Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2019	Feb. 12, 2020	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		82,127,330
Entity Public Float			$ 2,311.5
Entity Shell Company	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
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
Title of 12(b) Security	Common shares of beneficial interest, par value $0.001 per share
Security Exchange Name	NYSE
Document Annual Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	MD
Entity Interactive Data Current	Yes
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Part III – Portions of the registrant’s definitive proxy statement relating to its 2020 Annual Meeting of Shareholders presently scheduled to be held May 7, 2020 to be filed pursuant to Regulation 14A.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Operating real estate, net	$ 3,355,913	$ 3,160,851
Real estate under development	253,402	120,297
Net investments in real estate	3,609,315	3,281,148
Notes receivable, net	114,943	111,775
Investments in and advances to unconsolidated affiliates	305,097	262,410
Other assets, net	190,658	206,408
Cash and cash equivalents	15,845	21,268
Restricted cash	14,165	13,580
Rents receivable	59,091	62,191
Total assets	4,309,114	3,958,780
LIABILITIES
Mortgage and other notes payable, net	1,170,076	1,017,288
Unsecured notes payable, net	477,320	533,257
Unsecured line of credit	60,800	0
Accounts payable and other liabilities	371,516	286,072
Dividends and distributions payable	27,075	24,593
Distributions in excess of income from, and investments in, unconsolidated affiliates	15,362	15,623
Total liabilities	2,122,149	1,876,833
Commitments and contingencies
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 shares, issued and outstanding 87,050,465 and 81,557,472 shares, respectively	87	82
Additional paid-in capital	1,706,357	1,548,603
Accumulated other comprehensive (loss) income	(31,175)	516
Distributions in excess of accumulated earnings	(132,961)	(89,696)
Total Acadia shareholders’ equity	1,542,308	1,459,505
Noncontrolling interests	644,657	622,442
Total equity	2,186,965	2,081,947
Total liabilities and equity	$ 4,309,114	$ 3,958,780

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Rental income	$ 291,190	$ 254,508	$ 242,138
Revenues	295,327	259,681	248,552
Operating expenses
Depreciation and amortization	125,443	117,549	104,934
General and administrative	35,416	34,343	33,756
Real estate taxes	39,315	36,712	35,946
Property operating	51,153	42,679	39,958
Impairment charges	1,721		14,455
Other operating		857	2,184
Total operating expenses	253,048	232,140	231,233
Gain on disposition of properties	30,324	5,140	48,886
Operating income	72,603	32,681	66,205
Equity in earnings of unconsolidated affiliates inclusive of gain on disposition of properties of $0, $0 and $15,336, respectively	8,922	9,302	23,371
Interest income	7,988	13,231	29,143
Other income	6,947		5,571
Interest expense	(73,788)	(69,978)	(58,978)
Income (loss) from continuing operations before income taxes	22,672	(14,764)	65,312
Income tax provision	(1,468)	(934)	(1,004)
Net income (loss)	21,204	(15,698)	64,308
Net loss (income) attributable to noncontrolling interests	31,841	47,137	(2,838)
Net income attributable to Acadia	$ 53,045	$ 31,439	$ 61,470
Basic and diluted earnings per share (in dollars per share)	$ 0.62	$ 0.38	$ 0.73
Other
Revenues	$ 4,137	$ 5,173	$ 6,414

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 21,204	$ (15,698)	$ 64,308
Other comprehensive (loss) income:
Unrealized (loss) income on valuation of swap agreements	(35,674)	(2,659)	634
Reclassification of realized interest on swap agreements	(872)	71	3,317
Other comprehensive (loss) income	(36,546)	(2,588)	3,951
Comprehensive (loss) income	(15,342)	(18,286)	68,259
Comprehensive loss (income) attributable to noncontrolling interests	36,696	47,627	(3,377)
Comprehensive income attributable to Acadia	$ 21,354	$ 29,341	$ 64,882

- 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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+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Distributions in Excess of Accumulated Earnings	Total Common Shareholders? Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2016	$ 2,178,125	$ 84	$ 1,594,926	$ (798)	$ (5,635)	$ 1,588,577	$ 589,548
Balance (in Shares) at Dec. 31, 2016		83,598,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0		1,541			1,541	(1,541)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		87,000
Dividends/distributions declared ($1.13, $1.09 and 1.05 per Common Share/OP Unit for Year Ended Dec 31, 2019, 2018 and 2017)	(94,301)				(87,848)	(87,848)	(6,453)
Employee and trustee stock compensation, net	11,155		698			698	10,457
Employee and trustee stock compensation, net (in Shares)		23,000
Noncontrolling interest distributions	(32,805)						(32,805)
Noncontrolling interest contributions	85,206						85,206
Comprehensive (loss) income	68,259			3,412	61,470	64,882	3,377
Reallocation of noncontrolling interests	0		(651)			(651)	651
Ending 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		2,068			2,068	(2,068)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		117,000
Repurchase of Common Shares	$ (55,111)	$ (2)	(55,109)			(55,111)
Repurchase of Common Shares (in shares)	(2,294,235)	(2,294,000)
Dividends/distributions declared ($1.13, $1.09 and 1.05 per Common Share/OP Unit for Year Ended Dec 31, 2019, 2018 and 2017)	$ (96,010)				(89,122)	(89,122)	(6,888)
Employee and trustee stock compensation, net	12,948		574			574	12,374
Employee and trustee stock compensation, net (in Shares)		26,000
Noncontrolling interest distributions	(24,793)						(24,793)
Noncontrolling interest contributions	47,560						47,560
Comprehensive (loss) income	(18,286)			(2,098)	31,439	29,341	(47,627)
Reallocation of noncontrolling interests	0		4,556			4,556	(4,556)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	$ 0		5,104			5,104	(5,104)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		308,000
Repurchase of Common Shares (in shares)	0
Issuance of Common Shares	$ 145,498	$ 5	145,493			145,498
Issuance of Common Shares		5,164,000
Dividends/distributions declared ($1.13, $1.09 and 1.05 per Common Share/OP Unit for Year Ended Dec 31, 2019, 2018 and 2017)	(103,434)				(96,310)	(96,310)	(7,124)
Employee and trustee stock compensation, net	10,957		546			546	10,411
Employee and trustee stock compensation, net (in Shares)		21,000
Noncontrolling interest distributions	(94,289)						(94,289)
Noncontrolling interest contributions	161,628						161,628
Comprehensive (loss) income	(15,342)			(31,691)	53,045	21,354	(36,696)
Reallocation of noncontrolling interests	0		6,611			6,611	(6,611)
Ending Balance at Dec. 31, 2019	$ 2,186,965	$ 87	$ 1,706,357	$ (31,175)	$ (132,961)	$ 1,542,308	$ 644,657
Balance (in Shares) at Dec. 31, 2019	87,050,465	87,050,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 21,204	$ (15,698)	$ 64,308
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	125,443	117,549	104,934
Distributions of operating income from unconsolidated affiliates	11,273	15,556	15,556
Equity in earnings and gains of unconsolidated affiliates	(8,922)	(9,302)	(23,371)
Stock compensation expense	10,957	12,948	11,155
Amortization of financing costs	7,577	6,008	5,985
Impairment charge	1,721		14,455
Gain on disposition of properties	(30,324)	(5,140)	(48,886)
Gain on change in control			(5,571)
Deferred gain on tax credits	(5,034)
Other, net	(11,627)	(11,768)	(10,621)
Changes in assets and liabilities:
Other liabilities	(4,466)	6,161	(4,285)
Prepaid expenses and other assets	8,198	(7,168)	(6,498)
Rents receivable, net	(455)	(10,044)	(11,274)
Accounts payable and accrued expenses	1,632	(3,026)	8,768
Net cash provided by operating activities	127,177	96,076	114,655
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(319,673)	(147,985)	(200,429)
Acquisition of leasehold interests	(39,031)
Development, construction and property improvement costs	(89,270)	(94,834)	(108,142)
Issuance of or advances on notes receivable	(3,608)	(3,002)	(10,600)
Proceeds from the disposition of properties, net	88,738	63,866	260,711
Investments in and advances to unconsolidated affiliates and other	(151,281)	(3,161)	(6,535)
Return of capital from unconsolidated affiliates and other	105,999	26,338	43,684
Proceeds from notes receivable	15,250	26,000	32,000
Return of deposits for properties under contract	2,870	1,692	(2,000)
Payment of deferred leasing costs	(7,051)	(6,106)	(5,202)
Change in control of previously unconsolidated affiliate		573	576
Net cash (used in) provided by investing activities	(397,057)	(136,619)	4,063
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	(168,211)	(81,726)	(306,119)
Principal payments on unsecured debt	(521,600)	(632,300)	(277,134)
Proceeds received on mortgage and other notes	326,268	187,173	156,344
Proceeds from unsecured debt	526,400	648,800	359,625
Payments of finance lease obligations	(2,749)
Repurchase of Common Shares		(55,111)
Proceeds from the sale of Common Shares, net	145,498
Capital contributions from noncontrolling interests	161,628	47,560	85,206
Distributions to noncontrolling interests	(101,370)	(31,568)	(39,942)
Dividends paid to Common Shareholders	(93,902)	(88,887)	(99,527)
Deferred financing and other costs	(6,920)	(4,219)	(6,211)
Net cash provided by (used in) financing activities	265,042	(10,278)	(127,758)
Decrease in cash and restricted cash	(4,838)	(50,821)	(9,040)
Cash of $21,268, $74,823 and $71,805 and restricted cash of $13,580, $10,846 and $22,904, respectively, beginning of year	34,848	85,669	94,709
Cash of $15,845, $21,268 and $74,823 and restricted cash of $14,165, $13,580 and $10,846, respectively, end of year	30,010	34,848	85,669
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $12,586 and $5,625 and $13,509 respectively	53,586	61,832	49,942
Cash paid for income taxes, net of refunds	730	1,227	875
Supplemental disclosure of non-cash investing activities
Assumption of accounts payable and accrued expenses through acquisition of real estate	4,666	2,597	2,173
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
Note receivable exchanged for sale of real estate	13,530
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	60,695
Acquisition of real estate through conversion of note receivable			9,142
Change in control of previously unconsolidated (consolidated) investment
(Increase) decrease in real estate	828	(31,836)	(39,322)
Decrease (increase) in investments in and advances to unconsolidated affiliates	(1,189)	35,881	4,159
Change in other assets and liabilities	12	(3,472)	(1,842)
Decrease in right-of-use assets, finance leases	11,051
Decrease in finance lease liability	$ (10,702)
Decrease in notes receivable			32,010
Gain on change in control			5,571
Increase in cash and restricted cash upon change of control		$ 573	$ 576

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement Of Cash Flows [Abstract]
Cash and cash equivalents, beginning balance	$ 21,268	$ 74,823	$ 71,805
Cash and cash equivalents, ending balance	15,845	21,268	74,823
Restricted cash, beginning balance	13,580	10,846	22,904
Restricted cash, ending balance	14,165	13,580	10,846
Cash paid for capitalized interest	$ 12,586	$ 5,625	$ 13,509

Organization, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 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 December 31, 2019 and 2018, the Company controlled approximately 95% and 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 December 31, 2019, the Company has ownership interests in 129 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 186 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 December 31, 2019 ^(b)		Unfunded Commitment^(b)		Equity Interest Held By Operating Partnership^(a)			Preferred Return			Total Distributions as of December 31, 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	%		193.1
Fund V	8/2016		20.10	%		213.3		306.7		20.10	%		6	%		11.1

(a)	Amount represents the current economic ownership at December 31, 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 December 31, 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 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 FASB Accounting Standards Codification Topic 810 “Consolidation.” 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.

Use of Estimates

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

Reclassifications

Certain prior year amounts with regard to gains on dispositions of properties and credit losses have been reclassified to conform to the current year presentation. These reclassifications had no effect on the reported results of operations.

Summary of Significant Accounting Policies

Real Estate

Land, buildings, and personal property are carried at cost less accumulated depreciation. Improvements and significant renovations that extend the useful life of the properties are capitalized, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Real estate under development includes costs for significant property expansion and development.

Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows:

Buildings and improvements Useful lives of 40 years for buildings and 15 years for improvements

Furniture and fixtures Useful lives, ranging from five years to 20 years

Tenant improvements Shorter of economic life or lease terms

Purchase Accounting – Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above- and below-market leases and acquired in-place leases and customer relationships) and acquired liabilities in accordance with ASC Topic 805, “Business Combinations” and ASC Topic 350 “Intangibles – Goodwill and Other,” and allocates the acquisition price based on these assessments. When acquisitions of properties do not meet the criteria for business combinations, no goodwill is recorded and acquisition costs are capitalized.

The Company assesses fair value of its tangible assets acquired and assumed liabilities based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information at the measurement period. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property.

In determining the value of above- and below-market leases, the Company estimates the present value difference between contractual rent obligations and estimated market rate of leases at the time of the transaction. To the extent there were fixed-rate options at below-market rental rates, the Company included these along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized to rental income over the remaining applicable lease term, inclusive of any option periods.

In determining the value of acquired in-place leases and customer relationships, the Company considers market conditions at the time of the transaction and values the costs to execute similar leases during the expected lease-up period from vacancy to existing occupancy, including carrying costs. The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off.

The Company estimates the value of any assumption of mortgage debt based on market conditions at the time of acquisitions including prevailing interest rates, terms and ability to obtain financing for a similar asset. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.

Real Estate Under Development – The Company capitalizes certain costs related to the development of real estate. Interest and real estate taxes incurred during the period of the construction, expansion or development of real estate are capitalized and depreciated over the estimated useful life of the building. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed.

Real Estate Impairment – The Company reviews its real estate and real estate under development for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates made by management, and considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. See Note 8 for information about impairment charges incurred during the periods presented.

Dispositions of Real Estate – The Company recognizes property sales in accordance with ASC Topic 970 “Real Estate.” Sales of real estate include the sale of land, operating properties and investments in real estate joint ventures. Beginning January 1, 2018, gains on sale of investment properties are recognized, and the related real estate derecognized, when the Company has satisfied its performance obligations by transferring control of the property. Typically, the timing of payment and satisfaction of performance obligations occur simultaneously on the disposition date upon transfer of the property’s ownership. Prior to January 1, 2018, gains from dispositions were recognized under the full accrual or partial sales method provided that various criteria relating to terms of sales and subsequent involvement by the Company with the asset sold are met.

Real Estate Held for Sale – The Company generally considers assets to be held for sale when it has entered into a contract to sell the property, all material due diligence requirements have been satisfied, and management believes it is probable that the disposition will occur within one year. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell.

Notes Receivable

Notes receivable include certain loans that are held for investment and are collateralized by real estate-related investments and may be subordinate to other senior loans. Notes receivable are recorded at stated principal amounts or at initial investment less accretive yield for loans purchased at a discount, which is accreted over the life of the note. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. The Company evaluates the collectability of both principal and interest based upon an assessment of the underlying collateral value to determine whether it is impaired. A reserve is recorded when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. The amount of the reserve is calculated by comparing the recorded investment to the value of the underlying collateral. As the underlying collateral for a majority of the notes receivable is real estate-related investments, the same valuation techniques are used to value the collateral as those used to determine the fair value of real estate investments for impairment purposes. Given the small number of notes outstanding, the Company does not provide for an additional reserve based on the grouping of loans, as the Company believes the characteristics of its notes are not sufficiently similar to allow an

evaluation of these notes as a group for a possible loan loss allowance. As such, all of the Company’s notes are evaluated individually for this purpose. Interest income on performing notes is accrued as earned. A note is placed on non-accrual status when, based upon current information and events, it is probable that the Company will not be able to collect all amounts due according to the existing contractual terms. Recognition of interest income on an accrual basis on non-performing notes is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.

Investments in and Advances to Unconsolidated Joint Ventures

Some of the Company’s joint ventures obtain non-recourse third-party financing on their property investments, contractually limiting the Company’s exposure to losses. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability.

When characterizing distributions from equity investees within the Company's consolidated statements of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered return of investment. In such cases, the distribution is classified as cash inflows from investing activities.

To the extent that the Company’s carrying basis in an unconsolidated affiliate is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of investments in unconsolidated affiliates the joint venture.

The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment, is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the periods presented there were no impairment charges related to the Company’s investments in unconsolidated joint ventures.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the limits insured by the Federal Deposit Insurance Corporation.

Restricted Cash

Restricted cash consists principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy and property operating income requirements at specific properties as required by certain loan agreements.

Deferred Costs

External fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. External fees and costs incurred in connection with obtaining financing are deferred and amortized as a component of interest expense over the term of the related debt obligation on a straight-line basis, which approximates the effective interest method. Effective January 1, 2019, internal leasing costs are no longer being capitalized as discussed further below under ASU 2016-02.

Derivative Instruments and Hedging Activities

The Company measures derivative instruments at fair value and records them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings.

Although the Company's derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the consolidated balance sheets. The Company does not use derivatives for trading or speculative purposes. For the periods

presented, all of the Company's derivatives qualified and were designated as cash flow hedges, and none of its derivatives were deemed ineffective.

Noncontrolling Interests

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s consolidated balance sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s consolidated statements of income. Noncontrolling interests also include amounts related to common and preferred OP Units issued to unrelated third parties in connection with certain property acquisitions. In addition, the Company periodically issues common OP Units and LTIPs to certain employees of the Company under its share-based incentive program. Unit holders generally have the right to redeem their units for Common Shares subject to blackout and other limitations. Common and restricted OP Units are included in the caption Noncontrolling interest within the equity section on the Company’s consolidated balance sheets.

Revenue Recognition and Accounts Receivable

Effective January 1, 2019, and as further described below, the Company accounts for its leases under ASC 842. Pursuant to ASC 842, the Company has made an accounting policy election to not separate the non-lease components from its leases, such as common area maintenance, and has accounted for each of its leases as a single lease component. In addition, the Company has elected to account only for those taxes that it pays on behalf of the tenant as reimbursable costs and will not account for those taxes paid directly by the tenant. Minimum rents from tenants are recognized using the straight-line method over the non-cancelable lease term of the respective leases. Lease termination fees are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. As of December 31, 2019 and 2018, unbilled rents receivable relating to the straight-lining of rents of $48.4 million and $47.2 million, respectively, are included in Rents Receivable, net on the accompanying consolidated balance sheets. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred.

The Company assesses the collectability of its accounts receivable related to tenant revenues. 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 applies a general reserve, as provided under ASC 450-20, if applicable. Rents receivable at December 31, 2019 and 2018 are shown net of an allowance for doubtful accounts of $11.4 million and $7.9 million, respectively.

Stock-Based Compensation

Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. The Company recognizes these compensation costs for only those shares or units expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. The Company includes stock-based compensation within general and administrative expense on the consolidated statements of income.

Income Taxes

The Company has made an election to be taxed, and believes it qualifies, as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To maintain REIT status for Federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to Federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year.

In connection with the REIT Modernization Act, the Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code. As such, the Company is subject to Federal and state income taxes on the income from these activities.

The Act was enacted in December 2017 and is generally effective for tax years beginning in 2018. This new legislation did not have a material adverse effect on the Company’s business and allows non-corporate shareholders to deduct a portion of the Company’s dividends.

Although it may qualify for REIT status for federal income tax purposes, the Company is subject to state or local income or franchise taxes in certain jurisdictions in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s TRS is fully subject to federal, state and local income taxes.

The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, “Income Taxes.” Under the liability method, deferred income taxes are recognized for the temporary differences between the GAAP basis and tax basis of the TRS income, assets and liabilities.

The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized. In 2019, the Company recorded valuation allowances to reduce deferred tax assets when it determined that an uncertainty existed regarding their realization, which increased the provision for income taxes. In making such determination, the Company considered all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carry-forwards, tax planning strategies and recent results of operations. Several of these considerations require assumptions and significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is utilizing to manage its business. To the extent facts and circumstances change in the future, further adjustments to the valuation allowances may be required.

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 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 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 effective January 1, 2019:

•

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, have been 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 have been reclassified to conform to the current period presentation.

•

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

•

The Company’s internal leasing costs have been 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 no longer capitalizes internal leasing costs that were previously capitalized (the Company capitalized $1.7 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’s 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 has made 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 approximately $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 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 material effect on the Company’s 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 adopted this guidance effective January 1, 2019 and there was no impact on the Company’s 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 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). 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 (discussed below) 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.

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 currently does not expect to utilize this election upon adoption of ASU 2016-13 (discussed below) because it does not currently have any significant held-to-maturity debt securities.

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. As previously discussed, the Company accounts for its lease receivables utilizing the guidance of ASC 842 and does not expect to make any adjustments related to the implementation of ASU 2019-19.

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. Upon implementation of ASU 2016-13 and other related guidance, the Company expects to record additional reserves related to its Structured Financing portfolio of loans receivable, but does not expect that these adjustments will be material to the Company’s consolidated financial statements.

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 will make the required updates to its fair value disclosures beginning with its 2020 interim reports.

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, has been early adopted by the Company effective January 1, 2019. As of December 31, 2019, the Company has capitalized and deferred approximately $0.2 million related to the ongoing implementation of two separate software applications for internal use pursuant to this new guidance.

Real Estate

12 Months Ended

Dec. 31, 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 for the periods presented (in thousands):

	December 31, 2019			December 31, 2018
Land	$	756,297		$	710,469
Buildings and improvements		2,740,479			2,594,828
Tenant improvements		173,686			151,154
Construction in progress		13,617			44,092
Properties under capital lease (Note 11)		—			76,965
Right-of-use assets - finance leases (Note 11)		102,055			—
Right-of-use assets - operating leases (Note 11), net		60,006			—
Total		3,846,140			3,577,508
Less: Accumulated depreciation and amortization		(490,227	)		(416,657	)
Operating real estate, net		3,355,913			3,160,851
Real estate under development, at cost		253,402			120,297
Net investments in real estate	$	3,609,315		$	3,281,148

Acquisitions and Conversions

During the years ended December 31, 2019 and 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, 45, 47, 51 and 53 Greene Street - New York, NY ^(a)	100%	Mar 15, 2019 Mar 27, 2019 May 29, 2019 Jul 30, 2019 Nov 8, 2019	$	87,006
849, 907 and 912 W. Armitage - Chicago, IL	100%	Sep 11, 2019 Dec 11, 2019		10,738
8436-8452 Melrose Place - Los Angeles, CA	100%	Oct 25, 2019		48,691
Subtotal Core				146,435

Fund V
Palm Coast Landing - Palm Coast, FL	100%	May 6, 2019		36,644
Lincoln Commons - Lincoln, RI	100%	Jun 21, 2019		54,299
Landstown Commons - Virginia Beach, VA	100%	Aug 2, 2019		86,961
Subtotal Fund V				177,904
Total 2019 Acquisitions			$	324,339

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. One of the remaining properties was acquired in January 2020 (Note 17). The acquisition of the remaining property is expected to be finalized during 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 years ended December 31, 2019 and 2018, the Company capitalized $2.6 million and $0.3 million of acquisition costs, respectively, of which $2.2 million related to the Core Portfolio and $0.4 million related to the Funds in 2019 and $0.3 million related to the Funds in 2018. 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 years ended December 31, 2019 and 2018 (in thousands):

	Year Ended December 31, 2019			Year Ended December 31, 2018
Net Assets Acquired
Land	$	78,263		$	38,086
Buildings and improvements		221,185			129,586
Acquisition-related intangible assets (Note 6)		34,972			26,693
Acquisition-related intangible liabilities (Note 6)		(10,081	)		(7,902	)
Net assets acquired	$	324,339		$	186,463

Consideration
Cash	$	319,673		$	147,985
Liabilities assumed		4,666			2,597
Existing interest in previously unconsolidated investment		—			35,881
Total consideration	$	324,339		$	186,463

Dispositions

During the years ended December 31, 2019 and 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 - 3 Residential Condos - New York, NY	Fund IV	May 17, 2019 Sep 23, 2019 Nov 7, 2019		8,826		(242	)
JFK Plaza - Waterville, ME	Fund IV	Jul 24, 2019		7,800		2,075
3780-3858 Nostrand Avenue - New York, NY	Fund III	Aug 22, 2019		27,650		2,562
938 W North Avenue - Chicago, IL	Fund IV	Sep 27, 2019		32,000		7,144
Pacesetter Park - Pomona, NY	Core	Oct 28, 2019		22,550		16,771
Total 2019 Dispositions			$	109,326	$	30,324


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 years ended December 31, 2019, 2018 and 2017 were as follows (in thousands):

	Year Ended December 31,
	2019			2018			2017
Revenues	$	7,295		$	11,633		$	23,617
Expenses		(6,403	)		(10,084	)		(31,651	)
Gain on disposition of properties		30,324			5,140			48,886
Net income attributable to noncontrolling interests		(10,515	)		(4,742	)		(29,233	)
Net income attributable to Acadia	$	20,701		$	1,947		$	11,619

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				Year Ended December 31, 2019						December 31, 2019
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		1	$	7,759	$	57,342	$	5,581	$	9,819		—	$	60,863
Fund II		—		7,462		—		3,241		—		—		10,703
Fund III		1		21,242		12,313		2,685		—		1		36,240
Fund IV		1		83,834		47,689		14,073		—		2		145,596
Total		3	$	120,297	$	117,344	$	25,580	$	9,819		3	$	253,402

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 year ended December 31, 2019, the Company placed the following projects into development:

•

a portion of City Center (Core)

•

a portion of Cortlandt Crossing (Fund III)

•

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

•

its 146 Geary Street property (Fund IV)

During the year ended December 31, 2019, the Company placed one Core development project, 56 E. Walton, into service. Fund II amounts relate to the City Point Phase III project.

