Document And Entity Information	3 Months Ended
Document And Entity Information	Mar. 31, 2014	May 02, 2014
Document Information [Line Items]
Entity Registrant Name	ACADIA REALTY TRUST
Entity Central Index Key	0000899629
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		57,376,662

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Operating real estate
Land	$ 354,846	$ 336,251
Buildings and improvements	1,192,893	1,140,613
Construction in progress	5,764	4,836
Gross operating real estate	1,553,503	1,481,700
Less: accumulated depreciation	232,301	229,538
Net operating real estate	1,321,202	1,252,162
Real estate under development	369,407	337,353
Notes receivable and preferred equity investments, net	119,639	126,656
Investments in and advances to unconsolidated affiliates	178,068	181,322
Cash and cash equivalents	72,792	79,189
Cash in escrow	19,813	19,822
Restricted cash	94,737	109,795
Rents receivable, net	30,012	29,574
Deferred charges, net	29,989	30,775
Acquired lease intangibles, net	40,472	33,663
Prepaid expenses and other assets	51,369	44,212
Assets of discontinued operations	18,362	20,434
Total assets	2,345,862	2,264,957
LIABILITIES
Mortgage and other notes payable	1,108,304	1,039,617
Convertible notes payable	380	380
Distributions in excess of income from, and investments in, unconsolidated affiliates	8,670	8,701
Accounts payable and accrued expenses	41,472	38,050
Dividends and distributions payable	13,741	13,455
Acquired lease intangibles, net	22,233	22,394
Other liabilities	20,155	18,265
Liabilities of discontinued operations	106	2,507
Total liabilities	1,215,061	1,143,369
Shareholders' Equity
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 56,739,739 and 55,643,068 shares, respectively	57	56
Additional paid-in capital	693,633	665,301
Accumulated other comprehensive (loss) income	(407)	1,132
Retained earnings	46,325	37,747
Total shareholders’ equity	739,608	704,236
Noncontrolling interests	391,193	417,352
Total equity	1,130,801	1,121,588
Total liabilities and equity	$ 2,345,862	$ 2,264,957

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	56,739,739	55,643,068
Common stock, shares outstanding	56,739,739	55,643,068

CONSOLIDATED STATEMENTS OF INCOME (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues
Rental income	$ 33,818	$ 28,781
Interest income	3,164	2,898
Expense reimbursements	8,790	7,282
Other	913	3,328
Total revenues	46,685	42,289
Operating Expenses
Property operating	7,124	4,450
Other operating	687	1,512
Real estate taxes	5,670	5,021
General and administrative	6,896	5,626
Depreciation and amortization	11,587	9,229
Total operating expenses	31,964	25,838
Operating income	14,721	16,451
Equity in earnings of unconsolidated affiliates	3,029	2,250
Loss on debt extinguishment	(203)	0
Gain on disposition of property	12,387	0
Interest and other finance expense	(10,651)	(9,285)
Income from continuing operations before income taxes	19,283	9,416
Income tax (provision) benefit	(168)	139
Income from continuing operations	19,115	9,555
Discontinued Operations
Operating income from discontinued operations	0	1,624
Gain on sale of properties	12,387	0
Income from discontinued operations	0	1,624
Net income	19,115	11,179
Noncontrolling interests
Continuing operations	2,480	35
Discontinued operations	0	(1,591)
Net loss (income) attributable to noncontrolling interests	2,480	(1,556)
Net income attributable to Common Shareholders	$ 21,595	$ 9,623
Basic Earnings per Share
Income from continuing operations (in dollars per share)	$ 0.38	$ 0.18
Income from discontinued operations (in dollars per share)	$ 0.00	$ 0.00
Basic earnings per share (in dollars per share)	$ 0.38	$ 0.18
Diluted Earnings per Share
Income from continuing operations (in dollars per share)	$ 0.38	$ 0.18
Income from discontinued operations (in dollars per share)	$ 0.00	$ 0.00
Diluted earnings per share (in dollars per share)	$ 0.38	$ 0.18

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net income	$ 19,115	$ 11,179
Other comprehensive (loss) income
Unrealized loss on valuation of swap agreements	(2,329)	(1,092)
Reclassification of realized interest on swap agreements	837	592
Other comprehensive loss	(1,492)	(500)
Comprehensive income	17,623	10,679
Comprehensive loss (income) attributable to noncontrolling interests	2,433	(1,681)
Comprehensive income attributable to Common Shareholders	$ 20,056	$ 8,998

- Definition

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

+ References+ Details

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) In Thousands, except Share data, unless otherwise specified	Total	Parent	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest
Balance at Dec. 31, 2013	$ 1,121,588	$ 704,236	$ 56	$ 665,301	$ 1,132	$ 37,747	$ 417,352
Balance (in Shares) at Dec. 31, 2013	55,643,068		55,643,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)			27,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	648	0	648	0	0	(648)
Issuance of Common Shares, net of issuance costs (in Shares)			1,054,000
Issuance of Common Shares, net of issuance costs	27,404	27,404	1	27,403	0	0	0
Dividends declared	(13,740)	(13,017)	0	0	0	(13,017)	(723)
Vesting of employee Restricted Share and LTIP awards (in Shares)			16,000
Vesting of employee Restricted Share and LTIP awards	2,135	281	0	281	0	0	1,854
Noncontrolling interest distributions	(32,921)	0	0	0	0	0	(32,921)
Noncontrolling Interest, Increase from Contributions	8,712	0	0	0	0	0	8,712
Balance before adjustment towards comprehensive income (in Shares)			56,740,000
Balance before adjustment towards comprehensive income	1,113,178	719,552	57	693,633	1,132	24,730	393,626
Comprehensive (loss) income:
Net income	19,115	21,595	0	0	0	21,595	(2,480)
Unrealized loss on valuation of swap agreements	(2,329)	(2,376)	0	0	(2,376)	0	47
Reclassification of realized interest on swap agreements	837	837	0	0	837	0	0
Total comprehensive (loss) income	17,623	20,056	0	0	(1,539)	21,595	(2,433)
Balance at Mar. 31, 2014	$ 1,130,801	$ 739,608	$ 57	$ 693,633	$ (407)	$ 46,325	$ 391,193
Balance (in Shares) at Mar. 31, 2014	56,739,739		56,740,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 19,115	$ 11,179
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	11,587	10,628
Amortization of financing costs	688	734
Gain on disposition of property	(12,387)	0
Share-based compensation expense	2,087	1,411
Equity in earnings of unconsolidated affiliates	(3,029)	(2,250)
Distributions of operating income from unconsolidated affiliates	2,562	1,208
Other, net	(648)	(1,476)
Changes in assets and liabilities
Cash in escrow	(141)	(274)
Rents receivable, net	(486)	(878)
Prepaid expenses and other assets	(23)	(15,021)
Accounts payable and accrued expenses	2,507	(739)
Other liabilities	345	(289)
Net cash provided by operating activities	22,177	4,233
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(90,500)	(86,600)
Redevelopment and property improvement costs	(37,505)	(17,941)
Deferred leasing costs	(369)	(2,220)
Investments in and advances to unconsolidated affiliates	(21,568)	(2)
Return of capital from unconsolidated affiliates	22,491	482
Consolidation of previously unconsolidated investment	0	1,864
Proceeds from notes receivable	7,156	5,529
Net cash used in investing activities	(120,295)	(98,888)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage notes	(38,972)	(47,136)
Proceeds received from mortgage notes	130,700	254,000
Loan proceeds held as restricted cash	15,058	(151,596)
Deferred financing and other costs	(921)	(9,998)
Capital contributions from noncontrolling interests	8,712	0
Distributions to noncontrolling interests	(33,577)	(3,098)
Dividends paid to Common Shareholders	(12,798)	(9,417)
Proceeds from issuance of Common Shares, net of issuance costs of $429 and $843, respectively	23,519	51,840
Other employee and trustee stock compensation, net	0	78
Net cash provided by financing activities	91,721	84,673
Decrease in cash and cash equivalents	(6,397)	(9,982)
Cash and cash equivalents, beginning of period	79,189	91,813
Cash and cash equivalents, end of period	72,792
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $2,892 and $1,664, respectively	12,173	5,858
Cash paid for income taxes	281	12
Supplemental disclosure of non-cash investing activities
Disposition of real estate through cancellation of debt	(22,865)	0
Acquisition of real estate through conversion of notes receivable	0	18,500
Consolidation of previously unconsolidated investment
Real estate, net	0	(118,484)
Mortgage notes payable	0	166,200
Distributions in excess of income from, and investments in, unconsolidated affiliates	0	(10,298)
Other assets and liabilities	0	(1,605)
Noncontrolling interest	0	(33,949)
Cash included in consolidation of previously unconsolidated investment	$ 0	$ 1,864

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Stock issuance costs	$ 1,430	$ 2,000
Cash paid for capitalized interest	$ 6,429	$ 4,515

ORGANIZATION AND BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

ORGANIZATION AND BASIS OF PRESENTATION

Business and Organization

Acadia Realty Trust (the "Trust") and subsidiaries (collectively, the "Company"), is a fully-integrated equity real estate investment trust ("REIT") focused on the acquisition, ownership, management and redevelopment of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas in the United States along the East Coast and in Chicago.

All of the Company's assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") and entities in which the Operating Partnership owns an interest. As of March 31, 2014, the Trust controlled approximately 96% of the Operating Partnership as the sole general partner. As the general partner, the Trust is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest ("Common OP Units" or "Preferred OP Units") and employees who have been awarded restricted OP units ("LTIP Units") as long-term incentive compensation (Note 13). Limited partners holding Common OP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest of the Trust ("Common Shares").

