Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2011	Nov. 02, 2011
Document and Entity Information [Abstract]
Entity Registrant Name	ACADIA REALTY TRUST
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		40,334,476
Amendment Flag	false
Entity Central Index Key	0000899629
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Sep. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2011	Dec. 31, 2010
ASSETS
Land	$ 268,077	$ 219,981
Building and improvements	958,549	867,773
Construction in progress	3,983	4,236
Real Estate Investment Property, at Cost	1,230,609	1,091,990
Real Estate Investment Property, Accumulated Depreciation	200,840	184,014
Net operating real estate	1,029,769	907,976
Real estate under development	229,223	243,892
Notes receivable, net	41,304	89,202
Investments in and advances to unconsolidated affiliates	78,420	31,036
Cash and cash equivalents	98,027	120,592
Cash in escrow	27,553	28,610
Rents receivable, net	23,179	17,360
Deferred charges, net	25,696	23,714
Acquired lease intangibles, net	22,975	18,622
Prepaid expenses and other assets	27,637	22,328
Assets of discontinued operations	2,684	21,474
Total assets	1,606,467	1,524,806
LIABILITIES
Mortgage notes payable	846,399	806,212
Convertible notes payable, net of unamortized discount of $109 and $1,063, respectively	24,824	48,712
Distributions in excess of income from, and investments in, unconsolidated affiliates	21,401	20,884
Accounts payable and accrued expenses	31,992	27,458
Dividends and distributions payable	7,507	7,427
Acquired lease and other intangibles, net	5,592	5,737
Other liabilities	18,914	20,459
Liabilities of discontinued operations	289	395
Total liabilities	956,918	937,284
Shareholders’ equity
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 40,333,233 and 40,254,525 shares, respectively	40	40
Additional paid-in capital	303,783	303,823
Accumulated other comprehensive loss	(4,231)	(2,857)
Retained earnings	39,098	17,206
Total shareholders’ equity	338,690	318,212
Noncontrolling interests	310,859	269,310
Total equity	649,549	587,522
Total liabilities and equity	$ 1,606,467	$ 1,524,806

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Sep. 30, 2011	Dec. 31, 2010
Unamortized discount on Convertible notes payable (in Dollars)	$ 109	$ 1,063
Common Shares, Par Value (in Dollars per share)	$ 0.001	$ 0.001
Common shares, authorized	100,000,000	100,000,000
Common shares, issued	40,333,233	40,254,525
Common shares, outstanding	40,333,233	40,254,525

Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any.

+ References+ Details

- Definition

The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized.

+ References+ Details

CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues
Rental income	$ 29,483	$ 26,688	$ 85,564	$ 75,733
Interest income	1,585	5,206	9,493	15,437
Expense reimbursements	5,407	4,636	16,213	14,721
Management fee income	252	346	1,169	1,182
Other	666	712	1,849	1,786
Total revenues	37,393	37,588	114,288	108,859
Operating Expenses
Property operating	7,347	6,887	22,565	20,324
Real estate taxes	5,003	4,523	13,792	12,902
General and administrative	5,758	5,317	17,147	15,852
Depreciation and amortization	8,398	8,687	24,626	23,651
Total operating expenses	26,506	25,414	78,130	72,729
Operating income	10,887	12,174	36,158	36,130
Equity in earnings of unconsolidated affiliates	3,110	143	3,025	610
Other interest income	105	175	219	462
Gain from bargain purchase	0	0	0	33,805
(Loss) gain on debt extinguishment	(303)	0	1,268	0
Interest and other finance expense	(9,742)	(9,904)	(27,598)	(29,061)
Income from continuing operations before income taxes	4,057	2,588	13,072	41,946
Income tax (benefit) provision	(488)	785	7	1,869
Income from continuing operations	4,545	1,803	13,065	40,077
Discontinued Operations
Operating income from discontinued operations	102	478	702	1,208
Impairment of asset	0	0	(6,925)	0
Gain on sale of property	0	0	32,498	0
Income from discontinued operations	102	478	26,275	1,208
Net income	4,647	2,281	39,340	41,285
Noncontrolling interests
Continuing operations	(572)	2,908	3,597	(18,045)
Discontinued operations	(64)	(72)	731	(195)
Net (income) loss attributable to noncontrolling interests	(636)	2,836	4,328	(18,240)
Net income attributable to Common Shareholders	$ 4,011	$ 5,117	$ 43,668	$ 23,045
Basic Earnings per Share
Income from continuing operations	$ 0.10	$ 0.12	$ 0.41	$ 0.55
Income from discontinued operations	$ 0.00	$ 0.01	$ 0.67	$ 0.02
Basic earnings per share	$ 0.10	$ 0.13	$ 1.08	$ 0.57
Diluted Earnings per Share
Income from continuing operations	$ 0.10	$ 0.12	$ 0.41	$ 0.55
Income from discontinued operations	$ 0.00	$ 0.01	$ 0.67	$ 0.02
Diluted earnings per share	$ 0.10	$ 0.13	$ 1.08	$ 0.57