	December 31, 2017				Year Ended 2018						December 31, 2018
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	21,897	$	—	$	6,320	$	20,458		1	$	7,759
Fund II		—		4,908		—		2,554		—		—		7,462
Fund III		2		63,939		—		36,117		78,814		1		21,242
Fund IV		1		82,958		—		876		—		1		83,834
Total		5	$	173,702	$	—	$	45,867	$	99,272		3	$	120,297

During the year ended December 31, 2018, the Company placed one Core development project into service and one Fund III 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

12 Months Ended

Dec. 31, 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):

	December 31,		December 31,		December 31, 2019
Description	2019		2018		Number		Maturity Date	Interest Rate
Core Portfolio ^(a)	$	76,467	$	58,637		5	Apr 2020 - Apr 2026	4.7% - 8.1%
Fund II		33,170		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%
	$	114,943	$	111,775		7

(a)

Includes two notes receivable from OP Unit holders, which are collateralized by their OP Units, with balances totaling $6.5 million at December 31, 2019 and $4.8 million at December 31, 2018.

During the year ended December 31, 2019, the Company:

•

redeemed its $15.3 million Fund IV investment plus accrued interest of $10.0 million;

•

provided seller financing to the buyer in the amount of $13.5 million with an effective interest rate of 5.1%, collateralized by Pacesetter Park, in connection with the sale of the property (Note 2);

•

funded an additional $4.3 million on a Core note receivable from an OP Unit holder;

•

increased the balance of a Fund II note receivable by the interest accrued of $0.4 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 December 31, 2019 and was guaranteed by a third party;

•

extended the maturity for a Core note receivable to June 2, 2020; and

•

modified one Core loan to defer $0.4 million of interest until maturity. Subsequent to modification, the first mortgage, which aggregated $20.8 million including accrued interest, was in default as of December 31, 2019. The Company believes that the collateral is sufficient to cover the outstanding principal and interest.

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). See Note 17 for information about investments subsequent to December 31, 2019.

Investments in and Advances to Unconsolidated Affiliates

12 Months Ended

Dec. 31, 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	December 31,			December 31,
Portfolio	Property	December 31, 2019	2019			2018
Core:
	840 N. Michigan^(a)	88.43%	$	61,260		$	65,013
	Renaissance Portfolio	20%		31,815			32,458
	Gotham Plaza	49%		29,466			29,550
	Town Center^{(a, b)}	75.22%		97,674			99,758
	Georgetown Portfolio	50%		4,498			4,653
	1238 Wisconsin Avenue	80%		1,194			—
				225,907			231,432

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

Fund III:
	Fund III Other Portfolio	94.23%		17			21
	Self Storage Management ^(d)	95%		207			206
				224			227
Fund IV:
	Broughton Street Portfolio ^(e)	50%		12,702			3,236
	Fund IV Other Portfolio	98.57%		14,733			14,540
	650 Bald Hill Road	90%		12,450			12,880
				39,885			30,656

Fund V:	Family Center at Riverdale ^(a)	89.42%		13,329			—
	Tri-City Plaza	90%		10,250			—
	Frederick County Acquisitions	90%		15,070			—
				38,649			—

Various:	Due to Related Parties			(1,902	)		(461	)
	Other ^(f)			2,334			556
	Investments in and advances to unconsolidated affiliates		$	305,097		$	262,410

Core:
	Crossroads ^(g)	49%	$	15,362		$	15,623
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	15,362		$	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)

Also referred to as “BSP II” as discussed further below. The Company is entitled to a 15% return on its cumulative capital contribution which was $5.9 million and $3.0 million at December 31, 2019 and 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 December 31, 2019 and 2018, respectively.

(f)	Includes cost-method investments in Albertson’s (Note 8), Storage Post, Fifth Wall (discussed below) 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 Acquisitions 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. (“Fifth Wall”). During the fourth quarter 2019, the Company invested $0.1 million in Fifth Wall. Additionally, in November 2019, Fifth Wall distributed $0.2 million. The Company’s total commitment is $5.0 million. The Company accounts for its interest at cost less impairment given its ownership is less than five percent, the investment has no readily determinable fair value, and the Company has virtually no influence over the partnership’s operating and financial policies. At December 31, 2019, the Company’s investment was $1.7 million.

On May 2, 2019, the Company acquired a ground lease interest at 1238 Wisconsin Avenue in Washington, D.C. (“1238 Wisconsin”). Prior to the fourth quarter of 2019, the Company had a controlling interest, and therefore consolidated the property within the Company’s financial statements. During December 2019, the Company entered into an operating agreement in order to admit a co-investor and property manager, who was also appointed the development manager under a separate agreement. As a result of these transactions and the significant participation rights of the co-investor, the Company de-consolidated 1238 Wisconsin and accounted for its interest under the equity method of accounting effective October 1, 2019 as it does not control but exercises significant influence over the investment. No gain or loss was recognized as the Company’s investment approximated fair value at the time of de-consolidation.

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% controlling interest and therefore consolidates.

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.

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 December 31, 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 a 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 a 90% 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 a 90% 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 “Frederick County Acquisitions” for $21.8 million and $33.1 million, respectively. The Company accounts for its interest in the Frederick County Acquisitions under the equity method of accounting as it does not control but exercises significant influence over the investment.

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, Fund III’s Storage Post venture, distributed $3.2 million of which the Operating Partnership’s share was $0.8 million.

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, which held 11 consolidated properties (Note 2), resulting in Fund IV becoming the 100% owner of the BSP I venture. 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 December 31, 2019, the Broughton Street portfolio had 13 remaining properties, two of which are unconsolidated and are held within the BSP II venture.

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 $2.0 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 $0.3 million and $0.5 million and $0.7 million for the years ended December 31, 2019, 2018 and 2017, 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, $1.3 million and $1.6 million and $1.9 million for the years ended December 31, 2019, 2018 and 2017, 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):

	December 31, 2019			December 31, 2018
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	656,265		$	487,846
Real estate under development		1,341			—
Other assets		85,540			89,890
Total assets	$	743,146		$	577,736
Liabilities and partners’ equity:
Mortgage notes payable	$	502,036		$	408,967
Other liabilities		77,785			54,585
Partners’ equity		163,325			114,184
Total liabilities and partners’ equity	$	743,146		$	577,736

Company's share of accumulated equity	$	186,864		$	139,028
Basis differential		100,962			103,812
Deferred fees, net of portion related to the Company's interest		1,270			3,646
Amounts payable by the Company		(1,902	)		(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		287,194			246,025
Cost method investments		2,541			762
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		15,362			15,623
Investments in and advances to unconsolidated affiliates	$	305,097		$	262,410

	Year Ended December 31,
	2019			2018			2017
Combined and Condensed Statements of Income
Total revenues	$	88,585		$	80,184		$	83,222
Operating and other expenses		(24,624	)		(23,586	)		(24,711	)
Interest expense		(21,874	)		(19,954	)		(18,733	)
Depreciation and amortization		(25,358	)		(22,228	)		(24,192	)
Loss on debt extinguishment		—			—			(154	)
(Loss) gain on disposition of properties		—			(1,673	)		18,957
Net income attributable to unconsolidated affiliates	$	16,729		$	12,743		$	34,389

Company’s share of equity in net income of unconsolidated affiliates	$	11,772		$	12,345		$	26,039
Basis differential amortization		(2,850	)		(3,043	)		(2,668	)
Company’s equity in earnings of unconsolidated affiliates	$	8,922		$	9,302		$	23,371

Other Assets, Net and Accounts Payable and Other Liabilities

12 Months Ended

Dec. 31, 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)	December 31, 2019			December 31, 2018
Other Assets, Net:
Lease intangibles, net (Note 6)	$	116,820		$	115,939
Deferred charges, net ^(a)		28,746			28,619
Prepaid expenses		18,873			18,422
Other receivables		3,996			2,896
Accrued interest receivable		9,872			17,046
Due from seller		3,682			4,000
Deposits		1,853			4,611
Corporate assets, net		1,565			1,953
Income taxes receivable		1,755			2,070
Derivative financial instruments (Note 8)		2,583			7,018
Deferred tax assets		913			2,032
Due from related parties		—			1,802
	$	190,658		$	206,408

(a) Deferred Charges, Net:
Deferred leasing and other costs	$	49,081		$	45,011
Deferred financing costs related to line of credit		10,051			8,960
		59,132			53,971
Accumulated amortization		(30,386	)		(25,352	)
Deferred charges, net	$	28,746		$	28,619

Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	$	82,926		$	95,045
Lease liability - finance leases, net (Note 11)		77,657			—
Accounts payable and accrued expenses		68,838			65,215
Lease liability - operating leases, net (Note 11)		56,762			—
Derivative financial instruments (Note 8)		39,061			7,304
Deferred income		33,682			34,052
Tenant security deposits, escrow and other		12,590			10,588
Capital lease obligations (Note 11)		—			71,111
Other		—			2,757
	$	371,516		$	286,072

Lease Intangibles

12 Months Ended

Dec. 31, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

Lease Intangibles

6. Lease Intangibles

Upon acquisitions of real estate, 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):

	December 31, 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	$	249,961		$	(137,108	)	$	112,853		$	216,021		$	(105,972	)	$	110,049
Above-market rent		17,227			(13,260	)		3,967			18,169			(12,279	)		5,890
	$	267,188		$	(150,368	)	$	116,820		$	234,190		$	(118,251	)	$	115,939

Amortizable Intangible Liabilities
Below-market rent	$	(160,721	)	$	78,315		$	(82,406	)	$	(152,188	)	$	57,721		$	(94,467	)
Above-market ground lease		(671	)		151			(520	)		(671	)		93			(578	)
	$	(161,392	)	$	78,466		$	(82,926	)	$	(152,859	)	$	57,814		$	(95,045	)

During the year ended December 31, 2019, the Company acquired in-place lease intangible assets of $36.1 million, above-market rents of $0.6 million, and below-market rents of $10.4 million with weighted-average useful lives of 7.9, 6.7, and 21.7 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 December 31, 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
2020	$	7,177	$	(27,827	)	$	58	$	(20,592	)
2021		6,717		(21,053	)		58		(14,278	)
2022		6,196		(15,160	)		58		(8,906	)
2023		6,149		(11,578	)		58		(5,371	)
2024		5,706		(8,931	)		58		(3,167	)
Thereafter		46,494		(28,304	)		230		18,420
Total	$	78,439	$	(112,853	)	$	520	$	(33,894	)

Debt

12 Months Ended

Dec. 31, 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
	December 31,		December 31,		Maturity Date at	December 31,			December 31,
	2019		2018		December 31, 2019	2019			2018
Mortgages Payable
Core Fixed Rate	3.88%-6.00%		3.88%-6.00%		Feb 2024 - Apr 2035	$	176,176		$	178,271
Core Variable Rate - Swapped ^(a)	3.41%-4.54%		3.41%-5.67%		Jan 2023 - Nov 2028		81,559			82,583
Total Core Mortgages Payable							257,735			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		24,225			—
Fund II Variable Rate - Swapped ^(a)	2.88%		4.27%		Nov 2021		19,073			19,325
Total Fund II Mortgages Payable							243,298			224,587
Fund III Variable Rate	LIBOR+2.75%-LIBOR+3.10%		Prime+0.50%-LIBOR+4.65%		Jun 2020 - Jan 2021		74,554			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%		Feb 2020 - Aug 2021		157,015			233,065
Fund IV Variable Rate - Swapped ^(a)	3.48%-4.61%		3.67%-4.23%		Mar 2020 - Dec 2022		102,699			71,841
Total Fund IV Mortgages Payable							267,903			313,095
Fund V Variable Rate	LIBOR+1.50%-LIBOR+2.20%		LIBOR+2.25%		Feb 2021 - Dec 2024		1,387			51,506
Fund V Variable Rate - Swapped ^(a)	2.95%-4.78%		4.61%-4.78%		Feb 2021 - Dec 2024		334,626			86,570
Total Fund V Mortgage Payable							336,013			138,076
Net unamortized debt issuance costs							(10,078	)		(10,173	)
Unamortized premium							651			753
Total Mortgages Payable						$	1,170,076		$	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%-5.02%		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 2020 - June 2021		87,625			40,825
Fund V Subscription Facility		—	LIBOR+1.60%		May 2020		—			102,800

Net unamortized debt issuance costs							(305	)		(368	)
Total Unsecured Notes Payable						$	477,320		$	533,257
Unsecured Line of Credit
Core Unsecured Line of Credit -Swapped ^(a)	2.49%-5.02%			—	Mar 2022	$	60,800		$	—

Total Debt - Fixed Rate ^(b)(c)						$	1,403,324		$	1,001,658
Total Debt - Variable Rate ^(d)							314,604			558,675
Total Debt							1,717,928			1,560,333
Net unamortized debt issuance costs							(10,383	)		(10,541	)
Unamortized premium							651			753
Total Indebtedness						$	1,708,196		$	1,550,545

(a)

At December 31, 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 + 2.75% to LIBOR + 3.10% for Fund III variable-rate debt; LIBOR + 1.75% to LIBOR +2.25%for Fund IV variable-rate debt; LIBOR + 1.50% to LIBOR + 2.20% 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 $948.8 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 December 31, 2019 includes $70.2 million of Core swaps that may be used to hedge debt instruments of the Funds.

(d)	Includes $143.3 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% (inclusive of a 20 basis-point facility fee), and a $350.0 million senior unsecured term loan (the “Term Loan”) which bears interest at LIBOR + 1.25%.

On October 8, 2019, the Company modified the Credit Facility, which provided for a $100.0 million increase in the Revolver. This amendment resulted in borrowing capacity of up to $600.0 million in principal amount, which includes a $250.0 million revolving credit facility maturing on March 31, 2022, subject to an extension option, and a $350.0 million Term Loan expiring on March 31, 2023. In addition, the amendment provides for revisions to the 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.

Mortgages Payable

During the year ended December 31, 2019, the Company:

•

obtained one new Fund II construction loan, three new Fund IV mortgages and five new Fund V mortgages totaling $258.9 million with a weighted-average interest rate of LIBOR + 1.70% collateralized by nine properties and maturing in 2022 through 2024;

•

refinanced three mortgages with existing balances totaling $69.0 million at a weighted-average rate of LIBOR + 2.08% and maturities ranging from May 2019 to January 2021 with new mortgages totaling $71.8 million with a weighted-average rate of LIBOR + 1.86% and maturities ranging from April 2022 through December 2024;

•

transferred a Fund III mortgage with a balance of $4.7 million and an interest rate of Prime + 0.5% and assumed by the purchasing venture in a property sale (Note 2). 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 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 also made scheduled principal payments of $5.9 million;

•

modified three loans with prior borrowing capacity totaling $135.9 million at a weighted-average rate of LIBOR + 3.65% and maturities ranging from November 2019 through January 2020 by obtaining new commitments totaling $125.3 million with a weighted-average rate of LIBOR + 2.96% and maturities ranging from December 2020 through May 2021; and

•

Entered into interest rate swap contracts to effectively fix the variable portion of the interest rates of all nine new obligations and two of the refinanced obligations with a notional value of $283.6 million at a weighted-average interest rate of 1.78%.

During the year ended December 31, 2018, the Company obtained four new Fund V mortgages totaling $109.5 million with a weighted-average interest rate of LIBOR + 1.99% collateralized by four properties and maturing in 2021. In addition, the Company obtained a $73.5 million Core mortgage with an interest rate of LIBOR + 1.50% collateralized by one property and maturing in 2028. As of December 31, 2018, the Company had drawn $50.0 million on this loan. The Company entered into interest rate swap contracts to effectively fix the variable portion of the interest rates of four of these obligations with a notional value of $136.6 million at an interest rate of 2.86%. In addition, the Company drew down $24.6 million on a Fund III construction loan. Also during 2018, the Company repaid one Core mortgage in full, which had a balance of $40.4 million and an interest rate of LIBOR + 1.65%, and three Fund IV mortgages in full, totaling $27.2 million with a weighted-average interest rate of LIBOR + 2.81%. The Company also made scheduled principal payments of $6.7 million during the year.

At December 31, 2019 and 2018, the Company’s mortgages were collateralized by 44 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 December 31, 2019 and 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 original lender, Wilmington – 5190 Brandywine Parkway, LLC (the “Successor Lender”), 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, default interest, as well as fees and costs, under the Brandywine Loan, which the

Successor Lender alleges totaled approximately $33.0 million as of November 9, 2017 (exclusive of accruing interest, default interest, and 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. On February 7, 2020, the Delaware Superior Court granted in part the Successor Lender’s motion, and denied Brandywine Holdings’ and the Operating Partnership’s cross-motion, for summary judgment, finding that each of Brandywine Holdings and the Operating Partnership have recourse liability for the outstanding balance of the Brandywine Loan. The Delaware Superior Court’s decision will be appealable when a judgement is formally entered. Brandywine Holdings and the Operating Partnership intend to appeal the ruling as soon as it becomes appealable and to vigorously contest it.

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 there being no further obligations, the Company recognized the income of $5.0 million, of which the Company’s proportionate share was $1.4 million, which is included in Other income in the consolidated statements of income.

Unsecured Notes Payable

Unsecured notes payable for which total availability was $152.5 million and $54.8 million at December 31, 2019 and 2018, respectively, are comprised of the following:

•

The outstanding balance of the Core term loan was $350.0 million at each of December 31, 2019 and 2018. During the year ended December 31, 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 rate of the 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 December 31, 2019 and 2018. Total availability was $0.0 at each of December 31, 2019 and 2018.

•

At Fund IV there are a $79.2 million bridge facility and a $15.0 million subscription line which were modified from their previous limits of $40.8 million and $27.0 million, respectively, during 2019. The outstanding balance of the Fund IV bridge facility was $79.2 million and $40.8 million at December 31, 2019 and 2018, respectively. Total availability was $0.0 million at each of December 31, 2019 and 2018. The outstanding balance of the Fund IV subscription line was $8.4 million and $0.0 million at December 31, 2019 and 2018, respectively. Total available credit was $2.5 million and $7.6 million at December 31, 2019 and 2018, reflecting letters of credit of $4.1 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 in part by the Operating Partnership. The outstanding balance and total available credit of the Fund V subscription line was $0.0 million and $150.0 million, respectively at December 31, 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 $173.6 million and $137.7 million, respectively, available under its $250.0 million Core Revolver, which was formerly a $150.0 million Revolver as previously discussed, reflecting borrowings of $60.8 and $0.0 million and letters of credit of $15.6 million and $12.3 million at December 31, 2019 and 2018. At each of December 31, 2019 and 2018, all of the Core unsecured revolving line of credit was swapped to a fixed rate.

Scheduled Debt Principal Payments

The scheduled principal repayments of the Company’s consolidated indebtedness, as of December 31, 2019 are as follows (in thousands):

Year Ending December 31,
2020	$	437,329
2021		287,723
2022		167,514
2023		415,476
2024		211,991
Thereafter		197,895
		1,717,928
Unamortized premium		651
Net unamortized debt issuance costs		(10,383	)
Total indebtedness	$	1,708,196

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

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 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, 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 year ended December 31, 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):

	December 31, 2019						December 31, 2018
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money market funds	$	—	$	—	$	—	$	4,504	$	—	$	—
Derivative financial instruments		—		2,583		—		—		7,018		—
Liabilities
Derivative financial instruments		—		39,061		—		—		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 year ended December 31, 2018.

During the year ended December 31, 2017, the Company recognized an impairment charge of $3.8 million, inclusive of an amount attributable to a noncontrolling interest of $2.7 million, on a property classified as held for sale at September 30, 2017, in order to reduce the carrying value of the property to its estimated fair value. In addition, the Company recognized an impairment charge of $10.6 million, inclusive of an amount attributable to a noncontrolling interest of $7.6 million, on a property classified as held for sale at December 31, 2017 in order to reduce the carrying value of the property to its estimated fair value. This property was sold in April 2018. These fair value measurements approximated the estimated selling prices less estimated costs to sell.

Derivative Financial Instruments

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

							Strike Rate								Fair Value
Derivative Instrument	Aggregate Notional Amount		Effective Date		Maturity Date		Low				High			Balance Sheet Location	December 31, 2019			December 31, 2018
Core
Interest Rate Swaps	$	423,442	Dec 2012-July 2020		Mar 2022-July 2030			1.71	%	—		3.77	%	Other Liabilities ^(a)	$	(33,750	)	$	(6,332	)
Interest Rate Swaps		139,118	Nov 2015 - July 2016		July 2020-June 2021			1.24	%	—		1.31	%	Other Assets		456			6,022
	$	562,560													$	(33,294	)	$	(310	)

Fund II
Interest Rate Swap	$	19,073	Oct 2014		Nov 2021			2.88	%	—		2.88	%	Other Liabilities	$	(139	)	$	—
Interest Rate Swap		—		—		—		—		—		—		Other Assets		—			108
Interest Rate Cap		23,300	Mar 2019		Mar 2022			3.50	%	—		3.50	%	Other Assets		1			—
	$	42,373													$	(138	)	$	108

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

Fund IV
Interest Rate Swaps	$	14,395	Dec 2019		Apr 2022 - Dec 2022			1.48	%	—		1.52	%	Other Assets	$	22		$	851
Interest Rate Swaps		88,304	Mar 2017 - May 2019		Mar 2020 - Dec 2022			1.82	%	—		4.00	%	Other Liabilities		(812	)		—
Interest Rate Caps		90,600	July 2019 - Dec 2019		Dec 2020 - July 2021			3.00	%	—		3.50	%	Other Assets		—			8
	$	193,299													$	(790	)	$	859

Fund V
Interest Rate Swaps	$	177,726	Oct 2019 - Nov 2019		Oct 2022 - Oct 2024			1.25	%	—		1.47	%	Other Assets	$	2,104		$	21
Interest Rate Swaps		156,900	Jan 2018-Mar 2019		Feb 2021-Mar 2024			2.27	%	—		2.88	%	Other Liabilities		(4,360	)		(972	)
	$	334,626													$	(2,256	)	$	(951	)

Total asset derivatives															$	2,583		$	7,018
Total liability derivatives															$	(39,061	)	$	(7,304	)

(a)

Includes two swaps with a total fair value of ($11.8) million and ($2.9) million at December 31, 2019 and 2018, respectively, which were acquired during July 2018 and are not effective until July 2020.

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 $5.2 million included in accumulated other comprehensive (loss) income related to derivatives will be reclassified to interest expense within the next twelve months. As of December 31, 2019 and 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):

			December 31, 2019				December 31, 2018
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable ^(a)		3	$	114,943	$	113,422	$	111,775	$	109,532
Mortgage and Other Notes Payable ^(a)		3		1,179,503		1,191,281		1,026,708		1,021,075
Investment in non-traded equity securities ^(b)		3		1,778		57,964		—		56,337
Unsecured notes payable and Unsecured line of credit ^(c)		2		538,425		539,362		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 Albertsons’ supermarkets and the Operating Partnership’s cost-method investment in Fifth Wall (Note 4).

(c)

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

The Company’s cash and cash equivalents, restricted cash, accounts receivable, accounts payable and certain financial instruments included in other assets and other liabilities had fair values that approximated their carrying values at December 31, 2019 and 2018 due to their short maturity profiles.

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income

12 Months Ended

Dec. 31, 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 year ended December 31, 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-based compensation totaling $8.8 million in connection with Restricted Shares and Units (Note 13).

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 year ended December 31, 2019. During the year ended December 31, 2019, the Company sold 5,164,055 Common Shares under its ATM Program for gross proceeds of $147.7 million, or $145.5 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. During the year ended December 31, 2019 the Company made no repurchases under the share repurchase program, under which $145.0 million currently remains available.

Dividends and Distributions

The following table sets forth the dividends declared and/or paid during the years ended December 31, 2019 and 2018:

Date Declared	Amount Per Share		Record Date	Payment Date

November 8, 2017	$	0.27	December 29, 2017	January 13, 2018
February 27, 2018	$	0.27	March 30, 2018	April 13, 2018
May 11, 2018	$	0.27	June 29, 2018	July 13, 2018
August 7, 2018	$	0.27	September 28, 2018	October 15, 2018
November 13, 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
November 5, 2019	$	0.29	December 31, 2019	January 15, 2020

Accumulated Other Comprehensive Income

The following tables set forth the activity in accumulated other comprehensive income for the years ended December 31, 2019, 2018 and 2017 (in thousands):

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

Other comprehensive loss before reclassifications		(35,674	)
Reclassification of realized interest on swap agreements		(872	)
Net current period other comprehensive loss		(36,546	)
Net current period other comprehensive loss attributable to noncontrolling interests		4,855
Balance at December 31, 2019	$	(31,175	)

Balance at January 1, 2018	$	2,614

Other comprehensive loss before reclassifications		(2,659	)
Reclassification of realized interest on swap agreements		71
Net current period other comprehensive loss		(2,588	)
Net current period other comprehensive loss attributable to noncontrolling interests		490
Balance at December 31, 2018	$	516

Balance at January 1, 2017	$	(798	)

Other comprehensive income before reclassifications		634
Reclassification of realized interest on swap agreements		3,317
Net current period other comprehensive income		3,951
Net current period other comprehensive income attributable to noncontrolling interests		(539	)
Balance at December 31, 2017	$	2,614

Noncontrolling Interests

The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2019, 2018 and 2017 (dollars in thousands):

	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 $1.13 per Common OP Unit		(7,124	)		—			(7,124	)
Net income (loss) for the year ended December 31, 2019		3,836			(35,677	)		(31,841	)
Conversion of 307,663 Common OP Units to Common Shares by limited partners of the Operating Partnership		(5,104	)		—			(5,104	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(1,899	)		(3,036	)		(4,935	)
Reclassification of realized interest expense on swap agreements		(62	)		142			80
Noncontrolling interest contributions		—			161,628			161,628
Noncontrolling interest distributions		—			(94,289	)		(94,289	)
Employee Long-term Incentive Plan Unit Awards		10,411			—			10,411
Reallocation of noncontrolling interests ^(c)		(6,611	)		—			(6,611	)
Balance at December 31, 2019	$	97,670		$	546,987		$	644,657

Balance at January 1, 2018	$	102,921		$	545,519		$	648,440
Distributions declared of $1.09 per Common OP Unit		(6,888	)		—			(6,888	)
Net income (loss) for the year ended December 31, 2018		2,572			(49,709	)		(47,137	)
Conversion of 117,978 Common OP Units to Common Shares by limited partners of the Operating Partnership		(2,068	)		—			(2,068	)
Other comprehensive income - unrealized gain on valuation of swap agreements		(129	)		(681	)		(810	)
Reclassification of realized interest expense on swap agreements		(3	)		323			320
Noncontrolling interest contributions		—			47,560			47,560
Noncontrolling interest distributions		—			(24,793	)		(24,793	)
Employee Long-term Incentive Plan Unit Awards		12,374			—			12,374
Reallocation of noncontrolling interests ^(c)		(4,556	)		—			(4,556	)
Balance at December 31, 2018	$	104,223		$	518,219		$	622,442

Balance at January 1, 2017	$	95,422		$	494,126		$	589,548
Distributions declared of $1.05 per Common OP Unit		(6,453	)		—			(6,453	)
Net income (loss) for the year ended December 31, 2017		4,159			(1,321	)		2,838
Conversion of 81,453 Common OP Units to Common Shares by limited partners of the Operating Partnership		(1,541	)		—			(1,541	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		85			(232	)		(147	)
Reclassification of realized interest expense on swap agreements		141			545			686
Noncontrolling interest contributions		—			85,206			85,206
Noncontrolling interest distributions		—			(32,805	)		(32,805	)
Employee Long-term Incentive Plan Unit Awards		10,457			—			10,457
Rebalancing adjustment ^(c)		651			—			651
Balance at December 31, 2017	$	102,921		$	545,519		$	648,440

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,250,603, 3,329,640 and 3,328,873 Common OP Units at December 31, 2019, 2018 and 2017, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2019, 2018 and 2017; (iii) 136,593 Series C Preferred OP Units at December 31, 2019, 2018 and 2017; and (iv) 2,673,484, 2,569,044 and 2,274,147 LTIP units at December 31, 2019, 2018 and 2017, 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 year ended December 31, 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 December 31, 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 December 31, 2019, 5,000 Series C Preferred OP Units were converted into 17,165 Common OP Units and then into Common Shares.

Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

11. Leases

Operating 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 year ended December 31, 2019, the Company earned $56.4 million 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

During the year ended December 31, 2019, the Company:

•

recorded right-of-use assets and corresponding lease liabilities as lessee 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, upon implementation of ASC Topic 842;

•

recorded three new finance leases effective January 1, 2019 upon the implementation of ASC 842. An assessment of triggering events whereby the Company’s cumulative leasehold investment made it reasonably certain that the Company would exercise its purchase options;

•

entered into a prepaid master lease on December 9, 2019 comprised of an operating lease component related to the land and a finance lease component related to the building. The property is referred to as “565 Broadway” within the Core Portfolio. The Company recorded a Right-of-use-asset-operating-lease of $4.9 million and a Right-of-use-asset-finance lease of $19.4 million; and

•

entered into a ground lease on May 1, 2019 which is an operating lease. The property is referred to as “110 University Place” and is within the Fund IV portfolio. The Company recorded a Right of use asset–operating lease of $45.3 million and a corresponding Lease liability–operating-lease of $45.3 million.

The Company recorded the following assets and liabilities in connection with acquisitions of leasehold interests:

	Year Ended December 31, 2019			Year Ended December 31, 2018
Amounts recorded upon acquisition of leasehold interests:				(Not applicable)
Right of use asset - operating lease	$	50,147
Right of use asset - finance lease		19,422
Leasehold improvements		13,354
Lease intangibles (Note 6)		1,760
Lease liability - operating lease		(45,293	)
Acquisition-related intangible liabilities (Note 6)		(359	)
Cash paid upon acquisition of leasehold interests	$	39,031

Additional disclosures regarding the Company’s leases as lessee are as follows:

	Year Ended December 31,
	2019			2018	2017
Lease Cost				(Not applicable)	(Not applicable)
Finance lease cost:
Amortization of right-of-use assets	$	2,168
Interest on lease liabilities		3,737
Subtotal		5,905
Operating lease cost		4,430
Variable lease cost		164
Total lease cost	$	10,499

Other Information
Weighted-average remaining lease term - finance leases (years)		42.5
Weighted-average remaining lease term - operating leases (years)		34.1
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 and generally provided the Company with renewal options. Ground rent expense was $1.7 million and $1.4 million (including capitalized ground rent at a property under development of $0 and $0.1 million) for the years ended December 31, 2018 and 2017, respectively. 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 these leases was $1.0 million for each of the years ended December 31, 2018 and 2017, respectively.

During 2016, the Company entered into a 49-year master lease, which was accounted for as a capital lease through December 31, 2018. During the years ended December 31, 2018 and 2017, payments for this lease totaled $2.5 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 December 31, 2019, are summarized as follows (in thousands):

Year Ending December 31,	Minimum Rental Revenues		Minimum Rental Payments ^(a)
2020	$	212,871	$	7,040
2021		203,077		6,823
2022		181,731		6,832
2023		160,237		6,825
2024		137,451		7,008
Thereafter		563,124		312,421
Total	$	1,458,491	$	346,949

(a)

Minimum rental payments include $219.0 million of interest related to leases.

During the years ended December 31, 2019, 2018 and 2017, no single tenant or property collectively comprised more than 10% of the Company’s consolidated total revenues.

Segment Reporting

12 Months Ended

Dec. 31, 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):

	As of or for the Year Ended December 31, 2019
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	173,177		$	122,150		$	—	$	—		$	295,327
Depreciation and amortization		(61,819	)		(63,624	)		—		—			(125,443	)
Property operating expenses, other operating and real estate taxes		(47,032	)		(43,436	)		—		—			(90,468	)
General and administrative expenses		—			—			—		(35,416	)		(35,416	)
Impairment charge		—			(1,721	)		—		—			(1,721	)
Gain on disposition of properties		16,771			13,553			—		—			30,324
Operating income		81,097			26,922			—		(35,416	)		72,603
Interest income		—			—			7,988		—			7,988
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties		9,020			(98	)		—		—			8,922
Interest expense		(28,304	)		(45,484	)		—		—			(73,788	)
Other income		327			6,620			—		—			6,947
Income tax provision		—			—			—		(1,468	)		(1,468	)
Net income (loss)		62,140			(12,040	)		7,988		(36,884	)		21,204
Net loss attributable to noncontrolling interests		337			31,504			—		—			31,841
Net income attributable to Acadia^(a)	$	62,477		$	19,464		$	7,988	$	(36,884	)	$	53,045

Real estate at cost ^(b)	$	2,264,010		$	1,835,532		$	—	$	—		$	4,099,542
Total Assets ^(b)	$	2,350,833		$	1,843,338		$	114,943	$	—		$	4,309,114
Cash paid for acquisition of real estate and leasehold interest	$	173,892		$	184,812		$	—	$	—		$	358,704
Cash paid for development and property improvement costs	$	22,724		$	66,546		$	—	$	—		$	89,270

	As of or for the Year Ended December 31, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	166,816		$	92,865		$	—	$	—		$	259,681
Depreciation and amortization		(60,903	)		(56,646	)		—		—			(117,549	)
Property operating expenses, other operating and real estate taxes		(44,060	)		(36,188	)		—		—			(80,248	)
General and administrative expenses		—			—			—		(34,343	)		(34,343	)
Gain on disposition of properties		—			5,140			—		—			5,140
Operating income		61,853			5,171			-		(34,343	)		32,681
Interest income		—			—			13,231		—			13,231
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties		7,415			1,887			—		—			9,302
Interest expense		(27,575	)		(42,403	)		—		—			(69,978	)
Income tax provision		—			—			—		(934	)		(934	)
Net income (loss)		41,693			(35,345	)		13,231		(35,277	)		(15,698	)
Net income attributable to noncontrolling interests		752			46,385			—		—			47,137
Net income attributable to Acadia^(a)	$	42,445		$	11,040		$	13,231	$	(35,277	)	$	31,439

Real estate at cost ^(b)	$	2,069,439		$	1,628,366		$	—	$	—		$	3,697,805
Total Assets ^(b)	$	2,232,695		$	1,616,472		$	109,613	$	—		$	3,958,780
Cash paid for acquisition of real estate	$	1,343		$	146,642		$	—	$	—		$	147,985
Cash paid for development and property improvement costs	$	32,662		$	62,172		$	—	$	—		$	94,834

	As of or for the Year Ended December 31, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	168,795		$	79,757		$	—	$	—		$	248,552
Depreciation and amortization		(61,705	)		(43,229	)		—		—			(104,934	)
Property operating expenses, other operating and real estate taxes		(44,169	)		(33,919	)		—		—			(78,088	)
General and administrative expenses		—			—			—		(33,756	)		(33,756	)
Impairment charge		—			(14,455	)		—		—			(14,455	)
Gain on disposition of properties		—			48,886			—		—			48,886
Operating income		62,921			37,040			—		(33,756	)		66,205
Interest income		—			—			29,143		—			29,143
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties		3,735			19,636			—		—			23,371
Interest expense		(28,618	)		(30,360	)		—		—			(58,978	)
Other income		5,571			—			—		—			5,571
Income tax provision		—			—			—		(1,004	)		(1,004	)
Net income		43,609			26,316			29,143		(34,760	)		64,308
Net income attributable to noncontrolling interests		(1,107	)		(1,731	)		—		—			(2,838	)
Net income attributable to Acadia^(a)	$	42,502		$	24,585		$	29,143	$	(34,760	)	$	61,470

Cash paid for acquisition of real estate	$	—		$	200,429		$	—	$	—		$	200,429
Cash paid for development and property improvement costs	$	42,026		$	66,116		$	—	$	—		$	108,142

(a)

Net income attributable to Acadia for the Core segment includes $4.7 million, $4.1 million and $0.9 million associated with one property, Town Center, for the years ended December 31, 2019, 2018 and 2017, respectively. These amounts include the results of three entities, including the unconsolidated Town Center venture and the consolidated Brandywine Holdings (Note 4) and Brandywine Maintenance Corp., which on a combined basis constitute the operating results of the shopping center.

(b)

Real estate at cost and total assets for the Funds segment include $603.3 million and $576.1 million, or $174.7 million and $167.2 million net of non-controlling interests, related to Fund II’s City Point property for the years ended December 31, 2019 and 2018, respectively.

Share Incentive and Other Compensation

12 Months Ended

Dec. 31, 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 December 31, 2019 a total of 708,632 shares remained available to be issued under the Share Incentive Plan.

Restricted Shares and LTIP Units

During the year ended December 31, 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. Certain of these equity awards were granted in performance-based Restricted Share Units or LTIP Units with market conditions as described below (“2019 Performance Shares”). These awards were measured at their fair value on the grant date, incorporating the following factors:

•

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

•

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 (19.6%) and risk-free interest rates (2.5%). The total value of the 2019 Performance Shares will be expensed over the vesting period regardless of the Company’s performance.

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 $8.8 million the year ended December 31, 2019 and $8.4 million for each of the years ended December 31, 2018, and 2017 and is recorded in General and Administrative in the Consolidated Statements of Income.

During the quarter ended December 31, 2018, in connection with the retirement of an executive, an additional 26,632 LTIP Units were issued. The value of these LTIP Units was $0.6 million and was recognized as compensation expense in 2018. Also, in connection with this retirement, the Company recognized $1.7 million as compensation expense relating to the acceleration of previously granted LTIP Units.

In addition, members of the Board of Trustees 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 $1.4 million and $1.3 million for the years ended December 31, 2019 and 2018, respectively.

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 and 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 Funds IV and V were determined to have no intrinsic value as of December 31, 2019.

Compensation expense of $0, $0 and $0.6 million was recognized for the years ended December 31, 2019, 2018, and 2017, related to the Program in connection with Funds III, IV and 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, 2017		46,499		$	27.58		856,877		$	26.99
Granted		19,442			29.85		310,551			31.80
Vested		(23,430	)		30.47		(257,124	)		28.27
Forfeited		(1,184	)		32.65		(205	)		32.49
Unvested at December 31, 2017		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 December 31, 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 years ended December 31, 2019 and 2018 were $32.50 and $26.64, respectively. As of December 31, 2019, there was $14.6 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 1.5 years. The total fair value of Restricted Shares that vested for the years ended December 31, 2019 and 2018, was $0.6 million and $0.8 million, respectively. The total fair value of LTIP Units that vested (LTIP units vest primarily in the first quarter) during the years ended December 31, 2019 and 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, $0.3 million and $0.2 million related to the following employee benefit plans for each of the years ended December 31, 2019, 2018 and 2017, respectively:

Employee Share Purchase Plan

The Acadia Realty Trust Employee Share Purchase Plan (the “Purchase Plan”), allows eligible employees of the Company to purchase Common Shares through payroll deductions. 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 2,320 and 3,495 Common Shares were purchased by employees under the Purchase Plan for the year ended December 31, 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 ended December 31, 2019.

Federal Income Taxes

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Federal Income Taxes

14. Federal Income Taxes

The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the Code, and intends at all times to qualify as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to corporate Federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. As the Company distributed sufficient taxable income for the years ended December 31, 2019, 2018 and 2017, no U.S. Federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to Federal income taxes at the regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and Federal income and excise taxes on any undistributed taxable income. In addition, taxable income from non-REIT activities managed through the Company’s TRS’s is subject to Federal, state and local income taxes. No more than 20% of the value of our total assets may consist of the securities of one or more TRS.

In the normal course of business, the Company or one or more of its subsidiaries is subject to examination by Federal, state and local jurisdictions, in which it operates, where applicable. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense. For the three years ended December 31, 2019, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2019, the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2016 and forward.

Reconciliation of Net Income to Taxable Income

Reconciliation of GAAP net income attributable to Acadia to taxable income is as follows:

	Year Ended December 31,
(in thousands)	2019			2018			2017
Net income attributable to Acadia	$	53,045		$	31,439		$	61,470
Deferred cancellation of indebtedness income		—			2,050			2,050
Deferred rental and other income ^(a)		1,203			1,222			(934	)
Book/tax difference - depreciation and amortization ^(a)		21,688			23,166			21,334
Straight-line rent and above- and below-market rent adjustments ^(a)		(10,949	)		(12,129	)		(10,559	)
Book/tax differences - equity-based compensation		7,177			6,042			5,325
Joint venture equity in earnings, net ^(a)		15,571			13,905			9,114
Acquisition costs ^(a)		63			326			1,135
Gain (loss) on disposition of properties		2,375			—			(5,181	)
Book/tax differences - miscellaneous		(1,473	)		(2,821	)		930
Taxable income	$	88,700		$	63,200		$	84,684
Distributions declared	$	96,310		$	89,122		$	87,848

(a)	Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.”

Characterization of Distributions

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

	Year Ended December 31,
	2019					2018					2017
	Per Share		%			Per Share		%			Per Share		%
Ordinary income - Non-Section 199A	$	—		—	%		—		—	%	$	0.820		78	%
Ordinary income - Section 199A		0.820		77	%		0.870		100	%		—		—	%
Qualified dividend		—		—	%		—		—	%		—		—	%
Capital gain		0.240		23	%		—		—	%		0.230		22	%
Total ^(b)	$	1.060		100	%		0.870		100	%	$	1.050		100	%

(b)	The fourth quarter 2019 regular dividend was $0.29 per common share, all of which is allocable to 2020. The fourth quarter 2018 regular dividend was $0.28 per common share of which approximately $0.06 was allocable to 2018 and approximately $0.22 is allocable to 2019.

Taxable REIT Subsidiaries

Income taxes have been provided for using the liability method as required by ASC Topic 740, “Income Taxes.” The Company’s TRS income and provision for income taxes associated with the TRS for the periods presented are summarized as follows (in thousands):

	Year Ended December 31,
	2019			2018			2017
TRS loss before income taxes	$	(3,117	)	$	(2,609	)	$	(3,604	)
(Provision) benefit for income taxes:
Federal		754			(377	)		(982	)
State and local		317			26			423
TRS net loss before noncontrolling interests		(2,046	)		(2,960	)		(4,163	)
Noncontrolling interests		(369	)		4			8
TRS net loss	$	(2,415	)	$	(2,956	)	$	(4,155	)

The income tax provision for the Company differs from the amount computed by applying the statutory Federal income tax rate to income before income taxes as follows. Amounts are not adjusted for temporary book/tax differences (in thousands):

	Year Ended December 31,
	2019			2018			2017
Federal tax benefit at statutory tax rate	$	(655	)	$	(548	)	$	(1,225	)
TRS state and local taxes, net of Federal benefit		(197	)		(165	)		(190	)
Tax effect of:
Permanent differences, net		239			951			1,131
Prior year over-accrual, net		—			—			(1,541	)
Effect of Tax Cuts and Jobs Act		—			—			1,982
Adjustment to deferred tax reserve		1,748			(1,530	)		—
Other		(112	)		1,702			404
REIT state and local income and franchise taxes		445			524			443
Total provision (benefit) for income taxes	$	1,468		$	934		$	1,004

As of December 31, 2019, and 2018, the Company’s deferred tax assets were $0.9 million and $2.0 million net of applicable reserves of $1.7 million and $0, respectively and were comprised of capital loss carryovers of $0.1 and $0.1 million and net operating loss carryovers of $2.5 million and $1.9 million, respectively.

Under GAAP a reduction of the carrying amounts of deferred tax assets by a valuation allowance is required, if, based on the evidence available, it is more likely than not (a likelihood of more than 50 percent) that some portion or all of the deferred tax assets will not be realized. The valuation allowance should be sufficient to reduce the deferred tax asset to the amount that is more likely than not to be realized. During 2019, the Company determined that the realization of its deferred tax assets was not likely and as such, the Company recorded a valuation allowance against its deferred tax assets.

Earnings Per Common Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Common Share

15. 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.

	Year Ended December 31,
(dollars in thousands)	2019			2018			2017
Numerator:
Net income attributable to Acadia	$	53,045		$	31,439		$	61,470
Less: net income attributable to participating securities		(413	)		(267	)		(642	)
Income from continuing operations net of income attributable to participating securities	$	52,632		$	31,172		$	60,828

Denominator:
Weighted average shares for basic earnings per share		84,435,826			82,080,159			83,682,789
Effect of dilutive securities:
Employee unvested restricted shares		—			—			2,682
Denominator for diluted earnings per share		84,435,826			82,080,159			83,685,471

Basic and diluted earnings per Common Share from continuing operations attributable to Acadia	$	0.62		$	0.38		$	0.73

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

Series C Preferred OP Units		136,593			136,593			136,593
Series C Preferred OP Units - Common share equivalent		474,278			474,278			479,978
Restricted shares		40,821			36,879			41,299

Summary of Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Information (Unaudited)

16. Summary of Quarterly Financial Information (Unaudited)

The quarterly results of operations of the Company for the years ended December 31, 2019 and 2018 are as follows (in thousands, except per share amounts):

	Three Months Ended ^{(a, b, c, d, e)}
	March 31, 2019		June 30, 2019			September 30, 2019		December 31, 2019
Revenues	$	73,985	$	70,229		$	73,327	$	77,786
Net income (loss)		2,936		(5,237	)		8,840		14,665
Net loss attributable to noncontrolling interests		9,261		14,317			1,618		6,645
Net income attributable to Acadia		12,197		9,080			10,458		21,310

Earnings per share attributable to Acadia:
Basic	$	0.15	$	0.11		$	0.12	$	0.24
Diluted		0.15		0.11			0.12		0.24

Weighted average number of shares:
Basic		82,037		83,704			84,888		87,058
Diluted		82,037		83,704			84,888		87,058

Cash dividends declared per Common Share	$	0.28	$	0.28		$	0.28	$	0.29

(a)	The quarter ended June 30, 2019 includes an impairment charge of $1.4 million and the quarter ended September 30, 2019 includes an impairment charge of $0.3 million, of which the Company’s aggregate share was $0.4 million (Note 8)

(b)	The quarter ended September 30, 2019 includes an aggregate gain on disposition of two consolidated properties and one condominium unit at Fund IV and one consolidated property at Fund III of $12.1 million, of which the Company’s share was $2.8 million (Note 2).

(c)	The quarter ended December 31, 2019 includes a net gain on disposition of a consolidated Core property of $16.3 million, of which the Company’s share was $16.7 million (Note 2).

(d)	The quarter ended September 30, 2019 includes a deferred gain on tax credits at Fund II of which the Company’s share was $1.4 million (Note 7).

(e)	Revenues for the quarters ended March 31, 2019 and June 30, 2019 have each been revised to reflect the reclassifications of credit losses of $0.8 million (Note 1).

	Three Months Ended^{(a, b)}
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Revenues	$	62,226		$	62,201		$	65,527		$	69,727
Net income		(4,160	)		(2,270	)		(2,597	)		(6,671	)
Net (income) loss attributable to noncontrolling interests		11,579			9,935			11,822			13,801
Net income attributable to Acadia		7,419			7,665			9,225			7,130
Earnings per share attributable to Acadia:
Basic
Diluted	$	0.09		$	0.09		$	0.11		$	0.09
		0.09			0.09			0.11			0.09
Weighted average number of shares:
Basic		83,434			81,756			81,566			81,591
Diluted		83,438			81,756			81,566			81,591

Cash dividends declared per Common Share	$	0.27		$	0.27		$	0.27		$	0.28

(a)	Credit losses aggregating $2.5 million have been reclassified from property operating expense to revenues in each of the quarters in the year ended December 31, 2018 to conform to the current period presentation (Note 1).

(b)	The three months ended September 30, 2018 includes an aggregate $5.1 million gain on the sales of two consolidated Fund IV properties (Note 2), of which $3.9 million was attributable to noncontrolling interests

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2019

Valuation And Qualifying Accounts [Abstract]

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS

	Balance at Beginning of Year		Charged to Expenses		Adjustments to Valuation Accounts			Deductions		Balance at End of Year
Year Ended December 31, 2019:
Allowance for deferred tax asset	$	—	$	—	$	1,748		$	—	$	1,748
Allowance for uncollectible accounts		7,921		4,402		(915	)		—		11,408
Allowance for notes receivable		—		—		—			—		—
Year Ended December 31, 2018:
Allowance for deferred tax asset	$	1,530	$	—	$	(1,530	)		—	$	—
Allowance for uncollectible accounts		5,920		2,532		(531	)		—		7,921
Allowance for notes receivable		—		—		—			—		—
Year Ended December 31, 2017:
Allowance for deferred tax asset	$	859	$	—	$	671		$	—	$	1,530
Allowance for uncollectible accounts		5,720		200		—			—		5,920
Allowance for notes receivable		—		—		—			—		—

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2019

Real Estate And Accumulated Depreciation Disclosure [Abstract]

Schedule III - Real Estate and Accumulated Depreciation

ACADIA REALTY TRUST

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2019

			Initial Cost to Company						Amount at Which Carried at December 31, 2019
Description and Location	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
Core Portfolio:
Crescent Plaza Brockton, MA		—		1,147		7,425		3,301		1,147		10,726		11,873		8,455	1993	(a)	40 years
New Loudon Center Latham, NY		—		505		4,161		14,119		505		18,280		18,785		15,352	1993	(a)	40 years
Mark Plaza Edwardsville, PA		—		—		3,396		—		—		3,396		3,396		3,028	1993	(c)	40 years
Plaza 422 Lebanon, PA		—		190		3,004		2,809		190		5,813		6,003		5,262	1993	(c)	40 years
Route 6 Mall Honesdale, PA		—		1,664		—		12,490		1,664		12,490		14,154		10,235	1994	(c)	40 years
Abington Towne Center Abington, PA		—		799		3,197		3,872		799		7,069		7,868		4,222	1998	(a)	40 years
Bloomfield Town Square Bloomfield Hills, MI		—		3,207		13,774		25,803		3,207		39,577		42,784		24,739	1998	(a)	40 years
Elmwood Park Shopping Center Elmwood Park, NJ		—		3,248		12,992		16,314		3,798		28,756		32,554		20,402	1998	(a)	40 years
Merrillville Plaza Hobart, IN		—		4,288		17,152		6,058		4,288		23,210		27,498		13,910	1998	(a)	40 years
Marketplace of Absecon Absecon, NJ		—		2,573		10,294		5,072		2,577		15,362		17,939		9,096	1998	(a)	40 years
239 Greenwich Avenue Greenwich, CT		26,572		1,817		15,846		1,086		1,817		16,932		18,749		8,738	1998	(a)	40 years
Hobson West Plaza Naperville, IL		—		1,793		7,172		4,604		1,793		11,776		13,569		5,871	1998	(a)	40 years
Village Commons Shopping Center Smithtown, NY		—		3,229		12,917		5,228		3,229		18,145		21,374		10,479	1998	(a)	40 years
Town Line Plaza Rocky Hill, CT		—		878		3,510		7,736		907		11,217		12,124		9,348	1998	(a)	40 years
Branch Shopping Center Smithtown, NY		—		3,156		12,545		16,414		3,401		28,714		32,115		14,322	1998	(a)	40 years
Methuen Shopping Center Methuen, MA		—		956		3,826		1,695		961		5,516		6,477		2,866	1998	(a)	40 years
The Gateway Shopping Center South Burlington, VT		—		1,273		5,091		12,471		1,273		17,562		18,835		10,712	1999	(a)	40 years
Mad River Station Dayton, OH		—		2,350		9,404		2,251		2,350		11,655		14,005		6,310	1999	(a)	40 years
Brandywine Holdings Wilmington, DE		26,250		5,063		15,252		2,495		5,201		17,609		22,810		7,601	2003	(a)	40 years
Bartow Avenue Bronx, NY		—		1,691		5,803		1,196		1,691		6,999		8,690		3,458	2005	(c)	40 years
Amboy Road Staten Island, NY		—		—		11,909		3,175		—		15,084		15,084		8,094	2005	(a)	40 years
Chestnut Hill Philadelphia, PA		—		8,289		5,691		4,509		8,289		10,200		18,489		4,910	2006	(a)	40 years
2914 Third Avenue Bronx, NY		—		11,108		8,038		5,175		11,855		12,466		24,321		3,420	2006	(a)	40 years
West Shore Expressway Staten Island, NY		—		3,380		13,499		28		3,380		13,527		16,907		4,878	2007	(a)	40 years
West 54th Street Manhattan, NY		—		16,699		18,704		1,264		16,699		19,968		36,667		6,730	2007	(a)	40 years
5-7 East 17th Street Manhattan, NY		—		3,048		7,281		6,133		3,048		13,414		16,462		3,386	2008	(a)	40 years
651-671 W Diversey Chicago, IL		—		8,576		17,256		8		8,576		17,264		25,840		3,704	2011	(a)	40 years
15 Mercer Street Manhattan, NY		—		1,887		2,483		1		1,887		2,484		4,371		528	2011	(a)	40 years