As of March 31, 2014, the Company has ownership interests in 80 properties within its core portfolio, which consist of those properties either wholly owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through its opportunity funds ("Core Portfolio"). The Company also has ownership interests in 39 properties within its four opportunity funds, Acadia Strategic Opportunity Fund, L.P. ("Fund I"), Acadia Strategic Opportunity Fund II, LLC ("Fund II"), Acadia Strategic Opportunity Fund III LLC ("Fund III") and Acadia Strategic Opportunity Fund IV LLC ("Fund IV" and together with Funds I, II and III, the "Funds"). The 119 Core Portfolio and Fund properties consist of commercial properties, which are primarily high-quality urban and/or street retail properties, community shopping centers and mixed-use properties with a retail component. Fund I and Fund II also include investments in operating companies through Acadia Mervyn Investors I, LLC ("Mervyns I"), Acadia Mervyn Investors II, LLC ("Mervyns II") and, in certain instances, directly through Fund II, all on a non-recourse basis. These investments comprise and are referred to as the Company's Retailer Controlled Property Initiative ("RCP Venture").

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

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



Entity	Formation Date	Operating Partnership Share of Capital		Committed Capital (2)		Capital Called as of March 31, 2014 (2)		Equity Interest Held By Operating Partnership		Preferred Return		Capital Returned as of March 31, 2014 (3)
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	%	84.5
Fund III	5/2007	19.90	%	475.0		357.7		19.90	%	6	%	196.8
Fund IV	5/2012	23.12	%	540.6		106.4		23.12	%	6	%	—

Notes:

(1) Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions.

(2) 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) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares.

1. ORGANIZATION AND BASIS OF PRESENTATION (continued)

Basis of Presentation

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

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. These consolidated financial statements should be read in conjunction with the Company's 2013 Annual Report on Form 10-K, as filed with the SEC on February 26, 2014.

Reclassifications

Certain reclassifications have been made to the 2013 financial statements to conform to the 2014 presentation.

Real Estate

The Company reviews its long-lived assets for impairment when there is an event or change in circumstances that indicates that the carrying amount may not be recoverable. The Company 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 cost to fair value, and for properties held-for-sale, the Company reduces its carrying value to the fair value less costs to dispose. Management does not believe that the carrying values of any of its properties are impaired as of March 31, 2014.

Recent Accounting Pronouncements

During April 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 modifies the requirements for reporting discontinued operations. Under the amendments in ASU 2014-08, the definition of discontinued operation has been modified to only include those disposals of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 shall be applied prospectively for periods beginning on or after December 15, 2014, with early adoption permitted. The Company adopted ASU 2014-08 for the quarter ended March 31, 2014. The Company has adopted this standard on a prospective basis for transactions that have occurred after the adoption date.

- Definition

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

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+ Details

EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At March 31, 2014, the Company has unvested LTIP Units (Note 13) which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method.

Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit ("Restricted Share Units") and share option awards issued under the Company's Share Incentive Plans (Note 13). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be dilutive and therefore are included in the computation of diluted earnings per share for the three months ended March 31, 2014. The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and are therefore not included in the computation of diluted earnings per share for the three months ended March 31, 2013.

The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. The conversion of the convertible notes payable (Note 9) is not included in the computation of basic and diluted earnings per share as such conversion, based on the current market price of the Common Shares, would be settled with cash.

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:



	Three Months Ended
	March 31,
(dollars in thousands, except per share amounts)	2014		2013
Numerator
Income from continuing operations	$	21,595	$	9,590
Less: net income attributable to participating securities	392		172
Income from continuing operations, net of income attributable to participating securities	21,203		9,418

Denominator
Weighted average shares for basic earnings per share	55,953		53,437
Effect of dilutive securities:
Employee Restricted Share Units and share options	40		60
Convertible Preferred OP Units	25		—
Denominator for diluted earnings per share	56,018		53,497

Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.38	$	0.18
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.38	$	0.18

- Definition

The entire disclosure for earnings per share.

+ References+ Details

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	3 Months Ended
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	Mar. 31, 2014
Noncontrolling Interest [Abstract]
Shareholders' Equity And Noncontrolling Interests	SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS During the first quarter 2014, the Company issued 1.1 million Common Shares under its at-the-market ("ATM") program, generating gross proceeds of $27.8 million and net proceeds of $27.5 million. The net proceeds from the Company's ATM equity programs have been, and will be, used by the Company primarily to fund acquisitions directly in the Core Portfolio and through its capital contributions to the Funds. Noncontrolling interests represent the portion of equity in entities consolidated in the accompanying consolidated financial statements that the Company does not own. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity, separately from shareholders' equity and include third party interests in the Company’s Funds and other entities. It also includes interests in the Operating Partnership which represent (i) the limited partners’ 1,457,467 Common OP Units at both March 31, 2014 and December 31, 2013; (ii) 188 Series A Preferred OP Units at March 31, 2014 and December 31, 2013; and (iii) 738,367 and 496,047 LTIP Units at March 31, 2014 and December 31, 2013, respectively.

- Definition

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

+ References+ Details

ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS

3 Months Ended

Mar. 31, 2014

ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT

ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS

Acquisitions

During 2014, the Company acquired the following properties through its Core Portfolio and Fund IV as follows:

Core Portfolio



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
11 E Walton	6,738	100	%	Street Retail	January	$	44.0	Chicago, IL
61 Main Street	3,400	100	%	Street Retail	February	7.3		Westport, CT
865 W North Avenue	16,000	100	%	Street Retail	March	14.8		Chicago, IL
252-256 Greenwich Avenue	9,172	100	%	Street Retail	March	24.5		Greenwich, CT
Total	35,310					$	90.6

The Company expensed $0.7 million of acquisition costs for the three months ended March 31, 2014 related to the Core Portfolio.

Fund IV



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
Broughton Street Portfolio	55,565	50	%	Street Retail	March	$	4.9	Savannah, GA
Total	55,565					$	4.9

The Company expensed $0.4 million of acquisition costs for the three months ended March 31, 2014 related to Fund IV.

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

Acquisitions (continued)

Purchase Price Allocations

The above acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and liabilities based on their estimated fair values at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the valuations and complete the purchase price allocations within one year from the dates of acquisition.

The following table summarizes the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2014 which have yet to be finalized:



(dollars in thousands)	Preliminary Purchase Price Allocations
Land	$	23,865
Buildings and improvements	71,586
Total consideration	$	95,451

During 2013, the Company acquired properties and recorded the preliminary allocations of the purchase prices to the assets acquired based on provisional measurements of fair value. During 2014, the Company finalized the allocations of the purchase prices and made certain measurement period adjustments. The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2013, and the finalized allocations as adjusted as of March 31, 2014:



(dollars in thousands)	Purchase Price Allocations as Originally Reported		Adjustments			Finalized Purchase Price Allocations
Land	$	22,182	$	(605	)	$	21,577
Buildings and improvements	84,061		(7,514		)	76,547
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—		9,092			9,092
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—		(973		)	(973		)
Total consideration	$	106,243	$	—		$	106,243

Dispositions

During March 2014, the Company's Walnut Hill property, which was subject to $22.9 million of non-recourse debt was foreclosed upon by the lender, resulting in a $12.4 million gain.

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

Discontinued Operations

Prior to the Company's adoption of ASU 2014-08, it reported properties held for sale or sold during the periods presented as discontinued operations. The results of discontinued operations are reflected as a separate component within the accompanying Consolidated Balance Sheets and Consolidated Statements of Income for all periods presented. As of March 31, 2014, one of the properties within the Funds was held for sale and, as it was previously reported as a discontinued operation, is reflected as such.

The combined assets and liabilities and the results of operations of the properties classified as discontinued operations are summarized for each period presented as follows:



(dollars in thousands)
BALANCE SHEETS	March 31, 2014		December 31, 2013
ASSETS
Net real estate	$	18,048	$	17,991
Rents receivable, net	33		565
Deferred charges, net	38		38
Prepaid expenses and other assets	243		1,840
Total assets of discontinued operations	$	18,362	$	20,434
LIABILITIES
Accounts payable and accrued expenses	$	104	$	1,473
Other liabilities	2		1,034
Total liabilities of discontinued operations	$	106	$	2,507



	Three Months Ended
(dollars in thousands)	March 31,
STATEMENT OF INCOME	2013
Total revenues	$	6,180
Total expenses	4,556
Operating income	1,624
Income from discontinued operations attributable to noncontrolling interests	(1,591		)
Income from discontinued operations attributable to Common Shareholders	$	33

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

3 Months Ended

Mar. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

Core Portfolio

The Company owns a 49% interest in a 311,000 square foot shopping center located in White Plains, New York ("Crossroads"), a 50% interest in an approximately 28,000 square foot retail portfolio located in Georgetown, Washington D.C. (the "Georgetown Portfolio") and a 22.22% interest in an approximately 20,000 square foot retail property located in Wilmington, Delaware ("Route 202 Shopping Center"). These investments are accounted for under the equity method.

Funds

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 March 31, 2014, 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. During the three months ended March 31, 2014, the Company received distributions from Rex Stores of $1.2 million of which the Operating Partnership's share was $0.2 million.

The following table summarizes activity related to the RCP Venture investments from inception through March 31, 2014:



(dollars in thousands)		Investment Group Share				Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	46,916	$	4,901	$	11,451
Mervyns Add-On investments	2005/2008	7,547		5,935		1,252		1,321
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		4,864		388		972
Shopko	2006	1,108		2,460		222		492
Marsh and Add-On investments	2006/2008	2,667		2,639		533		528
Rex Stores	2007	2,701		1,956		535		392
		$	63,214	$	146,364	$	12,070	$	31,474

Other Fund Investments

During the first quarter of 2014, Fund IV, entered into a joint venture ("Broughton Street Portfolio") with an unaffiliated entity, to acquire and operate properties located in Savannah, Georgia. Fund IV invested $6.3 million of equity and made a loan commitment of up to $29.4 million of which $15.3 million was funded to the joint venture as of March 31, 2014. As of March 31, 2014, the joint venture had acquired four properties for an aggregate purchase price of $4.9 million.

