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Document And Entity Information
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6 Months Ended | |
|---|---|---|
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Jun. 30, 2013
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Aug. 07, 2013
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| Document Information [Line Items] | ||
| Entity Registrant Name | ACADIA REALTY TRUST | |
| Entity Central Index Key | 0000899629 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Large Accelerated Filer | |
| Document Type | 10-Q | |
| Document Period End Date | Jun. 30, 2013 | |
| Document Fiscal Year Focus | 2013 | |
| Document Fiscal Period Focus | Q2 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 55,448,856 |
| X | ||||||||||
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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| X | ||||||||||
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Details
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| X | ||||||||||
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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| X | ||||||||||
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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| X | ||||||||||
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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| X | ||||||||||
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of distribution in excess of income from, and investments in, unconsolidated affiliates. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for assets of a disposal group, including a component of the entity (discontinued operation), to be sold or that has been disposed of through sale, as of the financial statement date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amount of deferred costs. No definition available.
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| X | ||||||||||
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- Definition
The current amount of expenditures for a real estate project that has not yet been completed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The designation of funds furnished by a borrower to a lender to assure future payments of the borrower's real estate taxes and insurance obligations with respect to a mortgaged property. Escrow deposits may be made for a variety of other purposes such as earnest money and contingent payments. This element excludes replacement reserves which are an escrow separately provided for within the US GAAP taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Cost of real estate projects incurred for projects for eventual sale or transfer (condominium or time share projects, vacation clubs). No definition available.
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| X | ||||||||||
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- Definition
Aggregate of the carrying amounts as of the balance sheet date of investments in building and building improvements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The obligations arising from the sale, disposal, or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount before allowance of commercial loans issued to businesses to acquire, develop, construct, improve, or refinance land or building. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans covered under loss sharing agreements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents a liability associated with the acquisition of an off-market lease when the terms of the lease are unfavorable to the market terms for the lease at the date of acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amount for an unclassified balance sheet date of expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time or when a triggering event occurs and the carrying amount as of the balance sheet date of assets not otherwise specified in the taxonomy. Also includes assets not individually reported in the financial statements, or not separately disclosed in notes. No definition available.
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| X | ||||||||||
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- Definition
The cumulative amount of depreciation for real estate property held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)
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Jun. 30, 2013
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Dec. 31, 2012
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|---|---|---|
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 100,000,000 | 100,000,000 |
| Common stock, shares issued | 55,444,779 | 52,482,598 |
| Common stock, shares outstanding | 55,444,779 | 52,482,598 |
| X | ||||||||||
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Interest income earned on loans issued by the company secured by mortgaged properties. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Costs incurred and are directly related to generating revenues from leased and rented property or equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of income (loss) from continuing operations attributable to the noncontrolling interest. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items, which is apportioned to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This item includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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| X | ||||||||||
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- Definition
The total amount of lease revenue recognized for the period for which the lessee was obligated under leasing arrangements regardless of any other events or conditions. This amount excludes contingent revenue and sublease revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Other real estate revenue not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
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Jun. 30, 2013
|
Jun. 30, 2012
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Jun. 30, 2013
|
Jun. 30, 2012
|
|
| Net income | $ 9,614 | $ 11,176 | $ 20,793 | $ 13,999 |
| Other Comprehensive income (loss) | ||||
| Unrealized income (loss) on valuation of swap agreements | 4,196 | (2,612) | 3,104 | (2,555) |
| Reclassification of realized interest on swap agreements | 745 | 646 | 1,337 | 1,283 |
| Other comprehensive income (loss) | 4,941 | (1,966) | 4,441 | (1,272) |
| Comprehensive income | 14,555 | 9,210 | 25,234 | 12,727 |
| Comprehensive income attributable to noncontrolling interests | (1,621) | (3,536) | (3,302) | (2,449) |
| Comprehensive income attributable to Common Shareholders | $ 12,934 | $ 5,674 | $ 21,932 | $ 10,278 |
| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net of tax amount of other comprehensive income (loss) attributable to both parent entity and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Net of tax amount of the income statement impact of the reclassification adjustment of accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges realized in net income. Also includes reclassification adjustments of an entity's share of an equity investee's deferred hedging gain (loss) realized in net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Net of tax amount, before reclassification adjustments, of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Portion attributable to investment held by the company under acquisition of interest in unconsolidated affiliate attributable to real estate. No definition available.
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| X | ||||||||||
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- Definition
Employee Restricted Shares Cancelled, Shares No definition available.
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| X | ||||||||||
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- Definition
Employee Restricted Shares Cancelled, Value No definition available.
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| X | ||||||||||
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- Definition
Number of common stock issued during the period to Trustees. No definition available.
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| X | ||||||||||
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- Definition
Value of common stock issued during the period to Trustees. No definition available.
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| X | ||||||||||
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- Definition
Issuance of OP Units to Acquire Real Estate No definition available.
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| X | ||||||||||
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- Definition
Noncontrolling Interest, Increase from Contributions No definition available.
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| X | ||||||||||
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- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury before adjustment towards Comprehensive income. No definition available.
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| X | ||||||||||
|
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest) before adjustment towards Comprehensive income. No definition available.
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| X | ||||||||||
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- Definition
Stock Issued During Period, Value, Net of Issuance Costs No definition available.
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| X | ||||||||||
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for common shareholders during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Net of tax amount of the income statement impact of the reclassification adjustment of accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges realized in net income. Also includes reclassification adjustments of an entity's share of an equity investee's deferred hedging gain (loss) realized in net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Net of tax amount, before reclassification adjustments, of the change in accumulated gain (loss) from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Also includes an entity's share of an equity investee's increase (decrease) in deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The number of shares issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Number of shares issued during the period as a result of an employee stock purchase plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate change in value for stock issued during the period as a result of employee stock purchase plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock issued as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (USD $)
|
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
| Common Stock, Dividends, Per Share, Declared | $ 0.42 | $ 0.36 |
| X | ||||||||||
|
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Mortgage debt assumed under acquisition of interest in unconsolidated affiliate attributable to real estate. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Consolidation of Previously Unconsolidated Investments No definition available.
|
| X | ||||||||||
|
- Definition
Conversion of Note Receivable to Acquire Real Estate No definition available.
|
| X | ||||||||||
|
- Definition
Cash outflow towards deferred acquisition and leasing costs. No definition available.
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the carrying amount of escrow deposits. No definition available.
|
| X | ||||||||||
|
- Definition
Interest in Previously Unconsolidated Affiliate Mortgage Notes Payable No definition available.
|
| X | ||||||||||
|
- Definition
Interest in Previously Unconsolidated Affiliate Noncontrolling Interest No definition available.
|
| X | ||||||||||
|
- Definition
Interest In Previously Unconsolidated Affiliate Other Assets And Liabilities No definition available.
|
| X | ||||||||||
|
- Definition
Interest In Previously Unconsolidated Affiliate Real Estate Net No definition available.
|
| X | ||||||||||
|
- Definition
Interest in Previously Unconsolidated Affiliate Return of Capital No definition available.
|
| X | ||||||||||
|
- Definition
Issuance of OP Units to Acquire Real Estate No definition available.
|
| X | ||||||||||
|
- Definition
The cash inflow from unconsolidated affiliates by renturn of capital. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The total of the cash outflow during the period which has been paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt and the cost incurred directly for the issuance of equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cash outflow in the form of ordinary dividends to common shareholders, generally out of earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce their ownership stake (in a subsidiary of the entity). This element does not include dividends paid to noncontrolling shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The cash inflow associated with principal collections from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from an entity that is affiliated with the entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow contributed by noncontrolled interest that purchase additional shares or otherwise increase their ownership stake in a subsidiary of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The net cash inflow or outflow from cash and cash items that are not available for withdrawal or usage. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |
|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
| Stock issuance costs | $ 1,324 | $ 338 |
| Cash paid for capitalized interest | $ 3,944 | $ 1,907 |
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
ORGANIZATION AND BASIS OF PRESENTATION
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Jun. 30, 2013
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization and Basis of Presentation | 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, acquisition, redevelopment and management of high-quality retail properties and urban/infill mixed-use properties with a strong retail component located primarily in high-barrier-to-entry, supply constrained, 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 June 30, 2013, 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 June 30, 2013, the Company has ownership interests in 75 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 opportunity funds ("Core Portfolio"). The Company also has ownership interests in 33 properties within its four opportunity funds, Acadia Strategic Opportunity Fund, L.P. ("Fund I"), Acadia Strategic Opportunity Fund II, LLC ("Fund II"), Acadia Strategic Opportunity Fund III LLC ("Fund III") and Acadia Strategic Opportunity Fund IV LLC ("Fund IV" and together with Funds I, II and III, the "Opportunity Funds"). The 108 Core Portfolio and Opportunity Fund properties consist of commercial properties, which are primarily high-quality urban and/or street retail properties, community shopping centers and mixed-use properties with a retail component. The Opportunity Funds also include investments 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 is the sole general partner or managing member of the Opportunity Funds and Mervyns I and II and earns fees or priority distributions for asset management, property management, construction, redevelopment, leasing and legal services. Cash flows from the Opportunity Funds and RCP Venture are distributed pro-rata to their respective partners and members (including the Operating Partnership) until each receives a certain cumulative return ("Preferred Return"), and the return of all capital contributions. Thereafter, remaining cash flow is distributed 20% to the Operating Partnership ("Promote") and 80% to the partners or members (including the Operating Partnership). Following is a table summarizing the general terms and Operating Partnership's equity interests in the Opportunity Funds and Mervyns I and II:
Notes: (1) Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions. (2) Represents the total for the Opportunity Funds, including the Operating Partnership and noncontrolling interests' shares. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Basis of Presentation The consolidated financial statements include the consolidated accounts of the Company and its investments in entities 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 Company owns a 22.22% interest in an approximately one million square foot retail portfolio (the "Brandywine Portfolio") located in Wilmington, Delaware. Effective January 1, 2013, following certain changes in the financial and operating controls of the joint venture, the Company now accounts for this investment on a consolidated basis. 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. Actual results could differ from these estimates. Operating results for the three and six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2013. 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 period. These consolidated financial statements should be read in conjunction with the Company's 2012 Annual Report on Form 10-K, as filed with the SEC on February 27, 2013. Reclassifications Certain reclassifications have been made to the 2012 financial statements to conform to the 2013 presentation. Real Estate The Company reviews its 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, 2013, the Company determined that the value of the Walnut Hill Plaza, a Core Portfolio property, was impaired as a result of a deterioration in the local economic environment. Accordingly, the Company recorded an impairment charge of $1.5 million. This property is collateral for $23.1 million of non-recourse mortgage debt which matures October 1, 2016. Management does not believe that the values of any of its other properties are impaired as of June 30, 2013. Recent Accounting Pronouncements During February 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. ASU 2013-02 is effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted ASU 2013-02 as of January 1, 2013 and the adoption did not have a material impact on the Company's financial condition or results of operations. |