			Initial Cost to Company						Amount at Which Carried at December 31, 2019
Description and Location	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
4401 White Plains Bronx, NY		—		1,581		5,054		—		1,581		5,054		6,635		1,053	2011	(a)	40 years
56 E. Walton Chicago, IL		—		994		6,126		2,558		994		8,684		9,678		177	2011	(a)	40 years
841 W. Armitage Chicago, IL		—		728		1,989		422		728		2,411		3,139		517	2011	(a)	40 years
2731 N. Clark Chicago, IL		—		557		1,839		32		557		1,871		2,428		402	2011	(a)	40 years
2140 N. Clybourn Chicago, IL		—		306		788		—		306		788		1,094		168	2011	(a)	40 years
853 W. Armitage Chicago, IL		—		557		1,946		439		557		2,385		2,942		557	2011	(a)	40 years
2299 N. Clybourn Avenue Chicago, IL		—		177		484		—		177		484		661		102	2011	(a)	40 years
843-45 W. Armitage Chicago, IL		—		731		2,730		228		731		2,958		3,689		590	2012	(a)	40 years
1525 W. Belmont Avenue Chicago, IL		—		1,480		3,338		710		1,480		4,048		5,528		735	2012	(a)	40 years
2206-08 N. Halsted Chicago, IL		—		1,183		3,540		351		1,183		3,891		5,074		961	2012	(a)	40 years
2633 N. Halsted Chicago, IL		—		960		4,096		359		998		4,417		5,415		837	2012	(a)	40 years
50-54 E. Walton Chicago, IL		—		2,848		12,694		570		2,848		13,264		16,112		2,613	2012	(a)	40 years
662 W. Diversey Chicago, IL		—		1,713		1,603		10		1,713		1,613		3,326		284	2012	(a)	40 years
837 W. Armitage Chicago, IL		—		780		1,758		237		780		1,995		2,775		393	2012	(a)	40 years
823 W. Armitage Chicago, IL		—		717		1,149		95		717		1,244		1,961		223	2012	(a)	40 years
851 W. Armitage Chicago, IL		—		545		209		139		545		348		893		107	2012	(a)	40 years
1240 W. Belmont Avenue Chicago, IL		—		2,137		1,589		583		2,137		2,172		4,309		456	2012	(a)	40 years
21 E. Chestnut Chicago, IL		—		1,318		8,468		34		1,318		8,502		9,820		1,503	2012	(a)	40 years
819 W. Armitage Chicago, IL		—		790		1,266		140		790		1,406		2,196		336	2012	(a)	40 years
1520 Milwaukee Avenue Chicago, IL		—		2,110		1,306		290		2,110		1,596		3,706		304	2012	(a)	40 years
330-340 River St Cambridge, MA		11,140		8,404		14,235		—		8,404		14,235		22,639		2,914	2012	(a)	40 years
Rhode Island Place Shopping Center Washington, D.C.		—		7,458		15,968		1,902		7,458		17,870		25,328		3,995	2012	(a)	40 years
930 Rush Street Chicago, IL		—		4,933		14,587		—		4,933		14,587		19,520		2,826	2012	(a)	40 years
28 Jericho Turnpike Westbury, NY		13,416		6,220		24,416		12		6,220		24,428		30,648		4,856	2012	(a)	40 years
181 Main Street Westport, CT		—		1,908		12,158		409		1,908		12,567		14,475		2,279	2012	(a)	40 years
83 Spring Street Manhattan, NY		—		1,754		9,200		—		1,754		9,200		10,954		1,725	2012	(a)	40 years
60 Orange Street Bloomfield, NJ		7,001		3,609		10,790		—		3,609		10,790		14,399		2,157	2012	(a)	40 years
179-53 & 1801-03 Connecticut Avenue Washington, D.C.		—		11,690		10,135		1,088		11,690		11,223		22,913		2,205	2012	(a)	40 years
639 West Diversey Chicago, IL		—		4,429		6,102		1,034		4,429		7,136		11,565		1,503	2012	(a)	40 years
664 North Michigan Chicago, IL		—		15,240		65,331		—		15,240		65,331		80,571		11,229	2013	(a)	40 years

			Initial Cost to Company							Amount at Which Carried at December 31, 2019
Description and Location	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments			Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
8-12 E. Walton Chicago, IL		—		5,398		15,601		978			5,398		16,579		21,977		2,910	2013	(a)	40 years
3200-3204 M Street Washington, DC		—		6,899		4,249		168			6,899		4,417		11,316		839	2013	(a)	40 years
868 Broadway Manhattan, NY		—		3,519		9,247		5			3,519		9,252		12,771		1,405	2013	(a)	40 years
313-315 Bowery Manhattan, NY		—		—		5,516		—			—		5,516		5,516		1,339	2013	(a)	40 years
120 West Broadway Manhattan, NY		—		—		32,819		1,124			—		33,943		33,943		3,403	2013	(a)	40 years
11 E. Walton Chicago, IL		—		16,744		28,346		195			16,744		28,541		45,285		4,373	2014	(a)	40 years
61 Main Street Westport, CT		—		4,578		2,645		789			4,578		3,434		8,012		436	2014	(a)	40 years
865 W. North Avenue Chicago, IL		—		1,893		11,594		41			1,893		11,635		13,528		1,688	2014	(a)	40 years
152-154 Spring St. Manhattan, NY		—		8,544		27,001		180			8,544		27,181		35,725		3,878	2014	(a)	40 years
2520 Flatbush Ave Brooklyn, NY		—		6,613		10,419		303			6,613		10,722		17,335		1,575	2014	(a)	40 years
252-256 Greenwich Avenue Greenwich, CT		—		10,175		12,641		544			10,175		13,185		23,360		2,008	2014	(a)	40 years
Bedford Green Bedford Hills, NY		—		12,425		32,730		4,370			13,763		35,762		49,525		5,263	2014	(a)	40 years
131-135 Prince Street Manhattan, NY		—		—		57,536		625			—		58,161		58,161		14,554	2014	(a)	40 years
Shops at Grand Ave Queens, NY		—		20,264		33,131		1,715			20,264		34,846		55,110		4,615	2014	(a)	40 years
201 Needham Street Newton, MA		—		4,550		4,459		105			4,550		4,564		9,114		652	2014	(a)	40 years
City Center San Francisco, CA		—		36,063		109,098		(24,600	)		26,386		94,175		120,561		13,356	2015	(a)	40 years
163 Highland Avenue Needham, MA		8,582		12,679		11,213		43			12,679		11,256		23,935		1,486	2015	(a)	40 years
Roosevelt Galleria Chicago, IL		—		4,838		14,574		61			4,838		14,635		19,473		1,590	2015	(a)	40 years
Route 202 Shopping Center Wilmington, DE		—		—		6,346		501			—		6,847		6,847		1,297	2015	(a)	40 years
991 Madison Avenue Manhattan, NY		—		—		76,965		1,691			—		78,656		78,656		6,160	2016	(a)	40 years
165 Newbury Street Boston, MA		—		1,918		3,980		—			1,918		3,980		5,898		365	2016	(a)	40 years
Concord & Milwaukee Chicago, IL		2,650		2,739		2,746		246			2,739		2,992		5,731		278	2016	(a)	40 years
State & Washington Chicago, IL		23,881		3,907		70,943		5,436			3,907		76,379		80,286		6,205	2016	(a)	40 years
151 N. State Street Chicago, IL		13,574		1,941		25,529		—			1,941		25,529		27,470		2,181	2016	(a)	40 years
North & Kingsbury Chicago, IL		12,164		18,731		16,292		192			18,731		16,484		35,215		1,420	2016	(a)	40 years
Sullivan Center Chicago, IL		50,000		13,443		137,327		536			13,443		137,863		151,306		11,837	2016	(a)	40 years
California & Armitage Chicago, IL		2,506		6,770		2,292		2			6,770		2,294		9,064		211	2016	(a)	40 years
555 9th Street San Francisco, CA		60,000		75,591		73,268		82			75,591		73,350		148,941		5,848	2016	(a)	40 years
Market Square Wilmington, DE		—		8,100		31,221		313			8,100		31,534		39,634		1,807	2017	(a)	40 years
613-623 W. Diversey Chicago, IL		—		10,061		2,773		11,101			10,061		13,874		23,935		3,408	2018	(c)	40 years

			Initial Cost to Company							Amount at Which Carried at December 31, 2019
Description and Location	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments			Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
51 Greene Street Manhattan, NY		—		4,488		8,992		—			4,488		8,992		13,480		187	2019	(a)	40 years
53 Greene Street Manhattan, NY		—		3,605		12,177		—			3,605		12,177		15,782		228	2019	(a)	40 years
41 Greene Street Manhattan, NY		—		6,276		9,582		—			6,276		9,582		15,858		140	2019	(a)	40 years
47 Greene Street Manhattan, NY		—		6,265		16,758		—			6,265		16,758		23,023		175	2019	(a)	40 years
849 W Armitage Chicago, IL		—		837		2,731		—			837		2,731		3,568		24	2019	(a)	40 years
912 W Armitage Chicago, IL		—		982		2,868		—			982		2,868		3,850		25	2019	(a)	40 years
Melrose Place Collection Los Angeles, CA		—		20,490		26,788		—			20,490		26,788		47,278		112	2019	(a)	40 years
45 Greene Street Manhattan, NY		—		2,903		8,487		—			2,903		8,487		11,390		39	2019	(a)	40 years
565 Broadway Manhattan, NY		—		—		22,491		—			—		22,491		22,491		—	2019	(a)	40 years
907 W Armitage Chicago, IL		—		700		2,081		—			700		2,081		2,781		5	2019	(a)	40 years
Undeveloped Land		—		100		—		—			100		—		100		—
Fund II:
City Point Brooklyn, NY		243,298		—		100,316		491,335			—		591,651		591,651		48,096	2007	(c)	40 years
Fund III:
654 Broadway Manhattan, NY		—		9,040		3,654		4,177			9,040		7,831		16,871		1,549	2011	(a)	40 years
640 Broadway Manhattan, NY		39,470		12,503		19,960		15,225			12,503		35,185		47,688		6,970	2012	(a)	40 years
Cortlandt Crossing Mohegan Lake, NY		28,818		11,000		—		59,277			10,473		59,804		70,277		2,005	2012	(c)	40 years
Fund IV:
210 Bowery Manhattan, NY		—		1,875		5,625		(3,950	)		1,875		1,675		3,550		57	2012	(c)	40 years
Paramus Plaza Paramus, NJ		18,900		11,052		7,037		12,901			11,052		19,938		30,990		4,304	2013	(a)	40 years
27 E. 61st Street Manhattan, NY		—		4,813		14,438		7,241			4,813		21,679		26,492		1,311	2014	(c)	40 years
17 E. 71st Street Manhattan, NY		18,833		7,391		20,176		306			7,391		20,482		27,873		2,987	2014	(a)	40 years
1035 Third Avenue Manhattan, NY		—		12,759		37,431		5,541			14,099		41,632		55,731		6,070	2015	(a)	40 years
801 Madison Avenue Manhattan, NY		—		4,178		28,470		5,844			4,178		34,314		38,492		2,085	2015	(c)	40 years
2208-2216 Fillmore Street San Francisco, CA		5,606		3,027		6,376		57			3,027		6,433		9,460		734	2015	(a)	40 years
2207 Fillmore Street San Francisco, CA		1,120		1,498		1,735		118			1,498		1,853		3,351		213	2015	(a)	40 years
1964 Union Street San Francisco, CA		1,463		563		1,688		1,867			563		3,555		4,118		230	2016	(c)	40 years
Restaurants at Fort Point Boston, MA		6,070		1,041		10,905		182			1,041		11,087		12,128		1,200	2016	(a)	40 years
Wakeforest Crossing Wake Forest, NC		23,337		7,570		24,829		472			7,570		25,301		32,871		2,846	2016	(a)	40 years
Airport Mall Bangor, ME		5,334		2,294		7,067		1,882			2,294		8,949		11,243		868	2016	(a)	40 years
Colonie Plaza Albany, NY		11,713		2,852		9,619		273			2,852		9,892		12,744		1,021	2016	(a)	40 years
Dauphin Plaza Harrisburg, PA		12,718		5,290		9,464		3,056			5,290		12,520		17,810		1,557	2016	(a)	40 years

			Initial Cost to Company							Amount at Which Carried at December 31, 2019
Description and Location	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments			Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
Mayfair Shopping Center Philadelphia, PA		11,895		6,178		9,266		1,132			6,178		10,398		16,576		1,061	2016	(a)	40 years
Shaw's Plaza Waterville, ME		7,636		828		11,814		272			828		12,086		12,914		1,162	2016	(a)	40 years
Wells Plaza Wells, ME		5,700		1,892		2,585		505			1,892		3,090		4,982		424	2016	(a)	40 years
717 N. Michigan Chicago, IL		16,148		20,674		10,093		—			20,674		10,093		30,767		843	2016	(c)	40 years
Shaw's Plaza North Windham, ME		5,702		1,876		6,696		1			1,876		6,697		8,573		509	2017	(a)	40 years
Lincoln Place Fairview Heights, IL		23,100		7,149		22,201		2,035			7,149		24,236		31,385		2,215	2017	(a)	40 years
18 E. Broughton St. Savannah, GA		2,032		609		1,513		—			609		1,513		2,122		51	2018	(a)	40 years
20 E. Broughton St. Savannah, GA		1,258		588		937		—			588		937		1,525		32	2018	(a)	40 years
25 E. Broughton St. Savannah, GA		3,302		1,324		2,459		319			1,324		2,778		4,102		109	2018	(a)	40 years
109 W. Broughton St. Savannah, GA		8,809		2,343		6,560		—			2,343		6,560		8,903		223	2018	(a)	40 years
204-206 W. Broughton St. Savannah, GA		590		547		439		45			547		484		1,031		15	2018	(a)	40 years
216-218 W. Broughton St. Savannah, GA		3,674		1,160		2,736		17			1,160		2,753		3,913		94	2018	(a)	40 years
220 W. Broughton St. Savannah, GA		2,416		619		1,799		—			619		1,799		2,418		61	2018	(a)	40 years
223 W. Broughton St. Savannah, GA		924		465		688		—			465		688		1,153		24	2018	(a)	40 years
226-228 W. Broughton St. Savannah, GA		2,551		660		1,900		—			660		1,900		2,560		64	2018	(a)	40 years
309/311 W. Broughton St. Savannah, GA		3,619		1,160		2,695		—			1,160		2,695		3,855		91	2018	(a)	40 years
110 University Manhattan, NY		—		—		1,370		—			—		1,370		1,370		25	2019	(a)	40 years
Fund V:
Plaza Santa Fe Santa Fe, NM		22,893		—		28,214		360			—		28,574		28,574		2,047	2017	(a)	40 years
Hickory Ridge Hickory, NC		30,000		7,852		29,998		1,350			7,852		31,348		39,200		2,120	2017	(a)	40 years
New Towne Plaza Canton, MI		16,900		5,040		17,391		59			5,040		17,450		22,490		1,210	2017	(a)	40 years
Fairlane Green Allen Park, MI		40,300		18,121		37,143		256			18,121		37,399		55,520		2,059	2017	(a)	40 years
Trussville Promenade Birmingham, AL		29,370		7,587		34,285		36			7,587		34,321		41,908		1,713	2018	(a)	40 years
Elk Grove Commons Elk Grove, CA		41,500		6,204		48,008		70			6,204		48,078		54,282		1,786	2018	(a)	40 years
Hiram Pavilion Hiram, GA		28,830		13,029		25,446		56			13,029		25,502		38,531		964	2018	(a)	40 years
Palm Coast Landing Palm Coast, FL		26,500		7,066		27,299		—			7,066		27,299		34,365		554	2019	(a)	40 years
Lincoln Commons Lincoln, RI		38,820		14,429		34,417		170			14,429		34,587		49,016		517	2019	(a)	40 years
Landstown Commons Virginia Beach, VA		60,900		10,221		69,005		166			10,221		69,171		79,392		766	2019	(a)	40 years

Real Estate Under Development		69,718		82,969		53,847		116,586			94,923		158,479		253,402		—
Right-of-use assets - operating lease		—		56,961		5,058		(2,013	)		55,764		4,242		60,006		—

				Initial Cost to Company						Amount at Which Carried at December 31, 2019
Description and Location	Encumbrances			Land		Buildings & Improvements		Increase (Decrease) in Net Investments		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)	Life on which Depreciation in Latest Statement of Income is Compared
Unamortized Loan Costs		(10,078	)		—		—		—		—		—		—		—
Unamortized Premium		651			—		—		—		—		—		—		—
Total	$	1,170,076		$	901,997	$	2,286,624	$	910,921	$	906,984	$	3,192,558	$	4,099,542	$	490,227

Notes:

1.	Depreciation on buildings and improvements reflected in the consolidated statements of income is calculated over the estimated useful life of the assets as follows: Buildings at 40 years and improvements at the shorter of lease term or useful life.

2.	The aggregate gross cost of property included above for Federal income tax purposes was approximately $4.0 billion as of December 31, 2019.

The following table reconciles the activity for real estate properties from January 1, 2017 to December 31, 2019 (in thousands):

	Year Ended December 31,
	2019			2018			2017
Balance at beginning of year	$	3,697,805		$	3,466,482		$	3,382,000
Improvements and other		97,000			99,594			55,763
Property acquisitions		303,884			134,559			179,292
Property dispositions or held for sale assets		(84,243	)		(34,666	)		(189,895	)
Right-of-use assets - operating leases obtained		62,020			—			—
Right-of-use assets - finance leases obtained and reclassified		102,055			—			—
Capital lease reclassified as Right-of-use assets - finance lease		(76,965	)		—			—
Right-of-use assets - operating lease amortization		(2,014	)		—			—
Consolidation of previously unconsolidated investments		—			31,836			39,322
Balance at end of year	$	4,099,542		$	3,697,805		$	3,466,482

The following table reconciles accumulated depreciation from January 1, 2017 to December 31, 2019 (in thousands):

	Year Ended December 31,
	2019			2018			2017
Balance at beginning of year	$	416,657		$	339,862		$	287,066
Depreciation related to real estate		85,317			78,453			73,268
Property dispositions		(11,747	)		(1,658	)		(20,472	)
Balance at end of year	$	490,227		$	416,657		$	339,862

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2019

Mortgage Loans On Real Estate [Abstract]

SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE

Description	Effective Interest Rate	Final Maturity Date	Face Amount of Notes Receivable		Net Carrying Amount of Notes Receivable as of December 31, 2019
First Mortgage Loan	6.0%	4/30/2020	$	17,810	$	17,802
First Mortgage Loan	8.1%	6/20/2020		153,400		38,673
Zero Coupon Loan	2.5%	5/31/2020		29,793		33,170
Mezzanine Loan	18.0%	7/1/2020		5,306		5,306
First Mortgage Loan	5.1%	10/28/2021		13,530		13,530
Other	4.65%	4/12/2026		6,000		6,000
Other	4.82%	4/10/2021		462		462
Total			$	226,301	$	114,943

The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral, the personal guarantees of the borrower and the prospects of the borrower.

The following table reconciles the activity for loans on real estate from January 1, 2017 to December 31, 2019 (in thousands):

	Reconciliation of Loans on Real Estate
	Year Ended December 31,
	2019			2018			2017
Balance at beginning of year	$	111,775		$	160,991		$	283,125
Additions		18,418			3,805			11,571
Repayments		(15,250	)		(31,000	)		(32,000	)
Conversion to real estate through receipt of deed		—			(22,021	)		(101,705	)
Balance at end of year	$	114,943		$	111,775		$	160,991

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

12 Months Ended

Dec. 31, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Segments

Principles of Consolidation

Use of Estimates

Reclassifications

Real Estate

Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows:

Buildings and improvements Useful lives of 40 years for buildings and 15 years for improvements

Furniture and fixtures Useful lives, ranging from five years to 20 years

Tenant improvements Shorter of economic life or lease terms

Dispositions of Real Estate

Real Estate Held for Sale

Notes Receivable

Investments in and Advances to Unconsolidated Joint Ventures

Cash and Cash Equivalents

Restricted Cash

Deferred Costs

Derivative Instruments and Hedging Activities

presented, all of the Company's derivatives qualified and were designated as cash flow hedges, and none of its derivatives were deemed ineffective.

NonControlling Interests

Noncontrolling Interests

Revenue Recognition and Accounts Receivable

Stock-Based Compensation

Income Taxes

Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

Lease Accounting

To ease the transition, the new lease accounting guidance permits companies to utilize certain practical expedients in their implementation of the new standard:

•

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 2018-10, 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.

practical expedient to not separate non-lease components from the associated component must be elected for all existing and new 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.

•

Other Accounting Topics

Recently Issued Accounting Pronouncements

Lease Intangibles

Financial Instruments and Fair Value Measurements

Items Measured at Fair Value on a Recurring Basis

Earnings Per Common Share

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

12 Months Ended

Dec. 31, 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 December 31, 2019 ^(b)		Unfunded Commitment^(b)		Equity Interest Held By Operating Partnership^(a)			Preferred Return			Total Distributions as of December 31, 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	%		193.1
Fund V	8/2016		20.10	%		213.3		306.7		20.10	%		6	%		11.1

(a)	Amount represents the current economic ownership at December 31, 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)

12 Months Ended

Dec. 31, 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 for the periods presented (in thousands):

	December 31, 2019			December 31, 2018
Land	$	756,297		$	710,469
Buildings and improvements		2,740,479			2,594,828
Tenant improvements		173,686			151,154
Construction in progress		13,617			44,092
Properties under capital lease (Note 11)		—			76,965
Right-of-use assets - finance leases (Note 11)		102,055			—
Right-of-use assets - operating leases (Note 11), net		60,006			—
Total		3,846,140			3,577,508
Less: Accumulated depreciation and amortization		(490,227	)		(416,657	)
Operating real estate, net		3,355,913			3,160,851
Real estate under development, at cost		253,402			120,297
Net investments in real estate	$	3,609,315		$	3,281,148

Schedule of Business Acquisitions, by Acquisition

During the years ended December 31, 2019 and 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, 45, 47, 51 and 53 Greene Street - New York, NY ^(a)	100%	Mar 15, 2019 Mar 27, 2019 May 29, 2019 Jul 30, 2019 Nov 8, 2019	$	87,006
849, 907 and 912 W. Armitage - Chicago, IL	100%	Sep 11, 2019 Dec 11, 2019		10,738
8436-8452 Melrose Place - Los Angeles, CA	100%	Oct 25, 2019		48,691
Subtotal Core				146,435

Fund V
Palm Coast Landing - Palm Coast, FL	100%	May 6, 2019		36,644
Lincoln Commons - Lincoln, RI	100%	Jun 21, 2019		54,299
Landstown Commons - Virginia Beach, VA	100%	Aug 2, 2019		86,961
Subtotal Fund V				177,904
Total 2019 Acquisitions			$	324,339

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

Schedule of Purchase Price Allocations

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

	Year Ended December 31, 2019			Year Ended December 31, 2018
Net Assets Acquired
Land	$	78,263		$	38,086
Buildings and improvements		221,185			129,586
Acquisition-related intangible assets (Note 6)		34,972			26,693
Acquisition-related intangible liabilities (Note 6)		(10,081	)		(7,902	)
Net assets acquired	$	324,339		$	186,463

Consideration
Cash	$	319,673		$	147,985
Liabilities assumed		4,666			2,597
Existing interest in previously unconsolidated investment		—			35,881
Total consideration	$	324,339		$	186,463

Schedule of Property Dispositions

During the years ended December 31, 2019 and 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 - 3 Residential Condos - New York, NY	Fund IV	May 17, 2019 Sep 23, 2019 Nov 7, 2019		8,826		(242	)
JFK Plaza - Waterville, ME	Fund IV	Jul 24, 2019		7,800		2,075
3780-3858 Nostrand Avenue - New York, NY	Fund III	Aug 22, 2019		27,650		2,562
938 W North Avenue - Chicago, IL	Fund IV	Sep 27, 2019		32,000		7,144
Pacesetter Park - Pomona, NY	Core	Oct 28, 2019		22,550		16,771
Total 2019 Dispositions			$	109,326	$	30,324


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

	Year Ended December 31,
	2019			2018			2017
Revenues	$	7,295		$	11,633		$	23,617
Expenses		(6,403	)		(10,084	)		(31,651	)
Gain on disposition of properties		30,324			5,140			48,886
Net income attributable to noncontrolling interests		(10,515	)		(4,742	)		(29,233	)
Net income attributable to Acadia	$	20,701		$	1,947		$	11,619

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				Year Ended December 31, 2019						December 31, 2019
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		1	$	7,759	$	57,342	$	5,581	$	9,819		—	$	60,863
Fund II		—		7,462		—		3,241		—		—		10,703
Fund III		1		21,242		12,313		2,685		—		1		36,240
Fund IV		1		83,834		47,689		14,073		—		2		145,596
Total		3	$	120,297	$	117,344	$	25,580	$	9,819		3	$	253,402

During the year ended December 31, 2019, the Company placed one Core development project, 56 E. Walton, into service. Fund II amounts relate to the City Point Phase III project.