The unaffiliated partners for Fund II's investment in Albee Tower I Owners, Fund III's investments in Lincoln Road, Parkway Crossing, Arundel Plaza and the White City Shopping Center as well as Fund IV's investments in Lincoln Road, 1701 Belmont Avenue, 2819 Kennedy Boulevard, Promenade at Manassas and the Broughton Street Portfolio maintain control over these entities. The Company accounts for these investments under the equity method as it has the ability to exercise significant influence, but does not have any rights with respect to financial or operating control.


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

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

Summary of Investments in Unconsolidated Affiliates

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



(dollars in thousands)	March 31, 2014			December 31, 2013
Combined and Condensed Balance Sheets
Assets
Rental property, net	$	385,592		$	380,268
Real estate under development	30,187			5,573
Investment in unconsolidated affiliates	21,394			63,745
Other assets	67,570			66,895
Total assets	$	504,743		$	516,481
Liabilities and partners’ equity
Mortgage notes payable	$	299,210		$	265,982
Other liabilities	46,143			43,733
Partners’ equity	159,390			206,766
Total liabilities and partners’ equity	$	504,743		$	516,481
Company’s investment in and advances to unconsolidated affiliates	$	178,068		$	181,322
Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	$	(8,670	)	$	(8,701	)



	Three Months Ended
(dollars in thousands)	March 31, 2014			March 31, 2013
Combined and Condensed Statements of Income
Total revenues	$	12,105		$	10,999
Operating and other expenses	(3,815		)	(4,281		)
Interest and other finance expense	(2,524		)	(2,031		)
Equity in losses of unconsolidated affiliates	(328		)	(711		)
Depreciation and amortization	(2,706		)	(2,081		)
Loss on debt extinguishment	(187		)	—
Net income	$	2,545		$	1,895

Company’s share of net income	$	3,127		$	2,348
Amortization of excess investment	(98		)	(98		)
Company’s equity in earnings of unconsolidated affiliates	$	3,029		$	2,250

NOTES RECEIVABLE, PREFERRED EQUITY AND OTHER REAL ESTATE RELATED INVESTMENTS

3 Months Ended

Mar. 31, 2014

Mortgage Loans on Real Estate [Abstract]

NOTES RECEIVABLE, PREFERRED EQUITY AND OTHER REAL ESTATE RELATED INVESTMENTS

NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET

As of March 31, 2014, the Company’s notes receivable, net, aggregated $119.6 million, and were collateralized either by the underlying properties, the borrowers' ownership interests in the entities that own the properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:



(dollars in thousands)
Note description	Effective interest rate (1)	First Priority liens	Net Carrying Amounts of Notes Receivable as of March 31, 2014		Net Carrying Amounts of Notes Receivable as of December 31, 2013		Maturity date
First Mortgage Loan	8.0%	—	$	—	$	6,400	Demand
Mezzanine Loan ²	10.0%	89,566	9,089		9,089		Demand
First Mortgage Loan	11.0%	—	42,000		42,000		Demand
Zero Coupon Loan ³	24.0%	166,200	4,570		4,431		1/3/2016
Mezzanine Loan	15.0%	—	30,879		30,879		11/9/2020
Mezzanine Loan ⁴	15.0%	17,298	3,834		3,834		Upon Capital Event
Mezzanine Loan	8.1%	—	13,000		13,000		9/1/2017
Construction Loan	7.0%	—	12,000		12,000		1/1/2015
Individually less than 3% ⁵	2.8% to 12.0%	20,855	4,267		5,023		12/31/14 to Capital Event
Total			$	119,639	$	126,656

Notes:

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

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

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

(4) Non-performing loan

(5) Consists of three loans, one of which is non-performing with a face value of $3.0 million, of which $2.0 million has been reserved

During January 2014, the Company received a repayment of $6.4 million, representing the full principal amount on a note receivable.

During January 2014, the Company also received a payment of $1.4 million for a mezzanine loan with a face value of $3.5 million and a carrying value, net of reserves, of $0.7 million. The Company recognized income of approximately $0.7 million relating to the payoff, which is included in Other income on the accompanying 2014 Consolidated Statement of Income.

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 March 31, 2014, the Company held five non-performing notes aggregating $15.9 million for which payment was delinquent. Based primarily on the indicators noted above, the Company has established a reserve of $2.0 million as of March 31, 2014 related to these notes. The following table reconciles the allowance for notes receivable from December 31, 2013 to March 31, 2014:


6.	NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET (continued)



(dollars in thousands)	Allowance for Notes Receivable
Balance at December 31, 2013	$	3,681
Additional reserves	—
Recoveries	(1,688		)
Charge-offs and reclassifications	—
Balance at March 31, 2014	$	1,993

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS As of March 31, 2014, the Company's derivative financial instruments consisted of 11 interest rate swaps with an aggregate notional value of $178.0 million, which effectively fix LIBOR at rates ranging from 0.70% to 3.77% and mature between May 2015 and April 2023. The Company also has four derivative financial instruments with a notional value of $140.4 million which cap LIBOR at rates ranging from 3.0% to 4.3% and mature between July 2015 and April 2018. The fair value of these derivative instruments, included in Other liabilities in the Consolidated Balance Sheets, totaled $2.5 million and $2.0 million at March 31, 2014 and December 31, 2013, respectively. The fair value of these derivative instruments, included in Prepaid expenses and other assets in the Consolidated Balance Sheets, totaled $2.0 million and $3.1 million at March 31, 2014 and December 31, 2013, respectively. The notional value does not represent exposure to credit, interest rate, or market risks. These derivative instruments have been designated as cash flow hedges and hedge the future cash outflows of variable-rate interest payments on mortgage debt. Such instruments are reported at the fair value stated above. As of March 31, 2014 and December 31, 2013, unrealized (losses) and income totaling $(0.4) million and $1.1 million, respectively, were reflected in Accumulated other comprehensive (loss) income on the Consolidated Balance Sheets. As of March 31, 2014 and December 31, 2013, no derivatives were designated as fair value hedges, hedges of net investments in foreign operations or considered to be ineffective. Additionally, the Company does not use derivatives for trading or speculative purposes.

- Definition

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

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+ Details

MORTGAGE AND OTHER NOTES PAYABLE

3 Months Ended

Mar. 31, 2014

Mortgage Loans on Real Estate [Abstract]

MORTGAGE AND OTHER NOTES PAYABLE

The Company completed the following transactions related to mortgage and other notes payable and credit facilities during the three months ended March 31, 2014:

During the three months ended March 31, 2014, the Company borrowed $15.0 million on its unsecured credit facility.

During January 2014, the Company drew the remaining $1.5 million on its loan collateralized by a property. The loan bears interest at LIBOR plus 225 basis points and matures on November 10, 2015.

During January 2014, the Company borrowed $45.0 million on its loan collateralized by a property. The loan bears interest at LIBOR plus 165 basis points and matures on June 28, 2018.

During February 2014, the Company refinanced a $20.9 million loan collateralized by a property, bearing interest at LIBOR plus 225 basis points, with a new $24.5 million loan. The new loan bears interest at LIBOR plus 155 basis points and matures on February 28, 2016. In connection with this refinancing, the Company expensed $0.2 million in unamortized loan costs relating to the original loan.


8.	MORTGAGE AND OTHER NOTES PAYABLE (continued)

During February 2014, the Company borrowed $21.6 million on its Fund IV subscription line. In March 2014, the Company paid down $16.7 million. The outstanding balance under this facility is $73.7 million as of March 31, 2014.

During March 2014, the Company closed on two loans aggregating $9.0 million that are collateralized by a property. The loans bear interest at a blended rate of LIBOR plus 188 basis points and mature on March 7, 2017, and each have two one-year extension options.

During March 2014, the Company closed on a $12.6 million loan collateralized by a property. The loan bears interest at LIBOR plus 170 basis points and matures on February 20, 2019.

As of March 31, 2014, $198.5 million of funds have been released under the Company's EB-5 loan relating to its City Point project into a restricted cash account. $103.8 million has been drawn to fund construction activities, with $94.7 million remaining in the restricted cash account at March 31, 2014.

CONVERTIBLE NOTES PAYABLE	3 Months Ended
CONVERTIBLE NOTES PAYABLE	Mar. 31, 2014
Debt Disclosure [Abstract]
Convertible Notes Payable	CONVERTIBLE NOTES PAYABLE In December 2006 and January 2007, the Company issued convertible notes totaling $115.0 million that have a fixed interest rate of 3.75% and are due in 2026 (the "Convertible Notes"). The Convertible Notes were issued at par and require interest payments semi-annually in arrears on June 15^th and December 15^th of each year. The Convertible Notes are unsecured obligations and rank equally with all other unsecured and unsubordinated indebtedness. The Convertible Notes have an effective interest rate of 6.03%, after giving effect to the accounting treatment required by ASC Topic 470-20, "Debt with Conversion and Other Options." Holders of the Convertible Notes may require the Company to repurchase the Convertible Notes at par on December 15, 2016 and December 15, 2021. Through March 31, 2014, the Company had re-purchased $114.6 million in principal amount of its Convertible Notes, and the remaining outstanding balance is $0.4 million.

- Definition

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

+ References+ Details

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

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

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2014:



(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Derivative financial instruments (Note 7)	$	—	$	2,041	$	—
Liabilities
Derivative financial instruments (Note 7)	$	—	$	2,532	$	—

In addition to items that are measured at fair value on a recurring basis, the Company also has assets and liabilities on its consolidated balance sheet that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the table above. Assets and liabilities that are measured at fair value on a nonrecurring basis include assets acquired and liabilities assumed in business combinations (Note 4).

Financial Instruments

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

The Company has determined the estimated fair values of the following financial instruments 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:



(dollars in thousands)	March 31, 2014				December 31, 2013
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable and Preferred Equity Investments	$	119,639	$	119,639	$	126,656	$	126,656
Mortgage, Convertible Notes and Other Notes Payable	$	1,108,684	$	1,126,650	$	1,039,997	$	1,056,457

- Definition

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

+ References+ Details

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The Company earned property management fees, construction, legal and leasing fees from its investments in unconsolidated affiliates totaling $0.01 million for the three months ended March 31, 2013. Lee Wielansky, the Lead Trustee of the Company, was paid a consulting fee of $25,000 for the three months ended March 31, 2013. The consulting agreement was terminated as of December 31, 2013.