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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EARNINGS PER COMMON SHARE
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Jun. 30, 2013
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Share | EARNINGS PER COMMON SHARE Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At June 30, 2013, the Company has unvested LTIP Units (Note 13) which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit ("Restricted Share Units") and share option awards issued under the Company's Share Incentive Plans (Note 13). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and are therefore not included in the computation of diluted earnings per share for the three and six months ended June 30, 2013 and June 30, 2012. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. The conversion of the convertible notes payable (Note 9) is not included in the computation of basic and diluted earnings per share as such conversion, based on the current market price of the Common Shares, would be settled with cash. The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:
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- Definition
The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS
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6 Months Ended |
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Jun. 30, 2013
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| Noncontrolling Interest [Abstract] | |
| Shareholders' Equity And Noncontrolling Interests | SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS During the second quarter 2013, the Company completed an at-the-market (“ATM”) equity program with an aggregate offering amount of $125.0 million of gross proceeds from the sale of Common Shares. Under this program, the Company issued a total of 4.9 million Common Shares which generated net proceeds of $123.1 million. During April 2013, the Company established a new ATM equity program with an additional aggregate offering amount of up to $150.0 million of gross proceeds from the sale of Common Shares. Through June 30, 2013, the Company issued approximately 0.7 million Common Shares under this new ATM which generated gross proceeds of approximately $20.9 million and net proceeds of approximately $20.6 million. The net proceeds from these ATM equity programs have been, and will be, used by the Company primarily to fund acquisitions directly in the Core Portfolio and through its capital contributions to the Opportunity Funds. For the six months ended June 30, 2013, the Company issued a total of 2.8 million Common Shares under the ATM programs, which generated gross proceeds of $77.1 million and net proceeds of $76.0 million. 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 and include third party interests in the Company’s Opportunity Funds and other entities. It also includes interests in the Operating Partnership which represent (i) the limited partners’ 224,134 and 284,097 Common OP Units at June 30, 2013 and December 31, 2012, respectively; (ii) 188 Series A Preferred OP Units at June 30, 2013 and December 31, 2012; and (iii) 367,522 and 168,357 LTIP Units at June 30, 2013 and December 31, 2012, respectively. |
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS
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Jun. 30, 2013
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| ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS | ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Acquisitions 2013 Core Portfolio Acquisitions During March 2013, the Company acquired 664 North Michigan Avenue, an 18,141 square foot retail condominium in Chicago, Illinois for $86.6 million. During June 2013, the Company acquired 8-12 East Walton Street, an 8,244 square foot retail property in Chicago, Illinois for $22.5 million. The Company expensed $1.0 million of acquisition costs for the six months ended June 30, 2013 related to the Core Portfolio. 2013 Fund III Acquisitions Fund III had previously acquired a $23.0 million note receivable at a discounted price of $18.5 million during April 2012. The note receivable, which was scheduled to mature in May 2012, was collateralized by a 79,526 square foot shopping center located in Brooklyn, New York ("Nostrand Place"). The Company commenced foreclosure proceedings, but ultimately agreed to a settlement with the unaffiliated borrower. Pursuant to the settlement, in February 2013, Fund III and the borrower formed a joint venture whereby Fund III contributed its interest in the note for a 99% controlling interest in the joint venture, and the borrower contributed the deed to Nostrand Place in exchange for a 1% interest in the joint venture. As a result, Fund III consolidates its investment in Nostrand Place. 2013 Fund IV Acquisitions During June 2013, Fund IV, in a joint venture with an unaffiliated partner, acquired a 98% initial interest in 2819 Kennedy Boulevard, a 53,680 square foot retail property in North Bergen, New Jersey for $9.0 million. During June 2013, Fund IV, in a joint venture with an unaffiliated partner, acquired a 99% initial interest in Promenade at Manassas, a 265,442 square foot shopping center in Manassas, Virginia for $38.0 million. The Company expensed $1.4 million of acquisition costs for the six months ended June 30, 2013 related to Fund IV. 4. ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued) Purchase Price Allocations The above acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and liabilities based on the estimated fair value of the acquired assets at the dates of acquisition. The preliminary measurements at fair value reflected below are subject to change. The Company expects to finalize the valuations and complete the purchase price allocations within one year from the dates of acquisition. The following table summarizes the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2013 which have yet to be finalized:
During 2012, the Company acquired properties and recorded the preliminary allocations of the purchase prices to the assets acquired based on provisional measurements of fair value. During 2013, the Company finalized the allocations of the purchase prices and made certain measurement period adjustments. The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2012, and the finalized allocations as adjusted as of June 30, 2013:
Dispositions During May 2013, Fund II sold the storage facility located at its Pelham Manor property for $11.9 million. This sale resulted in a $4.2 million gain. 4. ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued) 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 Statements of Income for all periods presented. As of June 30, 2013, one of the properties within the Opportunity Funds was under contract for sale. The combined assets and liabilities and the results of operations of the properties classified as discontinued operations, in each period presented, are summarized as follows:
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- Definition
The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. No definition available.
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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
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Jun. 30, 2013
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in and Advances to Unconsolidated Affiliates | INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES Core Portfolio The Company owns a 49% interest in a 311,000 square foot shopping center located in White Plains, New York ("Crossroads"), a 50% interest in an approximately 28,000 square foot retail portfolio located in Georgetown, Washington D.C. (the "Georgetown Portfolio") and a 22.22% interest in an approximately 20,000 square foot retail property located in Wilmington, Delaware ("Route 202 Shopping Center"). These investments are accounted for under the equity method. Opportunity Funds RCP Venture The Opportunity Funds, together with two unaffiliated partners formed an investment group, the RCP Venture, for the purpose of making investments in surplus or underutilized properties owned by retailers and, in some instances, the retailers' operating company. The RCP Venture is neither a single entity nor a specific investment and the Company has no control or rights with respect to the formation and operation of these investments. The Company has made these investments through its subsidiaries, Mervyns I, Mervyns II and Fund II, (together the "Acadia Investors"), all on a non-recourse basis. Through June 30, 2013, the Acadia Investors have made investments in Mervyns Department Stores ("Mervyns") and Albertsons including additional investments in locations that are separate from these original investments ("Add-On Investments"). Additionally, they have invested in Shopko, Marsh and Rex Stores Corporation (collectively "Other RCP Investments"). The Company accounts for its investments in Mervyns and Albertsons on the equity method as it has the ability to exercise significant influence, but does not have any rights with respect to financial or operating control. The Company accounts for its investments in its Add-On Investments and Other RCP Investments on the cost method as it does not have any influence over such entities' operating and financial policies nor any rights with respect to the control and operation of these entities. The following table summarizes activity related to the RCP Venture investments from inception through June 30, 2013:
Other Opportunity Fund Investments The unaffiliated partners for Fund III's investments in Lincoln Road, Parkway Crossing, Arundel Plaza and the White City Shopping Center as well as Fund IV's investments in Lincoln Road, 1701 Belmont Avenue, 2819 Kennedy Boulevard (Note 4) and Promenade at Manassas (Note 4) maintain control over these entities. The Company accounts for these investments under the equity method as it has the ability to exercise significant influence, but does not have any rights with respect to financial or operating control. Self-Storage Management, a Fund III investment, is a variable interest entity. Management has evaluated the applicability of ASC Topic 810 to this joint venture and determined that it is not the primary beneficiary and, therefore, consolidation of this venture is not required. The Company accounts for this investment using the equity method of accounting.
Summary of Investments in Unconsolidated Affiliates The following Combined and Condensed Balance Sheets and Statements of Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates:
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The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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NOTES RECEIVABLE
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Jun. 30, 2013
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| Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| NOTES RECEIVABLE | NOTES RECEIVABLE As of June 30, 2013, the Company’s notes receivable, net, aggregated $105.5 million, and were collateralized either by the underlying properties or the borrowers' ownership interests in the entities that own the properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:
Notes: (1) The effective interest rate includes origination and exit fees. (2) Comprised of three cross-collateralized loans from one borrower, which are non-performing (3) The principal balance for this accrual only loan is increased by the interest accrued (4) Non-performing loan (5) Consists of three loans of which two are non-performing with an aggregate face value of $5.7 million, of which $3.9 million has been reserved During January 2013, Fund III received a payment of $2.5 million, representing the full principal and interest amount on a note that had been previously written off. During February 2013, Fund III, in conjunction with its acquisition of Nostrand Place (Note 4), received repayment on $13.0 million of its first mortgage loan of $18.5 million and contributed the remaining unliquidated balance to a joint venture. During March 2013, the Company received a payment of $5.4 million, representing full payment on a construction loan. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral and the prospects of the borrower. As of June 30, 2013, the Company held six non-performing notes aggregating $18.6 million for which payment was delinquent. Based primarily on the indicators noted above, the Company has established a reserve of $3.9 million as of June 30, 2013 related to these notes. The following table reconciles the allowance for notes receivable from December 31, 2012 to June 30, 2013:
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- Definition
The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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DERIVATIVE FINANCIAL INSTRUMENTS
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6 Months Ended |
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Jun. 30, 2013
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS As of June 30, 2013, the Company's derivative financial instruments consisted of 11 interest rate swaps with an aggregate notional value of $181.4 million, which effectively fix LIBOR at rates ranging from 0.52% to 3.77% and mature between May 2015 and April 2023. The Company also has five derivative financial instruments with a notional value of $183.3 million which cap LIBOR at rates ranging from 3.0% to 4.3% and mature between August 2013 and April 2018. The fair value of these derivative instruments, which is included in other liabilities in the Consolidated Balance Sheets, totaled $0.8 million and $4.4 million at June 30, 2013 and December 31, 2012, 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 of variable-rate interest payments on mortgage debt. Such instruments are reported at the fair value reflected above. As of June 30, 2013 and December 31, 2012, unrealized losses totaling $0.8 million and $4.3 million, respectively, were reflected in accumulated other comprehensive loss on the consolidated balance sheets. As of June 30, 2013 and December 31, 2012, 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. |
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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MORTGAGE AND OTHER NOTES PAYABLE
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6 Months Ended | ||||
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Jun. 30, 2013
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| Mortgage Loans on Real Estate [Abstract] | |||||
| MORTGAGE AND OTHER NOTES PAYABLE | MORTGAGE AND OTHER NOTES PAYABLE The Company completed the following transactions related to mortgage and other notes payable and credit facilities during the six months ended June 30, 2013: During January, the Company closed on a new $150.0 million unsecured credit facility, replacing the $64.5 million secured credit facility that had matured. The new facility bears interest at a spread which varies based on the ratio of total debt to total asset value of the Company ranging from LIBOR plus 155 basis points (<45%) to LIBOR plus 220 basis points (>55%) depending on the level of leverage. There is also an unused fee of 0.35% if the total outstanding principal is less than or equal to 50% of the aggregate commitments and 0.25% if it is more. This facility matures on January 3, 2016 and has a one-year extension option. During the six months ended June 30, 2013, the Company borrowed $45.0 million on this facility, all of which has been repaid. As of June 30, 2013, there was no balance outstanding under this credit facility. During January, the Company closed on a $16.5 million loan collateralized by a property. The loan bears interest at LIBOR plus 190 basis points and matures on January 23, 2023. During February, the Company closed on a $13.0 million loan collateralized by a property. The loan bears interest at LIBOR plus 265 basis points and matures on February 1, 2016. During March, the Company refinanced a $28.9 million loan collateralized by a property, bearing interest at LIBOR plus 600 basis points with a new $29.5 million loan. The new loan bears interest at LIBOR plus 250 basis points and matures on April 1, 2018.
