Document And Entity Information (USD $) In Millions, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Feb. 26, 2014	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		55,903,470
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,369.2

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Land	$ 336,251	$ 276,109
Buildings and improvements	1,140,613	786,699
Construction in progress	4,836	2,507
Real Estate Investment Property, at Cost	1,481,700	1,065,315
Less: accumulated depreciation	229,538	169,718
Net operating real estate	1,252,162	895,597
Real estate under development	337,353	221,883
Notes receivable and preferred equity investments, net	126,656	129,278
Investments in and advances to unconsolidated affiliates	181,322	221,904
Cash and cash equivalents	79,189	91,813
Cash in escrow	19,822	15,846
Restricted cash	109,795	0
Rents receivable, net	29,574	18,177
Deferred charges, net	30,775	18,858
Acquired lease intangibles, net	33,663	28,576
Prepaid expenses and other assets	44,212	28,231
Assets of discontinued operations	20,434	238,277
Total assets	2,264,957	1,908,440
LIABILITIES
Mortgage and other notes payable	1,039,617	612,251
Convertible notes payable	380	930
Distributions in excess of income from, and investments in, unconsolidated affiliates	8,701	22,707
Accounts payable and accrued expenses	38,050	27,699
Dividends and distributions payable	13,455	9,674
Acquired lease intangibles, net	22,394	14,115
Other liabilities	18,265	14,652
Liabilities of discontinued operations	2,507	136,156
Total liabilities	1,143,369	838,184
Shareholders' Equity
Common shares, $.001 par value, authorized 100,000,000 shares, issued and outstanding 55,643,068 and 52,482,598 shares, respectively	56	52
Additional paid-in capital	665,301	581,925
Accumulated other comprehensive income (loss)	1,132	(4,307)
Retained earnings	37,747	45,127
Total shareholders’ equity	704,236	622,797
Noncontrolling interests	417,352	447,459
Total equity	1,121,588	1,070,256
Total liabilities and equity	$ 2,264,957	$ 1,908,440

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, authorized (in shares)	100,000,000	100,000,000
Common shares, issued (in shares)	55,643,068	52,482,598
Common shares, outstanding (in shares)	55,643,068	52,482,598

CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues
Rental income	$ 122,730	$ 84,002	$ 65,781
Interest income	11,800	8,027	11,705
Expense reimbursements	28,373	20,433	17,868
Other	5,383	2,525	2,503
Total revenues	168,286	114,987	97,857
Operating Expenses
Property operating	21,026	17,430	13,417
Other operating	4,605	3,899	1,455
Real estate taxes	20,922	16,387	13,156
General and administrative	25,555	21,223	22,996
Reserve for notes receivable	0	405	0
Depreciation and amortization	40,299	27,888	20,975
Total operating expenses	112,407	87,232	71,999
Operating income	55,879	27,755	25,858
Equity in earnings of unconsolidated affiliates	12,382	550	1,555
Gain on sale of unconsolidated affiliates	0	3,061	0
Impairment of unconsolidated affiliates	0	(2,032)	0
Impairment of asset	(1,500)	0	0
(Loss) gain on debt extinguishment	(765)	(198)	1,268
Gain on involuntary conversion of asset	0	2,368	0
Interest and other finance expense	(39,474)	(22,811)	(23,343)
Income from continuing operations before income taxes	26,522	8,693	5,338
Income tax (provision) benefit	(19)	574	(461)
Income from continuing operations	26,503	9,267	4,877
Discontinued operations
Operating income from discontinued operations	6,818	12,007	8,933
Impairment of asset	(6,683)	0	(6,925)
Loss on debt extinguishment	(800)	(2,541)	0
Gain on sale of properties	18,802	71,203	46,830
Income from discontinued operations	18,137	80,669	48,838
Net income	44,640	89,936	53,715
Noncontrolling interests
Continuing operations	7,523	14,352	13,734
Discontinued operations	(12,048)	(64,582)	(15,894)
Net income attributable to noncontrolling interests	(4,525)	(50,230)	(2,160)
Net income attributable to Common Shareholders	$ 40,115	$ 39,706	$ 51,555
Basic earnings per share
Income from continuing operations (in dollars per share)	$ 0.61	$ 0.51	$ 0.45
Income from discontinued operations (in dollars per share)	$ 0.11	$ 0.34	$ 0.80
Basic earnings per share (in dollars per share)	$ 0.72	$ 0.85	$ 1.25
Diluted earnings per share
Income from continuing operations (in dollars per share)	$ 0.61	$ 0.51	$ 0.45
Income from discontinued operations (in dollars per share)	$ 0.11	$ 0.34	$ 0.80
Diluted earnings per share (in dollars per share)	$ 0.72	$ 0.85	$ 1.25

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Net income	$ 44,640	$ 89,936	$ 53,715
Other Comprehensive income (loss):
Unrealized gain (loss) on valuation of swap agreements	3,610	(3,519)	(5,611)
Reclassification of realized interest on swap agreements	2,892	2,268	3,081
Other comprehensive income (loss)	6,502	(1,251)	(2,530)
Comprehensive income	51,142	88,685	51,185
Comprehensive income attributable to noncontrolling interests	(5,588)	(49,373)	(686)
Comprehensive income attributable to Common Shareholders	$ 45,554	$ 39,312	$ 50,499

- 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	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Total Common Shareholders’ Equity	Noncontrolling Interests
Balance at Dec. 31, 2010	$ 587,522	$ 40	$ 303,823	$ (2,857)	$ 17,206	$ 318,212	$ 269,310
Balance (in Shares) at Dec. 31, 2010		40,254,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0		56			56	(56)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		11,000
Issuance of Common Shares, net of issuance costs	44,660	2	44,658			44,660
Issuance of Common Shares, net of issuance costs (in Shares)		2,250,000
Dividends declared	(30,428)				(29,444)	(29,444)	(984)
Issuance of OP Units to acquire real estate	0
Employee and trustee stock compensation, net	6,122	1	130			131	5,991
Employee and trustee stock compensation, net (in Shares)		71,000
Noncontrolling interest distributions	(7,697)						(7,697)
Noncontrolling interest contributions	117,945						117,945
Balance before adjustment toward comprehensive income	718,124	43	348,667	(2,857)	(12,238)	333,615	384,509
Balance before adjustment toward comprehensive income (in Shares)		42,586,000
Comprehensive income (loss):
Net income	53,715				51,555	51,555	2,160
Unrealized income (loss) on valuation of swap agreements	(5,611)			(3,461)	0	(3,461)	(2,150)
Reclassification of realized interest on swap agreements	3,081			2,405	0	2,405	676
Total comprehensive (loss) income	51,185			(1,056)	51,555	50,499	686
Balance at Dec. 31, 2011	769,309	43	348,667	(3,913)	39,317	384,114	385,195
Balance (in Shares) at Dec. 31, 2011		42,586,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0		5,880			5,880	(5,880)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		334,000
Issuance of Common Shares, net of issuance costs	226,721	9	226,712			226,721
Issuance of Common Shares, net of issuance costs (in Shares)		9,510,000
Dividends declared	(34,994)				(33,896)	(33,896)	(1,098)
Issuance of OP Units to acquire real estate	2,279				0	0	2,279
Employee and trustee stock compensation, net	6,691		666			666	6,025
Employee and trustee stock compensation, net (in Shares)		52,000
Noncontrolling interest distributions	(160,663)						(160,663)
Noncontrolling interest contributions	172,228						172,228
Balance before adjustment toward comprehensive income	981,571	52	581,925	(3,913)	5,421	583,485	398,086
Balance before adjustment toward comprehensive income (in Shares)		52,482,000
Comprehensive income (loss):
Net income	89,936				39,706	39,706	50,230
Unrealized income (loss) on valuation of swap agreements	(3,519)			(1,815)		(1,815)	(1,704)
Reclassification of realized interest on swap agreements	2,268			1,421		1,421	847
Total comprehensive (loss) income	88,685			(394)	39,706	39,312	49,373
Balance at Dec. 31, 2012	1,070,256	52	581,925	(4,307)	45,127	622,797	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			1,548			1,548	(1,548)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		93,000
Issuance of Common Shares, net of issuance costs	80,690	4	80,686			80,690
Issuance of Common Shares, net of issuance costs (in Shares)		3,013,000
Dividends declared	(49,159)				(47,495)	(47,495)	(1,664)
Issuance of OP Units to acquire real estate	33,300						33,300
Employee and trustee stock compensation, net	7,672		1,142			1,142	6,530
Employee and trustee stock compensation, net (in Shares)		55,000
Consolidation of previously unconsolidated investments	(33,949)						(33,949)
Noncontrolling interest distributions	(87,688)						(87,688)
Noncontrolling interest contributions	49,324						49,324
Balance before adjustment toward comprehensive income	1,070,446	56	665,301	(4,307)	(2,368)	658,682	411,764
Balance before adjustment toward comprehensive income (in Shares)		55,643,000
Comprehensive income (loss):
Net income	44,640				40,115	40,115	4,525
Unrealized income (loss) on valuation of swap agreements	3,610			3,541		3,541	69
Reclassification of realized interest on swap agreements	2,892			1,898		1,898	994
Total comprehensive (loss) income	51,142			5,439	40,115	45,554	5,588
Balance at Dec. 31, 2013	$ 1,121,588	$ 56	$ 665,301	$ 1,132	$ 37,747	$ 704,236	$ 417,352
Balance (in Shares) at Dec. 31, 2013	55,643,068	55,643,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 44,640	$ 89,936	$ 53,715
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	43,071	38,769	33,683
Amortization of financing costs	3,082	3,569	3,918
Gain on sale of property	(18,802)	(71,203)	(46,830)
Loss (gain) on debt extinguishment	1,565	2,739	(1,268)
Gain on involuntary conversion of asset	0	(2,368)	0
Reserve for notes receivable	0	405	0
Impairment of asset	8,183	0	6,925
Amortization of discount on convertible debt	0	0	829
Share compensation expense	7,667	3,350	3,682
Equity in earnings of unconsolidated affiliates	(12,382)	(1,579)	(1,555)
Distributions of operating income from unconsolidated affiliates	9,829	3,733	5,515
Other, net	(4,771)	278	(62)
Changes in assets and liabilities
Cash in escrow	218	2,035	7,319
Rents receivable, net	997	(6,757)	(8,894)
Prepaid expenses and other assets	(22,524)	1,033	(4,872)
Accounts payable and accrued expenses	5,586	(5,648)	14,513
Other liabilities	(1,126)	709	(903)
Net cash provided by operating activities	65,233	59,001	65,715
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(220,041)	(241,894)	(116,408)
Redevelopment and property improvement costs	(106,883)	(88,787)	(65,090)
Deferred leasing costs	(4,617)	(7,275)	(6,298)
Insurance proceeds from involuntary conversion of asset	0	3,672	0
Investments in and advances to unconsolidated affiliates	(56,171)	(160,888)	(54,981)
Return of capital from unconsolidated affiliates	108,899	22,296	4,504
Consolidation of previously unconsolidated investment	(1,864)	0	0
Proceeds from notes receivable	29,583	25,388	56,519
Issuance of notes receivable	(45,050)	(108,629)	(34,343)
Proceeds from sale of properties	204,537	419,372	62,940
Net cash used in investing activities	(87,879)	(136,745)	(153,157)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	(437,257)	(549,095)	(161,389)
Proceeds received on mortgage and other notes	572,443	433,815	144,959
Loan proceeds held as restricted cash	(109,795)	0	0
Purchase of convertible notes payable	(550)	0	(48,997)
Deferred financing and other costs	(11,741)	(6,772)	(2,877)
Capital contributions from noncontrolling interests	49,324	172,228	117,945
Distributions to noncontrolling interests	(88,975)	(161,765)	(8,605)
Dividends paid to Common Shareholders	(44,115)	(32,143)	(29,033)
Proceeds from issuance of Common Shares, net of issuance costs of $1,645, $3,054, and $206 respectively	80,688	223,477	44,659
Net cash provided by financing activities	10,022	79,745	56,662
(Decrease) increase in cash and cash equivalents	(12,624)	2,001	(30,780)
Cash and cash equivalents, beginning of period	91,813	89,812	120,592
Cash and cash equivalents, end of period	79,189	91,813	89,812
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $9,193, $5,955, and $4,850, respectively	41,543	32,327	32,120
Cash paid for income taxes	301	941	3,776
Supplemental disclosure of non-cash investing activities
Acquisition of real estate through assumption of debt	0	63,766	0
Acquisition of real estate through issuance of OP Units	33,300	2,279	0
Acquisition of real estate through conversion of notes receivable	18,500	14,000	0
Consolidation of previously unconsolidated investment
Real estate, net	(118,484)	0	0
Mortgage notes payable	166,200	0	0
Distributions in excess of income from, and investments in, unconsolidated affiliates	(10,298)	0	0
Other assets and liabilities	(1,605)	0	0
Noncontrolling interest	$ (33,949)	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash paid for capitalized interest	$ 9,193	$ 5,955	$ 4,850
Payments of Stock Issuance Costs	$ 1,645	$ 3,054	$ 206

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Basis of Presentation and Summary of Significant Accounting Policies

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 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 December 31, 2013, the Trust controlled approximately 97% 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 Common OP Units ("LTIP Units") as long-term incentive compensation (Note 15). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest of the Trust ("Common Shares"). This structure is referred to as an umbrella partnership REIT or "UPREIT."

As of December 31, 2013, the Company has ownership interests in 77 properties within its core portfolio, which consist of those properties either 100% owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through its funds ("Core Portfolio"). The Company also has ownership interests in 28 properties within its funds, Acadia Strategic Opportunity Fund I, LP ("Fund I"), Acadia Strategic Opportunity 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 "Funds"). The 105 Core Portfolio and Fund properties primarily consist of urban/street retail, dense suburban neighborhood and community shopping centers and mixed-use properties with a strong retail component. In addition, the Company, together with the investors in the Funds, invest in operating companies through Acadia Mervyn Investors I, LLC ("Mervyns I"), Acadia Mervyn Investors II, LLC ("Mervyns II") and Fund II, all on a non-recourse basis.

The Operating Partnership is the sole general partner or managing member of the 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 Funds and Mervyns I and II are distributed pro-rata to their respective partners and members (including the Operating Partnership) until each receives a certain cumulative return ("Preferred Return"), and the return of all capital contributions. Thereafter, remaining cash flow is distributed 20% to the Operating Partnership ("Promote") and 80% to the partners or members (including the Operating Partnership).

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



Entity	Formation Date	Operating Partnership Share of Capital		Committed Capital		Capital Called as of December 31, 2013		Equity Interest Held By Operating Partnership		Preferred Return		Capital Returned as of December 31, 2013
Fund I and Mervyns I (1)	9/2001	22.22	%	$	90.0	$	86.6	37.78	%	9	%	$	86.6
Fund II and Mervyns II (2)	6/2004	20.00	%	300.0		300.0		20.00	%	8	%	131.6
Fund III (3)	5/2007	19.90	%	475.0		357.5		19.90	%	6	%	203.5
Fund IV	5/2012	23.12	%	540.6		95.9		23.12	%	6	%	—

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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) During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects.

(3) Original committed capital of Fund III was $502.5 million. During 2012, this amount was reduced to $475.0 million.

Principles of Consolidation

The consolidated financial statements include the consolidated accounts of the Company and its controlling investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810 "Consolidation" ("ASC Topic 810"). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income.

Variable interest entities are accounted for within the scope of ASC Topic 810 and are required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is the enterprise that has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the variable interest entity that could be significant to the variable interest entity. Management has evaluated the applicability of ASC Topic 810 to its investments in certain joint ventures and determined that these joint ventures are not variable interest entities or that the Company is not the primary beneficiary and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method of accounting.

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 agreement, the Company now accounts for this investment on a consolidated basis.

Investments in and Advances to Unconsolidated Joint Ventures

The Company primarily accounts for its investments in unconsolidated joint ventures using the equity method as it does not exercise control over significant asset decisions such as buying, selling or financing nor is it the primary beneficiary under ASC Topic 810, as discussed above in most of these investments. The Company does have significant influence over most of these investments, which requires equity method accounting. Under the equity method, the Company increases its investment for its proportionate share of net income and contributions to the joint venture and decreases its investment balance by recording its proportionate share of net loss and distributions. The Company accounts for some of its investments under the cost method. Due to its minor ownership of three investments as well as the terms of the underlying operating agreements, the Company has no influence over such entities' operating and financial policies. Other than the minority investor rights to which the Company is entitled pursuant to statute, it has no rights other than to receive its pro-rata share of cash distributions as declared by the managers of these investments. The Company has no rights with respect to the control and operation of these investments vehicles, nor with the formulation and execution of business and investment policies. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company. For investments in which there is recourse to the Company, distributions in excess of the investment are recorded as a liability. Although the Company accounts for its investment in Albertson’s (Note 4) under the equity method of accounting, the Company adopted the policy of not recording its equity in earnings or losses of this unconsolidated affiliate until it receives the audited financial statements of Albertson’s to support the equity earnings or losses in accordance with ASC Topic 323, "Investments – Equity Method and Joint Ventures."

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

The Company periodically reviews its investment in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During 2012, the Company recorded an impairment charge of $2.0 million in connection with the estimated fair value in its investment in Mervyns. During the years ended December 31, 2013 and 2011, there were no impairment charges related to the Company’s investment in unconsolidated joint ventures.

Use of Estimates

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

Real Estate

Real estate assets are stated at cost less accumulated depreciation. Construction in progress includes costs for significant property expansion and redevelopment. Depreciation is computed on the straight-line basis over estimated useful lives of 30 to 40 years for buildings, the shorter of the useful life or lease term for tenant improvements and five years for furniture, fixtures and equipment. Expenditures for maintenance and repairs are charged to operations as incurred.

Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases and customer relationships) and acquired liabilities in accordance with ASC Topic 805 "Business Combinations" and ASC Topic 350 "Intangibles – Goodwill and Other," and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. To the extent there were fixed-rate options at below-market rental rates, the Company included these along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized over the remaining applicable lease term, inclusive of any option periods. The Company assesses fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property.

The Company capitalizes certain costs related to the development and redevelopment of real estate including pre-construction costs, interest, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved with the specific project. Additionally, the Company capitalizes interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence, and cease when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences.

The Company reviews its long-lived assets for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and 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 costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the year ended December 31, 2013, the Company determined that the values of the Walnut Hill Plaza and Fund III's Sheepshead Bay property were impaired. Accordingly, impairment charges of $1.5 million and $6.7 million, respectively were recorded. The Operating Partnership's share of the impairment charge related to Sheepshead Bay was $1.3 million. During the year ended December 31, 2011, the Company determined that the value of the Granville Centre owned by Fund I was impaired. Accordingly, an impairment loss of $6.9 million was recorded, of which the Operating Partnership's share was $1.5 million. During the year ended December 31, 2012, no impairment charges were recorded. Management does not believe that the values of any other properties within the portfolio are impaired as of December 31, 2013.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

The Company recognizes property sales in accordance with ASC Topic 970 "Real Estate." The Company generally records the sales of operating properties and outparcels using the full accrual method at closing when the earnings process is deemed to be complete. Sales not qualifying for full recognition at the time of sale are accounted for under other appropriate deferral methods. The Company evaluates the held-for-sale classification of its real estate each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment. The results of operations of these real estate properties are reflected as discontinued operations in all periods presented.

On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance.

Involuntary Conversion of Asset

The Company experienced significant flooding resulting in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment were insured for an amount sufficient that would allow for full restoration of the property. Loss of rents during the redevelopment were covered by business interruption insurance subject to a $0.1 million deductible.

In accordance with ASC Topic 360 "Property, Plant and Equipment" and as a result of the above-described property damage, the Company had recorded a write-down of the asset's carrying value of approximately $1.4 million, as well as an insurance recovery in the same amount that is included in Prepaid Expenses and Other Assets in the accompanying consolidated balance sheets as of December 31, 2011. The Company also provided a $0.1 million provision in the 2011 consolidated statement of income for its exposure to the insurance deductible attributable to the loss of rents. During the years ended December 31, 2012 and 2011, the Company received insurance proceeds of approximately $3.7 million and $6.9 million, respectively. The Company recognized a gain on involuntary conversion of $2.4 million in 2012 as these proceeds exceeded the asset's net basis.

Deferred Costs

Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Fees and costs incurred in connection with obtaining financing are deferred and amortized over the term of the related debt obligation. The Company capitalizes salaries, commissions and benefits related to time spent by leasing and legal department personnel involved in originating leases.

Management Contracts

Income from management contracts is recognized on an accrual basis as such fees are earned. The initial acquisition costs of any management contracts are amortized over the estimated lives of the contracts acquired.

Revenue Recognition and Accounts Receivable

Leases with tenants are accounted for as operating leases. Minimum rents are recognized, net of any rent concessions or tenant lease incentives, including free rent, on a straight-line basis over the term of the respective leases, beginning when the tenant is entitled to take possession of the space. As of December 31, 2013 and 2012, unbilled rents receivable relating to the straight-lining of rents of $23.1 million and $23.6 million, respectively are included in Rents Receivable, net on the accompanying consolidated balance sheets. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. Rents receivable at December 31, 2013 and 2012 are shown net of an allowance for doubtful accounts of $6.0 million and $6.1 million, respectively.

Notes Receivable and Preferred Equity

Notes receivable and preferred equity investments are intended to be held to maturity and are carried at amortized cost. Interest income from notes receivable and preferred equity investments are recognized on the effective interest method over the expected life of the loan. Under the effective interest method, interest or fees collected at the origination of the investment or the payoff of the investment are recognized over the term of the loan as an adjustment to yield.

Allowances for real estate notes receivable are established based upon management’s quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from their carrying values at the balance sheet date. Interest income recognition is generally suspended for loans when, in the opinion of management, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the suspended loan becomes contractually current and performance is demonstrated to be resumed.

During 2012, the Company provided a $0.4 million net reserve on note receivables as a result of changes in the value of the underlying collateral properties.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has never experienced any losses related to these balances.

Restricted Cash and Cash in Escrow

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

Income Taxes

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

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

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

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

In accordance with ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operation. The prior three years' income tax returns are subject to review by the Internal Revenue Service. The Company recognizes potential interest and penalties related to uncertain tax positions as a component of the provision for income taxes.

Stock-based Compensation

The Company accounts for stock-based compensation pursuant to ASC Topic 718, "Compensation – Stock Compensation." As such, all equity based awards are reflected as compensation expense in the Company’s consolidated financial statements over their vesting period based on the fair value at the date of grant.

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.

During February 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-03, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." ASU 2013-03 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 is effective prospectively for reporting periods beginning after December 15, 2012. The adoption of ASU 2013-03 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

ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS

12 Months Ended

Dec. 31, 2013

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT

Acquisitions And Disposition Of Properties And Discontinued Operations

Acquisition and Disposition of Properties and Discontinued Operations

A. Acquisition and Disposition of Properties

Acquisitions

During 2013, the Company acquired the following properties through its Core Portfolio and Funds as follows:

Core Portfolio



(dollars in millions)
Property	GLA	Percent Owned	Type	Month of Acquisition	Purchase Price		Location
664 N Michigan Avenue	18,141	100%	Street Retail	March	$	86.6	Chicago, IL
8-12 East Walton	8,244	100%	Street Retail	June	22.5		Chicago, IL
3200-3204 M Street	7,000	100%	Street Retail	July	11.8		Washington, D.C.
868 Broadway	2,031	100%	Street Retail	December	13.5		New York, NY
313-315 Bowery	6,600	100%	Street Retail	December	5.5		New York, NY
120 West Broadway (1)	13,988	100%	Street Retail	December	37.0		New York, NY
Total	56,004				$	176.9

Note:

(1) This acquisition was primarily funded with the issuance of 1.2 million OP Units.

The Company expensed $2.7 million of acquisition costs for the year ended December 31, 2013 related to the Core Portfolio.

Fund III

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.

The Company expensed $0.8 million of acquisition costs for the year ended December 31, 2013 related to Fund III.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Acquisition and Disposition of Properties and Discontinued Operations, continued

Fund IV



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
2819 Kennedy Boulevard (1)	53,680	90	%	Shopping Center	June	$	9.0	North Bergen, NJ
Promenade at Manassas (1)	265,442	90	%	Shopping Center	July	38.0		Manassas, VA
Paramus Plaza	152,118	50	%	Shopping Center	September	18.9		Paramus, NJ
1151 Third Avenue	12,288	100	%	Street Retail	October	18.0		New York, NY
Lake Montclair	105,850	100	%	Shopping Center	October	19.3		Dumfries, VA
938 W North Avenue	35,000	80	%	Street Retail	November	20.0		Chicago, IL
Total	624,378					$	123.2

Note:

(1) As the joint venture partners to these investments maintain operating control over the investments, these are accounted for under the equity method.

The Company expensed $2.0 million of acquisition costs for the year ended December 31, 2013 related to Fund IV.

The above acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on the Company's current best estimate of fair value of these acquired assets and assumed liabilities 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.

The following table summarizes both the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2013:



(dollars in thousands)	Preliminary Purchase Price Allocation
Land	$	65,829
Buildings and Improvements	253,724
Total Consideration	$	319,553

During 2012, the Company acquired properties and recorded the preliminary allocation of the purchase price to the assets acquired based on provisional measurements of fair value. During 2013, the Company finalized the allocation of the purchase price and made certain measurement period adjustments. The following table summarizes the preliminary allocation of the purchase price of properties as recorded as of December 31, 2012, and the finalized allocation of the purchase price as adjusted as of December 31, 2013:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Acquisition and Disposition of Properties and Discontinued Operations, continued



(dollars in thousands)	Preliminary Purchase Price Allocation		Adjustments			Finalized Purchase Price Allocation
Land	$	86,826	$	30,312		$	117,138
Buildings and Improvements	226,650		(32,440		)	194,210
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—		31,965			31,965
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—		(27,592		)	(27,592		)
Above-below market debt assumed (included in Mortgages and other notes payable)	—		(2,245		)	(2,245		)
Total Consideration	$	313,476	$	—		$	313,476

Dispositions

During 2013, the Company disposed of the following properties:

Core Portfolio

During 2013, the Company sold the A&P Shopping Center, a 62,741 square foot center, anchored by an A&P supermarket, located in Boonton, New Jersey, for $18.4 million, which resulted in a gain of $6.5 million.