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY AND COMPREHENSIVE INCOME (USD $) In Thousands, except Share data, unless otherwise specified	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Parent [Member]	Noncontrolling Interest [Member]
Balance at Dec. 31, 2009	$ 532,477	$ 40	$ 299,014	$ (2,994)	$ 16,125	$ 312,185	$ 220,292
Balance (in Shares) at Dec. 31, 2009		39,787,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	0	3,179	0	0	3,179	(3,179)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		359,000
Dividends declared ($0.54 per Common Share)	(22,274)	0	0	0	(21,721)	(21,721)	(553)
Vesting of employee Restricted Share and LTIP awards	2,894	0	1,561	0	0	1,561	1,333
Vesting of employee Restricted Share and LTIP awards (in Shares)		133,000
Common Shares issued under Employee Share Purchase Plan	75	0	75	0	0	75	0
Common Shares issued under Employee Share Purchase Plan (in Shares)		5,000
Issuance of Common Shares to trustees	228	0	228	0	0	228	0
Issuance of Common Shares to trustees (in Shares)		13,000
Exercise of trustees options	101	0	101	0	0	101	0
Exercise of trustees options (in Shares)		7,000
Employee Restricted Shares cancelled	(966)	0	(966)	0	0	(966)	0
Employee Restricted Shares cancelled (in Shares)		(57,000)
Noncontrolling interest distributions	(856)	0	0	0	0	0	(856)
Noncontrolling Interest contributions	21,076	0	0	0	0	0	21,076
Balance before adjustment towards comprehensive income	532,755	40	303,192	(2,994)	(5,596)	294,642	238,113
Balance before adjustment towards comprehensive income (in Shares)		40,247,000
Comprehensive income (loss):
Net income (loss)	41,285	0	0	0	23,045	23,045	18,240
Unrealized loss on valuation of swap agreements	(2,336)	0	0	(2,263)	0	(2,263)	(73)
Reclassification of realized interest on swap agreements	2,136	0	0	1,891	0	1,891	245
Total comprehensive income (loss)	41,085	0	0	(372)	23,045	22,673	18,412
Balance at Sep. 30, 2010	573,840	40	303,192	(3,366)	17,449	317,315	256,525
Balance (in Shares) at Sep. 30, 2010		40,247,000
Balance at Dec. 31, 2010	587,522	40	303,823	(2,857)	17,206	318,212	269,310
Balance (in Shares) at Dec. 31, 2010	40,254,525	40,254,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	0	49	0	0	49	(49)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		11,000
Dividends declared ($0.54 per Common Share)	(22,514)	0	0	0	(21,776)	(21,776)	(738)
Vesting of employee Restricted Share and LTIP awards	3,218	0	389	0	0	389	2,829
Vesting of employee Restricted Share and LTIP awards (in Shares)		95,000
Common Shares issued under Employee Share Purchase Plan	68	0	68	0	0	68	0
Common Shares issued under Employee Share Purchase Plan (in Shares)		4,000
Issuance of LTIP Unit awards to employees	2,441	0	0	0	0	0	2,441
Issuance of Common Shares to trustees	171	0	171	0	0	171	0
Issuance of Common Shares to trustees (in Shares)		8,000
Exercise of trustees options	7	0	7	0	0	7	0
Exercise of trustees options (in Shares)		1,000
Employee Restricted Shares cancelled	(724)	0	(724)	0	0	(724)	0
Employee Restricted Shares cancelled (in Shares)		(40,000)
Noncontrolling interest distributions	(815)	0	0	0	0	0	(815)
Noncontrolling Interest contributions	43,646	0	0	0	0	0	43,646
Balance before adjustment towards comprehensive income	613,020	40	303,783	(2,857)	(4,570)	296,396	316,624
Balance before adjustment towards comprehensive income (in Shares)		40,333,000
Comprehensive income (loss):
Net income (loss)	39,340	0	0	0	43,668	43,668	(4,328)
Unrealized loss on valuation of swap agreements	(5,209)	0	0	(3,265)	0	(3,265)	(1,944)
Reclassification of realized interest on swap agreements	2,398	0	0	1,891	0	1,891	507
Total comprehensive income (loss)	36,529	0	0	(1,374)	43,668	42,294	(5,765)
Balance at Sep. 30, 2011	$ 649,549	$ 40	$ 303,783	$ (4,231)	$ 39,098	$ 338,690	$ 310,859
Balance (in Shares) at Sep. 30, 2011	40,333,233	40,333,000

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY AND COMPREHENSIVE INCOME (Parentheticals) (USD $) In Thousands, except Per Share data, unless otherwise specified	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Number of units converted (in Shares)	11	359
Dividends per share	$ 0.54	$ 0.54

- Definition

The number of units converted into shares of each class of partners' capital account. Units represent shares of ownership of the general, limited, and preferred partners.

+ References+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 39,340	$ 41,285
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	25,087	25,409
Amortization of financing costs	2,897	3,137
Gain from bargain purchase	0	(33,805)
Gain on sale of property	(32,498)	0
Gain on debt extinguishment	(1,268)	0
Impairment of asset	6,925	0
Non-cash accretion of notes receivable	(601)	(4,513)
Share compensation expense	3,390	3,121
Equity in earnings of unconsolidated affiliates	(3,025)	(610)
Distributions of operating income from unconsolidated affiliates	5,213	805
Other, net	2,571	3,190
Changes in assets and liabilities
Cash in escrow	735	(20,977)
Rents receivable, net	(6,974)	(2,891)
Prepaid expenses and other assets	(4,039)	1,443
Accounts payable and accrued expenses	4,133	5,285
Other liabilities	(2,749)	1,713
Net cash provided by operating activities	39,137	22,592
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate	(135,709)	(60,552)
Deferred acquisition and leasing costs	(4,291)	(2,442)
Investments in and advances to unconsolidated affiliates	(46,544)	(2,915)
Return of capital from unconsolidated affiliates	3,735	753
Repayments of notes receivable	48,182	42,011
Increase in notes receivable	(7,834)	0
Proceeds from sale of property	43,791	0
Net cash used in investing activities	(98,670)	(23,145)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage notes	(66,751)	(33,698)
Proceeds received on mortgage notes	108,802	58,914
Purchase of convertible notes payable	(21,994)	0
Increase in deferred financing and other costs	(2,835)	(4,973)
Capital contributions from noncontrolling interests	43,646	21,076
Distributions to noncontrolling interests	(1,478)	(1,426)
Dividends paid to Common Shareholders	(21,773)	(21,655)
Repurchase and cancellation of Common Shares	(724)	(966)
Common Shares issued under Employee Share Purchase Plan	68	75
Exercise of options to purchase Common Shares	7	101
Net cash provided by financing activities	36,968	17,448
(Decrease) increase in cash and cash equivalents	(22,565)	16,895
Cash and cash equivalents, beginning of period	120,592	93,808
Cash and cash equivalents, end of period	98,027	110,703
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $3,613 and $1,592, respectively	22,006	21,592
Cash paid for income taxes	3,721	1,184
Acquisition of interest in unconsolidated affiliate:
Real estate, net	0	(108,000)
Assumption of mortgage debt	0	25,990
Gain from bargain purchase	0	33,805
Other assets and liabilities	0	7,532
Investment in unconsolidated affiliates	0	37,824
Cash included in investment in real estate	$ 0	$ (2,849)

ORGANIZATION AND BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2011

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

ORGANIZATION AND BASIS OF PRESENTATION

Business and Organization

Acadia Realty Trust (the “Trust”) and subsidiaries (collectively, the “Company”), is a fully-integrated equity real estate investment trust (“REIT”) focused on the ownership, management and redevelopment of retail properties and urban/infill mixed-use properties with a retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas in the United States along the East Coast and in Chicago.

