Document And Entity Information (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
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Feb. 20, 2015
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Jun. 30, 2014
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|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ACADIA REALTY TRUST | ||
Entity Central Index Key | 0000899629 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2014 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 68,147,658 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1,672.8 |
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- Details
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- Definition
If the value is true, then the document is an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other". No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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X | ||||||||||
- Definition
Carrying amount as of the balance sheet date of distribution in excess of income from, and investments in, unconsolidated affiliates. No definition available.
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X | ||||||||||
- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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X | ||||||||||
- Definition
Amount classified as assets attributable to disposal group held for sale or disposed of. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount of deferred costs. No definition available.
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X | ||||||||||
- Definition
The current amount of expenditures for a real estate project that has not yet been completed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The designation of funds furnished by a borrower to a lender to assure future payments of the borrower's real estate taxes and insurance obligations with respect to a mortgaged property. Escrow deposits may be made for a variety of other purposes such as earnest money and contingent payments. This element excludes replacement reserves which are an escrow separately provided for within the US GAAP taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Cost of real estate projects incurred for projects for eventual sale or transfer (condominium or time share projects, vacation clubs). No definition available.
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X | ||||||||||
- Definition
Aggregate of the carrying amounts as of the balance sheet date of investments in building and building improvements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount before accumulated depletion of real estate held for productive use, excluding land held for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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X | ||||||||||
- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount classified as liabilities attributable to disposal group held for sale or disposed of. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The carrying amount of the outstanding balance due under the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
This element represents a liability associated with the acquisition of an off-market lease when the terms of the lease are unfavorable to the market terms for the lease at the date of acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets. No definition available.
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X | ||||||||||
- Definition
The cumulative amount of depreciation for real estate property held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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X | ||||||||||
- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)
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Dec. 31, 2014
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Dec. 31, 2013
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---|---|---|
Statement of Financial Position [Abstract] | ||
Common shares, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common shares, authorized (in shares) | 100,000,000 | 100,000,000 |
Common shares, issued (in shares) | 68,109,287 | 55,643,068 |
Common shares, outstanding (in shares) | 68,109,287 | 55,643,068 |
X | ||||||||||
- Definition
Face amount or stated value per share of common stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Discontinued Operations Gain (Loss) On Extinguishment Of Debt No definition available.
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X | ||||||||||
- Definition
Gain (Loss) On Involuntary Asset Conversion No definition available.
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X | ||||||||||
- Definition
Interest income earned on loans issued by the company secured by mortgaged properties. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of expense incurred and directly related to generating revenue from leased and rented property or equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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X | ||||||||||
- Definition
This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the equity method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value subject to the equity accounting method. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of gain (loss) on sale or disposal of an equity method investment. No definition available.
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X | ||||||||||
- Definition
Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of income (loss) from continuing operations attributable to the noncontrolling interest. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items, which is apportioned to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This item includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Per basic share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Per diluted share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
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X | ||||||||||
- Definition
The total amount of lease revenue recognized for the period for which the lessee was obligated under leasing arrangements regardless of any other events or conditions. This amount excludes contingent revenue and sublease revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Other real estate revenue not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 152,146 | $ 44,640 | $ 89,936 |
Other Comprehensive (loss) income: | |||
Unrealized (loss) gain on valuation of swap agreements | (9,061) | 3,610 | (3,519) |
Reclassification of realized interest on swap agreements | 3,776 | 2,892 | 2,268 |
Other comprehensive (loss) income | (5,285) | 6,502 | (1,251) |
Comprehensive income | 146,861 | 51,142 | 88,685 |
Comprehensive income attributable to noncontrolling interests | (80,934) | (5,588) | (49,373) |
Comprehensive income attributable to Common Shareholders | $ 65,927 | $ 45,554 | $ 39,312 |
X | ||||||||||
- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Amount after tax of reclassification adjustment from accumulated other comprehensive income of accumulated gain (loss) realized from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Equity Consolidation of Previously Unconsolidated Investments No definition available.
|
X | ||||||||||
- Definition
Issuance of OP Units to Acquire Real Estate No definition available.
|
X | ||||||||||
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury before adjustment towards Comprehensive income. No definition available.
|
X | ||||||||||
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest) before adjustment towards Comprehensive income. No definition available.
|
X | ||||||||||
- Definition
Stock Issued During Period, Value, Net of Issuance Costs No definition available.
