Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2013	Nov. 05, 2013
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	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		55,549,007

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Dec. 31, 2012
Operating real estate
Land	$ 318,539	$ 276,109
Buildings and improvements	1,023,184	773,058
Construction in progress	7,256	2,364
Gross operating real estate	1,348,979	1,051,531
Less: accumulated depreciation	218,921	167,689
Net operating real estate	1,130,058	883,842
Real estate under development	334,445	246,602
Notes receivable, net	95,352	129,278
Investments in and advances to unconsolidated affiliates	199,113	221,904
Cash and cash equivalents	88,421	91,813
Cash in escrow	19,971	15,846
Restricted cash	134,392	0
Rents receivable, net	23,731	17,320
Deferred charges, net	29,941	18,343
Acquired lease intangibles, net	32,583	28,576
Prepaid expenses and other assets	44,858	28,252
Assets of discontinued operations	216,503	226,664
Total assets	2,349,368	1,908,440
LIABILITIES
Mortgage and other notes payable	1,004,175	603,043
Convertible notes payable	380	930
Distributions in excess of income from, and investments in, unconsolidated affiliates	12,426	22,707
Accounts payable and accrued expenses	36,694	27,437
Dividends and distributions payable	11,984	9,674
Acquired lease intangibles, net	22,204	14,115
Other liabilities	16,318	14,207
Liabilities of discontinued operations	132,031	146,071
Total liabilities	1,236,212	838,184
Shareholders' Equity
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 55,448,856 and 52,482,598 shares, respectively	55	52
Additional paid-in capital	660,160	581,925
Accumulated other comprehensive loss	(746)	(4,307)
Retained earnings	38,294	45,127
Total shareholders’ equity	697,763	622,797
Noncontrolling interests	415,393	447,459
Total equity	1,113,156	1,070,256
Total liabilities and equity	$ 2,349,368	$ 1,908,440

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Sep. 30, 2013	Dec. 31, 2012
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	55,448,856	52,482,598
Common stock, shares outstanding	55,448,856	52,482,598

CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues
Rental income	$ 29,913	$ 21,708	$ 88,067	$ 59,208
Interest income	2,969	1,921	9,265	6,127
Expense reimbursements	7,279	4,567	20,800	13,770
Other	157	635	3,759	1,928
Total revenues	40,318	28,831	121,891	81,033
Operating Expenses
Property operating	5,095	3,874	13,387	10,112
Other operating	842	613	2,743	2,929
Real estate taxes	5,795	4,353	15,739	11,973
General and administrative	5,335	5,517	17,261	16,636
Depreciation and amortization	10,450	7,376	29,278	20,671
Total operating expenses	27,517	21,733	78,408	62,321
Operating income	12,801	7,098	43,483	18,712
Equity in earnings (losses) of unconsolidated affiliates	4,209	(2,538)	7,274	1,997
Impairment of asset	0	0	(1,500)	0
Interest and other finance expense	(10,517)	(6,085)	(29,562)	(16,547)
Income (loss) from continuing operations before income taxes	6,493	(1,525)	19,695	4,162
Income tax (provision) benefit	(186)	104	(53)	(1,125)
Income (loss) from continuing operations	6,307	(1,421)	19,642	3,037
Discontinued Operations
Operating income from discontinued operations	2,835	2,159	6,100	9,030
Gain on sale of properties	0	5,917	4,191	8,585
Income from discontinued operations	2,835	8,076	10,291	17,615
Net income	9,142	6,655	29,933	20,652
Noncontrolling interests
Continuing operations	2,551	7,223	6,391	11,775
Discontinued operations	(2,208)	(6,297)	(8,459)	(13,998)
Net loss (income) attributable to noncontrolling interests	343	926	(2,068)	(2,223)
Net income attributable to Common Shareholders	$ 9,485	$ 7,581	$ 27,865	$ 18,429
Basic Earnings per Share
Income from continuing operations (in dollars per share)	$ 0.16	$ 0.12	$ 0.47	$ 0.33
Income from discontinued operations (in dollars per share)	$ 0.01	$ 0.04	$ 0.03	$ 0.08
Basic earnings per share (in dollars per share)	$ 0.17	$ 0.16	$ 0.50	$ 0.41
Diluted Earnings per Share
Income from continuing operations (in dollars per share)	$ 0.16	$ 0.12	$ 0.47	$ 0.33
Income from discontinued operations (in dollars per share)	$ 0.01	$ 0.04	$ 0.03	$ 0.08
Diluted earnings per share (in dollars per share)	$ 0.17	$ 0.16	$ 0.50	$ 0.41

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net income	$ 9,142	$ 6,655	$ 29,933	$ 20,652
Other comprehensive (loss) income
Unrealized (loss) income on valuation of swap agreements	(857)	(1,315)	2,247	(3,870)
Reclassification of realized interest on swap agreements	795	681	2,132	1,964
Other comprehensive (loss) income	(62)	(634)	4,379	(1,906)
Comprehensive income	9,080	6,021	34,312	18,746
Comprehensive loss (income) attributable to noncontrolling interests	416	1,282	(2,886)	(1,167)
Comprehensive income attributable to Common Shareholders	$ 9,496	$ 7,303	$ 31,426	$ 17,579

- Definition

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

+ References+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) In Thousands, except Share data, unless otherwise specified	Total	Parent	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest
Balance at Dec. 31, 2012	$ 1,070,256	$ 622,797	$ 52	$ 581,925	$ (4,307)	$ 45,127	$ 447,459
Balance (in Shares) at Dec. 31, 2012	52,482,598		52,482,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)			92,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	1,548	0	1,548	0	0	(1,548)
Issuance of Common Shares, net of issuance costs (in Shares)			2,822,000
Issuance of Common Shares, net of issuance costs	75,765	75,765	3	75,762	0	0	0
Issuance of OP Units to Acquire Real Estate	0
Dividends declared	(35,712)	(34,698)	0	0	0	(34,698)	(1,014)
Vesting of employee Restricted Share and LTIP awards (in Shares)			53,000
Vesting of employee Restricted Share and LTIP awards	4,592	925	0	925	0	0	3,667
Acquisition Of Interest In Unconsolidated Affiliate Investment In Unconsolidated Affiliates	(33,949)	0	0	0	0	0	(33,949)
Noncontrolling interest distributions	(29,623)	0	0	0	0	0	(29,623)
Noncontrolling Interest, Increase from Contributions	27,515	0	0	0	0	0	27,515
Balance before adjustment towards comprehensive income (in Shares)			55,449,000
Balance before adjustment towards comprehensive income	1,078,844	666,337	55	660,160	(4,307)	10,429	412,507
Comprehensive (loss) income:
Net income	29,933	27,865	0	0	0	27,865	2,068
Unrealized (loss) income on valuation of swap agreements	2,247	2,173	0	0	2,173	0	74
Reclassification of realized interest on swap agreements	2,132	1,388	0	0	1,388	0	744
Total comprehensive (loss) income	34,312	31,426	0	0	3,561	27,865	2,886
Balance at Sep. 30, 2013	$ 1,113,156	$ 697,763	$ 55	$ 660,160	$ (746)	$ 38,294	$ 415,393
Balance (in Shares) at Sep. 30, 2013	55,448,856		55,449,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 29,933	$ 20,652
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	32,054	29,653
Amortization of financing costs	2,801	2,395
Gain on sale of property	(4,191)	(8,585)
Impairment of asset	1,500	0
Share-based compensation expense	4,590	3,056
Equity in earnings of unconsolidated affiliates	(7,274)	(1,997)
Distributions of operating income from unconsolidated affiliates	4,644	4,087
Other, net	(3,598)	336
Changes in assets and liabilities
Cash in escrow	(3,378)	1,939
Rents receivable, net	(4,315)	(5,639)
Prepaid expenses and other assets	(19,894)	(7,625)
Accounts payable and accrued expenses	5,845	(3,013)
Other liabilities	2,904	739
Net cash provided by operating activities	41,621	35,998
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(140,075)	(137,208)
Redevelopment and property improvement costs	(79,549)	(55,817)
Deferred leasing costs	(4,226)	(3,397)
Investments in and advances to unconsolidated affiliates	(54,207)	(19,356)
Return of capital from unconsolidated affiliates	88,403	13,497
Consolidation of previously unconsolidated investment	1,864	0
Proceeds from notes receivable	15,779	2,005
Issuance of notes receivable	0	(34,500)
Proceeds from sale of properties, net	11,815	44,703
Net cash used in investing activities	(160,196)	(190,073)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage notes	(140,037)	(189,747)
Proceeds received from mortgage notes	360,943	214,276
Loan proceeds held as restricted cash	(134,392)	0
Purchase of convertible notes payable	(550)	0
Deferred financing and other costs	(11,018)	(6,684)
Capital contributions from noncontrolling interests	27,515	122,309
Distributions to noncontrolling interests	(30,572)	(63,463)
Dividends paid to Common Shareholders	(32,471)	(23,671)
Proceeds from issuance of Common Shares, net of issuance costs of $1,430 and $2,000, respectively	75,765	96,540
Net cash provided by financing activities	115,183	149,560
Decrease in cash and cash equivalents	(3,392)	(4,515)
Cash and cash equivalents, beginning of period	91,813	89,812
Cash and cash equivalents, end of period	88,421	85,297
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $6,429 and $4,515, respectively	29,758	24,528
Cash paid for income taxes	281	941
Supplemental disclosure of non-cash investing activities:
Acquisition of real estate through assumption of debt	0	59,335
Acquisition of real estate through issuance of OP Units	0	2,279
Acquisition of real estate through conversion of notes receivable	18,500	14,000
Consolidation of previously unconsolidated investment
Real estate, net	(118,484)	0
Mortgage notes payable	166,200	0
Distributions in excess of income from, and investments in, unconsolidated affiliates	(10,298)	0
Other assets and liabilities	(1,605)	0
Noncontrolling interest	(33,949)	0
Cash included in consolidation of previously unconsolidated investment	$ 1,864	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Stock issuance costs	$ 1,430	$ 2,000
Cash paid for capitalized interest	$ 6,429	$ 4,515

