2019 and 2018, respectively	0	0	0	0
Net income (loss)	(2,403)	(12,554)	(27,633)	(35,313)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0		0	0
Other comprehensive loss - unrealized loss on valuation of swap agreements	(251)	505	(5,320)	1,435
Reclassification of realized interest on swap agreements	23	96		270
Noncontrolling interest contributions	129,438	40,440	161,628	46,990
Noncontrolling interest distributions	(29,713)	(9,014)	(34,595)	(24,654)
Employee Long-term Incentive Plan Unit Awards	0	0	0	0
Reallocation of noncontrolling interests	0	0	0	0
Ending Balance	612,299	534,247	612,299	534,247
Noncontrolling Interests \| Noncontrolling Interests in Partially-Owned Affiliates \| Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending Balance	0		0
Noncontrolling Interests \| Operating Partnership, as General Partner or Managing Member
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance	103,705	105,100	104,223	102,921
Distributions declared of $0.28, 0.27 and $0.84, $0.81 per Common OP Unit for three and nine months ended September 30, 2019 and 2018, respectively	(1,765)	(1,692)	(5,322)	(5,126)
Net income (loss)	785	732	2,437	1,977
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	(720)	(834)	(4,230)	(1,957)
Other comprehensive loss - unrealized loss on valuation of swap agreements	(864)	197	(2,686)	625
Reclassification of realized interest on swap agreements	(16)	(9)	(61)	10
Noncontrolling interest contributions		0	0	0
Noncontrolling interest distributions	0	0	0	0
Employee Long-term Incentive Plan Unit Awards	1,768	2,082	6,965	7,924
Reallocation of noncontrolling interests	(5,251)	(1,783)	(3,684)	(2,581)
Ending Balance	97,642	$ 103,793	97,642	$ 103,793
Noncontrolling Interests \| Operating Partnership, as General Partner or Managing Member \| Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending Balance	$ (3,684)		$ (3,684)

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Summary of Change in Noncontrolling Interest (Parenthetical) (Details) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Minority Interest [Line Items]
Distributions declared (in dollars per share)	$ 0.28	$ 0.27	$ 0.84	$ 0.81
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership (in shares)	41,646	46,950	249,464	111,588
Operating Partnership, as General Partner or Managing Member
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)	3,306,879	3,331,440	3,306,879	3,331,440
Operating Partnership, as General Partner or Managing Member \| Series A Preferred Stock
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)	188	188	188	188
Operating Partnership, as General Partner or Managing Member \| Series C Preferred Stock
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)	136,593	136,593	136,593	136,593
LTIP Units
Minority Interest [Line Items]
LTIP units outstanding (in shares)	2,673,608	2,547,002	2,673,608	2,547,002

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Preferred OP Units - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended		45 Months Ended	249 Months Ended
	Sep. 30, 2019	Sep. 30, 2019	Dec. 31, 2016	Dec. 31, 1999	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Class Of Stock [Line Items]
Denominator for Series A Preferred OP Unit conversion	$ 7,500	$ 7,500			$ 7,500	$ 7,500
Common Shares
Class Of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)	2,149,000	4,816,000
Gotham Plaza \| Common Shares
Class Of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)			442,478
Preferred quarterly distribution per share price			$ 0.9375
Number of convertible units if share price below $28.80 (in shares)			3.4722
Number of convertible units if share price above $35.20 (in shares)			2.8409
Operating Partnership, as General Partner or Managing Member
Class Of Stock [Line Items]
Series A Preferred OP Units (in shares)	3,306,879	3,306,879			3,306,879	3,306,879	3,331,440
Preferred OP Units
Class Of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)		0
Preferred OP Units \| Gotham Plaza
Class Of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)			141,593
Share price (in dollars per share)			$ 100.00
Preferred OP Units \| Gotham Plaza \| Minimum
Class Of Stock [Line Items]
Share price at conversion date			28.80
Preferred OP Units \| Gotham Plaza \| Maximum
Class Of Stock [Line Items]
Share price at conversion date			$ 35.20
Series A Preferred Stock
Class Of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)				1,580
Preferred stock, stated value per unit	$ 1,000	$ 1,000			$ 1,000	$ 1,000
Per unit conversion amount, Series A Preferred OP Units (in dollars per unit)	$ 22.50	$ 22.50			$ 22.50	$ 22.50
Per unit conversion annual rate, Preferred OP Units	9.00%	9.00%			9.00%	9.00%
Number of preferred OP Units converted (in shares)						1,392
Units converted from Preferred OP Units (in shares)						185,600
Series A Preferred Stock \| Operating Partnership, as General Partner or Managing Member
Class Of Stock [Line Items]
Series A Preferred OP Units (in shares)	188	188			188	188	188
Series C Preferred Stock \| Gotham Plaza
Class Of Stock [Line Items]
Number of preferred OP Units converted (in shares)					5,000
Units converted from Preferred OP Units (in shares)					17,165
Series C Preferred Stock \| Operating Partnership, as General Partner or Managing Member
Class Of Stock [Line Items]
Series A Preferred OP Units (in shares)	136,593	136,593			136,593	136,593	136,593