Fund II



(dollars in thousands) Property	Month Sold	Sales Price		Gain/(Loss)			GLA
Pelham Storage	May	$	11,900	$	4,226		490,900
Fordham Place	November	133,900		(806		)	262,407
Pelham Plaza	November	58,500		8,894			228,493
Total		$	204,300	$	12,314		981,800

B. Discontinued Operations

The Company reports properties sold and held-for-sale during the periods as discontinued operations. The assets and liabilities and results of operations of discontinued operations are reflected as a separate component within the accompanying consolidated financial statements for all periods presented.

The combined assets and liabilities as of December 31, 2013 and 2012, and the results of operations of the properties classified as discontinued operations for the years ended December 31, 2013, 2012 and 2011, are summarized as follows:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Acquisition and Disposition of Properties and Discontinued Operations, continued



(dollars in thousands)
BALANCE SHEETS	December 31, 2013		December 31, 2012
ASSETS
Net real estate	$	17,991	$	210,633
Rents receivable, net	565		10,484
Deferred charges, net	38		8,531
Prepaid expenses and other assets	1,840		8,629
Total assets of discontinued operations	$	20,434	$	238,277
LIABILITIES
Mortgages payable	$	—	$	124,005
Accounts payable and accrued expenses	1,473		4,735
Other liabilities	1,034		7,416
Total liabilities of discontinued operations	$	2,507	$	136,156



	Years ended December 31,
(dollars in thousands)	2013			2012			2011
STATEMENTS OF INCOME
Total revenues	$	20,920		$	56,902		$	57,613
Total expenses	14,102			44,895			48,680
Operating income	6,818			12,007			8,933
Impairment of assets	(6,683		)	—			(6,925		)
Loss on debt extinguishment	(800		)	(2,541		)	—
Gain on sale of properties	18,802			71,203			46,830
Income from discontinued operations	18,137			80,669			48,838
Income from discontinued operations attributable to noncontrolling interests	(12,048		)	(64,582		)	(15,894		)
Income from discontinued operations attributable to Common Shareholders	$	6,089		$	16,087		$	32,944

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Reporting

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. 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 Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements. The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2013, 2012 and 2011 (does not include unconsolidated affiliates or discontinued operations):

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2013



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	110,355		$	46,131		$	11,800	$	168,286
Property operating expenses, other operating and real estate taxes	(29,040		)	(17,513		)	—		(46,553		)
General and administrative expenses	(23,611		)	(1,944		)	—		(25,555		)
Depreciation and amortization	(28,989		)	(11,310		)	—		(40,299		)
Operating Income	28,715			15,364			11,800		55,879
Equity in (losses) earnings of unconsolidated affiliates	(99		)	12,481			—		12,382
Impairment of asset	(1,500		)	—			—		(1,500		)
Loss on debt extinguishment	(309		)	(456		)	—		(765		)
Interest and other finance expense	(26,158		)	(13,316		)	—		(39,474		)
Income tax benefit (provision)	131			(150		)	—		(19		)
Income from continuing operations	780			13,923			11,800		26,503
Discontinued operations
Operating income from discontinued operations	535			6,283			—		6,818
Impairment of asset	—			(6,683		)	—		(6,683		)
Loss on debt extinguishment	(145		)	(655		)	—		(800		)
Gain on sale of properties	6,488			12,314			—		18,802
Income from discontinued operations	6,878			11,259			—		18,137
Net income	7,658			25,182			11,800		44,640
Noncontrolling interests
(Income) loss from continuing operations	(1,002		)	8,525			—		7,523
Income from discontinued operations	(2,406		)	(9,642		)	—		(12,048		)
Net income attributable to noncontrolling interests	(3,408		)	(1,117		)	—		(4,525		)
Net income attributable to Common Shareholders	$	4,250		$	24,065		$	11,800	$	40,115

Real Estate at Cost	$	1,059,257		$	759,796		$	—	$	1,819,053
Total Assets	$	1,012,553		$	1,105,264		$	126,706	$	2,244,523
Acquisition of Real Estate	$	143,616		$	76,425		$	—	$	220,041
Investment in Redevelopment and Improvements	$	10,611		$	96,272		$	—	$	106,883

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2012



(dollars in thousands)	Core Portfolio			Funds			Structured Financing			Total
Revenues	$	70,400		$	36,560		$	8,027		$	114,987
Property operating expenses, other operating and real estate taxes	(21,817		)	(15,899		)	—			(37,716		)
General and administrative expenses	(19,573		)	(1,650		)	—			(21,223		)
Reserve for notes receivable	—			—			(405		)	(405		)
Depreciation and amortization	(17,065		)	(10,823		)	—			(27,888		)
Operating Income	11,945			8,188			7,622			27,755
Equity in earnings of unconsolidated affiliates	262			288			—			550
Gain on sale of unconsolidated affiliates	—			3,061			—			3,061
Impairment of unconsolidated affiliates	—			(2,032		)	—			(2,032		)
Loss on debt extinguishment	—			(198		)	—			(198		)
Gain on involuntary conversion of asset	2,368			—			—			2,368
Interest and other finance expense	(15,431		)	(7,380		)	—			(22,811		)
Income tax (provision) benefit	(241		)	815			—			574
(Loss) income from continuing operations	(1,097		)	2,742			7,622			9,267
Discontinued operations
Operating income from discontinued operations	319			11,688			—			12,007
Loss on debt extinguishment	—			(2,541		)	—			(2,541		)
Gain on sale of properties	—			71,203			—			71,203
Income from discontinued operations	319			80,350			—			80,669
Net (loss) income	(778		)	83,092			7,622			89,936
Noncontrolling interests
Loss from continuing operations	60			14,292			—			14,352
Income from discontinued operations	(128		)	(64,454		)	—			(64,582		)
Net income attributable to noncontrolling interests	(68		)	(50,162		)	—			(50,230		)
Net (loss) income attributable to Common Shareholders	$	(846	)	$	32,930		$	7,622		$	39,706

Real Estate at Cost	$	722,345		$	564,853		$	—		$	1,287,198
Total Assets	$	727,423		$	811,855		$	130,885		$	1,670,163
Acquisition of Real Estate	$	175,556		$	66,338		$	—		$	241,894
Investment in Redevelopment and Improvements	$	3,862		$	78,265		$	—		$	82,127

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2011



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	58,162		$	27,990		$	11,705	$	97,857
Property operating expenses, other operating and real estate taxes	(16,433		)	(11,595		)	—		(28,028		)
General and administrative expenses	(20,950		)	(2,046		)	—		(22,996		)
Depreciation and amortization	(13,070		)	(7,905		)	—		(20,975		)
Operating Income	7,709			6,444			11,705		25,858
Equity in earnings of unconsolidated affiliates	644			911			—		1,555
Gain on debt extinguishment	1,268			—			—		1,268
Interest and other finance expense	(16,480		)	(6,863		)	—		(23,343		)
Income tax (provision) benefit	(1,073		)	612			—		(461		)
(Loss) income from continuing operations	(7,932		)	1,104			11,705		4,877
Discontinued operations
Operating income from discontinued operations	626			8,307			—		8,933
Impairment of asset	—			(6,925		)	—		(6,925		)
Gain on sale of properties	28,576			18,254			—		46,830
Income from discontinued operations	29,202			19,636			—		48,838
Net income	21,270			20,740			11,705		53,715
Noncontrolling interests
(Income) loss from continuing operations	(575		)	14,309			—		13,734
Income from discontinued operations	(49		)	(15,845		)	—		(15,894		)
Net income attributable to noncontrolling interests	(624		)	(1,536		)	—		(2,160		)
Net income attributable to Common Shareholders	$	20,646		$	19,204		$	11,705	$	51,555

Real Estate at Cost	$	475,685		$	421,685		$	—	$	897,370
Total Assets	$	487,469		$	530,236		$	59,989	$	1,077,694
Acquisition of Real Estate	$	56,103		$	60,305		$	—	$	116,408
Investment in Redevelopment and Improvements	$	12,266		$	49,045		$	—	$	61,311

- 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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 280

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-Name Accounting Standards Codification

-Topic 280

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-Name Accounting Standards Codification

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-Name Accounting Standards Codification

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-Name Accounting Standards Codification

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+ Details

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

12 Months Ended

Dec. 31, 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"). As our joint venture partners in these investments maintain operating control, these are accounted for under the equity method.

Funds

Fund Investments

During 2013, Fund II, through a joint venture ("City Point Tower I") with an unaffiliated entity, executed an agreement to acquire the development rights for one of 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 City Point Tower I, Fund III's investments in the Lincoln Road Portfolio, Parkway Crossing, Arundel Plaza and the White City Shopping Center as well as Fund IV's investments in the Lincoln Road Portfolio, 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.

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.

RCP Venture

The 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 December 31, 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.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Investments In and Advances to Unconsolidated Affiliates, continued

The following table summarizes activity related to the RCP Venture investments from inception through December 31, 2013:



						Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	46,916	$	4,901	$	11,451
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
Total		$	63,214	$	145,763	$	12,070	$	31,346

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

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

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



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

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Investments In and Advances to Unconsolidated Affiliates, continued

Summary of Investments in Unconsolidated Affiliates

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



(dollars in thousands)	December 31, 2013			December 31, 2012
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	380,268		$	441,611
Real estate under development	5,573			—
Investment in unconsolidated affiliates	63,745			93,923
Other assets	66,895			39,035
Total assets	$	516,481		$	574,569
Liabilities and partners’ equity:
Mortgage notes payable	$	265,982		$	326,296
Other liabilities	43,733			24,267
Partners’ equity	206,766			224,006
Total liabilities and partners’ equity	$	516,481		$	574,569
Company’s investment in and advances to unconsolidated affiliates	$	181,322		$	221,904
Company's share of distributions in excess of share of income and investments in unconsolidated affiliates	$	(8,701	)	$	(22,707	)

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Investments In and Advances to Unconsolidated Affiliates, continued



	Years Ended December 31,
(dollars in thousands)	2013			2012			2011
Combined and Condensed Statements of Income
Total revenues	$	51,638		$	49,729		$	42,185
Operating and other expenses	(18,700		)	(18,919		)	(15,924		)
Interest expense	(8,943		)	(18,547		)	(17,099		)
Equity in earnings of unconsolidated affiliates	13,651			583			7,243
Depreciation and amortization	(10,599		)	(9,551		)	(8,837		)
Loss on debt extinguishment	—			(293		)	—
Gain on sale of properties	—			3,402			—
Net income	$	27,047		$	6,404		$	7,568

Company’s share of net income	$	12,774		$	1,971		$	1,946
Amortization of excess investment	(392		)	(392		)	(391		)
Company’s equity in earnings of unconsolidated affiliates	$	12,382		$	1,579		$	1,555

NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS

12 Months Ended

Dec. 31, 2013

Mortgage Loans on Real Estate [Abstract]

Notes Receivable, Preferred Equity and Other Real Estate Related Investments

During 2013, the Company made total investments in notes receivable and preferred equity investments of $45.0 million and total collections of $29.6 million.

The following table reconciles notes receivable investments from January 1, 2011 to December 31, 2013:



	For the years ended December 31,
(dollars in thousands)	2013			2012			2011
Beginning Balance	$	129,278		$	59,989		$	89,202
Additions during period:
New investments	45,000			108,629			34,758
Deductions during period:
Collections of principal	(29,583		)	(25,388		)	(56,517		)
Conversion to real estate through receipt of deed or through foreclosure	(18,500		)	(14,000		)	—
Reclass to investments in unconsolidated affiliates	—			—			(8,000		)
Non-cash accretion of notes receivable	461			453			786
Reserves	—			(405		)	(240		)
Ending Balance	$	126,656		$	129,278		$	59,989

As of December 31, 2013, the Company’s notes receivable, net, approximated $126.7 million and were collateralized by the underlying properties, the borrower’s ownership interest in the entities that own the properties and/or by the borrower’s personal guarantee. Notes receivable were as follows at December 31, 2013:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes Receivable, Preferred Equity and Other Real Estate Related Investments, continued



Note Description	Effective interest rate (1)	First Priority Liens		Net Carrying Amount of Notes Receivable as of December 31, 2013		Net Carrying Amount of Notes Receivable as of December 31, 2012		Maturity Date	Extension Options
(dollars in thousands)
First Mortgage Loan	5.5%	$	—	$	42,000	$	25,000	1/31/2014	—
First Mortgage Loan	7.7%	—		12,000		—		1/1/2015	—
Zero Coupon Loan ²	24.0%	166,200		4,431		3,961		1/3/2016	—
Preferred Equity	8.1%	20,855		13,000		—		9/1/2017	—
Mezzanine Loan	15.0%	—		30,879		30,879		11/9/2020	—
First Mortgage Loan	8.0%	—		6,400		8,000		Demand	—
Mezzanine Loan ³	10.0%	89,566		9,089		9,089		Demand	—
First Mortgage Loan	5.3%	—		—		18,500		Demand	—
Mezzanine Loan ⁴	15.0%	16,668		3,834		3,834		Upon Capital Event	—
Construction Loan	20.5%	—		—		5,400		12/31/2012	—
First Mortgage Loan	12.0%	—		—		12,333		12/1/2013	—
First Mortgage Loan	6.0%	—		—		10,250		12/31/2013	—
Individually less than 3% ⁵	2.5% + LIBOR to 17.5%	37,623		5,023		2,032		12/31/2014 to Capital Event	—
Total				$	126,656	$	129,278

Notes:

(1) The effective interest rate includes origination and exit fees.

(2) The principal balance for this accrual only loan is increased by the interest accrued

(3) Comprised of three cross-collateralized loans from one borrower, which are non-performing

(4) Non-performing loan

(5) Consists of four loans, two of which are non-performing, with an aggregate face value of $5.7 million, of which $3.7 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. This has been recognized as other income in the consolidated statement of income.

During February 2013, Fund III, in conjunction with its acquisition of Nostrand Place (Note 2), 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.

During November 2013, Fund I received payment of $12.5 million representing the remaining $12.2 million of principal on its note related to the sale of the Kroger/Safeway portfolio and $0.3 million of interest.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes Receivable, Preferred Equity and Other Real Estate Related Investments, continued

During December 2013, the Company received a $1.6 million payment on an $8.0 million note representing the release price on one of the three properties on which the note was collateralized. The balance of $6.4 million remains outstanding.

During December 2013, the Company made a preferred equity investment in a joint venture for $13.0 million. The joint venture owns a property and the agreement provides the Company with the first right of offer to purchase the property should the Members decide to sell. The investment has a mandatory redemption date of September 1, 2017 and earns a preferred return rate of 8.1%.

During December 2013, the Company made a $12.0 million loan, which is collateralized by a property located in Manhattan. The loan bears interest at 7.7% and matures January 1, 2015.

During December 2013, the Company amended a $25.0 million loan which bore interest at 9.0% and was set to mature January 1, 2014. The amended note increased the principal amount to $42.0 million and adjusted the interest rate to 5.5%. The amended note matured on January 31, 2014. This note is collateralized by a property which is currently under contract to acquire.

During December 2013, the Company made a $3.0 million loan in conjunction with the acquisition of a long term master lease for a property located in Manhattan. The loan is collateralized by operating partnership units given to the buyer as part of the purchase price. The loan bears interest at LIBOR plus 2.5% and matures December 2020.

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 December 31, 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 $3.7 million as of December 31, 2013 related to these notes.

The following table reconciles the activity in the allowance for notes receivable from December 31, 2011 to December 31, 2013:



	Allowance for
(dollars in thousands)	Notes Receivable
Balance at December 31, 2011	$	3,276
Additional reserves	405
Recoveries	—
Charge-offs and reclassifications	—
Balance at December 31, 2012	$	3,681
Additional reserves	—
Recoveries	—
Charge-offs and reclassifications	—
Balance at December 31, 2013	$	3,681

MORTGAGES AND OTHER NOTES PAYABLE

12 Months Ended

Dec. 31, 2013

Mortgage Loans on Real Estate [Abstract]

Mortgages and Other Notes Payable

Mortgage and Other Notes Payable

At December 31, 2013 and 2012, mortgage and other notes payable, excluding the net valuation premium on the assumption of debt, aggregated $1,037.7 million and $612.4 million respectively, and were collateralized by 32 properties and related tenant leases. Interest rates on the Company’s outstanding mortgage indebtedness ranged from 1.00% to 7.25% with maturities that ranged from April 2014 to April 2023. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios.

The following table reflects mortgage loan activity for the year ended December 31, 2013:



(dollars in thousands)
Collateral	Activity	Month	Amount Borrowed or Assumed		Amount Repaid		Interest Rate	Maturity Date
28 Jericho Turnpike	New Loan	January	$	16,500	$	—	LIBOR + 1.90%	1/23/2023
Nostrand Ave	New Loan	February	13,000		—		LIBOR + 2.65%	2/1/2016
161st St	Refinance	March	29,500		28,900		LIBOR + 2.50%	4/1/2018
City Point (1)	Amendment	March	20,000		—		LIBOR + 5.00%	8/23/2015
60 Orange St	New Loan	April	8,600		—		LIBOR + 1.75%	4/3/2023
210 Bowery	New Loan	June	4,600		—		LIBOR + 1.95%	6/1/2014
Cortlandt Towne Center (2)	Amendment	August	12,033		—		LIBOR + 1.65%	10/26/2015
Village Commons Shopping Center	Repayment	November	—		9,084
Branch Plaza	Repayment	November	—		12,311
West Diversey	Repayment	November	—		14,905
Fordham Place (3)	Repayment	December			81,422
Pelham Manor (3)	Repayment	December	—		33,555
Lincoln Park Center	Refinance	December	23,000		19,026		LIBOR + 1.45%	12/3/2016
A&P Shopping Plaza (3)	Repayment	December	—		8,000
City Point	New Loan	December	197,000		—		4.75%	2019 ⁽⁴⁾
Total			$	324,233	$	207,203

Notes:

(1) Loan was amended from $50.0 million to $20.0 million.

(2) Loan was amended from $73.0 million to $85.0 million.

(3) Loan was paid off in connection with the sale of the property.

(4) The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

The following table sets forth certain information pertaining to our credit facilities as of December 31, 2013:



(dollars in thousands) Borrower	Total amount of credit facility		Amount borrowed as of December 31, 2012		Net borrowings (repayments) during the year ended December 31, 2013			Amount borrowed as of December 31, 2013		Letters of credit outstanding as of December 31, 2013		Amount available under credit facilities as of December 31, 2013
Acadia Realty, LP	$	150,000	$	—	$	—		$	—	$	12,500	$	137,500
Fund IV	150,000		93,050		(24,300		)	68,750		—		81,250
Total	$	300,000	$	93,050	$	(24,300	)	$	68,750	$	12,500	$	218,750

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

The following table summarizes the Company’s mortgage and other secured indebtedness as of December 31, 2013 and December 31, 2012:

(dollars in thousands)

Description of Debt and Collateral

12/31/2013

12/31/2012

Interest Rate at December 31, 2013

Maturity

Payment
Terms

Mortgage notes payable – variable-rate

161st Street

—

28,900

5.67%
(LIBOR+5.50%)

4/1/2013

Interest only monthly.

Liberty Avenue

9,090

9,208

3.42%
(LIBOR+3.25%)

4/30/2014

Monthly principal and interest.

210 Bowery

4,600

—

2.12%
(LIBOR+1.95%)

6/1/2014

Interest only monthly.

Branch Shopping Plaza

—

12,526

2.42%
(LIBOR+2.25%)

9/30/2014

Monthly principal and interest.

640 Broadway

22,750

3.12%
(LIBOR+2.95%)

7/1/2015

Interest only monthly.

Heritage Shops

20,871

21,000

2.42%
(LIBOR+2.25%)

8/10/2015

Interest only monthly.

CityPoint

20,650

3.67%
(LIBOR+3.50%)

8/12/2015

Interest only monthly.

CityPoint

20,000

—

5.17%
(LIBOR+5.00%)

8/23/2015

Interest only monthly.

Cortlandt Towne Center

84,745

73,499

1.82%
(LIBOR+1.65%)

10/26/2015

Monthly principal and interest.

New Hyde Park Shopping Center

6,294

6,484

2.42%
(LIBOR+2.25%)

11/10/2015

Monthly principal and interest.

Nostrand Ave

12,567

—

2.82%
(LIBOR+2.65%)

2/1/2016

Monthly principal and interest.

Village Commons Shopping Center

—

9,192

1.57%
(LIBOR+1.40%)

6/30/2018

Monthly principal and interest.

Lincoln Park Centre

23,000

—

1.62%
(LIBOR+1.45%)

12/3/2016

Interest only monthly.

Term Loan

50,000

—

1.57%
(LIBOR+140%)

11/25/2018

Interest only monthly.

161st Street

29,500

—

2.67%
(LIBOR+2.50%)

4/1/2018

Interest only monthly.

West Diversey

—

15,273

2.07%
(LIBOR+1.90%)

4/27/2019

Monthly principal and interest.

4401 N White Plains Road

6,263

6,381

2.07%
(LIBOR+1.90%)

9/1/2022

Monthly principal and interest.

28 Jericho Turnpike

16,164

—

2.07%
(LIBOR+1.90%)

1/23/2023

Monthly principal and interest.

60 Orange Street

8,457

—

1.92%
(LIBOR+1.75%)

4/3/2023

Monthly principal and interest.

Sub-total mortgage notes payable

334,951

225,863

Credit facilities – variable-rate:

Fund IV revolving subscription line of credit (2)

68,750

93,050

1.82%
(LIBOR+1.65%)

11/20/2015

Interest only monthly.

Interest rate swaps (1)

(179,660

)

(132,857

)

Total variable-rate debt

224,041

186,056

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued



(dollars in thousands)
Description of Debt and Collateral	12/31/2013		12/31/2012			Interest Rate at December 31, 2013	Maturity	Payment Terms

Mortgage notes payable – fixed-rate
Lincoln Park Centre	$	—	$	19,478		5.85%	12/1/2013	Monthly principal and interest.
Clark Diversey	4,192		4,345			6.35%	7/1/2014	Monthly principal and interest.
New Loudon Center	13,369		13,634			5.64%	9/6/2014	Monthly principal and interest.
CityPoint	20,000		20,000			7.25%	11/1/2014	Interest only quarterly.
Crescent Plaza	16,747		17,025			4.98%	9/6/2015	Monthly principal and interest.
Pacesetter Park Shopping Center	11,530		11,742			5.12%	11/6/2015	Monthly principal and interest.
Elmwood Park Shopping Center	32,744		33,258			5.53%	1/1/2016	Monthly principal and interest.
Chicago Street Retail Portfolio	15,558		15,835			5.61%	2/1/2016	Monthly principal and interest.
The Gateway Shopping Center	19,746		20,036			5.44%	3/1/2016	Monthly principal and interest.
330-340 River Street	10,904		11,128			5.29%	5/1/2016	Monthly principal and interest.
Brandywine Town Center	166,200		—			5.99%	7/1/2016	Interest only monthly.
Walnut Hill Plaza	22,910		23,194			6.06%	10/1/2016	Monthly principal and interest.
Rhode Island Place Shopping Center	16,208		16,426			6.35%	12/1/2016	Monthly principal and interest.
239 Greenwich Avenue	26,000		26,000			5.42%	2/11/2017	Interest only monthly.
639 West Diversey	4,341		4,431			6.65%	3/1/2017	Monthly principal and interest.
Merrillville Plaza	25,837		26,151			5.88%	8/1/2017	Monthly principal and interest.
216th Street	25,500		25,500			5.80%	10/1/2017	Interest only monthly.
CityPoint	5,262		5,262			1.00%	8/23/2019	Interest only monthly.
CityPoint	197,000		—			4.75%	2019 (3)	Interest only monthly.
Interest rate swaps (1)	179,660		132,857			2.15%
Total fixed-rate debt	813,708		426,302
Unamortized premium (discount)	1,868		(107		)
Total	$	1,039,617	$	612,251

Notes:


(1)	Represents the amount of the Company’s variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 10).


(2)	The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.


(3)	The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014.

The scheduled principal repayments of all indebtedness, including Convertible Notes (Note 9), as of December 31, 2013 are as follows (does not include $1,868 net valuation discount on assumption of debt):




(dollars in thousands)
2014	$	57,083
2015	273,909
2016	316,540
2017	81,161
2018	80,382
Thereafter	229,054
	$	1,038,129

CONVERTIBLE NOTES PAYABLE	12 Months Ended
CONVERTIBLE NOTES PAYABLE	Dec. 31, 2013
Debt Disclosure [Abstract]
Convertible Notes Payable	Convertible Notes Payable In December 2006 and January 2007, the Company issued a total of $115.0 million of convertible notes with a fixed interest rate of 3.75% due 2026 (the "Convertible Notes"). The Convertible Notes were issued at par and require interest payments semi-annually in arrears on June 15 and December 15 of each year. The Convertible Notes are unsecured, unsubordinated obligations and rank equally with all other unsecured and unsubordinated indebtedness. The Convertible Notes were accounted for under ASC Topic 470-20, “Debt with Conversion and Other Options,” which required the Company to allocate the proceeds from the issuance between a debt component and an equity component. The resulting discount on the debt component was amortized over the period the convertible debt was expected to be outstanding, which was December 11, 2006 to December 20, 2011, as additional non-cash interest expense. Until December 20, 2011, the Convertible Notes had an effective interest rate of 6.03% after giving effect to ASC Topic 470-20. The additional non-cash interest expense recognized in the Consolidated Statements of Income was $0.8 million for the year ended December 31, 2011. As of December 31, 2013, $114.6 million of the Convertible Notes have been repurchased. The remaining Convertible Notes bear interest at 3.75% and the Company has the right to redeem the notes, in whole, or in part, at any time, and from time to time, for cash equal to 100% of the principal amount of the notes plus any accrued and unpaid interest to, but not including, the redemption date. The Holders of notes may require the Company to repurchase their notes, in whole or in part, on December 15, 2016 and December 15, 2021 for cash equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid interest to, but not including, the repurchase date.