During March, the Company modified a $50.0 million construction loan collateralized by a property. The modification converted the construction loan, on which no previous balance was drawn, into a first mortgage loan of $20.0 million and increased the interest rate from LIBOR plus 330 basis points to LIBOR plus 500 basis points. In addition, the Company modified a separate $20.0 million loan collateralized by this property. The previous loan bore interest at LIBOR plus 250 basis points and was scheduled to mature during August 2013. The modification extended the maturity date to August 23, 2015 and adjusted the interest rate to LIBOR plus 300 basis points until August 2013, LIBOR plus 350 basis points until August 2014 and LIBOR plus 400 basis points thereafter. During April, the Company closed on a $8.6 million loan collateralized by a property. The loan bears interest at LIBOR plus 175 basis points and matures on April 3, 2023. During June, the Company closed on a $52.5 million loan collateralized by a property. The loan bears interest at LIBOR plus 165 basis points and matures on June 28, 2018, and has a five-year extension option. As of June 30, 2013, no proceeds have been funded under this loan. During June, the Company closed on a $4.6 million loan collateralized by a property. The loan bears interest at LIBOR plus 195 basis points and matures on June 1, 2014, and has a one-year extension option. During 2012, the U.S. Citizenship and Immigration Services ("USCIS") approved the City Point project's application for $200.0 million of construction financing under the U.S.'s Immigrant Investor Program, commonly known as "EB-5." Funds are released into a restricted cash account upon the approval of the USCIS. As of June 30, 2013, $193.0 million of funds have been released into this restricted cash account and $40.0 million have been drawn to fund construction activities, with $153.0 million remaining in the restricted cash account. |
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The entire disclosure for mortgage notes payable. No definition available.
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CONVERTIBLE NOTES PAYABLE
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6 Months Ended |
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Jun. 30, 2013
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| Debt Disclosure [Abstract] | |
| Convertible Notes Payable | CONVERTIBLE NOTES PAYABLE In December 2006 and January 2007, the Company issued convertible notes totaling $115.0 million with a fixed interest rate of 3.75% due in 2026 (the "Convertible Notes"). The Convertible Notes were issued at par and require interest payments semi-annually in arrears on June 15th and December 15th 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 15, 2016 and December 15, 2021. Through June 30, 2013, the Company had purchased $114.1 million in principal amount of its Convertible Notes, none of which were repurchased subsequent to December 31, 2011, and the remaining outstanding balance is $0.9 million. As of December 31, 2011, all loan costs associated with the issuance have been expensed and there is no remaining net carrying amount of the equity component. The if-converted value of the Convertible Notes does not exceed their aggregate principal amount as of June 30, 2013 and there are no derivative transactions that were entered into in connection with the issuance of the Convertible Notes. |
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FAIR VALUE MEASUREMENTS
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Jun. 30, 2013
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | 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 June 30, 2013:
In addition to items that are measured at fair value on a recurring basis, the Company also has assets and liabilities on its balance sheet that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the table above. Assets and liabilities that are measured at fair value on a nonrecurring basis include assets acquired and liabilities assumed in business combinations (Note 4). During the quarter ended June 30, 2013, the Company determined that the value of the Walnut Hill Plaza was impaired and recorded an impairment loss of $1.5 million (Note 1). The Company estimated the fair value by using projected future cash flows, which it determined were not sufficient to recover the property's net book value. The inputs used to determine this fair value are classified within Level 3 of the hierarchy. 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 values. 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:
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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RELATED PARTY TRANSACTIONS
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6 Months Ended |
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Jun. 30, 2013
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| Related Party Transactions [Abstract] | |
| Related Party Transactions | RELATED PARTY TRANSACTIONS The Company earned property management fees, legal and leasing fees from its investments in unconsolidated affiliates totaling $0.03 million and $0.2 million for the three months ended June 30, 2013 and 2012, respectively, and $0.04 million and $0.4 million for the six months ended June 30, 2013 and 2012, respectively. Lee Wielansky, the Lead Trustee of the Company, was paid a consulting fee of $25,000 for the three months ended June 30, 2013 and 2012, respectively and $50,000 for the six months ended June 30, 2013 and 2012, respectively. |
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The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SEGMENT REPORTING
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Jun. 30, 2013
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | SEGMENT REPORTING The Company has three reportable segments: Core Portfolio, Opportunity Funds and Notes Receivable. 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/managing 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 six months ended June 30, 2013 and 2012 and does not include unconsolidated affiliates:
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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LONG-TERM INCENTIVE COMPENSATION
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6 Months Ended | ||||
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Jun. 30, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
| Long-Term Incentive Compensation | LONG-TERM INCENTIVE COMPENSATION On February 22, 2013, the Company issued a total of 284,447 LTIP Units and 590 Restricted Share Units to officers of the Company and 11,532 Restricted Share Units to other employees of the Company pursuant to its Amended and Restated 2006 Share Incentive Plan (the "Share Incentive Plan"). Vesting with respect to these awards is generally recognized ratably over the five annual anniversaries following the issuance date. Vesting with respect to 16% of the awards issued to officers is also generally subject to achieving certain Company performance measures. Unvested LTIP Units provide for non-forfeitable rights to dividend equivalent payments (Note 2). These awards were measured at their fair value as if they were vested on the grant date. Fair value was established as the market price of the Company's Common Shares as of the close of trading on the day preceding the grant date. The total value of the above Restricted Share Units and LTIP Units as of the grant date was $7.9 million. Compensation expense of $0.4 million and $0.8 million has been recognized in the accompanying consolidated statements of income related to these awards for the three and six months ended June 30, 2013, respectively. Total long-term incentive compensation expense, including the expense related to the above-mentioned plans, was $1.3 million and $0.9 million for the three months ended June 30, 2013 and 2012, respectively and $2.6 million and $1.8 million for the six months ended June 30, 2013 and 2012, respectively.
In 2009, the Company adopted the Long Term Investment Alignment Program (the "Program") pursuant to which the Company may award units primarily to senior executives which would entitle them to receive up to 25% of any future Fund III Promote when and if such Promote is ultimately realized. The Company has awarded all of the units under the Program and these units were determined to have no value at issuance or as of June 30, 2013. 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. |
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SUBSEQUENT EVENTS
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6 Months Ended |
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Jun. 30, 2013
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| Subsequent Events [Abstract] | |
| Subsequent Events | SUBSEQUENT EVENTS During July 2013, the Company completed the acquisition of 3200-3204 M Street in Georgetown, Washington, D.C., a Core Portfolio property for a purchase price of $11.8 million. As of June 30, 2013, one of the properties within the Opportunity Funds was under contract for sale (Note 4). During July, the contract expired. The property continues to be marketed for sale. |
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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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ORGANIZATION AND BASIS OF PRESENTATION (Policies)
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6 Months Ended |
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Jun. 30, 2013
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation | Basis of Presentation The consolidated financial statements include the consolidated accounts of the Company and its investments in entities 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 Company owns a 22.22% interest in an approximately one million square foot retail portfolio (the "Brandywine Portfolio") located in Wilmington, Delaware. Effective January 1, 2013, following certain changes in the financial and operating controls of the joint venture, the Company now accounts for this investment on a consolidated basis. 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. Actual results could differ from these estimates. Operating results for the three and six months ended June 30, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2013. 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 period. These consolidated financial statements should be read in conjunction with the Company's 2012 Annual Report on Form 10-K, as filed with the SEC on February 27, 2013. |
| Reclassifications | Reclassifications Certain reclassifications have been made to the 2012 financial statements to conform to the 2013 presentation. |
| Real Estate | Real Estate The Company reviews its 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, 2013, the Company determined that the value of the Walnut Hill Plaza, a Core Portfolio property, was impaired as a result of a deterioration in the local economic environment. Accordingly, the Company recorded an impairment charge of $1.5 million. This property is collateral for $23.1 million of non-recourse mortgage debt which matures October 1, 2016. Management does not believe that the values of any of its other properties are impaired as of June 30, 2013. |
| Recent Accounting Pronouncements | Recent Accounting Pronouncements During February 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-02, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." ASU 2013-02 requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. ASU 2013-02 is effective prospectively for reporting periods beginning after December 15, 2012. The Company adopted ASU 2013-02 as of January 1, 2013 and the adoption did not have a material impact on the Company's financial condition or results of operations. |
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Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). No definition available.
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Disclosure of the adoption of new accounting pronouncements that may impact the entity's financial reporting. No definition available.
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Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Disclosure of accounting policy for entities that primarily develop and then sell real property at retail or otherwise. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ORGANIZATION AND BASIS OF PRESENTATION (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Noncontrolling Interest In Individual Investee | Following is a table summarizing the general terms and Operating Partnership's equity interests in the Opportunity Funds and Mervyns I and II:
Notes: (1) Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions. (2) Represents the total for the Opportunity Funds, including the Operating Partnership and noncontrolling interests' shares. |
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Schedule of Noncontrolling Interest In Individual Investee [Table Text Block] No definition available.
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EARNINGS PER COMMON SHARE (Tables)
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Jun. 30, 2013
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Computation of Basic and Diluted Earnings Per Share from Continuing Operations | The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:
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Tabular disclosure of an entity's basic and diluted earnings per share calculations. No definition available.