- 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

SEGMENT REPORTING

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Segment Reporting

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/managing member of the Funds are eliminated in the Company's consolidated financial statements. The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three months ended March 31, 2014 and 2013 and does not include unconsolidated affiliates:

Three Months Ended March 31, 2014



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	30,149		$	12,642		$	3,894	$	46,685
Property operating expenses, other operating and real estate taxes	(7,906		)	(5,575		)	—		(13,481		)
General and administrative expenses	(6,413		)	(483		)	—		(6,896		)
Depreciation and amortization	(8,333		)	(3,254		)	—		(11,587		)
Operating income	7,497			3,330			3,894		14,721
Equity in earnings of unconsolidated affiliates	95			2,934			—		3,029
Loss on debt extinguishment	—			(203		)	—		(203		)
Gain on disposition of property	12,387			—			—		12,387
Interest and other finance expense	(7,200		)	(3,451		)	—		(10,651		)
Income tax provision	(104		)	(64		)	—		(168		)
Income from continuing operations	12,675			2,546			3,894		19,115
Noncontrolling interests
(Income) loss from continuing operations	(419		)	2,899			—		2,480
Net income attributable to Common Shareholders	$	12,256		$	5,445		$	3,894	$	21,595

Real Estate at Cost	$	1,128,790		$	794,120		$	—	$	1,922,910
Total Assets	$	1,101,385		$	1,124,838		$	119,639	$	2,345,862
Acquisition of Real Estate	$	90,500		$	—		$	—	$	90,500
Investment in Redevelopment and Improvements	$	1,428		$	36,077		$	—	$	37,505


12.	SEGMENT REPORTING (continued)

Three Months Ended March 31, 2013



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	26,478		$	12,913		$	2,898	$	42,289
Property operating expenses, other operating and real estate taxes	(6,873		)	(4,110		)	—		(10,983		)
General and administrative expenses	(5,481		)	(145		)	—		(5,626		)
Depreciation and amortization	(6,389		)	(2,840		)	—		(9,229		)
Operating income	7,735			5,818			2,898		16,451
Equity in (losses) earnings of unconsolidated affiliates	(5		)	2,255			—		2,250
Interest and other finance expense	(6,157		)	(3,128		)	—		(9,285		)
Income tax benefit	92			47			—		139
Income from continuing operations	1,665			4,992			2,898		9,555
Discontinued operations
Operating income from discontinued operations	101			1,523			—		1,624
Net income	1,766			6,515			2,898		11,179
Noncontrolling interests
Loss (income) from continuing operations	304			(269		)	—		35
Income from discontinued operations	(40		)	(1,551		)	—		(1,591		)
Net loss (income) attributable to noncontrolling interests	264			(1,820		)	—		(1,556		)
Net income attributable to Common Shareholders	2,030			4,695			2,898		9,623

Real Estate at Cost	$	956,647		$	586,643		$	—	$	1,543,290
Total Assets	$	1,075,253		$	1,115,249		$	105,367	$	2,295,869
Acquisition of Real Estate	$	86,600		$	—		$	—	$	86,600
Investment in Redevelopment and Improvements	$	456		$	17,485		$	—	$	17,941

- Definition

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

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+ Details

LONG-TERM INCENTIVE COMPENSATION	3 Months Ended
LONG-TERM INCENTIVE COMPENSATION	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Long-Term Incentive Compensation	LONG-TERM INCENTIVE COMPENSATION On February 28, 2014, the Company issued a total of 326,230 LTIP Units and 918 Restricted Share Units to officers of the Company and 10,527 Restricted Share Units to other employees of the Company pursuant to its Amended and Restated 2006 Share Incentive Plan (the "Share Incentive Plan"). Vesting with respect to these awards is generally recognized ratably over the five annual anniversaries following the issuance date. Vesting with respect to 16% of the awards issued to officers is also generally subject to achieving certain Company performance measures. Unvested LTIP Units provide for non-forfeitable rights to dividend equivalent payments (Note 2). On March 31, 2014 , the Company entered into an Amended and Restated Employment Agreement with Kenneth Bernstein, Chief Executive Officer, and issued an additional 114,198 LTIP Units which are subject to a five-year vesting period. These awards were measured at their fair value as if they were vested on the grant date. Fair value was established as the market price of the Company's Common Shares as of the close of trading on the day preceding the grant date. The total value of the above Restricted Share Units and LTIP Units as of their respective grant dates was $11.9 million, of which $0.5 million was recognized as compensation expense in 2013, and $11.4 million will be recognized as compensation expense over the vesting period. Compensation expense of $0.4 million has been recognized in the accompanying consolidated statements of income related to these awards for the three months ended March 31, 2014. Total long-term incentive compensation expense, including the expense related to the above-mentioned plans, was $1.4 million and $1.3 million for the three months ended March 31, 2014 and 2013, respectively. In 2009, the Company adopted the Long Term Investment Alignment Program (the "Program") pursuant to which the Company may award units primarily to senior executives which would entitle them to receive up to 25% of any future Fund III Promote or Fund IV Promote when and if such Promotes are ultimately realized. The Company has awarded all of the units under the Program related to the Fund III Promote and 10% of the units related to the Fund IV Promote. These units were determined to have no value at issuance or as of March 31, 2014. In accordance with ASC Topic 718, "Compensation - Stock Compensation," compensation relating to these awards will be recorded based on the change in the estimated fair value at each reporting period.

- Definition

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

+ References+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS During April 2014, Fund III completed the disposition of its Sheepshead Bay property located in Brooklyn, New York, for a sales price of $20.2 million. During April 2014, Fund IV completed the acquisition of eight additional properties in its Broughton Street Portfolio for an aggregate purchase price of $13.8 million. During April 2014, the Company completed the acquisition of the retail condominium units in 152-154 Spring Street, located in Manhattan, New York, for a purchase price of $38.0 million. In consideration for this investment, the Company canceled $38.0 million of a $42.0 million note receivable from the sellers. Simultaneously with this transaction, the Company sold a 10% interest in this investment for $3.8 million. During April 2014, the Company issued a $13.0 million note receivable collateralized by a property. This loan has an effective interest rate of 12.7% and matures October 3, 2015. During April 2014, the Company received the full payment on two outstanding non-performing notes receivable as well as all accrued interest. The $10.3 million payment consisted of $6.8 million in principal and $3.5 million in accrued interest. The notes had an aggregate carrying value at March 31, 2014 of $4.8 million.

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	3 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Policies)	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the consolidated accounts of the Company and its investments in entities in which the Company is presumed to have control in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). Investments in entities for which the Company has the ability to exercise significant influence but does not have financial or operating control are accounted for under the equity method of accounting. Accordingly, the Company's share of the net earnings (or losses) of entities accounted for under the equity method are included in consolidated net income under the caption, Equity in Earnings of Unconsolidated Affiliates. Investments in entities for which the Company does not have the ability to exercise any influence are accounted for under the cost method. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. These consolidated financial statements should be read in conjunction with the Company's 2013 Annual Report on Form 10-K, as filed with the SEC on February 26, 2014.
Reclassifications	Reclassifications Certain reclassifications have been made to the 2013 financial statements to conform to the 2014 presentation.
Real Estate	Real Estate The Company reviews its long-lived assets for impairment when there is an event or change in circumstances that indicates that the carrying amount may not be recoverable. The Company 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 cost to fair value, and for properties held-for-sale, the Company reduces its carrying value to the fair value less costs to dispose. Management does not believe that the carrying values of any of its properties are impaired as of March 31, 2014.
Recent Accounting Pronouncements	Recent Accounting Pronouncements During April 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 modifies the requirements for reporting discontinued operations. Under the amendments in ASU 2014-08, the definition of discontinued operation has been modified to only include those disposals of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 shall be applied prospectively for periods beginning on or after December 15, 2014, with early adoption permitted. The Company adopted ASU 2014-08 for the quarter ended March 31, 2014. The Company has adopted this standard on a prospective basis for transactions that have occurred after the adoption date.

ORGANIZATION AND BASIS OF PRESENTATION (Tables)

3 Months Ended

Mar. 31, 2014

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Noncontrolling Interest In Individual Investee

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



Entity	Formation Date	Operating Partnership Share of Capital		Committed Capital (2)		Capital Called as of March 31, 2014 (2)		Equity Interest Held By Operating Partnership		Preferred Return		Capital Returned as of March 31, 2014 (3)
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	%	84.5
Fund III	5/2007	19.90	%	475.0		357.7		19.90	%	6	%	196.8
Fund IV	5/2012	23.12	%	540.6		106.4		23.12	%	6	%	—

Notes:

(1) Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions.

(3) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares.

EARNINGS PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share from Continuing Operations

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:



	Three Months Ended
	March 31,
(dollars in thousands, except per share amounts)	2014		2013
Numerator
Income from continuing operations	$	21,595	$	9,590
Less: net income attributable to participating securities	392		172
Income from continuing operations, net of income attributable to participating securities	21,203		9,418

Denominator
Weighted average shares for basic earnings per share	55,953		53,437
Effect of dilutive securities:
Employee Restricted Share Units and share options	40		60
Convertible Preferred OP Units	25		—
Denominator for diluted earnings per share	56,018		53,497

Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.38	$	0.18
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.38	$	0.18

ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (Tables)

3 Months Ended

Mar. 31, 2014

Restructuring Cost and Reserve [Line Items]

Schedule of Business Acquisitions, by Acquisition

During 2014, the Company acquired the following properties through its Core Portfolio and Fund IV as follows:

Core Portfolio



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
11 E Walton	6,738	100	%	Street Retail	January	$	44.0	Chicago, IL
61 Main Street	3,400	100	%	Street Retail	February	7.3		Westport, CT
865 W North Avenue	16,000	100	%	Street Retail	March	14.8		Chicago, IL
252-256 Greenwich Avenue	9,172	100	%	Street Retail	March	24.5		Greenwich, CT
Total	35,310					$	90.6

The Company expensed $0.7 million of acquisition costs for the three months ended March 31, 2014 related to the Core Portfolio.