ORGANIZATION AND BASIS OF PRESENTATION

9 Months Ended

Sep. 30, 2013

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 September 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 September 30, 2013, the Company has ownership interests in 74 properties within its core portfolio, which consist of those properties either wholly 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 32 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 106 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. Fund I and Fund II also include investments in operating companies through Acadia Mervyn Investors I, LLC ("Mervyns I"), Acadia Mervyn Investors II, LLC ("Mervyns II") and, in certain instances, directly through 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 the Operating Partnership's equity interests in the Opportunity Funds and Mervyns I and II:



Entity	Formation Date	Operating Partnership Share of Capital		Committed Capital (2)		Capital Called as of September 30, 2013 (2)		Equity Interest Held By Operating Partnership		Preferred Return		Capital Returned as of September 30, 2013 (2)
Fund I and Mervyns I (1)	9/2001	22.22	%	$	90.0	$	86.6	37.78	%	9	%	$	86.6
Fund II and Mervyns II	6/2004	20.00	%	300.0		300.0		20.00	%	8	%	84.5
Fund III	5/2007	19.90	%	475.0		353.5		19.90	%	6	%	196.8
Fund IV	5/2012	23.12	%	540.6		74.0		23.12	%	6	%	—

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 nine months ended September 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 periods. 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, which is included in the statement of income for the nine months ended September 30, 2013. 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 September 30, 2013.

Recent Accounting Pronouncements

During July 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU 2013-11 requires an entity to present an unrecognized tax benefit relating to a net operating loss carryforward, a similar tax loss or a tax credit carryforward as a reduction to a deferred tax asset except in certain situations. To the extent the net operating loss carry forward, similar tax loss or tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of the tax position or the tax law of the applicable jurisdiction does not require the entity to use and the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability. ASU No. 2013-11 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2013. The adoption of ASU No. 2013-11 is not expected to have a material impact on the Company's financial condition or results of operations.

1. ORGANIZATION AND BASIS OF PRESENTATION (continued)

Recent Accounting Pronouncements (continued)

During February 2013, the FASB issued 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.

- Definition

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

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+ Details

EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2013

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 September 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 nine months ended September 30, 2013 and September 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:


2.	EARNINGS PER COMMON SHARE (continued)



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(dollars in thousands, except per share amounts)	2013		2012		2013		2012
Numerator
Income from continuing operations	$	8,858	$	5,802	$	26,033	$	14,812
Less: net income attributable to participating securities	156		118		460		298
Income from continuing operations, net of income attributable to participating securities	8,702		5,684		25,573		14,514
Numerator for basic and diluted earnings per Common Share	$	8,702	$	5,684	$	25,573	$	14,514

Denominator
Weighted average shares for basic earnings per share	55,460		46,338		54,686		44,447
Effect of dilutive securities:
Employee Restricted Share Units and share options	358		474		406		437
Denominator for diluted earnings per share	55,818		46,812		55,092		44,884

Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.16	$	0.12	$	0.47	$	0.33
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.16	$	0.12	$	0.47	$	0.33

- Definition

The entire disclosure for earnings per share.

+ References+ Details

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	9 Months Ended
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	Sep. 30, 2013
Noncontrolling Interest [Abstract]
Shareholders' Equity And Noncontrolling Interests	SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS During April 2013, the Company completed the total allotted sales pursuant to 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 September 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 $20.5 million. For the nine months ended September 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 $75.8 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. 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 September 30, 2013 and December 31, 2012, respectively; (ii) 188 Series A Preferred OP Units at September 30, 2013 and December 31, 2012; and (iii) 368,424 and 168,357 LTIP Units at September 30, 2013 and December 31, 2012, respectively.

- Definition

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

+ References+ Details

ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2013

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT

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 building underlying a multi-story office and residential 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.

During July 2013, the Company acquired 3200-3204 M Street, a 7,000 square foot retail property in Washington D.C. for $11.8 million.

The Company expensed $1.6 million of acquisition costs for the nine months ended September 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 acquired a 98% initial interest in 2819 Kennedy Boulevard in a joint venture with an unaffiliated partner, which acquired a 53,680 square foot retail property in North Bergen, New Jersey for $9.0 million.

During June 2013, Fund IV acquired a 99% initial interest in Promenade at Manassas in a joint venture with an unaffiliated partner, which acquired a 265,442 square foot shopping center in Manassas, Virginia for $38.0 million.

During August 2013, Fund IV acquired a 50% initial interest in Paramus Plaza, in a joint venture with an unaffiliated partner, which acquired a 152,118 square foot retail property in Paramus, New Jersey for $18.9 million.

The Company expensed $1.8 million of acquisition costs for the nine months ended September 30, 2013 related to Fund IV.

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 their estimated fair values at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the valuations and complete the purchase price allocations within one year from the dates of acquisition.

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

Acquisitions (continued)

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:



(dollars in thousands)	Preliminary Purchase Price Allocations
Land	$	47,242
Buildings and improvements	159,045
Total consideration	$	206,287

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 September 30, 2013:



(dollars in thousands)	Purchase Price Allocations as Originally Reported		Adjustments			Finalized Purchase Price Allocations
Land	$	38,028	$	2,819		$	40,847
Buildings and improvements	80,997		(1,971		)	79,026
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—		11,069			11,069
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—		(9,672		)	(9,672		)
Below market debt assumed (in Mortgage and other notes payable)	—		(2,245		)	(2,245		)
Total consideration	$	119,025	$	—		$	119,025

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 presented 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 September 30, 2013, three of the properties within the Opportunity Funds and one property within the Core Portfolio were held 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:



(dollars in thousands)
BALANCE SHEET	September 30, 2013		December 31, 2012
ASSETS
Net real estate	$	187,954	$	197,669
Cash in escrow	3,450		3,088
Rents receivable, net	11,909		12,257
Deferred charges, net of amortization	8,435		9,046
Acquired lease intangibles, net	3,196		3,399
Prepaid expenses and other assets, net	1,559		1,205
Total assets of discontinued operations	$	216,503	$	226,664
LIABILITIES
Mortgage notes payable	$	121,426	$	133,213
Accounts payable and accrued expenses	3,088		4,997
Other liabilities	7,517		7,861
Total liabilities of discontinued operations	$	132,031	$	146,071



	Three Months Ended						Nine Months Ended
(dollars in thousands)	September 30,						September 30,
STATEMENTS OF INCOME	2013			2012			2013			2012
Total revenues	$	6,439		$	15,466		$	20,176		$	44,623
Total expenses	3,604			13,307			14,076			35,593
Operating income	2,835			2,159			6,100			9,030
Gain on sale of property	—			5,917			4,191			8,585
Income from discontinued operations	2,835			8,076			10,291			17,615
Income from discontinued operations attributable to noncontrolling interests	(2,208		)	(6,297		)	(8,459		)	(13,998		)
Income from discontinued operations attributable to Common Shareholders	$	627		$	1,779		$	1,832		$	3,617

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

9 Months Ended

Sep. 30, 2013

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 September 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 September 30, 2013:



(dollars in thousands)		Investment Group Share				Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	45,966	$	4,901	$	11,251
Mervyns Add-On investments	2005/2008	7,547		5,334		1,252		1,193
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		4,864		388		972
Shopko	2006	1,108		2,460		222		492
Marsh and Add-On investments	2006/2008	2,667		2,639		533		528
Rex Stores	2007	2,701		1,956		535		392
		$	63,214	$	144,813	$	12,070	$	31,146

Other Opportunity Fund Investments

During the third quarter of 2013, Fund II, through a joint venture ("Albee Tower I Owners") with an unaffiliated entity, executed an agreement to acquire the development rights for the residential components of Fund II's City Point project. Fund II contributed $1.1 million of cash and $6.8 million of prepaid ground rent and previously incurred construction costs into this joint venture.

The unaffiliated partners for Fund II's investment in Albee Tower I Owners, 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 and Promenade at Manassas 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.