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ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Combined Assets and Liabilities and Results of Operations of the Properties Classified as Discontinued Operations | The combined assets and liabilities and the results of operations of the properties classified as discontinued operations, in each period presented, are summarized as follows:
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Acquisitions in 2013
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| Preliminary Schedule of Purchase Price Allocation | The following table summarizes the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2013 which have yet to be finalized:
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Acquisitions in 2012
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| Preliminary Schedule of Purchase Price Allocation | The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2012, and the finalized allocations as adjusted as of June 30, 2013:
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Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)
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Jun. 30, 2013
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary activity related to the RCP Venture Investments from Inception | The following table summarizes activity related to the RCP Venture investments from inception through June 30, 2013:
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| Summary of Balance Sheet of the Company’s investments in unconsolidated affiliates | The following Combined and Condensed Balance Sheets and Statements of Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates:
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| Summary of Statement of Income of the Company’s investments in unconsolidated affiliates |
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Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of a condensed balance sheet. Disclosure may include, but is not limited to, balance sheets of consolidated entities and consolidation eliminations. No definition available.
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Tabular disclosure of a condensed income statement. Disclosure may include, but is not limited to, income statements of consolidated entities and consolidation eliminations. No definition available.
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NOTES RECEIVABLE (Tables)
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Jun. 30, 2013
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| Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Accounts, Notes, Loans and Financing Receivable | As of June 30, 2013, the Company’s notes receivable, net, aggregated $105.5 million, and were collateralized either by the underlying properties or the borrowers' ownership interests in the entities that own the properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:
Notes: (1) The effective interest rate includes origination and exit fees. (2) Comprised of three cross-collateralized loans from one borrower, which are non-performing (3) The principal balance for this accrual only loan is increased by the interest accrued (4) Non-performing loan (5) Consists of three loans of which two are non-performing with an aggregate face value of $5.7 million, of which $3.9 million has been reserved |
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| Allowance for Notes Receivable |
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| X | ||||||||||
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- Definition
Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FAIR VALUE MEASUREMENTS (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Jun. 30, 2013
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Company's fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2013:
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| Fair value of financial instruments, Assets and Liabilities | 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:
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| X | ||||||||||
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- Definition
Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SEGMENT REPORTING (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Certain Segment Information from Segments to Consolidated [Table Text Block] | The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three and six months ended June 30, 2013 and 2012 and does not include unconsolidated affiliates:
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| X | ||||||||||
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- Definition
Reconciliation of Certain Segment Information from Segments to Consolidated [Table Text Block] No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Long-term Debt, Collateral No definition available.
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| X | ||||||||||
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- Definition
Number of Opportunity Funds No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Properties Owned Percentage No definition available.
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| X | ||||||||||
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- Definition
Remaining Funds Rate of Distribution to All Partners No definition available.
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| X | ||||||||||
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- Definition
Remaining Funds Rate of Distribution to Partnership No definition available.
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| X | ||||||||||
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- Definition
Area of a real estate property. No definition available.
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| X | ||||||||||
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- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The number of units or percentage investment held by the managing member or general partner of the LLC or LP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The parent entity's interest in net assets of the subsidiary, expressed as a percentage. No definition available.
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| X | ||||||||||
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- Definition
The number of real estate properties owned as of the balance sheet date. No definition available.
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ORGANIZATION AND BASIS OF PRESENTATION Summary of General Terms and Operating Partnership's Equity Interests (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
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Fund I and Mervyns I
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| Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
| Operating Partnership Share of Capital | 22.22% | [1] | ||||
| Committed Capital | $ 90.0 | [1],[2] | ||||
| Capital Called as of March 31, 2013 | 86.6 | [1],[2] | ||||
| Ownership Interest By General Partner or Managing Partner | 37.78% | [1] | ||||
| Preferred Return | 9.00% | [1] | ||||
| Capital Returned as of March 31, 2013 | 86.6 | [1],[2] | ||||
|
Fund II and Mervyns II
|
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| Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
| Operating Partnership Share of Capital | 20.00% | |||||
| Committed Capital | 300.0 | [2] | ||||
| Capital Called as of March 31, 2013 | 300.0 | [2] | ||||
| Ownership Interest By General Partner or Managing Partner | 20.00% | |||||
| Preferred Return | 8.00% | |||||
| Capital Returned as of March 31, 2013 | 84.5 | [2] | ||||
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Fund III
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| Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
| Operating Partnership Share of Capital | 19.90% | |||||
| Committed Capital | 475.0 | [2] | ||||
| Capital Called as of March 31, 2013 | 351.4 | [2] | ||||
| Ownership Interest By General Partner or Managing Partner | 19.90% | |||||
| Preferred Return | 6.00% | |||||
| Capital Returned as of March 31, 2013 | 182.6 | [2] | ||||
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Fund IV
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| Organization, Consolidation and Presentation of Financial Statements [Line Items] | ||||||
| Operating Partnership Share of Capital | 23.12% | |||||
| Committed Capital | 540.6 | [2] | ||||
| Capital Called as of March 31, 2013 | 74.0 | [2] | ||||
| Ownership Interest By General Partner or Managing Partner | 23.12% | |||||
| Preferred Return | 6.00% | |||||
| Capital Returned as of March 31, 2013 | $ 0 | [2] | ||||
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| X | ||||||||||
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- Definition
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Share of Capital No definition available.
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| X | ||||||||||
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- Definition
Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners, Preferred Return No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of capital contributed by the general partner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The number of units or percentage investment held by the managing member or general partner of the LLC or LP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total contributions made by each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Total distributions to each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
EARNINGS PER COMMON SHARE (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
Common stock
|
Jun. 30, 2013
Operating Partnership, as General Partner or Managing Member
|
Dec. 31, 2012
Operating Partnership, as General Partner or Managing Member
|
Jun. 30, 2013
Operating Partnership, as General Partner or Managing Member
Series A Preferred Stock
|
Dec. 31, 2012
Operating Partnership, as General Partner or Managing Member
Series A Preferred Stock
|
|
| Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||||||
| Series A Preferred OP Units (in shares) | 224,134 | 284,097 | 188 | 188 | |||||
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 25,067 | ||||||||
| Numerator: | |||||||||
| Income from continuing operations | $ 8,211 | $ 5,845 | $ 17,785 | $ 9,333 | |||||
| Less: net income attributable to participating securities | 145 | 117 | 317 | 191 | |||||
| Income from continuing operations net of income attributable to participating securities | 8,066 | 5,728 | 17,468 | 9,142 | |||||
| Numerator for diluted earnings per Common Share | $ 8,066 | $ 5,728 | $ 17,468 | $ 9,142 | |||||
| Denominator | |||||||||
| Weighted average shares for basic earnings per share (in shares) | 55,160,000 | 44,245,000 | 54,923,000 | 43,491,000 | |||||
| Effect of dilutive securities: | |||||||||
| Employee Restricted Share Units and share options (in shares) | 424,000 | 429,000 | 431,000 | 419,000 | |||||
| Dilutive potential Common Shares (in shares) | 424,000 | 429,000 | 431,000 | 419,000 | |||||
| Denominatior for diluted earnings per share (in shares) | 55,584,000 | 44,674,000 | 55,354,000 | 43,910,000 | |||||
| Basic earnings per Common Share from continuing operations attributable to Common Shareholders | $ 0.15 | $ 0.13 | $ 0.33 | $ 0.21 | |||||
| Diluted earnings per Common Share from continuing operations attributable to Common Shareholders | $ 0.15 | $ 0.13 | $ 0.33 | $ 0.21 | |||||
| X | ||||||||||
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- Details
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| X | ||||||||||
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- Details
|
| X | ||||||||||
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- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The earnings attributable to each security on the basis that all of the earnings for the period had been distributed (to the extent that each security may share in earnings). This is the earnings amount which reflects the participation rights in undistributed earnings of each security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The earnings attributable to each security on the basis that all of the earnings for the period had been distributed (to the extent that each security may share in earnings). This is the earnings amount which reflects the participation rights in undistributed earnings of each security, after giving effect to all dilutive potential common shares outstanding during the period. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
The number of limited partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The earnings that is allocated to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Earnings allocated (not distributed) to participating securities under the two-class method to the extent that participating securities may share in earnings as if all of the earnings for the period had been distributed. No definition available.
|
| X | ||||||||||
|
- Definition
The earnings that is allocated to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Includes the adjustments resulting from the assumption that dilutive securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions. No definition available.
|
| X | ||||||||||
|
- Definition
The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) (USD $)
|
6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
Operating Partnership, as General Partner or Managing Member
|
Dec. 31, 2012
Operating Partnership, as General Partner or Managing Member
|
Jun. 30, 2013
Series A Preferred Stock
Operating Partnership, as General Partner or Managing Member
|
Dec. 31, 2012
Series A Preferred Stock
Operating Partnership, as General Partner or Managing Member
|
Jun. 30, 2013
At The Market Equity Program [Member]
Common stock
|
Jun. 30, 2013
New At The Market Equity Program [Member]
|
Jun. 30, 2013
New At The Market Equity Program [Member]
|
Apr. 30, 2013
New At The Market Equity Program [Member]
Common stock
|
Jun. 30, 2013
New At The Market Equity Program [Member]
Common stock
|
Jun. 30, 2013
LTIP Units
|
Dec. 31, 2012
LTIP Units
|
|
| Noncontrolling Interest [Line Items] | |||||||||||||
| Gross proceeds from issuance of common stock | $ 125,000,000 | $ 20,900,000 | $ 77,100,000 | ||||||||||
| Common stock issued during the period | 4,900,000.0 | 2,800,000 | 700,000.0 | ||||||||||
| Proceeds from issuance of common stock | 75,871,000 | 60,717,000 | 123,100,000 | 76,000,000 | 20,600,000 | ||||||||
| Stock Issue Program, Authorized Amount | $ 150,000,000 | ||||||||||||
| Limited partners' common OP units | 224,134 | 284,097 | 188 | 188 | |||||||||
| Share-based compensation, outstanding (in shares) | 367,522 | 168,357 | |||||||||||
| X | ||||||||||
|
- Definition
Share-based Compensation, Units Outstanding No definition available.
|
| X | ||||||||||
|
- Definition
Stock Issue Program, Authorized Amount No definition available.