- 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

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Financial Instruments and 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 participant 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 participant 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 December 31, 2013:



(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Derivative financial instruments	$	—	$	3,114	$	—
Liabilities
Derivative financial instruments	$	—	$	2,066	$	—

During the year ended December 31, 2011, the Company determined that the value of the Granville Centre owned by Fund I was impaired and recorded an impairment loss of $6.9 million (Note 1). The Company estimated the property's 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 the fair value of the Granville Centre were classified as Level 3 under authoritative guidance for fair value measurements.

During the year ended December 31, 2012, the Company determined that carrying value in its investment in Mervyns was impaired and recorded an impairment of $2.0 million (Note 1). The analysis performed consisted of discounted cash flows which were used to determine the fair value of the Mervyns investment and were classified as Level 3 under authoritative guidance for fair value measurements.

During the year ended December 31, 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 under authoritative guidance for fair value measurements.

During the year ended December 31, 2013, the Company entered into a firm contract to sell Sheepshead Bay for $20.2 million. As this amount is less than the carrying cost, the Company recorded an impairment loss of $6.7 million (Note 1).

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10. Financial Instruments and Fair Value Measurements, continued

Derivative Financial Instruments

The FASB’s derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by the FASB guidance, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges.

For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive (loss) income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value would be recognized in earnings.

As of December 31, 2013, the Company’s derivative financial instruments consisted of 11 interest rate LIBOR swaps with an aggregate notional value of $179.7 million, which fix interest at rates 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 $140.7 million which cap interest rates ranging from 3.0% to 4.3% and mature between July 2015 and April 2018. The fair value of the derivative liability of these instruments, which is included in other liabilities in the consolidated balance sheets, totaled $2.0 million and $4.4 million at December 31, 2013 and 2012, respectively. The fair value of these derivative instruments, included in prepaid expenses and other assets in the Consolidated Balance Sheets, totaled $3.1 million at December 31, 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 on variable rate mortgage debt. Such instruments are reported at the fair value reflected above. As of December 31, 2013 and 2012, unrealized income and (losses) totaling $1.1 million and ($4.3 million), respectively, were reflected in accumulated other comprehensive income (loss). It is estimated that approximately $2.4 million included in accumulated other comprehensive income related to derivatives will be reclassified to interest expense in the 2014 results of operations.

As of December 31, 2013 and 2012, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. As of December 31, 2013, none of the Company’s hedges were ineffective.

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 approximates their fair value due to the short-term nature of such accounts.

The Company has determined the estimated fair values of the following financial instruments within Level 2 of the hierarchy 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:



	December 31, 2013				December 31, 2012
(dollars in thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable and Preferred Equity Investments	$	126,707	$	126,707	$	129,278	$	129,278
Mortgage Notes Payable and Convertible Notes Payable	$	1,039,997	$	1,056,457	$	613,181	$	620,583

- 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

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2013

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Shareholders' Equity and Noncontrolling Interests

Shareholders’ Equity and Noncontrolling Interests

Common Shares

During the year ended December 31, 2013, 3,250 employee Restricted Shares were canceled to pay the employees’ income taxes due on the value of the portion of their Restricted Shares that vested. During the year ended December 31, 2013, the Company recognized accrued Common Share and Common OP Unit-based compensation totaling $7.3 million in connection with the vesting of Restricted Shares and Units (Note 15).

During 2013, the Company issued approximately 3.0 million Common Shares from the ATM program generating net proceeds of approximately $80.7 million.

During 2013, the Company issued approximately 1.2 million OP units to acquire real estate.

During 2012, the Company issued approximately 6.1 million Common Shares from the ATM program generating net proceeds of approximately $140.8 million and completed a public share offering of approximately 3.5 million Common Shares generating net proceeds of approximately $85.9 million.

During 2012, Kenneth Bernstein, President and CEO, converted 250,000 Common OP Units into Common Shares.

During November 2011, the Company issued 2.3 million Common Shares generating net proceeds of approximately $45.0 million.

Noncontrolling Interests

The following table summarizes the change in the noncontrolling interests since December 31, 2012:



	Noncontrolling Interests in Operating Partnership			Noncontrolling Interests in Partially-Owned Affiliates
(dollars in thousands)
Balance at December 31, 2012	$	11,794		$	435,665
Distributions declared of $0.86 per Common OP Unit	(1,664		)	—
Net income for the period January 1 through December 31, 2013	492			4,033
Conversion of 92,514 OP Units to Common Shares by limited partners of the Operating Partnership	(1,548		)	—
Consolidation of previously unconsolidated investment	—			(33,949		)
Issuance of OP Units to acquire real estate	33,300			—
Other comprehensive income - unrealized loss on valuation of swap agreements	23			46
Reclassification of realized interest expense on swap agreements	21			973
Noncontrolling interest contributions	—			49,324
Noncontrolling interest distributions and other reductions	—			(87,688		)
Employee Long-term Incentive Plan Unit Awards	6,530			—
Balance at December 31, 2013	$	48,948		$	368,404

Noncontrolling interests in the Operating Partnership represents (i) the limited partners’ 1,457,467 and 284,097 Common OP Units at December 31, 2013 and 2012, respectively, (ii) 188 Series A Preferred OP Units at both December 31, 2013 and 2012, with a stated value of $1,000 per unit, which are entitled to a preferred quarterly distribution of the greater of (a) $22.50 (9% annually) per Series A Preferred OP Unit or (b) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit and (iii) 1,368,086 and 1,109,727 LTIP units as of December 31, 2013 and December 31, 2012, respectively, as discussed in Share Incentive Plan (Note 15).

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11. Shareholders’ Equity and Noncontrolling Interests, continued

Noncontrolling Interests, continued

Noncontrolling interests in partially-owned affiliates include third-party interests in Fund I, II, III and IV, and Mervyns I and II, and five other entities.

The Series A Preferred OP Units were issued in 1999 in connection with the acquisition of a property. Through December 31, 2013, 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $7.50. Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

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

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

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-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

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

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-Number 210

-Section 08

-Article 4

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

-Publisher SEC

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-Number Topic 4

-Section C

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

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

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

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

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Preferred Stock

-URI http://asc.fasb.org/extlink&oid=6521494

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

-Publisher SEC

-Name Regulation S-X (SX)

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

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Reference 13: http://www.xbrl.org/2003/role/presentationRef

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Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

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Reference 15: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

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Reference 16: http://www.xbrl.org/2003/role/presentationRef

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Reference 19: http://www.xbrl.org/2003/role/presentationRef

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+ Details

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2013
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company earned property management, construction development, legal and leasing fees from its investments in unconsolidated partnerships totaling $0.1 million, $0.8 million and $1.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. Lee Wielansky, the Lead Trustee of the Company, was paid a consulting fee of $0.1 million for each of the years ended December 31, 2013, 2012 and 2011.

- 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.

+ References+ Details

TENANT LEASES

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Tenant Leases

Space in the shopping centers and other retail properties is leased to various tenants under operating leases that usually grant tenants renewal options and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volume.

Minimum future rentals to be received under non-cancelable leases for shopping centers and other retail properties as of December 31, 2013 are summarized as follows:




(dollars in thousands)
2014	$	117,181
2015	110,496
2016	102,842
2017	93,394
2018	82,012
Thereafter	455,331
Total	$	961,256

During the years ended December 31, 2013, 2012 and 2011, no single tenant collectively accounted for more than 10% of the Company’s total revenues.

- Definition

The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases.

+ References+ Details

LEASE OBLIGATIONS

12 Months Ended

Dec. 31, 2013

Leases [Abstract]

Lease Obligations

The Company leases land at eight of its shopping centers, which are accounted for as operating leases and generally provide the Company with renewal options. Ground rent expense was $1.8 million, $1.7 million, and $0.7 million (including capitalized ground rent at properties under redevelopment of $0.8 million, $0.8 million and ($0.2 million) for the years ended December 31, 2013, 2012 and 2011, respectively. The leases terminate at various dates between 2020 and 2066. These leases provide the Company with options to renew for additional terms aggregating from 23 to 71 years. The Company leases space for its White Plains corporate office for a term expiring in 2015. Office rent expense under this lease was $1.4 million, $1.4 million and $1.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. Future minimum rental payments required for leases having remaining non-cancelable lease terms are as follows:




(dollars in thousands)
2014	$	2,773
2015	2,219
2016	1,112
2017	5,117
2018	1,180
Thereafter	24,047
Total	$	36,448

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References+ Details

SHARE INCENTIVE PLAN

12 Months Ended

Dec. 31, 2013

Share Incentive Plan [Abstract]

Share Incentive Plan

During 2012, the Company terminated the 1999 and 2003 Plans and adopted the Amended 2006 Plan. The Amended 2006 Plan increased the authorization to issue options, Restricted Shares and LTIP Units (collectively "Awards") available to officers and employees by 1.9 million shares to 2.1 million shares. Options are granted by the Compensation Committee (the "Committee"), which currently consists of three non-employee Trustees, and will not have an exercise price less than 100% of the fair market value of the Common Shares and a term of greater than ten years at the grant date. Vesting of options is at the discretion of the Committee. The Committee determines the restrictions placed on Awards, including the dividends or distributions thereon and the term of such restrictions. The Committee also determines the award and vesting of the awards based on the attainment of specified performance objectives of the Company within a specified performance period.

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 11,880 Restricted Share Units to other employees of the Company. 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. LTIP Units are similar to Restricted Shares but provide for a quarterly partnership distribution in a like amount as paid to Common OP Units. This distribution is paid on both unvested and vested LTIP Units. The LTIP Units are convertible into Common OP Units and Common Shares upon vesting and a revaluation of the book capital accounts.

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

The total value of the above Restricted Share Units and LTIP Units as of the grant date was $7.9 million. The weighted average fair value for Restricted Shares and LTIP Units granted for the years ended December 31, 2013, 2012 and 2011 were $26.40, $22.31 and $19.08, respectively.

Total long-term incentive compensation expense, including the expense related to the above mentioned plans, was $7.3 million, $3.6 million and $4.0 million for the years ended December 31, 2013, 2012 and 2011, respectively and is recorded in General and Administrative on the consolidated statements of income.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15. Share Incentive Plan, continued

On May 15, 2013, the Company issued 20,718 Restricted Shares to Trustees of the Company in connection with Trustee fees. Vesting with respect to 10,950 of the Restricted Shares will be on the first anniversary of the date of issuance and 9,768 of the Restricted Shares vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. The Restricted

Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares, but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Trustee fee expense of $0.3 million for the year ended December 31, 2013 has been recognized in the accompanying consolidated statement of income related to this issuance.

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 December 31, 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.

As of December 31, 2013, the Company had 92,086 options outstanding to officers and employees and 21,000 options outstanding to non-employee Trustees of the Company all of which have vested. These options are for ten-year terms from the grant date and vested in three equal annual installments, which began on their respective grant dates.

A summary of option activity under all option arrangements as of December 31, 2013 and 2012, and changes during the years then ended, is presented below:



Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (dollars in thousands)
Outstanding and exercisable at December 31, 2011	150,283		$	18.33	3.5	$	272
Granted	—		—		—	—
Exercised	(12,636	)	14.23		—	137
Forfeited or Expired	—		—		—	—
Outstanding and exercisable at December 31, 2012	137,647		18.71		2.6	877
Granted	—		—		—	—
Exercised	(23,815	)	15.96		—	211
Forfeited or Expired	(746	)	20.65		—	—
Outstanding and exercisable at December 31, 2013	113,086		$	19.28	3.5	$	628

The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was $0.2 million, $0.1 million and $0.02 million, respectively.

A summary of the status of the Company’s unvested Restricted Shares and LTIP Units as of December 31, 2013 and 2012 and changes during the years then ended is presented below:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15. Share Incentive Plan, continued



Unvested Restricted Shares and LTIP Units	Restricted Shares		Weighted Grant-Date Fair Value		LTIP Units		Weighted Grant-Date Fair Value
Unvested at December 31, 2011	75,739		$	18.25	838,898		$	17.85
Granted	30,153		21.88		281,714		21.99
Vested	(43,819	)	19.29		(176,926	)	16.92
Forfeited	(1,157	)	16.02		—		—
Unvested at December 31, 2012	60,916		19.36		943,686		19.27
Granted	31,830		23.75		290,912		26.69
Vested	(28,179	)	18.77		(350,264	)	19.51
Forfeited	(830	)	23.00		—		—
Unvested at December 31, 2013	63,737		$	23.34	884,334		$	21.62

As of December 31, 2013, there was $11.1 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under share incentive plans. That cost is expected to be recognized over a weighted-average period of 2.4 years. The total fair value of Restricted Shares that vested during the years ended December 31, 2013, 2012 and 2011 was $0.5 million, $0.8 million and $2.2 million, respectively.

EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN	12 Months Ended
EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN	Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Employee Share Purchase and Deferred Share Plan	Employee Share Purchase and Deferred Share Plan The Acadia Realty Trust Employee Share Purchase Plan (the "Purchase Plan"), allows eligible employees of the Company to purchase Common Shares through payroll deductions. The Purchase Plan provides for employees to purchase Common Shares on a quarterly basis at a 15% discount to the closing price of the Company’s Common Shares on either the first day or the last day of the quarter, whichever is lower. A participant may not purchase more the $25,000 in Common Shares per year. Compensation expense will be recognized by the Company to the extent of the above discount to the closing price of the Common Shares with respect to the applicable quarter. During 2013, 2012 and 2011, a total of 3,678, 3,829, and 4,886 Common Shares, respectively, were purchased by employees under the Purchase Plan. Associated compensation expense of $0.01 million was recorded in 2013, 2012 and 2011. During May of 2006, the Company adopted a Trustee Deferral and Distribution Election ("Trustee Deferral Plan"), under which the participating Trustees have deferred compensation of $0.07 million for 2013 and $0.06 million for 2012 and 2011.

FEDERAL INCOME TAXES

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Federal Income Taxes

The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), and intends at all times to qualify as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to corporate Federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. As the Company distributed sufficient taxable income for the years ended December 31, 2013, 2012 and 2011, no U.S. Federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to Federal income taxes at the regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and Federal income and excise taxes on any undistributed taxable income. In addition, taxable income from non-REIT activities managed through the Company’s Taxable REIT Subsidiaries ("TRS") is subject to Federal, state and local income taxes.

Characterization of Distributions:

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



	For the years ended December 31,
	2013		2012		2011
Ordinary income	87	%	63	%	75	%
Qualified dividend	—	%	—	%	22	%
Capital gain	13	%	37	%	3	%
	100	%	100	%	100	%

Taxable REIT Subsidiaries

Income taxes have been provided for using the liability method as required by ASC Topic 740, "Income Taxes." The Company’s TRS income and provision for income taxes for the years ended December 31, 2013, 2012 and 2011 are summarized as follows:



(dollars in thousands)	2013			2012			2011
TRS (loss) income before income taxes	$	(2,225	)	$	(2,056	)	$	376
Benefit (provision) for income taxes:
Federal	276			592			(222		)
State and local	71			147			(59		)
TRS net (loss) income before noncontrolling interests	(1,878		)	(1,317		)	95
Noncontrolling interests	267			702			1,245
TRS net (loss) income	$	(1,611	)	$	(615	)	$	1,340

The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19. Federal Income Taxes, continued



(dollars in thousands)	2013			2012			2011
Federal (benefit) provision at statutory tax rate	$	(757	)	$	(699	)	$	128
TRS state and local taxes, net of federal benefit	(117		)	(109		)	20
Tax effect of:
Permanent differences, net	496			809			(279		)
Prior year overaccrual, net	128			(553		)	—
Restricted stock vesting	(2		)	(159		)	266
Other	127			(41		)	133
REIT state and local income and franchise taxes	144			178			193
Total provision (benefit) for income taxes	$	19		$	(574	)	$	461

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

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 December 31, 2013, the Company has unvested LTIP Units (Note 15) 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 15). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and therefore not included in the computation of diluted earnings per share for the years ended December 2013, 2012 and 2011.

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.



	Years ended December 31,
(dollars in thousands, except per share amounts)	2013		2012		2011
Numerator:
Income from continuing operations	$	34,026	$	23,619	$	18,611
Less: net income attributable to participating securities	581		458		381
Income from continuing operations net of income	33,445		23,161		18,230
attributable to participating securities
Denominator:
Weighted average shares for basic earnings per share	54,919		45,854		40,697
Effect of dilutive securities:
Employee share options	38		40		18
Denominator for diluted earnings per share	54,957		45,894		40,715
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.61	$	0.51	$	0.45
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.61	$	0.51	$	0.45

- Definition

The entire disclosure for earnings per share.

+ References+ Details

SUMMARY OF QUARTERLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Information (unaudited)

The quarterly results of operations of the Company for the years ended December 31, 2013 and 2012 are as follows:



(amounts in thousands, except per share amounts)	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013
Revenue	$	42,291	$	40,808	$	41,085	$	44,102
Income from continuing operations attributable to Common Shareholders	$	9,590	$	7,967	$	8,893	$	7,576
Income from discontinued operations attributable to Common Shareholders	33		790		591		4,675
Net income attributable to Common Shareholders	$	9,623	$	8,757	$	9,484	$	12,251
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.18	$	0.14	$	0.16	$	0.14
Income from discontinued operations	—		0.02		0.01		0.08
Net income per share	$	0.18	$	0.16	$	0.17	$	0.22
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.18	$	0.14	$	0.16	$	0.14
Income from discontinued operations	—		0.02		0.01		0.08
Net income per share	$	0.18	$	0.16	$	0.17	$	0.22
Cash dividends declared per Common Share	$	0.21	$	0.21	$	0.21	$	0.23



(amounts in thousands, except per share amounts)	March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012
Revenue	$	25,333	$	28,257	$	29,580	$	31,817
Income from continuing operations attributable to Common Shareholders	$	3,325	$	5,612	$	6,242	$	8,440
Income from discontinued operations attributable to Common Shareholders	685		1,227		1,339		12,836
Net income attributable to Common Shareholders	$	4,010	$	6,839	$	7,581	$	21,276
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.08	$	0.12	$	0.13	$	0.17
Income from discontinued operations	0.01		0.03		0.03		0.25
Net income per share	$	0.09	$	0.15	$	0.16	$	0.42
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.08	$	0.12	$	0.13	$	0.17
Income from discontinued operations	0.01		0.03		0.03		0.25
Net income per share	$	0.09	$	0.15	$	0.16	$	0.42
Cash dividends declared per Common Share	$	0.18	$	0.18	$	0.18	$	0.18

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

+ References+ Details

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Under various Federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company conducts Phase I environmental reviews with respect to properties it acquires. These reviews include an investigation for the presence of asbestos, underground storage tanks and polychlorinated biphenyls (PCBs). Although such reviews are intended to evaluate the environmental condition of the subject property as well as surrounding properties, there can be no assurance that the review conducted by the Company will be adequate to identify environmental or other problems that may exist. Where a Phase II assessment is so recommended, a Phase II assessment is conducted to further determine the extent of possible environmental contamination. In all instances where a Phase I or II assessment has resulted in specific recommendations for remedial actions, the Company has either taken or scheduled the recommended remedial action. To mitigate unknown risks, the Company has obtained environmental insurance for most of its properties, which covers only unknown environmental risks. The Company believes that it is in compliance in all material respects with all Federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future. The Company is involved in various matters of litigation arising in the normal course of business. While the Company is unable to predict with certainty the amounts involved, the Company’s management and counsel are of the opinion that, when such litigation is resolved, the Company’s resulting liability, if any, will not have a significant effect on the Company’s consolidated financial position, results of operations, or liquidity. The Company's policy is to accrue legal expenses as they are incurred. During August 2009, the Company terminated the employment of a former Senior Vice President (the "Former Employee") for engaging in conduct that fell within the definition of "cause" in his severance agreement with the Company. Had the Former Employee not been terminated for "cause," he would have been eligible to receive approximately $0.9 million under the severance agreement. Because the Company terminated him for "cause," it did not pay the Former Employee any severance benefits under the agreement. The Former Employee has brought a lawsuit against the Company in New York State Supreme Court (the "Court"), alleging breach of the severance agreement. Depositions have been completed and a trial date has been set. The Court has granted the Company's request to file a motion for summary judgment. The suit is in the pre-trial discovery stage. The Company believes it has meritorious defenses to the suit. In connection with Phase 2 of the City Point Project, Albee Development LLC ("Albee"), and a non-affiliated construction manager have been served with a Summons With Notice by Casino Development Group, Inc. ("Casino"), the former contractor responsible for the excavation and concrete work at the City Point Project. Albee terminated the contract with Casino for cause prior to completion of the contract. The plaintiff is seeking approximately $8.5 million. Albee believes that it has meritorious defenses to, and is prepared to vigorously defend itself against the claims. As the case is in the beginning stage of litigation, the outcome of these claims cannot be estimated at this time.

- Definition

The entire disclosure for commitments and contingencies.

+ References+ Details

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2013

SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2013



			Initial Cost to Company							Amount at which Carried at December 31, 2013
Description	Encumbrances		Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition			Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
Core Portfolio:
Crescent Plaza Brockton, MA	$	16,747	$	1,147	$	7,425	$	1,390		$	1,147	$	8,815	$	9,962	$	6,629	1993	(a)
New Loudon Center Latham, NY	13,369		505		4,161		12,927			505		17,088		17,593		12,687		1993	(a)
Mark Plaza Edwardsville, PA	—		—		4,268		(872		)	—		3,396		3,396		2,725		1993	(c)
Plaza 422 Lebanon, PA	—		190		3,004		2,309			190		5,313		5,503		4,647		1993	(c)
Route 6 Mall Honesdale, PA	—		1,664		—		12,171			1,664		12,171		13,835		7,161		1994	(c)
Bartow Avenue Bronx, NY	—		1,691		5,803		627			1,691		6,430		8,121		2,109		2005	(c)
Amboy Road Staten Island, NY	—		—		11,909		2,330			—		14,239		14,239		3,558		2005	(a)
Abington Towne Center Abington, PA	—		799		3,197		2,216			799		5,413		6,212		2,934		1998	(a)
Bloomfield Town Square Bloomfield Hills, MI	—		3,207		13,774		20,828			3,207		34,602		37,809		13,625		1998	(a)
Walnut Hill Plaza Woonsocket, RI	22,910		3,122		12,488		441			3,122		12,929		16,051		6,188		1998	(a)
Elmwood Park Shopping Center Elmwood Park, NJ	32,744		3,248		12,992		15,715			3,798		28,157		31,955		14,426		1998	(a)
Merrillville Plaza Hobart, IN	25,837		4,288		17,152		4,993			4,288		22,145		26,433		8,482		1998	(a)
Marketplace of Absecon Absecon, NJ	—		2,573		10,294		4,897			2,577		15,187		17,764		6,064		1998	(a)
Clark Diversey Chicago, IL	4,192		10,061		2,773		246			10,061		3,019		13,080		657		2006	(a)
Chestnut Hill Philadelphia, PA	—		8,289		5,691		4,234			8,289		9,925		18,214		1,652		2006	(a)
Third Avenue Bronx, NY	—		11,108		8,038		4,380			11,855		11,671		23,526		1,545		2006	(a)
Hobson West Plaza Naperville, IL	—		1,793		7,172		1,833			1,793		9,005		10,798		3,978		1998	(a)
Village Commons Shopping Center Smithtown, NY	—		3,229		12,917		4,048			3,229		16,965		20,194		7,237		1998	(a)
Town Line Plaza Rocky Hill, CT	—		878		3,510		7,508			907		10,989		11,896		8,479		1998	(a)
Branch Shopping Center Smithtown, NY	—		3,156		12,545		8,665			3,401		20,965		24,366		6,150		1998	(a)
Methuen Shopping Center Methuen, MA	—		956		3,826		594			961		4,415		5,376		1,940		1998	(a)
The Gateway Shopping Center South Burlington, VT	19,746		1,273		5,091		12,253			1,273		17,344		18,617		6,932		1999	(a)
330 River Street Cambridge, MA	4,088		3,510		2,886		—			3,510		2,886		6,396		157		2012	(a)
Rhode Island Place Shopping Center Washington, D.C.	17,086		7,458		15,968		9			7,458		15,977		23,435		684		2012	(a)
Mad River Station Dayton, OH	—		2,350		9,404		1,049			2,350		10,453		12,803		4,252		1999	(a)