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

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

Summary of Investments in Unconsolidated Affiliates

The following Combined and Condensed Balance Sheets and Statements of Income, summarize the financial information of the Company’s investments in unconsolidated affiliates:



(dollars in thousands)	September 30, 2013			December 31, 2012
Combined and Condensed Balance Sheets
Assets
Rental property, net	$	365,399		$	441,611
Real estate under development	2,224			—
Investment in unconsolidated affiliates	63,745			93,923
Other assets	40,908			39,035
Total assets	$	472,276		$	574,569
Liabilities and partners’ equity
Mortgage notes payable	$	241,907		$	326,296
Other liabilities	20,718			24,267
Partners’ equity	209,651			224,006
Total liabilities and partners’ equity	$	472,276		$	574,569
Company’s investment in and advances to unconsolidated affiliates	$	199,113		$	221,904
Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	$	(12,426	)	$	(22,707	)



	Three Months Ended						Nine Months Ended
(dollars in thousands)	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Combined and Condensed Statements of Income
Total revenues	$	13,731		$	11,903		$	35,577		$	36,121
Operating and other expenses	(4,139		)	(4,977		)	(13,117		)	(13,793		)
Interest and other finance expense	(2,359		)	(4,603		)	(6,446		)	(13,854		)
Equity in earnings of unconsolidated affiliates	1,284			1,398			7,154			6,244
Depreciation and amortization	(3,200		)	(2,573		)	(7,888		)	(7,216		)
Gain on sale of property	—			—			—			3,402
Net income	$	5,317		$	1,148		$	15,280		$	10,904

Company’s share of net income (losses)	$	4,307		$	(2,440	)	$	7,568		$	2,291
Amortization of excess investment	(98		)	(98		)	(294		)	(294		)
Company’s equity in earnings (losses) of unconsolidated affiliates	$	4,209		$	(2,538	)	$	7,274		$	1,997

NOTES RECEIVABLE

9 Months Ended

Sep. 30, 2013

Mortgage Loans on Real Estate [Abstract]

NOTES RECEIVABLE

As of September 30, 2013, the Company’s notes receivable, net, aggregated $95.4 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:



(dollars in thousands)
Note description	Effective interest rate (1)	First Priority liens		Net Carrying Amounts of Notes Receivable as of September 30, 2013		Net Carrying Amounts of Notes Receivable as of December 31, 2012		Maturity date	Extension Options
First Mortgage Loan	12.0%	$	—	$	12,204	$	12,333	12/1/2013	—
First Mortgage Loan	6.0%	—		—		10,250		12/31/2013	—
First Mortgage Loan	8.0%	—		8,000		8,000		12/31/2013	—
Mezzanine Loan ²	10.0%	89,566		9,089		9,089		12/31/2013	—
First Mortgage Loan	11.0%	—		25,000		25,000		1/1/2014	1 x 6 months
Zero Coupon Loan ³	24.0%	166,200		4,314		3,961		1/3/2016	—
Mezzanine Loan	15.0%	—		30,879		30,879		11/9/2020	—
Mezzanine Loan ⁴	15.0%	16,668		3,834		3,834		Upon Capital Event	—
First Mortgage Loan	5.3%	—		—		18,500		Demand	—
Construction Loan	20.5%	—		—		5,400		12/31/2012	—
Individually less than 3% ⁵	11.6% to 17.5%	37,623		2,032		2,032		12/31/13 to Capital Event	—
Total				$	95,352	$	129,278

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 two of which 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 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.

During September 2013, the Company received a payment of $10.3 million, representing full payment of principal and accrued interest on a first mortgage loan that was scheduled to mature on December 31, 2013.

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 September 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 September 30, 2013 related to these notes. The following table reconciles the allowance for notes receivable from December 31, 2012 to September 30, 2013:


6.	NOTES RECEIVABLE (continued)



(dollars in thousands)	Allowance for Notes Receivable
Balance at December 31, 2012	$	3,681
Additional reserves	238
Recoveries	—
Charge-offs and reclassifications	—
Balance at September 30, 2013	$	3,919

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS As of September 30, 2013, the Company's derivative financial instruments consisted of 11 interest rate swaps with an aggregate notional value of $180.5 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 four derivative financial instruments with a notional value of $141.0 million which cap LIBOR at rates ranging from 3.0% to 4.3% and mature between July 2015 and April 2018. The fair value of these derivative instruments, included in other liabilities in the Consolidated Balance Sheets, totaled $2.5 million and $4.4 million at September 30, 2013 and December 31, 2012, respectively. The fair value of these derivative instruments, included in prepaid expenses and other assets in the Consolidated Balance Sheets, totaled $1.7 million at September 30, 2013. 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 September 30, 2013 and December 31, 2012, unrealized losses totaling $0.7 million and $4.3 million, respectively, were reflected in accumulated other comprehensive loss on the consolidated balance sheets. As of September 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.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

MORTGAGE AND OTHER NOTES PAYABLE

9 Months Ended

Sep. 30, 2013

Mortgage Loans on Real Estate [Abstract]

MORTGAGE AND OTHER NOTES PAYABLE

The Company completed the following transactions related to mortgage and other notes payable and credit facilities during the nine months ended September 30, 2013:

During January 2013, 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 a maximum of LIBOR plus 220 basis points (>55%) depending on the level of leverage. There is also an unused credit facility 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 nine months ended September 30, 2013, the Company borrowed $45.0 million on this facility, all of which has been repaid. As of September 30, 2013, there was no balance outstanding under this credit facility.

During January 2013, 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 2013, 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 2013, 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.


8.	MORTGAGE AND OTHER NOTES PAYABLE (continued)

During March 2013, 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 2013, 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 2013, the Company closed on a $52.5 million loan collateralized by a property. The loan bears interest at LIBOR plus 165 basis points, matures on June 28, 2018, and has a five-year extension option. As of September 30, 2013, no proceeds have been funded under this loan.

During June 2013, the Company closed on a $4.6 million loan collateralized by a property. The loan bears interest at LIBOR plus 195 basis points, matures on June 1, 2014, and has a one-year extension option.

During August 2013, the Company completed the modification of a loan collateralized by a property. The previous outstanding balance on the loan was $73.0 million at the time of the modification and included two tranches which bore interest at a blended rate of LIBOR plus 203 basis points. The modified loan increased the principal balance to $85.0 million and adjusted the interest rate to LIBOR plus 165 points. The maturity date of October 26, 2015 remained the same.

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." Upon such approval, the USCIS has released funds from time to time into a restricted cash account. As of September 30, 2013, $197.0 million of funds have been released into this restricted cash account and $62.6 million have been drawn to fund construction activities, with $134.4 million remaining in the restricted cash account.

CONVERTIBLE NOTES PAYABLE	9 Months Ended
CONVERTIBLE NOTES PAYABLE	Sep. 30, 2013
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 15^th and December 15^th of each year. The Convertible Notes are unsecured obligations and rank equally with all other unsecured and unsubordinated indebtedness. The Convertible Notes have an effective interest rate of 6.03% after giving effect to the accounting treatment required by ASC Topic 470-20, "Debt with Conversion and Other Options." Holders of the Convertible Notes may require the Company to repurchase the Convertible Notes at par on December 15, 2016 and December 15, 2021. During the nine months ended September 30, 2013, the Company re-purchased $0.6 million of Convertible Notes. Through September 30, 2013, the Company had re-purchased $114.6 million in principal amount of its Convertible Notes, and the remaining outstanding balance is $0.4 million. As of December 31, 2011, all loan costs associated with the issuance had 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 September 30, 2013 and there are no derivative transactions that were entered into in connection with the issuance of the Convertible Notes.

- Definition

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

+ References+ Details

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2013

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 September 30, 2013:



(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Derivative financial instruments (Note 7)	$	—	$	1,684	$	—
Liabilities
Derivative financial instruments (Note 7)	$	—	$	2,497	$	—

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:



(dollars in thousands)	September 30, 2013				December 31, 2012
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage, Convertible Notes and Other Notes Payable	$	1,004,555	$	1,027,131	$	603,973	$	611,280

- Definition

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

+ References+ Details

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2013
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The Company earned property management fees, construction, legal and leasing fees from its investments in unconsolidated affiliates totaling $0.02 million and $0.2 million for the three months ended September 30, 2013 and 2012, respectively, and $0.06 million and $0.6 million for the nine months ended September 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 September 30, 2013 and 2012, respectively and $75,000 for the nine months ended September 30, 2013 and 2012, respectively.