|
X | ||||||||||
- Definition
Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of paid and unpaid common stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of increase in noncontrolling interest from sale of a portion of the parent's controlling interest. No definition available.
|
X | ||||||||||
- Definition
Amount after tax of reclassification adjustment from accumulated other comprehensive income of accumulated gain (loss) realized from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of shares issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Value of stock issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (USD $)
|
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
|
Sep. 30, 2014
|
Jun. 30, 2014
|
Mar. 31, 2014
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Cash dividends declared per Common Share (in dollars per share) | $ 0.54 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.21 | $ 0.21 | $ 0.21 | $ 1.23 | $ 0.86 | $ 0.72 |
X | ||||||||||
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Acquisition Of Real Estate Through Assumption of Debt No definition available.
|
X | ||||||||||
- Definition
Consolidation of Previously Unconsolidated Investment No definition available.
|
X | ||||||||||
- Definition
Conversion of Note Receivable to Acquire Real Estate No definition available.
|
X | ||||||||||
- Definition
Cash outflow towards deferred acquisition and leasing costs. No definition available.
|
X | ||||||||||
- Definition
Disposal of Real Estate Through Cancellation of Debt No definition available.
|
X | ||||||||||
- Definition
Equity Method Investments, Income (Loss), Realized Gain (Loss) and Other Than Temporary Investment No definition available.
|
X | ||||||||||
- Definition
Gain (Loss) on Disposal of Property, Plant and Equipment and Discontinued Operations, Net of Tax No definition available.
|
X | ||||||||||
- Definition
Gain (Loss) On Involuntary Asset Conversion No definition available.
|
X | ||||||||||
- Definition
Gains (Losses) on Extinguishment of Debt, Continuing Operations And Discontinued Operations No definition available.
|
X | ||||||||||
- Definition
The net change during the reporting period in the carrying amount of escrow deposits. No definition available.
|
X | ||||||||||
- Definition
Interest in Previously Unconsolidated Affiliate Mortgage Notes Payable No definition available.
|
X | ||||||||||
- Definition
Interest in Previously Unconsolidated Affiliate Noncontrolling Interest1 No definition available.
|
X | ||||||||||
- Definition
Interest In Previously Unconsolidated Affiliate Other Assets And Liabilities1 No definition available.
|
X | ||||||||||
- Definition
Interest In Previously Unconsolidated Affiliate Real Estate Net No definition available.
|
X | ||||||||||
- Definition
Interest in Previously Unconsolidated Affiliate Return of Capital No definition available.
|
X | ||||||||||
- Definition
Noncash or Part Noncash Acquisition, Equity Method Investments Acquired Through Issuance Of Units No definition available.
|
X | ||||||||||
- Definition
Noncash or Part Noncash Acquisition, Real Estate Assets Acquired Through Issuance of Units No definition available.
|
X | ||||||||||
- Definition
Proceeds From Disposition Of Properties Of Equity Method Investments No definition available.
|
X | ||||||||||
- Definition
Proceeds from Issuance of Common Stock, Net of Issuance Costs No definition available.
|
X | ||||||||||
- Definition
Redemption of Convertible Notes Payable No definition available.
|
X | ||||||||||
- Definition
The cash inflow from unconsolidated affiliates by return of capital. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of gain (loss) on sale or disposal of an equity method investment. No definition available.