		Initial Cost to Company				Amount at which Carried at December 31, 2013
Description	Encumbrances	Land	Buildings & Improvements	Costs Capitalized Subsequent to Acquisition		Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)
Shopping Centers
Pacesetter Park Shopping Center Ramapo, NY	11,530	1,475	5,899	2,199		1,475	8,098	9,573	3,384	1999	(a)
239 Greenwich Avenue Greenwich, CT	26,000	1,817	15,846	549		1,817	16,395	18,212	6,125	1998	(a)
West Shore Expressway Staten Island, NY	—	3,380	13,554	(55	)	3,380	13,499	16,879	2,587	2007	(a)
West 54th Street Manhattan, NY	—	16,699	18,704	677		16,699	19,381	36,080	3,180	2007	(a)
Acadia 5-7 East 17th Street Manhattan, NY	—	3,048	7,281	77		3,048	7,358	10,406	1,135	2008	(a)
West Diversey 651-671 W Diversey Chicago, IL	—	8,576	17,256	8		8,576	17,264	25,840	1,115	2011	(a)
Mercer Street 15 Mercer Street New York, NY	—	1,887	2,483	7		1,887	2,490	4,377	155	2011	(a)
4401 White Plains Bronx, NY	6,263	1,581	5,054	—		1,581	5,054	6,635	295	2011	(a)
Chicago Street Retail Portfolio	15,984	18,521	55,627	1,335		18,559	56,924	75,483	2,225	2011	(a)
1520 Milwaukee Avenue Chicago, IL	—	2,110	1,306	—		2,110	1,306	3,416	82	2012	(a)
Cambridge LLC Cambridge, MA	7,036	4,894	11,349	—		4,894	11,349	16,243	551	2012	(a)
930 Rush Street Chicago, IL	—	4,933	14,587	—		4,933	14,587	19,520	638	2012	(a)
28 Jericho Turnpike Westbury, NY	16,164	6,220	24,416	—		6,220	24,416	30,636	1,014	2012	(a)
181 Main Street Westport, CT	—	1,908	12,158	—		1,908	12,158	14,066	334	2012	(a)
83 Spring Street Manhattan, NY	—	1,754	9,200	—		1,754	9,200	10,954	345	2012	(a)
60 Orange Street Bloomfield, NJ	8,457	3,609	10,790	—		3,609	10,790	14,399	372	2012	(a)
179-53 & 1801-03 Connecticut Avenue Washington, D.C.	—	11,690	10,135	463		11,689	10,599	22,288	307	2012	(a)
639 West Diversey Chicago, IL	4,685	4,429	6,102	279		4,429	6,381	10,810	158	2012	(a)
664 North Michigan Chicago, IL	—	17,320	69,280	—		17,320	69,280	86,600	1,443	2013	(a)
8-12 E. Walton Chicago, IL	—	5,625	16,875	2		5,625	16,877	22,502	211	2013	(a)
3200-3204 M Street Washington, DC	—	2,950	8,850	—		2,950	8,850	11,800	111	2013	(a)
868 Broadway Manhattan, NY	—	3,375	10,125	—		3,375	10,125	13,500	—	2013	(a)
313-315 Bowery Manhattan, NY	—	—	5,516	—		—	5,516	5,516	—	2013	(a)
120 West Broadway Manhattan, NY	—	—	37,000	—		—	37,000	37,000	—	2013	(a)
Brandywine Town Center Wilmington, DE	141,825	21,993	87,988	16,019		24,214	101,786	126,000	25,911	2003
Brandywine Market Square Wilmington, DE	24,375	4,308	17,239	957		4,262	18,242	22,504	5,412	2003
Undeveloped Land	—	250	—	—		250	—	250	—
ARLP	50,000	—	—	—		—	—	—	—
Fund I:
Kroger/Safeway Various	—	—	4,215	—		—	4,215	4,215	4,022	2003	(a)
Fund II:
Liberty Ave Ozone Park, NY	9,090	—	12,627	1,192		—	13,819	13,819	2,229	2004	(a)



			Initial Cost to Company						Amount at which Carried at December 31, 2013
Description	Encumbrances		Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
216th Street New York, NY	25,500		7,261		—		19,198		7,261		19,198		26,459		3,537		2005	(a)
161st Street Bronx, NY	29,500		16,679		28,410		18,219		16,679		46,629		63,308		7,777		2005	(a)
Fund III:
Cortlandt Towne Center Mohegan Lake, NY	84,745		7,293		61,395		5,688		7,293		67,083		74,376		14,777		2009	(a)
Heritage Shops Chicago, IL	20,871		13,131		15,409		382		13,131		15,791		28,922		1,469		2011	(a)
654 Broadway Manhattan, NY	—		9,040		3,654		956		9,040		4,610		13,650		205		2011	(a)
New Hyde Park Shopping Center New Hyde Park, NY	6,294		3,016		7,733		3,991		3,016		11,724		14,740		541		2011	(a)
640 Broadway Manhattan, NY	22,750		12,503		19,960		3,219		12,503		23,179		35,682		1,023		2012	(a)
Lincoln Park Centre Chicago, IL	23,000		5,090		25,353		125		5,090		25,478		30,568		1,123		2012	(a)
3104 M Street Washington, D.C.	—		750		2,251		95		750		2,346		3,096		80		2012	(a)
3780-3858 Nostrand Ave Farmingdale, NY	12,567		5,058		14,585		510		5,058		15,095		20,153		334		2013	(a)
Fund IV:
210 Bowery LLC New York, NY	4,600		1,875		5,625		38		1,875		5,663		7,538		140		2012	(a)
Paramus Plaza Paramus, NJ	—		4,703		14,148		—		4,703		14,148		18,851		118		2013	(a)
1151 Third Ave Manhattan, NY	—		5,400		12,600		—		5,400		12,600		18,000		53		2013	(a)
Lake Montclair Prince William County, VA	—		4,813		14,438		9		4,813		14,447		19,260		60		2013	(a)
938 W. North Avenue Chicago, IL	—		5,000		15,000		—		5,000		15,000		20,000		62		2013	(a)
Acadia Strategic Opportunity Fund IV	68,750		—		—		—		—		—		—		—		2012	(a)
Real Estate Under Development	262,912		45,658		2,564		289,131		45,658		291,695		337,353		—		2012	(a)
Total	$	1,039,617	$	378,117	$	950,875	$	490,061	$	381,909	$	1,437,144	$	1,819,053	$	229,538

Notes:

(1) Depreciation on buildings and improvements reflected in the consolidated statements of income is calculated over the estimated useful life of the assets as follows:

Buildings: 30 to 40 years

Improvements: Shorter of lease term or useful life

(2) The aggregate gross cost of property included above for Federal income tax purposes was $1,491.0 million as of December 31, 2013

(3) (a) Reconciliation of Real Estate Properties:

The following table reconciles the activity for real estate properties from January 1, 2011 to December 31, 2013:



	For the years ended December 31,
(dollars in thousands)	2013		2012		2011
Balance at beginning of year	$	1,287,198	$	897,370	$	753,989
Other improvements	112,622		65,480		37,497
Property Acquired	272,661		324,348		105,884
Consolidation of Previously Unconsolidated Investments	146,572		—		—
Balance at end of year	$	1,819,053	$	1,287,198	$	897,370

(3) (b) Reconciliation of Accumulated Depreciation:

The following table reconciles accumulated depreciation from January 1, 2011 to December 31, 2013:



	For the years ended December 31,
(dollars in thousands)	2013		2012		2011
Balance at beginning of year	$	169,718	$	147,626	$	134,530
Depreciation related to real estate	31,732		22,092		13,096
Consolidation of Previously Unconsolidated Investments	28,088		—		—
Balance at end of year	$	229,538	$	169,718	$	147,626

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2013
Organization, Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its controlling investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810 "Consolidation" ("ASC Topic 810"). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income. Variable interest entities are accounted for within the scope of ASC Topic 810 and are required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is the enterprise that has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the variable interest entity that could be significant to the variable interest entity. Management has evaluated the applicability of ASC Topic 810 to its investments in certain joint ventures and determined that these joint ventures are not variable interest entities or that the Company is not the primary beneficiary and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method of accounting.
Investments in and Advances to Unconsolidated Joint Ventures, Policy [Policy Text Block]	Investments in and Advances to Unconsolidated Joint Ventures The Company primarily accounts for its investments in unconsolidated joint ventures using the equity method as it does not exercise control over significant asset decisions such as buying, selling or financing nor is it the primary beneficiary under ASC Topic 810, as discussed above in most of these investments. The Company does have significant influence over most of these investments, which requires equity method accounting. Under the equity method, the Company increases its investment for its proportionate share of net income and contributions to the joint venture and decreases its investment balance by recording its proportionate share of net loss and distributions. The Company accounts for some of its investments under the cost method. Due to its minor ownership of three investments as well as the terms of the underlying operating agreements, the Company has no influence over such entities' operating and financial policies. Other than the minority investor rights to which the Company is entitled pursuant to statute, it has no rights other than to receive its pro-rata share of cash distributions as declared by the managers of these investments. The Company has no rights with respect to the control and operation of these investments vehicles, nor with the formulation and execution of business and investment policies. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company. For investments in which there is recourse to the Company, distributions in excess of the investment are recorded as a liability. Although the Company accounts for its investment in Albertson’s (Note 4) under the equity method of accounting, the Company adopted the policy of not recording its equity in earnings or losses of this unconsolidated affiliate until it receives the audited financial statements of Albertson’s to support the equity earnings or losses in accordance with ASC Topic 323, "Investments – Equity Method and Joint Ventures." ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued The Company periodically reviews its investment in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During 2012, the Company recorded an impairment charge of $2.0 million in connection with the estimated fair value in its investment in Mervyns. During the years ended December 31, 2013 and 2011, there were no impairment charges related to the Company’s investment in unconsolidated joint ventures.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates Accounting principles generally accepted in the United States of America ("GAAP") require the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates.
Real Estate, Policy [Policy Text Block]	Real Estate Real estate assets are stated at cost less accumulated depreciation. Construction in progress includes costs for significant property expansion and redevelopment. Depreciation is computed on the straight-line basis over estimated useful lives of 30 to 40 years for buildings, the shorter of the useful life or lease term for tenant improvements and five years for furniture, fixtures and equipment. Expenditures for maintenance and repairs are charged to operations as incurred. Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases and customer relationships) and acquired liabilities in accordance with ASC Topic 805 "Business Combinations" and ASC Topic 350 "Intangibles – Goodwill and Other," and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. To the extent there were fixed-rate options at below-market rental rates, the Company included these along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized over the remaining applicable lease term, inclusive of any option periods. The Company assesses fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. The Company capitalizes certain costs related to the development and redevelopment of real estate including pre-construction costs, interest, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved with the specific project. Additionally, the Company capitalizes interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence, and cease when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. The Company reviews its long-lived assets for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and 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 costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the year ended December 31, 2013, the Company determined that the values of the Walnut Hill Plaza and Fund III's Sheepshead Bay property were impaired. Accordingly, impairment charges of $1.5 million and $6.7 million, respectively were recorded. The Operating Partnership's share of the impairment charge related to Sheepshead Bay was $1.3 million. During the year ended December 31, 2011, the Company determined that the value of the Granville Centre owned by Fund I was impaired. Accordingly, an impairment loss of $6.9 million was recorded, of which the Operating Partnership's share was $1.5 million. During the year ended December 31, 2012, no impairment charges were recorded. Management does not believe that the values of any other properties within the portfolio are impaired as of December 31, 2013.
Sale of Real Estate, Policy [Policy Text Block]	The Company recognizes property sales in accordance with ASC Topic 970 "Real Estate." The Company generally records the sales of operating properties and outparcels using the full accrual method at closing when the earnings process is deemed to be complete. Sales not qualifying for full recognition at the time of sale are accounted for under other appropriate deferral methods.
Real Estate Held for Development and Sale, Policy [Policy Text Block]	The Company evaluates the held-for-sale classification of its real estate each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment. The results of operations of these real estate properties are reflected as discontinued operations in all periods presented. On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance.
Involuntary Conversion of Asset, Policy [Policy Text Block]	Involuntary Conversion of Asset The Company experienced significant flooding resulting in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment were insured for an amount sufficient that would allow for full restoration of the property. Loss of rents during the redevelopment were covered by business interruption insurance subject to a $0.1 million deductible. In accordance with ASC Topic 360 "Property, Plant and Equipment" and as a result of the above-described property damage, the Company had recorded a write-down of the asset's carrying value of approximately $1.4 million, as well as an insurance recovery in the same amount that is included in Prepaid Expenses and Other Assets in the accompanying consolidated balance sheets as of December 31, 2011. The Company also provided a $0.1 million provision in the 2011 consolidated statement of income for its exposure to the insurance deductible attributable to the loss of rents. During the years ended December 31, 2012 and 2011, the Company received insurance proceeds of approximately $3.7 million and $6.9 million, respectively. The Company recognized a gain on involuntary conversion of $2.4 million in 2012 as these proceeds exceeded the asset's net basis.
Deferred Costs, Policy [Policy Text Block]	Deferred Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Fees and costs incurred in connection with obtaining financing are deferred and amortized over the term of the related debt obligation. The Company capitalizes salaries, commissions and benefits related to time spent by leasing and legal department personnel involved in originating leases.
Management Contracts, Policy [Policy Text Block]	Management Contracts Income from management contracts is recognized on an accrual basis as such fees are earned. The initial acquisition costs of any management contracts are amortized over the estimated lives of the contracts acquired.
Revenue Recognition and Accounts Receivable, Policy [Policy Text Block]	Revenue Recognition and Accounts Receivable Leases with tenants are accounted for as operating leases. Minimum rents are recognized, net of any rent concessions or tenant lease incentives, including free rent, on a straight-line basis over the term of the respective leases, beginning when the tenant is entitled to take possession of the space. As of December 31, 2013 and 2012, unbilled rents receivable relating to the straight-lining of rents of $23.1 million and $23.6 million, respectively are included in Rents Receivable, net on the accompanying consolidated balance sheets. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. Rents receivable at December 31, 2013 and 2012 are shown net of an allowance for doubtful accounts of $6.0 million and $6.1 million, respectively.
Notes Receivable and Preferred Equity Investments, Policy [Policy Text Block]	Notes Receivable and Preferred Equity Notes receivable and preferred equity investments are intended to be held to maturity and are carried at amortized cost. Interest income from notes receivable and preferred equity investments are recognized on the effective interest method over the expected life of the loan. Under the effective interest method, interest or fees collected at the origination of the investment or the payoff of the investment are recognized over the term of the loan as an adjustment to yield. Allowances for real estate notes receivable are established based upon management’s quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from their carrying values at the balance sheet date. Interest income recognition is generally suspended for loans when, in the opinion of management, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the suspended loan becomes contractually current and performance is demonstrated to be resumed. During 2012, the Company provided a $0.4 million net reserve on note receivables as a result of changes in the value of the underlying collateral properties.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has never experienced any losses related to these balances.
Restricted Cash and Cash in Escrow, Policy [Policy Text Block]	Restricted Cash and Cash in Escrow Restricted cash and cash in escrow consist principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy and property operating income requirements at specific properties as required by certain loan agreements.
Income Tax, Policy [Policy Text Block]	Income Taxes The Company has made an election to be taxed, and believes it qualifies, as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). To maintain REIT status for Federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to Federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. Although it may qualify for REIT status for Federal income tax purposes, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries ("TRS") is fully subject to Federal, state and local income taxes. The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, "Income Taxes." Under the liability method, deferred income taxes are recognized for the temporary differences between the GAAP basis and tax basis of the TRS income, assets and liabilities. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued In accordance with ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operation. The prior three years' income tax returns are subject to review by the Internal Revenue Service. The Company recognizes potential interest and penalties related to uncertain tax positions as a component of the provision for income taxes.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-based Compensation The Company accounts for stock-based compensation pursuant to ASC Topic 718, "Compensation – Stock Compensation." As such, all equity based awards are reflected as compensation expense in the Company’s consolidated financial statements over their vesting period based on the fair value at the date of grant.
Recent Accounting Pronouncements, Policy [Policy Text Block]	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. During February 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-03, "Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." ASU 2013-03 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 is effective prospectively for reporting periods beginning after December 15, 2012. The adoption of ASU 2013-03 did not have a material impact on the Company's financial condition or results of operations.

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General terms and operating partnership's equity interests

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



Entity	Formation Date	Operating Partnership Share of Capital		Committed Capital		Capital Called as of December 31, 2013		Equity Interest Held By Operating Partnership		Preferred Return		Capital Returned as of December 31, 2013
Fund I and Mervyns I (1)	9/2001	22.22	%	$	90.0	$	86.6	37.78	%	9	%	$	86.6
Fund II and Mervyns II (2)	6/2004	20.00	%	300.0		300.0		20.00	%	8	%	131.6
Fund III (3)	5/2007	19.90	%	475.0		357.5		19.90	%	6	%	203.5
Fund IV	5/2012	23.12	%	540.6		95.9		23.12	%	6	%	—

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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.

(3) Original committed capital of Fund III was $502.5 million. During 2012, this amount was reduced to $475.0 million.

ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Dec. 31, 2013

Acquisition and Disposition of Properties and Discontinued Operations [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Fund III

During 2013, the Company acquired the following properties through its Core Portfolio and Funds as follows:

Core Portfolio



(dollars in millions)
Property	GLA	Percent Owned	Type	Month of Acquisition	Purchase Price		Location
664 N Michigan Avenue	18,141	100%	Street Retail	March	$	86.6	Chicago, IL
8-12 East Walton	8,244	100%	Street Retail	June	22.5		Chicago, IL
3200-3204 M Street	7,000	100%	Street Retail	July	11.8		Washington, D.C.
868 Broadway	2,031	100%	Street Retail	December	13.5		New York, NY
313-315 Bowery	6,600	100%	Street Retail	December	5.5		New York, NY
120 West Broadway (1)	13,988	100%	Street Retail	December	37.0		New York, NY
Total	56,004				$	176.9

The following table summarizes the preliminary allocation of the purchase price of properties as recorded as of December 31, 2012, and the finalized allocation of the purchase price as adjusted as of December 31, 2013:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Acquisition and Disposition of Properties and Discontinued Operations, continued



(dollars in thousands)	Preliminary Purchase Price Allocation		Adjustments			Finalized Purchase Price Allocation
Land	$	86,826	$	30,312		$	117,138
Buildings and Improvements	226,650		(32,440		)	194,210
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—		31,965			31,965
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—		(27,592		)	(27,592		)
Above-below market debt assumed (included in Mortgages and other notes payable)	—		(2,245		)	(2,245		)
Total Consideration	$	313,476	$	—		$	313,476

Fund IV



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
2819 Kennedy Boulevard (1)	53,680	90	%	Shopping Center	June	$	9.0	North Bergen, NJ
Promenade at Manassas (1)	265,442	90	%	Shopping Center	July	38.0		Manassas, VA
Paramus Plaza	152,118	50	%	Shopping Center	September	18.9		Paramus, NJ
1151 Third Avenue	12,288	100	%	Street Retail	October	18.0		New York, NY
Lake Montclair	105,850	100	%	Shopping Center	October	19.3		Dumfries, VA
938 W North Avenue	35,000	80	%	Street Retail	November	20.0		Chicago, IL
Total	624,378					$	123.2

The following table summarizes both the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2013:



(dollars in thousands)	Preliminary Purchase Price Allocation
Land	$	65,829
Buildings and Improvements	253,724
Total Consideration	$	319,553

Schedule Of Property Dispositions [Table Text Block]

During 2013, the Company disposed of the following properties:

Core Portfolio

Fund II



(dollars in thousands) Property	Month Sold	Sales Price		Gain/(Loss)			GLA
Pelham Storage	May	$	11,900	$	4,226		490,900
Fordham Place	November	133,900		(806		)	262,407
Pelham Plaza	November	58,500		8,894			228,493
Total		$	204,300	$	12,314		981,800

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2. Acquisition and Disposition of Properties and Discontinued Operations, continued



(dollars in thousands)
BALANCE SHEETS	December 31, 2013		December 31, 2012
ASSETS
Net real estate	$	17,991	$	210,633
Rents receivable, net	565		10,484
Deferred charges, net	38		8,531
Prepaid expenses and other assets	1,840		8,629
Total assets of discontinued operations	$	20,434	$	238,277
LIABILITIES
Mortgages payable	$	—	$	124,005
Accounts payable and accrued expenses	1,473		4,735
Other liabilities	1,034		7,416
Total liabilities of discontinued operations	$	2,507	$	136,156



	Years ended December 31,
(dollars in thousands)	2013			2012			2011
STATEMENTS OF INCOME
Total revenues	$	20,920		$	56,902		$	57,613
Total expenses	14,102			44,895			48,680
Operating income	6,818			12,007			8,933
Impairment of assets	(6,683		)	—			(6,925		)
Loss on debt extinguishment	(800		)	(2,541		)	—
Gain on sale of properties	18,802			71,203			46,830
Income from discontinued operations	18,137			80,669			48,838
Income from discontinued operations attributable to noncontrolling interests	(12,048		)	(64,582		)	(15,894		)
Income from discontinued operations attributable to Common Shareholders	$	6,089		$	16,087		$	32,944

- 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

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Reconciliation of Certain Segment Information from Segments to Consolidated [Table Text Block]

The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2013, 2012 and 2011 (does not include unconsolidated affiliates or discontinued operations):

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2013



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	110,355		$	46,131		$	11,800	$	168,286
Property operating expenses, other operating and real estate taxes	(29,040		)	(17,513		)	—		(46,553		)
General and administrative expenses	(23,611		)	(1,944		)	—		(25,555		)
Depreciation and amortization	(28,989		)	(11,310		)	—		(40,299		)
Operating Income	28,715			15,364			11,800		55,879
Equity in (losses) earnings of unconsolidated affiliates	(99		)	12,481			—		12,382
Impairment of asset	(1,500		)	—			—		(1,500		)
Loss on debt extinguishment	(309		)	(456		)	—		(765		)
Interest and other finance expense	(26,158		)	(13,316		)	—		(39,474		)
Income tax benefit (provision)	131			(150		)	—		(19		)
Income from continuing operations	780			13,923			11,800		26,503
Discontinued operations
Operating income from discontinued operations	535			6,283			—		6,818
Impairment of asset	—			(6,683		)	—		(6,683		)
Loss on debt extinguishment	(145		)	(655		)	—		(800		)
Gain on sale of properties	6,488			12,314			—		18,802
Income from discontinued operations	6,878			11,259			—		18,137
Net income	7,658			25,182			11,800		44,640
Noncontrolling interests
(Income) loss from continuing operations	(1,002		)	8,525			—		7,523
Income from discontinued operations	(2,406		)	(9,642		)	—		(12,048		)
Net income attributable to noncontrolling interests	(3,408		)	(1,117		)	—		(4,525		)
Net income attributable to Common Shareholders	$	4,250		$	24,065		$	11,800	$	40,115

Real Estate at Cost	$	1,059,257		$	759,796		$	—	$	1,819,053
Total Assets	$	1,012,553		$	1,105,264		$	126,706	$	2,244,523
Acquisition of Real Estate	$	143,616		$	76,425		$	—	$	220,041
Investment in Redevelopment and Improvements	$	10,611		$	96,272		$	—	$	106,883

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2012



(dollars in thousands)	Core Portfolio			Funds			Structured Financing			Total
Revenues	$	70,400		$	36,560		$	8,027		$	114,987
Property operating expenses, other operating and real estate taxes	(21,817		)	(15,899		)	—			(37,716		)
General and administrative expenses	(19,573		)	(1,650		)	—			(21,223		)
Reserve for notes receivable	—			—			(405		)	(405		)
Depreciation and amortization	(17,065		)	(10,823		)	—			(27,888		)
Operating Income	11,945			8,188			7,622			27,755
Equity in earnings of unconsolidated affiliates	262			288			—			550
Gain on sale of unconsolidated affiliates	—			3,061			—			3,061
Impairment of unconsolidated affiliates	—			(2,032		)	—			(2,032		)
Loss on debt extinguishment	—			(198		)	—			(198		)
Gain on involuntary conversion of asset	2,368			—			—			2,368
Interest and other finance expense	(15,431		)	(7,380		)	—			(22,811		)
Income tax (provision) benefit	(241		)	815			—			574
(Loss) income from continuing operations	(1,097		)	2,742			7,622			9,267
Discontinued operations
Operating income from discontinued operations	319			11,688			—			12,007
Loss on debt extinguishment	—			(2,541		)	—			(2,541		)
Gain on sale of properties	—			71,203			—			71,203
Income from discontinued operations	319			80,350			—			80,669
Net (loss) income	(778		)	83,092			7,622			89,936
Noncontrolling interests
Loss from continuing operations	60			14,292			—			14,352
Income from discontinued operations	(128		)	(64,454		)	—			(64,582		)
Net income attributable to noncontrolling interests	(68		)	(50,162		)	—			(50,230		)
Net (loss) income attributable to Common Shareholders	$	(846	)	$	32,930		$	7,622		$	39,706

Real Estate at Cost	$	722,345		$	564,853		$	—		$	1,287,198
Total Assets	$	727,423		$	811,855		$	130,885		$	1,670,163
Acquisition of Real Estate	$	175,556		$	66,338		$	—		$	241,894
Investment in Redevelopment and Improvements	$	3,862		$	78,265		$	—		$	82,127

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2011



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	58,162		$	27,990		$	11,705	$	97,857
Property operating expenses, other operating and real estate taxes	(16,433		)	(11,595		)	—		(28,028		)
General and administrative expenses	(20,950		)	(2,046		)	—		(22,996		)
Depreciation and amortization	(13,070		)	(7,905		)	—		(20,975		)
Operating Income	7,709			6,444			11,705		25,858
Equity in earnings of unconsolidated affiliates	644			911			—		1,555
Gain on debt extinguishment	1,268			—			—		1,268
Interest and other finance expense	(16,480		)	(6,863		)	—		(23,343		)
Income tax (provision) benefit	(1,073		)	612			—		(461		)
(Loss) income from continuing operations	(7,932		)	1,104			11,705		4,877
Discontinued operations
Operating income from discontinued operations	626			8,307			—		8,933
Impairment of asset	—			(6,925		)	—		(6,925		)
Gain on sale of properties	28,576			18,254			—		46,830
Income from discontinued operations	29,202			19,636			—		48,838
Net income	21,270			20,740			11,705		53,715
Noncontrolling interests
(Income) loss from continuing operations	(575		)	14,309			—		13,734
Income from discontinued operations	(49		)	(15,845		)	—		(15,894		)
Net income attributable to noncontrolling interests	(624		)	(1,536		)	—		(2,160		)
Net income attributable to Common Shareholders	$	20,646		$	19,204		$	11,705	$	51,555