Leases - Operating Leases - Additional Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($) shopping_center	Jun. 30, 2019 USD ($)	Sep. 30, 2019 USD ($) item shopping_center	Sep. 30, 2018 USD ($)
Operating Leased Assets [Line Items]
Variable lease revenues	$ 14,700		$ 41,200
Cumulative effect adjustment to retained earnings required upon adoption of the new standard	0		0
Operating lease, right-of-use asset	55,717		$ 55,717
Number of operating lease \| item			9
Number of finance lease \| item			4
Finance lease, right-of-use asset	93,796		$ 93,796
Finance lease, liability	88,137		88,137
Operating lease liabilities	$ 57,093		57,093
Acquisition of real estate			$ 256,647	$ 104,902
Number of shopping centers with land leases \| shopping_center	6		6
Ground lease expense				1,200
Rent expense capitalized				500
Rent expense				700
Capital lease term			49 years
1238 Wisconsin Avenue \| Core Portfolio
Operating Leased Assets [Line Items]
Finance lease, right-of-use asset		$ 11,200
Finance lease, liability		10,700
110 University Place
Operating Leased Assets [Line Items]
Operating lease, right-of-use asset		45,300
Operating lease liabilities		45,300
Acquisition of real estate		$ 10,500
Capital Lease Liability
Operating Leased Assets [Line Items]
Finance lease liabilities	$ 71,100		$ 71,100
Finance lease, liability	71,100		71,100
Repayments capital lease obligations				$ 1,900
Ground, Office and Equipment Leases
Operating Leased Assets [Line Items]
Operating lease, right-of-use asset	82,600		82,600
Operating lease liabilities	76,600		76,600
Capital Leases Asset
Operating Leased Assets [Line Items]
Finance lease, right-of-use asset	77,000		77,000
Accounting Standards Update 2016-02
Operating Leased Assets [Line Items]
Operating lease, right-of-use asset	11,900		11,900
Operating lease liabilities	12,800		12,800
Finance lease, right-of-use asset	5,700		5,700
Finance lease, liability	$ 5,700		$ 5,700
Minimum
Operating Leased Assets [Line Items]
Operating lease term	1 month		1 month
Period of lease term			25 years
Maximum
Operating Leased Assets [Line Items]
Operating lease term	60 years		60 years
Period of lease term			71 years

Leases - Schedule of Lease Cost (Details) $ in Thousands	3 Months Ended	9 Months Ended
Leases - Schedule of Lease Cost (Details) $ in Thousands	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Finance lease cost:
Amortization of right-of-use assets	$ 565	$ 1,603
Interest on lease liabilities	978	2,755
Subtotal	1,543	4,358
Operating lease cost	1,394	3,037
Variable lease cost	62	119
Total lease cost	$ 2,999	$ 7,514
Weighted-average remaining lease term - finance leases (years)	42 years 10 months 24 days	42 years 10 months 24 days
Weighted-average remaining lease term - operating leases (years)	33 years 8 months 12 days	33 years 8 months 12 days
Weighted-average discount rate - finance leases	4.50%	4.50%
Weighted-average discount rate - operating leases	5.80%	5.80%