|
X | ||||||||||
- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The total of the cash outflow during the period which has been paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt and the cost incurred directly for the issuance of equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow associated with principal collections from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow from an entity that is affiliated with the entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow from the amounts received by the insured under the terms of an insurance contract settlement. This element pertains only to insurance proceeds related to investments, for example fixed assets. It excludes insurance settlements classified as operating cash flows. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of cash inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net cash inflow or outflow from cash and cash items that are not available for withdrawal or usage. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Cash received from the sale of real estate that is held for investment, that is, it is part of an investing activity during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Statement of Cash Flows [Abstract] | |||
Cash paid for capitalized interest | $ 12,650 | $ 9,193 | $ 5,955 |
Refunds received | 2,045 | 0 | 0 |
Payments of Stock Issuance Costs | $ 2,112 | $ 1,645 | $ 3,054 |
X | ||||||||||
- Definition
The amount of cash paid during the current period for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of cash received during the period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Basis of Presentation and Summary of Significant Accounting Policies | Organization, Basis of Presentation and Summary of Significant Accounting Policies Acadia Realty Trust (the "Trust") and subsidiaries (collectively, the "Company"), is a fully-integrated equity real estate investment trust ("REIT") focused on the ownership, acquisition, redevelopment, and management of high-quality retail properties located primarily in high-barrier-to-entry, supply-constrained, densely-populated metropolitan areas in the United States. All of the Company’s assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") and entities in which the Operating Partnership owns an interest. As of December 31, 2014, the Trust controlled approximately 95% of the Operating Partnership as the sole general partner. As the general partner, the Trust is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest ("Common OP Units" or "Preferred OP Units") and employees who have been awarded restricted Common OP Units ("LTIP Units") as long-term incentive compensation (Note 15). Limited partners holding Common OP and LTIP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest of the Trust ("Common Shares"). This structure is referred to as an umbrella partnership REIT or "UPREIT." As of December 31, 2014, the Company has ownership interests in 87 properties within its core portfolio, which consist of those properties either 100% owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through its funds ("Core Portfolio"). The Company also has ownership interests in 56 properties within its funds, Acadia Strategic Opportunity Fund I, LP ("Fund I"), Acadia Strategic Opportunity II, LLC ("Fund II"), Acadia Strategic Opportunity Fund III LLC ("Fund III") and Acadia Strategic Opportunity Fund IV LLC (("Fund IV") and together with Funds I, II, and III, the "Funds"). The 143 Core Portfolio and Fund properties primarily consist street and urban retail, and dense suburban shopping centers. In addition, the Company, together with the investors in the Funds, invest in operating companies through Acadia Mervyn Investors I, LLC ("Mervyns I"), Acadia Mervyn Investors II, LLC ("Mervyns II") and Fund II, all on a non-recourse basis. The Operating Partnership is the sole general partner or managing member of the Funds and Mervyns I and II and earns fees or priority distributions for asset management, property management, construction, redevelopment, leasing, and legal services. Cash flows from the Funds and Mervyns I and II are distributed pro-rata to their respective partners and members (including the Operating Partnership) until each receives a certain cumulative return ("Preferred Return"), and the return of all capital contributions. Thereafter, remaining cash flow is distributed 20% to the Operating Partnership ("Promote") and 80% to the partners or members (including the Operating Partnership). Following is a table summarizing the general terms and Operating Partnership's equity interests in the Funds and Mervyns I and II:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued Notes: (1) Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions. (2) During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects. (3) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares. Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its controlling investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810 "Consolidation" ("ASC Topic 810"). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income. Variable interest entities are accounted for within the scope of ASC Topic 810 and are required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is the enterprise that has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the variable interest entity that could be significant to the variable interest entity. Management has evaluated the applicability of ASC Topic 810 to its investments in certain joint ventures and determined that these joint ventures are not variable interest entities or that the Company is not the primary beneficiary and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method of accounting. The Company owns a 22.22% interest in an approximately one million square foot retail portfolio (the "Brandywine Portfolio") located in Wilmington, Delaware. Effective January 1, 2013, following certain changes in the financial and operating controls of the joint venture agreement, in which the unaffiliated third party joint venture partner waived all of their substantive participating rights, the Company now accounts for this investment on a consolidated basis. Investments in and Advances to Unconsolidated Joint Ventures The Company primarily accounts for its investments in unconsolidated joint ventures using the equity method as it does not exercise control over significant asset decisions such as buying, selling or financing nor is it the primary beneficiary under ASC Topic 810, as discussed above in most of these investments. The Company does have significant influence over most of these investments, which requires equity method accounting. Under the equity method, the Company increases its investment for its proportionate share of net income and contributions to the joint venture and decreases its investment balance by recording its proportionate share of net loss and distributions. The Company accounts for some of its investments under the cost method. Due to its minor ownership of three investments as well as the terms of the underlying operating agreements, the Company has no influence over such entities' operating and financial policies. Other than the minority investor rights to which the Company is entitled pursuant to statute, it has no rights other than to receive its pro-rata share of cash distributions as declared by the managers of these investments. The Company has no rights with respect to the control and operation of these investments vehicles, nor with the formulation and execution of business and investment policies. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company. For investments in which there is recourse to the Company, distributions in excess of the investment are recorded as a liability. Although the Company accounts for its investment in Albertson’s (Note 4) under the equity method of accounting, the Company adopted the policy of not recording its equity in earnings or losses of this unconsolidated affiliate until it receives the audited financial statements of Albertson’s to support the equity earnings or losses in accordance with ASC Topic 323, "Investments – Equity Method and Joint Ventures." ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued The Company periodically reviews its investment in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During 2012, the Company recorded an impairment charge of $2.0 million in connection with the estimated fair value in its investment in Mervyns. During the years ended December 31, 2014 and 2013, there were no impairment charges related to the Company’s investment in unconsolidated joint ventures. Use of Estimates Accounting principles generally accepted in the United States of America ("GAAP") require the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Real Estate Real estate assets are stated at cost less accumulated depreciation. Construction in progress includes costs for significant property expansion and redevelopment. Depreciation is computed on the straight-line basis over estimated useful lives of 30 to 40 years for buildings, the shorter of the useful life or lease term for tenant improvements and five years for furniture, fixtures and equipment. Expenditures for maintenance and repairs are charged to operations as incurred. Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases and customer relationships) and acquired liabilities in accordance with ASC Topic 805 "Business Combinations" and ASC Topic 350 "Intangibles – Goodwill and Other," and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. To the extent there were fixed-rate options at below-market rental rates, the Company included these along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized over the remaining applicable lease term, inclusive of any option periods. The Company assesses fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. The Company capitalizes certain costs related to the development and redevelopment of real estate including initial project acquisition costs, pre-construction costs, interest, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved with the specific project. Additionally, the Company capitalizes interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence, and cease when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. The Company reviews its long-lived assets for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the year ended December 31, 2013, the Company determined that the values of the Walnut Hill Plaza and Fund III's Sheepshead Bay property were impaired. Accordingly, impairment charges of $1.5 million and $6.7 million, respectively were recorded. The Operating Partnership's share of the impairment charge related to Sheepshead Bay was $1.3 million. During the years ended December 31, 2014 and 2012, no impairment charges were recorded. Management does not believe that the values of any other properties within the portfolio are impaired as of December 31, 2014. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued The Company recognizes property sales in accordance with ASC Topic 970 "Real Estate." The Company generally records the sales of operating properties and outparcels using the full accrual method at closing when the earnings process is deemed to be complete. Sales not qualifying for full recognition at the time of sale are accounted for under other appropriate deferral methods. The Company evaluates the held-for-sale classification of its real estate each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment. On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance. Involuntary Conversion of Asset The Company experienced significant flooding resulting in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment were insured for an amount sufficient that would allow for full restoration of the property. Loss of rents during the redevelopment were covered by business interruption insurance subject to a $0.1 million deductible. In accordance with ASC Topic 360 "Property, Plant and Equipment" and as a result of the above-described property damage, the Company had recorded a write-down of the asset's carrying value of approximately $1.4 million, as well as an insurance recovery in the same amount. During the years ended December 31, 2012 and 2011, the Company received insurance proceeds of approximately $3.7 million and $6.9 million, respectively. The Company recognized a gain on involuntary conversion of $2.4 million in 2012 as these proceeds exceeded the asset's net basis. Deferred Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Fees and costs incurred in connection with obtaining financing are deferred and amortized over the term of the related debt obligation. The Company capitalizes salaries, commissions and benefits related to time spent by leasing and legal department personnel involved in originating leases. Revenue Recognition and Accounts Receivable Leases with tenants are accounted for as operating leases. Minimum rents are recognized, net of any rent concessions or tenant lease incentives, including free rent, on a straight-line basis over the term of the respective leases, beginning when the tenant is entitled to take possession of the space. As of December 31, 2014 and 2013, unbilled rents receivable relating to the straight-lining of rents of $28.0 million and $23.1 million, respectively are included in Rents Receivable, net on the accompanying consolidated balance sheets. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. Rents receivable at December 31, 2014 and 2013 are shown net of an allowance for doubtful accounts of $6.0 million and $6.0 million, respectively. Notes Receivable and Preferred Equity Notes receivable and preferred equity investments are intended to be held to maturity and are carried at amortized cost. Interest income from notes receivable and preferred equity investments are recognized on the effective interest method over the expected life of the loan. Under the effective interest method, interest or fees collected at the origination of the investment or the payoff of the investment are recognized over the term of the loan as an adjustment to yield. Allowances for real estate notes receivable are established based upon management’s quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from their carrying values at the balance sheet date. Interest income recognition is generally suspended for loans when, in the opinion of management, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the suspended loan becomes contractually current and performance is demonstrated to be resumed. During 2012, the Company provided a $0.4 million net reserve on note receivables as a result of changes in the value of the underlying collateral properties. During 2014, the Company recognized income of $2.7 million as a result of collections on notes that previously had reserves. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has never experienced any losses related to these balances. Restricted Cash and Cash in Escrow Restricted cash and cash in escrow consist principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy and property operating income requirements at specific properties as required by certain loan agreements. Income Taxes The Company has made an election to be taxed, and believes it qualifies, as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). To maintain REIT status for Federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to Federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. Although it may qualify for REIT status for Federal income tax purposes, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries ("TRS") is fully subject to Federal, state and local income taxes. The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, "Income Taxes." Under the liability method, deferred income taxes are recognized for the temporary differences between the GAAP basis and tax basis of the TRS income, assets and liabilities. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued In accordance with ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operation. The prior three years' income tax returns are subject to review by the Internal Revenue Service. The Company recognizes potential interest and penalties related to uncertain tax positions as a component of the provision for income taxes. Stock-based Compensation The Company accounts for stock-based compensation pursuant to ASC Topic 718, "Compensation – Stock Compensation." As such, all equity based awards are reflected as compensation expense in the Company’s consolidated financial statements over their vesting period based on the fair value at the date of grant. Recent Accounting Pronouncements During January 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-01, "Income Statement - Extraordinary and Unusual Items." ASU 2015-01 eliminates the concept of extraordinary items. However, the presentation and disclosure requirements for items that are either unusual or in nature or infrequent in occurrence remain and will be expanded to include items that are both unusual in nature and infrequent in occurrence. ASU 2015-01 is effective for periods beginning after December 15, 2015. ASU 2015-01 is not expected to have a material impact on the Company's financial statements. During August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern." ASU 2014-15 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements. During June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company's financial statements. During May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. During April 2014, the FASB issued 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. The adoption of ASU 2014-08 did not have a material effect on the Company's financial position or results of operations. |
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ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE
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Acquisitions And Disposition Of Properties, Discontinued Operations, and Properties Held For Sale | Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale A. Acquisition and Disposition of Properties Acquisitions During 2014, the Company acquired the following properties through its Core Portfolio and Funds as follows: Core Portfolio
Notes: (1) This acquisition was primarily funded with the issuance of 1.4 million Common OP Units. (2) As the tenancy in common partner to this investment maintains operating control over this investment, it is accounted for under the equity method. This acquisition was partially funded with the issuance of 0.2 million Common OP Units. The Company expensed $4.8 million of acquisition costs for the year ended December 31, 2014 related to the Core Portfolio. Fund III During December, Fund III, through an already existing unconsolidated joint venture, acquired a parcel adjacent to one of its existing investments $3.1 million. The Company expensed $0.2 million of acquisition costs for the year ended December 31, 2014 related to Fund III. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued Fund IV
Notes: (1) The Broughton Street Portfolio consists of 24 properties. As the joint venture partner to these investments maintains operating control over the investments, these are accounted for under the equity method. Of the 24 properties, nine of them are accounted for as asset acquisitions as they were purchased vacant and require future development. (2) As the joint venture partner to this investment maintains operating control over this investment, it is accounted for under the equity method. (3) This property was purchased vacant and requires future development and as such, it is accounted for as an asset acquisition. The Company expensed $2.7 million of acquisition costs for the year ended December 31, 2014 related to Fund IV. Purchase Price Allocations With the exception of the asset acquisitions, the above acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed 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 both the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2014:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued During 2013, the Company acquired properties and recorded the preliminary allocation of the purchase price to the assets acquired based on provisional measurements of fair value. During 2014, the Company finalized the allocation of the purchase price and made certain measurement period adjustments. The following table summarizes the preliminary allocation of the purchase price of properties as recorded as of December 31, 2013, and the finalized allocation of the purchase price as adjusted as of December 31, 2014:
Dispositions During 2014, the Company disposed of the following properties:
Notes: (1) This property was subject to $22.9 million of non-recourse debt and was foreclosed upon by the lender during March 2014, resulting in a $12.4 million gain. (2) Represents the sale of a portion of the residential air rights known as "Tower 2" associated with the Company's City Point development project. (3) Both the Fund III and Fund IV Lincoln Road Portfolios were unconsolidated and as such, the Company's share of gains related to these sales, which aggregated $102.9 million, are included in gain on disposition of properties of unconsolidated affiliates in the 2014 Consolidated Statement of Income. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued B. Discontinued Operations The Company previously reported properties sold as discontinued operations. The assets and liabilities and results of operations of discontinued operations are reflected as a separate component within the accompanying consolidated financial statements for all periods presented. As a result of the adoption of ASU 2014-08, there were no assets or liabilities classified as discontinued operations as of December 31, 2014. The combined assets and liabilities as of December 31, 2013 and the results of operations of the properties classified as discontinued operations for the years ended December 31, 2014, 2013 and 2012, are summarized as follows:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued C. Properties Held For Sale At December 31, 2014, The Company had two properties classified as held-for-sale. The assets and liabilities relating to those properties are summarized as follows:
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The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. No definition available.