Fund IV



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Location
Broughton Street Portfolio	55,565	50	%	Street Retail	March	$	4.9	Savannah, GA
Total	55,565					$	4.9

Combined Assets and Liabilities and Results of Operations of the Properties Classified as Discontinued Operations

The combined assets and liabilities and the results of operations of the properties classified as discontinued operations are summarized for each period presented as follows:



(dollars in thousands)
BALANCE SHEETS	March 31, 2014		December 31, 2013
ASSETS
Net real estate	$	18,048	$	17,991
Rents receivable, net	33		565
Deferred charges, net	38		38
Prepaid expenses and other assets	243		1,840
Total assets of discontinued operations	$	18,362	$	20,434
LIABILITIES
Accounts payable and accrued expenses	$	104	$	1,473
Other liabilities	2		1,034
Total liabilities of discontinued operations	$	106	$	2,507



	Three Months Ended
(dollars in thousands)	March 31,
STATEMENT OF INCOME	2013
Total revenues	$	6,180
Total expenses	4,556
Operating income	1,624
Income from discontinued operations attributable to noncontrolling interests	(1,591		)
Income from discontinued operations attributable to Common Shareholders	$	33

Acquisitions In 2014

Restructuring Cost and Reserve [Line Items]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2014 which have yet to be finalized:



(dollars in thousands)	Preliminary Purchase Price Allocations
Land	$	23,865
Buildings and improvements	71,586
Total consideration	$	95,451

Acquisitions in 2013

Restructuring Cost and Reserve [Line Items]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2013, and the finalized allocations as adjusted as of March 31, 2014:



(dollars in thousands)	Purchase Price Allocations as Originally Reported		Adjustments			Finalized Purchase Price Allocations
Land	$	22,182	$	(605	)	$	21,577
Buildings and improvements	84,061		(7,514		)	76,547
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—		9,092			9,092
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—		(973		)	(973		)
Total consideration	$	106,243	$	—		$	106,243

- Definition

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

+ References+ Details

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)

3 Months Ended

Mar. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Summary activity related to the RCP Venture Investments from Inception

The following table summarizes activity related to the RCP Venture investments from inception through March 31, 2014:



(dollars in thousands)		Investment Group Share				Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	46,916	$	4,901	$	11,451
Mervyns Add-On investments	2005/2008	7,547		5,935		1,252		1,321
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		4,864		388		972
Shopko	2006	1,108		2,460		222		492
Marsh and Add-On investments	2006/2008	2,667		2,639		533		528
Rex Stores	2007	2,701		1,956		535		392
		$	63,214	$	146,364	$	12,070	$	31,474

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

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



(dollars in thousands)	March 31, 2014			December 31, 2013
Combined and Condensed Balance Sheets
Assets
Rental property, net	$	385,592		$	380,268
Real estate under development	30,187			5,573
Investment in unconsolidated affiliates	21,394			63,745
Other assets	67,570			66,895
Total assets	$	504,743		$	516,481
Liabilities and partners’ equity
Mortgage notes payable	$	299,210		$	265,982
Other liabilities	46,143			43,733
Partners’ equity	159,390			206,766
Total liabilities and partners’ equity	$	504,743		$	516,481
Company’s investment in and advances to unconsolidated affiliates	$	178,068		$	181,322
Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	$	(8,670	)	$	(8,701	)

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



	Three Months Ended
(dollars in thousands)	March 31, 2014			March 31, 2013
Combined and Condensed Statements of Income
Total revenues	$	12,105		$	10,999
Operating and other expenses	(3,815		)	(4,281		)
Interest and other finance expense	(2,524		)	(2,031		)
Equity in losses of unconsolidated affiliates	(328		)	(711		)
Depreciation and amortization	(2,706		)	(2,081		)
Loss on debt extinguishment	(187		)	—
Net income	$	2,545		$	1,895

Company’s share of net income	$	3,127		$	2,348
Amortization of excess investment	(98		)	(98		)
Company’s equity in earnings of unconsolidated affiliates	$	3,029		$	2,250

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

3 Months Ended

Mar. 31, 2014

Mortgage Loans on Real Estate [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable



(dollars in thousands)
Note description	Effective interest rate (1)	First Priority liens	Net Carrying Amounts of Notes Receivable as of March 31, 2014		Net Carrying Amounts of Notes Receivable as of December 31, 2013		Maturity date
First Mortgage Loan	8.0%	—	$	—	$	6,400	Demand
Mezzanine Loan ²	10.0%	89,566	9,089		9,089		Demand
First Mortgage Loan	11.0%	—	42,000		42,000		Demand
Zero Coupon Loan ³	24.0%	166,200	4,570		4,431		1/3/2016
Mezzanine Loan	15.0%	—	30,879		30,879		11/9/2020
Mezzanine Loan ⁴	15.0%	17,298	3,834		3,834		Upon Capital Event
Mezzanine Loan	8.1%	—	13,000		13,000		9/1/2017
Construction Loan	7.0%	—	12,000		12,000		1/1/2015
Individually less than 3% ⁵	2.8% to 12.0%	20,855	4,267		5,023		12/31/14 to Capital Event
Total			$	119,639	$	126,656

Notes:

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

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

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

(4) Non-performing loan

(5) Consists of three loans, one of which is non-performing with a face value of $3.0 million, of which $2.0 million has been reserved

Allowance for Notes Receivable



(dollars in thousands)	Allowance for Notes Receivable
Balance at December 31, 2013	$	3,681
Additional reserves	—
Recoveries	(1,688		)
Charge-offs and reclassifications	—
Balance at March 31, 2014	$	1,993

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Company's fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2014:



(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Derivative financial instruments (Note 7)	$	—	$	2,041	$	—
Liabilities
Derivative financial instruments (Note 7)	$	—	$	2,532	$	—

Fair value of financial instruments, Assets and Liabilities



(dollars in thousands)	March 31, 2014				December 31, 2013
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable and Preferred Equity Investments	$	119,639	$	119,639	$	126,656	$	126,656
Mortgage, Convertible Notes and Other Notes Payable	$	1,108,684	$	1,126,650	$	1,039,997	$	1,056,457

- Definition

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

+ References+ Details

SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

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

The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three months ended March 31, 2014 and 2013 and does not include unconsolidated affiliates:

Three Months Ended March 31, 2014



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	30,149		$	12,642		$	3,894	$	46,685
Property operating expenses, other operating and real estate taxes	(7,906		)	(5,575		)	—		(13,481		)
General and administrative expenses	(6,413		)	(483		)	—		(6,896		)
Depreciation and amortization	(8,333		)	(3,254		)	—		(11,587		)
Operating income	7,497			3,330			3,894		14,721
Equity in earnings of unconsolidated affiliates	95			2,934			—		3,029
Loss on debt extinguishment	—			(203		)	—		(203		)
Gain on disposition of property	12,387			—			—		12,387
Interest and other finance expense	(7,200		)	(3,451		)	—		(10,651		)
Income tax provision	(104		)	(64		)	—		(168		)
Income from continuing operations	12,675			2,546			3,894		19,115
Noncontrolling interests
(Income) loss from continuing operations	(419		)	2,899			—		2,480
Net income attributable to Common Shareholders	$	12,256		$	5,445		$	3,894	$	21,595

Real Estate at Cost	$	1,128,790		$	794,120		$	—	$	1,922,910
Total Assets	$	1,101,385		$	1,124,838		$	119,639	$	2,345,862
Acquisition of Real Estate	$	90,500		$	—		$	—	$	90,500
Investment in Redevelopment and Improvements	$	1,428		$	36,077		$	—	$	37,505


12.	SEGMENT REPORTING (continued)

Three Months Ended March 31, 2013



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	26,478		$	12,913		$	2,898	$	42,289
Property operating expenses, other operating and real estate taxes	(6,873		)	(4,110		)	—		(10,983		)
General and administrative expenses	(5,481		)	(145		)	—		(5,626		)
Depreciation and amortization	(6,389		)	(2,840		)	—		(9,229		)
Operating income	7,735			5,818			2,898		16,451
Equity in (losses) earnings of unconsolidated affiliates	(5		)	2,255			—		2,250
Interest and other finance expense	(6,157		)	(3,128		)	—		(9,285		)
Income tax benefit	92			47			—		139
Income from continuing operations	1,665			4,992			2,898		9,555
Discontinued operations
Operating income from discontinued operations	101			1,523			—		1,624
Net income	1,766			6,515			2,898		11,179
Noncontrolling interests
Loss (income) from continuing operations	304			(269		)	—		35
Income from discontinued operations	(40		)	(1,551		)	—		(1,591		)
Net loss (income) attributable to noncontrolling interests	264			(1,820		)	—		(1,556		)
Net income attributable to Common Shareholders	2,030			4,695			2,898		9,623

Real Estate at Cost	$	956,647		$	586,643		$	—	$	1,543,290
Total Assets	$	1,075,253		$	1,115,249		$	105,367	$	2,295,869
Acquisition of Real Estate	$	86,600		$	—		$	—	$	86,600
Investment in Redevelopment and Improvements	$	456		$	17,485		$	—	$	17,941

ORGANIZATION AND BASIS OF PRESENTATION (Details) (USD $) In Millions, unless otherwise specified		3 Months Ended			12 Months Ended	3 Months Ended
	Mar. 31, 2014 properties opportunity_fund	Mar. 31, 2014 Fund I and Mervyns I	Mar. 31, 2014 Core Portfolio properties	Mar. 31, 2014 Opportunity Funds properties	Dec. 31, 2013 Fund II	Mar. 31, 2014 Operating Partnership, as General Partner or Managing Member	Mar. 31, 2014 Institutional Investors [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership interest by general partner or managing partner		37.78%				96.00%
Number of retail properties (in properties)	119		80	39
Number of opportunity funds	4
Remaining funds rate of distribution to partnership						20.00%
Remaining funds rate of distribution to all partners							80.00%
Payments of dividends					$ 47.1