Leases - Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Minimum Rental Revenues
2019 (Remainder)	$ 48,697
2020	205,710
2021	193,653
2022	173,664
2023	152,273
Thereafter	652,003
Total	1,426,000
Minimum Rental Payments
2019 (Remainder)	1,821
2020	7,139
2021	7,073
2022	7,082
2023	7,075
Thereafter	334,761
Total	$ 364,951

Segment Reporting - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 73,327	$ 65,527	$ 217,543	$ 189,954
Depreciation and amortization	(32,170)	(28,676)	(92,807)	(86,755)
Property operating expenses, other operating and real estate taxes	(23,405)	(21,921)	(66,947)	(58,892)
General and administrative expenses	(8,222)	(7,982)	(25,579)	(24,359)
Impairment charge	(321)		(1,721)
Gain on disposition of properties	12,056	5,107	14,070	5,140
Operating income	21,265	12,055	44,559	25,088
Interest income	1,748	3,513	6,247	10,539
Other income	5,034		6,947
Interest and Other Income				10,539
Equity in earnings (losses) of unconsolidated affiliates	1,299	376	7,129	7,079
Interest expense	(19,103)	(18,077)	(56,721)	(50,882)
Income tax provision	(1,403)	(464)	(1,622)	(851)
Net income (loss)	8,840	(2,597)	6,539	(9,027)
Net loss attributable to noncontrolling interests	1,618	11,822	25,196	33,336
Net income attributable to Acadia	10,458	9,225	31,735	24,309
Real estate at cost	4,012,134	3,613,174	4,012,134	3,613,174
Total assets	4,329,545	3,918,716	4,329,545	3,918,716	$ 3,958,780
Acquisition of real estate			256,647	104,902
Cash paid for development and property improvement costs			77,636	66,238
Operating Segments \| Core Portfolio
Segment Reporting Information [Line Items]
Revenues	42,142	41,742	131,356	122,959
Depreciation and amortization	(15,179)	(14,856)	(45,949)	(45,283)
Property operating expenses, other operating and real estate taxes	(11,205)	(11,910)	(34,730)	(32,102)
General and administrative expenses	0	0	0	0
Impairment charge	0		0
Gain on disposition of properties	0	0	0	0
Operating income	15,758	14,976	50,677	45,574
Interest income	0	0	0
Other income	0		327
Interest and Other Income				0
Equity in earnings (losses) of unconsolidated affiliates	1,798	2,005	7,322	5,171
Interest expense	(7,333)	(6,972)	(20,866)	(20,475)
Income tax provision	0	0	0	0
Net income (loss)	10,223	10,009	37,460	30,270
Net loss attributable to noncontrolling interests	263	115	648	241
Net income attributable to Acadia	10,486	10,124	38,108	30,511
Real estate at cost	2,190,281	2,060,024	2,190,281	2,060,024
Total assets	2,316,683	2,234,521	2,316,683	2,234,521
Acquisition of real estate			82,125	1,343
Cash paid for development and property improvement costs			19,059	22,892
Operating Segments \| Opportunity Funds
Segment Reporting Information [Line Items]
Revenues	31,185	23,785	86,187	66,995
Depreciation and amortization	(16,991)	(13,820)	(46,858)	(41,472)
Property operating expenses, other operating and real estate taxes	(12,200)	(10,011)	(32,217)	(26,790)
General and administrative expenses	0	0	0	0
Impairment charge	(321)		(1,721)
Gain on disposition of properties	12,056	5,107	14,070	5,140
Operating income	13,729	5,061	19,461	3,873
Interest income	0	0	0
Other income	5,034		6,620
Interest and Other Income				0
Equity in earnings (losses) of unconsolidated affiliates	(499)	(1,629)	(193)	1,908
Interest expense	(11,770)	(11,105)	(35,855)	(30,407)
Income tax provision	0	0	0	0
Net income (loss)	6,494	(7,673)	(9,967)	(24,626)
Net loss attributable to noncontrolling interests	1,355	11,707	24,548	33,095
Net income attributable to Acadia	7,849	4,034	14,581	8,469
Real estate at cost	1,821,853	1,553,150	1,821,853	1,553,150
Total assets	1,918,055	1,574,785	1,918,055	1,574,785
Acquisition of real estate			174,522	103,559
Cash paid for development and property improvement costs			58,577	43,346
Operating Segments \| Structured Financing
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Depreciation and amortization	0	0	0	0
Property operating expenses, other operating and real estate taxes	0	0	0	0
General and administrative expenses	0	0	0	0
Impairment charge	0		0
Gain on disposition of properties	0	0	0	0
Operating income	0	0	0	0
Interest income	1,748	3,513	6,247
Other income	0		0
Interest and Other Income				10,539
Equity in earnings (losses) of unconsolidated affiliates	0	0	0	0
Interest expense	0	0	0	0
Income tax provision	0	0	0	0
Net income (loss)	1,748	3,513	6,247	10,539
Net loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Acadia	1,748	3,513	6,247	10,539
Real estate at cost	0	0	0	0
Total assets	94,807	109,410	94,807	109,410
Acquisition of real estate			0	0
Cash paid for development and property improvement costs			0	0
Unallocated
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Depreciation and amortization	0	0	0	0
Property operating expenses, other operating and real estate taxes	0	0	0	0
General and administrative expenses	(8,222)	(7,982)	(25,579)	(24,359)
Impairment charge	0		0
Gain on disposition of properties	0	0	0	0
Operating income	(8,222)	(7,982)	(25,579)	(24,359)
Interest income	0	0	0
Other income	0		0
Interest and Other Income				0
Equity in earnings (losses) of unconsolidated affiliates	0	0	0	0
Interest expense	0	0	0	0
Income tax provision	(1,403)	(464)	(1,622)	(851)
Net income (loss)	(9,625)	(8,446)	(27,201)	(25,210)
Net loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Acadia	(9,625)	(8,446)	(27,201)	(25,210)
Real estate at cost	0	0	0	0
Total assets	$ 0	$ 0	0	0
Acquisition of real estate			0	0
Cash paid for development and property improvement costs			$ 0	$ 0