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SEGMENT REPORTING
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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 or managing member of the Funds are eliminated in the Company’s consolidated financial statements. The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2014, 2013 and 2012 (does not include unconsolidated affiliates or discontinued operations): 2014
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. Segment Reporting, continued 2013
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. Segment Reporting, continued 2012
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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
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Equity Method Investments and Joint Ventures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in and Advances to Unconsolidated Affiliates | Investments In and Advances to Unconsolidated Affiliates Core Portfolio The Company owns a 49% interest in a 311,000 square foot shopping center located in White Plains, New York ("Crossroads), a 50% interest in a 28,000 square foot retail portfolio located in Georgetown, Washington D.C. (the "Georgetown Portfolio"), a 22.22% interest in a 20,000 square foot retail property located in Wilmington, Delaware ("Route 202 Shopping Center") and a 88.43% tenancy in common interest in an 87,000 square foot retail property located in Chicago, Illinois. As our unaffiliated partners in these investments maintain operating control, these are accounted for under the equity method. Funds Fund Investments During 2014, Fund IV, entered into a joint venture (the "Broughton Street Portfolio") with an unaffiliated entity, to acquire and operate properties located in Savannah, Georgia. Fund IV invested $8.1 million of equity and made a loan commitment of up to $69.0 million of which $28.4 million was funded to the joint venture as of December 31, 2014. As of December 31, 2014, the joint venture had acquired 24 properties for an aggregate purchase price of $33.9 million. In addition, Fund IV, through a joint venture with an unaffiliated entity, purchased a shopping center in Bear, Delaware for $25.4 million. During the third quarter of 2014, an unconsolidated joint venture between Fund III and an unaffiliated entity sold three properties located on Lincoln Road in Miami, Florida for an aggregate sales price of $141.8 million. In addition, an unconsolidated joint venture between Fund IV and an unaffiliated entity sold three properties located on Lincoln Road in Miami, Florida for an aggregate sales price of $200.2 million during the third quarter of 2014. The sales of the Fund III and Fund IV Lincoln Road portfolios resulted in gains of $86.6 million and $54.6 million, respectively. The unaffiliated partners in Fund II's investment in Albee Tower I Owners, Fund III's investments in Parkway Crossing, Arundel Plaza and the White City Shopping Center as well as Fund IV's investments in 1701 Belmont Avenue, 2819 Kennedy Boulevard, Promenade at Manassas, Eden Square 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. Self-Storage Management, a Fund III investment, was determined to be a variable interest entity. Management has evaluated the applicability of ASC Topic 810 to this joint venture and determined that the Company is not the primary beneficiary and, therefore, consolidation of this venture is not required. The Company accounts for this investment using the equity method of accounting. RCP Venture The Funds, together with two unaffiliated partners formed an investment group, the RCP Venture, for the purpose of making investments in surplus or underutilized properties owned by retailers and, in some instances, the retailers' operating company. The RCP Venture is neither a single entity nor a specific investment and the Company has no control or rights with respect to the formation and operation of these investments. The Company has made these investments through its subsidiaries, Mervyns I, Mervyns II and Fund II, (together the "Acadia Investors"), all on a non-recourse basis. Through December 31, 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"). ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4. Investments In and Advances to Unconsolidated Affiliates, continued The following table summarizes activity related to the RCP Venture investments from inception through December 31, 2014:
The Company accounts for the original investments in Mervyns and Albertson’s under the equity method of accounting as the Company has the ability to exercise significant influence, but does not have financial or operating control. The Company accounts for the Add-On Investments and Other RCP Investments under the cost method. Due to its minor ownership interest, based on the size of the investments as well as the terms of the underlying operating agreements, the Company has no influence over such entities' operating and financial policies. Other than the minority investor rights to which the Company is entitled pursuant to statute, it has no rights other than to receive its pro-rata share of cash distributions as declared by the managers of the Add-On Investments and Other RCP Investments. The Company has no rights with respect to the control and operation of these investment vehicles, nor with the formulation and execution of business and investment policies. The Acadia Investors have non-controlling interests in the individual investee LLC’s as follows:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4. Investments In and Advances to Unconsolidated Affiliates, continued Summary of Investments in Unconsolidated Affiliates The following combined and condensed Balance Sheets and Statements of Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates.