|
| X | ||||||||||
|
- Definition
The number of limited partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Acquisitions (Details) (USD $)
|
6 Months Ended | 1 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
Core Portfolio
|
Jun. 30, 2013
Fund IV
|
Apr. 30, 2012
Brooklyn, New York
Fund III
sqft
|
Mar. 31, 2013
664 North Michigan Avenue [Member]
Chicago Illinois
Core Portfolio
sqft
|
Jun. 30, 2013
Eight-Twelve East Walton
Chicago Illinois
Core Portfolio
sqft
|
Feb. 28, 2013
Shopping Center
Brooklyn, New York
Fund III
|
Jun. 30, 2013
Twenty Eight Nineteen Kennedy Boulevard
North Bergen, New Jersey
Fund IV
sqft
|
Jun. 30, 2013
Promenade at Manassas
Manassas, Virginia
Fund IV
sqft
|
Jun. 30, 2013
Acquisitions in 2013
Preliminary Purchase Price Allocation
|
Dec. 31, 2012
Acquisitions in 2012
Preliminary Purchase Price Allocation
|
Jun. 30, 2013
Acquisitions in 2012
Scenario, Adjustment
|
Jun. 30, 2013
Acquisitions in 2012
Finalized Purchase Price Allocation
|
|
| Business Acquisition [Line Items] | ||||||||||||||
| Square Footage of Real Estate Property (in square feet) | 79,526 | 18,141 | 8,244 | 53,680 | 265,442 | |||||||||
| Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 86,600,000 | $ 22,500,000 | $ 9,000,000 | $ 38,000,000 | ||||||||||
| Business Combination, Acquisition Related Costs | 1,000,000 | 1,400,000 | ||||||||||||
| Payments to Acquire Notes Receivable | 0 | 34,500,000 | 18,500,000 | |||||||||||
| Debt instrument face amount | 23,000,000 | |||||||||||||
| Consolidated Joint Venture, Ownership Percentage | 99.00% | 98.00% | 99.00% | |||||||||||
| Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% | |||||||||||||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | ||||||||||||||
| Land | 39,563,000 | 11,390,000 | 2,876,000 | 14,266,000 | ||||||||||
| Buildings and Improvements | 136,009,000 | 38,510,000 | (2,330,000) | 36,180,000 | ||||||||||
| Acquisition-related intangible assets (in Acquired lease intangibles, net) | 0 | 2,623,000 | 2,623,000 | |||||||||||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Liabilities | 0 | (1,852,000) | (1,852,000) | |||||||||||
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Above-Below Market Debt | (1,317,000) | (1,317,000) | ||||||||||||
| Total consideration | $ 175,572,000 | $ 49,900,000 | $ 0 | $ 49,900,000 | ||||||||||
| X | ||||||||||
|
- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings and Improvements No definition available.
|
| X | ||||||||||
|
- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets No definition available.
|
| X | ||||||||||
|
- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Liabilities No definition available.
|
| X | ||||||||||
|
- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land No definition available.
|
| X | ||||||||||
|
- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net Above-Below Market Debt No definition available.
|
| X | ||||||||||
|
- Definition
Area of a real estate property. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Percentage of voting equity interests acquired in the business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the acquisition-date fair value of the total consideration transferred which consists of the sum of the acquisition-date fair values of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree, and the equity interests issued by the acquirer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net amount recognized as of the acquisition date for the aggregate identifiable assets acquired in excess of or less than the aggregate liabilities assumed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The equity interest of noncontrolling shareholders, partners or other equity holders in consolidated entity. No definition available.
|
| X | ||||||||||
|
- Definition
Amount of the contractual principal due at the origination of the mortgage loan (face amount). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Discontinued Operations Results of Operations (Details) (USD $)
|
3 Months Ended | 6 Months Ended | 1 Months Ended | |||
|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
May 31, 2013
Fund II
Pelham Manor [Member]
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
| Proceeds from sale of real estate | $ 11,900,000 | |||||
| ASSETS | ||||||
| Net real estate | 11,850,000 | 11,850,000 | 19,400,000 | |||
| Rents receivable, net | 876,000 | 876,000 | 917,000 | |||
| Deferred charges, net | 390,000 | 390,000 | 612,000 | |||
| Prepaid expenses and other assets | 190,000 | 190,000 | 1,132,000 | |||
| Total assets of discontinued operations | 13,306,000 | 13,306,000 | 22,061,000 | |||
| LIABILITIES | ||||||
| Mortgage notes payable | 9,149,000 | 9,149,000 | 9,208,000 | |||
| Accounts payable and accrued expenses | 1,794,000 | 1,794,000 | 3,125,000 | |||
| Other liabilities | 597,000 | 597,000 | 765,000 | |||
| Total liabilities of discontinued operations | 11,540,000 | 11,540,000 | 13,098,000 | |||
| STATEMENTS OF OPERATIONS | ||||||
| Total revenues | 906,000 | 9,943,000 | 2,075,000 | 19,656,000 | ||
| Total expenses | 640,000 | 6,611,000 | 1,412,000 | 13,997,000 | ||
| Operating income | 266,000 | 3,332,000 | 663,000 | 5,659,000 | ||
| Gain on sale of property | 4,191,000 | 2,668,000 | 4,191,000 | 2,668,000 | 4,200,000 | |
| Income from discontinued operations | 4,457,000 | 6,000,000 | 4,854,000 | 8,327,000 | ||
| (Income) from discontinued operations, attributable to noncontrolling interests | (3,911,000) | (5,006,000) | (4,259,000) | (6,811,000) | ||
| Income from discontinued operations, attributable to Common Shareholders | $ 546,000 | $ 994,000 | $ 595,000 | $ 1,516,000 | ||
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Expenses No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Deferred Charges, Net of Amortization No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group Including Discontinued Operation Mortgage Notes Payable No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Net Real Estate No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Prepaid Expenses and Other Assets, Net No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Rents Receivable, Net No definition available.
|
| X | ||||||||||
|
- Definition
Proceeds from Sale of Real Estate Held-for-investment, Gross No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for assets of a disposal group, including a component of the entity (discontinued operation), to be sold or that has been disposed of through sale, as of the financial statement date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of operating expenses attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of operating income or loss attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For the disposal group, including a component of the entity (discontinued operation), obligations not otherwise itemized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of sales or other form of revenues attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items, which is apportioned to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This item includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of income (loss) from a disposal group, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The obligations arising from the sale, disposal, or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
| Schedule of Equity Method Investments [Line Items] | |||||
| Investments in and advances to unconsolidated affiliates | $ 188,299 | $ 188,299 | $ 221,904 | ||
| Assets | |||||
| Investments in and advances to unconsolidated affiliates | 188,299 | 188,299 | 221,904 | ||
| Total assets | 2,310,544 | 1,503,765 | 2,310,544 | 1,503,765 | 1,908,440 |
| Liabilities and Equity | |||||
| Other liabilities | 19,266 | 19,266 | 21,303 | ||
| Total liabilities and equity | 2,310,544 | 2,310,544 | 1,908,440 | ||
| Investments in and advances to unconsolidated affiliates | 188,299 | 188,299 | 221,904 | ||
| Company's share of distributions in excess of share of income and investments in unconsolidated affiliates | (12,319) | (12,319) | (22,707) | ||
| Combined and Condensed Statements of Operations | |||||
| Total revenues | 45,936 | 32,745 | 93,236 | 62,712 | |
| Operating and other expenses | (29,174) | (24,051) | (57,773) | (46,722) | |
| Equity in (losses) earnings of unconsolidated affiliates | 815 | 4,591 | 3,065 | 4,535 | |
| Depreciation and amortization | (10,976) | (8,201) | (21,604) | (15,351) | |
| Gain on sale of property | 4,191 | 2,668 | 4,191 | 2,668 | |
| Income from continuing operations | 5,157 | 5,176 | 15,939 | 5,672 | |
|
Unconsolidated Affiliates
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Investments in and advances to unconsolidated affiliates | 63,746 | 63,746 | 93,923 | ||
| Assets | |||||
| Rental property, net | 367,096 | 367,096 | 441,611 | ||
| Investments in and advances to unconsolidated affiliates | 63,746 | 63,746 | 93,923 | ||
| Other assets | 31,830 | 31,830 | 39,035 | ||
| Total assets | 462,672 | 462,672 | 574,569 | ||
| Liabilities and Equity | |||||
| Mortgage notes payable | 242,449 | 242,449 | 326,296 | ||
| Other liabilities | 16,633 | 16,633 | 24,267 | ||
| Partners' equity | 203,590 | 203,590 | 224,006 | ||
| Total liabilities and equity | 462,672 | 462,672 | 574,569 | ||
| Investments in and advances to unconsolidated affiliates | 63,746 | 63,746 | 93,923 | ||
| Combined and Condensed Statements of Operations | |||||
| Total revenues | 10,846 | 11,922 | 21,845 | 24,218 | |
| Operating and other expenses | (4,698) | (4,362) | (8,979) | (8,816) | |
| Interest expense | (2,056) | (4,613) | (4,087) | (9,251) | |
| Equity in (losses) earnings of unconsolidated affiliates | 6,581 | 6,469 | 5,870 | 4,846 | |
| Depreciation and amortization | (2,608) | (2,371) | (4,688) | (4,643) | |
| Gain on sale of property | 0 | 3,402 | 0 | 3,402 | |
| Income from continuing operations | 8,065 | 10,447 | 9,961 | 9,756 | |
|
Operating Partnership, as General Partner or Managing Member
|
|||||
| Combined and Condensed Statements of Operations | |||||
| Equity in (losses) earnings of unconsolidated affiliates | 815 | 4,591 | 3,065 | 4,535 | |
| Company's share of net income (loss) | 913 | 4,689 | 3,261 | 4,731 | |
| Amortization of excess investment | (98) | (98) | (196) | (196) | |
|
Core Portfolio
|
|||||
| Assets | |||||
| Total assets | 1,100,356 | 750,634 | 1,100,356 | 750,634 | |
| Combined and Condensed Statements of Operations | |||||
| Total revenues | 28,057 | 17,366 | 54,471 | 33,070 | |
| Depreciation and amortization | (7,142) | (4,495) | (13,777) | (8,237) | |
|
Core Portfolio | Crossroads
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |||
| Square Footage of Real Estate Property (in square feet) | 311,000 | 311,000 | |||
|
Core Portfolio | Georgetown Portfolio
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||
| Square Footage of Real Estate Property (in square feet) | 28,000 | 28,000 | |||
|
Core Portfolio | Route 202 Shopping Center [Member]
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Equity Method Investment, Ownership Percentage | 22.22% | 22.22% | |||
| Square Footage of Real Estate Property (in square feet) | 20,000 | 20,000 | |||
|
Opportunity Funds
|
|||||
| Assets | |||||
| Total assets | 1,104,704 | 664,419 | 1,104,704 | 664,419 | |
| Combined and Condensed Statements of Operations | |||||
| Total revenues | 14,480 | 13,202 | 32,006 | 25,436 | |
| Depreciation and amortization | (3,834) | (3,706) | (7,827) | (7,114) | |
|
Opportunity Funds | RCP Venture
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Investments in and advances to unconsolidated affiliates | 63,214 | 63,214 | |||
| Investment Income, Dividend | 144,012 | ||||
| Assets | |||||
| Investments in and advances to unconsolidated affiliates | 63,214 | 63,214 | |||