- Definition

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

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SEGMENT REPORTING

9 Months Ended

Sep. 30, 2013

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 nine months ended September 30, 2013 and 2012 and does not include unconsolidated affiliates:



	Three Months Ended September 30, 2013
(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Total
Revenues	$	28,115	$	9,234	$	2,969	$	40,318
Property and other operating expenses and real estate taxes	7,723		4,009		—		11,732
General and administrative	4,954		381		—		5,335
Income before depreciation and amortization and interest and other finance expense	$	15,438	$	4,844	$	2,969	$	23,251
Depreciation and amortization	$	7,890	$	2,560	$	—	$	10,450
Interest and other finance expense	$	6,683	$	3,834	$	—	$	10,517
Real estate at cost	$	998,711	$	684,713	$	—	$	1,683,424
Total assets	$	993,472	$	1,260,544	$	95,352	$	2,349,368
Expenditures for redevelopment and improvements	$	5,246	$	30,736	$	—	$	35,982
Acquisition of real estate	$	11,800	$	19,175	$	—	$	30,975

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense							$	23,251
Depreciation and amortization							(10,450		)
Equity in earnings of unconsolidated affiliates							4,209
Interest and other finance expense							(10,517		)
Income tax provision							(186		)
Income from discontinued operations							2,835
Net income							9,142
Net loss attributable to noncontrolling interests							343
Net income attributable to Common Shareholders							$	9,485


12.	SEGMENT REPORTING (continued)



	Three Months Ended September 30, 2012
(dollars in thousands)	Core Portfolio			Opportunity Funds		Notes Receivable		Total
Revenues	$	17,794		$	9,116	$	1,921	$	28,831
Property and other operating expenses and real estate taxes	5,687			3,153		—		8,840
General and administrative	4,948			569		—		5,517
Income before depreciation and amortization and interest and other finance expense	$	7,159		$	5,394	$	1,921	$	14,474
Depreciation and amortization	$	4,379		$	2,997	$	—	$	7,376
Interest and other finance expense	$	4,184		$	1,901	$	—	$	6,085
Real estate at cost	$	608,971		$	554,552	$	—	$	1,163,523
Total assets	$	605,694		$	1,183,430	$	80,766	$	1,869,890
Expenditures for redevelopment and improvements	$	(915	)	$	15,024	$	—	$	14,109
Acquisition of real estate	$	11,492		$	14,601	$	—	$	26,093

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense								$	14,474
Depreciation and amortization								(7,376		)
Equity in losses of unconsolidated affiliates								(2,538		)
Interest and other finance expense								(6,085		)
Income tax benefit								104
Income from discontinued operations								2,159
Gain on sale of properties								5,917
Net income								6,655
Net loss attributable to noncontrolling interests								926
Net income attributable to Common Shareholders								$	7,581


12.	SEGMENT REPORTING (continued)



	Nine Months Ended September 30, 2013
(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Total
Revenues	$	82,252	$	30,374	$	9,265	$	121,891
Property and other operating expenses and real estate taxes	21,098		10,771		—		31,869
General and administrative	16,042		1,219		—		17,261
Income before depreciation and amortization and interest and other finance expense	$	45,112	$	18,384	$	9,265	$	72,761
Depreciation and amortization	$	21,187	$	8,091	$	—	$	29,278
Interest and other finance expense	$	19,169	$	10,393	$	—	$	29,562
Real estate at cost	$	998,711	$	684,713	$	—	$	1,683,424
Total assets	$	993,472	$	1,260,544	$	95,352	$	2,349,368
Expenditures for redevelopment and improvements	$	8,957	$	70,592	$	—	$	79,549
Acquisition of real estate	$	120,900	$	19,175	$	—	$	140,075

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense							$	72,761
Depreciation and amortization							(29,278		)
Equity in earnings of unconsolidated affiliates							7,274
Interest and other finance expense							(29,562		)
Income tax provision							(53		)
Impairment of asset							(1,500		)
Income from discontinued operations							6,100
Gain on sale of properties							4,191
Net income							29,933
Net income attributable to noncontrolling interests							(2,068		)
Net income attributable to Common Shareholders							$	27,865


12.	SEGMENT REPORTING (continued)



	Nine Months Ended September 30, 2012
(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Total
Revenues	$	50,166	$	24,740	$	6,127	$	81,033
Property and other operating expenses and real estate taxes	14,960		10,054		—		25,014
General and administrative	15,200		1,436		—		16,636
Income before depreciation and amortization and interest and other finance expense	$	20,006	$	13,250	$	6,127	$	39,383
Depreciation and amortization	$	12,016	$	8,655	$	—	$	20,671
Interest and other finance expense	$	11,352	$	5,195	$	—	$	16,547
Real estate at cost	$	608,971	$	554,552	$	—	$	1,163,523
Total assets	$	605,694	$	1,183,430	$	80,766	$	1,869,890
Expenditures for redevelopment and improvements	$	13,333	$	42,484	$	—	$	55,817
Acquisition of real estate	$	78,370	$	58,838	$	—	$	137,208

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense							$	39,383
Depreciation and amortization							(20,671		)
Equity in earnings of unconsolidated affiliates							1,997
Interest and other finance expense							(16,547		)
Income tax provision							(1,125		)
Income from discontinued operations							9,030
Gain on sale of properties							8,585
Net income							20,652
Net income attributable to noncontrolling interests							(2,223		)
Net income attributable to Common Shareholders							$	18,429

- Definition

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

+ References

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

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-Name Accounting Standards Codification

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+ Details

LONG-TERM INCENTIVE COMPENSATION

9 Months Ended

Sep. 30, 2013

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 their respective grant dates was $7.9 million. Compensation expense of $0.4 million and $1.2 million has been recognized in the accompanying consolidated statements of income related to these awards for the three and nine months ended September 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 September 30, 2013 and 2012, respectively and $3.8 million and $2.7 million for the nine months ended September 30, 2013 and 2012, respectively.


13.	LONG-TERM INCENTIVE COMPENSATION (continued)

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 September 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.

- Definition

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

+ References+ Details

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2013
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS During October 2013, Fund IV completed the acquisition of 1151 Third Avenue, located in Manhattan, New York, for a purchase price of $18.0 million. During October 2013, Fund IV completed the acquisition of Lake Montclair, located in Dumfries, Virginia, for a purchase price of $19.3 million. On November 4, 2013, the Board of Trustees declared a cash dividend for the quarter ended December 31, 2013 of $0.23 per Common Share, to be paid on January 15, 2014 to holders of record as of December 31, 2013.

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	9 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Policies)	Sep. 30, 2013
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 nine months ended September 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 periods. 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, which is included in the statement of income for the nine months ended September 30, 2013. 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 September 30, 2013.
Recent Accounting Pronouncements	Recent Accounting Pronouncements During July 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-11, "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." ASU 2013-11 requires an entity to present an unrecognized tax benefit relating to a net operating loss carryforward, a similar tax loss or a tax credit carryforward as a reduction to a deferred tax asset except in certain situations. To the extent the net operating loss carry forward, similar tax loss or tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of the tax position or the tax law of the applicable jurisdiction does not require the entity to use and the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability. ASU No. 2013-11 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2013. The adoption of ASU No. 2013-11 is not expected to have a material impact on the Company's financial condition or results of operations. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Recent Accounting Pronouncements (continued) During February 2013, the FASB issued 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.

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

9 Months Ended

Sep. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Noncontrolling Interest In Individual Investee

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



Entity	Formation Date	Operating Partnership Share of Capital		Committed Capital (2)		Capital Called as of September 30, 2013 (2)		Equity Interest Held By Operating Partnership		Preferred Return		Capital Returned as of September 30, 2013 (2)
Fund I and Mervyns I (1)	9/2001	22.22	%	$	90.0	$	86.6	37.78	%	9	%	$	86.6
Fund II and Mervyns II	6/2004	20.00	%	300.0		300.0		20.00	%	8	%	84.5
Fund III	5/2007	19.90	%	475.0		353.5		19.90	%	6	%	196.8
Fund IV	5/2012	23.12	%	540.6		74.0		23.12	%	6	%	—

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.

EARNINGS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2013

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:


2.	EARNINGS PER COMMON SHARE (continued)



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(dollars in thousands, except per share amounts)	2013		2012		2013		2012
Numerator
Income from continuing operations	$	8,858	$	5,802	$	26,033	$	14,812
Less: net income attributable to participating securities	156		118		460		298
Income from continuing operations, net of income attributable to participating securities	8,702		5,684		25,573		14,514
Numerator for basic and diluted earnings per Common Share	$	8,702	$	5,684	$	25,573	$	14,514

Denominator
Weighted average shares for basic earnings per share	55,460		46,338		54,686		44,447
Effect of dilutive securities:
Employee Restricted Share Units and share options	358		474		406		437
Denominator for diluted earnings per share	55,818		46,812		55,092		44,884

Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.16	$	0.12	$	0.47	$	0.33
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.16	$	0.12	$	0.47	$	0.33

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (Tables)

9 Months Ended

Sep. 30, 2013

Restructuring Cost and Reserve [Line Items]

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:



(dollars in thousands)
BALANCE SHEET	September 30, 2013		December 31, 2012
ASSETS
Net real estate	$	187,954	$	197,669
Cash in escrow	3,450		3,088
Rents receivable, net	11,909		12,257
Deferred charges, net of amortization	8,435		9,046
Acquired lease intangibles, net	3,196		3,399
Prepaid expenses and other assets, net	1,559		1,205
Total assets of discontinued operations	$	216,503	$	226,664
LIABILITIES
Mortgage notes payable	$	121,426	$	133,213
Accounts payable and accrued expenses	3,088		4,997
Other liabilities	7,517		7,861
Total liabilities of discontinued operations	$	132,031	$	146,071