Real Estate at Cost	$	475,685		$	421,685		$	—	$	897,370
Total Assets	$	487,469		$	530,236		$	59,989	$	1,077,694
Acquisition of Real Estate	$	56,103		$	60,305		$	—	$	116,408
Investment in Redevelopment and Improvements	$	12,266		$	49,045		$	—	$	61,311

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)

12 Months Ended

Dec. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments [Table Text Block]

The following table summarizes activity related to the RCP Venture investments from inception through December 31, 2013:



						Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	46,916	$	4,901	$	11,451
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
Total		$	63,214	$	145,763	$	12,070	$	31,346

Schedule of Noncontrolling Interest In Individual Investee [Table Text Block]

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



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

Schedule of Condensed Balance Sheet [Table Text Block]

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



(dollars in thousands)	December 31, 2013			December 31, 2012
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	380,268		$	441,611
Real estate under development	5,573			—
Investment in unconsolidated affiliates	63,745			93,923
Other assets	66,895			39,035
Total assets	$	516,481		$	574,569
Liabilities and partners’ equity:
Mortgage notes payable	$	265,982		$	326,296
Other liabilities	43,733			24,267
Partners’ equity	206,766			224,006
Total liabilities and partners’ equity	$	516,481		$	574,569
Company’s investment in and advances to unconsolidated affiliates	$	181,322		$	221,904
Company's share of distributions in excess of share of income and investments in unconsolidated affiliates	$	(8,701	)	$	(22,707	)

Schedule of Condensed Income Statement [Table Text Block]



	Years Ended December 31,
(dollars in thousands)	2013			2012			2011
Combined and Condensed Statements of Income
Total revenues	$	51,638		$	49,729		$	42,185
Operating and other expenses	(18,700		)	(18,919		)	(15,924		)
Interest expense	(8,943		)	(18,547		)	(17,099		)
Equity in earnings of unconsolidated affiliates	13,651			583			7,243
Depreciation and amortization	(10,599		)	(9,551		)	(8,837		)
Loss on debt extinguishment	—			(293		)	—
Gain on sale of properties	—			3,402			—
Net income	$	27,047		$	6,404		$	7,568

Company’s share of net income	$	12,774		$	1,971		$	1,946
Amortization of excess investment	(392		)	(392		)	(391		)
Company’s equity in earnings of unconsolidated affiliates	$	12,382		$	1,579		$	1,555

NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2013

Mortgage Loans on Real Estate [Abstract]

Schedule of Notes Receivable

Notes receivable were as follows at December 31, 2013:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

5. Notes Receivable, Preferred Equity and Other Real Estate Related Investments, continued



Note Description	Effective interest rate (1)	First Priority Liens		Net Carrying Amount of Notes Receivable as of December 31, 2013		Net Carrying Amount of Notes Receivable as of December 31, 2012		Maturity Date	Extension Options
(dollars in thousands)
First Mortgage Loan	5.5%	$	—	$	42,000	$	25,000	1/31/2014	—
First Mortgage Loan	7.7%	—		12,000		—		1/1/2015	—
Zero Coupon Loan ²	24.0%	166,200		4,431		3,961		1/3/2016	—
Preferred Equity	8.1%	20,855		13,000		—		9/1/2017	—
Mezzanine Loan	15.0%	—		30,879		30,879		11/9/2020	—
First Mortgage Loan	8.0%	—		6,400		8,000		Demand	—
Mezzanine Loan ³	10.0%	89,566		9,089		9,089		Demand	—
First Mortgage Loan	5.3%	—		—		18,500		Demand	—
Mezzanine Loan ⁴	15.0%	16,668		3,834		3,834		Upon Capital Event	—
Construction Loan	20.5%	—		—		5,400		12/31/2012	—
First Mortgage Loan	12.0%	—		—		12,333		12/1/2013	—
First Mortgage Loan	6.0%	—		—		10,250		12/31/2013	—
Individually less than 3% ⁵	2.5% + LIBOR to 17.5%	37,623		5,023		2,032		12/31/2014 to Capital Event	—
Total				$	126,656	$	129,278

Notes:

(1) The effective interest rate includes origination and exit fees.

(2) The principal balance for this accrual only loan is increased by the interest accrued

(3) Comprised of three cross-collateralized loans from one borrower, which are non-performing

(4) Non-performing loan

(5) Consists of four loans, two of which are non-performing, with an aggregate face value of $5.7 million, of which $3.7 million has been reserved

Schedule of Notes Receivable and Preferred Equity Investments Reconciliation

The following table reconciles notes receivable investments from January 1, 2011 to December 31, 2013:



	For the years ended December 31,
(dollars in thousands)	2013			2012			2011
Beginning Balance	$	129,278		$	59,989		$	89,202
Additions during period:
New investments	45,000			108,629			34,758
Deductions during period:
Collections of principal	(29,583		)	(25,388		)	(56,517		)
Conversion to real estate through receipt of deed or through foreclosure	(18,500		)	(14,000		)	—
Reclass to investments in unconsolidated affiliates	—			—			(8,000		)
Non-cash accretion of notes receivable	461			453			786
Reserves	—			(405		)	(240		)
Ending Balance	$	126,656		$	129,278		$	59,989

Schedule of Allowance for Credit Losses on Notes Receivable

The following table reconciles the activity in the allowance for notes receivable from December 31, 2011 to December 31, 2013:



	Allowance for
(dollars in thousands)	Notes Receivable
Balance at December 31, 2011	$	3,276
Additional reserves	405
Recoveries	—
Charge-offs and reclassifications	—
Balance at December 31, 2012	$	3,681
Additional reserves	—
Recoveries	—
Charge-offs and reclassifications	—
Balance at December 31, 2013	$	3,681

MORTGAGES AND OTHER NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2013

Mortgage Loans on Real Estate [Abstract]

Mortgage Loan Activity [Table Text Block]

The following table reflects mortgage loan activity for the year ended December 31, 2013:



(dollars in thousands)
Collateral	Activity	Month	Amount Borrowed or Assumed		Amount Repaid		Interest Rate	Maturity Date
28 Jericho Turnpike	New Loan	January	$	16,500	$	—	LIBOR + 1.90%	1/23/2023
Nostrand Ave	New Loan	February	13,000		—		LIBOR + 2.65%	2/1/2016
161st St	Refinance	March	29,500		28,900		LIBOR + 2.50%	4/1/2018
City Point (1)	Amendment	March	20,000		—		LIBOR + 5.00%	8/23/2015
60 Orange St	New Loan	April	8,600		—		LIBOR + 1.75%	4/3/2023
210 Bowery	New Loan	June	4,600		—		LIBOR + 1.95%	6/1/2014
Cortlandt Towne Center (2)	Amendment	August	12,033		—		LIBOR + 1.65%	10/26/2015
Village Commons Shopping Center	Repayment	November	—		9,084
Branch Plaza	Repayment	November	—		12,311
West Diversey	Repayment	November	—		14,905
Fordham Place (3)	Repayment	December			81,422
Pelham Manor (3)	Repayment	December	—		33,555
Lincoln Park Center	Refinance	December	23,000		19,026		LIBOR + 1.45%	12/3/2016
A&P Shopping Plaza (3)	Repayment	December	—		8,000
City Point	New Loan	December	197,000		—		4.75%	2019 ⁽⁴⁾
Total			$	324,233	$	207,203

Notes:

(1) Loan was amended from $50.0 million to $20.0 million.

(2) Loan was amended from $73.0 million to $85.0 million.

(3) Loan was paid off in connection with the sale of the property.

(4) The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014.

Schedule of Line of Credit Facilities [Table Text Block]

The following table sets forth certain information pertaining to our credit facilities as of December 31, 2013:



(dollars in thousands) Borrower	Total amount of credit facility		Amount borrowed as of December 31, 2012		Net borrowings (repayments) during the year ended December 31, 2013			Amount borrowed as of December 31, 2013		Letters of credit outstanding as of December 31, 2013		Amount available under credit facilities as of December 31, 2013
Acadia Realty, LP	$	150,000	$	—	$	—		$	—	$	12,500	$	137,500
Fund IV	150,000		93,050		(24,300		)	68,750		—		81,250
Total	$	300,000	$	93,050	$	(24,300	)	$	68,750	$	12,500	$	218,750

Schedule of Debt [Table Text Block]

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

The following table summarizes the Company’s mortgage and other secured indebtedness as of December 31, 2013 and December 31, 2012:

(dollars in thousands)

Description of Debt and Collateral

12/31/2013

12/31/2012

Interest Rate at December 31, 2013

Maturity

Payment
Terms

Mortgage notes payable – variable-rate

161st Street

—

28,900

5.67%
(LIBOR+5.50%)

4/1/2013

Interest only monthly.

Liberty Avenue

9,090

9,208

3.42%
(LIBOR+3.25%)

4/30/2014

Monthly principal and interest.

210 Bowery

4,600

—

2.12%
(LIBOR+1.95%)

6/1/2014

Interest only monthly.

Branch Shopping Plaza

—

12,526

2.42%
(LIBOR+2.25%)

9/30/2014

Monthly principal and interest.

640 Broadway

22,750

3.12%
(LIBOR+2.95%)

7/1/2015

Interest only monthly.

Heritage Shops

20,871

21,000

2.42%
(LIBOR+2.25%)

8/10/2015

Interest only monthly.

CityPoint

20,650

3.67%
(LIBOR+3.50%)

8/12/2015

Interest only monthly.

CityPoint

20,000

—

5.17%
(LIBOR+5.00%)

8/23/2015

Interest only monthly.

Cortlandt Towne Center

84,745

73,499

1.82%
(LIBOR+1.65%)

10/26/2015

Monthly principal and interest.

New Hyde Park Shopping Center

6,294

6,484

2.42%
(LIBOR+2.25%)

11/10/2015

Monthly principal and interest.

Nostrand Ave

12,567

—

2.82%
(LIBOR+2.65%)

2/1/2016

Monthly principal and interest.

Village Commons Shopping Center

—

9,192

1.57%
(LIBOR+1.40%)

6/30/2018

Monthly principal and interest.

Lincoln Park Centre

23,000

—

1.62%
(LIBOR+1.45%)

12/3/2016

Interest only monthly.

Term Loan

50,000

—

1.57%
(LIBOR+140%)

11/25/2018

Interest only monthly.

161st Street

29,500

—

2.67%
(LIBOR+2.50%)

4/1/2018

Interest only monthly.

West Diversey

—

15,273

2.07%
(LIBOR+1.90%)

4/27/2019

Monthly principal and interest.

4401 N White Plains Road

6,263

6,381

2.07%
(LIBOR+1.90%)

9/1/2022

Monthly principal and interest.

28 Jericho Turnpike

16,164

—

2.07%
(LIBOR+1.90%)

1/23/2023

Monthly principal and interest.

60 Orange Street

8,457

—

1.92%
(LIBOR+1.75%)

4/3/2023

Monthly principal and interest.

Sub-total mortgage notes payable

334,951

225,863

Credit facilities – variable-rate:

Fund IV revolving subscription line of credit (2)

68,750

93,050

1.82%
(LIBOR+1.65%)

11/20/2015

Interest only monthly.

Interest rate swaps (1)

(179,660

)

(132,857

)

Total variable-rate debt

224,041

186,056

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued



(dollars in thousands)
Description of Debt and Collateral	12/31/2013		12/31/2012			Interest Rate at December 31, 2013	Maturity	Payment Terms

Mortgage notes payable – fixed-rate
Lincoln Park Centre	$	—	$	19,478		5.85%	12/1/2013	Monthly principal and interest.
Clark Diversey	4,192		4,345			6.35%	7/1/2014	Monthly principal and interest.
New Loudon Center	13,369		13,634			5.64%	9/6/2014	Monthly principal and interest.
CityPoint	20,000		20,000			7.25%	11/1/2014	Interest only quarterly.
Crescent Plaza	16,747		17,025			4.98%	9/6/2015	Monthly principal and interest.
Pacesetter Park Shopping Center	11,530		11,742			5.12%	11/6/2015	Monthly principal and interest.
Elmwood Park Shopping Center	32,744		33,258			5.53%	1/1/2016	Monthly principal and interest.
Chicago Street Retail Portfolio	15,558		15,835			5.61%	2/1/2016	Monthly principal and interest.
The Gateway Shopping Center	19,746		20,036			5.44%	3/1/2016	Monthly principal and interest.
330-340 River Street	10,904		11,128			5.29%	5/1/2016	Monthly principal and interest.
Brandywine Town Center	166,200		—			5.99%	7/1/2016	Interest only monthly.
Walnut Hill Plaza	22,910		23,194			6.06%	10/1/2016	Monthly principal and interest.
Rhode Island Place Shopping Center	16,208		16,426			6.35%	12/1/2016	Monthly principal and interest.
239 Greenwich Avenue	26,000		26,000			5.42%	2/11/2017	Interest only monthly.
639 West Diversey	4,341		4,431			6.65%	3/1/2017	Monthly principal and interest.
Merrillville Plaza	25,837		26,151			5.88%	8/1/2017	Monthly principal and interest.
216th Street	25,500		25,500			5.80%	10/1/2017	Interest only monthly.
CityPoint	5,262		5,262			1.00%	8/23/2019	Interest only monthly.
CityPoint	197,000		—			4.75%	2019 (3)	Interest only monthly.
Interest rate swaps (1)	179,660		132,857			2.15%
Total fixed-rate debt	813,708		426,302
Unamortized premium (discount)	1,868		(107		)
Total	$	1,039,617	$	612,251

Notes:


(1)	Represents the amount of the Company’s variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 10).


(2)	The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.


(3)	The maturity date of this loan is five years after the final advancing of funds which is currently anticipated to occur by the end of 2014.

Schedule of Maturities of Long-term Debt [Table Text Block]




(dollars in thousands)
2014	$	57,083
2015	273,909
2016	316,540
2017	81,161
2018	80,382
Thereafter	229,054
	$	1,038,129

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

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 December 31, 2013:



(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Derivative financial instruments	$	—	$	3,114	$	—
Liabilities
Derivative financial instruments	$	—	$	2,066	$	—

Fair Value, by Balance Sheet Grouping [Table Text Block]



	December 31, 2013				December 31, 2012
(dollars in thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable and Preferred Equity Investments	$	126,707	$	126,707	$	129,278	$	129,278
Mortgage Notes Payable and Convertible Notes Payable	$	1,039,997	$	1,056,457	$	613,181	$	620,583

- 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

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Tables)

12 Months Ended

Dec. 31, 2013

Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]

Change in Noncontrolling Interests [Table Text Block]



	Noncontrolling Interests in Operating Partnership			Noncontrolling Interests in Partially-Owned Affiliates
(dollars in thousands)
Balance at December 31, 2012	$	11,794		$	435,665
Distributions declared of $0.86 per Common OP Unit	(1,664		)	—
Net income for the period January 1 through December 31, 2013	492			4,033
Conversion of 92,514 OP Units to Common Shares by limited partners of the Operating Partnership	(1,548		)	—
Consolidation of previously unconsolidated investment	—			(33,949		)
Issuance of OP Units to acquire real estate	33,300			—
Other comprehensive income - unrealized loss on valuation of swap agreements	23			46
Reclassification of realized interest expense on swap agreements	21			973
Noncontrolling interest contributions	—			49,324
Noncontrolling interest distributions and other reductions	—			(87,688		)
Employee Long-term Incentive Plan Unit Awards	6,530			—
Balance at December 31, 2013	$	48,948		$	368,404

SHARE INCENTIVE PLAN (Tables)

12 Months Ended

Dec. 31, 2013

Share Incentive Plan [Abstract]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

A summary of option activity under all option arrangements as of December 31, 2013 and 2012, and changes during the years then ended, is presented below:



Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (dollars in thousands)
Outstanding and exercisable at December 31, 2011	150,283		$	18.33	3.5	$	272
Granted	—		—		—	—
Exercised	(12,636	)	14.23		—	137
Forfeited or Expired	—		—		—	—
Outstanding and exercisable at December 31, 2012	137,647		18.71		2.6	877
Granted	—		—		—	—
Exercised	(23,815	)	15.96		—	211
Forfeited or Expired	(746	)	20.65		—	—
Outstanding and exercisable at December 31, 2013	113,086		$	19.28	3.5	$	628

Schedule of Unvested Restricted Shares and LTIP Units [Table Text Block]

A summary of the status of the Company’s unvested Restricted Shares and LTIP Units as of December 31, 2013 and 2012 and changes during the years then ended is presented below:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

15. Share Incentive Plan, continued



Unvested Restricted Shares and LTIP Units	Restricted Shares		Weighted Grant-Date Fair Value		LTIP Units		Weighted Grant-Date Fair Value
Unvested at December 31, 2011	75,739		$	18.25	838,898		$	17.85
Granted	30,153		21.88		281,714		21.99
Vested	(43,819	)	19.29		(176,926	)	16.92
Forfeited	(1,157	)	16.02		—		—
Unvested at December 31, 2012	60,916		19.36		943,686		19.27
Granted	31,830		23.75		290,912		26.69
Vested	(28,179	)	18.77		(350,264	)	19.51
Forfeited	(830	)	23.00		—		—
Unvested at December 31, 2013	63,737		$	23.34	884,334		$	21.62

FEDERAL INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Schedule of Tax Status of Dividends [Table Text Block]

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



	For the years ended December 31,
	2013		2012		2011
Ordinary income	87	%	63	%	75	%
Qualified dividend	—	%	—	%	22	%
Capital gain	13	%	37	%	3	%
	100	%	100	%	100	%

Schedule of TRS Income and Provision for Income Taxes [Table Text Block]

The Company’s TRS income and provision for income taxes for the years ended December 31, 2013, 2012 and 2011 are summarized as follows:



(dollars in thousands)	2013			2012			2011
TRS (loss) income before income taxes	$	(2,225	)	$	(2,056	)	$	376
Benefit (provision) for income taxes:
Federal	276			592			(222		)
State and local	71			147			(59		)
TRS net (loss) income before noncontrolling interests	(1,878		)	(1,317		)	95
Noncontrolling interests	267			702			1,245
TRS net (loss) income	$	(1,611	)	$	(615	)	$	1,340

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

19. Federal Income Taxes, continued



(dollars in thousands)	2013			2012			2011
Federal (benefit) provision at statutory tax rate	$	(757	)	$	(699	)	$	128
TRS state and local taxes, net of federal benefit	(117		)	(109		)	20
Tax effect of:
Permanent differences, net	496			809			(279		)
Prior year overaccrual, net	128			(553		)	—
Restricted stock vesting	(2		)	(159		)	266
Other	127			(41		)	133
REIT state and local income and franchise taxes	144			178			193
Total provision (benefit) for income taxes	$	19		$	(574	)	$	461

EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]



	Years ended December 31,
(dollars in thousands, except per share amounts)	2013		2012		2011
Numerator:
Income from continuing operations	$	34,026	$	23,619	$	18,611
Less: net income attributable to participating securities	581		458		381
Income from continuing operations net of income	33,445		23,161		18,230
attributable to participating securities
Denominator:
Weighted average shares for basic earnings per share	54,919		45,854		40,697
Effect of dilutive securities:
Employee share options	38		40		18
Denominator for diluted earnings per share	54,957		45,894		40,715
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.61	$	0.51	$	0.45
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.61	$	0.51	$	0.45

SUMMARY OF QUARTERLY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information [Table Text Block]

The quarterly results of operations of the Company for the years ended December 31, 2013 and 2012 are as follows:



(amounts in thousands, except per share amounts)	March 31, 2013		June 30, 2013		September 30, 2013		December 31, 2013
Revenue	$	42,291	$	40,808	$	41,085	$	44,102
Income from continuing operations attributable to Common Shareholders	$	9,590	$	7,967	$	8,893	$	7,576
Income from discontinued operations attributable to Common Shareholders	33		790		591		4,675
Net income attributable to Common Shareholders	$	9,623	$	8,757	$	9,484	$	12,251
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.18	$	0.14	$	0.16	$	0.14
Income from discontinued operations	—		0.02		0.01		0.08
Net income per share	$	0.18	$	0.16	$	0.17	$	0.22
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.18	$	0.14	$	0.16	$	0.14
Income from discontinued operations	—		0.02		0.01		0.08
Net income per share	$	0.18	$	0.16	$	0.17	$	0.22
Cash dividends declared per Common Share	$	0.21	$	0.21	$	0.21	$	0.23



(amounts in thousands, except per share amounts)	March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012
Revenue	$	25,333	$	28,257	$	29,580	$	31,817
Income from continuing operations attributable to Common Shareholders	$	3,325	$	5,612	$	6,242	$	8,440
Income from discontinued operations attributable to Common Shareholders	685		1,227		1,339		12,836
Net income attributable to Common Shareholders	$	4,010	$	6,839	$	7,581	$	21,276
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.08	$	0.12	$	0.13	$	0.17
Income from discontinued operations	0.01		0.03		0.03		0.25
Net income per share	$	0.09	$	0.15	$	0.16	$	0.42
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.08	$	0.12	$	0.13	$	0.17
Income from discontinued operations	0.01		0.03		0.03		0.25
Net income per share	$	0.09	$	0.15	$	0.16	$	0.42
Cash dividends declared per Common Share	$	0.18	$	0.18	$	0.18	$	0.18

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

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

Business Interruption Insurance Deductible

$ 100,000

Impairment of asset

8,183,000

6,925,000

Provision for Insurance Deductible Attributable to Loss of Rents

100,000

Insurance proceeds from involuntary conversion of asset

3,672,000

Insurance proceeds from involuntary conversion of asset, other

6,900,000

Gain on involuntary conversion of asset

2,368,000

Deferred Rent Receivables, Net

23,100,000

23,600,000

Allowance for Doubtful Accounts Receivable

6,000,000

6,100,000

Additional reserves

405,000

Required Distribution Rate to Maintain REIT Status (in percent)

90.00%

Loss of Anchor Tenant [Member]

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

Additional reserves

400,000

Flood [Member]

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

Impairment of asset

1,400,000

Funiture, Fixtures and Equipment [Member]

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

Property, Plant and Equipment, Useful Life, Minimum (In Years)

5 years

Minimum [Member] | Building [Member]

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

Property, Plant and Equipment, Useful Life, Minimum (In Years)

30 years

Maximum [Member] | Building [Member]

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

Property, Plant and Equipment, Useful Life, Minimum (In Years)

40 years

Operating Partnership, as General Partner or Managing Member [Member]

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

Ownership Interest By General Partner or Managing Partner (in percent)

97.00%

Remaining Funds Rate of Distribution to Operating Partnership (in percent)

20.00%

Institutional Investors [Member]

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

Remaining Funds Rate of Distribution to All Partners (in percent)

80.00%

Fund I and Mervyns I [Member]

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

Ownership Interest By General Partner or Managing Partner (in percent)

37.78%

^[1]

Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Share of Capital

22.22%

^[1]

General Partners' Contributed Capital

90,000,000

^[1]

Managing Members' Contributed Capital

86,600,000

^[1]

Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners, Preferred Return

9.00%

^[1]

Partners' Capital Account, Distributions

86,600,000

^[1]

Fund I [Member] | Granville Centre [Member]

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

Impairment of asset

6,900,000

Fund I [Member] | Operating Partnership, as General Partner or Managing Member [Member] | Granville Centre [Member]

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

Impairment of asset

1,500,000

Fund II and Mervyns II [Member]

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

Ownership Interest By General Partner or Managing Partner (in percent)

20.00%

^[2]

Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Share of Capital

20.00%

^[2]

General Partners' Contributed Capital

300,000,000

^[2]

Managing Members' Contributed Capital

300,000,000

^[2]

Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners, Preferred Return

8.00%

^[2]

Partners' Capital Account, Distributions

131,600,000

^[2]

Fund II [Member]

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

Partners' Capital Account, Distributions

47,100,000

^[2]

Fund III [Member]

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

Ownership Interest By General Partner or Managing Partner (in percent)

19.90%

^[3]

General Partners' Committed Capital

502,500,000

Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Share of Capital

19.90%

^[3]

General Partners' Contributed Capital

475,000,000

^[3]

Managing Members' Contributed Capital

357,500,000

^[3]

Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners, Preferred Return

6.00%

^[3]

Partners' Capital Account, Distributions

203,500,000

^[3]

Fund III [Member] | Walnut Hill Plaza [Member]

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

Impairment of asset

1,500,000

Fund III [Member] | Sheepshead Bay [Member]

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

Impairment of asset

6,700,000

Fund III [Member] | Operating Partnership, as General Partner or Managing Member [Member] | Sheepshead Bay [Member]

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

Impairment of asset

1,300,000

Mervyns I and Mervyns II [Member]

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

Impairment of asset

2,000,000

Fund IV [Member]

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

Ownership Interest By General Partner or Managing Partner (in percent)

23.12%

Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Share of Capital

23.12%

General Partners' Contributed Capital

540,600,000

Managing Members' Contributed Capital

95,900,000

Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners, Preferred Return

6.00%

Partners' Capital Account, Distributions

Brandywine Portfolio [Member]

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

Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Share of Capital

22.22%

^[1]

Square Footage of Real Estate Property (in feet)

1,000,000

Core Portfolio [Member]

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

Number of Retail Properties

Properties Owned Percentage

100.00%

Gain on involuntary conversion of asset

2,368,000

Opportunity Funds [Member]

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

Number of Retail Properties

Gain on involuntary conversion of asset

$ 0

Core Portfolio and Opportunity Funds [Member]

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

Number of Retail Properties

105

[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]	During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects.
[3]	Original committed capital of Fund III was $502.5 million. During 2012, this amount was reduced to $475.0 million.

ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS Acquisitions (Details) (USD $)
Share data in Millions, unless otherwise specified

12 Months Ended

1 Months Ended

12 Months Ended

Dec. 31, 2013

Acquisitions in 2013 [Member]

Preliminary Purchase Price Allocation [Member]

Dec. 31, 2012

Acquisitions in 2012 [Member]

Preliminary Purchase Price Allocation [Member]

Dec. 31, 2013

Acquisitions in 2012 [Member]

Finalized Purchase Price Allocation, Adjustment [Member]

Dec. 31, 2013

Acquisitions in 2012 [Member]

Finalized Purchase Price Allocation [Member]

Dec. 31, 2013

Core Portfolio [Member]

sqft

Dec. 31, 2013

Core Portfolio [Member]

664 North Michigan Avenue [Member]

Chicago, Illinois [Member]

sqft

Dec. 31, 2013

Core Portfolio [Member]

8-12 East Walton [Member]

Chicago, Illinois [Member]

sqft

Dec. 31, 2013

Core Portfolio [Member]

3200 - 3204 M Street [Member]

Washington, D.C. [Member]

sqft

Dec. 31, 2013

Core Portfolio [Member]

868 Broadway [Member]

New York New York [Member]

sqft

Dec. 31, 2013

Core Portfolio [Member]

313 - 315 Bowery [Member]

New York New York [Member]

sqft

Dec. 31, 2013

Core Portfolio [Member]

120 West Broadway [Member]

New York New York [Member]

sqft

Dec. 31, 2013

Fund III [Member]

May 31, 2012

Fund III [Member]

Brooklyn, New York [Member]

sqft

Apr. 30, 2012

Fund III [Member]

Brooklyn, New York [Member]

Dec. 31, 2013

Fund IV [Member]

sqft

Dec. 31, 2013

Fund IV [Member]

AMCB Kennedy LLC [Member]

North Bergen, New Jersey [Member]

sqft

Dec. 31, 2013

Fund IV [Member]

Promenade at Manassas [Member]

Manassas, Virginia [Member]

sqft

Dec. 31, 2013

Fund IV [Member]

Paramus Plaza [Member]

Paramus, New Jersey [Member]

sqft

Dec. 31, 2013

Fund IV [Member]

1151 Third Avenue [Member]

New York New York [Member]

sqft

Dec. 31, 2013

Fund IV [Member]

Lake Montclair [Member]

Dumfries, Virginia [Member]

sqft

Dec. 31, 2013

Fund IV [Member]

938 West North Avenue [Member]

Chicago, Illinois [Member]

sqft

Dec. 31, 2013

Fund II [Member]

sqft

Business Acquisition [Line Items]

GLA (in square feet)

56,004

18,141

8,244

7,000

2,031

6,600

13,988

^[1]

624,378

53,680

^[2]

265,442

^[2]

152,118

12,288

105,850

35,000

981,800

Percent Owned

100.00%

^[1]

99.00%

90.00%

^[2]

90.00%

^[2]

50.00%

100.00%

80.00%

Purchase Price

$ 176,900,000

$ 86,600,000

$ 22,500,000

$ 11,800,000

$ 13,500,000

$ 5,500,000

$ 37,000,000

^[1]

$ 123,200,000

$ 9,000,000

^[2]

$ 38,000,000

^[2]

$ 18,900,000

$ 18,000,000

$ 19,300,000

$ 20,000,000

Liabilities Incurred

23,000,000

Issuance of OP Units in Exchange for Ownership, Number of Shares

1.2

Acquisition Related Costs

2,700,000

800,000

2,000,000

Note receivable, discounted price

18,500,000

Property pledged as collateral, area of property

79,526

Business acquisition, percentage of voting interests acquired, counterparty interest

1.00%

Business Acquisition, Purchase Price Allocation [Abstract]

Land

65,829,000

86,826,000

30,312,000

117,138,000

Buildings and Improvements

253,724,000

226,650,000

(32,440,000)

194,210,000

31,965,000

(27,592,000)

Above-below market debt assumed (included in Mortgages and other notes payable)

(2,245,000)

Total Consideration

$ 319,553,000

$ 313,476,000

$ 0

$ 313,476,000

[1]	This acquisition was primarily funded with the issuance of 1.2 million OP Units.
[2]	As the joint venture partners to these investments maintain operating control over the investments, these are accounted for under the equity method.

ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS Dispositions (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013 sqft
Core Portfolio [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
GLA (in square feet)	56,004
Core Portfolio [Member] \| AP Shopping Plaza [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	$ 18,400
Gain/(Loss)	6,500
GLA (in square feet)	62,741
Fund II [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	204,300
Gain/(Loss)	12,314
GLA (in square feet)	981,800
Fund II [Member] \| Pelham Storage [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	11,900
Gain/(Loss)	4,226
GLA (in square feet)	490,900
Fund II [Member] \| Fordham Place [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	133,900
Gain/(Loss)	(806)
GLA (in square feet)	262,407
Fund II [Member] \| Pelham Plaza [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	58,500
Gain/(Loss)	$ 8,894
GLA (in square feet)	228,493

ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS Discontinued Operations (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
BALANCE SHEETS
Net real estate	$ 17,991				$ 210,633				$ 17,991	$ 210,633
Rents receivable, net	565				10,484				565	10,484
Deferred charges, net	38				8,531				38	8,531
Prepaid expenses and other assets	1,840				8,629				1,840	8,629
Total assets of discontinued operations	20,434				238,277				20,434	238,277
LIABILITIES
Mortgages payable	0				124,005				0	124,005
Accounts payable and accrued expenses	1,473				4,735				1,473	4,735
Other liabilities	1,034				7,416				1,034	7,416
Total liabilities of discontinued operations	2,507				136,156				2,507	136,156
STATEMENTS OF INCOME
Total revenues									20,920	56,902	57,613
Total expenses									14,102	44,895	48,680
Operating income									6,818	12,007	8,933
Impairment of assets									(6,683)	0	(6,925)
Loss on debt extinguishment									(800)	(2,541)	0
Gain on sale of properties									18,802	71,203	46,830
Income from discontinued operations									18,137	80,669	48,838
Income from discontinued operations attributable to noncontrolling interests									(12,048)	(64,582)	(15,894)
Income from discontinued operations attributable to Common Shareholders	$ 4,675	$ 591	$ 790	$ 33	$ 12,836	$ 1,339	$ 1,227	$ 685	$ 6,089	$ 16,087	$ 32,944

SEGMENT REPORTING Income Statement (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013 reportable_segments	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Number of Reportable Segments									3
Revenues	$ 44,102	$ 41,085	$ 40,808	$ 42,291	$ 31,817	$ 29,580	$ 28,257	$ 25,333	$ 168,286	$ 114,987	$ 97,857
Property operating expenses, other operating and real estate taxes									(46,553)	(37,716)	(28,028)
General and administrative expenses									(25,555)	(21,223)	(22,996)
Reserve for notes receivable									0	(405)	0
Depreciation and amortization									(40,299)	(27,888)	(20,975)
Operating Income									55,879	27,755	25,858
Gain on sale of unconsolidated affiliates									0	3,061	0
Impairment of unconsolidated affiliates									0	(2,032)	0
Impairment of asset									(1,500)	0	0
Equity in earnings of unconsolidated affiliates									12,382	550	1,555
(Loss) gain on debt extinguishment									(765)	(198)	1,268
Gain on involuntary conversion of asset									0	2,368	0
Interest and other finance expense									(39,474)	(22,811)	(23,343)
Income tax (provision) benefit									(19)	574	(461)
Income (Loss) from continuing operations									26,503	9,267	4,877
Discontinued operations
Operating income from discontinued operations									6,818	12,007	8,933
Impairment of asset									(6,683)	0	(6,925)
Loss on debt extinguishment									(800)	(2,541)	0
Gain on sale of properties									18,802	71,203	46,830
Income from discontinued operations									18,137	80,669	48,838
Net income									44,640	89,936	53,715
Noncontrolling interests
(Income) loss from continuing operations									7,523	14,352	13,734
Income from discontinued operations									(12,048)	(64,582)	(15,894)
Net income attributable to noncontrolling interests									(4,525)	(50,230)	(2,160)
Net income attributable to Common Shareholders	12,251	9,484	8,757	9,623	21,276	7,581	6,839	4,010	40,115	39,706	51,555
Core Portfolio [Member]
Segment Reporting Information [Line Items]
Revenues									110,355	70,400	58,162
Property operating expenses, other operating and real estate taxes									(29,040)	(21,817)	(16,433)
General and administrative expenses									(23,611)	(19,573)	(20,950)
Reserve for notes receivable										0
Depreciation and amortization									(28,989)	(17,065)	(13,070)
Operating Income									28,715	11,945	7,709
Gain on sale of unconsolidated affiliates										0
Impairment of unconsolidated affiliates										0
Impairment of asset									(1,500)
Equity in earnings of unconsolidated affiliates									(99)	262	644
(Loss) gain on debt extinguishment									(309)	0	1,268
Gain on involuntary conversion of asset										2,368
Interest and other finance expense									(26,158)	(15,431)	(16,480)
Income tax (provision) benefit									131	(241)	(1,073)
Income (Loss) from continuing operations									780	(1,097)	(7,932)
Discontinued operations
Operating income from discontinued operations									535	319	626
Impairment of asset									0		0
Loss on debt extinguishment									(145)	0
Gain on sale of properties									6,488	0	28,576
Income from discontinued operations									6,878	319	29,202
Net income									7,658	(778)	21,270
Noncontrolling interests
(Income) loss from continuing operations									(1,002)	60	(575)
Income from discontinued operations									(2,406)	(128)	(49)
Net income attributable to noncontrolling interests									(3,408)	(68)	(624)
Net income attributable to Common Shareholders									4,250	(846)	20,646
Opportunity Funds [Member]
Segment Reporting Information [Line Items]
Revenues									46,131	36,560	27,990
Property operating expenses, other operating and real estate taxes									(17,513)	(15,899)	(11,595)
General and administrative expenses									(1,944)	(1,650)	(2,046)
Reserve for notes receivable										0
Depreciation and amortization									(11,310)	(10,823)	(7,905)
Operating Income									15,364	8,188	6,444
Gain on sale of unconsolidated affiliates										3,061
Impairment of unconsolidated affiliates										(2,032)
Impairment of asset									0
Equity in earnings of unconsolidated affiliates									12,481	288	911
(Loss) gain on debt extinguishment									(456)	(198)	0
Gain on involuntary conversion of asset										0
Interest and other finance expense									(13,316)	(7,380)	(6,863)
Income tax (provision) benefit									(150)	815	612
Income (Loss) from continuing operations									13,923	2,742	1,104
Discontinued operations
Operating income from discontinued operations									6,283	11,688	8,307
Impairment of asset									(6,683)		(6,925)
Loss on debt extinguishment									(655)	(2,541)
Gain on sale of properties									12,314	71,203	18,254
Income from discontinued operations									11,259	80,350	19,636
Net income									25,182	83,092	20,740
Noncontrolling interests
(Income) loss from continuing operations									8,525	14,292	14,309
Income from discontinued operations									(9,642)	(64,454)	(15,845)
Net income attributable to noncontrolling interests									(1,117)	(50,162)	(1,536)
Net income attributable to Common Shareholders									24,065	32,930	19,204
Notes Receivable [Member]
Segment Reporting Information [Line Items]
Revenues									11,800	8,027	11,705
Property operating expenses, other operating and real estate taxes									0	0	0
General and administrative expenses									0	0	0
Reserve for notes receivable										(405)
Depreciation and amortization									0	0	0
Operating Income									11,800	7,622	11,705
Gain on sale of unconsolidated affiliates										0
Impairment of unconsolidated affiliates										0
Impairment of asset									0
Equity in earnings of unconsolidated affiliates									0	0	0
(Loss) gain on debt extinguishment									0	0	0
Gain on involuntary conversion of asset										0
Interest and other finance expense									0	0	0
Income tax (provision) benefit									0	0	0
Income (Loss) from continuing operations									11,800	7,622	11,705
Discontinued operations
Operating income from discontinued operations									0	0	0
Impairment of asset									0		0
Loss on debt extinguishment									0	0
Gain on sale of properties									0	0	0
Income from discontinued operations									0	0	0
Net income									11,800	7,622	11,705
Noncontrolling interests
(Income) loss from continuing operations									0	0	0
Income from discontinued operations									0	0	0
Net income attributable to noncontrolling interests									0	0	0
Net income attributable to Common Shareholders									$ 11,800	$ 7,622	$ 11,705

SEGMENT REPORTING Balance Sheet (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Segment Reporting Information [Line Items]
Real Estate at Cost	$ 1,819,053	$ 1,287,198	$ 897,370
Total Assets	2,244,523	1,670,163	1,077,694
Acquisition of Real Estate	220,041	241,894	116,408
Investment in Redevelopment and Improvements	106,883	82,127	61,311
Core Portfolio [Member]
Segment Reporting Information [Line Items]
Real Estate at Cost	1,059,257	722,345	475,685
Total Assets	1,012,553	727,423	487,469
Acquisition of Real Estate	143,616	175,556	56,103
Investment in Redevelopment and Improvements	10,611	3,862	12,266
Opportunity Funds [Member]
Segment Reporting Information [Line Items]
Real Estate at Cost	759,796	564,853	421,685
Total Assets	1,105,264	811,855	530,236
Acquisition of Real Estate	76,425	66,338	60,305
Investment in Redevelopment and Improvements	96,272	78,265	49,045
Notes Receivable [Member]
Segment Reporting Information [Line Items]
Real Estate at Cost	0	0	0
Total Assets	126,706	130,885	59,989
Acquisition of Real Estate	0	0	0
Investment in Redevelopment and Improvements	$ 0	$ 0	$ 0

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule of Equity Method Investments [Line Items]
Payments to Acquire Equity Method Investments									$ 56,171	$ 160,888	$ 54,981
Combined and Condensed Balance Sheets
Real estate under development	337,353				221,883				337,353	221,883
Investments in and advances to unconsolidated affiliates	181,322				221,904				181,322	221,904
Total assets	2,264,957				1,908,440				2,264,957	1,908,440
Other liabilities	18,265				14,652				18,265	14,652
Total liabilities and partners’ equity	2,264,957				1,908,440				2,264,957	1,908,440
Company's share of distributions in excess of share of income and investments in unconsolidated affiliates	(8,701)				(22,707)				(8,701)	(22,707)
Combined and Condensed Statements of Operations [Abstract]
Total revenues	44,102	41,085	40,808	42,291	31,817	29,580	28,257	25,333	168,286	114,987	97,857
Operating and other expenses									(112,407)	(87,232)	(71,999)
Equity in earnings of unconsolidated affiliates									12,382	550	1,555
Depreciation and amortization									(40,299)	(27,888)	(20,975)
(Loss) gain on debt extinguishment									(765)	(198)	1,268
Net income									26,503	9,267	4,877
Unconsolidated Affiliates [Member]
Combined and Condensed Balance Sheets
Rental property, net	380,268				441,611				380,268	441,611
Real estate under development	5,573				0				5,573	0
Investments in and advances to unconsolidated affiliates	63,745				93,923				63,745	93,923
Other assets	66,895				39,035				66,895	39,035
Total assets	516,481				574,569				516,481	574,569
Mortgage notes payable	265,982				326,296				265,982	326,296
Other liabilities	43,733				24,267				43,733	24,267
Partners’ equity	206,766				224,006				206,766	224,006
Total liabilities and partners’ equity	516,481				574,569				516,481	574,569
Combined and Condensed Statements of Operations [Abstract]
Total revenues									51,638	49,729	42,185
Operating and other expenses									(18,700)	(18,919)	(15,924)
Interest expense									(8,943)	(18,547)	(17,099)
Equity in earnings of unconsolidated affiliates									13,651	583	7,243
Depreciation and amortization									(10,599)	(9,551)	(8,837)
(Loss) gain on debt extinguishment									0	(293)	0
Gain on sale of properties									0	3,402	0
Net income									27,047	6,404	7,568
Operating Partnership, as General Partner or Managing Member [Member]
Combined and Condensed Statements of Operations [Abstract]
Equity in earnings of unconsolidated affiliates									12,382	1,579	1,555
Company’s share of net income									12,774	1,971	1,946
Amortization of excess investment									(392)	(392)	(391)
KLA/Mervyns LLC Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	10.50%								10.50%
KLA A Markets LLC Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	20.00%								20.00%
KA-Shopko LLC [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	20.00%								20.00%
Marsh and Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	20.00%								20.00%
KLAC Rex Venture LLC [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	13.30%								13.30%
KLA/Mervyns LLC [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	10.50%								10.50%
KLA A Markets LLC [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	18.90%								18.90%
Mervyns I and Mervyns II [Member] \| KLA/Mervyns LLC Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	5.80%								5.80%
Mervyns I and Mervyns II [Member] \| KLA/Mervyns LLC [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	5.80%								5.80%
Mervyns II [Member] \| KLA A Markets LLC Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	6.00%								6.00%
Mervyns II [Member] \| KLAC Rex Venture LLC [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	13.30%								13.30%
Mervyns II [Member] \| KLA A Markets LLC [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	5.70%								5.70%
Fund II [Member] \| KA-Shopko LLC [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	2.00%								2.00%
Fund II [Member] \| Marsh and Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent	3.30%								3.30%
Core Portfolio [Member]
Combined and Condensed Statements of Operations [Abstract]
Total revenues									110,355	70,400	58,162
Equity in earnings of unconsolidated affiliates									(99)	262	644
Depreciation and amortization									(28,989)	(17,065)	(13,070)
(Loss) gain on debt extinguishment									(309)	0	1,268
Net income									780	(1,097)	(7,932)
Core Portfolio [Member] \| Crossroads [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	49.00%								49.00%
Square Footage of Real Estate Property (in feet)	311,000								311,000
Core Portfolio [Member] \| Georgetown Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%								50.00%
Square Footage of Real Estate Property (in feet)	28,000								28,000
Core Portfolio [Member] \| 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 feet)	20,000								20,000
Fund II [Member]
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
Opportunity Funds [Member]
Schedule of Equity Method Investments [Line Items]
Number of Unaffiliated Partners									2
Combined and Condensed Statements of Operations [Abstract]
Total revenues									46,131	36,560	27,990
Equity in earnings of unconsolidated affiliates									12,481	288	911
Depreciation and amortization									(11,310)	(10,823)	(7,905)
(Loss) gain on debt extinguishment									(456)	(198)	0
Net income									13,923	2,742	1,104
Opportunity Funds [Member] \| RCP Venture [Member]
Schedule of Equity Method Investments [Line Items]
Investment Income, Dividend									145,763
Combined and Condensed Balance Sheets
Investments in and advances to unconsolidated affiliates	63,214								63,214
Opportunity Funds [Member] \| RCP Venture [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Investment Income, Dividend									31,346
Combined and Condensed Balance Sheets
Investments in and advances to unconsolidated affiliates	12,070								12,070
Opportunity Funds [Member] \| Mervyns I and Mervyns II [Member] \| KLA/Mervyns LLC Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	7,547								7,547
Investment Income, Dividend									5,334
Opportunity Funds [Member] \| Mervyns I and Mervyns II [Member] \| KLA/Mervyns LLC Add-On Investments [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	1,252								1,252
Investment Income, Dividend									1,193
Opportunity Funds [Member] \| Mervyns I and Mervyns II [Member] \| KLA/Mervyns LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	26,058								26,058
Equity Method Investment, Dividends or Distributions									46,916
Opportunity Funds [Member] \| Mervyns I and Mervyns II [Member] \| KLA/Mervyns LLC [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	4,901								4,901
Equity Method Investment, Dividends or Distributions									11,451
Opportunity Funds [Member] \| Mervyns II [Member] \| KLA A Markets LLC Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	2,416								2,416
Investment Income, Dividend									4,864
Opportunity Funds [Member] \| Mervyns II [Member] \| KLA A Markets LLC Add-On Investments [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	388								388
Investment Income, Dividend									972
Opportunity Funds [Member] \| Mervyns II [Member] \| KLAC Rex Venture LLC [Member]
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	2,701								2,701
Investment Income, Dividend									1,956
Opportunity Funds [Member] \| Mervyns II [Member] \| KLAC Rex Venture LLC [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	535								535
Investment Income, Dividend									392
Opportunity Funds [Member] \| Mervyns II [Member] \| KLA A Markets LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	20,717								20,717
Equity Method Investment, Dividends or Distributions									81,594
Opportunity Funds [Member] \| Mervyns II [Member] \| KLA A Markets LLC [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	4,239								4,239
Equity Method Investment, Dividends or Distributions									16,318
Opportunity Funds [Member] \| Fund II [Member] \| KA-Shopko LLC [Member]
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	1,108								1,108
Investment Income, Dividend									2,460
Opportunity Funds [Member] \| Fund II [Member] \| KA-Shopko LLC [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	222								222
Investment Income, Dividend									492
Opportunity Funds [Member] \| Fund II [Member] \| Marsh and Add-On Investments [Member]
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	2,667								2,667
Investment Income, Dividend									2,639
Opportunity Funds [Member] \| Fund II [Member] \| Marsh and Add-On Investments [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	533								533
Investment Income, Dividend									$ 528

NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS Schedule of Notes Receivable and Preferred Equity Investments Reconciliation (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning Balance	$ 129,278	$ 59,989	$ 89,202
New investments	45,000	108,629	34,758
Collections of principal	(29,583)	(25,388)	(56,517)
Conversion to real estate through receipt of deed or through foreclosure	(18,500)	(14,000)	0
Reclass to investments in unconsolidated affiliates	0	0	(8,000)
Non-cash accretion of notes receivable	461	453	786
Reserves	0	(405)	(240)
Ending Balance	$ 126,656	$ 129,278	$ 59,989

NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS Schedule of Notes Receivable (Details) (USD $)

9 Months Ended

12 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

Sep. 30, 2013

loan

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Jan. 31, 2013

Fund III [Member]

Feb. 28, 2013

Brooklyn, New York [Member]

Fund III [Member]

Dec. 31, 2012

Brooklyn, New York [Member]

Fund III [Member]

Dec. 31, 2013

First Mortgage, 5.5% Loan Due 2014 [Member]

Dec. 31, 2012

First Mortgage, 5.5% Loan Due 2014 [Member]

Dec. 31, 2013

First Mortgage, 7.7% Loan Due 2015 [Member]

Dec. 31, 2012

First Mortgage, 7.7% Loan Due 2015 [Member]

Dec. 31, 2013

Zero Coupon [Member]

Dec. 31, 2012

Zero Coupon [Member]

Dec. 31, 2013

Preferred Equity, 8.1% Loan, Due 2017 [Member]

Dec. 31, 2012

Preferred Equity, 8.1% Loan, Due 2017 [Member]

Dec. 31, 2013

Mezzanine, 15% Due 2020 [Member]

Dec. 31, 2012

Mezzanine, 15% Due 2020 [Member]

Dec. 31, 2013

First Mortgage Loan, 8.0% Loan, Due On Demand [Member]

Nov. 30, 2013

First Mortgage Loan, 8.0% Loan, Due On Demand [Member]

Dec. 31, 2012

First Mortgage Loan, 8.0% Loan, Due On Demand [Member]

Dec. 31, 2013

Mezzanine Loan, 10.0% Loan, Due On Demand [Member]

loan

borrower

Dec. 31, 2012

Mezzanine Loan, 10.0% Loan, Due On Demand [Member]

Dec. 31, 2013

First Mortgage Loan, 5.3% Due On Demand [Member]

Dec. 31, 2012

First Mortgage Loan, 5.3% Due On Demand [Member]

Dec. 31, 2013

Mezzanine Loan, 15.0% Loan, Due Upon Capital Event [Member]

Dec. 31, 2012

Mezzanine Loan, 15.0% Loan, Due Upon Capital Event [Member]

Dec. 31, 2013

Construction [Member]

Dec. 31, 2012

Construction [Member]

Nov. 30, 2013

First Mortgage Loan, 12.0% Loan, Due 2013 [Member]

Dec. 31, 2013

First Mortgage Loan, 12.0% Loan, Due 2013 [Member]

Dec. 31, 2012

First Mortgage Loan, 12.0% Loan, Due 2013 [Member]

Dec. 31, 2013

First Mortgage Loan, 6.0% Loan, Due 2013 [Member]

Dec. 31, 2012

First Mortgage Loan, 6.0% Loan, Due 2013 [Member]

Dec. 31, 2013

Individually Less Than 3%, Variable Interest Rate Due 2014 to Capital Event [Member]

loan

Dec. 31, 2012

Individually Less Than 3%, Variable Interest Rate Due 2014 to Capital Event [Member]

Dec. 31, 2013

Individually Less Than 3%, Variable Interest Rate Due 2014 to Capital Event [Member]

Maximum [Member]

Mar. 31, 2013

Construction Loans [Member]

Jan. 31, 2013

First Mortgage, 11% Loan Due 2014 [Member]

Nov. 30, 2013

First Mortgage Loan, 9.0% Loan Due 2013 [Member]

Dec. 31, 2013

Master Lease Agreement, LIBOR Plus 2.5% Loan, Due 2020 [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

5.50%

7.70%

24.00%

8.10%

15.00%

8.00%

0.00%

5.30%

15.00%

20.50%

12.00%

6.00%

2.50%

17.50%

9.00%

First Priority Liens

$ 0

^[1]

$ 0

^[1]

$ 166,200,000

^[1]

$ 20,855,000

^[1]

$ 0

^[1]

$ 0

^[1]

$ 89,566,000

$ 0

$ 16,668,000

$ 0

^[1]

$ 0

^[1]

$ 0

^[1]

$ 37,623,000

^[1]

Net Carrying Amount of Notes Receivable

126,656,000

129,278,000

59,989,000

89,202,000

18,500,000

42,000,000

25,000,000

12,000,000

4,431,000

3,961,000

13,000,000

30,879,000

6,400,000

8,000,000

9,089,000

18,500,000

3,834,000

5,400,000

12,200,000

12,333,000

10,250,000

5,023,000

2,032,000

25,000,000

3,000,000

Number of cross-collateralized loans

Number of borrowers

Number of loans

Number of non-performing loans

Mortgage Loans on Real Estate, Face Amount of Mortgages

5,700,000

Face amount of mortgages, reserved

3,700,000

Proceeds from notes receivable

29,583,000

25,388,000

56,519,000

2,500,000

13,000,000

1,600,000

12,500,000

10,300,000

Mortgage Loans on Real Estate, Collections of Principal

29,583,000

25,388,000

56,517,000

5,400,000

Mortgage Loans on Real Estate, Accrued Interest

300,000

Loans Receivable, Basis Spread on Variable Rate

2.50%

Mortgage loans on real estate, nonperforming loans, amount

18,600,000

Allowance for Notes, Loans and Financing Receivable

$ 3,681,000

$ 3,276,000

[1]	The effective interest rate includes origination and exit fees.

NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS Schedule of Allowance for Credit Losses on Notes Receivable (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2013
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 3,681	$ 3,276	$ 3,681
Additional reserves	0	405
Recoveries	0	0
Charge-offs and reclassifications	0	0
Balance at end of period	$ 3,681	$ 3,681	$ 3,681

DEFERRED CHARGES (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Deferred Costs [Abstract]
Deferred financing costs	$ 36,481	$ 24,235
Deferred leasing and other costs	33,664	23,903
Deferred costs, gross	70,145	48,138
Accumulated amortization	(39,370)	(29,280)
Total	$ 30,775	$ 18,858

ACQUIRED LEASE INTANGIBLES (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Acquired Lease Intangibles [Abstract]
Total	$ 33,663	$ 28,576
Assets [Member]
Acquired Lease Intangibles [Abstract]
2014	5,242
2015	4,857
2016	4,492
2017	3,335
2018	2,991
Thereafter	12,746
Total	33,663
Liabilities [Member]
Acquired Lease Intangibles [Abstract]
2014	3,586
2015	3,406
2016	3,233
2017	2,591
2018	1,964
Thereafter	7,614
Total	$ 22,394

MORTGAGES AND OTHER NOTES PAYABLE Summary Mortgage Notes Payable (Details) (USD $)
In Thousands, unless otherwise specified

12 Months Ended

Dec. 31, 2013

properties

Dec. 31, 2012

Dec. 31, 2013

Variable Interest Rate [Member]

Dec. 31, 2012

Variable Interest Rate [Member]

Dec. 31, 2013

Mortgages [Member]

Dec. 31, 2013

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Secured Credit Facilities - Variable-Rate [Member]

Variable Interest Rate [Member]

Fund IV [Member]

Dec. 31, 2012

Secured Credit Facilities - Variable-Rate [Member]

Variable Interest Rate [Member]

Fund IV [Member]

Dec. 31, 2013

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

Interest Rate Swap [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

Interest Rate Swap [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Interest Rate Swap [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

Interest Rate Swap [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

28 Jericho Turnpike [Member]

Mortgages [Member]

Dec. 31, 2013

28 Jericho Turnpike [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

28 Jericho Turnpike [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Norstrand Avenue [Member]

Mortgages [Member]

Dec. 31, 2013

Norstrand Avenue [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

Norstrand Avenue [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

161st St. [Member]

Mortgages [Member]

Dec. 31, 2013

City Point Refinance, LIBOR Plus 5% [Member]

Mortgages [Member]

Apr. 30, 2013

City Point Refinance, LIBOR Plus 5% [Member]

Mortgages [Member]

Mar. 31, 2013

City Point Refinance, LIBOR Plus 5% [Member]

Mortgages [Member]

Dec. 31, 2013

60 Orange Street [Member]

Mortgages [Member]

Dec. 31, 2013

60 Orange Street [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

60 Orange Street [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

210 Bowery LLC [Member]

Mortgages [Member]

Dec. 31, 2013

210 Bowery LLC [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

210 Bowery LLC [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Cortlandt Towne Center [Member]

Mortgages [Member]

Aug. 31, 2013

Cortlandt Towne Center [Member]

Mortgages [Member]

Jul. 31, 2013

Cortlandt Towne Center [Member]

Mortgages [Member]

Dec. 31, 2013

Cortlandt Towne Center [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

Cortlandt Towne Center [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Village Commons Shopping Center [Member]

Mortgages [Member]

Dec. 31, 2013

Village Commons Shopping Center [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

Village Commons Shopping Center [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Branch Plaza [Member]

Mortgages [Member]

Dec. 31, 2013

West Diversity [Member]

Mortgages [Member]

Dec. 31, 2013

West Diversity [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

West Diversity [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Fordham Place [Member]

Mortgages [Member]

Dec. 31, 2013

Pelham Manor [Member]

Mortgages [Member]

Dec. 31, 2013

Lincoln Park Centre LLC [Member]

Mortgages [Member]

Dec. 31, 2013

Lincoln Park Centre LLC [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

Lincoln Park Centre LLC [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Lincoln Park Centre LLC [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

Lincoln Park Centre LLC [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

A and P Shopping Center [Member]

Mortgages [Member]

Dec. 31, 2013

City Point, 4.75% [Member]

Mortgages [Member]

Dec. 31, 2013

City Point, 4.75% [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

City Point, 4.75% [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

161st St., LIBOR Plus 5.67% [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

161st St., LIBOR Plus 5.67% [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Liberty Avenue [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

Liberty Avenue [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Branch Shopping Plaza [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

Branch Shopping Plaza [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

640 Broadway [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

640 Broadway [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Heritage Shops [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

Heritage Shops [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

City Point, LIBOR Plus 3.67% [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

City Point, LIBOR Plus 3.67% [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

City Point, LIBOR Plus 5.17% [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

City Point, LIBOR Plus 5.17% [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

New Hyde Park Shopping Center [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

New Hyde Park Shopping Center [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Term Loan [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

Term Loan [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

161st St., LIBOR Plus 2.67% [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

161st St., LIBOR Plus 2.67% [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

4401 White Plains [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2012

4401 White Plains [Member]

Mortgage Notes Payable - Variable-Rate [Member]

Variable Interest Rate [Member]

Dec. 31, 2013

Clark Diversey [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

Clark Diversey [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

New Louden Center [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

New Louden Center [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

City Point [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

City Point [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

Crescent Plaza [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

Crescent Plaza [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

Pacesetter Park Shopping Center [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

Pacesetter Park Shopping Center [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

Elmwood Park Shopping Center [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

Elmwood Park Shopping Center [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

Chicago Street Retail Portfolio [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

Chicago Street Retail Portfolio [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

The Gateway Shopping Center [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

The Gateway Shopping Center [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

River Street [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

River Street [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

Brandywine Town Center [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

Brandywine Town Center [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

Walnut Hill Plaza [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

Walnut Hill Plaza [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

Rhode Island Place Shopping Center [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

Rhode Island Place Shopping Center [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

239 Greenwich Avenue [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

239 Greenwich Avenue [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

639 West Diversey [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

639 West Diversey [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

Merrillville Plaza [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

Merrillville Plaza [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

216th Street [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

216th Street [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2013

City Point, 1% [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Dec. 31, 2012

City Point, 1% [Member]

Mortgage Notes Payable - Fixed Rate [Member]

Fixed Interest Rate [Member]

Debt Instrument [Line Items]

Mortgages Payable

$ 1,037,700

$ 612,400

Number of Properties Collateralized

Interest rate, minimum

1.00%

Interest rate, maximum

7.25%

Proceeds from Issuance of Long-term Debt

324,233

16,500

13,000

29,500

20,000

^[1]

8,600

4,600

12,033

^[2]

^[3]

23,000

^[3]

197,000

Repayments of debt

207,203

28,900

^[1]

^[2]

9,084

12,311

14,905

81,422

^[3]

33,555

^[3]

19,026

8,000

^[3]

Mortgages payable

(1,039,617)

(612,251)

(224,041)

(186,056)

(334,951)

(225,863)

(68,750)

^[4]

(93,050)

^[4]

(813,708)

(426,302)

(179,660)

^[5]

(132,857)

^[5]

(179,660)

^[5]

(132,857)

^[5]

(16,164)

(12,567)

(20,000)

(50,000)

(8,457)

(4,600)

(85,000)

(73,000)

(84,745)

(73,499)

(9,192)

(15,273)

(23,000)

(19,478)

(197,000)

(28,900)

(9,090)

(9,208)

(12,526)

(22,750)

(20,871)

(21,000)

(20,650)

(20,000)

(6,294)

(6,484)

(50,000)

(29,500)

(6,263)

(6,381)

(4,192)

(4,345)

(13,369)

(13,634)

(20,000)

(16,747)

(17,025)

(11,530)

(11,742)

(32,744)

(33,258)

(15,558)

(15,835)

(19,746)

(20,036)

(10,904)

(11,128)

(166,200)

(22,910)

(23,194)

(16,208)

(16,426)

(26,000)

(4,341)

(4,431)

(25,837)

(26,151)

(25,500)

(5,262)

Debt Instrument, Interest Rate, Stated Percentage

4.75%

Debt Instrument, Description of Variable Rate Basis

LIBOR

Debt Instrument, Basis Spread on Variable Rate

1.65%

1.90%

2.65%

2.50%

5.00%

1.90%

1.75%

1.90%

1.95%

2.25%

1.65%

1.40%

1.90%

1.45%

5.50%

3.25%

2.25%

2.95%

2.25%

3.50%

5.00%

2.25%

1.40%

2.50%

1.90%

Interest rate at December 31, 2011

1.82%

2.15%

^[5]

2.07%

2.82%

1.92%

2.12%

1.82%

1.57%

2.07%

1.62%

5.85%

4.75%

5.67%

3.42%

2.42%

3.12%

2.42%

3.67%

5.17%

2.42%

1.57%

2.67%

2.07%

6.35%

5.64%

7.25%

4.98%

5.12%

5.53%

5.61%

5.44%

5.29%

5.99%

6.06%

6.35%

5.42%

6.65%

5.88%

5.80%

1.00%

Unamortized premium

$ 1,868

$ (107)

[1]	Loan was amended from $50.0 million to $20.0 million.
[2]	Loan was amended from $73.0 million to $85.0 million.
[3]	Loan was paid off in connection with the sale of the property.
[4]	The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.
[5]	Represents the amount of the Company’s variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 10).

MORTGAGES AND OTHER NOTES PAYABLE Secured Credit Facilities (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Line of Credit Facility [Line Items]
Total amount of credit facility	$ 300,000
Amount borrowed	68,750	93,050
Net borrowings (repayments) during the year ended December 31, 2013	(24,300)
Letters of credit outstanding as of December 31, 2013	12,500
Amount available under credit facilities as of December 31, 2013	218,750
Acadia Realty, LP [Member]
Line of Credit Facility [Line Items]
Total amount of credit facility	150,000
Amount borrowed	0	0
Net borrowings (repayments) during the year ended December 31, 2013	0
Letters of credit outstanding as of December 31, 2013	12,500
Amount available under credit facilities as of December 31, 2013	137,500
Fund IV [Member]
Line of Credit Facility [Line Items]
Total amount of credit facility	150,000
Amount borrowed	68,750	93,050
Net borrowings (repayments) during the year ended December 31, 2013	(24,300)
Letters of credit outstanding as of December 31, 2013	0
Amount available under credit facilities as of December 31, 2013	$ 81,250

MORTGAGES AND OTHER NOTES PAYABLE Scheduled Principal Repayments (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013
Mortgage Loans on Real Estate [Abstract]
2014	$ 57,083
2015	273,909
2016	316,540
2017	81,161
2018	80,382
Thereafter	229,054
Long-term debt and convertible notes payable	$ 1,038,129

CONVERTIBLE NOTES PAYABLE (Details) (USD $)	12 Months Ended
CONVERTIBLE NOTES PAYABLE (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Convertible Notes Payable [Member]	Dec. 31, 2011 Convertible Notes Payable [Member]	Dec. 20, 2011 Convertible Notes Payable [Member]	Jan. 31, 2007 Convertible Notes Payable [Member]
Convertible Notes Payable [Abstract]
Debt Instrument, Face Amount							$ 115,000,000
Debt Instrument, Interest Rate, Stated Percentage							3.75%
Debt Instrument, Convertible, Effective Interest Rate						6.03%
Interest and Debt Expense	39,474,000	22,811,000	23,343,000		800,000
Debt Instrument, Repurchased Face Amount				$ 114,600,000
Redemption Price, Percentage of Principal Amount Plus Accrued and Unpaid Interest				100.00%

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $)	12 Months Ended										12 Months Ended								12 Months Ended	1 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Cash Flow Hedging [Member] Variable-Rate Derivatives [Member] Minimum [Member]	Dec. 31, 2013 Cash Flow Hedging [Member] Variable-Rate Derivatives [Member] Maximum [Member]	Dec. 31, 2013 Cash Flow Hedging [Member] Interest Rate Swap [Member] derivative_financial_instruments	Dec. 31, 2013 Cash Flow Hedging [Member] Interest Rate Swap [Member] Fixed-Rate Derivatives, Maturing between March 2015 and April 2023 [Member]	Dec. 31, 2013 Cash Flow Hedging [Member] Interest Rate Swap [Member] Fixed-Rate Derivatives, Maturing between March 2015 and April 2023 [Member] Minimum [Member]	Dec. 31, 2013 Cash Flow Hedging [Member] Interest Rate Swap [Member] Fixed-Rate Derivatives, Maturing between March 2015 and April 2023 [Member] Maximum [Member]	Dec. 31, 2013 Cash Flow Hedging [Member] Interest Rate Swap [Member] Variable-Rate Derivatives [Member] derivative_financial_instruments	Dec. 31, 2011 Fund I [Member] Granville Centre [Member]	Dec. 31, 2012 Mervyns I and Mervyns II [Member]	Dec. 31, 2013 Fair Value, Measurements, Recurring [Member] Fair Value, Inputs, Level 1 [Member]	Dec. 31, 2013 Fair Value, Measurements, Recurring [Member] Fair Value, Inputs, Level 2 [Member]	Dec. 31, 2013 Fair Value, Measurements, Recurring [Member] Fair Value, Inputs, Level 2 [Member] Cash Flow Hedging [Member] Other Liabilities [Member]	Dec. 31, 2012 Fair Value, Measurements, Recurring [Member] Fair Value, Inputs, Level 2 [Member] Cash Flow Hedging [Member] Other Liabilities [Member]	Dec. 31, 2013 Fair Value, Measurements, Recurring [Member] Fair Value, Inputs, Level 2 [Member] Cash Flow Hedging [Member] Prepaid Expenses and Other Assets [Member]	Dec. 31, 2013 Fair Value, Measurements, Recurring [Member] Fair Value, Inputs, Level 3 [Member]	Dec. 31, 2013 Walnut Hill Plaza [Member] Fund III [Member]	Dec. 31, 2013 Sheepshead Bay [Member] Fund III [Member]	Dec. 31, 2013 Sheepshead Bay [Member] Fund III [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, assets													$ 0	$ 3,114,000			$ 3,000,000	$ 0
Derivative financial instruments, liabilities													0	2,066,000	2,000,000	4,400,000		0
Asset Impairment Charges	8,183,000	0	6,925,000								7,000,000	2,000,000							1,500,000		6,700,000
Sales Price																				20,200,000
Derivative, Number of Instruments Held						11				4
Derivative, Notional Amount							179,700,000			140,700,000
Derivative, Fixed Interest Rate								0.5225%	3.77%
Derivative, Cap Interest Rate				3.00%	4.25%
Accumulated other comprehensive income - unrealized loss on valuation of swap agreements	1,100,000	4,300,000
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$ 2,400,000

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable and Preferred Equity Investments	$ 126,707	$ 129,278
Mortgage Notes Payable and Convertible Notes Payable	1,039,997	613,181
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable and Preferred Equity Investments	126,707	129,278
Mortgage Notes Payable and Convertible Notes Payable	$ 1,056,457	$ 620,583

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Common Shares (Details) (USD $) In Millions, except Share data, unless otherwise specified	1 Months Ended	12 Months Ended
	Nov. 30, 2011	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Common Stock [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)	2,250,000	3,013,000	9,510,000	2,250,000
Proceeds from Issuance of Common Stock	$ 45.0
Stock Issued During Period, Shares, Conversion of Units		93,000	334,000	11,000
At The Market Equity Program [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock			140.8
At The Market Equity Program [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)			6,100,000
Public Offering [Member]
Class of Stock [Line Items]
Proceeds from Issuance of Common Stock			85.9
Public Offering [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)			3,500,000
Common Op Units Conversion To Common Shares [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Conversion of Units		1,200,000	250,000
Restricted Stock [Member]
Class of Stock [Line Items]
Restricted Stock, Shares Canceled for Tax Withholding For Share Based Compensation		3,250
LTIP Units and Restricted Stock [Member]
Class of Stock [Line Items]
Allocated Share-based Compensation Expense		7.3	3.6	4.0
Common Shares \| New At The Market Equity Program [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)		3,000,000
Proceeds from Issuance of Common Stock		$ 80.7

- Definition

The number of shares issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit).

+ References+ Details

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Noncontrolling Interest (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance				$ 447,459,000					$ 447,459,000
Distributions declared	$ 0.23	$ 0.21	$ 0.21	$ 0.21	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.86	$ 0.72	$ 0.72
Net income for the period January 1 through December 31, 2013									(4,525,000)	(50,230,000)	(2,160,000)
Conversion of 92,514 OP Units to Common Shares by limited partners of the Operating Partnership										0	0
Issuance of OP Units to acquire real estate									33,300,000	2,279,000	0
Other comprehensive income - unrealized loss on valuation of swap agreements									3,610,000	(3,519,000)	(5,611,000)
Reclassification of realized interest on swap agreements									2,892,000	2,268,000	3,081,000
Noncontrolling Interest contributions									49,324,000	172,228,000	117,945,000
Noncontrolling interest distributions and other reductions									(87,688,000)	(160,663,000)	(7,697,000)
Employee Long-term Incentive Plan Unit Awards									7,672,000	6,691,000	6,122,000
Balance	417,352,000				447,459,000				417,352,000	447,459,000
Limited Partners' Capital Account, Units Issued and Converted	92,514								92,514
Share-based Compensation, Units converted from Series A Preferred OP Units	185,600								185,600
Denominator for Series A Preferred OP Unit Conversion	7.50								7.50
LTIP Units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based Compensation, Units Outstanding	1,368,086				1,109,727				1,368,086	1,109,727
Series A Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Per Unit Conversion Amount, Series A Preferred OP Units	22.50								22.50
Per Unit Conversion Annual Rate, Series A Preferred OP Units	9.00%								9.00%
Limited Partners' Capital Account, Units Issued and Converted	1,392								1,392
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of 92,514 OP Units to Common Shares by limited partners of the Operating Partnership									(1,548,000)	(5,880,000)	(56,000)
Issuance of OP Units to acquire real estate									33,300,000	2,279,000
Other comprehensive income - unrealized loss on valuation of swap agreements									69,000	(1,704,000)	(2,150,000)
Reclassification of realized interest on swap agreements									994,000	847,000	676,000
Noncontrolling Interest contributions									49,324,000	172,228,000	117,945,000
Noncontrolling interest distributions and other reductions									(87,688,000)	(160,663,000)	(7,697,000)
Employee Long-term Incentive Plan Unit Awards									6,530,000	6,025,000	5,991,000
Noncontrolling Interests \| Partially-Owned Affiliates [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance				435,665,000					435,665,000
Distributions declared of $0.86 per Common OP Unit									0
Net income for the period January 1 through December 31, 2013									4,033,000
Conversion of 92,514 OP Units to Common Shares by limited partners of the Operating Partnership									0
Issuance of LTIP Unit awards to employees									(33,949,000)
Issuance of OP Units to acquire real estate									0
Other comprehensive income - unrealized loss on valuation of swap agreements									46,000
Reclassification of realized interest on swap agreements									973,000
Noncontrolling Interest contributions									49,324,000
Noncontrolling interest distributions and other reductions									(87,688,000)
Employee Long-term Incentive Plan Unit Awards									0
Balance	368,404,000								368,404,000
Operating Partnership, as General Partner or Managing Member [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units	1,457,467				284,097				1,457,467	284,097
Operating Partnership, as General Partner or Managing Member [Member] \| Series A Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units	188				188				188	188
Limited Partners' Capital Account, Value Per Unit	1,000				1,000				1,000	1,000
Operating Partnership, as General Partner or Managing Member [Member] \| Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance				11,794,000					11,794,000
Distributions declared of $0.86 per Common OP Unit									(1,664,000)
Net income for the period January 1 through December 31, 2013									492,000
Conversion of 92,514 OP Units to Common Shares by limited partners of the Operating Partnership									(1,548,000)
Issuance of LTIP Unit awards to employees									0
Issuance of OP Units to acquire real estate									33,300,000
Other comprehensive income - unrealized loss on valuation of swap agreements									23,000
Reclassification of realized interest on swap agreements									21,000
Noncontrolling Interest contributions									0
Noncontrolling interest distributions and other reductions									0
Employee Long-term Incentive Plan Unit Awards									6,530,000
Balance	$ 48,948,000								$ 48,948,000

RELATED PARTY TRANSACTIONS (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Lead Trustee [Member]
Related Party Transaction [Line Items]
Related party transaction expense	$ 0.1	$ 0.1	$ 0.1
Core Portfolio [Member] \| Brandywine Portfolio [Member]
Related Party Transaction [Line Items]
Related party revenue	$ 0.1	$ 0.8	$ 1.0

- 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.

+ References+ Details

TENANT LEASES (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013
Operating Leases, Future Minimum Payments Receivable [Abstract]
2014	$ 117,181
2015	110,496
2016	102,842
2017	93,394
2018	82,012
Thereafter	455,331
Total	$ 961,256

LEASE OBLIGATIONS (Details) (USD $)	12 Months Ended
LEASE OBLIGATIONS (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Operating Leases, Future Minimum Payments Due [Abstract]
2014	$ 2,773,000
2015	2,219,000
2016	1,112,000
2017	5,117,000
2018	1,180,000
Thereafter	24,047,000
Total	36,448,000
Minimum [Member]
Operating Leased Assets [Line Items]
Period of lease term	23 years
Maximum [Member]
Operating Leased Assets [Line Items]
Period of lease term	71 years
Ground Rent [Member]
Operating Leased Assets [Line Items]
Operating Leases, Rent Expense	1,800,000	1,700,000	700,000
Properties Under Development [Member]
Operating Leased Assets [Line Items]
Rent expense capitalized	800,000	800,000	200,000
White Plains Corporate Office [Member]
Operating Leased Assets [Line Items]
Operating Leases, Rent Expense	$ 1,400,000	$ 1,400,000	$ 1,400,000

SHARE INCENTIVE PLAN Share Incentive Plan (Details) (USD $)	12 Months Ended					12 Months Ended	0 Months Ended				3 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Trustee [Member]	Feb. 22, 2013 Officer [Member]	Dec. 31, 2013 2006 Plan [Member]	Feb. 22, 2013 LTIP Units [Member] Officer [Member]	May 15, 2013 Restricted Stock [Member] Trustee [Member]	Feb. 22, 2013 Restricted Stock [Member] Officer [Member]	Feb. 22, 2013 Restricted Stock [Member] Other Employees [Member]	Mar. 31, 2010 Long Term Investment Alignment Program [Member] Senior Executives [Member]	Dec. 31, 2013 LTIP Units and Restricted Stock [Member]	Dec. 31, 2012 LTIP Units and Restricted Stock [Member]	Dec. 31, 2011 LTIP Units and Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Increase in Number of Shares Authorized						1,900,000
Maximum Equivalent Value of Common Shares a Participant Can be Awarded						2,100,000
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures							284,447	20,718	590	11,880
Percent of Awards Issued to Officers Subject to Performance Measures					16.00%
Total Value of Restricted Shares and LTIP Units as of the Grant Date														$ 7,900,000
Share compensation expense	7,667,000	3,350,000	3,682,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	11,100,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value												$ 26.40	$ 22.31	$ 19.08
Long Term Incentive and Share Based Compensation Expense												7,300,000	3,600,000	4,000,000
Shares Granted to Trustees for Trustee Fees Vesting on One Year Anniversary of Grant Date								10,950
Shares Granted to Trustees for Trustee Fees Begin Vesting on Two Year Anniversary of Grant Date								9,768
Annual Vesting Rate of Shares Granted to Trustees That Begin Vesting on the Second Anniversary of Grant Date								33.00%
Trustee Fees	$ 0.3
Max Percentage of Future Fund III Promote That May be Awarded to Senior Executives											25.00%
Options Outstanding and Vested to Officers and Employees	92,086
Options Outstanding and Vested to Non Employee Trustees				21,000

SHARE INCENTIVE PLAN Schedule of Options Activity (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding, Weighted average remaining contractual term	3 years 6 months	2 years 7 months 6 days	3 years 6 months
Options exercised, Aggregate intrinsic value	$ 211	$ 137	$ 24
Options outstanding and exercisable, Aggregate intrinsic value	$ 628	$ 877	$ 272
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding and exercisable, Beginning of period	137,647	150,283
Granted	0	0
Exercised	(23,815)	(12,636)
Forfeited or Expired	(746)	0
Options outstanding and exercisable, End of period	113,086	137,647
Options outstanding and exercisable, Weighted average exercise price, Beginning of period	$ 18.71	$ 18.33
Options granted in period, Weighted average exercise price	$ 0	$ 0.00
Options exercised in period, Weighted average exercise price	$ 15.96	$ 14.23
Options forfeited or expired, Weighted average exercise price	$ 20.65	$ 0
Options outstanding and exercisable, Weighted average exercise price, End of period	$ 19.28	$ 18.71

SHARE INCENTIVE PLAN Schedule of Unvested Shares and LTIP Units (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 11,100,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition	2 years 4 months 24 days
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares unvested, Beginning of period	60,916	75,739
Shares granted	31,830	30,153
Shares vested	(28,179)	(43,819)
Shares forfeited	(830)	(1,157)
Shares unvested, End of period	63,737	60,916	75,739
Shares unvested, Weighted average grant date fair value, Beginning of period	$ 19.36	$ 18.25
Shares granted, Weighted average grant date fair value	$ 23.75	$ 21.88
Shares vested, Weighted average grant date fair value	$ 18.77	$ 19.29
Shares forfeited, Weighted average grant date fair value	$ 23.00	$ 16.02
Shares unvested, Weighted average grant date fair value, End of period	$ 23.34	$ 19.36	$ 18.25
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value	$ 500,000.0	$ 800,000.0	$ 2,200,000.0
LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares unvested, Beginning of period	943,686	838,898
Shares granted	290,912	281,714
Shares vested	(350,264)	(176,926)
Shares forfeited	0	0
Shares unvested, End of period	884,334	943,686
Shares unvested, Weighted average grant date fair value, Beginning of period	$ 19.27	$ 17.85
Shares granted, Weighted average grant date fair value	$ 26.69	$ 21.99
Shares vested, Weighted average grant date fair value	$ 19.51	$ 16.92
Shares forfeited, Weighted average grant date fair value	$ 0.00	$ 0.00
Shares unvested, Weighted average grant date fair value, End of period	$ 21.62	$ 19.27

EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase discount rate (in percent)	15.00%
Employee share purchase maximum purchase amount	$ 25,000
Employee share purchase compensation expense	10,000	10,000	10,000
Trustee [Member] \| Deferred Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement compensation expense	$ 70,000	$ 60,000	$ 60,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase (in shares)	3,678	3,829	4,886

EMPLOYEE 401(K) PLAN (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Contribution Plan [Line Items]
Employer matching contribution (in percent)	50.00%
Maximum employee annual salary contribution (in percent)	15.00%
Maximum employee annual salary contribution amount	$ 0
Employer contribution	$ 0.3	$ 0.3	$ 0.2
Maximum [Member]
Defined Contribution Plan [Line Items]
Maximum annual contribution per employee (in percent)	6.00%

FEDERAL INCOME TAXES Tax Status of Dividends (Details)	12 Months Ended
FEDERAL INCOME TAXES Tax Status of Dividends (Details)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Required Distribution Rate to Maintain REIT Status (in percent)	90.00%
Ordinary income	87.00%	63.00%	75.00%
Qualified dividend	0.00%	0.00%	22.00%
Capital gain	13.00%	37.00%	3.00%
Total	100.00%	100.00%	100.00%

FEDERAL INCOME TAXES Income and Provision for Income Taxes (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Contingency [Line Items]
TRS (loss) income before income taxes									$ 26,522	$ 8,693	$ 5,338
Benefit (provision) for income taxes:
TRS net (loss) income before noncontrolling interests	7,576	8,893	7,967	9,590	8,440	6,242	5,612	3,325	34,026	23,619	18,611
Noncontrolling interests									4,525	50,230	2,160
TRS net (loss) income									44,640	89,936	53,715
TRS [Member]
Income Tax Contingency [Line Items]
TRS (loss) income before income taxes									(2,225)	(2,056)	376
Benefit (provision) for income taxes:
Federal									276	592	(222)
State and local									71	147	(59)
TRS net (loss) income before noncontrolling interests									(1,878)	(1,317)	95
Noncontrolling interests									267	702	1,245
TRS net (loss) income									$ (1,611)	$ (615)	$ 1,340

- Definition

Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.