| Liabilities and Equity | |||||
| Investments in and advances to unconsolidated affiliates | 63,214 | 63,214 | |||
|
Opportunity Funds | RCP Venture | Operating Partnership, as General Partner or Managing Member
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Investments in and advances to unconsolidated affiliates | 12,070 | 12,070 | |||
| Investment Income, Dividend | 30,986 | ||||
| Assets | |||||
| Investments in and advances to unconsolidated affiliates | 12,070 | 12,070 | |||
| Liabilities and Equity | |||||
| Investments in and advances to unconsolidated affiliates | 12,070 | 12,070 | |||
|
Opportunity Funds | Mervyns I and Mervyns II | KLA/Mervyns LLC Add-On Investments
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Cost Method Investments | 7,547 | 7,547 | |||
| Investment Income, Dividend | 5,334 | ||||
|
Opportunity Funds | Mervyns I and Mervyns II | KLA/Mervyns LLC Add-On Investments | Operating Partnership, as General Partner or Managing Member
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Cost Method Investments | 1,252 | 1,252 | |||
| Investment Income, Dividend | 1,193 | ||||
|
Opportunity Funds | Mervyns II | KLA A Markets LLC Add-On Investments
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Cost Method Investments | 2,416 | 2,416 | |||
| Investment Income, Dividend | 4,864 | ||||
|
Opportunity Funds | Mervyns II | KLA A Markets LLC Add-On Investments | Operating Partnership, as General Partner or Managing Member
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Cost Method Investments | 388 | 388 | |||
| Investment Income, Dividend | 972 | ||||
|
Opportunity Funds | Mervyns II | KLAC Rex Venture LLC
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Cost Method Investments | 2,701 | 2,701 | |||
| Investment Income, Dividend | 1,956 | ||||
|
Opportunity Funds | Mervyns II | KLAC Rex Venture LLC | Operating Partnership, as General Partner or Managing Member
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Cost Method Investments | 535 | 535 | |||
| Investment Income, Dividend | 392 | ||||
|
Opportunity Funds | Fund II | KA-Shopko LLC
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Cost Method Investments | 1,108 | 1,108 | |||
| Investment Income, Dividend | 1,659 | ||||
|
Opportunity Funds | Fund II | KA-Shopko LLC | Operating Partnership, as General Partner or Managing Member
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Cost Method Investments | 222 | 222 | |||
| Investment Income, Dividend | 332 | ||||
|
Opportunity Funds | Fund II | Marsh and Add-On Investments
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Cost Method Investments | 2,667 | 2,667 | |||
| Investment Income, Dividend | 2,639 | ||||
|
Opportunity Funds | Fund II | Marsh and Add-On Investments | Operating Partnership, as General Partner or Managing Member
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Cost Method Investments | 533 | 533 | |||
| Investment Income, Dividend | 528 | ||||
|
Opportunity Funds | KLA/Mervyns LLC | Mervyns I and Mervyns II
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Equity Method Investments | 26,058 | 26,058 | |||
| Equity Method Investment, Dividends or Distributions | 45,966 | ||||
|
Opportunity Funds | KLA/Mervyns LLC | Mervyns I and Mervyns II | Operating Partnership, as General Partner or Managing Member
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Equity Method Investments | 4,901 | 4,901 | |||
| Equity Method Investment, Dividends or Distributions | 11,251 | ||||
|
Opportunity Funds | KLA A Markets LLC | Mervyns II
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Equity Method Investments | 20,717 | 20,717 | |||
| Equity Method Investment, Dividends or Distributions | 81,594 | ||||
|
Opportunity Funds | KLA A Markets LLC | Mervyns II | Operating Partnership, as General Partner or Managing Member
|
|||||
| Schedule of Equity Method Investments [Line Items] | |||||
| Equity Method Investments | 4,239 | 4,239 | |||
| Equity Method Investment, Dividends or Distributions | $ 16,318 | ||||
| X | ||||||||||
|
- Definition
Amortization of Excess Investment No definition available.
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of distribution in excess of income from, and investments in, unconsolidated affiliates. No definition available.
|
| X | ||||||||||
|
- Definition
Area of a real estate property. No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This item represents the aggregate carrying amount of all cost-method investments as reported on or included in the balance sheet. The original cost of the investments may differ from the aggregate carrying amount disclosed due to various adjustments such as: (i) dividends received in excess of earnings after the date of investment that are considered a return of investment and therefore recorded as reductions to cost of the investment, or (ii) a series of operating losses of an investee or other factors which may indicate that a decrease in value of the investment has occurred which is other than temporary and accordingly such decrease in value has been recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of gross profit (loss) reported by an equity method investment of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Income derived from investments in equity securities representing a distribution of earnings to shareholders by the investee companies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of loans from a bank with maturities initially due after one year or beyond the normal operating cycle if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of income producing properties held for rental. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
NOTES RECEIVABLE Schedule of Notes Receivable (Details) (USD $)
|
6 Months Ended | 1 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
loan
|
Jun. 30, 2012
|
Dec. 31, 2012
|
Jan. 31, 2013
Fund III
|
Feb. 28, 2013
Brooklyn, New York
Fund III
|
Dec. 31, 2012
Brooklyn, New York
Fund III
|
Apr. 30, 2012
Brooklyn, New York
Fund III
|
Mar. 31, 2013
Construction Loans
|
Jun. 30, 2013
First Mortgage Loan, 9% Loan Due 2013
|
Dec. 31, 2012
First Mortgage Loan, 9% Loan Due 2013
|
Jun. 30, 2013
First Mortgage Loan, 6% Loan Due 2013
|
Dec. 31, 2012
First Mortgage Loan, 6% Loan Due 2013
|
Jun. 30, 2013
First Mortgage Loan, 8% Loan Due 2013
|
Dec. 31, 2012
First Mortgage Loan, 8% Loan Due 2013
|
Jun. 30, 2013
Mezzanine Loan, 10% Due 2013
|
Dec. 31, 2012
Mezzanine Loan, 10% Due 2013
|
Jun. 30, 2013
First Mortgage Loan, 11% Loan Due 2014
|
Dec. 31, 2012
First Mortgage Loan, 11% Loan Due 2014
|
Jun. 30, 2013
Zero Coupon Loan
|
Dec. 31, 2012
Zero Coupon Loan
|
Jun. 30, 2013
Mezzanine Loan, 15% Due 2020
|
Dec. 31, 2012
Mezzanine Loan, 15% Due 2020
|
Jun. 30, 2013
Mezzanine Loan Due With Capital Event
|
Dec. 31, 2012
Mezzanine Loan Due With Capital Event
|
Jun. 30, 2013
First Mortgage Loan, 5.3% Due On Demand
|
Dec. 31, 2012
First Mortgage Loan, 5.3% Due On Demand
|
Jun. 30, 2013
Construction Loan, 20.5% Due 2012
|
Dec. 31, 2012
Construction Loan, 20.5% Due 2012
|
Jun. 30, 2013
Individually Less Than 3 Percent, Variable Interest Rate Due 2013 to Capital Event
loan
|
Dec. 31, 2012
Individually Less Than 3 Percent, Variable Interest Rate Due 2013 to Capital Event
|
Jun. 30, 2013
Individually Less Than 3 Percent, Variable Interest Rate Due 2013 to Capital Event
Minimum
|
Jun. 30, 2013
Individually Less Than 3 Percent, Variable Interest Rate Due 2013 to Capital Event
Maximum
|
||||||||||||||||||||||||
| Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans On Real Estate, Net Carrying Amount | $ 105,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans on Real Estate, Number of Loans | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans on Real Estate, Number of Non-Performing Loans | 6 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans on Real Estate, Face Amount of Mortgages | 23,000,000 | 5,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans on Real Estate, Face Amount of Mortgages, Reserved | 3,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Effective interest rate | 12.00% | [1] | 6.00% | [1] | 8.00% | [1] | 10.00% | [1],[2] | 11.00% | [1] | 24.00% | [1],[3] | 15.00% | [1] | 15.00% | [1],[4] | 5.30% | [1] | 20.50% | [1] | 11.00% | [1] | 17.50% | [1] | |||||||||||||||||||||||||||||||
| Prior liens | 0 | 0 | 0 | 85,835,000 | [2] | 0 | 166,200,000 | [3] | 0 | 13,265,000 | [4] | 0 | 0 | 37,623,000 | |||||||||||||||||||||||||||||||||||||||||
| Carrying amount of mortgages | 105,484,000 | 129,278,000 | 18,500,000 | 12,204,000 | 12,333,000 | 10,250,000 | 10,250,000 | 8,000,000 | 8,000,000 | 9,089,000 | [2] | 9,089,000 | [2] | 25,000,000 | 25,000,000 | 4,196,000 | [3] | 3,961,000 | [3] | 30,879,000 | 30,879,000 | 3,834,000 | [4] | 3,834,000 | [4] | 0 | 18,500,000 | 0 | 5,400,000 | 2,032,000 | 2,032,000 | ||||||||||||||||||||||||
| Proceeds from notes receivable | 5,529,000 | 2,004,000 | 2,500,000 | 13,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans on Real Estate, Collections of Principal | 5,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans on Real Estate, Nonperforming Loans, Amount | 18,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Period of extension options, second period (in months) | 6 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes receivable, net | 105,484,000 | 129,278,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financing Receivable, Allowance for Credit Losses | $ 3,889,000 | $ 3,681,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Effective Interest Rate No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Face Amount of Mortgages, Reserved No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans On Real Estate, Net Carrying Amount No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Nonperforming Loans, Amount No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Number of Non-Performing Loans No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Second Period of Extension Options No definition available.
|
| X | ||||||||||
|
- Definition
A valuation allowance for financing receivables that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount before allowance of commercial loans issued to businesses to acquire, develop, construct, improve, or refinance land or building. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans covered under loss sharing agreements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount of the outstanding balance due under the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of principal collected on mortgage loans on real estate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the contractual principal due at the origination of the mortgage loan (face amount). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Indicates the number of mortgages under each classification. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of any prior liens on the real estate that secures the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with principal collections from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
NOTES RECEIVABLE Allowance for Notes Receivable (Details) (USD $)
In Thousands, unless otherwise specified |
6 Months Ended |
|---|---|
|
Jun. 30, 2013
|
|
| Financing Receivable, Allowance for Credit Losses [Roll Forward] | |
| Balance at beginning of period | $ 3,681 |
| Additional reserves | 208 |
| Balance at period end | 3,889 |
| Mortagage Loans on Real Estate, Write-Down or Reserve, Recoveries | 0 |
| Mortgage Loans on Real Estate, Charge-Offs and Reclassifications | $ 0 |
| X | ||||||||||
|
- Definition
Mortagage Loans on Real Estate, Write-Down or Reserve, Recoveries No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Charge-Offs and Reclassifications No definition available.