Share Incentive and Other Compensation - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation			$ 7,361,000	$ 8,332,000
Trustee fees			1,700,000	900,000
Total unrecognized compensation cost related to nonvested awards	$ 18,200,000		$ 18,200,000
Weighted-average period over which cost is expected to be recognized			1 year 10 months 24 days
Performance Period Ending December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			33.30%
Award vesting period			3 years
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested			$ 8,500,000		$ 12,800,000
LTIP Units \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures			18,009
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date	6,463		6,463
LTIP Units \| Performance Period Ending December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			66.70%
Award vesting period			3 years
LTIP Units \| Tranche One \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures			11,546
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested			$ 600,000		$ 800,000
Restricted shares \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures			17,318
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date	3,996		3,996
Restricted shares \| Tranche One \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures			13,322
LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total value of restricted shares and LTIP units as of the grant date	$ 11,100,000
Weighted average grant date fair value, grants (in dollars per share)			$ 32.50		$ 26.64
LTIP Units and Restricted Stock \| Trustee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Annual vesting rate of shares granted to trustees that begin vesting on the second anniversary of grant date			33.00%
LTIP Units and Restricted Stock \| General and Administrative Expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation	$ 1,700,000	$ 2,000,000.0	$ 5,400,000	6,300,000
LTIP Units and Restricted Stock \| Performance Period Ending December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
LTIP Units and Restricted Stock \| Performance Fails To Achieve, Earned Performance-Based Shares Vest At End Of Performance Period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			60.00%
LTIP Units and Restricted Stock \| Performance Fails To Achieve
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			40.00%
Award vesting period			2 years
LTIP Units and Restricted Stock \| Minimum \| TSR percentile falls between the 25th percentile and the 50th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			50.00%
LTIP Units and Restricted Stock \| Minimum \| TSR percentile falls between the 50th percentile and 75th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			100.00%
LTIP Units and Restricted Stock \| Maximum \| TSR percentile falls between the 25th percentile and the 50th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			100.00%
LTIP Units and Restricted Stock \| Maximum \| TSR percentile falls between the 50th percentile and 75th percentile
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting percentage			200.00%
Employee Benefit Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense			$ 300,000	300,000
Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	704,479		704,479
Share Incentive Plan \| LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures			330,718
Share Incentive Plan \| Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures			8,041
Performance Shares 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years
Volatility rate			(19.60%)
Risk-free interest rates			(2.50%)
Long Term Investment Alignment Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Max percentage of future fund III promote that may be awarded to senior executives						25.00%
Long Term Investment Alignment Program \| Fund III
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award						25.00%
Compensation expense			$ 0	0
Long Term Investment Alignment Program \| Fund IV
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award						22.80%
Awards in connection with fund to have intrinsic value	$ 0		0
Compensation expense			0	0
Long Term Investment Alignment Program \| Fund V
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award						2.20%
Awards in connection with fund to have intrinsic value	$ 0		0
Compensation expense			$ 0	$ 0

Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares unvested, Beginning of period (in shares)	38,455	41,327
Shares granted (in shares)	25,359	22,817
Shares vested (in shares)	(21,424)	(25,261)
Shares forfeited (in shares)		(428)
Shares unvested, End of period (in shares)	42,390	38,455
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 22.44	$ 26.92
Shares granted, Weighted average grant date fair value (in dollars per share)	28.56	23.65
Shares vested, Weighted average grant date fair value (in dollars per share)	27.12	30.79
Shares forfeited, Weighted average grant date fair value (in dollars per share)		27.25
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share)	$ 23.73	$ 22.44
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares unvested, Beginning of period (in shares)	891,886	910,099
Shares granted (in shares)	348,726	425,880
Shares vested (in shares)	(290,753)	(431,827)
Shares forfeited (in shares)	(15,679)	(12,266)
Shares unvested, End of period (in shares)	934,180	891,886
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 26.87	$ 28.28
Shares granted, Weighted average grant date fair value (in dollars per share)	32.78	26.80
Shares vested, Weighted average grant date fair value (in dollars per share)	29.30	29.72
Shares forfeited, Weighted average grant date fair value (in dollars per share)	31.49	28.57
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share)	$ 28.24	$ 26.87

Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase discount rate	15.00%
Employee share purchase maximum purchase amount	$ 25,000
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase (in shares)	1,803	2,836

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Numerator:
Net income attributable to Acadia	$ 10,458	$ 9,225	$ 31,735	$ 24,309
Less: net income attributable to participating securities	(38)	(66)	(134)	(158)
Income from continuing operations net of income attributable to participating securities	$ 10,420	$ 9,159	$ 31,601	$ 24,151
Denominator:
Weighted average shares for basic earnings per share (in shares)	84,888,445	81,565,805	83,552,182	82,245,020
Effect of dilutive securities:
Employee unvested restricted shares (in shares)	0	0	0	0
Denominator for diluted earnings per share (in shares)	84,888,445	81,565,805	83,552,182	82,245,020
Basic and diluted earnings per share (in dollars per share)	$ 0.12	$ 0.11	$ 0.38	$ 0.29
Series A Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	188	188	188	188
Series A Preferred OP Units - Common Share Equivalent
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	25,067	25,067	25,067	25,067
Series C Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	136,593	136,593	136,593	136,593
Series C Preferred OP Units - Common Share Equivalent
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	474,278	474,278	474,278	474,278
Restricted shares
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	40,821	38,450	40,821	37,180