All of the Company's assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the “Operating Partnership”) and entities in which the Operating Partnership owns an interest. As of September 30, 2011, the Trust controlled approximately 99% of the Operating Partnership as the sole general partner. As the general partner, the Trust is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units”) and employees who have been awarded restricted OP units (“LTIP Units”) as long-term incentive compensation (Note 13). Limited partners holding Common OP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest of the Trust (“Common Shares”).

As of September 30, 2011, the Company has ownership interests in 48 properties within its core portfolio, which consists 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 opportunity funds (“Core Portfolio”). The Company also has ownership interests in 47 properties within its three opportunity funds, Acadia Strategic Opportunity Fund L.P. (“Fund I”), Acadia Strategic Opportunity Fund II, LLC (“Fund II”) and Acadia Strategic Opportunity Fund III LLC (“Fund III” and together with Fund I and Fund II, the “Opportunity Funds”). The 95 properties consist of commercial properties, primarily neighborhood and community shopping centers, mixed-use properties with a retail component and self-storage properties. In addition, the Company also invests in operating companies through Acadia Mervyn Investors I, LLC (“Mervyns I”), Acadia Mervyn Investors II, LLC (“Mervyns II”) and Fund II, all on a non-recourse basis. These investments comprise and are referred to as the Company's Retailer Controlled Property initiative (“RCP Venture”). The Operating Partnership has the following equity interests in the Opportunity Funds, Mervyns I and Mervyns II:



Entity	Equity Interest Held By Operating Partnership
Fund I and Mervyns I	22.2%
Fund II and Mervyns II	20.0%
Fund III	19.9%

In addition, with respect to each of the Opportunity Funds, Mervyns I and Mervyns II, the Operating Partnership is entitled to a profit participation in excess of its equity interest percentage based on certain investment return thresholds (“Promote”).

Basis of Presentation

The consolidated financial statements include the consolidated accounts of the Company and its investments in partnerships and limited liability companies in which the Company is presumed to have control in accordance with the consolidation guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). Investments in entities for which the Company has the ability to exercise significant influence but does not have financial or operating control, are accounted for under the equity method of accounting. Accordingly, the Company's share of the net earnings (or losses) of entities accounted for under the equity method are included in consolidated net income under the caption, Equity in Earnings (Losses) of Unconsolidated Affiliates. Investments in entities for which the Company does not have the ability to exercise any influence are accounted for under the cost method.

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.

1. ORGANIZATION AND BASIS OF PRESENTATION (continued)

Actual results could differ from these estimates. Operating results for the three and nine months ended September 30, 2011 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2011. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. These consolidated financial statements should be read in conjunction with the Company's 2010 Annual Report on Form 10-K, as filed with the SEC on February 28, 2011.

Reclassifications

Certain reclassifications have been made to the 2010 financial statements to conform to the 2011 presentation.

Real Estate

The Company reviews its operating long-lived assets for impairment when there is an event, or change in circumstances that indicates that the carrying amount may not be recoverable. The Company records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying cost to fair value, and for properties held-for-sale, the Company reduces its carrying value to the fair value less costs to dispose. During the quarter ended June 30, 2011, the Company determined that the value of the Granville Centre owned by Fund I was impaired. Accordingly, it recorded an impairment loss of $6.9 million. Management does not believe that the values of any of the Company's other properties are impaired as of September 30, 2011.

Involuntary Conversion of Asset

The Company experienced significant flooding resulting in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment are insured to a limit sufficient that the Company believes will allow for full restoration of the property. Loss of rents during the redevelopment are covered by business interruption insurance subject to a $0.1 million deductible. The Company plans to restore the improvements that were damaged by the flooding and expects that the costs of such restoration and rebuilding will be recoverable from insurance proceeds. In accordance with ASC Topic 360 “Property, Plant and Equipment” and as a result of the above-described property damage, the Company has recorded a write-down of the asset's carrying value in the accompanying consolidated balance sheet of approximately $1.4 million. In addition, the Company has recorded an insurance recovery in the same amount that is included in Prepaid Expenses and Other Assets in the accompanying consolidated balance sheet. The Company has also provided a $0.1 million provision in the consolidated statement of income for its exposure to the insurance deductible attributable to the loss of rents.

Recent Accounting Pronouncements

During April 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-02, “A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring.” ASU 2011-02 requires a creditor to evaluate whether a restructuring constitutes a troubled debt restructuring by concluding that the restructuring constitutes a concession and that the debtor is experiencing financial difficulties and was effective for the first interim or annual period beginning on or after June 15, 2011. The adoption of ASU 2011-02 did not have a material impact on the Company's financial condition or results of operations.

During May 2011, the FASB issued ASU No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 amended ASC 820, Fair Value Measurements and Disclosures, to converge the fair value measurement guidance in GAAP and International Financial Reporting Standards (“IFRS”). The amendments, which primarily require additional fair value disclosure, are to be applied prospectively. The Company is currently evaluating the impact of adopting ASU 2011-04 which is effective for interim and annual periods beginning after December 15, 2011.

During June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income,” which revises the manner in which companies present comprehensive income. Under ASU No. 2011-05, companies may present comprehensive income, which is net income adjusted for the components of other comprehensive income, either in a single continuous statement of comprehensive income or by using two separate but consecutive statements. Regardless of the alternative chosen, companies must display adjustments for items reclassified from other comprehensive income into net income within the presentation of both net income and other comprehensive income. ASU 2011-05 is effective for interim and annual periods beginning after December 15, 2011,

1. ORGANIZATION AND BASIS OF PRESENTATION (continued)

on a retrospective basis. The Company is currently evaluating the impact of the adoption of ASU 2011-05 on its consolidated financial statements.

- Definition

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

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-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

+ Details

EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

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. Diluted earnings per Common Share reflect the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of awards issuable under the Company's Share Incentive Plans. The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(dollars in thousands, except per share amounts)	2011		2010		2011		2010
Numerator
Income from continuing operations attributable to Common Shareholders	$	3,973	$	4,711	$	16,662	$	22,032
Effect of dilutive securities:
Preferred OP Unit distributions	—		—		14		14
Numerator for diluted earnings per Common Share	$	3,973	$	4,711	$	16,676	$	22,046

Denominator
Weighted average shares for basic earnings per share	40,340		40,169		40,330		40,096
Effect of dilutive securities:
Employee share options	289		262		268		214
Convertible Preferred OP Units	—		—		25		25
Dilutive potential Common Shares	289		262		293		239
Denominator for diluted earnings per share	40,629		40,431		40,623		40,335
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.10	$	0.12	$	0.41	$	0.55
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.10	$	0.12	$	0.41	$	0.55

The weighted average shares used in the computation of diluted earnings per share include unvested restricted Common Shares (“Restricted Shares”) and LTIP Units (Note 13) that are entitled to receive dividend equivalent payments. The effect of the conversion of Common OP Units is not reflected in the above table, 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 subsidiaries 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. The conversion of the convertible notes payable (Note 9) is not reflected in the table above as such conversion, based on the current market price of the Common Shares, would be settled with cash.