	December 31, 2017				Year Ended 2018						December 31, 2018
	Number of Properties		Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties		Carrying Value
Core		2	$	21,897	$	—	$	6,320	$	20,458		1	$	7,759
Fund II		—		4,908		—		2,554		—		—		7,462
Fund III		2		63,939		—		36,117		78,814		1		21,242
Fund IV		1		82,958		—		876		—		1		83,834
Total		5	$	173,702	$	—	$	45,867	$	99,272		3	$	120,297

- 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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-Name Accounting Standards Codification
-Topic 360
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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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 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: 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 8: 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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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 205
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: 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)

12 Months Ended

Dec. 31, 2019

Accounts And Notes Receivable Net [Abstract]

Schedule of Notes Receivable

	December 31,		December 31,		December 31, 2019
Description	2019		2018		Number		Maturity Date	Interest Rate
Core Portfolio ^(a)	$	76,467	$	58,637		5	Apr 2020 - Apr 2026	4.7% - 8.1%
Fund II		33,170		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%
	$	114,943	$	111,775		7

Investments in and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 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	December 31,			December 31,
Portfolio	Property	December 31, 2019	2019			2018
Core:
	840 N. Michigan^(a)	88.43%	$	61,260		$	65,013
	Renaissance Portfolio	20%		31,815			32,458
	Gotham Plaza	49%		29,466			29,550
	Town Center^{(a, b)}	75.22%		97,674			99,758
	Georgetown Portfolio	50%		4,498			4,653
	1238 Wisconsin Avenue	80%		1,194			—
				225,907			231,432

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

Fund III:
	Fund III Other Portfolio	94.23%		17			21
	Self Storage Management ^(d)	95%		207			206
				224			227
Fund IV:
	Broughton Street Portfolio ^(e)	50%		12,702			3,236
	Fund IV Other Portfolio	98.57%		14,733			14,540
	650 Bald Hill Road	90%		12,450			12,880
				39,885			30,656

Fund V:	Family Center at Riverdale ^(a)	89.42%		13,329			—
	Tri-City Plaza	90%		10,250			—
	Frederick County Acquisitions	90%		15,070			—
				38,649			—

Various:	Due to Related Parties			(1,902	)		(461	)
	Other ^(f)			2,334			556
	Investments in and advances to unconsolidated affiliates		$	305,097		$	262,410

Core:
	Crossroads ^(g)	49%	$	15,362		$	15,623
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	15,362		$	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 (discussed below) 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

	December 31, 2019			December 31, 2018
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	656,265		$	487,846
Real estate under development		1,341			—
Other assets		85,540			89,890
Total assets	$	743,146		$	577,736
Liabilities and partners’ equity:
Mortgage notes payable	$	502,036		$	408,967
Other liabilities		77,785			54,585
Partners’ equity		163,325			114,184
Total liabilities and partners’ equity	$	743,146		$	577,736

Company's share of accumulated equity	$	186,864		$	139,028
Basis differential		100,962			103,812
Deferred fees, net of portion related to the Company's interest		1,270			3,646
Amounts payable by the Company		(1,902	)		(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		287,194			246,025
Cost method investments		2,541			762
Company's share of distributions in excess of income from and investments in unconsolidated affiliates		15,362			15,623
Investments in and advances to unconsolidated affiliates	$	305,097		$	262,410

Schedule of Condensed Income Statement

	Year Ended December 31,
	2019			2018			2017
Combined and Condensed Statements of Income
Total revenues	$	88,585		$	80,184		$	83,222
Operating and other expenses		(24,624	)		(23,586	)		(24,711	)
Interest expense		(21,874	)		(19,954	)		(18,733	)
Depreciation and amortization		(25,358	)		(22,228	)		(24,192	)
Loss on debt extinguishment		—			—			(154	)
(Loss) gain on disposition of properties		—			(1,673	)		18,957
Net income attributable to unconsolidated affiliates	$	16,729		$	12,743		$	34,389

Company’s share of equity in net income of unconsolidated affiliates	$	11,772		$	12,345		$	26,039
Basis differential amortization		(2,850	)		(3,043	)		(2,668	)
Company’s equity in earnings of unconsolidated affiliates	$	8,922		$	9,302		$	23,371

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

12 Months Ended

Dec. 31, 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)	December 31, 2019			December 31, 2018
Other Assets, Net:
Lease intangibles, net (Note 6)	$	116,820		$	115,939
Deferred charges, net ^(a)		28,746			28,619
Prepaid expenses		18,873			18,422
Other receivables		3,996			2,896
Accrued interest receivable		9,872			17,046
Due from seller		3,682			4,000
Deposits		1,853			4,611
Corporate assets, net		1,565			1,953
Income taxes receivable		1,755			2,070
Derivative financial instruments (Note 8)		2,583			7,018
Deferred tax assets		913			2,032
Due from related parties		—			1,802
	$	190,658		$	206,408

(a) Deferred Charges, Net:
Deferred leasing and other costs	$	49,081		$	45,011
Deferred financing costs related to line of credit		10,051			8,960
		59,132			53,971
Accumulated amortization		(30,386	)		(25,352	)
Deferred charges, net	$	28,746		$	28,619

Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	$	82,926		$	95,045
Lease liability - finance leases, net (Note 11)		77,657			—
Accounts payable and accrued expenses		68,838			65,215
Lease liability - operating leases, net (Note 11)		56,762			—
Derivative financial instruments (Note 8)		39,061			7,304
Deferred income		33,682			34,052
Tenant security deposits, escrow and other		12,590			10,588
Capital lease obligations (Note 11)		—			71,111
Other		—			2,757
	$	371,516		$	286,072

Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 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):

	December 31, 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	$	249,961		$	(137,108	)	$	112,853		$	216,021		$	(105,972	)	$	110,049
Above-market rent		17,227			(13,260	)		3,967			18,169			(12,279	)		5,890
	$	267,188		$	(150,368	)	$	116,820		$	234,190		$	(118,251	)	$	115,939

Amortizable Intangible Liabilities
Below-market rent	$	(160,721	)	$	78,315		$	(82,406	)	$	(152,188	)	$	57,721		$	(94,467	)
Above-market ground lease		(671	)		151			(520	)		(671	)		93			(578	)
	$	(161,392	)	$	78,466		$	(82,926	)	$	(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 December 31, 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
2020	$	7,177	$	(27,827	)	$	58	$	(20,592	)
2021		6,717		(21,053	)		58		(14,278	)
2022		6,196		(15,160	)		58		(8,906	)
2023		6,149		(11,578	)		58		(5,371	)
2024		5,706		(8,931	)		58		(3,167	)
Thereafter		46,494		(28,304	)		230		18,420
Total	$	78,439	$	(112,853	)	$	520	$	(33,894	)

Debt (Tables)

12 Months Ended

Dec. 31, 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
	December 31,		December 31,		Maturity Date at	December 31,			December 31,
	2019		2018		December 31, 2019	2019			2018
Mortgages Payable
Core Fixed Rate	3.88%-6.00%		3.88%-6.00%		Feb 2024 - Apr 2035	$	176,176		$	178,271
Core Variable Rate - Swapped ^(a)	3.41%-4.54%		3.41%-5.67%		Jan 2023 - Nov 2028		81,559			82,583
Total Core Mortgages Payable							257,735			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		24,225			—
Fund II Variable Rate - Swapped ^(a)	2.88%		4.27%		Nov 2021		19,073			19,325
Total Fund II Mortgages Payable							243,298			224,587
Fund III Variable Rate	LIBOR+2.75%-LIBOR+3.10%		Prime+0.50%-LIBOR+4.65%		Jun 2020 - Jan 2021		74,554			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%		Feb 2020 - Aug 2021		157,015			233,065
Fund IV Variable Rate - Swapped ^(a)	3.48%-4.61%		3.67%-4.23%		Mar 2020 - Dec 2022		102,699			71,841
Total Fund IV Mortgages Payable							267,903			313,095
Fund V Variable Rate	LIBOR+1.50%-LIBOR+2.20%		LIBOR+2.25%		Feb 2021 - Dec 2024		1,387			51,506
Fund V Variable Rate - Swapped ^(a)	2.95%-4.78%		4.61%-4.78%		Feb 2021 - Dec 2024		334,626			86,570
Total Fund V Mortgage Payable							336,013			138,076
Net unamortized debt issuance costs							(10,078	)		(10,173	)
Unamortized premium							651			753
Total Mortgages Payable						$	1,170,076		$	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%-5.02%		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 2020 - June 2021		87,625			40,825
Fund V Subscription Facility		—	LIBOR+1.60%		May 2020		—			102,800

Net unamortized debt issuance costs							(305	)		(368	)
Total Unsecured Notes Payable						$	477,320		$	533,257
Unsecured Line of Credit
Core Unsecured Line of Credit -Swapped ^(a)	2.49%-5.02%			—	Mar 2022	$	60,800		$	—

Total Debt - Fixed Rate ^(b)(c)						$	1,403,324		$	1,001,658
Total Debt - Variable Rate ^(d)							314,604			558,675
Total Debt							1,717,928			1,560,333
Net unamortized debt issuance costs							(10,383	)		(10,541	)
Unamortized premium							651			753
Total Indebtedness						$	1,708,196		$	1,550,545

(a)

(b)	Includes $948.8 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 December 31, 2019 includes $70.2 million of Core swaps that may be used to hedge debt instruments of the Funds.

(d)	Includes $143.3 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 December 31, 2019 are as follows (in thousands):

Year Ending December 31,
2020	$	437,329
2021		287,723
2022		167,514
2023		415,476
2024		211,991
Thereafter		197,895
		1,717,928
Unamortized premium		651
Net unamortized debt issuance costs		(10,383	)
Total indebtedness	$	1,708,196

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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):

	December 31, 2019						December 31, 2018
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money market funds	$	—	$	—	$	—	$	4,504	$	—	$	—
Derivative financial instruments		—		2,583		—		—		7,018		—
Liabilities
Derivative financial instruments		—		39,061		—		—		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	December 31, 2019			December 31, 2018
Core
Interest Rate Swaps	$	423,442	Dec 2012-July 2020		Mar 2022-July 2030			1.71	%	—		3.77	%	Other Liabilities ^(a)	$	(33,750	)	$	(6,332	)
Interest Rate Swaps		139,118	Nov 2015 - July 2016		July 2020-June 2021			1.24	%	—		1.31	%	Other Assets		456			6,022
	$	562,560													$	(33,294	)	$	(310	)

Fund II
Interest Rate Swap	$	19,073	Oct 2014		Nov 2021			2.88	%	—		2.88	%	Other Liabilities	$	(139	)	$	—
Interest Rate Swap		—		—		—		—		—		—		Other Assets		—			108
Interest Rate Cap		23,300	Mar 2019		Mar 2022			3.50	%	—		3.50	%	Other Assets		1			—
	$	42,373													$	(138	)	$	108

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

Fund IV
Interest Rate Swaps	$	14,395	Dec 2019		Apr 2022 - Dec 2022			1.48	%	—		1.52	%	Other Assets	$	22		$	851
Interest Rate Swaps		88,304	Mar 2017 - May 2019		Mar 2020 - Dec 2022			1.82	%	—		4.00	%	Other Liabilities		(812	)		—
Interest Rate Caps		90,600	July 2019 - Dec 2019		Dec 2020 - July 2021			3.00	%	—		3.50	%	Other Assets		—			8
	$	193,299													$	(790	)	$	859

Fund V
Interest Rate Swaps	$	177,726	Oct 2019 - Nov 2019		Oct 2022 - Oct 2024			1.25	%	—		1.47	%	Other Assets	$	2,104		$	21
Interest Rate Swaps		156,900	Jan 2018-Mar 2019		Feb 2021-Mar 2024			2.27	%	—		2.88	%	Other Liabilities		(4,360	)		(972	)
	$	334,626													$	(2,256	)	$	(951	)

Total asset derivatives															$	2,583		$	7,018
Total liability derivatives															$	(39,061	)	$	(7,304	)

(a)

Schedule of Other Financial Instruments Carrying Values and Fair values

			December 31, 2019				December 31, 2018
	Level		Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable ^(a)		3	$	114,943	$	113,422	$	111,775	$	109,532
Mortgage and Other Notes Payable ^(a)		3		1,179,503		1,191,281		1,026,708		1,021,075
Investment in non-traded equity securities ^(b)		3		1,778		57,964		—		56,337
Unsecured notes payable and Unsecured line of credit ^(c)		2		538,425		539,362		533,625		533,954

(a)

(b)	Represents Fund II’s cost-method investment in Albertsons’ supermarkets and the Operating Partnership’s cost-method investment in Fifth Wall (Note 4).

(c)

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

12 Months Ended

Dec. 31, 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 years ended December 31, 2019 and 2018:

Date Declared	Amount Per Share		Record Date	Payment Date

November 8, 2017	$	0.27	December 29, 2017	January 13, 2018
February 27, 2018	$	0.27	March 30, 2018	April 13, 2018
May 11, 2018	$	0.27	June 29, 2018	July 13, 2018
August 7, 2018	$	0.27	September 28, 2018	October 15, 2018
November 13, 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
November 5, 2019	$	0.29	December 31, 2019	January 15, 2020

Summary of Activity in Accumulated Other Comprehensive Income

The following tables set forth the activity in accumulated other comprehensive income for the years ended December 31, 2019, 2018 and 2017 (in thousands):

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

Other comprehensive loss before reclassifications		(35,674	)
Reclassification of realized interest on swap agreements		(872	)
Net current period other comprehensive loss		(36,546	)
Net current period other comprehensive loss attributable to noncontrolling interests		4,855
Balance at December 31, 2019	$	(31,175	)

Balance at January 1, 2018	$	2,614

Other comprehensive loss before reclassifications		(2,659	)
Reclassification of realized interest on swap agreements		71
Net current period other comprehensive loss		(2,588	)
Net current period other comprehensive loss attributable to noncontrolling interests		490
Balance at December 31, 2018	$	516

Balance at January 1, 2017	$	(798	)

Other comprehensive income before reclassifications		634
Reclassification of realized interest on swap agreements		3,317
Net current period other comprehensive income		3,951
Net current period other comprehensive income attributable to noncontrolling interests		(539	)
Balance at December 31, 2017	$	2,614

Summary of Change in Noncontrolling Interest

The following tables summarize the change in the noncontrolling interests for the years ended December 31, 2019, 2018 and 2017 (dollars in thousands):

	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 $1.13 per Common OP Unit		(7,124	)		—			(7,124	)
Net income (loss) for the year ended December 31, 2019		3,836			(35,677	)		(31,841	)
Conversion of 307,663 Common OP Units to Common Shares by limited partners of the Operating Partnership		(5,104	)		—			(5,104	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		(1,899	)		(3,036	)		(4,935	)
Reclassification of realized interest expense on swap agreements		(62	)		142			80
Noncontrolling interest contributions		—			161,628			161,628
Noncontrolling interest distributions		—			(94,289	)		(94,289	)
Employee Long-term Incentive Plan Unit Awards		10,411			—			10,411
Reallocation of noncontrolling interests ^(c)		(6,611	)		—			(6,611	)
Balance at December 31, 2019	$	97,670		$	546,987		$	644,657

Balance at January 1, 2018	$	102,921		$	545,519		$	648,440
Distributions declared of $1.09 per Common OP Unit		(6,888	)		—			(6,888	)
Net income (loss) for the year ended December 31, 2018		2,572			(49,709	)		(47,137	)
Conversion of 117,978 Common OP Units to Common Shares by limited partners of the Operating Partnership		(2,068	)		—			(2,068	)
Other comprehensive income - unrealized gain on valuation of swap agreements		(129	)		(681	)		(810	)
Reclassification of realized interest expense on swap agreements		(3	)		323			320
Noncontrolling interest contributions		—			47,560			47,560
Noncontrolling interest distributions		—			(24,793	)		(24,793	)
Employee Long-term Incentive Plan Unit Awards		12,374			—			12,374
Reallocation of noncontrolling interests ^(c)		(4,556	)		—			(4,556	)
Balance at December 31, 2018	$	104,223		$	518,219		$	622,442

Balance at January 1, 2017	$	95,422		$	494,126		$	589,548
Distributions declared of $1.05 per Common OP Unit		(6,453	)		—			(6,453	)
Net income (loss) for the year ended December 31, 2017		4,159			(1,321	)		2,838
Conversion of 81,453 Common OP Units to Common Shares by limited partners of the Operating Partnership		(1,541	)		—			(1,541	)
Other comprehensive loss - unrealized loss on valuation of swap agreements		85			(232	)		(147	)
Reclassification of realized interest expense on swap agreements		141			545			686
Noncontrolling interest contributions		—			85,206			85,206
Noncontrolling interest distributions		—			(32,805	)		(32,805	)
Employee Long-term Incentive Plan Unit Awards		10,457			—			10,457
Rebalancing adjustment ^(c)		651			—			651
Balance at December 31, 2017	$	102,921		$	545,519		$	648,440

(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)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of Assets and Liabilities in Connection With Acquisitions of Leasehold Interests

The Company recorded the following assets and liabilities in connection with acquisitions of leasehold interests:

	Year Ended December 31, 2019			Year Ended December 31, 2018
Amounts recorded upon acquisition of leasehold interests:				(Not applicable)
Right of use asset - operating lease	$	50,147
Right of use asset - finance lease		19,422
Leasehold improvements		13,354
Lease intangibles (Note 6)		1,760
Lease liability - operating lease		(45,293	)
Acquisition-related intangible liabilities (Note 6)		(359	)
Cash paid upon acquisition of leasehold interests	$	39,031

Schedule of Lease Cost

	Year Ended December 31,
	2019			2018	2017
Lease Cost				(Not applicable)	(Not applicable)
Finance lease cost:
Amortization of right-of-use assets	$	2,168
Interest on lease liabilities		3,737
Subtotal		5,905
Operating lease cost		4,430
Variable lease cost		164
Total lease cost	$	10,499

Other Information
Weighted-average remaining lease term - finance leases (years)		42.5
Weighted-average remaining lease term - operating leases (years)		34.1
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)
2020	$	212,871	$	7,040
2021		203,077		6,823
2022		181,731		6,832
2023		160,237		6,825
2024		137,451		7,008
Thereafter		563,124		312,421
Total	$	1,458,491	$	346,949

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Summary of Segment Information

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

	As of or for the Year Ended December 31, 2019
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	173,177		$	122,150		$	—	$	—		$	295,327
Depreciation and amortization		(61,819	)		(63,624	)		—		—			(125,443	)
Property operating expenses, other operating and real estate taxes		(47,032	)		(43,436	)		—		—			(90,468	)
General and administrative expenses		—			—			—		(35,416	)		(35,416	)
Impairment charge		—			(1,721	)		—		—			(1,721	)
Gain on disposition of properties		16,771			13,553			—		—			30,324
Operating income		81,097			26,922			—		(35,416	)		72,603
Interest income		—			—			7,988		—			7,988
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties		9,020			(98	)		—		—			8,922
Interest expense		(28,304	)		(45,484	)		—		—			(73,788	)
Other income		327			6,620			—		—			6,947
Income tax provision		—			—			—		(1,468	)		(1,468	)
Net income (loss)		62,140			(12,040	)		7,988		(36,884	)		21,204
Net loss attributable to noncontrolling interests		337			31,504			—		—			31,841
Net income attributable to Acadia^(a)	$	62,477		$	19,464		$	7,988	$	(36,884	)	$	53,045

Real estate at cost ^(b)	$	2,264,010		$	1,835,532		$	—	$	—		$	4,099,542
Total Assets ^(b)	$	2,350,833		$	1,843,338		$	114,943	$	—		$	4,309,114
Cash paid for acquisition of real estate and leasehold interest	$	173,892		$	184,812		$	—	$	—		$	358,704
Cash paid for development and property improvement costs	$	22,724		$	66,546		$	—	$	—		$	89,270

	As of or for the Year Ended December 31, 2018
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	166,816		$	92,865		$	—	$	—		$	259,681
Depreciation and amortization		(60,903	)		(56,646	)		—		—			(117,549	)
Property operating expenses, other operating and real estate taxes		(44,060	)		(36,188	)		—		—			(80,248	)
General and administrative expenses		—			—			—		(34,343	)		(34,343	)
Gain on disposition of properties		—			5,140			—		—			5,140
Operating income		61,853			5,171			-		(34,343	)		32,681
Interest income		—			—			13,231		—			13,231
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties		7,415			1,887			—		—			9,302
Interest expense		(27,575	)		(42,403	)		—		—			(69,978	)
Income tax provision		—			—			—		(934	)		(934	)
Net income (loss)		41,693			(35,345	)		13,231		(35,277	)		(15,698	)
Net income attributable to noncontrolling interests		752			46,385			—		—			47,137
Net income attributable to Acadia^(a)	$	42,445		$	11,040		$	13,231	$	(35,277	)	$	31,439

Real estate at cost ^(b)	$	2,069,439		$	1,628,366		$	—	$	—		$	3,697,805
Total Assets ^(b)	$	2,232,695		$	1,616,472		$	109,613	$	—		$	3,958,780
Cash paid for acquisition of real estate	$	1,343		$	146,642		$	—	$	—		$	147,985
Cash paid for development and property improvement costs	$	32,662		$	62,172		$	—	$	—		$	94,834

	As of or for the Year Ended December 31, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	168,795		$	79,757		$	—	$	—		$	248,552
Depreciation and amortization		(61,705	)		(43,229	)		—		—			(104,934	)
Property operating expenses, other operating and real estate taxes		(44,169	)		(33,919	)		—		—			(78,088	)
General and administrative expenses		—			—			—		(33,756	)		(33,756	)
Impairment charge		—			(14,455	)		—		—			(14,455	)
Gain on disposition of properties		—			48,886			—		—			48,886
Operating income		62,921			37,040			—		(33,756	)		66,205
Interest income		—			—			29,143		—			29,143
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties		3,735			19,636			—		—			23,371
Interest expense		(28,618	)		(30,360	)		—		—			(58,978	)
Other income		5,571			—			—		—			5,571
Income tax provision		—			—			—		(1,004	)		(1,004	)
Net income		43,609			26,316			29,143		(34,760	)		64,308
Net income attributable to noncontrolling interests		(1,107	)		(1,731	)		—		—			(2,838	)
Net income attributable to Acadia^(a)	$	42,502		$	24,585		$	29,143	$	(34,760	)	$	61,470

Cash paid for acquisition of real estate	$	—		$	200,429		$	—	$	—		$	200,429
Cash paid for development and property improvement costs	$	42,026		$	66,116		$	—	$	—		$	108,142

(a)

(b)

Share Incentive and Other Compensation (Tables)

12 Months Ended

Dec. 31, 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, 2017		46,499		$	27.58		856,877		$	26.99
Granted		19,442			29.85		310,551			31.80
Vested		(23,430	)		30.47		(257,124	)		28.27
Forfeited		(1,184	)		32.65		(205	)		32.49
Unvested at December 31, 2017		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 December 31, 2019		42,390		$	23.73		934,180		$	28.24

Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Net Income to Taxable Income

Reconciliation of GAAP net income attributable to Acadia to taxable income is as follows:

	Year Ended December 31,
(in thousands)	2019			2018			2017
Net income attributable to Acadia	$	53,045		$	31,439		$	61,470
Deferred cancellation of indebtedness income		—			2,050			2,050
Deferred rental and other income ^(a)		1,203			1,222			(934	)
Book/tax difference - depreciation and amortization ^(a)		21,688			23,166			21,334
Straight-line rent and above- and below-market rent adjustments ^(a)		(10,949	)		(12,129	)		(10,559	)
Book/tax differences - equity-based compensation		7,177			6,042			5,325
Joint venture equity in earnings, net ^(a)		15,571			13,905			9,114
Acquisition costs ^(a)		63			326			1,135
Gain (loss) on disposition of properties		2,375			—			(5,181	)
Book/tax differences - miscellaneous		(1,473	)		(2,821	)		930
Taxable income	$	88,700		$	63,200		$	84,684
Distributions declared	$	96,310		$	89,122		$	87,848

(a)	Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item “Joint venture equity in earnings, net.”

Schedule of Tax Status of Dividends

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

	Year Ended December 31,
	2019					2018					2017
	Per Share		%			Per Share		%			Per Share		%
Ordinary income - Non-Section 199A	$	—		—	%		—		—	%	$	0.820		78	%
Ordinary income - Section 199A		0.820		77	%		0.870		100	%		—		—	%
Qualified dividend		—		—	%		—		—	%		—		—	%
Capital gain		0.240		23	%		—		—	%		0.230		22	%
Total ^(b)	$	1.060		100	%		0.870		100	%	$	1.050		100	%

(b)	The fourth quarter 2019 regular dividend was $0.29 per common share, all of which is allocable to 2020. The fourth quarter 2018 regular dividend was $0.28 per common share of which approximately $0.06 was allocable to 2018 and approximately $0.22 is allocable to 2019.