	Three Months Ended						Nine Months Ended
(dollars in thousands)	September 30,						September 30,
STATEMENTS OF INCOME	2013			2012			2013			2012
Total revenues	$	6,439		$	15,466		$	20,176		$	44,623
Total expenses	3,604			13,307			14,076			35,593
Operating income	2,835			2,159			6,100			9,030
Gain on sale of property	—			5,917			4,191			8,585
Income from discontinued operations	2,835			8,076			10,291			17,615
Income from discontinued operations attributable to noncontrolling interests	(2,208		)	(6,297		)	(8,459		)	(13,998		)
Income from discontinued operations attributable to Common Shareholders	$	627		$	1,779		$	1,832		$	3,617

Acquisitions in 2013

Restructuring Cost and Reserve [Line Items]

Schedule of Business Acquisitions, by 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:



(dollars in thousands)	Preliminary Purchase Price Allocations
Land	$	47,242
Buildings and improvements	159,045
Total consideration	$	206,287

Acquisitions in 2012

Restructuring Cost and Reserve [Line Items]

Schedule of Business Acquisitions, by Acquisition

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 September 30, 2013:



(dollars in thousands)	Purchase Price Allocations as Originally Reported		Adjustments			Finalized Purchase Price Allocations
Land	$	38,028	$	2,819		$	40,847
Buildings and improvements	80,997		(1,971		)	79,026
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—		11,069			11,069
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—		(9,672		)	(9,672		)
Below market debt assumed (in Mortgage and other notes payable)	—		(2,245		)	(2,245		)
Total consideration	$	119,025	$	—		$	119,025

- Definition

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

+ References+ Details

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)

9 Months Ended

Sep. 30, 2013

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 September 30, 2013:



(dollars in thousands)		Investment Group Share				Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	45,966	$	4,901	$	11,251
Mervyns Add-On investments	2005/2008	7,547		5,334		1,252		1,193
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		4,864		388		972
Shopko	2006	1,108		2,460		222		492
Marsh and Add-On investments	2006/2008	2,667		2,639		533		528
Rex Stores	2007	2,701		1,956		535		392
		$	63,214	$	144,813	$	12,070	$	31,146

Summary of Balance Sheet of the Company’s investments in unconsolidated affiliates

The following Combined and Condensed Balance Sheets and Statements of Income, summarize the financial information of the Company’s investments in unconsolidated affiliates:



(dollars in thousands)	September 30, 2013			December 31, 2012
Combined and Condensed Balance Sheets
Assets
Rental property, net	$	365,399		$	441,611
Real estate under development	2,224			—
Investment in unconsolidated affiliates	63,745			93,923
Other assets	40,908			39,035
Total assets	$	472,276		$	574,569
Liabilities and partners’ equity
Mortgage notes payable	$	241,907		$	326,296
Other liabilities	20,718			24,267
Partners’ equity	209,651			224,006
Total liabilities and partners’ equity	$	472,276		$	574,569
Company’s investment in and advances to unconsolidated affiliates	$	199,113		$	221,904
Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	$	(12,426	)	$	(22,707	)

Summary of Statement of Income of the Company’s investments in unconsolidated affiliates



	Three Months Ended						Nine Months Ended
(dollars in thousands)	September 30, 2013			September 30, 2012			September 30, 2013			September 30, 2012
Combined and Condensed Statements of Income
Total revenues	$	13,731		$	11,903		$	35,577		$	36,121
Operating and other expenses	(4,139		)	(4,977		)	(13,117		)	(13,793		)
Interest and other finance expense	(2,359		)	(4,603		)	(6,446		)	(13,854		)
Equity in earnings of unconsolidated affiliates	1,284			1,398			7,154			6,244
Depreciation and amortization	(3,200		)	(2,573		)	(7,888		)	(7,216		)
Gain on sale of property	—			—			—			3,402
Net income	$	5,317		$	1,148		$	15,280		$	10,904

Company’s share of net income (losses)	$	4,307		$	(2,440	)	$	7,568		$	2,291
Amortization of excess investment	(98		)	(98		)	(294		)	(294		)
Company’s equity in earnings (losses) of unconsolidated affiliates	$	4,209		$	(2,538	)	$	7,274		$	1,997

NOTES RECEIVABLE (Tables)

9 Months Ended

Sep. 30, 2013

Mortgage Loans on Real Estate [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable



(dollars in thousands)
Note description	Effective interest rate (1)	First Priority liens		Net Carrying Amounts of Notes Receivable as of September 30, 2013		Net Carrying Amounts of Notes Receivable as of December 31, 2012		Maturity date	Extension Options
First Mortgage Loan	12.0%	$	—	$	12,204	$	12,333	12/1/2013	—
First Mortgage Loan	6.0%	—		—		10,250		12/31/2013	—
First Mortgage Loan	8.0%	—		8,000		8,000		12/31/2013	—
Mezzanine Loan ²	10.0%	89,566		9,089		9,089		12/31/2013	—
First Mortgage Loan	11.0%	—		25,000		25,000		1/1/2014	1 x 6 months
Zero Coupon Loan ³	24.0%	166,200		4,314		3,961		1/3/2016	—
Mezzanine Loan	15.0%	—		30,879		30,879		11/9/2020	—
Mezzanine Loan ⁴	15.0%	16,668		3,834		3,834		Upon Capital Event	—
First Mortgage Loan	5.3%	—		—		18,500		Demand	—
Construction Loan	20.5%	—		—		5,400		12/31/2012	—
Individually less than 3% ⁵	11.6% to 17.5%	37,623		2,032		2,032		12/31/13 to Capital Event	—
Total				$	95,352	$	129,278

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 two of which are non-performing, with an aggregate face value of $5.7 million, of which $3.9 million has been reserved

Allowance for Notes Receivable



(dollars in thousands)	Allowance for Notes Receivable
Balance at December 31, 2012	$	3,681
Additional reserves	238
Recoveries	—
Charge-offs and reclassifications	—
Balance at September 30, 2013	$	3,919

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2013

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 September 30, 2013:



(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Derivative financial instruments (Note 7)	$	—	$	1,684	$	—
Liabilities
Derivative financial instruments (Note 7)	$	—	$	2,497	$	—

Fair value of financial instruments, Assets and Liabilities



(dollars in thousands)	September 30, 2013				December 31, 2012
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Mortgage, Convertible Notes and Other Notes Payable	$	1,004,555	$	1,027,131	$	603,973	$	611,280

- Definition

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

+ References+ Details

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2013

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 nine months ended September 30, 2013 and 2012 and does not include unconsolidated affiliates:



	Three Months Ended September 30, 2013
(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Total
Revenues	$	28,115	$	9,234	$	2,969	$	40,318
Property and other operating expenses and real estate taxes	7,723		4,009		—		11,732
General and administrative	4,954		381		—		5,335
Income before depreciation and amortization and interest and other finance expense	$	15,438	$	4,844	$	2,969	$	23,251
Depreciation and amortization	$	7,890	$	2,560	$	—	$	10,450
Interest and other finance expense	$	6,683	$	3,834	$	—	$	10,517
Real estate at cost	$	998,711	$	684,713	$	—	$	1,683,424
Total assets	$	993,472	$	1,260,544	$	95,352	$	2,349,368
Expenditures for redevelopment and improvements	$	5,246	$	30,736	$	—	$	35,982
Acquisition of real estate	$	11,800	$	19,175	$	—	$	30,975

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense							$	23,251
Depreciation and amortization							(10,450		)
Equity in earnings of unconsolidated affiliates							4,209
Interest and other finance expense							(10,517		)
Income tax provision							(186		)
Income from discontinued operations							2,835
Net income							9,142
Net loss attributable to noncontrolling interests							343
Net income attributable to Common Shareholders							$	9,485


12.	SEGMENT REPORTING (continued)



	Three Months Ended September 30, 2012
(dollars in thousands)	Core Portfolio			Opportunity Funds		Notes Receivable		Total
Revenues	$	17,794		$	9,116	$	1,921	$	28,831
Property and other operating expenses and real estate taxes	5,687			3,153		—		8,840
General and administrative	4,948			569		—		5,517
Income before depreciation and amortization and interest and other finance expense	$	7,159		$	5,394	$	1,921	$	14,474
Depreciation and amortization	$	4,379		$	2,997	$	—	$	7,376
Interest and other finance expense	$	4,184		$	1,901	$	—	$	6,085
Real estate at cost	$	608,971		$	554,552	$	—	$	1,163,523
Total assets	$	605,694		$	1,183,430	$	80,766	$	1,869,890
Expenditures for redevelopment and improvements	$	(915	)	$	15,024	$	—	$	14,109
Acquisition of real estate	$	11,492		$	14,601	$	—	$	26,093

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense								$	14,474
Depreciation and amortization								(7,376		)
Equity in losses of unconsolidated affiliates								(2,538		)
Interest and other finance expense								(6,085		)
Income tax benefit								104
Income from discontinued operations								2,159
Gain on sale of properties								5,917
Net income								6,655
Net loss attributable to noncontrolling interests								926
Net income attributable to Common Shareholders								$	7,581