ORGANIZATION AND BASIS OF PRESENTATION Summary of General Terms and Operating Partnership's Equity Interests (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Fund I and Mervyns I
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital	22.22%
Committed Capital	$ 90.0
Capital Called as of March 31, 2013	86.6
Ownership Interest By General Partner or Managing Partner	37.78%
Preferred Return	9.00%
Capital Returned as of March 31, 2013	86.6
Fund II and Mervyns II
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital	20.00%
Committed Capital	300.0
Capital Called as of March 31, 2013	300.0
Ownership Interest By General Partner or Managing Partner	20.00%
Preferred Return	8.00%
Capital Returned as of March 31, 2013	84.5
Fund III
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital	19.90%
Committed Capital	475.0
Capital Called as of March 31, 2013	357.7
Ownership Interest By General Partner or Managing Partner	19.90%
Preferred Return	6.00%
Capital Returned as of March 31, 2013	196.8
Fund IV
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital	23.12%
Committed Capital	540.6
Capital Called as of March 31, 2013	106.4
Ownership Interest By General Partner or Managing Partner	23.12%
Preferred Return	6.00%
Capital Returned as of March 31, 2013	$ 0

EARNINGS PER COMMON SHARE (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014 Common stock	Mar. 31, 2014 Operating Partnership, as General Partner or Managing Member	Dec. 31, 2013 Operating Partnership, as General Partner or Managing Member	Mar. 31, 2014 Operating Partnership, as General Partner or Managing Member Series A Preferred Stock	Dec. 31, 2013 Operating Partnership, as General Partner or Managing Member Series A Preferred Stock
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Series A Preferred OP Units (in shares)				1,457,467	1,457,467	188	188
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)			25,067
Numerator:
Income from continuing operations	$ 21,595	$ 9,590
Less: net income attributable to participating securities	392	172
Income from continuing operations net of income attributable to participating securities	$ 21,203	$ 9,418
Denominator
Weighted average shares for basic earnings per share (in shares)	55,953,000	53,437,000
Effect of dilutive securities:
Employee Restricted Share Units and share options (in shares)	40,000	60,000
Convertible Preferred OP Units (in shares)	25,000	0
Denominator for diluted earnings per share (in shares)	56,018,000	53,497,000
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$ 0.38	$ 0.18
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$ 0.38	$ 0.18

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) (USD $)	3 Months Ended						3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014 Operating Partnership, as General Partner or Managing Member	Dec. 31, 2013 Operating Partnership, as General Partner or Managing Member	Mar. 31, 2014 Series A Preferred Stock Operating Partnership, as General Partner or Managing Member	Dec. 31, 2013 Series A Preferred Stock Operating Partnership, as General Partner or Managing Member	Mar. 31, 2014 At The Market Equity Program Common stock	Mar. 31, 2014 LTIP Units	Dec. 31, 2013 LTIP Units
Noncontrolling Interest [Line Items]
Common stock issued during the period							1,100,000
Gross proceeds from issuance of common stock							$ 27,800,000
Proceeds from issuance of common stock	$ 23,519,000	$ 51,840,000					$ 27,500,000
Limited partners' common OP units			1,457,467	1,457,467	188	188
Share-based compensation, outstanding (in shares)								738,367	496,047

ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Acquisitions (Details) (USD $)	3 Months Ended
	Mar. 31, 2014 Core Portfolio sqft	Mar. 31, 2014 Fund IV sqft	Mar. 31, 2014 11 E Walton Chicago, IL Core Portfolio sqft	Mar. 31, 2014 61 Main Street Westport, CT Core Portfolio sqft	Mar. 31, 2014 865 W North Avenue Chicago, IL Core Portfolio sqft	Mar. 31, 2014 252-256 Greenwich Avenue Greenwich, CT Core Portfolio sqft	Mar. 31, 2014 Broughton Street Portfolio Savannah, GA Fund IV sqft	Mar. 31, 2014 Acquisitions In 2014 Purchase Price Allocations as Originally Reported	Dec. 31, 2013 Acquisitions in 2013 Purchase Price Allocations as Originally Reported	Mar. 31, 2014 Acquisitions in 2013 Adjustments	Mar. 31, 2014 Acquisitions in 2013 Finalized Purchase Price Allocations
Business Acquisition [Line Items]
Gross Leasable Area	35,310	55,565	6,738	3,400	16,000	9,172	55,565
Percent Owned			100.00%	100.00%	100.00%	100.00%	50.00%
Purchase Price	$ 90,600,000	$ 4,900,000	$ 44,000,000	$ 7,300,000	$ 14,800,000	$ 24,500,000	$ 4,900,000
Acquisition costs	700,000	400,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net
Land								23,865,000	22,182,000	(605,000)	21,577,000
Buildings and improvements								71,586,000	84,061,000	(7,514,000)	76,547,000
Acquisition-related intangible assets (in Acquired lease intangibles, net)									0	9,092,000	9,092,000
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)									0	(973,000)	(973,000)
Total consideration								$ 95,451,000	$ 106,243,000	$ 0	$ 106,243,000

ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Discontinued Operations Results of Operations (Details) (USD $)	3 Months Ended			1 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014 Walnut Hill Property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-recourse Debt				$ 22,900,000
Gain on sale of property	12,387,000	0		12,400,000
ASSETS
Net real estate	18,048,000		17,991,000
Rents receivable, net	33,000		565,000
Deferred charges, net	38,000		38,000
Prepaid expenses and other assets	243,000		1,840,000
Total assets of discontinued operations	18,362,000		20,434,000
LIABILITIES
Accounts payable and accrued expenses	104,000		1,473,000
Other liabilities	2,000		1,034,000
Total liabilities of discontinued operations	106,000		2,507,000
STATEMENTS OF OPERATIONS
Total revenues		6,180,000
Total expenses		4,556,000
Operating income		1,624,000
Income from discontinued operations	0	1,624,000
Income from discontinued operations attributable to noncontrolling interests	0	(1,591,000)
Income from discontinued operations attributable to Common Shareholders		$ 33,000

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	$ 178,068,000		$ 181,322,000
Payments to Acquire Equity Method Investments	21,568,000	2,000
Assets
Real estate under development	369,407,000		337,353,000
Investments in and advances to unconsolidated affiliates	178,068,000		181,322,000
Total assets	2,345,862,000		2,264,957,000
Liabilities and Equity
Other liabilities	20,155,000		18,265,000
Total liabilities and equity	2,345,862,000		2,264,957,000
Investments in and advances to unconsolidated affiliates	178,068,000		181,322,000
Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	(8,670,000)		(8,701,000)
Combined and Condensed Statements of Operations
Total revenues	46,685,000	42,289,000
Operating and other expenses	(31,964,000)	(25,838,000)
Equity in (losses) earnings of unconsolidated affiliates	3,029,000	2,250,000
Depreciation and amortization	(11,587,000)	(9,229,000)
Gain on sale of properties	12,387,000	0
Income from continuing operations	19,115,000	9,555,000
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	21,394,000		63,745,000
Assets
Rental property, net	385,592,000		380,268,000
Real estate under development	30,187,000		5,573,000
Investments in and advances to unconsolidated affiliates	21,394,000		63,745,000
Other assets	67,570,000		66,895,000
Total assets	504,743,000		516,481,000
Liabilities and Equity
Mortgage notes payable	299,210,000		265,982,000
Other liabilities	46,143,000		43,733,000
Partners' equity	159,390,000		206,766,000
Total liabilities and equity	504,743,000		516,481,000
Investments in and advances to unconsolidated affiliates	21,394,000		63,745,000
Combined and Condensed Statements of Operations
Total revenues	12,105,000	10,999,000
Operating and other expenses	(3,815,000)	(4,281,000)
Interest expense	(2,524,000)	(2,031,000)
Equity in (losses) earnings of unconsolidated affiliates	(328,000)	(711,000)
Depreciation and amortization	(2,706,000)	(2,081,000)
Gain on sale of properties	(187,000)	0
Income from continuing operations	2,545,000	1,895,000
Operating Partnership, as General Partner or Managing Member
Combined and Condensed Statements of Operations
Equity in (losses) earnings of unconsolidated affiliates	3,029,000	2,250,000
Company's share of net income (loss)	3,127,000	2,348,000
Amortization of excess investment	(98,000)	(98,000)
Core Portfolio
Schedule of Equity Method Investments [Line Items]
Purchase Price	90,600,000
Combined and Condensed Statements of Operations
Total revenues	30,149,000	26,478,000
Equity in (losses) earnings of unconsolidated affiliates	95,000	(5,000)
Depreciation and amortization	(8,333,000)	(6,389,000)
Income from continuing operations	12,675,000	1,665,000
Core Portfolio \| Crossroads
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	49.00%
Square Footage of Real Estate Property (in square feet)	311,000
Core Portfolio \| Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	50.00%
Square Footage of Real Estate Property (in square feet)	28,000
Core Portfolio \| Route 202 Shopping Center [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	22.22%
Square Footage of Real Estate Property (in square feet)	20,000
Funds
Schedule of Equity Method Investments [Line Items]
Number of Unaffiliated Partners	2
Combined and Condensed Statements of Operations
Total revenues	12,642,000	12,913,000
Equity in (losses) earnings of unconsolidated affiliates	2,934,000	2,255,000
Depreciation and amortization	(3,254,000)	(2,840,000)
Income from continuing operations	2,546,000	4,992,000
Funds \| KLAC Rex Venture LLC
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Dividends or Distributions	1,200,000
Funds \| KLAC Rex Venture LLC \| Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Dividends or Distributions	200,000
Funds \| Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	63,214,000
Investment Income, Dividend	146,364,000
Assets
Investments in and advances to unconsolidated affiliates	63,214,000
Liabilities and Equity
Investments in and advances to unconsolidated affiliates	63,214,000
Funds \| Corporate Joint Venture \| Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	12,070,000
Investment Income, Dividend	31,474,000
Assets
Investments in and advances to unconsolidated affiliates	12,070,000
Liabilities and Equity
Investments in and advances to unconsolidated affiliates	12,070,000
Funds \| Mervyns I and Mervyns II \| KLA/Mervyns LLC Add-On Investments
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	7,547,000
Investment Income, Dividend	5,935,000
Funds \| Mervyns I and Mervyns II \| KLA/Mervyns LLC Add-On Investments \| Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	1,252,000
Investment Income, Dividend	1,321,000
Funds \| Mervyns II \| KLA A Markets LLC Add-On Investments
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	2,416,000
Investment Income, Dividend	4,864,000
Funds \| Mervyns II \| KLA A Markets LLC Add-On Investments \| Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	388,000
Investment Income, Dividend	972,000
Funds \| Mervyns II \| KLAC Rex Venture LLC
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	2,701,000
Investment Income, Dividend	1,956,000
Funds \| Mervyns II \| KLAC Rex Venture LLC \| Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	535,000
Investment Income, Dividend	392,000
Funds \| Fund II \| KA-Shopko LLC
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	1,108,000
Investment Income, Dividend	2,460,000
Funds \| Fund II \| KA-Shopko LLC \| Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	222,000
Investment Income, Dividend	492,000
Funds \| Fund II \| Marsh and Add-On Investments
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	2,667,000
Investment Income, Dividend	2,639,000
Funds \| Fund II \| Marsh and Add-On Investments \| Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Cost Method Investments	533,000
Investment Income, Dividend	528,000
Funds \| KLA/Mervyns LLC \| Mervyns I and Mervyns II
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	26,058,000
Equity Method Investment, Dividends or Distributions	46,916,000
Funds \| KLA/Mervyns LLC \| Mervyns I and Mervyns II \| Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	4,901,000
Equity Method Investment, Dividends or Distributions	11,451,000
Funds \| KLA A Markets LLC \| Mervyns II
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	20,717,000
Equity Method Investment, Dividends or Distributions	81,594,000
Funds \| KLA A Markets LLC \| Mervyns II \| Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	4,239,000
Equity Method Investment, Dividends or Distributions	16,318,000
Fund IV
Schedule of Equity Method Investments [Line Items]
Purchase Price	4,900,000
Fund IV \| Savannah, GA
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	6,300,000
Investments in affiliates subsidiaries associates and joint ventures, loan commitment	29,400,000
Number of properties acquired	4
Purchase Price	4,900,000
Assets
Investments in and advances to unconsolidated affiliates	6,300,000
Liabilities and Equity
Investments in and advances to unconsolidated affiliates	6,300,000
Fund IV \| Corporate Joint Venture \| Savannah, GA
Schedule of Equity Method Investments [Line Items]
Investments in affiliates subsidiaries associates and joint ventures, loan commitment	$ 15,300,000