Schedule of TRS Income and Provision for Income Taxes

	Year Ended December 31,
	2019			2018			2017
TRS loss before income taxes	$	(3,117	)	$	(2,609	)	$	(3,604	)
(Provision) benefit for income taxes:
Federal		754			(377	)		(982	)
State and local		317			26			423
TRS net loss before noncontrolling interests		(2,046	)		(2,960	)		(4,163	)
Noncontrolling interests		(369	)		4			8
TRS net loss	$	(2,415	)	$	(2,956	)	$	(4,155	)

Schedule of Effective Income Tax Rate Reconciliation

	Year Ended December 31,
	2019			2018			2017
Federal tax benefit at statutory tax rate	$	(655	)	$	(548	)	$	(1,225	)
TRS state and local taxes, net of Federal benefit		(197	)		(165	)		(190	)
Tax effect of:
Permanent differences, net		239			951			1,131
Prior year over-accrual, net		—			—			(1,541	)
Effect of Tax Cuts and Jobs Act		—			—			1,982
Adjustment to deferred tax reserve		1,748			(1,530	)		—
Other		(112	)		1,702			404
REIT state and local income and franchise taxes		445			524			443
Total provision (benefit) for income taxes	$	1,468		$	934		$	1,004

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

	Year Ended December 31,
(dollars in thousands)	2019			2018			2017
Numerator:
Net income attributable to Acadia	$	53,045		$	31,439		$	61,470
Less: net income attributable to participating securities		(413	)		(267	)		(642	)
Income from continuing operations net of income attributable to participating securities	$	52,632		$	31,172		$	60,828

Denominator:
Weighted average shares for basic earnings per share		84,435,826			82,080,159			83,682,789
Effect of dilutive securities:
Employee unvested restricted shares		—			—			2,682
Denominator for diluted earnings per share		84,435,826			82,080,159			83,685,471

Basic and diluted earnings per Common Share from continuing operations attributable to Acadia	$	0.62		$	0.38		$	0.73

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

Series C Preferred OP Units		136,593			136,593			136,593
Series C Preferred OP Units - Common share equivalent		474,278			474,278			479,978
Restricted shares		40,821			36,879			41,299

Summary of Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The quarterly results of operations of the Company for the years ended December 31, 2019 and 2018 are as follows (in thousands, except per share amounts):

	Three Months Ended ^{(a, b, c, d, e)}
	March 31, 2019		June 30, 2019			September 30, 2019		December 31, 2019
Revenues	$	73,985	$	70,229		$	73,327	$	77,786
Net income (loss)		2,936		(5,237	)		8,840		14,665
Net loss attributable to noncontrolling interests		9,261		14,317			1,618		6,645
Net income attributable to Acadia		12,197		9,080			10,458		21,310

Earnings per share attributable to Acadia:
Basic	$	0.15	$	0.11		$	0.12	$	0.24
Diluted		0.15		0.11			0.12		0.24

Weighted average number of shares:
Basic		82,037		83,704			84,888		87,058
Diluted		82,037		83,704			84,888		87,058

Cash dividends declared per Common Share	$	0.28	$	0.28		$	0.28	$	0.29

(a)	The quarter ended June 30, 2019 includes an impairment charge of $1.4 million and the quarter ended September 30, 2019 includes an impairment charge of $0.3 million, of which the Company’s aggregate share was $0.4 million (Note 8)

(b)	The quarter ended September 30, 2019 includes an aggregate gain on disposition of two consolidated properties and one condominium unit at Fund IV and one consolidated property at Fund III of $12.1 million, of which the Company’s share was $2.8 million (Note 2).

(c)	The quarter ended December 31, 2019 includes a net gain on disposition of a consolidated Core property of $16.3 million, of which the Company’s share was $16.7 million (Note 2).

(d)	The quarter ended September 30, 2019 includes a deferred gain on tax credits at Fund II of which the Company’s share was $1.4 million (Note 7).

(e)	Revenues for the quarters ended March 31, 2019 and June 30, 2019 have each been revised to reflect the reclassifications of credit losses of $0.8 million (Note 1).

	Three Months Ended^{(a, b)}
	March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018
Revenues	$	62,226		$	62,201		$	65,527		$	69,727
Net income		(4,160	)		(2,270	)		(2,597	)		(6,671	)
Net (income) loss attributable to noncontrolling interests		11,579			9,935			11,822			13,801
Net income attributable to Acadia		7,419			7,665			9,225			7,130
Earnings per share attributable to Acadia:
Basic
Diluted	$	0.09		$	0.09		$	0.11		$	0.09
		0.09			0.09			0.11			0.09
Weighted average number of shares:
Basic		83,434			81,756			81,566			81,591
Diluted		83,438			81,756			81,566			81,591

Cash dividends declared per Common Share	$	0.27		$	0.27		$	0.27		$	0.28

(a)	Credit losses aggregating $2.5 million have been reclassified from property operating expense to revenues in each of the quarters in the year ended December 31, 2018 to conform to the current period presentation (Note 1).

(b)	The three months ended September 30, 2018 includes an aggregate $5.1 million gain on the sales of two consolidated Fund IV properties (Note 2), of which $3.9 million was attributable to noncontrolling interests

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)		12 Months Ended
	Jan. 01, 2019 USD ($)	Dec. 31, 2019 USD ($) property segment SoftwareApplication	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		186
Number of reportable segments \| segment		3
Amount of goodwill recorded and acquisition costs capitalized		$ 0
Deferred Rent Receivables, Net		48,400,000	$ 47,200,000
Allowance for doubtful accounts receivable		11,400,000	7,900,000
Capitalized internal leasing costs			1,700,000
Operating lease, right-of-use asset		60,006,000
Operating lease, liability		12,800,000
Finance lease, right-of-use asset		102,055,000
Finance lease, liability		77,657,000
Capitalized and deferred software cost		$ 200,000
Number of software applications \| SoftwareApplication		2
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
REIT
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Percentage of distribute taxable income		90.00%
Percentage of taxable income.		100.00%
Buildings
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, plant and equipment, useful life		40 years
Building Improvements
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, plant and equipment, useful life		15 years
Furniture and fixtures \| Minimum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, plant and equipment, useful life		5 years
Furniture and fixtures \| Maximum
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Property, plant and equipment, useful life		20 years
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		129
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		95.00%	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	12 Months Ended
	Apr. 30, 2018	Dec. 31, 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		$ 193.1
Fund V
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital		20.10%
Capital Called		$ 213.3
Unfunded Commitment		$ 306.7
Equity interest held by Operating Partnership		20.10%
Preferred Return		6.00%
Total Distributions		$ 11.1
Fund II
Variable Interest Entity [Line Items]
Total Distributions	$ 15.0

Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Acquisition And Disposition Of Properties And Discontinued Operations [Abstract]
Land	$ 756,297	$ 710,469
Buildings and improvements	2,740,479	2,594,828
Tenant improvements	173,686	151,154
Construction in progress	13,617	44,092
Properties under capital lease		76,965
Finance lease, right-of-use asset	102,055
Operating lease, right-of-use asset	60,006
Total	3,846,140	3,577,508
Less: Accumulated depreciation and amortization	(490,227)	(416,657)
Operating real estate, net	3,355,913	3,160,851
Real estate under development, at cost	253,402	120,297	$ 173,702
Net investments in real estate	$ 3,609,315	$ 3,281,148

Real Estate - Schedule of Acquisitions and Conversions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Business Acquisition [Line Items]
Purchase Price	$ 324,339	$ 186,463
Core Portfolio
Business Acquisition [Line Items]
Purchase Price	$ 146,435	$ 1,337
Core Portfolio \| 849, 907 and 912 W. Armitage - Chicago, IL
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 10,738
Core Portfolio \| 8436-8452 Melrose Place - Los Angeles, CA
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 48,691
Core Portfolio \| Soho Acquisitions \| 41,45, 47, 51 and 53 Greene Street - New York, NY
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 87,006
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 \| Lincoln Commons \| Lincoln, RI
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 54,299
Fund V \| Landstown Commons \| Virginia Beach, VA
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 86,961
Fund V \| Trussville Promenade - Trussville, AL \| Trussville, AL
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 45,259
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 \| 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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Purchase Price Allocation
Land	$ 78,263	$ 38,086
Buildings and improvements	221,185	129,586
Acquisition-related intangible assets (Note 6)	34,972	26,693
Acquisition-related intangible liabilities (Note 6)	(10,081)	(7,902)
Net assets acquired	324,339	186,463
Consideration
Cash	319,673	147,985
Liabilities assumed	4,666	2,597
Existing interest in previously unconsolidated investment	0	35,881
Total consideration	$ 324,339	$ 186,463

Real Estate - Schedule of Property Dispositions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale	$ 30,324	$ 5,140	$ 48,886
Disposal Group, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale Price	109,326	66,500
Gain (Loss) on Sale	$ 30,324	$ 5,140	$ 48,886
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	$ 2,562
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
Fund IV \| Disposal Group, Not Discontinued Operations \| 210 Bowery - 3 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	$ 8,826
Gain (Loss) on Sale	$ (242)
Fund IV \| Disposal Group, Not Discontinued Operations \| 210 Bowery - 3 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 \| 210 Bowery - 3 Residential Condos - New York, NY \| Scenario Three
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold	Nov. 07, 2019
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 \| 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	$ 2,075
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
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
Sale Price		$ 12,050
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	$ 7,144
Core Portfolio \| Disposal Group, Not Discontinued Operations \| Pacesetter Park - Pomona, NY
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date Sold	Oct. 28, 2019
Sale Price	$ 22,550
Gain (Loss) on Sale	$ 16,771

Real Estate - Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
STATEMENTS OF INCOME
Gain on disposition of properties	$ 30,324	$ 5,140	$ 48,886
Disposal Group, Not Discontinued Operations
STATEMENTS OF INCOME
Revenues	7,295	11,633	23,617
Expenses	(6,403)	(10,084)	(31,651)
Gain on disposition of properties	30,324	5,140	48,886
Net income attributable to noncontrolling interests	(10,515)	(4,742)	(29,233)
Net income attributable to Acadia	$ 20,701	$ 1,947	$ 11,619

- 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)
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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
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-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	12 Months Ended
	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($) property	Dec. 31, 2017 USD ($) property
Property, Plant and Equipment [Line Items]
Number of properties under development \| property	3	3	5
Real estate under development, beginning balance	$ 253,402	$ 120,297	$ 173,702
Transfers In	117,344	0
Capitalized Costs	25,580	45,867
Transfers Out	$ 9,819	$ 99,272
Core Portfolio
Property, Plant and Equipment [Line Items]
Number of properties under development \| property	0	1	2
Real estate under development, beginning balance	$ 60,863	$ 7,759	$ 21,897
Transfers In	57,342	0
Capitalized Costs	5,581	6,320
Transfers Out	$ 9,819	$ 20,458
Fund Portfolio \| Fund II
Property, Plant and Equipment [Line Items]
Number of properties under development \| property	0	0	0
Real estate under development, beginning balance	$ 10,703	$ 7,462	$ 4,908
Transfers In	0	0
Capitalized Costs	3,241	2,554
Transfers Out	$ 0	$ 0
Fund Portfolio \| Fund III
Property, Plant and Equipment [Line Items]
Number of properties under development \| property	1	1	2
Real estate under development, beginning balance	$ 36,240	$ 21,242	$ 63,939
Transfers In	12,313	0
Capitalized Costs	2,685	36,117
Transfers Out	$ 0	$ 78,814
Fund Portfolio \| Fund IV
Property, Plant and Equipment [Line Items]
Number of properties under development \| property	2	1	1
Real estate under development, beginning balance	$ 145,596	$ 83,834	$ 82,958
Transfers In	47,689	0
Capitalized Costs	14,073	876
Transfers Out	$ 0	$ 0

Notes Receivable, Net - Schedule of Notes Receivable (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) debtinstrument	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable	$ 114,943	$ 111,775	$ 160,991	$ 283,125
Number of instruments held \| debtinstrument	7
Core Portfolio
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable	$ 76,467	58,637
Number of instruments held \| debtinstrument	5
Core Portfolio \| Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Maturity Date	2020-04
Effective interest rate	4.70%
Core Portfolio \| Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Maturity Date	2026-04
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	$ 33,170	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	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from notes receivable	$ 15,250	$ 26,000	$ 32,000
Note receivable exchanged for sale of real estate	13,530
Additional advance	326,268	187,173	$ 156,344
Core Portfolio
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from notes receivable		26,000
Note receivable accrued interest		200
Additional advance	4,300
Mortgage loans on real estate interest until maturity	400
Note receivable including accrued interest	20,800
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
Pacesetter Park
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Note receivable exchanged for sale of real estate	$ 13,500
Effective interest rate	5.10%
Fund IV
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from notes receivable	$ 15,300
Note receivable accrued interest	10,000
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 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	Dec. 31, 2019	Dec. 31, 2018	Mar. 28, 2018	Nov. 16, 2017
Schedule of Equity Method Investments [Line Items]
Due to related parties	$ (1,902)	$ (461)
Other	2,334	556
Investments in and advances to unconsolidated affiliates	305,097	262,410
Distributions in excess of income from, and investments in, unconsolidated affiliates	$ 15,362	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	94.23%
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	$ 207	206
Fund III
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 224	227
Broughton St. Portfolio Savannah, GA
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 12,702	3,236
Fund IV Other Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	98.57%
Equity method investments	$ 14,733	14,540
650 Bald Hill Road
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 12,450	12,880
Fund IV
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 39,885	$ 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	$ 13,329
Tri City Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 10,250
Frederick County Acquisitions
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 15,070
Fund V
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 38,649
Core Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	75.22%	61.11%		22.22%
Equity method investments	$ 225,907	$ 231,432	$ 22,300	$ 61,600
Other	$ 1,700
Core Portfolio \| 840 N. Michigan
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	88.43%
Equity method investments	$ 61,260	65,013
Core Portfolio \| Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.00%
Equity method investments	$ 31,815	32,458
Core Portfolio \| Gotham Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Equity method investments	$ 29,466	29,550
Core Portfolio \| Town Center
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	75.22%
Equity method investments	$ 97,674	99,758
Core Portfolio \| Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 4,498	4,653
Core Portfolio \| 1238 Wisconsin Avenue
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	80.00%
Equity method investments	$ 1,194
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	$ 15,362	$ 15,623

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Parenthetical) (Details) - USD ($) $ in Thousands	Dec. 31, 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	$ 12,702	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		12 Months Ended
	Aug. 08, 2019 USD ($)	Jan. 24, 2019 USD ($) ft²	Mar. 28, 2018 USD ($)	Nov. 16, 2017 USD ($)	May 01, 2017 USD ($)	Nov. 30, 2019 USD ($)	Apr. 29, 2016 USD ($)	Dec. 31, 2019 USD ($) ft²	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Purchase Price								$ 324,339,000	$ 186,463,000
Cost method investments								2,334,000	556,000
Notes receivable, net								$ 114,943,000	111,775,000	$ 160,991,000	$ 283,125,000
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								146,435,000	1,337,000
Cost method investments								1,700,000
Gain (loss) on investment								0
Notes receivable, net								$ 76,467,000	58,637,000
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				$ 225,907,000	$ 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								$ 31,815,000	$ 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							$ 100,000
Distribution from cost method investment						$ 200,000
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

Investments in and Advances to Unconsolidated Affiliates - Fund Investments - Additional Information (Details)									3 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	Dec. 31, 2019 USD ($) property	Sep. 30, 2019 USD ($) property	Sep. 30, 2018 USD ($)	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2014 property JointVenture	Oct. 31, 2018 segment
Schedule of Equity Method Investments [Line Items]
Purchase Price												$ 324,339,000	$ 186,463,000
Number of retail properties \| property									186			186
Proceeds from the disposition of properties, net												$ 88,738,000	$ 63,866,000	$ 260,711,000
Disposed of by sale
Schedule of Equity Method Investments [Line Items]
Number of retail properties \| property										2
Gain (loss) on disposal									$ 16,300,000	$ 12,100,000	$ 5,100,000
Fund V Family Center at Riverdale
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage									89.42%			89.42%
Tri City Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage									90.00%			90.00%
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
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%			50.00%
Number of businesses acquired \| property															23
Number of retail properties \| property									13			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					$ 2,000,000.0			$ 8,000,000.0
Gain (loss) on disposal					(300,000)			(400,000)
Fund IV \| Partnership Interest \| Disposed of by sale \| Broughton St. Portfolio Savannah, GA
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal								$ 0
Fund IV \| Partnership Interest \| Disposed of by sale \| Broughton St. Portfolio Savannah, GA \| 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			2
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]
Joint venture interest percentage			90.00%
Square footage of real estate property (in square feet) \| ft²			300,000
Purchase Price			$ 36,700,000
Frederick County, Maryland \| 225,000 Square Foot Property
Schedule of Equity Method Investments [Line Items]
Joint venture interest percentage	90.00%
Square footage of real estate property (in square feet) \| ft²	225,000
Purchase Price	$ 21,800,000
Frederick County, Maryland \| 300,00 Square Foot Property
Schedule of Equity Method Investments [Line Items]
Joint venture interest percentage	90.00%
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	Dec. 31, 2019	Dec. 31, 2018
Combined and Condensed Balance Sheets
Real estate under development	$ 253,402	$ 120,297
Other assets	190,658	206,408
Total assets	4,309,114	3,958,780
Total liabilities and equity	4,309,114	3,958,780
Cost method investments	2,334	556
Company's share of distributions in excess of income from and investments in unconsolidated affiliates	15,362	15,623
Investments in and advances to unconsolidated affiliates	305,097	262,410
Unconsolidated Affiliates
Combined and Condensed Balance Sheets
Rental property, net	656,265	487,846
Real estate under development	1,341
Other assets	85,540	89,890
Total assets	743,146	577,736
Mortgage notes payable	502,036	408,967
Other liabilities	77,785	54,585
Partners’ equity	163,325	114,184
Total liabilities and equity	743,146	577,736
Company's share of accumulated equity	186,864	139,028
Basis differential	100,962	103,812
Deferred fees, net of portion related to the Company's interest	1,270	3,646
Amounts payable by the Company	(1,902)	(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	287,194	246,025
Cost method investments	2,541	762
Company's share of distributions in excess of income from and investments in unconsolidated affiliates	15,362	15,623
Investments in and advances to unconsolidated affiliates	$ 305,097	$ 262,410

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates - Schedule of Condensed Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Combined and Condensed Statements of Income
Revenues	$ 77,786	$ 73,327	$ 70,229	$ 73,985	$ 69,727	$ 65,527	$ 62,201	$ 62,226	$ 295,327	$ 259,681	$ 248,552
Operating and other expenses									(253,048)	(232,140)	(231,233)
Depreciation and amortization									(125,443)	(117,549)	(104,934)
Company’s share of equity in net income of unconsolidated affiliates									11,772	12,345	26,039
Company’s equity in earnings of unconsolidated affiliates									8,922	9,302	23,371
Unconsolidated Affiliates
Combined and Condensed Statements of Income
Revenues									88,585	80,184	83,222
Operating and other expenses									(24,624)	(23,586)	(24,711)
Interest expense									(21,874)	(19,954)	(18,733)
Depreciation and amortization									(25,358)	(22,228)	(24,192)
Loss on debt extinguishment											(154)
(Loss) gain on disposition of properties										(1,673)	18,957
Net income attributable to unconsolidated affiliates									16,729	12,743	34,389
Operating Partnership, as General Partner or Managing Member
Combined and Condensed Statements of Income
Basis differential amortization									$ (2,850)	$ (3,043)	$ (2,668)

Other Assets, Net and Accounts Payable and Other Liabilities - Schedule of other assets and other liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Other Assets, Net:
Lease intangibles, net (Note 6)	$ 116,820	$ 115,939
Deferred charges, net	28,746	28,619
Prepaid expenses	18,873	18,422
Other receivables	3,996	2,896
Accrued interest receivable	9,872	17,046
Due from seller	3,682	4,000
Deposits	1,853	4,611
Corporate assets, net	1,565	1,953
Income taxes receivable	1,755	2,070
Derivative financial instruments (Note 8)	2,583	7,018
Deferred tax assets	913	2,032
Due from related parties		1,802
Other assets, net	190,658	206,408
Deferred Charges, Net:
Deferred leasing and other costs	49,081	45,011
Deferred financing costs related to line of credit	10,051	8,960
Deferred costs, gross	59,132	53,971
Accumulated amortization	(30,386)	(25,352)
Deferred charges, net	28,746	28,619
Accounts Payable and Other Liabilities:
Lease intangibles, net (Note 6)	82,926	95,045
Finance lease, liability	77,657
Accounts payable and accrued expenses	68,838	65,215
Lease liability - operating leases, net (Note 11)	56,762
Derivative financial instruments (Note 8)	39,061	7,304
Deferred income	33,682	34,052
Tenant security deposits, escrow and other	12,590	10,588
Capital lease obligations (Note 11)		71,111
Other		2,757
Accounts payable and other liabilities	$ 371,516	$ 286,072

Lease Intangibles - Schedule of Intangible Assets and Liabilities Included in Other Assets and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	$ 267,188	$ 234,190
Amortizable Intangible Assets, Accumulated Amortization	(150,368)	(118,251)
Amortizable Intangible Assets, Net Carrying Amount	116,820	115,939
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Gross Carrying Amount	(160,721)	(152,188)
Amortizable Intangible Liabilities, Accumulated Amortization	78,315	57,721
Amortizable Intangible Liabilities, Net Carrying Amount	(82,406)	(94,467)
Above-market Ground Lease, Gross	(671)	(671)
Above-market Ground Lease, Accumulated Amortization	151	93
Above-market Ground Lease, Net	(520)	(578)
Finite-Lived Intangible Liabilities, Gross	(161,392)	(152,859)
Finite-Lived Intangible Liabilities, Accumulated Amortization	78,466	57,814
Finite-Lived Intangible Liabilities, Net	(82,926)	(95,045)
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	249,961	216,021
Amortizable Intangible Assets, Accumulated Amortization	(137,108)	(105,972)
Amortizable Intangible Assets, Net Carrying Amount	112,853	110,049
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Net Carrying Amount	(78,439)
Above-market rent
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	17,227	18,169
Amortizable Intangible Assets, Accumulated Amortization	(13,260)	(12,279)
Amortizable Intangible Assets, Net Carrying Amount	$ 3,967	$ 5,890

Lease Intangibles - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Below market rents, acquired	$ 10.4	$ 7.9
Below market rents acquired, weighted average useful life	21 years 8 months 12 days	20 years 6 months
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 36.1	$ 24.2
Acquired intangible assets, weighted average useful life	7 years 10 months 24 days	5 years 2 months 12 days
Above-market rent
Finite-Lived Intangible Assets [Line Items]
Intangible assets acquired	$ 0.6	$ 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	Dec. 31, 2019	Dec. 31, 2018
Acquired Lease Intangibles [Abstract]
Net Increase In Lease Revenues, Total	$ 82,406	$ 94,467
Amortizable Intangible Assets, Net Carrying Amount	(116,820)	(115,939)
In-place lease intangible assets
Acquired Lease Intangibles [Abstract]
2020, Net Increase In Lease Revenues	7,177
2021, Net Increase In Lease Revenues	6,717
2022, Net Increase In Lease Revenues	6,196
2023, Net Increase In Lease Revenues	6,149
2024, Net Increase In Lease Revenues	5,706
Thereafter, Net Increase In Lease Revenues	46,494
Net Increase In Lease Revenues, Total	78,439
2020, Increase to Amortization	(27,827)
2021, Increase to Amortization	(21,053)
2022, Increase to Amortization	(15,160)
2023, Increase to Amortization	(11,578)
2024, Increase to Amortization	(8,931)
Thereafter, Increase to Amortization	(28,304)
Amortizable Intangible Assets, Net Carrying Amount	(112,853)	$ (110,049)
2020, Reduction of Rent Expense	58
2021, Reduction of Rent Expense	58
2022, Reduction of Rent Expense	58
2023, Reduction of Rent Expense	58
2024, Reduction of Rent Expense	58
Thereafter, Reduction of Rent Expense	230
Reduction of Rent Expense, Total	520
2020 Net (Expense) Income	(20,592)
2021 Net (Expense) Income	(14,278)
2022 Net (Expense) Income	(8,906)
2023 Net (Expense) Income	(5,371)
2024 Net (Expense) Income	(3,167)
Thereafter, Net (Expense) Income	18,420
Total, Net (Expense) Income	$ (33,894)

Debt - Summary of Consolidated Indebtedness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,717,928	$ 1,560,333
Net unamortized debt issuance costs	(10,383)	(10,541)
Unamortized fair market value of assumed debt	651	753
Mortgage and other notes payable, net	1,170,076	1,017,288
Unsecured notes payable, net	477,320	533,257
Total Indebtedness	1,708,196	1,550,545
Mortgages
Debt Instrument [Line Items]
Net unamortized debt issuance costs	(10,078)	(10,173)
Unamortized fair market value of assumed debt	651	753
Mortgage and other notes payable, net	$ 1,170,076	1,017,288
Mortgages \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Unsecured Debt
Debt Instrument [Line Items]
Net unamortized debt issuance costs	$ (305)	(368)
Unsecured notes payable, net	$ 477,320	533,257
Core Portfolio \| Minimum
Debt Instrument [Line Items]
Maturity Date	2020-04
Core Portfolio \| Maximum
Debt Instrument [Line Items]
Maturity Date	2026-04
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 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	$ 257,735	$ 260,854
Core Portfolio \| Mortgages \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.65%
Core Portfolio \| Mortgages \| Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 176,176	$ 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	$ 81,559	$ 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	4.54%	5.67%
Maturity Date	2028-11
Core Portfolio \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 350,000	$ 350,000
Core Portfolio \| Unsecured Debt \| Variable Rate Unsecured Term Loans - Swapped
Debt Instrument [Line Items]
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	5.02%	3.59%
Core Portfolio \| Unsecured Debt \| Term Loans
Debt Instrument [Line Items]
Long-term debt, gross		$ 383
Core Portfolio \| Unsecured Debt \| Term Loans \| LIBOR
Debt Instrument [Line Items]
Interest rate, stated percentage		1.25%
Maturity Date	2023-03
Core Portfolio \| Line of Credit \| Unsecured Line of Credit - Swapped
Debt Instrument [Line Items]
Maturity Date	2022-03
Long-term debt, gross	$ 60,800
Core Portfolio \| Line of Credit \| Unsecured Line of Credit - Swapped \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	2.49%
Core Portfolio \| Line of Credit \| Unsecured Line of Credit - Swapped \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	5.02%
Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,403,324	$ 1,001,658
Variable Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 314,604	558,675
Fund II \| Fund Portfolio
Debt Instrument [Line Items]
Maturity Date	2020-12
Long-term debt, gross	$ 24,225
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	$ 243,298	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	2.88%	4.27%
Maturity Date	2021-11
Long-term debt, gross	$ 19,073	$ 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	2.75%
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	$ 74,554	$ 90,096
Fund III \| Fund Portfolio \| Mortgages \| Variable Rate Debt \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Maturity Date	2020-06
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	2021-01
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	1.75%
Fund IV \| Fund Portfolio \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Fund IV \| Fund Portfolio \| Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 267,903	$ 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	$ 102,699	$ 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	3.48%	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	$ 157,015	$ 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	2020-02
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	2021-08
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	2020-12
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	1.50%
Fund V \| Fund Portfolio \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.20%
Fund V \| Fund Portfolio \| Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 336,013	$ 138,076
Fund V \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped
Debt Instrument [Line Items]
Long-term debt, gross	$ 334,626	$ 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	2024-12
Fund V \| Fund Portfolio \| Mortgages \| Variable Rate - Swapped \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.95%	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	$ 1,387	$ 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	1.50%
Maturity Date	2021-02
Fund V \| Fund Portfolio \| Mortgages \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.20%
Maturity Date	2024-12
Fund V \| Fund Portfolio \| Unsecured Debt \| Subscription Line
Debt Instrument [Line Items]
Long-term debt, gross		$ 102,800
Fund V \| Fund Portfolio \| Unsecured Debt \| Subscription Line \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.60%
Maturity Date	2020-05