12.	SEGMENT REPORTING (continued)



	Nine Months Ended September 30, 2013
(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Total
Revenues	$	82,252	$	30,374	$	9,265	$	121,891
Property and other operating expenses and real estate taxes	21,098		10,771		—		31,869
General and administrative	16,042		1,219		—		17,261
Income before depreciation and amortization and interest and other finance expense	$	45,112	$	18,384	$	9,265	$	72,761
Depreciation and amortization	$	21,187	$	8,091	$	—	$	29,278
Interest and other finance expense	$	19,169	$	10,393	$	—	$	29,562
Real estate at cost	$	998,711	$	684,713	$	—	$	1,683,424
Total assets	$	993,472	$	1,260,544	$	95,352	$	2,349,368
Expenditures for redevelopment and improvements	$	8,957	$	70,592	$	—	$	79,549
Acquisition of real estate	$	120,900	$	19,175	$	—	$	140,075

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense							$	72,761
Depreciation and amortization							(29,278		)
Equity in earnings of unconsolidated affiliates							7,274
Interest and other finance expense							(29,562		)
Income tax provision							(53		)
Impairment of asset							(1,500		)
Income from discontinued operations							6,100
Gain on sale of properties							4,191
Net income							29,933
Net income attributable to noncontrolling interests							(2,068		)
Net income attributable to Common Shareholders							$	27,865


12.	SEGMENT REPORTING (continued)



	Nine Months Ended September 30, 2012
(dollars in thousands)	Core Portfolio		Opportunity Funds		Notes Receivable		Total
Revenues	$	50,166	$	24,740	$	6,127	$	81,033
Property and other operating expenses and real estate taxes	14,960		10,054		—		25,014
General and administrative	15,200		1,436		—		16,636
Income before depreciation and amortization and interest and other finance expense	$	20,006	$	13,250	$	6,127	$	39,383
Depreciation and amortization	$	12,016	$	8,655	$	—	$	20,671
Interest and other finance expense	$	11,352	$	5,195	$	—	$	16,547
Real estate at cost	$	608,971	$	554,552	$	—	$	1,163,523
Total assets	$	605,694	$	1,183,430	$	80,766	$	1,869,890
Expenditures for redevelopment and improvements	$	13,333	$	42,484	$	—	$	55,817
Acquisition of real estate	$	78,370	$	58,838	$	—	$	137,208

Reconciliation to net income and net income attributable to Common Shareholders
Net property income before depreciation and amortization and interest and other finance expense							$	39,383
Depreciation and amortization							(20,671		)
Equity in earnings of unconsolidated affiliates							1,997
Interest and other finance expense							(16,547		)
Income tax provision							(1,125		)
Income from discontinued operations							9,030
Gain on sale of properties							8,585
Net income							20,652
Net income attributable to noncontrolling interests							(2,223		)
Net income attributable to Common Shareholders							$	18,429

ORGANIZATION AND BASIS OF PRESENTATION (Details) (USD $)
In Millions, unless otherwise specified

9 Months Ended

Sep. 30, 2013

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

Number of retail properties (in properties)

106

Number of opportunity funds

Fund I and Mervyns I

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

Ownership interest by general partner or managing partner

37.78%

^[1]

Core Portfolio

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

Number of retail properties (in properties)

Impairment of real estate

$ 1.5

Long-term debt, collateral

$ 23.1

Core Portfolio | Brandywine Portfolio

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

Equity method investment, ownership percentage

22.22%

Area of real estate property

1,000,000

Opportunity Funds

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

Number of retail properties (in properties)

Operating Partnership, as General Partner or Managing Member

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

Ownership interest by general partner or managing partner

99.00%

Remaining funds rate of distribution to partnership

20.00%

Institutional Investors [Member]

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

Remaining funds rate of distribution to all partners

80.00%

[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.

ORGANIZATION AND BASIS OF PRESENTATION Summary of General Terms and Operating Partnership's Equity Interests (Details) (USD $)
In Millions, unless otherwise specified

9 Months Ended

Sep. 30, 2013

Fund I and Mervyns I

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

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]

Fund III

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

353.5

^[2]

Ownership Interest By General Partner or Managing Partner

19.90%

Preferred Return

6.00%

Capital Returned as of March 31, 2013

196.8

^[2]

Fund IV

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]

[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.

EARNINGS PER COMMON SHARE (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013 Common stock	Sep. 30, 2013 Operating Partnership, as General Partner or Managing Member	Dec. 31, 2012 Operating Partnership, as General Partner or Managing Member	Sep. 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	$ 8,858	$ 5,802	$ 26,033	$ 14,812
Less: net income attributable to participating securities	156	118	460	298
Income from continuing operations net of income attributable to participating securities	8,702	5,684	25,573	14,514
Numerator for diluted earnings per Common Share	$ 8,702	$ 5,684	$ 25,573	$ 14,514
Denominator
Weighted average shares for basic earnings per share (in shares)	55,460,000	46,338,000	54,686,000	44,447,000
Effect of dilutive securities:
Employee Restricted Share Units and share options (in shares)	358,000	474,000	406,000	437,000
Denominatior for diluted earnings per share (in shares)	55,818,000	46,812,000	55,092,000	44,884,000
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$ 0.16	$ 0.12	$ 0.47	$ 0.33
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$ 0.16	$ 0.12	$ 0.47	$ 0.33

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) (USD $)	9 Months Ended						1 Months Ended	6 Months Ended		9 Months Ended	1 Months Ended	6 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013 Operating Partnership, as General Partner or Managing Member	Dec. 31, 2012 Operating Partnership, as General Partner or Managing Member	Sep. 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	Apr. 30, 2013 At The Market Equity Program [Member] Common stock	Sep. 30, 2013 At The Market Equity Program [Member] Common stock	Sep. 30, 2013 New At The Market Equity Program [Member]	Sep. 30, 2013 New At The Market Equity Program [Member]	Apr. 30, 2013 New At The Market Equity Program [Member] Common stock	Sep. 30, 2013 New At The Market Equity Program [Member] Common stock	Sep. 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	75,765,000	96,540,000						123,100,000		75,800,000		20,500,000
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)													368,424	168,357

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Acquisitions (Details) (USD $)	9 Months Ended				1 Months Ended					1 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013 Core Portfolio	Sep. 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	Jun. 30, 2013 3200 -3204 M Street Washington, D.C. Core Portfolio sqft	Feb. 28, 2013 Shopping Center Brooklyn, New York Fund III	Aug. 31, 2013 Twenty Eight Nineteen Kennedy Boulevard North Bergen, New Jersey Fund IV sqft	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	Sep. 30, 2013 Acquisitions in 2013 Preliminary Purchase Price Allocation	Dec. 31, 2012 Acquisitions in 2012 Preliminary Purchase Price Allocation	Sep. 30, 2013 Acquisitions in 2012 Scenario, Adjustment	Sep. 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	7,000		152,118	53,680	265,442
Business Acquisition, Cost of Acquired Entity, Purchase Price						$ 86,600,000	$ 22,500,000	$ 11,800,000		$ 18,900,000	$ 9,000,000	$ 38,000,000
Business Combination, Acquisition Related Costs			1,600,000	1,800,000
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%	50.00%	98.00%	99.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners									1.00%
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net
Land													47,242,000	38,028,000	2,819,000	40,847,000
Buildings and improvements													159,045,000	80,997,000	(1,971,000)	79,026,000
Acquisition-related intangible assets (in Acquired lease intangibles, net)														0	11,069,000	11,069,000
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)														0	(9,672,000)	(9,672,000)
Below market debt assumed (in Mortgage and other notes payable)														0	(2,245,000)	(2,245,000)
Total consideration													$ 206,287,000	$ 119,025,000	$ 0	$ 119,025,000

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Discontinued Operations Results of Operations (Details) (USD $)	3 Months Ended		9 Months Ended			1 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 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	187,954,000		187,954,000		197,669,000
Cash in escrow	3,450,000		3,450,000		3,088,000
Rents receivable, net	11,909,000		11,909,000		12,257,000
Deferred charges, net of amortization	8,435,000		8,435,000		9,046,000
Acquired lease intangibles, net	3,196,000		3,196,000		3,399,000
Prepaid expenses and other assets, net	1,559,000		1,559,000		1,205,000
Total assets of discontinued operations	216,503,000		216,503,000		226,664,000
LIABILITIES
Mortgage notes payable	121,426,000		121,426,000		133,213,000
Accounts payable and accrued expenses	3,088,000		3,088,000		4,997,000
Other liabilities	7,517,000		7,517,000		7,861,000
Total liabilities of discontinued operations	132,031,000		132,031,000		146,071,000
STATEMENTS OF OPERATIONS
Total revenues	6,439,000	15,466,000	20,176,000	44,623,000
Total expenses	3,604,000	13,307,000	14,076,000	35,593,000
Operating income	2,835,000	2,159,000	6,100,000	9,030,000
Gain on sale of property	0	5,917,000	4,191,000	8,585,000		4,200,000
Income from discontinued operations	2,835,000	8,076,000	10,291,000	17,615,000
Income from discontinued operations attributable to noncontrolling interests	(2,208,000)	(6,297,000)	(8,459,000)	(13,998,000)
Income from discontinued operations attributable to Common Shareholders	$ 627,000	$ 1,779,000	$ 1,832,000	$ 3,617,000