|
| X | ||||||||||
|
- Definition
A valuation allowance for financing receivables that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of any write-down or reserve provided in the period on a mortgage loan on real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $)
|
Jun. 30, 2013
|
Dec. 31, 2012
|
|---|---|---|
| Derivatives, Fair Value [Line Items] | ||
| Accumulated other comprehensive income - unrealized loss on valuation of swap agreements | $ 800,000 | $ 4,300,000 |
|
Level 2
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative financial instruments | 800,000 | 4,400,000 |
|
Fair Value, Measurements, Recurring | Level 2
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative financial instruments | 808,000 | |
|
Cash Flow Hedging | Variable-Rate Derivatives, Maturing in October 2012
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative, Cap Interest Rate | 3.00% | |
|
Cash Flow Hedging | Variable Rate Derivatives Maturing in July 2015 [Member]
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative, Cap Interest Rate | 4.30% | |
|
Interest Rate Swap | Cash Flow Hedging | Fixed-Rate Derivatives, Maturing between November 2012 and December 2022
|
||
| Derivatives, Fair Value [Line Items] | ||
| Number of interest rate swaps (in interest rate swaps) | 11 | |
| Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 181,400,000 | |
|
Interest Rate Swap | Cash Flow Hedging | Fixed-Rate Derivatives, Maturing between November 2012 and December 2022 | Minimum
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative, Fixed Interest Rate | 0.52% | |
|
Interest Rate Swap | Cash Flow Hedging | Fixed-Rate Derivatives, Maturing between November 2012 and December 2022 | Maximum
|
||
| Derivatives, Fair Value [Line Items] | ||
| Derivative, Fixed Interest Rate | 3.77% | |
|
Interest Rate Swap | Cash Flow Hedging | Variable-Rate Derivatives
|
||
| Derivatives, Fair Value [Line Items] | ||
| Notional Amount of Interest Rate Cash Flow Hedge Derivatives | $ 183,300,000 | |
| Derivative, Number of Instruments Held | 5 |
| X | ||||||||||
|
- Definition
Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cap rate on an interest rate derivative such as an interest rate cap or collar. If market rates exceed the cap rate, a payment or receipt is triggered on the contract. No definition available.
|
| X | ||||||||||
|
- Definition
Derivative instrument obligations meeting the definition of a liability which the Company is a party to as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fixed interest rate related to the interest rate derivative. No definition available.
|
| X | ||||||||||
|
- Definition
The number of derivative instruments of a particular group held by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Aggregate notional amount of all interest rate derivatives designated as hedging instruments in cash flow hedges. Notional amount refers to the monetary amount specified in the interest rate derivative contract. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of interest rate derivative instruments held by the entity at the reporting date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
MORTGAGE AND OTHER NOTES PAYABLE (Details) (USD $)
|
1 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2012
Secured Debt
|
Mar. 31, 2013
Construction Loans
|
Jun. 30, 2013
Construction Loans
|
Jun. 30, 2013
Unsecured Debt
|
Jan. 31, 2013
Unsecured Debt
|
Jun. 30, 2013
Libor Plus 1.9% Mortgage Note
|
Jan. 31, 2013
Libor Plus 1.9% Mortgage Note
Secured Debt
|
Jun. 30, 2013
Libor Plus 2.65% Mortage Note
|
Feb. 28, 2013
Libor Plus 2.65% Mortage Note
Secured Debt
|
Jun. 30, 2013
Libor Plus 6%
|
Mar. 31, 2013
Libor Plus 6%
Secured Debt
|
Mar. 31, 2013
Libor Plus 2.5%
Secured Debt
|
Jun. 30, 2013
Libor Plus 2.5%
Mortgages
|
Jun. 30, 2013
First Mortgage Loan, Libor Plus 3.30%
|
Mar. 31, 2013
First Mortgage Loan, Libor Plus 3.30%
Mortgages
|
Mar. 31, 2013
LIBOR Plus 2.5% Mortgage Note
Secured Debt
|
Apr. 30, 2013
LIBOR Plus 1.75%, Mortgage Note
Mortgages
|
Jun. 30, 2013
LIBOR Plus 1.95%, Mortgage Note
Mortgages
|
Jun. 30, 2013
LIBOR Plus 1.95%, Mortgage Note Due 2014
Mortgages
|
Jun. 30, 2013
Construction Loan Under the United States Imigration Investment Program
|
Dec. 31, 2012
Construction Loan Under the United States Imigration Investment Program
|
Jun. 30, 2013
Minimum
Secured Debt
|
Jun. 30, 2013
Minimum
Unsecured Debt
|
Jun. 30, 2013
Maximum
Secured Debt
|
Jun. 30, 2013
Maximum
Unsecured Debt
|
Jun. 30, 2013
Fee if the Outstanding Pringipal of Aggregate Commitment is less than or equal to 50%
Secured Debt
|
Jun. 30, 2013
Fee if the Outstanding Pringipal of Aggregate Commitment is Greater than 50%
Secured Debt
|
Jun. 30, 2013
Before March 2013
LIBOR Plus 2.5% Mortgage Note
Mortgages
|
Jun. 30, 2013
March through July 2013
LIBOR Plus 3.0% Mortgage Note
Mortgages
|
Jun. 30, 2013
August 2013 Through July 2014
LIBOR Plus 3.5% Mortgage Note
Mortgages
|
Jun. 30, 2013
August 2014 and Thereafter
LIBOR Plus 1.75%, Mortgage Note
Mortgages
|
Jun. 30, 2013
August 2014 and Thereafter
LIBOR Plus 1.95%, Mortgage Note
Mortgages
|
Jun. 30, 2013
August 2014 and Thereafter
LIBOR Plus 4.0% Mortgage Note
Mortgages
|
Jun. 30, 2013
LIBOR
Construction Loans
|
Jun. 30, 2013
LIBOR
Libor Plus 1.9% Mortgage Note
|
Jun. 30, 2013
LIBOR
Libor Plus 2.65% Mortage Note
|
Jun. 30, 2013
LIBOR
Libor Plus 6%
|
Jun. 30, 2013
LIBOR
Libor Plus 2.5%
Mortgages
|
Jun. 30, 2013
LIBOR
First Mortgage Loan, Libor Plus 3.30%
|
Jun. 30, 2013
LIBOR
LIBOR Plus 1.95%, Mortgage Note Due 2014
Mortgages
|
Jun. 30, 2013
LIBOR
Minimum
Unsecured Debt
|
Jun. 30, 2013
LIBOR
Maximum
Unsecured Debt
|
Jun. 30, 2013
LIBOR
Before March 2013
LIBOR Plus 2.5% Mortgage Note
Mortgages
|
Jun. 30, 2013
LIBOR
March through July 2013
LIBOR Plus 3.0% Mortgage Note
Mortgages
|
Jun. 30, 2013
LIBOR
August 2013 Through July 2014
LIBOR Plus 3.5% Mortgage Note
Mortgages
|
Jun. 30, 2013
LIBOR
August 2014 and Thereafter
LIBOR Plus 1.75%, Mortgage Note
Mortgages
|
Jun. 30, 2013
LIBOR
August 2014 and Thereafter
LIBOR Plus 1.95%, Mortgage Note
Mortgages
|
Jun. 30, 2013
LIBOR
August 2014 and Thereafter
LIBOR Plus 4.0% Mortgage Note
Mortgages
|
|
| Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||
| Unsecured credit facility | $ 64,500,000 | $ 150,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||
| Debt to total asset ratio | 55.00% | 45.00% | ||||||||||||||||||||||||||||||||||||||||||||||
| Credit facility, unused borrowing capacity fee | 0.35% | 0.25% | ||||||||||||||||||||||||||||||||||||||||||||||
| Proceeds from lines of credit | 45,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| New mortgage loans | 16,500,000 | 13,000,000 | 29,500,000 | 20,000,000 | 8,600,000 | 52,500,000 | 4,600,000 | |||||||||||||||||||||||||||||||||||||||||
| Length of Loan Extension | 5 years | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||
| Long-term debt refinanced | 50,000,000 | 28,900,000 | 20,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
| Construction loan | 200,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Construction loan, amount released into restricted cash | 193,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Construction loan, amount withdrawn from restricted cash | 40,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Construction loan, amount released into restricted Cash, amount available | $ 153,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Description of variable rate basis | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | |||||||||||||||||||||||||||||||||
| Basis spread on variable rate | 3.30% | 1.90% | 2.65% | 6.00% | 2.50% | 5.00% | 1.95% | 1.55% | 2.20% | 2.50% | 3.00% | 3.50% | 1.75% | 1.65% | 4.00% | |||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Construction Loan, Amount Released into Restricted Cash No definition available.
|
| X | ||||||||||
|
- Definition
Construction Loan, Amount Released into Restricted Cash, Amount Available No definition available.
|
| X | ||||||||||
|
- Definition
Construction Loan, Amount Withdrawn From Restricted Cash No definition available.
|
| X | ||||||||||
|
- Definition
Length of Loan Extension No definition available.
|
| X | ||||||||||
|
- Definition
Line of Credit Facility, Covenant Terms, Debt to Asset Ratio No definition available.
|
| X | ||||||||||
|
- Definition
Long-term Debt, Refinanced Amount No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the carrying value of a short-term real estate loan to finance building costs. The funds are disbursed as needed or in accordance with a prearranged plan; generally, a portion of the funds is disbursed at inception and the remainder as construction progresses. The money is repaid on completion of the project, usually from the proceeds of a mortgage loan. The rate is normally higher than the prime rate, and there is usually an origination fee. The effective yield on these loans tends to be high, and the lender has a security interest in the real property. Note that there are separate concepts for the current and noncurrent portions of long-term construction loans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
| X | ||||||||||
|
- Definition
The stated principal amount of the debt instrument at time of issuance, which may vary from the carrying amount because of unamortized premium or discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONVERTIBLE NOTES PAYABLE (Details) (USD $)
|
6 Months Ended | |||
|---|---|---|---|---|
|
Jun. 30, 2013
|
Dec. 31, 2012
|
Jun. 30, 2013
Convertible Notes Payable
|
Jan. 31, 2007
Convertible Notes Payable
|
|
| Convertible Notes Payable [Abstract] | ||||
| Debt instrument face amount | $ 115,000,000.0 | |||
| Stated interest Rate Percentage | 3.75% | |||
| Effective interest rate | 6.03% | |||
| Redemption of convertible notes payable | 114,100,000 | |||
| Remaining outstanding balance | $ 930,000 | $ 930,000 | $ 900,000 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effective interest rate on the liability component of convertible debt instrument which may be settled in cash upon conversion, including partial cash settlement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The stated principal amount of the debt instrument at time of issuance, which may vary from the carrying amount because of unamortized premium or discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Face (par) amount of the original debt instrument that was repurchased. No definition available.