Debt - Summary of Consolidated Indebtedness (Parenthetical) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,717,928	$ 1,560,333
Variable-rate debt that subject to interest cap agreements
Debt Instrument [Line Items]
Long-term debt, gross	143,300	143,800
Total Debt - Variable Rate Debt Fixed with Interest Rate Swap Agreements
Debt Instrument [Line Items]
Long-term debt, gross	948,800	$ 609,900
Core Portfolio \| Interest Rate Swaps
Debt Instrument [Line Items]
Long-term debt, gross	$ 70,200
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 [Member] \| 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	$ 24,225
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	2.75%
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	1.75%
Fund IV \| Maximum \| Fund Portfolio \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.25%
Fund V \| Minimum \| Fund Portfolio \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Fund V \| Maximum \| Fund Portfolio \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	2.20%

Debt - Credit Facility - Additional Information (Details) - USD ($)	Oct. 08, 2019	Feb. 20, 2018
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 750,000.0
Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 600,000,000.0
Maturity date	Mar. 31, 2023
Unsecured Debt \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000,000.0	$ 150,000,000.0
Basis spread on variable rate		1.35%
Debt instrument facility fee		0.20%
Maturity date	Mar. 31, 2022
Unsecured Debt \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000.0	$ 500,000,000.0
Unsecured Debt \| $300 Million Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 350,000,000.0	$ 350,000,000.0
Basis spread on variable rate		1.25%

Debt - Mortgage Payable - Additional Information (Details)		3 Months Ended	12 Months Ended
	Nov. 09, 2017 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) property loan	Dec. 31, 2018 USD ($) property loan derivative	Dec. 31, 2012 USD ($)
Debt Instrument [Line Items]
Amount drawn on loan			$ 1,170,076,000	$ 1,017,288,000
Loan amount drew down			60,800,000	0
Interest Rate Swaps
Debt Instrument [Line Items]
Derivative, notional amount			156,000,000.0
Mortgages
Debt Instrument [Line Items]
Borrowings, amount			258,900,000
Scheduled principal payment			5,900,000
Amount drawn on loan			$ 1,170,076,000	$ 1,017,288,000
Number of properties collateralized \| property			44	43
Mortgages \| Interest Rate Swaps
Debt Instrument [Line Items]
Derivative, notional amount				$ 136,600,000
Number of interest rate derivatives held \| derivative				4
Derivative fixed interest rate				2.86%
Mortgages \| Maturing from May 2019 to January 2021
Debt Instrument [Line Items]
Number of mortgage loans \| loan			3
Borrowings, amount			$ 69,000,000.0
Mortgages \| Maturing from April 2022 though December 2024.
Debt Instrument [Line Items]
Borrowings, amount			$ 71,800,000
Mortgages \| Maturities Ranging from November 2019 through January 2020
Debt Instrument [Line Items]
Number of mortgage loans \| loan			3
Borrowings, amount			$ 135,900,000
Mortgages \| Maturing Ranging from December 2020 though May 2021
Debt Instrument [Line Items]
Borrowings, amount			125,300,000
Mortgages \| Interest Rate Swaps
Debt Instrument [Line Items]
Derivative, notional amount			$ 283,600,000
Derivative weighted average interest rate			1.78%
Fund II \| New Market Tax Credit
Debt Instrument [Line Items]
Income recognized from tax credit transactions		$ 5,000,000.0
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			$ 1,400,000
Fund II \| City Point Project \| New Market Tax Credit
Debt Instrument [Line Items]
Income recognized from tax credit transactions		$ 5,000,000.0
Fund II \| Mortgages
Debt Instrument [Line Items]
Number of mortgage loans \| loan			1
Fund V \| Mortgages
Debt Instrument [Line Items]
Number of mortgage loans \| loan			5	4
Borrowings, amount				$ 109,500,000
Fund IV \| Mortgages
Debt Instrument [Line Items]
Number of mortgage loans \| loan			3
Repayments of debt			$ 38,200,000
Number of notes repaid \| loan				3
Fund IV \| Mortgages One
Debt Instrument [Line Items]
Repayments of debt				$ 27,200,000
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
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				24,600,000
Core Portfolio
Debt Instrument [Line Items]
Derivative, notional amount			562,560,000
Core Portfolio \| Maturing In 2028
Debt Instrument [Line Items]
Amount drawn on loan				50,000,000.0
Core Portfolio \| Mortgages
Debt Instrument [Line Items]
Repayments of debt				40,400,000
Scheduled principal payment				$ 6,700,000
Number of notes repaid \| loan				1
Core Portfolio \| Mortgages \| Brandywine Portfolio
Debt Instrument [Line Items]
Debt default, amount			$ 26,300,000	$ 26,300,000
Debt instrument, maturity date			Jul. 01, 2016
Interest rate, stated percentage			6.00%
Debt default interest			5.00%
Claim amount exclusive of accruing interest, default interest, fees and costs	$ 33,000,000.0
Core Portfolio \| Mortgages \| Maturing In 2028
Debt Instrument [Line Items]
Borrowings, amount				$ 73,500,000
LIBOR \| Interest Rate Swaps
Debt Instrument [Line Items]
Derivative weighted average interest rate			2.43%
LIBOR \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
LIBOR \| Mortgages \| Maturing from May 2019 to January 2021
Debt Instrument [Line Items]
Basis spread on variable rate			2.08%
LIBOR \| Mortgages \| Maturing from April 2022 though December 2024.
Debt Instrument [Line Items]
Basis spread on variable rate			1.86%
LIBOR \| Mortgages \| Maturities Ranging from November 2019 through January 2020
Debt Instrument [Line Items]
Basis spread on variable rate			3.65%
LIBOR \| Mortgages \| Maturing Ranging from December 2020 though May 2021
Debt Instrument [Line Items]
Basis spread on variable rate			2.96%
LIBOR \| Fund V \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate				1.99%
LIBOR \| Fund IV \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate			2.35%
LIBOR \| Fund IV \| Mortgages One
Debt Instrument [Line Items]
Basis spread on variable rate				2.81%
LIBOR \| Fund III \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
LIBOR \| Core Portfolio \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate				1.65%
LIBOR \| Core Portfolio \| Mortgages \| Maturing In 2028
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%

Debt - Unsecured Notes Payable - Additional Information (Details) - USD ($)	Dec. 31, 2019	Oct. 08, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term debt outstanding	$ 1,717,928,000		$ 1,560,333,000
Maximum borrowing capacity		$ 750,000.0
Letters of credit, outstanding amount	19,800,000		19,700,000
Core Portfolio
Debt Instrument [Line Items]
Derivative, notional amount	562,560,000
Fund Portfolio \| Fund II
Debt Instrument [Line Items]
Long-term debt outstanding	24,225,000
Derivative, notional amount	42,373,000
Fund Portfolio \| Fund IV
Debt Instrument [Line Items]
Derivative, notional amount	193,299,000
Fund Portfolio \| Fund V
Debt Instrument [Line Items]
Derivative, notional amount	334,626,000
Interest Rate Swaps
Debt Instrument [Line Items]
Derivative, notional amount	$ 156,000,000.0
Interest Rate Swaps \| LIBOR
Debt Instrument [Line Items]
Derivative weighted average interest rate	2.43%
Interest Rate Swaps \| Core Portfolio
Debt Instrument [Line Items]
Long-term debt outstanding	$ 70,200,000
Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 600,000,000.0
Unsecured Debt \| Fund IV \| Letter of Credit
Debt Instrument [Line Items]
Letters of credit, outstanding amount	4,100,000		7,400,000
Unsecured Debt \| Core Portfolio
Debt Instrument [Line Items]
Long-term debt outstanding	350,000,000		350,000,000
Unsecured Notes Payable \| Unsecured Debt
Debt Instrument [Line Items]
Debt available balance	152,500,000		54,800,000
Unsecured Notes Payable \| Unsecured Debt \| Fund Portfolio \| Fund II
Debt Instrument [Line Items]
Long-term debt outstanding	40,000,000		40,000,000
Three Hundred And Fifty Millions Term Loan \| Unsecured Debt \| Core Portfolio
Debt Instrument [Line Items]
Long-term debt outstanding	350,000,000.0		350,000,000.0
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	79,200,000		40,800,000
Long-term line of credit, noncurrent	79,200,000		40,800,000
Remaining borrowing capacity	0.0		0.0
Subscription Line \| Unsecured Debt \| Fund IV
Debt Instrument [Line Items]
Maximum borrowing capacity	15,000,000.0		27,000,000.0
Long-term line of credit, noncurrent	8,400,000		0.0
Remaining borrowing capacity	2,500,000		7,600,000
Subscription Line \| Unsecured Debt \| Fund V
Debt Instrument [Line Items]
Maximum borrowing capacity	150,000,000.0
Long-term line of credit, noncurrent	0.0
Remaining borrowing capacity	$ 150,000,000.0
Subscription Line \| Unsecured Debt \| Fund Portfolio \| Fund V
Debt Instrument [Line Items]
Long-term debt outstanding			102,800,000
Remaining borrowing capacity			$ 47,200,000

Debt - Unsecured Revolving Lines of Credit - Additional Information (Details) - USD ($)	Dec. 31, 2019	Oct. 08, 2019	Dec. 31, 2018	Feb. 20, 2018
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 750,000.0
Letters of credit, outstanding amount	$ 19,800,000		$ 19,700,000
Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity		600,000,000.0
Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 250,000,000.0		$ 150,000,000.0
Core Portfolio \| Revolving Credit Facility \| Unsecured Debt
Debt Instrument [Line Items]
Debt available balance	173,600,000		137,700,000
Maximum borrowing capacity	250,000,000.0		150,000,000.0
Credit facility amount outstanding	60,800,000		0.0
Letters of credit, outstanding amount	$ 15,600,000		$ 12,300,000

Debt - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 437,329
2021	287,723
2022	167,514
2023	415,476
2024	211,991
Thereafter	197,895
Long-term debt and convertible notes payable	1,717,928	$ 1,560,333
Unamortized premium	651	753
Net unamortized debt issuance costs	(10,383)	(10,541)
Total Indebtedness	$ 1,708,196	$ 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	Dec. 31, 2019	Dec. 31, 2018
Assets
Derivative financial instruments	$ 2,583	$ 7,018
Liabilities
Derivative financial instruments	39,061	7,304
Recurring \| Level 1
Assets
Money market funds	0	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	2,583	7,018
Liabilities
Derivative financial instruments	39,061	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		12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Gain on disposition of properties			$ 30,324,000	$ 5,140,000	$ 48,886,000
Impairment charge	$ 300,000	$ 1,400,000	1,721,000		14,455,000
Reclassification adjustment related to derivatives from AOCI to interest expense			5,200,000
Derivatives designated as fair value hedges			0	0
Derivative designated to hedges of net investments in foreign operations			$ 0	0
Nonrecurring \| Disposal group, held-for-sale
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charge				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 charge	300,000	1,400,000		$ 0
Nonrecurring \| Disposal group, held-for-sale \| Property Classified As Held For Sale At September 30, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charge					3,800,000
Nonrecurring \| Disposal group, held-for-sale \| Property Classified As Held For Sale At December 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charge					10,600,000
Nonrecurring \| Disposal group, held-for-sale \| Noncontrolling Interests \| Fund IV \| 210 Bowery property
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charge	$ 200,000	$ 1,100,000
Nonrecurring \| Disposal group, held-for-sale \| Noncontrolling Interests \| Property Classified As Held For Sale At September 30, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charge					2,700,000
Nonrecurring \| Disposal group, held-for-sale \| Noncontrolling Interests \| Property Classified As Held For Sale At December 31, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Impairment charge					$ 7,600,000

Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (39,061)	$ (7,304)
Fair value, asset derivatives	2,583	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	562,560
Fair value, derivatives, net	$ (33,294)	(310)
Core Portfolio \| Interest Rate Swaps
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2020-07
Fair value, liability derivatives	$ (11,800)	(2,900)
Core Portfolio \| Interest Rate Swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	423,442
Fair value, liability derivatives	(33,750)	(6,332)
Core Portfolio \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	139,118
Fair value, asset derivatives	$ 456	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	2015-11
Derivative Maturity Date	2020-07
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	1.31%
Fund Portfolio \| Fund II
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 42,373
Fair value, derivatives, net	(138)	108
Fund Portfolio \| Fund II \| Interest Rate Swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 19,073
Derivative Effective Date	2014-10
Derivative Maturity Date	2021-11
Fair value, liability derivatives	$ (139)	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	$ 1	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 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 IV
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 193,299
Fair value, derivatives, net	(790)	859
Fund Portfolio \| Fund IV \| Interest Rate Swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	88,304
Fair value, liability derivatives	(812)	0
Fund Portfolio \| Fund IV \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 14,395
Derivative Effective Date	2019-12
Fair value, asset derivatives	$ 22	851
Fund Portfolio \| Fund IV \| Interest Rate Swaps \| Minimum \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2017-03
Derivative Maturity Date	2020-03
Strike Rate	1.82%
Fund Portfolio \| Fund IV \| Interest Rate Swaps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Maturity Date	2022-04
Strike Rate	1.48%
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]
Derivative Maturity Date	2022-12
Strike Rate	1.52%
Fund Portfolio \| Fund IV \| Interest Rate Cap \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 90,600
Fair value, asset derivatives	$ 0	8
Fund Portfolio \| Fund IV \| Interest Rate Cap \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2019-07
Derivative Maturity Date	2020-12
Strike Rate	3.00%
Fund Portfolio \| Fund IV \| Interest Rate Cap \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2019-12
Derivative Maturity Date	2021-07
Strike Rate	3.50%
Fund Portfolio \| Fund V
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 334,626
Fair value, derivatives, net	(2,256)	(951)
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	156,900
Fair value, liability derivatives	(4,360)	(972)
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	177,726
Fair value, asset derivatives	$ 2,104	$ 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	2.27%
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Minimum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2019-10
Derivative Maturity Date	2022-10
Strike Rate	1.25%
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Maximum \| Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2019-03
Derivative Maturity Date	2024-03
Strike Rate	2.88%
Fund Portfolio \| Fund V \| Interest Rate Swaps \| Maximum \| Other Assets
Derivatives, Fair Value [Line Items]
Derivative Effective Date	2019-11
Derivative Maturity Date	2024-10
Strike Rate	1.47%

Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Parenthetical) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) derivative	Dec. 31, 2018 USD ($)
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (39,061)	$ (7,304)
Interest Rate Swaps \| Core Portfolio
Derivatives, Fair Value [Line Items]
Number of derivative instruments held \| derivative	2
Fair value, liability derivatives	$ (11,800)	$ (2,900)
Derivative Effective Date	2020-07

Financial Instruments and Fair Value Measurements - Schedule of Other Financial Instruments Carrying Values and Fair values (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable	$ 114,943	$ 111,775	$ 160,991	$ 283,125
Mortgage and Other Notes Payable	1,708,196	1,550,545
Unsecured notes payable and Unsecured line of credit	477,320	533,257
Level 3 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable	114,943	111,775
Mortgage and Other Notes Payable	1,179,503	1,026,708
Investment in non-traded equity securities	1,778	0
Level 3 \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable	113,422	109,532
Mortgage and Other Notes Payable	1,191,281	1,021,075
Investment in non-traded equity securities	57,964	56,337
Level 2 \| Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable and Unsecured line of credit	538,425	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	$ 539,362	$ 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	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2019
Class Of Stock [Line Items]
Issuance of ordinary shares (in shares)		5,164,055
Gross proceeds		$ 147.7
Weighted Average Share Price		$ 28.61
Proceeds from stock plans net of issuance costs		$ 145.5
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 ($)	12 Months Ended
	Dec. 31, 2019	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
Shares repurchased during period		$ 55,111,000
Stock repurchase fees		$ 100,000
Remaining authorized repurchase amount	$ 145,000,000.0

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Schedule of Dividends Declared and paid (Details) - $ / shares										3 Months Ended								12 Months Ended
	Nov. 05, 2019	Aug. 13, 2019	May 09, 2019	Feb. 28, 2019	Nov. 13, 2018	Aug. 07, 2018	May 11, 2018	Feb. 27, 2018	Nov. 08, 2017	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Cash dividends declared per common share (in dollars per share)										$ 0.29	$ 0.28	$ 0.28	$ 0.28	$ 0.28	$ 0.27	$ 0.27	$ 0.27	$ 1.13	$ 1.09	$ 1.05
Fourth Quarter Two Thousand Seventeen
Class Of Stock [Line Items]
Cash dividends, declared date																		Nov. 08, 2017
Cash dividends declared per common share (in dollars per share)									$ 0.27
Cash dividends, record date																		Dec. 29, 2017
Cash dividends, paid date																		Jan. 13, 2018
First Quarter Two Thousand Eighteen
Class Of Stock [Line Items]
Cash dividends, declared date																		Feb. 27, 2018
Cash dividends declared per common share (in dollars per share)								$ 0.27
Cash dividends, record date																		Mar. 30, 2018
Cash dividends, paid date																		Apr. 13, 2018
Second Quarter Two Thousand Eighteen
Class Of Stock [Line Items]
Cash dividends, declared date																		May 11, 2018
Cash dividends declared per common share (in dollars per share)							$ 0.27
Cash dividends, record date																		Jun. 29, 2018
Cash dividends, paid date																		Jul. 13, 2018
Third Quarter Two Thousand Eighteen
Class Of Stock [Line Items]
Cash dividends, declared date																		Aug. 07, 2018
Cash dividends declared per common share (in dollars per share)						$ 0.27
Cash dividends, record date																		Sep. 28, 2018
Cash dividends, paid date																		Oct. 15, 2018
Fourth Quarter Two Thousand Eighteen
Class Of Stock [Line Items]
Cash dividends, declared date																		Nov. 13, 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
Fourth Quarter Two Thousand Nineteen
Class Of Stock [Line Items]
Cash dividends, declared date																		Nov. 05, 2019
Cash dividends declared per common share (in dollars per share)	$ 0.29
Cash dividends, record date																		Dec. 31, 2019
Cash dividends, paid date																		Jan. 15, 2020

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Summary of Activity in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 2,081,947	$ 2,215,639	$ 2,178,125
Other comprehensive (loss) income before reclassifications	(35,674)	(2,659)	634
Reclassification of realized interest on swap agreements	(872)	71	3,317
Net current period other comprehensive (loss) income	(36,546)	(2,588)	3,951
Ending Balance	2,186,965	2,081,947	2,215,639
AOCI Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	516	2,614	(798)
Ending Balance	(31,175)	516	2,614
AOCI Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net current period other comprehensive (loss) income	$ 4,855	$ 490	$ (539)

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Summary of Change in Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance				$ 622,442					$ 622,442
Net income (loss)	$ 14,665	$ 8,840	$ (5,237)	2,936	$ (6,671)	$ (2,597)	$ (2,270)	$ (4,160)	21,204	$ (15,698)	$ 64,308
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									(35,674)	(2,659)	634
Reclassification of realized interest on swap agreements									(872)	71	3,317
Noncontrolling interest contributions									161,628	47,560	85,206
Noncontrolling interest distributions									(94,289)	(24,793)	(32,805)
Employee Long-term Incentive Plan Unit Awards									10,957	12,948	11,155
Reallocation of noncontrolling interests									0	0	0
Ending Balance	644,657				622,442				644,657	622,442
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance				622,442				648,440	622,442	648,440	589,548
Distributions declared of $1.13,1.09 and $1.05 per Common OP Unit for year ended 2019,2018 and 2017, respectively									(7,124)	(6,888)	(6,453)
Net income (loss)									(31,841)	(47,137)	2,838
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership									(5,104)	(2,068)	(1,541)
Other comprehensive loss - unrealized loss on valuation of swap agreements									(4,935)	(810)	(147)
Reclassification of realized interest on swap agreements									80	320	686
Noncontrolling interest contributions									161,628	47,560	85,206
Noncontrolling interest distributions									(94,289)	(24,793)	(32,805)
Employee Long-term Incentive Plan Unit Awards									10,411	12,374	10,457
Reallocation of noncontrolling interests									(6,611)	(4,556)	651
Ending Balance	644,657				622,442				644,657	622,442	648,440
Noncontrolling Interests \| Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending Balance	(6,611)								(6,611)
Noncontrolling Interests \| Noncontrolling Interests in Partially-Owned Affiliates
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance				518,219				545,519	518,219	545,519	494,126
Distributions declared of $1.13,1.09 and $1.05 per Common OP Unit for year ended 2019,2018 and 2017, respectively									0	0	0
Net income (loss)									(35,677)	(49,709)	(1,321)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership									0		0
Other comprehensive loss - unrealized loss on valuation of swap agreements									(3,036)	(681)	(232)
Reclassification of realized interest on swap agreements									142	323	545
Noncontrolling interest contributions									161,628	47,560	85,206
Noncontrolling interest distributions									(94,289)	(24,793)	(32,805)
Employee Long-term Incentive Plan Unit Awards									0	0	0
Reallocation of noncontrolling interests									0	0	0
Ending Balance	546,987				518,219				546,987	518,219	545,519
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				$ 104,223				$ 102,921	104,223	102,921	95,422
Distributions declared of $1.13,1.09 and $1.05 per Common OP Unit for year ended 2019,2018 and 2017, respectively									(7,124)	(6,888)	(6,453)
Net income (loss)									3,836	2,572	4,159
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership									(5,104)	(2,068)	(1,541)
Other comprehensive loss - unrealized loss on valuation of swap agreements									(1,899)	(129)	85
Reclassification of realized interest on swap agreements									(62)	(3)	141
Noncontrolling interest contributions									0	0	0
Noncontrolling interest distributions									0	0	0
Employee Long-term Incentive Plan Unit Awards									10,411	12,374	10,457
Reallocation of noncontrolling interests									(6,611)	(4,556)	651
Ending Balance	97,670				$ 104,223				97,670	$ 104,223	$ 102,921
Noncontrolling Interests \| Operating Partnership, as General Partner or Managing Member \| Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ending Balance	$ (6,611)								$ (6,611)

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Summary of Change in Noncontrolling Interest (Parenthetical) (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Minority Interest [Line Items]
Distributions declared (in dollars per share)	$ 0.29	$ 0.28	$ 0.28	$ 0.28	$ 0.28	$ 0.27	$ 0.27	$ 0.27	$ 1.13	$ 1.09	$ 1.05
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership (in shares)									307,663	117,978	81,453
Operating Partnership, as General Partner or Managing Member
Minority Interest [Line Items]
Series A Preferred OP Units (in shares)	3,250,603				3,329,640				3,250,603	3,329,640	3,328,873
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	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	136,593
LTIP Units
Minority Interest [Line Items]
LTIP units outstanding (in shares)	2,673,484				2,569,044				2,673,484	2,569,044	2,274,147

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Preferred OP Units - Additional Information (Details) - $ / shares	12 Months Ended			48 Months Ended	252 Months Ended
	Dec. 31, 2019	Dec. 31, 2016	Dec. 31, 1999	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Class Of Stock [Line Items]
Denominator for Series A Preferred OP Unit conversion	$ 7.50			$ 7.50	$ 7.50
Common Shares
Class Of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)	5,164,000
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)	3,250,603			3,250,603	3,250,603	3,329,640	3,328,873
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
Per unit conversion amount, Series A Preferred OP Units (in dollars per unit)	$ 22.50			$ 22.50	$ 22.50
Per unit conversion annual rate, Preferred OP Units	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		12 Months Ended
	Jan. 01, 2019 item	Dec. 31, 2019 USD ($) item shopping_center	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Operating Leased Assets [Line Items]
Variable lease revenues		$ 56,400
Cumulative effect adjustment to retained earnings required upon adoption of the new standard		0
Operating lease, right-of-use asset		$ 60,006
Number of operating lease \| item		9
Number of finance lease \| item		4
Finance lease, right-of-use asset		$ 102,055
Number of shopping centers with land leases \| shopping_center		6
Ground lease expense			$ 1,700	$ 1,400
Rent expense capitalized			0	100
Rent expense			1,000	1,000
Capital lease term		49 years
565 Broadway \| Core Portfolio
Operating Leased Assets [Line Items]
Operating lease, right-of-use asset		$ 4,900
Finance lease, right-of-use asset		19,400
110 University Place
Operating Leased Assets [Line Items]
Operating lease, right-of-use asset		45,300
Operating lease liabilities		45,300
Capital Lease Liability
Operating Leased Assets [Line Items]
Finance lease liabilities		71,100
Repayments capital lease obligations			$ 2,500	$ 2,500
Ground, Office and Equipment Leases
Operating Leased Assets [Line Items]
Operating lease, right-of-use asset		82,600
Operating lease liabilities		76,600
Capital Leases Asset
Operating Leased Assets [Line Items]
Finance lease, right-of-use asset		77,000
Accounting Standards Update 2016-02
Operating Leased Assets [Line Items]
Operating lease, right-of-use asset		11,900
Operating lease liabilities		12,800
Number of finance lease \| item	3
Finance lease, right-of-use asset		$ 5,700
Minimum
Operating Leased Assets [Line Items]
Operating lease term		1 month
Period of lease term			25 years
Maximum
Operating Leased Assets [Line Items]
Operating lease term		60 years
Period of lease term			71 years

Leases - Schedule of Assets and Liabilities in Connection With Acquisitions of Leasehold Interests (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Amounts recorded upon acquisition of leasehold interests:
Operating lease, right-of-use asset	$ 60,006
Finance lease, right-of-use asset	102,055
Lease liability - operating lease	(56,762)
Leasehold Interests Acquisition
Amounts recorded upon acquisition of leasehold interests:
Operating lease, right-of-use asset	50,147
Finance lease, right-of-use asset	19,422
Leasehold improvements	13,354
Lease intangibles (Note 6)	1,760
Lease liability - operating lease	(45,293)
Acquisition-related intangible liabilities (Note 6)	(359)
Cash paid upon acquisition of leasehold interests	$ 39,031