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	$ 199,113		$ 199,113		$ 221,904
Payments to Acquire Equity Method Investments			54,207	19,356
Assets
Real estate under development	334,445		334,445		246,602
Investments in and advances to unconsolidated affiliates	199,113		199,113		221,904
Total assets	2,349,368	1,869,890	2,349,368	1,869,890	1,908,440
Liabilities and Equity
Other liabilities	16,318		16,318		14,207
Total liabilities and equity	2,349,368		2,349,368		1,908,440
Investments in and advances to unconsolidated affiliates	199,113		199,113		221,904
Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	(12,426)		(12,426)		(22,707)
Combined and Condensed Statements of Operations
Total revenues	40,318	28,831	121,891	81,033
Operating and other expenses	(27,517)	(21,733)	(78,408)	(62,321)
Equity in (losses) earnings of unconsolidated affiliates	4,209	(2,538)	7,274	1,997
Depreciation and amortization	(10,450)	(7,376)	(29,278)	(20,671)
Gain on sale of properties	0	5,917	4,191	8,585
Income (loss) from continuing operations	6,307	(1,421)	19,642	3,037
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	63,745		63,745		93,923
Assets
Rental property, net	365,399		365,399		441,611
Real estate under development	2,224		2,224		0
Investments in and advances to unconsolidated affiliates	63,745		63,745		93,923
Other assets	40,908		40,908		39,035
Total assets	472,276		472,276		574,569
Liabilities and Equity
Mortgage notes payable	241,907		241,907		326,296
Other liabilities	20,718		20,718		24,267
Partners' equity	209,651		209,651		224,006
Total liabilities and equity	472,276		472,276		574,569
Investments in and advances to unconsolidated affiliates	63,745		63,745		93,923
Combined and Condensed Statements of Operations
Total revenues	13,731	11,903	35,577	36,121
Operating and other expenses	(4,139)	(4,977)	(13,117)	(13,793)
Interest expense	(2,359)	(4,603)	(6,446)	(13,854)
Equity in (losses) earnings of unconsolidated affiliates	1,284	1,398	7,154	6,244
Depreciation and amortization	(3,200)	(2,573)	(7,888)	(7,216)
Gain on sale of properties	0	0	0	3,402
Income (loss) from continuing operations	5,317	1,148	15,280	10,904
Operating Partnership, as General Partner or Managing Member
Combined and Condensed Statements of Operations
Equity in (losses) earnings of unconsolidated affiliates	4,209	(2,538)	7,274	1,997
Company's share of net income (loss)	4,307	(2,440)	7,568	2,291
Amortization of excess investment	(98)	(98)	(294)	(294)
Core Portfolio
Assets
Total assets	993,472	605,694	993,472	605,694
Combined and Condensed Statements of Operations
Total revenues	28,115	17,794	82,252	50,166
Depreciation and amortization	(7,890)	(4,379)	(21,187)	(12,016)
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
Schedule of Equity Method Investments [Line Items]
Number of Unaffiliated Partners			2
Assets
Total assets	1,260,544	1,183,430	1,260,544	1,183,430
Combined and Condensed Statements of Operations
Total revenues	9,234	9,116	30,374	24,740
Depreciation and amortization	(2,560)	(2,997)	(8,091)	(8,655)
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			144,813
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			31,146
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			2,460
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			492
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
Fund II
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Equity Method Investments	1,100
Non-Cash Transfer of Prepaid Rent and Construction Costs to Acquire Equity Method Investments	$ 6,800

NOTES RECEIVABLE Schedule of Notes Receivable (Details) (USD $)

9 Months Ended

1 Months Ended

9 Months Ended

Sep. 30, 2013

loan

Sep. 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

Sep. 30, 2013

First Mortgage Loan, 9% Loan Due 2013

Dec. 31, 2012

First Mortgage Loan, 9% Loan Due 2013

Sep. 30, 2013

First Mortgage Loan, 6% Loan Due 2013

Dec. 31, 2012

First Mortgage Loan, 6% Loan Due 2013

Sep. 30, 2013

First Mortgage Loan, 8% Loan Due 2013

Dec. 31, 2012

First Mortgage Loan, 8% Loan Due 2013

Sep. 30, 2013

Mezzanine Loan, 10% Due 2013

loan

borrower

Dec. 31, 2012

Mezzanine Loan, 10% Due 2013

Jan. 31, 2013

First Mortgage Loan, 11% Loan Due 2014

Sep. 30, 2013

First Mortgage Loan, 11% Loan Due 2014

Dec. 31, 2012

First Mortgage Loan, 11% Loan Due 2014

Sep. 30, 2013

Zero Coupon Loan

Dec. 31, 2012

Zero Coupon Loan

Sep. 30, 2013

Mezzanine Loan, 15% Due 2020

Dec. 31, 2012

Mezzanine Loan, 15% Due 2020

Sep. 30, 2013

Mezzanine Loan Due With Capital Event

Dec. 31, 2012

Mezzanine Loan Due With Capital Event

Sep. 30, 2013

First Mortgage Loan, 5.3% Due On Demand

Dec. 31, 2012

First Mortgage Loan, 5.3% Due On Demand

Sep. 30, 2013

Construction Loan, 20.5% Due 2012

Dec. 31, 2012

Construction Loan, 20.5% Due 2012

Sep. 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

Sep. 30, 2013

Individually Less Than 3 Percent, Variable Interest Rate Due 2013 to Capital Event

Minimum

Sep. 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

$ 95,400,000

Mortgage Loans on Real Estate, Number of Cross Collateralized Loans

Mortgage Loans on Real Estate, Number of Borrowers

Mortgage Loans on Real Estate, Number of Loans

Mortgage Loans on Real Estate, Number of Non-Performing Loans

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

89,566,000

^[2]

166,200,000

^[3]

16,668,000

^[4]

37,623,000

Carrying amount of mortgages

95,352,000

129,278,000

18,500,000

12,204,000

12,333,000

10,250,000

8,000,000

9,089,000

^[2]

9,089,000

^[2]

25,000,000

4,314,000

^[3]

3,961,000

^[3]

30,879,000

3,834,000

^[4]

3,834,000

^[4]

18,500,000

5,400,000

2,032,000

Proceeds from notes receivable

15,779,000

2,005,000

2,500,000

13,000,000

10,300,000

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

95,352,000

129,278,000

Financing Receivable, Allowance for Credit Losses

$ 3,919,000

$ 3,681,000

[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

NOTES RECEIVABLE Allowance for Notes Receivable (Details) (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2013
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 3,681
Additional reserves	238
Recoveries	0
Charge-offs and reclassifications	0
Balance at period end	$ 3,919

DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income - unrealized loss on valuation of swap agreements	$ 700,000	$ 4,300,000
Fair Value, Measurements, Recurring \| Level 2
Derivatives, Fair Value [Line Items]
Derivative financial instruments	2,497,000
Derivative financial instruments	1,684,000
Other Liabilities [Member] \| Level 2
Derivatives, Fair Value [Line Items]
Derivative financial instruments	2,500,000	4,400,000
Prepaid Expenses and Other Current Assets [Member] \| Level 2
Derivatives, Fair Value [Line Items]
Derivative financial instruments	1,700,000
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	180,500,000
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	$ 141,000,000
Derivative, Number of Instruments Held	4

- 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.

+ References+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References+ Details

- Definition

Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset.