The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be dilutive for the nine months ended September 30, 2011 and 2010 and are accordingly included in the table above. They would be anti-dilutive for the three months ended September 30, 2011 and 2010 and, as such, are not included in the table above.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

NONCONTROLLING INTERESTS

9 Months Ended

Sep. 30, 2011

Noncontrolling Interest [Abstract]

Noncontrolling Interest Disclosure [Text Block]

NONCONTROLLING INTERESTS

Noncontrolling interests represent the portion of equity in entities consolidated in the accompanying financial statements that the Company does not own. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity, separately from shareholders' equity.


3.	NONCONTROLLING INTERESTS (continued)

Noncontrolling interests include third party interests in the Company’s Opportunity Funds and other entities. It also include interests in the Operating Partnership which represent (i) the limited partners’ 280,349 and 281,294 Common OP Units at September 30, 2011 and December 31, 2010, respectively; (ii) 188 Series A Preferred OP Units at both September 30, 2011 and December 31, 2010; and (iii) 1,060,225 and 641,534 LTIP Units at September 30, 2011 and December 31, 2010, respectively.

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

+ References+ Details

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2011

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT

Acquisitions And Disposition Of Properties And Discontinued Operations [Text Block]

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS

Acquisitions

During September 2011, the Company acquired a 50% equity interest in an entity which owns a six property portfolio (the “Georgetown Portfolio”) located in Washington, D.C. for a purchase price of $13.4 million, which included the assumption of 50% of in-place debt of $9.2 million, inclusive of the Company's existing mezzanine loan to the entity (Note 6).

During August 2011, the Company acquired a six property portfolio located in Chicago, Illinois for $18.0 million.

During August 2011, the Company acquired a newly constructed 13,000 square foot property located in the Bronx, New York for $9.1 million.

During June 2011, the Company acquired a 6,000 square foot single-tenant retail condominium located in New York, New York for $4.8 million.

During May 2011, the Company acquired a 44,000 square foot retail property located in Chicago, Illinois, for $28.4 million.

During April 2011, the Company, through Fund III, acquired a 105,000 square foot property located in the East Loop section of downtown Chicago, Illinois, for $31.6 million

During February 2011, Fund III, in a venture with an unaffiliated partner, acquired three retail properties (“Lincoln Road”), aggregating 61,400 square feet located in the Lincoln Road area of South Miami Beach, Florida for $51.9 million, which included the assumption of $20.6 million of in-place mortgage debt. Fund III has a 95% interest in these properties.

During February 2011, Fund III, in a venture with an unaffiliated partner, acquired a 64,600 square foot single-tenant retail property (“White Oak”) located in Silver Spring, Maryland for $9.8 million. Fund III has a 90% interest in the property.

Discontinued Operations

The Company reports properties held-for-sale and properties sold during the periods as discontinued operations. The results of operations of discontinued operations are reflected as a separate component within the accompanying Consolidated Financial Statements for all periods presented.

During October 2011, Fund I sold Granville Centre, a 135,000 square foot shopping center, located in Columbus, Ohio, for $2.3 million. During the quarter ended June 30, 2011, the Company determined that the value of the Granville Centre was impaired and recorded an impairment loss of $6.9 million.

During May 2011, the Company sold the Ledgewood Mall, a 517,000 square foot, unencumbered enclosed mall located in Ledgewood, New Jersey, for $37.0 million. The sale resulted in a gain of $28.6 million.

During January 2011, the Company completed the sale of a Fund II leasehold interest in the Neiman Marcus location at Oakbrook Center, located in Oak Brook, Illinois, for $8.2 million. The sale resulted in a gain of $3.9 million.

The combined assets and liabilities as of December 31, 2010 and results of operations of the properties classified as discontinued operations for the three and nine months ended September 30, 2011 and 2010, respectively are summarized as follows:


4.	ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)



BALANCE SHEET	September 30,		December 31,
(dollars in thousands)	2011		2010
ASSETS
Net real estate	$	2,215	$	18,557
Rents receivable, net	363		753
Deferred charges, net of amortization	82		2,016
Prepaid expenses and other assets, net	24		148
Total assets of discontinued operations	$	2,684	$	21,474

LIABILITIES
Accounts payable and accrued expenses	$	275	$	233
Other liabilities	14		162
Total liabilities of discontinued operations	$	289	$	395



	Three Months Ended						Nine Months Ended
STATEMENTS OF OPERATIONS	September 30,			September 30,			September 30,			September 30,
(dollars in thousands)	2011			2010			2011			2010
Total revenues	$	242		$	1,673		$	2,470		$	5,061
Total expenses	140			1,195			1,768			3,853
Operating income	102			478			702			1,208
Impairment of asset	—			—			(6,925		)	—
Gain on sale of property	—			—			32,498			—
Income from discontinued operations	102			478			26,275			1,208
(Income) loss from discontinued operations attributable to noncontrolling interests	(64		)	(72		)	731			(195		)
Income from discontinued operations attributable to Common Shareholders	$	38		$	406		$	27,006		$	1,013

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

9 Months Ended

Sep. 30, 2011

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Investments in and Advances to Affiliates [Text Block]

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Core Portfolio

The Company owns a 22.2% interest in an approximately one million square foot retail portfolio (the “Brandywine Portfolio”) located in Wilmington, Delaware and a 49% interest in a 311,000 square foot shopping center located in White Plains, New York (“Crossroads”). These investments are accounted for under the equity method.

During September 2011, the Company acquired a 50% equity interest in the Georgetown Portfolio (Note 4). The unaffiliated venture partner for the Georgetown Portfolio maintains control over this investment and, as such, the Company accounts for this investment under the equity method. Due to this acquisition, the Company reclassified an existing $8.0 million mezzanine loan collateralized by five properties within the Georgetown Portfolio from Notes Receivable to Investments in and Advances to Unconsolidated Affiliates.