Leases - Schedule of Lease Cost (Details) $ in Thousands	12 Months Ended
Leases - Schedule of Lease Cost (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Finance lease cost:
Amortization of right-of-use assets	$ 2,168
Interest on lease liabilities	3,737
Subtotal	5,905
Operating lease cost	4,430
Variable lease cost	164
Total lease cost	$ 10,499
Weighted-average remaining lease term - finance leases (years)	42 years 6 months
Weighted-average remaining lease term - operating leases (years)	34 years 1 month 6 days
Weighted-average discount rate - finance leases	4.50%
Weighted-average discount rate - operating leases	5.80%

Leases - Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases (Details) $ in Thousands	Dec. 31, 2019 USD ($)
Minimum Rental Revenues
2020	$ 212,871
2021	203,077
2022	181,731
2023	160,237
2024	137,451
Thereafter	563,124
Total	1,458,491
Minimum Rental Payments
2020	7,040
2021	6,823
2022	6,832
2023	6,825
2024	7,008
Thereafter	312,421
Total	$ 346,949

Segment Reporting - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Revenues	$ 77,786	$ 73,327	$ 70,229	$ 73,985	$ 69,727	$ 65,527	$ 62,201	$ 62,226	$ 295,327	$ 259,681	$ 248,552
Depreciation and amortization									(125,443)	(117,549)	(104,934)
Property operating expenses, other operating and real estate taxes									(90,468)	(80,248)	(78,088)
General and administrative expenses									(35,416)	(34,343)	(33,756)
Impairment charge		(300)	(1,400)						(1,721)		(14,455)
Gain on disposition of properties									30,324	5,140	48,886
Operating income									72,603	32,681	66,205
Interest income									7,988	13,231	29,143
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties									8,922	9,302	23,371
Interest expense									(73,788)	(69,978)	(58,978)
Other income									6,947		5,571
Income tax provision									(1,468)	(934)	(1,004)
Net income (loss)	14,665	8,840	(5,237)	2,936	(6,671)	(2,597)	(2,270)	(4,160)	21,204	(15,698)	64,308
Net loss (income) attributable to noncontrolling interests	6,645	1,618	14,317	9,261	13,801	11,822	9,935	11,579	31,841	47,137	(2,838)
Net income attributable to Acadia	21,310	$ 10,458	$ 9,080	$ 12,197	7,130	$ 9,225	$ 7,665	$ 7,419	53,045	31,439	61,470
Real estate at cost	4,099,542				3,697,805				4,099,542	3,697,805
Total Assets	4,309,114				3,958,780				4,309,114	3,958,780
Cash paid for acquisition of real estate and leasehold interest									358,704
Cash paid for acquisition of real estate									319,673	147,985	200,429
Cash paid for development and property improvement costs									89,270	94,834	108,142
Operating Segments \| Core Portfolio
Segment Reporting Information [Line Items]
Revenues									173,177	166,816	168,795
Depreciation and amortization									(61,819)	(60,903)	(61,705)
Property operating expenses, other operating and real estate taxes									(47,032)	(44,060)	(44,169)
General and administrative expenses									0	0	0
Impairment charge									0		0
Gain on disposition of properties									16,771	0	0
Operating income									81,097	61,853	62,921
Interest income									0	0	0
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties									9,020	7,415	3,735
Interest expense									(28,304)	(27,575)	(28,618)
Other income									327		5,571
Income tax provision									0	0	0
Net income (loss)									62,140	41,693	43,609
Net loss (income) attributable to noncontrolling interests									337	752	(1,107)
Net income attributable to Acadia									62,477	42,445	42,502
Real estate at cost	2,264,010				2,069,439				2,264,010	2,069,439
Total Assets	2,350,833				2,232,695				2,350,833	2,232,695
Cash paid for acquisition of real estate and leasehold interest									173,892
Cash paid for acquisition of real estate										1,343	0
Cash paid for development and property improvement costs									22,724	32,662	42,026
Operating Segments \| Funds
Segment Reporting Information [Line Items]
Revenues									122,150	92,865	79,757
Depreciation and amortization									(63,624)	(56,646)	(43,229)
Property operating expenses, other operating and real estate taxes									(43,436)	(36,188)	(33,919)
General and administrative expenses									0	0	0
Impairment charge									(1,721)		(14,455)
Gain on disposition of properties									13,553	5,140	48,886
Operating income									26,922	5,171	37,040
Interest income									0	0	0
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties									(98)	1,887	19,636
Interest expense									(45,484)	(42,403)	(30,360)
Other income									6,620		0
Income tax provision									0	0	0
Net income (loss)									(12,040)	(35,345)	26,316
Net loss (income) attributable to noncontrolling interests									31,504	46,385	(1,731)
Net income attributable to Acadia									19,464	11,040	24,585
Real estate at cost	1,835,532				1,628,366				1,835,532	1,628,366
Total Assets	1,843,338				1,616,472				1,843,338	1,616,472
Cash paid for acquisition of real estate and leasehold interest									184,812
Cash paid for acquisition of real estate										146,642	200,429
Cash paid for development and property improvement costs									66,546	62,172	66,116
Operating Segments \| Structured Financing
Segment Reporting Information [Line Items]
Revenues									0	0	0
Depreciation and amortization									0	0	0
Property operating expenses, other operating and real estate taxes									0	0	0
General and administrative expenses									0	0	0
Impairment charge									0		0
Gain on disposition of properties									0	0	0
Operating income									0	0	0
Interest income									7,988	13,231	29,143
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties									0	0	0
Interest expense									0	0	0
Other income									0		0
Income tax provision									0	0	0
Net income (loss)									7,988	13,231	29,143
Net loss (income) attributable to noncontrolling interests									0	0	0
Net income attributable to Acadia									7,988	13,231	29,143
Real estate at cost	0				0				0	0
Total Assets	114,943				109,613				114,943	109,613
Cash paid for acquisition of real estate and leasehold interest									0
Cash paid for acquisition of real estate										0	0
Cash paid for development and property improvement costs									0	0	0
Unallocated
Segment Reporting Information [Line Items]
Revenues									0	0	0
Depreciation and amortization									0	0	0
Property operating expenses, other operating and real estate taxes									0	0	0
General and administrative expenses									(35,416)	(34,343)	(33,756)
Impairment charge									0		0
Gain on disposition of properties									0	0	0
Operating income									(35,416)	(34,343)	(33,756)
Interest income									0	0	0
Equity in earnings of unconsolidated affiliates inclusive of gains on disposition of properties									0	0	0
Interest expense									0	0	0
Other income									0		0
Income tax provision									(1,468)	(934)	(1,004)
Net income (loss)									(36,884)	(35,277)	(34,760)
Net loss (income) attributable to noncontrolling interests									0	0	0
Net income attributable to Acadia									(36,884)	(35,277)	(34,760)
Real estate at cost	0				0				0	0
Total Assets	$ 0				$ 0				0	0
Cash paid for acquisition of real estate and leasehold interest									0
Cash paid for acquisition of real estate										0	0
Cash paid for development and property improvement costs									$ 0	$ 0	$ 0

Segment Reporting - Summary of Segment Information (Parenthetical) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net income attributable to Acadia	$ 21,310	$ 10,458	$ 9,080	$ 12,197	$ 7,130	$ 9,225	$ 7,665	$ 7,419	$ 53,045	$ 31,439	$ 61,470
Real estate at cost	4,099,542				3,697,805				4,099,542	3,697,805
Total Assets	4,309,114				3,958,780				4,309,114	3,958,780
Net (income) loss attributable to noncontrolling interests	(6,645)	$ (1,618)	$ (14,317)	$ (9,261)	(13,801)	$ (11,822)	$ (9,935)	$ (11,579)	(31,841)	(47,137)	2,838
Funds \| Fund II's City Point Property
Segment Reporting Information [Line Items]
Real estate at cost	603,300								603,300
Total Assets	576,100								576,100
Net (income) loss attributable to noncontrolling interests									174,700	167,200
Operating Segments \| Core Portfolio
Segment Reporting Information [Line Items]
Net income attributable to Acadia									62,477	42,445	42,502
Real estate at cost	2,264,010				2,069,439				2,264,010	2,069,439
Total Assets	2,350,833				2,232,695				2,350,833	2,232,695
Net (income) loss attributable to noncontrolling interests									(337)	(752)	1,107
Operating Segments \| Core Portfolio \| Town Center
Segment Reporting Information [Line Items]
Net income attributable to Acadia									4,700	4,100	900
Operating Segments \| Funds
Segment Reporting Information [Line Items]
Net income attributable to Acadia									19,464	11,040	24,585
Real estate at cost	1,835,532				1,628,366				1,835,532	1,628,366
Total Assets	$ 1,843,338				$ 1,616,472				1,843,338	1,616,472
Net (income) loss attributable to noncontrolling interests									$ (31,504)	$ (46,385)	$ 1,731

Share Incentive and Other Compensation - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation		$ 10,957,000	$ 12,948,000	$ 11,155,000
Trustee fees		1,400,000	1,300,000
Total unrecognized compensation cost related to nonvested awards		$ 14,600,000
Weighted-average period over which cost is expected to be recognized		1 year 6 months
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]
Shares issued during period, share-based compensation, net of forfeitures	26,632
Compensation expense	$ 600,000
Compensation expense related to acceleration of previously granted	$ 1,700,000
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
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
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		$ 8,800,000	$ 8,400,000	8,400,000
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	200,000
Share Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		708,632
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 2019
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]
Compensation expense		$ 0	$ 0	600,000
Percentage of promote awarded as share based compensation award					25.00%
Long Term Investment Alignment Program \| Fund IV
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		0	0	600,000
Percentage of promote awarded as share based compensation award					22.80%
Awards in connection with fund to have intrinsic value		0
Long Term Investment Alignment Program \| Fund V
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		0	$ 0	$ 600,000
Percentage of promote awarded as share based compensation award					2.20%
Awards in connection with fund to have intrinsic value		$ 0

Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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	46,499
Shares granted (in shares)	25,359	22,817	19,442
Shares vested (in shares)	(21,424)	(25,261)	(23,430)
Shares forfeited (in shares)		(428)	(1,184)
Shares unvested, End of period (in shares)	42,390	38,455	41,327
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 22.44	$ 26.92	$ 27.58
Shares granted, Weighted average grant date fair value (in dollars per share)	28.56	23.65	29.85
Shares vested, Weighted average grant date fair value (in dollars per share)	27.12	30.79	30.47
Shares forfeited, Weighted average grant date fair value (in dollars per share)		27.25	32.65
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share)	$ 23.73	$ 22.44	$ 26.92
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	856,877
Shares granted (in shares)	348,726	425,880	310,551
Shares vested (in shares)	(290,753)	(431,827)	(257,124)
Shares forfeited (in shares)	(15,679)	(12,266)	(205)
Shares unvested, End of period (in shares)	934,180	891,886	910,099
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 26.87	$ 28.28	$ 26.99
Shares granted, Weighted average grant date fair value (in dollars per share)	32.78	26.80	31.80
Shares vested, Weighted average grant date fair value (in dollars per share)	29.30	29.72	28.27
Shares forfeited, Weighted average grant date fair value (in dollars per share)	31.49	28.57	32.49
Shares unvested, Weighted average grant date fair value, End of period (in dollars per share)	$ 28.24	$ 26.87	$ 28.28

Federal Income Taxes - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Minimum distribution percentage of annual taxable income to qualify as REIT	90.00%
Maximum percentage of total assets consisting of securities of TRS	20.00%
Deferred tax assets, net	$ 0.9	$ 2.0
Deferred tax assets, applicable reserves	1.7	0.0
Deferred tax assets, capital loss carryforwards	0.1	0.1
Deferred tax assets, operating loss carryforwards	$ 2.5	$ 1.9
Minimum percentage of unrealized deferred tax asset required for qualification of valuation allowance	50.00%

Federal Income Taxes - Reconciliation of Net Income to Taxable Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Net income attributable to Acadia	$ 21,310	$ 10,458	$ 9,080	$ 12,197	$ 7,130	$ 9,225	$ 7,665	$ 7,419	$ 53,045	$ 31,439	$ 61,470
Deferred cancellation of indebtedness income									0	2,050	2,050
Deferred rental and other income									1,203	1,222	(934)
Book/tax difference - depreciation and amortization									21,688	23,166	21,334
Straight-line rent and above- and below-market rent adjustments									(10,949)	(12,129)	(10,559)
Book/tax differences - equity-based compensation									7,177	6,042	5,325
Joint venture equity in earnings, net									15,571	13,905	9,114
Acquisition costs									63	326	1,135
Gain (loss) on disposition of properties									2,375	0	(5,181)
Book/tax differences - miscellaneous									(1,473)	(2,821)	930
Taxable income									88,700	63,200	84,684
Distributions declared									$ 96,310	$ 89,122	$ 87,848

Federal Income Taxes - Tax Status of Dividends (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Contingency [Line Items]
Total (in dollars per share)	$ 0.29	$ 0.28	$ 0.28	$ 0.28	$ 0.28	$ 0.27	$ 0.27	$ 0.27	$ 1.13	$ 1.09	$ 1.05
Characterization Of Distributions For Federal Income Tax Purposes
Income Tax Contingency [Line Items]
Qualified dividend (in dollars per share)									0	0	0
Capital gain (in dollars per share)									0.240	0	0.230
Total (in dollars per share)									$ 1.060	$ 0.870	$ 1.050
Qualified dividend									0.00%	0.00%	0.00%
Capital gain									23.00%	0.00%	22.00%
Total									100.00%	100.00%	100.00%
Non-Section 199A \| Characterization Of Distributions For Federal Income Tax Purposes
Income Tax Contingency [Line Items]
Ordinary income (in dollars per share)									$ 0	$ 0	$ 0.820
Ordinary income									0.00%	0.00%	78.00%
Section 199A \| Characterization Of Distributions For Federal Income Tax Purposes
Income Tax Contingency [Line Items]
Ordinary income (in dollars per share)									$ 0.820	$ 0.870	$ 0
Ordinary income									77.00%	100.00%	0.00%

Federal Income Taxes - Income and Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
(Provision) benefit for income taxes:
Net income (loss)	$ 14,665	$ 8,840	$ (5,237)	$ 2,936	$ (6,671)	$ (2,597)	$ (2,270)	$ (4,160)	$ 21,204	$ (15,698)	$ 64,308
Net loss (income) attributable to noncontrolling interests	6,645	1,618	14,317	9,261	13,801	11,822	9,935	11,579	31,841	47,137	(2,838)
Net income attributable to Acadia	$ 21,310	$ 10,458	$ 9,080	$ 12,197	$ 7,130	$ 9,225	$ 7,665	$ 7,419	53,045	31,439	61,470
TRS [Member]
Income Tax Contingency [Line Items]
TRS loss before income taxes									(3,117)	(2,609)	(3,604)
(Provision) benefit for income taxes:
Federal									754	(377)	(982)
State and local									317	26	423
Net income (loss)									(2,046)	(2,960)	(4,163)
Net loss (income) attributable to noncontrolling interests									(369)	4	8
Net income attributable to Acadia									$ (2,415)	$ (2,956)	$ (4,155)

- Definition

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

+ References

+ Details

Federal Income Taxes - Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Federal tax benefit at statutory tax rate	$ (655)	$ (548)	$ (1,225)
TRS state and local taxes, net of Federal benefit	(197)	(165)	(190)
Permanent differences, net	239	951	1,131
Prior year over-accrual, net	0	0	(1,541)
Effect of Tax Cuts and Jobs Act	0	0	1,982
Adjustment to deferred tax reserve	1,748	(1,530)	0
Other	(112)	1,702	404
REIT state and local income and franchise taxes	445	524	443
Total provision (benefit) for income taxes	$ 1,468	$ 934	$ 1,004

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net income attributable to Acadia									$ 53,045	$ 31,439	$ 61,470
Less: net income attributable to participating securities									(413)	(267)	(642)
Income from continuing operations net of income attributable to participating securities									$ 52,632	$ 31,172	$ 60,828
Denominator:
Weighted average shares for basic earnings per share (in shares)									84,435,826	82,080,159	83,682,789
Effect of dilutive securities:
Employee unvested restricted shares (in shares)									0	0	2,682
Denominator for diluted earnings per share (in shares)	87,058,000	84,888,000	83,704,000	82,037,000	81,591,000	81,566,000	81,756,000	83,438,000	84,435,826	82,080,159	83,685,471
Basic and diluted earnings per share (in dollars per share)									$ 0.62	$ 0.38	$ 0.73
Series A Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)									188	188	188
Series A Preferred OP Units - Common Share Equivalent
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)									25,067	25,067	25,067
Series C Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)									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	479,978
Restricted shares
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)									40,821	36,879	41,299

Summary of Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Revenues	$ 77,786	$ 73,327	$ 70,229	$ 73,985	$ 69,727	$ 65,527	$ 62,201	$ 62,226	$ 295,327	$ 259,681	$ 248,552
Net income (loss)	14,665	8,840	(5,237)	2,936	(6,671)	(2,597)	(2,270)	(4,160)	21,204	(15,698)	64,308
Net loss (income) attributable to noncontrolling interests	6,645	1,618	14,317	9,261	13,801	11,822	9,935	11,579	31,841	47,137	(2,838)
Net income attributable to Acadia	$ 21,310	$ 10,458	$ 9,080	$ 12,197	$ 7,130	$ 9,225	$ 7,665	$ 7,419	$ 53,045	$ 31,439	$ 61,470
Earnings per share attributable to Acadia: Basic	$ 0.24	$ 0.12	$ 0.11	$ 0.15	$ 0.09	$ 0.11	$ 0.09	$ 0.09
Earnings per share attributable to Acadia: Diluted	$ 0.24	$ 0.12	$ 0.11	$ 0.15	$ 0.09	$ 0.11	$ 0.09	$ 0.09
Weighted average number of shares: Basic	87,058,000	84,888,000	83,704,000	82,037,000	81,591,000	81,566,000	81,756,000	83,434,000
Weighted average number of shares: Diluted	87,058,000	84,888,000	83,704,000	82,037,000	81,591,000	81,566,000	81,756,000	83,438,000	84,435,826	82,080,159	83,685,471
Distributions declared (in dollars per share)	$ 0.29	$ 0.28	$ 0.28	$ 0.28	$ 0.28	$ 0.27	$ 0.27	$ 0.27	$ 1.13	$ 1.09	$ 1.05

Summary of Quarterly Financial Information (Unaudited) (Parenthetical) (Details) $ in Thousands	3 Months Ended					12 Months Ended
	Dec. 31, 2019 USD ($) property	Sep. 30, 2019 USD ($) property	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Sep. 30, 2018 USD ($) property	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Interim Period Costs Not Allocable [Line Items]
Impairment charges		$ 300	$ 1,400			$ 1,721		$ 14,455
Number of retail properties \| property	186					186
Deferred gain on tax credits		1,400				$ 5,034
Revenues revised to reflect the reclassification of credit losses			$ 800	$ 800			$ 2,500
Disposed of by sale
Interim Period Costs Not Allocable [Line Items]
Gain on disposition	$ 16,300	$ 12,100			$ 5,100
Number of retail properties \| property		2
Disposed of by sale \| Fund IV
Interim Period Costs Not Allocable [Line Items]
Number of retail properties \| property		1			2
Disposed of by sale \| Fund III
Interim Period Costs Not Allocable [Line Items]
Number of retail properties \| property		1
Disposed of by sale \| Noncontrolling Interests
Interim Period Costs Not Allocable [Line Items]
Gain on disposition					$ 3,900
Operating Partnership, as General Partner or Managing Member
Interim Period Costs Not Allocable [Line Items]
Impairment charges						$ 400
Operating Partnership, as General Partner or Managing Member \| Disposed of by sale
Interim Period Costs Not Allocable [Line Items]
Gain on disposition	$ 16,700	$ 2,800

Subsequent Events - Additional Information (Details) $ in Thousands			12 Months Ended
	Feb. 13, 2020 USD ($)	Jan. 09, 2020 USD ($)	Dec. 31, 2019 USD ($) property	Dec. 31, 2018 USD ($)	Feb. 07, 2020 USD ($)	Jan. 31, 2020 property	Jan. 17, 2020 USD ($)	Mar. 28, 2018 USD ($)	Nov. 16, 2017 USD ($)
Subsequent Event [Line Items]
Number of retail properties \| property			186
Purchase Price			$ 324,339	$ 186,463
Mezzanine loan to joint venture partner			226,301
Soho Acquisitions \| New York, NY
Subsequent Event [Line Items]
Purchase Price			$ 122,000
Subsequent Event \| Venture Partner’s Interest \| Georgetown Portfolio
Subsequent Event [Line Items]
Mezzanine loan to joint venture partner					$ 5,000
Subsequent Event \| New York, NY
Subsequent Event [Line Items]
Equity method investments							$ 54,000
Core Portfolio
Subsequent Event [Line Items]
Number of retail properties \| property			129
Purchase Price			$ 146,435	1,337
Equity method investments			225,907	231,432				$ 22,300	$ 61,600
Core Portfolio \| Georgetown Portfolio
Subsequent Event [Line Items]
Equity method investments			$ 4,498	$ 4,653
Core Portfolio \| Subsequent Event
Subsequent Event [Line Items]
Number of retail properties \| property						2
Core Portfolio \| Subsequent Event \| Soho Acquisitions \| 37, Green Street, New York
Subsequent Event [Line Items]
Purchase Price		$ 15,400
Core Portfolio \| Subsequent Event \| Chicago Illinois Acquisitions \| 917 West Armitage Avenue
Subsequent Event [Line Items]
Purchase Price	$ 3,500

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance for deferred tax asset
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 0	$ 1,530	$ 859
Charged to Expenses	0	0	0
Adjustments to Valuation Accounts	1,748	(1,530)	671
Deductions	0	0	0
Balance at End of Year	1,748	0	1,530
Allowance for uncollectible accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	7,921	5,920	5,720
Charged to Expenses	4,402	2,532	200
Adjustments to Valuation Accounts	(915)	(531)	0
Deductions	0	0	0
Balance at End of Year	11,408	7,921	5,920
Allowance for notes receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	0	0	0
Charged to Expenses	0	0	0
Adjustments to Valuation Accounts	0	0	0
Deductions	0	0	0
Balance at End of Year	$ 0	$ 0	$ 0

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate And Accumulated Depreciation Disclosure [Abstract]
Balance at beginning of year	$ 3,697,805	$ 3,466,482	$ 3,382,000
Improvements and other	97,000	99,594	55,763
Property acquisitions	303,884	134,559	179,292
Property dispositions or held for sale assets	(84,243)	(34,666)	(189,895)
Right-of-use assets - operating leases obtained	62,020
Right-of-use assets - finance leases obtained and reclassified	102,055
Capital lease reclassified as Right-of-use assets - finance lease	(76,965)
Right-of-use assets - operating lease amortization	(2,014)
Consolidation of previously unconsolidated investments		31,836	39,322
Balance at end of year	$ 4,099,542	$ 3,697,805	$ 3,466,482

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Loans On Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Face Amount of Notes Receivable	$ 226,301
Net carrying amount of notes receivable	$ 114,943	$ 111,775	$ 160,991	$ 283,125
First Mortgage Loan, 6.0% Loan, Due 4/30/2020
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	6.00%
Face Amount of Notes Receivable	$ 17,810
Net carrying amount of notes receivable	$ 17,802
First Mortgage Loan, 8.1% Loan, Due 6/20/2020
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	8.10%
Face Amount of Notes Receivable	$ 153,400
Net carrying amount of notes receivable	$ 38,673
Zero Coupon Loan Due 5/31/2020
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	2.50%
Face Amount of Notes Receivable	$ 29,793
Net carrying amount of notes receivable	$ 33,170
Mezzanine Loan 18.0% Loan Due 7/1/2020
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	18.00%
Face Amount of Notes Receivable	$ 5,306
Net carrying amount of notes receivable	$ 5,306
First Mortgage Loan, 5.1% Loan, Due 10/28/2021
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	5.10%
Face Amount of Notes Receivable	$ 13,530
Net carrying amount of notes receivable	$ 13,530
Other, 4.65% Loan, Due 4/12/2026
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	4.65%
Face Amount of Notes Receivable	$ 6,000
Net carrying amount of notes receivable	$ 6,000
Other, 4.82% Loan, Due 4/10/2021
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	4.82%
Face Amount of Notes Receivable	$ 462
Net carrying amount of notes receivable	$ 462

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Reconciliation of Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	$ 111,775	$ 160,991	$ 283,125
Additions	18,418	3,805	11,571
Repayments	(15,250)	(31,000)	(32,000)
Conversion to real estate through receipt of deed		(22,021)	(101,705)
Balance at end of year	$ 114,943	$ 111,775	$ 160,991

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Commitments And Contingencies Disclosure [Abstract]
Contractual obligation	$ 41.1	$ 55.5
Letters of credit, outstanding amount	$ 19.8	$ 19.7

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 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)	87,050,465	81,557,472
Common shares, outstanding (in shares)	87,050,465	81,557,472

Leases - Schedule of Future Minimum Rental Revenues and Payments for Operating and Capital Leases (Parenthetical) (Details) $ in Millions	Dec. 31, 2019 USD ($)
Leases [Abstract]
Minimum rental payments of interest related to finance lease	$ 219.0

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2019 segment
Segment Reporting [Abstract]
Number of reportable segments	3

Share Incentive and Other Compensation - Employee 401 (k) Plan - Additional Information (Details)	12 Months Ended
	Dec. 31, 2019 USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Employer matching contribution	50.00%
Maximum annual contribution per employee	6.00%
Maximum employee annual salary contribution	15.00%
Maximum employee annual salary contribution amount	$ 19,000

Earnings Per Common Share - Additional Information (Details)	12 Months Ended
	Dec. 31, 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%