+ References+ Details

- Definition

Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests.

+ References+ Details

FEDERAL INCOME TAXES Tax Reconciliation (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Income Tax Disclosure [Abstract]
Federal (benefit) provision at statutory tax rate	$ (757)	$ (699)	$ 128
TRS state and local taxes, net of federal benefit	(117)	(109)	20
Permanent differences, net	496	809	(279)
Prior year overaccrual, net	128	(553)	0
Restricted stock vesting	(2)	(159)	266
Other	127	(41)	133
REIT state and local income and franchise taxes	144	178	193
Total provision (benefit) for income taxes	$ 19	$ (574)	$ 461

EARNINGS PER COMMON SHARE (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount									25,067	25,067	25,067
Numerator:
Income from continuing operations	$ 7,576	$ 8,893	$ 7,967	$ 9,590	$ 8,440	$ 6,242	$ 5,612	$ 3,325	$ 34,026	$ 23,619	$ 18,611
Less: net income attributable to participating securities									581	458	381
Income from continuing operations net of income									$ 33,445	$ 23,161	$ 18,230
Denominator:
Weighted average shares for basic earnings per share									54,919,000	45,854,000	40,697,000
Effect of dilutive securities:
Employee share options									38,000	40,000	18,000
Denominator for diluted earnings per share									54,957,000	45,894,000	40,715,000
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$ 0.14	$ 0.16	$ 0.14	$ 0.18	$ 0.17	$ 0.13	$ 0.12	$ 0.08	$ 0.61	$ 0.51	$ 0.45
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$ 0.14	$ 0.16	$ 0.14	$ 0.18	$ 0.17	$ 0.13	$ 0.12	$ 0.08	$ 0.61	$ 0.51	$ 0.45
Series A Preferred Stock [Member] \| Acadia Realty, LP [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Series A Preferred OP Units	188				188				188	188	188

SUMMARY OF QUARTERLY FINANCIAL INFORMATION Quarterly Financial Information Disclosure (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 44,102	$ 41,085	$ 40,808	$ 42,291	$ 31,817	$ 29,580	$ 28,257	$ 25,333	$ 168,286	$ 114,987	$ 97,857
Income from continuing operations	7,576	8,893	7,967	9,590	8,440	6,242	5,612	3,325	34,026	23,619	18,611
Income from discontinued operations attributable to Common Shareholders	4,675	591	790	33	12,836	1,339	1,227	685	6,089	16,087	32,944
Net income attributable to Common Shareholders	$ 12,251	$ 9,484	$ 8,757	$ 9,623	$ 21,276	$ 7,581	$ 6,839	$ 4,010	$ 40,115	$ 39,706	$ 51,555
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations (in dollars per share)	$ 0.14	$ 0.16	$ 0.14	$ 0.18	$ 0.17	$ 0.13	$ 0.12	$ 0.08	$ 0.61	$ 0.51	$ 0.45
Income from discontinued operations (in dollars per share)	$ 0.08	$ 0.01	$ 0.02	$ 0.00	$ 0.25	$ 0.03	$ 0.03	$ 0.01	$ 0.11	$ 0.34	$ 0.80
Net income per share (in dollars per share)	$ 0.22	$ 0.17	$ 0.16	$ 0.18	$ 0.42	$ 0.16	$ 0.15	$ 0.09	$ 0.72	$ 0.85	$ 1.25
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations (in dollars per share)	$ 0.14	$ 0.16	$ 0.14	$ 0.18	$ 0.17	$ 0.13	$ 0.12	$ 0.08	$ 0.61	$ 0.51	$ 0.45
Income from discontinued operations (in dollars per share)	$ 0.08	$ 0.01	$ 0.02	$ 0.00	$ 0.25	$ 0.03	$ 0.03	$ 0.01	$ 0.11	$ 0.34	$ 0.80
Net income per share (in dollars per share)	$ 0.22	$ 0.17	$ 0.16	$ 0.18	$ 0.42	$ 0.16	$ 0.15	$ 0.09	$ 0.72	$ 0.85	$ 1.25
Cash dividends declared per Common Share	$ 0.23	$ 0.21	$ 0.21	$ 0.21	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.86	$ 0.72	$ 0.72

SUBSEQUENT EVENTS (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended				1 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013 Mortgages [Member]	Jan. 31, 2014 Subsequent Event [Member] loan	Jan. 31, 2014 Subsequent Event [Member] Mortgages [Member] Unfunded Mortgage Loan [Member]	Jan. 31, 2014 Subsequent Event [Member] 11 East Walton [Member] Chicago, Illinois [Member]	Feb. 26, 2014 Subsequent Event [Member] 61 Main Street [Member] West Port, Connecticut [Member]
Subsequent Event [Line Items]
Purchase Price							$ 44,000	$ 0
Number of loans					2
Proceeds from notes receivable	29,583	25,388	56,519		7,000
Proceeds from Issuance of Long-term Debt				$ 324,233		$ 45,000

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Schedule of Real Estate and Accumulated Depreciation (Details) (USD $)					12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2013 Minimum [Member]	Dec. 31, 2013 Maximum [Member]	Dec. 31, 2013 Core Portfolio [Member] Crescent Plaza [Member]	Dec. 31, 2013 Core Portfolio [Member] New Louden Center [Member]	Dec. 31, 2013 Core Portfolio [Member] Mark Plaza [Member]	Dec. 31, 2013 Core Portfolio [Member] Plaza 422 [Member]	Dec. 31, 2013 Core Portfolio [Member] Route 6 Mall [Member]	Dec. 31, 2013 Core Portfolio [Member] Bartow Avenue [Member]	Dec. 31, 2013 Core Portfolio [Member] Amboy Rd. Shopping Ctr. [Member]	Dec. 31, 2013 Core Portfolio [Member] Abington Towne Center [Member]	Dec. 31, 2013 Core Portfolio [Member] Bloomfield Town Square [Member]	Dec. 31, 2013 Core Portfolio [Member] Walnut Hill Plaza [Member]	Dec. 31, 2013 Core Portfolio [Member] Elmwood Park Plaza [Member]	Dec. 31, 2013 Core Portfolio [Member] Merrillville Plaza [Member]	Dec. 31, 2013 Core Portfolio [Member] Marketplace of Absecon [Member]	Dec. 31, 2013 Core Portfolio [Member] Clark Diversey [Member]	Dec. 31, 2013 Core Portfolio [Member] Chestnut Hill [Member]	Dec. 31, 2013 Core Portfolio [Member] Third Avenue [Member]	Dec. 31, 2013 Core Portfolio [Member] Hobson West Plaza [Member]	Dec. 31, 2013 Core Portfolio [Member] Village Commons Shopping Center [Member]	Dec. 31, 2013 Core Portfolio [Member] Town Line Plaza [Member]	Dec. 31, 2013 Core Portfolio [Member] Branch Shopping Center [Member]	Dec. 31, 2013 Core Portfolio [Member] The Methuen Shopping Center [Member]	Dec. 31, 2013 Core Portfolio [Member] The Gateway Shopping Center [Member]	Dec. 31, 2013 Core Portfolio [Member] River Street [Member]	Dec. 31, 2013 Core Portfolio [Member] Rhode Island Place Shopping Center [Member]	Dec. 31, 2013 Core Portfolio [Member] Mad River Station [Member]	Dec. 31, 2013 Core Portfolio [Member] Pacesetter Park Shopping Center [Member]	Dec. 31, 2013 Core Portfolio [Member] 239 Greenwich Avenue [Member]	Dec. 31, 2013 Core Portfolio [Member] West Shore Expressway [Member]	Dec. 31, 2013 Core Portfolio [Member] West 54th Street [Member]	Dec. 31, 2013 Core Portfolio [Member] Acadia 5-7 East 17th Street [Member]	Dec. 31, 2013 Core Portfolio [Member] West Diversey 651-671 W Diversey [Member]	Dec. 31, 2013 Core Portfolio [Member] Mercer Street 15 Mercer Street [Member]	Dec. 31, 2013 Core Portfolio [Member] 4401 White Plains [Member]	Dec. 31, 2013 Core Portfolio [Member] Chicago Street Retail Portfolio [Member]	Dec. 31, 2013 Core Portfolio [Member] 1520 North Milwaukee Avenue [Member]	Dec. 31, 2013 Core Portfolio [Member] Cambridge LLC [Member]	Dec. 31, 2013 Core Portfolio [Member] 930 Rush Street [Member]	Dec. 31, 2013 Core Portfolio [Member] 28 Jericho Turnpike [Member]	Dec. 31, 2013 Core Portfolio [Member] 181 Main Street [Member]	Dec. 31, 2013 Core Portfolio [Member] 83 Spring Street [Member]	Dec. 31, 2013 Core Portfolio [Member] 60 Orange Street [Member]	Dec. 31, 2013 Core Portfolio [Member] 171-53 and 181-03 Connecticut Avenue [Member]	Dec. 31, 2013 Core Portfolio [Member] 639 West Diversey [Member]	Dec. 31, 2013 Core Portfolio [Member] 664 North Michigan Avenue [Member]	Dec. 31, 2013 Core Portfolio [Member] 8-12 East Walton [Member]	Dec. 31, 2013 Core Portfolio [Member] 3200 - 3204 M Street [Member]	Dec. 31, 2013 Core Portfolio [Member] 868 Broadway [Member]	Dec. 31, 2013 Core Portfolio [Member] 313 - 315 Bowery [Member]	Dec. 31, 2013 Core Portfolio [Member] 120 West Broadway [Member]	Dec. 31, 2013 Core Portfolio [Member] Brandywine Town Center [Member]	Dec. 31, 2013 Core Portfolio [Member] Brandywine Market Square [Member]	Dec. 31, 2013 Core Portfolio [Member] Undeveloped Land [Member]	Dec. 31, 2013 Acadia Realty, LP [Member] Cortlandt Towne Center [Member]	Dec. 31, 2013 Fund I [Member] Kroger/Safeway Various [Member]	Dec. 31, 2013 Fund II [Member] Liberty Avenue [Member]	Dec. 31, 2013 Fund II [Member] 216th Street [Member]	Dec. 31, 2013 Fund II [Member] 161st Street [Member]	Dec. 31, 2013 Fund III [Member] Cortlandt Towne Center [Member]	Dec. 31, 2013 Fund III [Member] Heritage Shops [Member]	Dec. 31, 2013 Fund III [Member] 654 Broadway [Member]	Dec. 31, 2013 Fund III [Member] New Hyde Park Shopping Center [Member]	Dec. 31, 2013 Fund III [Member] 640 Broadway [Member]	Dec. 31, 2013 Fund III [Member] Lincoln Park Centre LLC [Member]	Dec. 31, 2013 Fund III [Member] 3104 M Street [Member]	Dec. 31, 2013 Fund III [Member] 3780 to 3858 Nortrand Avenue [Member]	Dec. 31, 2013 Fund IV [Member] 210 Bowery LLC [Member]	Dec. 31, 2013 Fund IV [Member] Paramus Plaza [Member]	Dec. 31, 2013 Fund IV [Member] 1151 Third Avenue [Member]	Dec. 31, 2013 Fund IV [Member] Lake Montclair [Member]	Dec. 31, 2013 Fund IV [Member] 938 West North Avenue [Member]	Dec. 31, 2013 Fund IV [Member] Acadia Strategic Opportunity Fund IV [Member]	Dec. 31, 2013 Fund IV [Member] Real Estate Under Development [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,039,617,000						$ 16,747,000	$ 13,369,000	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 22,910,000	$ 32,744,000	$ 25,837,000	$ 0	$ 4,192,000	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 19,746,000	$ 4,088,000	$ 17,086,000	$ 0	$ 11,530,000	$ 26,000,000	$ 0	$ 0	$ 0	$ 0	$ 0	$ 6,263,000	$ 15,984,000	$ 0	$ 7,036,000	$ 0	$ 16,164,000	$ 0	$ 0	$ 8,457,000	$ 0	$ 4,685,000	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 141,825,000	$ 24,375,000	$ 0	$ 50,000,000	$ 0	$ 9,090,000	$ 25,500,000	$ 29,500,000	$ 84,745,000	$ 20,871,000	$ 0	$ 6,294,000	$ 22,750,000	$ 23,000,000	$ 0	$ 12,567,000	$ 4,600,000	$ 0	$ 0	$ 0	$ 0	$ 68,750,000	$ 262,912,000
Initial Cost to Company of Land	378,117,000						1,147,000	505,000	0	190,000	1,664,000	1,691,000	0	799,000	3,207,000	3,122,000	3,248,000	4,288,000	2,573,000	10,061,000	8,289,000	11,108,000	1,793,000	3,229,000	878,000	3,156,000	956,000	1,273,000	3,510,000	7,458,000	2,350,000	1,475,000	1,817,000	3,380,000	16,699,000	3,048,000	8,576,000	1,887,000	1,581,000	18,521,000	2,110,000	4,894,000	4,933,000	6,220,000	1,908,000	1,754,000	3,609,000	11,690,000	4,429,000	17,320,000	5,625,000	2,950,000	3,375,000	0	0	21,993,000	4,308,000	250,000	0	0	0	7,261,000	16,679,000	7,293,000	13,131,000	9,040,000	3,016,000	12,503,000	5,090,000	750,000	5,058,000	1,875,000	4,703,000	5,400,000	4,813,000	5,000,000	0	45,658,000
Initial Cost to Company of Buildings and Improvements	950,875,000						7,425,000	4,161,000	4,268,000	3,004,000	0	5,803,000	11,909,000	3,197,000	13,774,000	12,488,000	12,992,000	17,152,000	10,294,000	2,773,000	5,691,000	8,038,000	7,172,000	12,917,000	3,510,000	12,545,000	3,826,000	5,091,000	2,886,000	15,968,000	9,404,000	5,899,000	15,846,000	13,554,000	18,704,000	7,281,000	17,256,000	2,483,000	5,054,000	55,627,000	1,306,000	11,349,000	14,587,000	24,416,000	12,158,000	9,200,000	10,790,000	10,135,000	6,102,000	69,280,000	16,875,000	8,850,000	10,125,000	5,516,000	37,000,000	87,988,000	17,239,000	0	0	4,215,000	12,627,000	0	28,410,000	61,395,000	15,409,000	3,654,000	7,733,000	19,960,000	25,353,000	2,251,000	14,585,000	5,625,000	14,148,000	12,600,000	14,438,000	15,000,000	0	2,564,000
Costs Capitalized Subsequent to Acquisition	490,061,000						1,390,000	12,927,000	(872,000)	2,309,000	12,171,000	627,000	2,330,000	2,216,000	20,828,000	441,000	15,715,000	4,993,000	4,897,000	246,000	4,234,000	4,380,000	1,833,000	4,048,000	7,508,000	8,665,000	594,000	12,253,000	0	9,000	1,049,000	2,199,000	549,000	(55,000)	677,000	77,000	8,000	7,000	0	1,335,000	0	0	0	0	0	0	0	463,000	279,000	0	2,000	0	0	0	0	16,019,000	957,000	0	0	0	1,192,000	19,198,000	18,219,000	5,688,000	382,000	956,000	3,991,000	3,219,000	125,000	95,000	510,000	38,000	0	0	9,000	0	0	289,131,000
Carrying Amount of Land	381,909,000						1,147,000	505,000	0	190,000	1,664,000	1,691,000	0	799,000	3,207,000	3,122,000	3,798,000	4,288,000	2,577,000	10,061,000	8,289,000	11,855,000	1,793,000	3,229,000	907,000	3,401,000	961,000	1,273,000	3,510,000	7,458,000	2,350,000	1,475,000	1,817,000	3,380,000	16,699,000	3,048,000	8,576,000	1,887,000	1,581,000	18,559,000	2,110,000	4,894,000	4,933,000	6,220,000	1,908,000	1,754,000	3,609,000	11,689,000	4,429,000	17,320,000	5,625,000	2,950,000	3,375,000	0	0	24,214,000	4,262,000	250,000	0	0	0	7,261,000	16,679,000	7,293,000	13,131,000	9,040,000	3,016,000	12,503,000	5,090,000	750,000	5,058,000	1,875,000	4,703,000	5,400,000	4,813,000	5,000,000	0	45,658,000
Carrying Amount of Buildings and Improvements	1,437,144,000						8,815,000	17,088,000	3,396,000	5,313,000	12,171,000	6,430,000	14,239,000	5,413,000	34,602,000	12,929,000	28,157,000	22,145,000	15,187,000	3,019,000	9,925,000	11,671,000	9,005,000	16,965,000	10,989,000	20,965,000	4,415,000	17,344,000	2,886,000	15,977,000	10,453,000	8,098,000	16,395,000	13,499,000	19,381,000	7,358,000	17,264,000	2,490,000	5,054,000	56,924,000	1,306,000	11,349,000	14,587,000	24,416,000	12,158,000	9,200,000	10,790,000	10,599,000	6,381,000	69,280,000	16,877,000	8,850,000	10,125,000	5,516,000	37,000,000	101,786,000	18,242,000	0	0	4,215,000	13,819,000	19,198,000	46,629,000	67,083,000	15,791,000	4,610,000	11,724,000	23,179,000	25,478,000	2,346,000	15,095,000	5,663,000	14,148,000	12,600,000	14,447,000	15,000,000	0	291,695,000
Total Carrying Amount	1,819,053,000	1,287,198,000	897,370,000	753,989,000			9,962,000	17,593,000	3,396,000	5,503,000	13,835,000	8,121,000	14,239,000	6,212,000	37,809,000	16,051,000	31,955,000	26,433,000	17,764,000	13,080,000	18,214,000	23,526,000	10,798,000	20,194,000	11,896,000	24,366,000	5,376,000	18,617,000	6,396,000	23,435,000	12,803,000	9,573,000	18,212,000	16,879,000	36,080,000	10,406,000	25,840,000	4,377,000	6,635,000	75,483,000	3,416,000	16,243,000	19,520,000	30,636,000	14,066,000	10,954,000	14,399,000	22,288,000	10,810,000	86,600,000	22,502,000	11,800,000	13,500,000	5,516,000	37,000,000	126,000,000	22,504,000	250,000	0	4,215,000	13,819,000	26,459,000	63,308,000	74,376,000	28,922,000	13,650,000	14,740,000	35,682,000	30,568,000	3,096,000	20,153,000	7,538,000	18,851,000	18,000,000	19,260,000	20,000,000	0	337,353,000
Accumulated Depreciation	229,538,000	169,718,000	147,626,000	134,530,000			6,629,000	12,687,000	2,725,000	4,647,000	7,161,000	2,109,000	3,558,000	2,934,000	13,625,000	6,188,000	14,426,000	8,482,000	6,064,000	657,000	1,652,000	1,545,000	3,978,000	7,237,000	8,479,000	6,150,000	1,940,000	6,932,000	157,000	684,000	4,252,000	3,384,000	6,125,000	2,587,000	3,180,000	1,135,000	1,115,000	155,000	295,000	2,225,000	82,000	551,000	638,000	1,014,000	334,000	345,000	372,000	307,000	158,000	1,443,000	211,000	111,000	0	0	0	25,911,000	5,412,000	0	0	4,022,000	2,229,000	3,537,000	7,777,000	14,777,000	1,469,000	205,000	541,000	1,023,000	1,123,000	80,000	334,000	140,000	118,000	53,000	60,000	62,000	0	0
Real Estate and Accumulated Depreciation, Life Used for Depreciation					30 years	40 years
Real Estate, Federal Income Tax Basis	$ 1,491,000,000

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Reconciliation of Real Estate Properties (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of year	$ 1,287,198	$ 897,370	$ 753,989
Other improvements	112,622	65,480	37,497
Property Acquired	272,661	324,348	105,884
Consolidation of Previously Unconsolidated Investments	146,572	0	0
Balance at end of year	$ 1,819,053	$ 1,287,198	$ 897,370

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Reconciliation of Accumulated Depreciation (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	$ 169,718	$ 147,626	$ 134,530
Depreciation related to real estate	31,732	22,092	13,096
Consolidation of Previously Unconsolidated Investments	28,088	0	0
Balance at end of year	$ 229,538	$ 169,718	$ 147,626

EMPLOYEE 401(K) PLAN	12 Months Ended
EMPLOYEE 401(K) PLAN	Dec. 31, 2013
Compensation and Retirement Disclosure [Abstract]
Employee 401(k) Plan	Employee 401(k) Plan The Company maintains a 401(k) plan for employees under which the Company currently matches 50% of a plan participant’s contribution up to 6% of the employee’s annual salary. A plan participant may contribute up to a maximum of 15% of their compensation, up to $17,500, for the year ended December 31, 2013. The Company contributed $0.3 million for each of the years ended December 31, 2013 and 2012 and $0.2 million for the year ended December 31, 2011.

DIVIDENDS AND DISTRIBUTIONS PAYABLE	12 Months Ended
DIVIDENDS AND DISTRIBUTIONS PAYABLE	Dec. 31, 2013
Equity [Abstract]
Dividends and Distributions Payable	Dividends and Distributions Payable 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, which was paid on January 15, 2014 to holders of record as of December 31, 2013.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2013
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events During January 2014, the Company completed the acquisition of 11 E. Walton in Chicago, Illinois, for a purchase price of $44.0 million. During January 2014, the Company received payment on two outstanding notes receivable with an aggregate carrying amount of $7.2 million. During January 2014, the Company drew down $45.0 million on a previously unfunded mortgage loan collateralized by a property. During February 2014, the Company completed the acquisition of 61 Main Street in Westport, Connecticut for a purchase price of $7.3 million.

COMMITMENTS AND CONTINGENCIES (Details) (USD $) In Millions, unless otherwise specified	1 Months Ended	12 Months Ended
	Aug. 31, 2009 Breach of Severance Agreement [Member]	Dec. 31, 2013 Contract Terminated with Cause Prior To Completion [Member]
Loss Contingencies [Line Items]
Loss Contingency, Damages Sought, Value	$ 0.9	$ 8.5

DIVIDENDS AND DISTRIBUTIONS PAYABLE (Details) (USD $)	3 Months Ended								12 Months Ended
DIVIDENDS AND DISTRIBUTIONS PAYABLE (Details) (USD $)	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Dividends, Common Stock [Abstract]
Cash dividends declared per Common Share	$ 0.23	$ 0.21	$ 0.21	$ 0.21	$ 0.18	$ 0.18	$ 0.18	$ 0.18	$ 0.86	$ 0.72	$ 0.72