5.	INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued)

Opportunity Funds

RCP Venture

During 2004, the Company along with Klaff Realty, LP (“Klaff”) and Lubert-Adler Management, Inc. (“Lubert-Adler”) formed an investment group, the RCP Venture, for the purpose of making investments in surplus or underutilized properties owned by retailers. The RCP Venture is neither a single entity nor a specific investment. Any member of this group has the option of participating, or not, in any individual investment and each individual investment has been made on a stand-alone basis through a separate limited liability company (“LLC”). These investments have been made through different investment vehicles with different affiliated and unaffiliated investors and different economics to the Company. Investments under the RCP Venture are structured as separate joint ventures as there may be other investors participating in certain investments in addition to Klaff, Lubert-Adler and Acadia. The Company has made these investments through its subsidiaries, Mervyns I, Mervyns II and Fund II, (together the “Acadia Investors”), all on a non-recourse basis. Through September 30, 2011, Acadia Investors have made investments in Mervyns Department Stores (“Mervyns”) and Albertsons including additional investments in locations that are separate from these original investments (“Add-On Investments”). Additionally, Acadia Investors have invested in Shopko, Marsh and Rex Stores Corporation (collectively “Other RCP Investments”).

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



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

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

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

During the three months ended September 30, 2011, the Company received RCP Venture distributions totaling $4.5 million, and for the nine months ended September 30, 2011 received distributions of $6.9 million. The Operating Partnership's share of these distributions for the three and nine months ended September 30, 2011 totaled $0.9 million and $1.5 million, respectively.


5.	INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued)

The following table summarizes activity related to the RCP Venture investments from inception through September 30, 2011:



(dollars in thousands)						Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	45,966	$	4,901	$	11,251
Mervyns Add-On investments	2005/2008	6,517		3,558		1,046		819
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		1,679		388		336
Shopko	2006	1,108		1,659		222		332
Marsh and Add-On investments	2006/2008	2,667		2,639		533		528
Rex Stores	2007	2,701		840		535		168
		$	62,184	$	137,935	$	11,864	$	29,752

Other Opportunity Fund Investments

Fund II Investments

Prior to June 30, 2010, Fund II had a 24.75% interest in CityPoint, a redevelopment project located in downtown Brooklyn, NY, which was accounted for under the equity method. On June 30, 2010, Fund II acquired the remaining interest in the project from its unaffiliated partner and, as a result, now consolidates the CityPoint investment.

Fund III Investments

The unaffiliated venture partners for the Lincoln Road (Note 4), White Oak (Note 4) and the White City Shopping Center investments maintain control over these entities and, as such, the Company accounts for these investments under the equity method.

During June 2010, Fund III, together with an unaffiliated partner, invested in an entity for the purpose of providing management services to owners of self-storage properties, including the 14 locations currently owned through Fund II and Fund III. The entity was determined to be a variable interest entity for which the Company was determined not to be the primary beneficiary. As such, the Company accounts for this investment under the equity method.


5.	INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued)

Summary of Investments in Unconsolidated Affiliates

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



(dollars in thousands)	September 30, 2011			December 31, 2010
Combined and Condensed Balance Sheets
Assets
Rental property, net	$	260,436		$	186,802
Investment in unconsolidated affiliates	162,240			192,002
Other assets	29,321			27,841
Total assets	$	451,997		$	406,645
Liabilities and partners’ equity
Mortgage note payable	$	298,065		$	267,565
Other liabilities	16,787			13,815
Partners’ equity	137,145			125,265
Total liabilities and partners’ equity	$	451,997		$	406,645
Company’s investment in and advances to unconsolidated affiliates	$	78,420		$	31,036
Company's share of distributions in excess of share of income and investments in unconsolidated affiliates	$	(21,401	)	$	(20,884	)



	Three Months Ended						Nine Months Ended
(dollars in thousands)	September 30, 2011			September 30, 2010			September 30, 2011			September 30, 2010
Combined and Condensed Statements of Operations
Total revenues	$	10,290		$	7,317		$	30,789		$	21,787
Operating and other expenses	3,699			2,550			10,993			7,158
Interest expense	4,274			3,392			12,532			10,107
Equity in earnings (losses) of unconsolidated affiliates	13,472			(681		)	13,060			2,083
Depreciation and amortization	2,222			1,057			6,467			3,745
Loss on sale of property, net	—			—			—			(2,957		)
Net income (loss)	$	13,567		$	(363	)	$	13,857		$	(97	)

Company’s share of net income	$	3,208		$	241		$	3,318		$	904
Amortization of excess investment	(98		)	(98		)	(293		)	(294		)
Company’s share of net income	$	3,110		$	143		$	3,025		$	610

NOTES RECEIVABLE

9 Months Ended

Sep. 30, 2011

NOTES RECEIVABLE ABSTRACT

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

NOTES RECEIVABLE

At September 30, 2011, the Company’s notes receivable, net, aggregated $41.3 million, and were collateralized either by the underlying properties or the borrowers' ownership interest in the entities that own the properties and/or by the borrowers' personal guarantee as follows:



Description	Effective Interest Rate	Maturity Date	First Priority Liens		Net Carrying amount of Notes Receivable		Extension Options
(dollars in thousands)
Mezzanine Loan	10.0%	Demand	$	—	$	2,280	—
Mezzanine Loan	13.0%	Demand	29,295		2,980		—
Mezzanine Loan	13.0%	Demand	6,000		1,964		—
First Mortgage Loan	10.8%	Demand	—		10,000		—
Other Loan	14.5%	12/2011	—		8,585		—
Other Loan	7.0%	2/2012	—		4,000		—
Other Loan	24.0%	1/2016	166,200		3,478		—
Mezzanine Loan	17.5%	1/2017	37,700		2,173		—
Mezzanine Loan	15.0%	Upon Capital Event	11,925		3,834		—
Individually less than 3%	10% to 13.0%	Demand to 12/2011	16,853		2,010		—
Total					$	41,304

During September 2011, the Company reclassified an $8.0 million mezzanine loan from Notes Receivable to Investments in and Advances to Unconsolidated Affiliates related to the acquisition of the Georgetown Portfolio (Note 5).

During September 2011, the Company made a $4.0 million loan to two members of an entity which owns a shopping center in Washington D.C. The note accrues interest at 7% and matures in February 2012. In addition to the loan, the Company entered into and subsequently exercised an option to purchase the shopping center at a future date, pending the servicer's approval of the assignment of a first mortgage loan of $17.0 million. The loan will be offset against the ultimate purchase price when the Company acquires the property.