+ References+ Details

MORTGAGE AND OTHER NOTES PAYABLE (Details) (USD $)	9 Months Ended			1 Months Ended	9 Months Ended			9 Months Ended		9 Months Ended	1 Months Ended		9 Months Ended			1 Months Ended		1 Months Ended		9 Months Ended	1 Months Ended				9 Months Ended
MORTGAGE AND OTHER NOTES PAYABLE (Details) (USD $)	Sep. 30, 2013 Unsecured Debt	Jan. 31, 2013 Unsecured Debt	Dec. 31, 2012 Secured Debt	Mar. 31, 2013 Construction Loans	Sep. 30, 2013 Construction Loans	Sep. 30, 2013 Libor Plus 1.9% Mortgage Note	Jan. 31, 2013 Libor Plus 1.9% Mortgage Note Secured Debt	Sep. 30, 2013 Libor Plus 2.65% Mortage Note	Feb. 28, 2013 Libor Plus 2.65% Mortage Note Secured Debt	Sep. 30, 2013 Libor Plus 6%	Mar. 31, 2013 Libor Plus 6% Secured Debt	Mar. 31, 2013 Libor Plus 2.5% Secured Debt	Sep. 30, 2013 Libor Plus 2.5% Mortgages	Sep. 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	Sep. 30, 2013 LIBOR Plus 1.95%, Mortgage Note Due 2014 Mortgages	Aug. 31, 2013 LIBOR Plus 2.03% Mortgage Note Mortgages tranch	Aug. 31, 2013 LIBOR Plus 1.65% Mortgage Note	Sep. 30, 2013 Construction Loan Under the United States Imigration Investment Program	Dec. 31, 2012 Construction Loan Under the United States Imigration Investment Program	Sep. 30, 2013 Minimum Unsecured Debt	Sep. 30, 2013 Minimum Secured Debt	Sep. 30, 2013 Maximum Unsecured Debt	Sep. 30, 2013 Maximum Secured Debt	Sep. 30, 2013 Fee if the Outstanding Pringipal of Aggregate Commitment is less than or equal to 50% Secured Debt	Sep. 30, 2013 Fee if the Outstanding Pringipal of Aggregate Commitment is Greater than 50% Secured Debt	Sep. 30, 2013 Before March 2013 LIBOR Plus 2.5% Mortgage Note Mortgages	Sep. 30, 2013 March through July 2013 LIBOR Plus 3.0% Mortgage Note Mortgages	Sep. 30, 2013 August 2013 Through July 2014 LIBOR Plus 3.5% Mortgage Note Mortgages	Sep. 30, 2013 August 2014 and Thereafter LIBOR Plus 1.75%, Mortgage Note Mortgages	Sep. 30, 2013 August 2014 and Thereafter LIBOR Plus 1.95%, Mortgage Note Mortgages	Sep. 30, 2013 August 2014 and Thereafter LIBOR Plus 4.0% Mortgage Note Mortgages	Sep. 30, 2013 LIBOR Construction Loans	Sep. 30, 2013 LIBOR Libor Plus 1.9% Mortgage Note	Sep. 30, 2013 LIBOR Libor Plus 2.65% Mortage Note	Sep. 30, 2013 LIBOR Libor Plus 6%	Sep. 30, 2013 LIBOR Libor Plus 2.5% Mortgages	Sep. 30, 2013 LIBOR First Mortgage Loan, Libor Plus 3.30%	Sep. 30, 2013 LIBOR LIBOR Plus 1.95%, Mortgage Note Due 2014 Mortgages	Sep. 30, 2013 LIBOR Minimum Unsecured Debt	Sep. 30, 2013 LIBOR Maximum Unsecured Debt	Sep. 30, 2013 LIBOR Before March 2013 LIBOR Plus 2.5% Mortgage Note Mortgages	Sep. 30, 2013 LIBOR March through July 2013 LIBOR Plus 3.0% Mortgage Note Mortgages	Sep. 30, 2013 LIBOR August 2013 Through July 2014 LIBOR Plus 3.5% Mortgage Note Mortgages	Sep. 30, 2013 LIBOR August 2014 and Thereafter LIBOR Plus 1.75%, Mortgage Note Mortgages	Sep. 30, 2013 LIBOR August 2014 and Thereafter LIBOR Plus 1.95%, Mortgage Note Mortgages	Sep. 30, 2013 LIBOR August 2014 and Thereafter LIBOR Plus 4.0% Mortgage Note Mortgages
Mortgage Loans on Real Estate [Line Items]
Unsecured credit facility		$ 150,000,000	$ 64,500,000
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			85,000,000
Length of loan extension																		5 years	1 year
Long-term debt refinanced				50,000,000							28,900,000					20,000,000					73,000,000
Long-tem debt, number of debt tranches																					2
Construction loan																								200,000,000
Construction loan, amount released into restricted cash																							197,000,000
Construction loan, amount withdrawn from restricted cash																							62,600,000
Construction loan, amount released into restricted Cash, amount available																							$ 134,400,000
Description of variable rate basis																					LIBOR	LIBOR															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%	2.03%	1.65%			1.55%		2.20%				2.50%	3.00%	3.50%	1.75%	1.65%	4.00%

CONVERTIBLE NOTES PAYABLE (Details) (USD $)	9 Months Ended
CONVERTIBLE NOTES PAYABLE (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Sep. 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%
Purchase of convertible notes payable	550,000	0
Redemption of convertible notes payable				114,620,000
Remaining outstanding balance	$ 380,000		$ 930,000	$ 400,000

FAIR VALUE MEASUREMENTS Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Core Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate	$ 1,500,000
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	0
Derivative financial instruments	0
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	1,684,000
Derivative financial instruments	2,497,000
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	0
Derivative financial instruments	$ 0

- Definition

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- Definition

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FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) (USD $) In Thousands, unless otherwise specified	Sep. 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	$ 1,004,555	$ 603,973
Estimate of Fair Value, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage Notes Payable and Convertible Notes Payable	$ 1,027,131	$ 611,280

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTIONS (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Lead Trustee
Related Party Transaction [Line Items]
Related party transaction expense	$ 25,000	$ 25,000	$ 75,000	$ 75,000
Unconsolidated Affiliates
Related Party Transaction [Line Items]
Revenue from Related Parties	$ 20,000	$ 200,000	$ 60,000	$ 600,000

- 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.

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SEGMENT REPORTING (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of Reportable Segments			3
Revenues	$ 40,318	$ 28,831	$ 121,891	$ 81,033
Property operating expenses, other operating and real estate taxes	11,732	8,840	31,869	25,014
General and administrative	5,335	5,517	17,261	16,636
Income before depreciation and amortization and interest and other finance expense	23,251	14,474	72,761	39,383
Depreciation and amortization	10,450	7,376	29,278	20,671
Interest and other finance expense	10,517	6,085	29,562	16,547
Real estate at cost	1,683,424	1,163,523	1,683,424	1,163,523
Total assets	2,349,368	1,869,890	2,349,368	1,869,890	1,908,440
Expenditures for redevelopment and improvements	35,982	14,109	79,549	55,817
Expenditures for redevelopment and improvements				55,817
Acquisition of real estate	30,975	26,093	140,075	137,208
Income (Loss) from Equity Method Investments	4,209	(2,538)	7,274	1,997
Income tax provision	(186)	104	(53)	(1,125)
Impairment of asset	0	0	(1,500)	0
Operating income from discontinued operations	2,835	2,159	6,100	9,030
Gain on sale of properties	0	5,917	4,191	8,585
Net income	9,142	6,655	29,933	20,652
Net income attributable to noncontrolling interests	343	926	(2,068)	(2,223)
Net income attributable to Common Shareholders	9,485	7,581	27,865	18,429
Core Portfolio
Segment Reporting Information [Line Items]
Revenues	28,115	17,794	82,252	50,166
Property operating expenses, other operating and real estate taxes	7,723	5,687	21,098	14,960
General and administrative	4,954	4,948	16,042	15,200
Income before depreciation and amortization and interest and other finance expense	15,438	7,159	45,112	20,006
Depreciation and amortization	7,890	4,379	21,187	12,016
Interest and other finance expense	6,683	4,184	19,169	11,352
Real estate at cost	998,711	608,971	998,711	608,971
Total assets	993,472	605,694	993,472	605,694
Expenditures for redevelopment and improvements	5,246	(915)	8,957	13,333
Acquisition of real estate	11,800	11,492	120,900	78,370
Opportunity Funds
Segment Reporting Information [Line Items]
Revenues	9,234	9,116	30,374	24,740
Property operating expenses, other operating and real estate taxes	4,009	3,153	10,771	10,054
General and administrative	381	569	1,219	1,436
Income before depreciation and amortization and interest and other finance expense	4,844	5,394	18,384	13,250
Depreciation and amortization	2,560	2,997	8,091	8,655
Interest and other finance expense	3,834	1,901	10,393	5,195
Real estate at cost	684,713	554,552	684,713	554,552
Total assets	1,260,544	1,183,430	1,260,544	1,183,430
Expenditures for redevelopment and improvements	30,736	15,024	70,592	42,484
Acquisition of real estate	19,175	14,601	19,175	58,838
Notes Receivable
Segment Reporting Information [Line Items]
Revenues	2,969	1,921	9,265	6,127
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	2,969	1,921	9,265	6,127
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	95,352	80,766	95,352	80,766
Expenditures for redevelopment and improvements	0	0	0	0
Acquisition of real estate	$ 0	$ 0	$ 0	$ 0

LONG-TERM INCENTIVE COMPENSATION (Details) (USD $)	9 Months Ended			0 Months Ended				3 Months Ended		9 Months Ended		12 Months Ended
LONG-TERM INCENTIVE COMPENSATION (Details) (USD $)	Sep. 30, 2013	Sep. 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	Sep. 30, 2013 LTIP Units and Restricted Stock	Sep. 30, 2012 LTIP Units and Restricted Stock	Sep. 30, 2013 LTIP Units and Restricted Stock	Sep. 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	4,590,000	3,056,000						400,000		1,200,000
Long Term Incentive and Share Based Compensation Expense								$ 1,300,000	$ 900,000	$ 3,800,000	$ 2,700,000
Maximum Percentage of Promote To Be Awarded as Share Based Compensation Awards												25.00%

SUBSEQUENT EVENTS (Details) (USD $) In Millions, except Per Share data, unless otherwise specified	9 Months Ended	0 Months Ended	1 Months Ended
	Sep. 30, 2013	Nov. 04, 2013 Subsequent Event	Oct. 31, 2013 Subsequent Event 1151 Third Avenue The Bronx, New York Fund IV	Oct. 31, 2013 Subsequent Event Lake Montclair Dumfries, Virginia Fund IV
Subsequent Event [Line Items]
Business Acquisition, Cost of Acquired Entity, Purchase Price			$ 18.0	$ 19.3
Common Stock, Dividends, Per Share, Declared for Stockholders of Record, December 31, 2013	$ 0.63	$ 0.23