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

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

Mar. 31, 2014

loan

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Construction Loan, 7.0% Percent, Due 2015

Dec. 31, 2013

Construction Loan, 7.0% Percent, Due 2015

Jan. 31, 2014

First Mortgage Loan, 8% Loan Due 2013

Mar. 31, 2014

First Mortgage Loan, 8% Loan Due 2013

Dec. 31, 2013

First Mortgage Loan, 8% Loan Due 2013

Mar. 31, 2014

Mezzanine Loan, 10% Due 2013

loan

borrower

Dec. 31, 2013

Mezzanine Loan, 10% Due 2013

Mar. 31, 2014

First Mortgage Loan, 11% Loan Due 2014

Dec. 31, 2013

First Mortgage Loan, 11% Loan Due 2014

Mar. 31, 2014

Zero Coupon Loan

Dec. 31, 2013

Zero Coupon Loan

Mar. 31, 2014

Mezzanine Loan, 15% Due 2020

Dec. 31, 2013

Mezzanine Loan, 15% Due 2020

Mar. 31, 2014

Mezzanine Loan Due With Capital Event

Dec. 31, 2013

Mezzanine Loan Due With Capital Event

Mar. 31, 2014

Preferred Equity, 8.1% Loan, Due 2017

Dec. 31, 2013

Preferred Equity, 8.1% Loan, Due 2017

Mar. 31, 2014

Individually Less Than 3 Percent, Variable Interest Rate Due 2014 to Capital Event

loan

Dec. 31, 2013

Individually Less Than 3 Percent, Variable Interest Rate Due 2014 to Capital Event

Mar. 31, 2014

Individually Less Than 3 Percent, Variable Interest Rate Due 2014 to Capital Event

Minimum

Mar. 31, 2014

Individually Less Than 3 Percent, Variable Interest Rate Due 2014 to Capital Event

Maximum

Jan. 31, 2014

Mezzanine Loan

Mortgage Loans on Real Estate [Line Items]

Net carrying amount

$ 119,600,000

Effective interest rate

7.00%

^[1]

8.00%

^[1]

10.00%

^[1],[2]

11.00%

^[1]

24.00%

^[1],[3]

15.00%

^[1]

15.00%

^[1],[4]

8.10%

^[1]

11.00%

^[1]

17.50%

^[1]

Prior liens

89,566,000

^[2]

166,200,000

^[3]

17,298,000

^[4]

20,855,000

Carrying amount of mortgages

119,639,000

126,656,000

12,000,000

6,400,000

9,089,000

^[2]

9,089,000

^[2]

42,000,000

4,570,000

^[3]

4,431,000

^[3]

30,879,000

3,834,000

^[4]

3,834,000

^[4]

13,000,000

4,267,000

5,023,000

3,500,000

Number of cross collateralized loans

Number of borrowers

Number of loans

Number of non-performing loans

Face amount of mortgages

3,000,000

Face amount of mortgages, reserved

2,000,000

Proceeds from notes receivable

7,156,000

5,529,000

6,400,000

1,400,000

Mortgage loans on real estate, collections of principal

700,000

Mortgage loans on real estate, nonperforming loans, amount

15,900,000

Financing receivable, allowance for credit losses

$ 1,993,000

$ 3,681,000

[1]	The effective interest rate includes origination and exit fees
[2]	Comprised of three cross-collateralized loans from one borrower, which are non-performing
[3]	The principal balance for this accrual only loan is increased by the interest accrued
[4]	Non-performing loan

NOTES RECEIVABLE, PREFERRED EQUITY AND OTHER REAL ESTATE RELATED INVESTMENTS Allowance for Notes Receivable (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 3,681
Additional reserves	0
Recoveries	(1,688)
Charge-offs and reclassifications	0
Balance at period end	$ 1,993

DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income - unrealized loss on valuation of swap agreements	$ (400,000)	$ 1,100,000
Fair Value, Measurements, Recurring \| Level 2
Derivatives, Fair Value [Line Items]
Derivative financial instruments	2,532,000
Derivative financial instruments	2,041,000
Other Liabilities [Member] \| Level 2
Derivatives, Fair Value [Line Items]
Derivative financial instruments	2,500,000	2,000,000
Prepaid Expenses and Other Current Assets [Member] \| Level 2
Derivatives, Fair Value [Line Items]
Derivative financial instruments	2,000,000	3,100,000
Cash Flow Hedging \| Variable-Rate Derivatives, Maturing in October 2012
Derivatives, Fair Value [Line Items]
Derivative, Cap Interest Rate	3.00%
Cash Flow Hedging \| Variable Rate Derivatives Maturing in July 2015 [Member]
Derivatives, Fair Value [Line Items]
Derivative, Cap Interest Rate	4.30%
Interest Rate Swap \| Cash Flow Hedging \| Fixed-Rate Derivatives, Maturing between November 2012 and December 2022
Derivatives, Fair Value [Line Items]
Number of interest rate swaps (in interest rate swaps)	11
Notional Amount of Interest Rate Cash Flow Hedge Derivatives	178,000,000
Interest Rate Swap \| Cash Flow Hedging \| Fixed-Rate Derivatives, Maturing between November 2012 and December 2022 \| Minimum
Derivatives, Fair Value [Line Items]
Derivative, Fixed Interest Rate	0.70%
Interest Rate Swap \| Cash Flow Hedging \| Fixed-Rate Derivatives, Maturing between November 2012 and December 2022 \| Maximum
Derivatives, Fair Value [Line Items]
Derivative, Fixed Interest Rate	3.77%
Interest Rate Swap \| Cash Flow Hedging \| Variable-Rate Derivatives
Derivatives, Fair Value [Line Items]
Notional Amount of Interest Rate Cash Flow Hedge Derivatives	$ 140,400,000
Derivative, Number of Instruments Held	4

- Definition

Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses.