During May 2011, the Company received a payment of $54.7 million on a mezzanine loan, representing $33.8 million of principal, $13.4 million of accrued interest, and a $7.5 million exit fee.

During February 2011, the Company made a mezzanine loan for $3.8 million which accrues interest at 15% and is payable upon a capital event. The Company also received a payment of $1.9 million on a mezzanine loan.

Allowances for real estate notes receivable are established based upon management's quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from the carrying value at the balance sheet date.

The activity in the allowance for notes receivable for the nine months ended September 30, 2011 is as follows:



(dollars in thousands)	Allowance for Notes Receivable
Balance at December 31, 2010	$	4,964
Provision for losses on notes receivable	210
Balance at September 30, 2011	$	5,174

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

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-Name Regulation S-X (SX)

-Number 210

-Section 02

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Sep. 30, 2011
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	DERIVATIVE FINANCIAL INSTRUMENTS As of September 30, 2011, the Company's derivative financial instruments consisted of six interest rate swaps with an aggregate notional value of $62.3 million, which effectively fix LIBOR at rates ranging from 0.4% to 5.1% and mature between October 2011 and November 2012. The Company also has two derivative financial instruments with a notional value of $28.9 million and $42.0 million which cap LIBOR at 6.0% and 3.5%, respectively, and mature in April 2013 and August 2013, respectively. The Company is also a party to two forward interest rate swap transactions with respect to $21.2 million of LIBOR-based variable-rate debt which will effectively fix LIBOR at rates ranging between 2.9% and 3.8%. The fair value of the derivative liability of these instruments, which is included in other liabilities in the Consolidated Balance Sheets, totaled $3.9 million and $2.8 million at September 30, 2011 and December 31, 2010, respectively. The notional value does not represent exposure to credit, interest rate, or market risks. These derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable-rate mortgage debt. Such instruments are reported at the fair value reflected above. As of September 30, 2011 and December 31, 2010, unrealized losses totaling $4.2 million and $2.8 million, respectively, were reflected in accumulated other comprehensive loss. As of September 30, 2011 and December 31, 2010, no derivatives were designated as fair value hedges, hedges of net investments in foreign operations or considered to be ineffective. Additionally, the Company does not use derivatives for trading or speculative purposes.

- Definition

The entire disclosure for the entity's entire derivative instruments and hedging activities. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

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+ Details

MORTGAGE NOTES PAYABLE	9 Months Ended
MORTGAGE NOTES PAYABLE	Sep. 30, 2011
Mortgage Loans on Real Estate [Abstract]
Mortgage Notes Payable [Text Block]	MORTGAGE NOTES PAYABLE The Company completed the following transactions related to mortgage notes payable and credit facilities during the nine months ended September 30, 2011: During September 2011, the Company modified and extended the Fund III subscription line of credit. The modification provided a one year extension of the maturity date to October 10, 2012 and adjusted the interest rate to LIBOR plus 225 basis points. During 2011, the Company borrowed $39.0 million and repaid $15.1 million under this line of credit. As of September 30, 2011, the total outstanding amount on this line of credit was $195.4 million. During September 2011, the Company extended the maturity date of a $9.9 million loan that was scheduled to mature in September 2011, to November 1, 2011. During September 2011, the Company closed on a $12.5 million loan collateralized by a property. The loan bears interest at LIBOR plus 235 basis points and matures on September 30, 2014, with two one-year extension options. During August 2011, the Company amended an existing $58.0 million loan collateralized by a property. The amendment provides for an additional $4.0 million of proceeds. The amended loan continues to bear interest at LIBOR plus 400 points, subject to a LIBOR floor of 250 basis points and matures on January 12, 2012. Previously, during January 2011, the Company had amended this loan to provide for an additional $3.0 million supplemental loan and a $7.0 million subordinate loan. During the first nine months of 2011, the Company drew down an additional $12.7 million on this construction loan. As of September 30, 2011, the total outstanding amount on this loan was $53.0 million. During August 2011, the Company closed on a $42.0 million loan collateralized by six properties. The loan bears interest at LIBOR plus 415 basis points, with a LIBOR floor of 50 basis points and matures on August 31, 2013. The proceeds of this loan were used to repay a $41.5 million loan that matured July 31, 2011. During June 2011, the Company modified an existing $85.3 million loan collateralized by a property. The modification extended the maturity date from October 4, 2011 to September 30, 2012. The loan continues to bear interest at LIBOR plus 350 basis points subject to a LIBOR floor of 150 basis points. During June 2011, the Company modified an existing $9.4 million loan collateralized by a property. The modification extended the maturity date from June 29, 2012 to June 30, 2018. The loan continues to bear interest at LIBOR plus 140 basis points. During January 2011, the Company purchased a $9.3 million mortgage loan collateralized by one of its properties for $7.6 million, resulting in a $1.7 million gain on extinguishment of debt. During January 2011, the Company borrowed the remaining $2.4 million of a $34.0 million loan collateralized by a property.

CONVERTIBLE NOTES PAYABLE	9 Months Ended
CONVERTIBLE NOTES PAYABLE	Sep. 30, 2011
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	CONVERTIBLE NOTES PAYABLE In December 2006 and January 2007, the Company issued $115.0 million of convertible notes with a fixed interest rate of 3.75% due 2026 (the “Convertible Notes”). The Convertible Notes were issued at par and require interest payments semi-annually in arrears on June 15^th and December 15^th of each year. The Convertible Notes are unsecured obligations and rank equally with all other unsecured and unsubordinated indebtedness. The Convertible Notes have an effective interest rate of 6.03% after giving effect to the accounting treatment required by ASC Topic 470-20 “Debt with Conversion and Other Options.” Holders of the Convertible Notes may require the Company to repurchase the Convertible Notes at par on December 20, 2011, December 15, 2016 and December 15, 2021. The Company determined that the Convertible Notes will mature on December 20, 2011. The carrying amount of the equity component included in additional paid-in capital totaled $0.1 million at September 30, 2011 and $1.1 million at December 31, 2010. The additional non-cash interest expense recognized in the Consolidated Statements of Income was $0.2 million and $0.3 million for the three months ended September 30, 2011 and 2010, respectively, and $0.7 million and $0.8 million for the nine months ended September 30, 2011 and 2010, respectively. The if-converted value of the Convertible Notes does not exceed their aggregate principal amount as of September 30, 2011 and there are no derivative transactions that were entered into in connection with the issuance of the Convertible Notes. During 2011, the Company purchased $24.8 million in face amount of its Convertible Notes for $25.0 million and recognized a loss on debt extinguishment of $0.3 million. Through September 30, 2011, the Company has purchased $90.1 million in face amount of its Convertible Notes at an average discount of approximately 14%. The outstanding Convertible Notes face amount as of September 30, 2011 was $24.9 million.