Subsequent Events - Additional Information (Details) - USD ($)				9 Months Ended
	Oct. 31, 2019	Oct. 11, 2019	Feb. 20, 2018	Sep. 30, 2019	Oct. 08, 2019	Dec. 31, 2018
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 300,000,000.0
Long-term debt, gross				$ 1,664,142,000		$ 1,560,333,000
Subsequent Event \| Fund V
Subsequent Event [Line Items]
Cash distribution paid to investors		$ 6,300,000
Proceeds from limited partnership investments		$ 1,300,000
Unsecured Debt \| Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 150,000,000.0
Basis spread on variable rate			1.35%
Unsecured Debt \| Senior Unsecured Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 500,000,000.0
Unsecured Debt \| Term Loan
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 350,000,000.0
Unsecured Debt \| Subsequent Event
Subsequent Event [Line Items]
Additional revolving credit facility maximum aggregate principal amount for accordion feature					$ 750,000,000.0
Unsecured Debt \| Subsequent Event \| Revolving Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity					250,000,000.0
Increase in maximum borrowing capacity					100,000,000.0
Unsecured Debt \| Subsequent Event \| Senior Unsecured Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity					600,000,000.0
Unsecured Debt \| Subsequent Event \| Term Loan
Subsequent Event [Line Items]
Maximum borrowing capacity					$ 350,000,000.0
Mortgages \| LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate				1.75%
Mortgages \| Forecast \| Consolidated and Unconsolidated Properties
Subsequent Event [Line Items]
Borrowings, amount	$ 140,400,000
Mortgages \| Forecast \| Fund V Consolidated Properties \| Landstown Commons
Subsequent Event [Line Items]
Borrowings, amount	$ 60,900,000
Debt instrument, maturity date	Oct. 24, 2024
Mortgages \| Forecast \| Fund V Consolidated Properties \| Landstown Commons \| LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate	1.70%
Mortgages \| Forecast \| Fund V Consolidated Properties \| Lincoln Commons
Subsequent Event [Line Items]
Borrowings, amount	$ 40,800,000
Debt instrument, maturity date	Oct. 24, 2024
Long-term debt, gross	$ 38,800,000
Mortgages \| Forecast \| Fund V Consolidated Properties \| Lincoln Commons \| LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate	1.70%
Mortgages \| Forecast \| Fund V Unconsolidated Properties \| Tri City Plaza
Subsequent Event [Line Items]
Borrowings, amount	$ 38,700,000
Debt instrument, maturity date	Oct. 18, 2024
Long-term debt, gross	$ 25,400,000
Mortgages \| Forecast \| Fund V Unconsolidated Properties \| Tri City Plaza \| LIBOR
Subsequent Event [Line Items]
Basis spread on variable rate	1.90%
Mortgages \| Fixed Rate \| Forecast \| Fund V Consolidated Properties \| Landstown Commons
Subsequent Event [Line Items]
Interest rate, stated percentage	2.949%
Mortgages \| Fixed Rate \| Forecast \| Fund V Consolidated Properties \| Lincoln Commons
Subsequent Event [Line Items]
Interest rate, stated percentage	2.949%
Mortgages \| Fixed Rate \| Forecast \| Fund V Unconsolidated Properties \| Tri City Plaza
Subsequent Event [Line Items]
Interest rate, stated percentage	3.0935%

Real Estate - Properties Held for Sale - Additional Information (Details) - Fund IV $ in Millions	Sep. 30, 2019 USD ($) property	Jun. 30, 2019 USD ($) property
Business Acquisition [Line Items]
Number of properties held-for-sale \| property	1	1
Properties held-for-sale \| $	$ 2.9	$ 6.3

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Contractual obligation	$ 42.9	$ 55.5
Letters of credit, outstanding amount	$ 20.4	$ 19.7

Real Estate - Real Estate Under Development and Construction in Progress - Additional Information (Details) - property	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Number of projects put into service during period	1
Number of unconsolidated project in development			1
Core Portfolio
Property, Plant and Equipment [Line Items]
Number of projects put into service during period		1

Leases - Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases (Parenthetical) (Details) $ in Millions	Sep. 30, 2019 USD ($)
Leases [Abstract]
Minimum rental payments of interest related to finance lease	$ 220.8

Segment Reporting - Additional Information (Details)	9 Months Ended
Segment Reporting - Additional Information (Details)	Sep. 30, 2019 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Share Incentive and Other Compensation - Employee 401 (k) Plan - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2019
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution	50.00%
Maximum annual contribution per employee	6.00%
Maximum employee annual salary contribution	15.00%
Forecast
Defined Contribution Plan Disclosure [Line Items]
Maximum employee annual salary contribution amount		$ 19,000

Earnings Per Common Share - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019
Earnings Per Share [Abstract]
Description of conversion of common OP units to common shares	The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis.
Conversion of common OP units to common shares	100.00%