|
|
FAIR VALUE MEASUREMENTS Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $)
|
6 Months Ended | |||||
|---|---|---|---|---|---|---|
|
Jun. 30, 2013
Core Portfolio
|
Jun. 30, 2013
Level 2
|
Dec. 31, 2012
Level 2
|
Jun. 30, 2013
Fair Value, Measurements, Recurring
Level 1
|
Jun. 30, 2013
Fair Value, Measurements, Recurring
Level 2
|
Jun. 30, 2013
Fair Value, Measurements, Recurring
Level 3
|
|
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
| Derivative financial instruments | $ 800,000 | $ 4,400,000 | $ 0 | $ 808,000 | $ 0 | |
| Impairment of real estate | $ 1,500,000 | |||||
| X | ||||||||||
|
- Definition
Derivative instrument obligations meeting the definition of a liability which the Company is a party to as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
|
Dec. 31, 2012
|
|---|---|---|
|
Carrying (Reported) Amount, Fair Value Disclosure
|
||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Mortgage Notes Payable and Convertible Notes Payable | $ 1,093,196 | $ 727,978 |
|
Estimate of Fair Value, Fair Value Disclosure
|
||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Mortgage Notes Payable and Convertible Notes Payable | $ 1,113,097 | $ 734,807 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
|
|
RELATED PARTY TRANSACTIONS (Details) (USD $)
|
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
|
Lead Trustee
|
||||
| Related Party Transaction [Line Items] | ||||
| Related party transaction expense | $ 25,000 | $ 50,000 | $ 25,000 | |
|
Unconsolidated Affiliates
|
||||
| Related Party Transaction [Line Items] | ||||
| Revenue from Related Parties | $ 30,000 | $ 200,000 | $ 40,000 | $ 400,000 |
| X | ||||||||||
|
- Definition
Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
SEGMENT REPORTING (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Dec. 31, 2012
|
|
| Segment Reporting Information [Line Items] | |||||
| Number of Reportable Segments | 3 | ||||
| Revenues | $ 45,936 | $ 32,745 | $ 93,236 | $ 62,712 | |
| Property operating expenses, other operating and real estate taxes | 11,897 | 10,645 | 24,242 | 20,241 | |
| General and administrative | 6,301 | 5,205 | 11,927 | 11,130 | |
| Income before depreciation and amortization and interest and other finance expense | 27,738 | 16,895 | 57,067 | 31,341 | |
| Depreciation and amortization | 10,976 | 8,201 | 21,604 | 15,351 | |
| Interest and other finance expense | 10,913 | 7,070 | 21,222 | 13,626 | |
| Real estate at cost | 1,816,424 | 1,316,185 | 1,816,424 | 1,316,185 | |
| Total assets | 2,310,544 | 1,503,765 | 2,310,544 | 1,503,765 | 1,908,440 |
| Expenditures for redevelopment and improvements | 25,626 | 18,756 | 43,567 | 41,705 | |
| Expenditures for redevelopment and improvements | 38,918 | ||||
| Acquisition of real estate | 22,500 | 62,426 | 109,100 | 111,115 | |
| Income (Loss) from Equity Method Investments | 815 | 4,591 | 3,065 | 4,535 | |
| Income tax provision | (7) | (1,039) | 133 | (1,227) | |
| Impairment of asset | (1,500) | 0 | (1,500) | 0 | |
| Operating income from discontinued operations | 266 | 3,332 | 663 | 5,659 | |
| Gain on sale of property | 4,191 | 2,668 | 4,191 | 2,668 | |
| Net income | 9,614 | 11,176 | 20,793 | 13,999 | |
| Net income attributable to noncontrolling interests | (857) | (4,337) | (2,413) | (3,150) | |
| Net income attributable to Common Shareholders | 8,757 | 6,839 | 18,380 | 10,849 | |
|
Core Portfolio
|
|||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 28,057 | 17,366 | 54,471 | 33,070 | |
| Property operating expenses, other operating and real estate taxes | 6,811 | 4,468 | 13,912 | 9,007 | |
| General and administrative | 5,872 | 4,600 | 11,345 | 10,252 | |
| Income before depreciation and amortization and interest and other finance expense | 15,374 | 8,298 | 29,214 | 13,811 | |
| Depreciation and amortization | 7,142 | 4,495 | 13,777 | 8,237 | |
| Interest and other finance expense | 6,563 | 3,721 | 12,712 | 7,074 | |
| Real estate at cost | 1,006,210 | 632,084 | 1,006,210 | 632,084 | |
| Total assets | 1,100,356 | 750,634 | 1,100,356 | 750,634 | |
| Expenditures for redevelopment and improvements | 3,255 | 12,778 | 3,711 | 19,984 | |
| Acquisition of real estate | 22,500 | 50,689 | 109,100 | 66,878 | |
|
Opportunity Funds
|
|||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 14,480 | 13,202 | 32,006 | 25,436 | |
| Property operating expenses, other operating and real estate taxes | 5,086 | 6,177 | 10,330 | 11,234 | |
| General and administrative | 429 | 605 | 582 | 878 | |
| Income before depreciation and amortization and interest and other finance expense | 8,965 | 6,420 | 21,094 | 13,324 | |
| Depreciation and amortization | 3,834 | 3,706 | 7,827 | 7,114 | |
| Interest and other finance expense | 4,350 | 3,349 | 8,510 | 6,552 | |
| Real estate at cost | 810,214 | 684,101 | 810,214 | 684,101 | |
| Total assets | 1,104,704 | 664,419 | 1,104,704 | 664,419 | |
| Expenditures for redevelopment and improvements | 22,371 | 5,978 | 39,856 | 18,934 | |
| Acquisition of real estate | 0 | 11,737 | 0 | 44,237 | |
|
Notes Receivable
|
|||||
| Segment Reporting Information [Line Items] | |||||
| Revenues | 3,399 | 2,177 | 6,759 | 4,206 | |
| Property operating expenses, other operating and real estate taxes | 0 | 0 | 0 | 0 | |
| General and administrative | 0 | 0 | 0 | 0 | |
| Income before depreciation and amortization and interest and other finance expense | 3,399 | 2,177 | 6,759 | 4,206 | |
| Depreciation and amortization | 0 | 0 | 0 | 0 | |
| Interest and other finance expense | 0 | 0 | 0 | 0 | |
| Real estate at cost | 0 | 0 | 0 | 0 | |
| Total assets | 105,484 | 88,712 | 105,484 | 88,712 | |
| Expenditures for redevelopment and improvements | 0 | 0 | 0 | 0 | |
| Acquisition of real estate | $ 0 | $ 0 | $ 0 | $ 0 | |
| X | ||||||||||
|
- Definition
Income Before Depreciation and Amortization No definition available.
|
| X | ||||||||||
|
- Definition
Property Operating Expenses and Real Estate Taxes No definition available.
|
| X | ||||||||||
|
- Definition
Real Estate Investment Property, at Cost and Inventory, Real Estate, Construction in Process No definition available.
|
| X | ||||||||||
|
- Definition
Redevelopment and Property Improvement Costs No definition available.
|
| X | ||||||||||
|
- Definition
The charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. No definition available.
|
| X | ||||||||||
|
- Definition
The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
LONG-TERM INCENTIVE COMPENSATION (Details) (USD $)
|
6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2013
|
Jun. 30, 2012
|
Feb. 22, 2013
Officer
|
Feb. 22, 2013
LTIP Units
Officer
|
Feb. 22, 2013
Restricted Stock
Officer
|
Feb. 22, 2013
Restricted Stock
Other Employees
|
Feb. 22, 2013
LTIP Units and Restricted Stock
|
Jun. 30, 2013
LTIP Units and Restricted Stock
|
Jun. 30, 2012
LTIP Units and Restricted Stock
|
Jun. 30, 2013
LTIP Units and Restricted Stock
|
Jun. 30, 2012
LTIP Units and Restricted Stock
|
Dec. 31, 2009
Long Term Investment Alignment Program
Senior Executives
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
| Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares) | 284,447 | 590 | 11,532 | |||||||||
| Percent of Awards Issued to Officers Subject to Performance Measures | 16.00% | |||||||||||
| Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures | $ 7,900,000 | |||||||||||
| Share-based Compensation | 2,786,000 | 1,958,000 | 400,000 | 800,000 | ||||||||
| Long Term Incentive and Share Based Compensation Expense | $ 1,300,000 | $ 900,000 | $ 2,600,000 | $ 1,800,000 | ||||||||
| Maximum Percentage of Promote To Be Awarded as Share Based Compensation Awards | 25.00% | |||||||||||
| X | ||||||||||
|
- Definition
Long Term Incentive and Share Based Compensation Expense No definition available.
|
| X | ||||||||||
|
- Definition
Maximum Percentage of Promote To Be Awarded as Share Based Compensation Awards. Promote is defined as the amount above a certain performance measurement threshold. No definition available.
|
| X | ||||||||||
|
- Definition
Percent of Awards Issued to Officers Subject to Performance Measures No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Value of stock (or other type of equity) granted during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. This element is not the recognition of equity-based compensation expense in pursuant to FAS 123R. That element is AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue (Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Value). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
SUBSEQUENT EVENTS (Details) (Thirty Two Hundred To Thirty Two Zero Four M Street [Member], Georgetown, Washington D.C. [Member], Subsequent Event, USD $)
In Millions, unless otherwise specified |
Jul. 01, 2013
|
|---|---|
|
Thirty Two Hundred To Thirty Two Zero Four M Street [Member] | Georgetown, Washington D.C. [Member] | Subsequent Event
|
|
| Subsequent Event [Line Items] | |
| Business Acquisition, Cost of Acquired Entity, Purchase Price | $ 11.8 |
| X | ||||||||||
|
- Definition
This element represents the acquisition-date fair value of the total consideration transferred which consists of the sum of the acquisition-date fair values of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree, and the equity interests issued by the acquirer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|