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- Definition

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

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- Definition

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

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MORTGAGE AND OTHER NOTES PAYABLE (Details) (USD $)			3 Months Ended	1 Months Ended		1 Months Ended		1 Months Ended			1 Months Ended		1 Months Ended		1 Months Ended		1 Months Ended
MORTGAGE AND OTHER NOTES PAYABLE (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014 Unsecured Debt	Mar. 31, 2014 Fund IV Subscription Line	Feb. 28, 2014 Fund IV Subscription Line	Feb. 28, 2014 Libor Plus 2.25% Mortgage Note Secured Debt	Jan. 31, 2014 Libor Plus 2.25% Mortgage Note Secured Debt	Feb. 28, 2014 Libor Plus 2.25% Mortgage Note LIBOR Secured Debt	Jan. 31, 2014 Libor Plus 2.25% Mortgage Note LIBOR Secured Debt	Jan. 31, 2014 LIBOR Plus 1.65% Mortgage Note Secured Debt	Jan. 31, 2014 LIBOR Plus 1.65% Mortgage Note LIBOR Secured Debt	Feb. 28, 2014 Libor Plus 1.55% Mortgage Note Secured Debt	Feb. 28, 2014 Libor Plus 1.55% Mortgage Note LIBOR Secured Debt	Mar. 31, 2014 LIBOR Plus 1.88%, Mortgage Note Mortgages	Mar. 31, 2014 LIBOR Plus 1.88%, Mortgage Note LIBOR Mortgages	Mar. 31, 2014 LIBOR Plus 1.70% Mortgage Note Mortgages	Mar. 31, 2014 LIBOR Plus 1.70% Mortgage Note LIBOR Mortgages	Mar. 31, 2014 Construction Loan Under the United States Imigration Investment Program Construction Loans
Mortgage Loans on Real Estate [Line Items]
Proceeds from lines of credit			$ 15,000,000
Description of variable rate basis								LIBOR	LIBOR		LIBOR		LIBOR		LIBOR		LIBOR
Basis spread on variable rate								2.25%	1.88%		1.65%		155.00%		1.88%		1.70%
New mortgage loans					21,600,000		1,500,000			45,000,000		24,500,000		9,000,000		12,600,000
Expensed unamortized loan costs						200,000
Long-term debt refinanced						20,900,000
Repayments of Long-term Debt				16,700,000
Mortgage and other notes payable	1,108,304,000	1,039,617,000		73,700,000
Construction loan, amount released into restricted cash																		198,500,000
Construction loan, amount withdrawn from restricted cash																		103,800,000
Construction loan, amount released into restricted Cash, amount available																		$ 94,700,000

CONVERTIBLE NOTES PAYABLE (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014 Convertible Notes Payable	Jan. 31, 2007 Convertible Notes Payable
Convertible Notes Payable [Abstract]
Debt instrument face amount				$ 115,000,000.0
Stated interest Rate Percentage				3.75%
Effective interest rate			6.03%
Redemption of convertible notes payable			114,620,000
Remaining outstanding balance	$ 380,000	$ 380,000	$ 400,000

FAIR VALUE MEASUREMENTS Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (Fair Value, Measurements, Recurring, USD $) In Thousands, unless otherwise specified	Mar. 31, 2014
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	$ 0
Derivative financial instruments	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	2,041
Derivative financial instruments	2,532
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments	0
Derivative financial instruments	$ 0

- Definition

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- Definition

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FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Carrying (Reported) Amount, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable and Preferred Equity Investments	$ 119,639	$ 126,656
Mortgage, Convertible Notes and Other Notes Payable	1,108,684	1,039,997
Estimate of Fair Value, Fair Value Disclosure
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes Receivable and Preferred Equity Investments	119,639	126,656
Mortgage, Convertible Notes and Other Notes Payable	$ 1,126,650	$ 1,056,457

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) (USD $)	Mar. 31, 2013
Lead Trustee
Related Party Transaction [Line Items]
Related party transaction expense	$ 25,000
Unconsolidated Affiliates
Related Party Transaction [Line Items]
Revenue from Related Parties	$ 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.

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SEGMENT REPORTING (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2014 reportable_segments	Mar. 31, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]
Number of reportable segments	3
Revenues	$ 46,685	$ 42,289
Property operating expenses, other operating and real estate taxes	(13,481)	(10,983)
General and administrative	(6,896)	(5,626)
Depreciation and amortization	(11,587)	(9,229)
Operating income	14,721	16,451
Equity in (losses) earnings of unconsolidated affiliates	3,029	2,250
Loss on debt extinguishment	(203)	0
Gain on disposition of property	12,387	0
Interest and other finance expense	(10,651)	(9,285)
Income tax provision	(168)	139
Income from continuing operations	19,115	9,555
Income from discontinued operations	0	1,624
Net income	19,115	11,179
Continuing operations	2,480	35
Income from discontinued operations attributable to noncontrolling interests	0	(1,591)
Net income attributable to noncontrolling interests	2,480	(1,556)
Net income attributable to Common Shareholders	21,595	9,623
Real Estate at Cost	1,922,910		1,543,290
Total Assets	2,345,862		2,295,869
Acquisition of Real Estate	90,500		86,600
Investment in Redevelopment and Improvements	37,505		17,941
Core Portfolio
Segment Reporting Information [Line Items]
Revenues	30,149	26,478
Property operating expenses, other operating and real estate taxes	(7,906)	(6,873)
General and administrative	(6,413)	(5,481)
Depreciation and amortization	(8,333)	(6,389)
Operating income	7,497	7,735
Equity in (losses) earnings of unconsolidated affiliates	95	(5)
Loss on debt extinguishment	0
Gain on disposition of property	12,387
Interest and other finance expense	(7,200)	(6,157)
Income tax provision	(104)	92
Income from continuing operations	12,675	1,665
Income from discontinued operations		101
Net income		1,766
Continuing operations	(419)	304
Income from discontinued operations attributable to noncontrolling interests		(40)
Net income attributable to noncontrolling interests		264
Net income attributable to Common Shareholders	12,256	2,030
Real Estate at Cost	1,128,790		956,647
Total Assets	1,101,385		1,075,253
Acquisition of Real Estate	90,500		86,600
Investment in Redevelopment and Improvements	1,428		456
Opportunity Funds
Segment Reporting Information [Line Items]
Revenues	12,642	12,913
Property operating expenses, other operating and real estate taxes	(5,575)	(4,110)
General and administrative	(483)	(145)
Depreciation and amortization	(3,254)	(2,840)
Operating income	3,330	5,818
Equity in (losses) earnings of unconsolidated affiliates	2,934	2,255
Loss on debt extinguishment	(203)
Gain on disposition of property	0
Interest and other finance expense	(3,451)	(3,128)
Income tax provision	(64)	47
Income from continuing operations	2,546	4,992
Income from discontinued operations		1,523
Net income		6,515
Continuing operations	2,899	(269)
Income from discontinued operations attributable to noncontrolling interests		(1,551)
Net income attributable to noncontrolling interests		(1,820)
Net income attributable to Common Shareholders	5,445	4,695
Real Estate at Cost	794,120		586,643
Total Assets	1,124,838		1,115,249
Acquisition of Real Estate	0		0
Investment in Redevelopment and Improvements	36,077		17,485
Structured Financing
Segment Reporting Information [Line Items]
Revenues	3,894	2,898
Property operating expenses, other operating and real estate taxes	0	0
General and administrative	0	0
Depreciation and amortization	0	0
Operating income	3,894	2,898
Equity in (losses) earnings of unconsolidated affiliates	0	0
Loss on debt extinguishment	0
Gain on disposition of property	0
Interest and other finance expense	0	0
Income tax provision	0	0
Income from continuing operations	3,894	2,898
Income from discontinued operations		0
Net income		2,898
Continuing operations	0	0
Income from discontinued operations attributable to noncontrolling interests		0
Net income attributable to noncontrolling interests		0
Net income attributable to Common Shareholders	3,894	2,898
Real Estate at Cost	0		0
Total Assets	119,639		105,367
Acquisition of Real Estate	0		0
Investment in Redevelopment and Improvements	$ 0		$ 0

LONG-TERM INCENTIVE COMPENSATION (Details) (USD $)	3 Months Ended			12 Months Ended		0 Months Ended				3 Months Ended			12 Months Ended
LONG-TERM INCENTIVE COMPENSATION (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013	Feb. 28, 2014 Officer	Dec. 31, 2009 Senior Executives Long Term Investment Alignment Program	Dec. 31, 2009 Senior Executives Fund IV Long Term Investment Alignment Program	Feb. 28, 2014 LTIP Units Officer	Mar. 31, 2014 LTIP Units Kenneth Bernstein	Feb. 28, 2014 Restricted Stock Officer	Feb. 28, 2014 Restricted Stock Other Employees	Mar. 31, 2014 LTIP Units and Restricted Stock	Mar. 31, 2014 LTIP Units and Restricted Stock	Mar. 31, 2013 LTIP Units and Restricted Stock	Dec. 31, 2013 LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares)						326,230	114,198	918	10,527
Percent of Awards Issued to Officers Subject to Performance Measures			16.00%
Stock Granted During Period, Value, Share-based Compensation, Net of Forfeitures										$ 11,900,000	$ 11,400,000
Share-based Compensation	2,087,000	1,411,000									400,000
Long Term Incentive and Share Based Compensation Expense											$ 1,400,000	$ 1,300,000	$ 500,000
Maximum Percentage of Promote To Be Awarded as Share Based Compensation Awards				25.00%	10.00%

SUBSEQUENT EVENTS (Details) (USD $)	3 Months Ended				3 Months Ended	1 Months Ended		1 Months Ended
SUBSEQUENT EVENTS (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014 Nonperforming Mortgage Notes Receivable	Mar. 31, 2014 Fund IV	Apr. 30, 2014 Subsequent Event note_receivable	Apr. 30, 2014 Subsequent Event Mortgage Loan, 12.8% Loan, Due 2015	Apr. 30, 2014 Subsequent Event Nonperforming Mortgage Notes Receivable	Apr. 30, 2014 Subsequent Event Sheepshead Bay Property Fund III	Apr. 30, 2014 Subsequent Event Broughton Street Portfolio Fund IV properties	Apr. 30, 2014 Subsequent Event 152-154 Spring Street Manhattan, NY
Subsequent Event [Line Items]
Number of properties acquired										8
Purchase Price					$ 4,900,000				$ 20,200,000	$ 13,800,000	$ 38,000,000
Mortgage loans on real estate, exchange of mortgage for investment											38,000,000
Carrying amount of mortgages	119,639,000		126,656,000	4,800,000			13,000,000				42,000,000
Equity method investment, ownership percentage sold											10.00%
Proceeds from sale of equity method investments											3,800,000
Effective interest rate							12.70%
Number of outstanding non-performing notes receivable, payment received						2
Proceeds from notes receivable	7,156,000	5,529,000						10,300,000
Proceeds from notes receivable, principle								6,800,000
Proceeds from notes receivable, interest								$ 3,500,000

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (USD $)	3 Months Ended
	Mar. 31, 2014
Common Stock, Dividends, Per Share, Declared	$ 0.63