- Definition

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

+ References+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2011

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

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

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of September 30, 2011:



(dollars in thousands)	Level 1		Level 2		Level 3
Liabilities
Derivative financial instruments (Note 7)	$	—	$	3,853	$	—

Financial Instruments

Certain of the Company’s assets and liabilities meet the definition of financial instruments. Except as disclosed below, the carrying amounts of these financial instruments approximate their fair value.

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



	September 30, 2011				December 31, 2010
(dollars in thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value

Notes Receivable	$	41,304	$	41,304	$	89,202	$	90,612
Mortgage Notes Payable and Convertible Notes Payable	$	871,223	$	863,996	$	854,924	$	863,639

- Definition

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

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

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-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 2: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 820

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Reference 3: http://www.xbrl.org/2003/role/presentationRef

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

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Reference 5: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

-Number 133

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Reference 6: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15C, 15D

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

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-Name Statement of Financial Accounting Standard (FAS)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15B

-Subparagraph a, b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 3, 10, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

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-Name Statement of Financial Accounting Standard (FAS)

-Number 157

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

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-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 17-22, 27, 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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

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-Name Accounting Standards Codification

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+ Details

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2011
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	RELATED PARTY TRANSACTIONS The Company earned property management fees, legal and leasing fees from the Brandywine portfolio totaling $0.2 million for each of the three months ended September 30, 2011 and 2010 and $0.8 million and $0.6 million for the nine months ended September 30, 2011 and September 30, 2010, respectively. Related party receivables due from an unconsolidated affiliate totaled $2.3 million at September 30, 2011 and $2.5 million at December 31, 2010. Lee Wielansky, the Lead Trustee of the Company, was paid a consulting fee of $25,000 for each of the three months ended September 30, 2011 and 2010 and $75,000 for each of the nine months ended September 30, 2011 and 2010.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Article 4

-Section 08

-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef

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-Name Regulation S-X (SX)

-Number 210

-Article 3A

-Section 04

-Paragraph b

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-Name Statement of Financial Accounting Standard (FAS)

-Number 57

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+ Details

SEGMENT REPORTING

9 Months Ended

Sep. 30, 2011

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

SEGMENT REPORTING

The Company has five reportable segments: Core Portfolio, Opportunity Funds, Self-Storage Investments, Notes Receivable and Other. “Notes Receivable” consists of the Company's notes receivable and preferred equity investment and related interest income. “Other” consists primarily of management fees and interest income. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Investments in the Core Portfolio are typically held long-term. Given the contemplated finite life of the Opportunity Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner/member of the Opportunity Funds are eliminated in the Company's consolidated financial statements. The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three and nine months ended September 30, 2011 and 2010 (does not include unconsolidated affiliates):


12.	SEGMENT REPORTING (continued)



Three Months Ended September 30, 2011
(dollars in thousands)	Core Portfolio		Opportunity Funds		Self- Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	14,278	$	15,151	$	6,127	$	1,585	$	5,537	$	(5,285	)	$	37,393
Property operating expenses and real estate taxes	4,182		5,037		3,744		—		—		(613		)	12,350
General and administrative	6,361		3,439		—		—		—		(4,042		)	5,758
Income before depreciation, amortization and impairment	$	3,735	$	6,675	$	2,383	$	1,585	$	5,537	$	(630	)	$	19,285
Depreciation and amortization	$	3,547	$	3,960	$	1,070	$	—	$	—	$	(179	)	$	8,398
Interest and other finance expense	$	3,944	$	4,619	$	882	$	—	$	—	$	297		$	9,742
Real estate at cost	$	499,349	$	763,565	$	211,912	$	—	$	—	$	(14,994	)	$	1,459,832
Total assets	$	614,100	$	875,623	$	191,840	$	41,304	$	—	$	(116,400	)	$	1,606,467
Expenditures for real estate and improvements	$	33,995	$	9,338	$	1,196	$	—	$	—	$	(738	)	$	43,791

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization														$	19,285
Other interest income														105
Depreciation and amortization														(8,398		)
Equity in earnings of unconsolidated affiliates														3,110
Interest and other finance expense														(9,742		)
Income tax (benefit)														(488		)
Loss on debt extinguishment														(303		)
Income from discontinued operations														102
Net income														4,647
Net (income) attributable to noncontrolling interests														(636		)
Net income attributable to Common Shareholders														$	4,011


12.	SEGMENT REPORTING (continued)



Three Months Ended September 30, 2010
(dollars in thousands)	Core Portfolio		Opportunity Funds		Self- Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	13,996	$	11,355	$	6,703	$	5,206	$	5,442	$	(5,114	)	$	37,588
Property operating expenses and real estate taxes	4,140		3,681		3,963		—		—		(374		)	11,410
General and administrative	5,911		3,284		—		—		—		(3,878		)	5,317
Income before depreciation and amortization	$	3,945	$	4,390	$	2,740	$	5,206	$	5,442	$	(862	)	$	20,861
Depreciation and amortization	$	3,743	$	3,792	$	1,264	$	—	$	—	$	(112	)	$	8,687
Interest and other finance expense	$	4,529	$	4,097	$	1,305	$	—	$	—	$	(27	)	$	9,904
Real estate at cost	$	440,721	$	677,946	$	209,956	$	—	$	—	$	(12,869	)	$	1,315,754
Total assets	$	595,870	$	721,911	$	194,461	$	87,600	$	—	$	(121,571	)	$	1,478,271
Expenditures for real estate and improvements	$	1,194	$	23,090	$	187	$	—	$	—	$	(853	)	$	23,618

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization														$	20,861
Other interest income														175
Depreciation and amortization														(8,687		)
Equity in earnings of unconsolidated affiliates														143
Interest and other finance expense														(9,904		)
Income tax provision														785
Income from discontinued operations														478
Net income														2,281
Net loss attributable to noncontrolling interests														2,836
Net income attributable to Common Shareholders														$	5,117


12.	SEGMENT REPORTING (continued)



Nine Months Ended September 30, 2011
(dollars in thousands)	Core Portfolio		Opportunity Funds		Self- Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	42,833	$	43,701	$	17,108	$	9,493	$	16,761	$	(15,608	)	$	114,288
Property operating expenses and real estate taxes	12,636		14,980		10,475		—		—		(1,734		)	36,357
General and administrative	18,318		9,441		—		—		—		(10,612		)	17,147
Income before depreciation, amortization and impairment	$	11,879	$	19,280	$	6,633	$	9,493	$	16,761	$	(3,262	)	$	60,784
Depreciation and amortization	$	10,474	$	11,647	$	3,089	—		—		$	(584	)	$	24,626
Interest and other finance expense	$	12,295	$	11,857	$	2,722	—		—		724			$	27,598
Real estate at cost	$	499,349	$	763,565	$	211,912	—		—		$	(14,994	)	$	1,459,832
Total assets	$	614,100	$	875,623	$	191,840	$	41,304	—		$	(116,400	)	$	1,606,467
Expenditures for real estate and improvements	$	67,842	$	67,439	$	2,073	—		—		$	(1,645	)	$	135,709

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization														$	60,784
Other interest income														219
Depreciation and amortization														(24,626		)
Equity in earnings of unconsolidated affiliates														3,025
Interest and other finance expense														(27,598		)
Income tax provision														7
Gain on debt extinguishment														1,268
Impairment of asset														(6,925		)
Income from discontinued operations														702
Gain on sale of property														32,498
Net income														39,340
Net loss attributable to noncontrolling interests														4,328
Net income attributable to Common Shareholders														$	43,668

12. SEGMENT REPORTING (continued)



Nine Months Ended September 30, 2010
(dollars in thousands)	Core Portfolio		Opportunity Funds		Self- Storage Investments		Notes Receivable		Other		Amounts Eliminated in Consolidation			Total
Revenues	$	42,270	$	33,973	$	16,016	$	15,437	$	15,431	$	(14,268	)	$	108,859
Property operating expenses and real estate taxes	12,258		11,877		10,179		—		—		(1,088		)	33,226
General and administrative	16,971		10,210		—		—		—		(11,329		)	15,852
Income before depreciation and amortization	$	13,041	$	11,886	$	5,837	$	15,437	$	15,431	$	(1,851	)	$	59,781
Depreciation and amortization	$	10,394	$	10,537	$	3,021	—		—		$	(301	)	$	23,651
Interest and other finance expense	$	13,567	$	11,877	$	3,699	—		—		(82		)	$	29,061
Real estate at cost	$	440,721	$	677,946	$	209,956	—		—		$	(12,869	)	$	1,315,754
Total assets	$	595,870	$	721,911	$	194,461	$	87,600	—		$	(121,571	)	$	1,478,271
Expenditures for real estate and improvements	$	2,756	$	58,318	$	1,300	—		—		$	(1,822	)	$	60,552

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization														$	59,781
Other interest income														462
Depreciation and amortization														(23,651		)
Equity in earnings of unconsolidated affiliates														610
Interest and other finance expense														(29,061		)
Income tax provision														1,869
Gain from bargain purchase														33,805
Income from discontinued operations														1,208
Net income														41,285
Net (income) attributable to noncontrolling interests														(18,240		)
Net income attributable to Common Shareholders														$	23,045

- Definition

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

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-Name Statement of Financial Accounting Standard (FAS)

-Number 131

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+ Details

LONG-TERM INCENTIVE COMPENSATION

9 Months Ended

Sep. 30, 2011

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

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

LONG-TERM INCENTIVE COMPENSATION

The Company maintains two share incentive plans, the 2003 Share Incentive Plan and the 2006 Share Incentive Plan (collectively the “Share Incentive Plans”).

On March 3, 2011 and March 22, 2011, the Company issued a combined total of 429,909 LTIP Units and 1,549 Restricted Shares to officers of the Company and 164 LTIP Units and 9,584 Restricted Shares to other employees of the Company. Vesting with respect to these awards are generally recognized ratably over the five annual anniversaries following the issuance date. Vesting with respect to 11% of the awards issued to officers is also generally subject to achieving certain Company performance measures.

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

The total value of the above Restricted Shares and LTIP Units as of the grant date was $8.4 million, of which $2.4 million was recognized in compensation expense during 2010 and $6.0 million will be recognized in compensation expense over the vesting period. Compensation expense of $0.4 million and $1.6 million has been recognized in the accompanying financial statements related to these awards for the three and nine months ended September 30, 2011.


13.	LONG-TERM INCENTIVE COMPENSATION (continued)

Total long-term incentive compensation expense, including the expense related to the above-mentioned plans, was $1.0 million and $0.9 million for the three months ended September 30, 2011 and 2010, respectively and $3.2 million and $2.9 million for the nine months ended September 30, 2011 and 2010, respectively.

On May 10, 2011, the Company issued 22,154 Restricted Shares to Trustees of the Company in connection with Trustee fees. Vesting with respect to 10,279 of the Restricted Shares will be on the first anniversary of the date of issuance and 11,875 of the Restricted Shares vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares, but are paid cumulatively, from the issuance date through the applicable vesting date of such Restricted Shares. Trustee fee expense of $0.1 million has been recognized for the nine months ended September 30, 2011 related to these Restricted Shares.

In 2009, the Company adopted the Long Term Investment Alignment Program (the “Program”) pursuant to which the Company may award units primarily to senior executives which would entitle them to receive up to 25% of any future Fund III Promote when and if such Promote is ultimately realized. The Company has awarded units representing 71% of the Program, which were determined to have no value at issuance or as of September 30, 2011. In accordance with ASC Topic 718, “Compensation - Stock Compensation,” compensation relating to these awards will be recorded based on the change in the estimated fair value at each reporting period.

- Definition

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

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+ Details

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2011
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS During October 2011, the Company refinanced a loan collateralized by a property that was scheduled to mature on December 1, 2011. The new principal balance of the loan is $12.8 million and bears interest at LIBOR plus 2.25%. The maturity date of the loan is September 30, 2014, with one three-year extension option. In addition, the Company executed a forward swap for a notional amount of $12.5 million which fixes LIBOR at 3.765% from December 3, 2012 to December 1, 2022. During October 2011, the Company made a $5.4 million construction loan commitment to an entity under which it made an initial loan advance of $1.5 million. The loan bears interest at 15% and has an initial maturity date of April 1, 2012 with one six-month extension. During October 2011, the Company repaid $12.0 million of the Fund III subscription line of credit. During October 2011, the Company drew down an additional $2.5 million on a construction loan collateralized by a property.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010
Cash paid for capitalized interest	$ 3,613	$ 1,592