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4. Investments In and Advances to Unconsolidated Affiliates, continued
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The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS
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Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Receivable, Preferred Equity and Other Real Estate Related Investments | Notes Receivable, Preferred Equity and Other Real Estate Related Investments During 2014, the Company made total investments in notes receivable and preferred equity investments of $31.2 million and total collections of $18.1 million. The following table reconciles notes receivable investments from January 1, 2012 to December 31, 2014:
As of December 31, 2014, the Company’s notes receivable, net, approximated $102.3 million and were collateralized by the underlying properties, the borrower’s ownership interest in the entities that own the properties and/or by the borrower’s personal guarantee. Notes receivable were as follows at December 31, 2014: ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5. Notes Receivable, Preferred Equity and Other Real Estate Related Investments, continued
Notes: (1) Includes origination and exit fees (2) The principal balance for this accrual-only loan is increased by the interest accrued (3) Comprised of three cross-collateralized loans from one borrower, which are non-performing (4) Consists of three loans as of December 31, 2014 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 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, a component of revenue for the year ended December 31, 2014. During April 2014, the Company made a $13.0 million loan, which is collateralized by a property and bears interest at 12.7% and matures October 2015. During July 2014, the borrower repaid $5.0 million of the loan. The outstanding balance at December 31, 2014 was $8.0 million. During April 2014, the Company made a $1.9 million loan, which is collateralized by a property, bears interest at LIBOR plus 375 basis points and matures May 2024. During April 2014, the Company converted a $38.0 million loan into an equity interest in 152-154 Spring Street (Note 4). ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5. Notes Receivable, Preferred Equity and Other Real Estate Related Investments, continued During April 2014, the Company received payment of $10.3 million representing principal and accrued interest on a mezzanine loan for which the Company had a carrying value of $8.3 million, net of a $2.0 million reserve. Following the full collection of all amounts due under this note, the Company recognized income of approximately $2.0 million, which is included in Other, a component of revenue for the year ended December 31, 2014. During May 2014, the Company made a $4.0 million preferred equity investment in an entity which owns a property located in the Bronx. The investment has a preferred return of 13.5% and matures May 2016. During July 2014, the Company made an additional $1.0 million loan, which is collateralized by Common OP Units, to an existing borrower, bringing the total outstanding amount to $4.0 million. This loan bears interest at LIBOR plus 250 basis points and matures 12/20/20. During July 2014, the Company made a $4.8 million loan, which is collateralized by the borrower's interest in a property, bears interest at 18% and matures July 2017. As of December 31, 2014, $3.3 million has been drawn down on the loan. During September 2014, the Company received payment of $1.9 million on a note, representing $0.7 million of accrued interest and $1.2 million of principal. During October 2014, the Company made a $7.5 million loan, which is collateralized by a property, bears interest at 8.8% and matures October 2015. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral and the prospects of the borrower. As of December 31, 2014, the Company held three non-performing notes. The following table reconciles the activity in the allowance for notes receivable from December 31, 2012 to December 31, 2014:
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The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Deferred Charges | Deferred Charges Deferred charges consist of the following as of December 31, 2014 and 2013:
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Lease Intangibles | Acquired Lease Intangibles Upon acquisitions of real estate, the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above and below market leases, including below market options, acquired in-place leases and customer relationships) and assumed liabilities in accordance with ASC Topic 805. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable. The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2014 is as follows:
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgages and Other Notes Payable | Mortgage and Other Notes Payable At December 31, 2014 and 2013, mortgage, convertible and other notes payable, excluding the net valuation premium on the assumption of debt, aggregated $1,127.6 million and $1,038.1 million respectively, and were collateralized by 40 properties and related tenant leases. Interest rates on the Company’s outstanding mortgage indebtedness ranged from 1.00% to 6.65% with maturities that ranged from April 2015 to April 2023. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. The following table reflects mortgage loan activity for the year ended December 31, 2014:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued Note: (1) As of December 31, 2014, $199.0 million of funds have been released under the Company's EB-5 loan relating to its City Point project into a restricted cash account. $168.4 million has been drawn to fund construction activities, with $30.6 million remaining in the restricted cash account at December 31, 2014. Unsecured Credit Facilities: During the year ended December 31, 2014, the Company borrowed $15.0 million on its unsecured credit facility and paid down $15.0 million. As of December 31, 2014, there was no outstanding balance under this facility. During September 2014, the Company amended its unsecured credit facility and its $50.0 million term loan. The amendment extended the maturity date of the unsecured credit facility to January 31, 2018, reduced the interest rate from LIBOR plus 155 basis points to LIBOR plus 140 basis points and reduced the unused fee from 35 basis points to 25 basis points. The amendment also extended the maturity date of the Company's $50.0 million term loan to November 25, 2019 and reduced the interest rate from LIBOR plus 140 basis points to LIBOR plus 130 basis points. During the year ended December 31, 2014, the Company borrowed $112.2 million on its Fund IV subscription line and paid down $103.9 million. The outstanding balance under this facility is $77.1 million as of December 31, 2014. The following table sets forth certain information pertaining to our credit facilities as of December 31, 2014:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued The following table summarizes the Company’s mortgage and other indebtedness as of December 31, 2014 and December 31, 2013:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued
Notes:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued The scheduled principal repayments of all indebtedness, including Convertible Notes (Note 9), as of December 31, 2014 are as follows (does not include $2,943 net valuation premium on assumption of debt):
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The entire disclosure for mortgage notes payable. No definition available.
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CONVERTIBLE NOTES PAYABLE
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Debt Disclosure [Abstract] | |
Convertible Notes Payable | Convertible Notes Payable In December 2006 and January 2007, the Company issued a total of $115.0 million of convertible notes with a fixed interest rate of 3.75% due 2026 (the "Convertible Notes"). The Convertible Notes were issued at par and require interest payments semi-annually in arrears on June 15 and December 15 of each year. The Convertible Notes are unsecured, unsubordinated obligations and rank equally with all other unsecured and unsubordinated indebtedness. The Convertible Notes were accounted for under ASC Topic 470-20, “Debt with Conversion and Other Options,” which required the Company to allocate the proceeds from the issuance between a debt component and an equity component. The resulting discount on the debt component was amortized over the period the convertible debt was expected to be outstanding, which was December 11, 2006 to December 20, 2011, as additional non-cash interest expense. Until December 20, 2011, the Convertible Notes had an effective interest rate of 6.03% after giving effect to ASC Topic 470-20. As of December 31, 2014, $114.6 million of the Convertible Notes have been repurchased. The remaining Convertible Notes bear interest at 3.75% and the Company has the right to redeem the notes, in whole, or in part, at any time, and from time to time, for cash equal to 100% of the principal amount of the notes plus any accrued and unpaid interest to, but not including, the redemption date. The Holders of notes may require the Company to repurchase their notes, in whole or in part, on December 15, 2016 and December 15, 2021 for cash equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid interest to, but not including, the repurchase date. |
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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
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Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements The FASB’s fair value measurements and disclosure guidance requires the valuation of certain of the Company’s financial assets and liabilities, based on a three-level fair value hierarchy. Market participant assumptions obtained from sources independent of the Company are observable inputs that are classified within Levels 1 and 2 of the hierarchy, and the Company’s own assumptions about market participant assumptions are unobservable inputs classified within Level 3 of the hierarchy. The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2014:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 10. Financial Instruments and Fair Value Measurements, continued During the year ended December 31, 2012, the Company determined that the carrying value in its investment in Mervyns was impaired and recorded an impairment of $2.0 million (Note 1). The analysis performed consisted of discounted cash flows which were used to determine the fair value of the Mervyns investment and were classified as Level 3 under authoritative guidance for fair value measurements. During the year ended December 31, 2013, the Company determined that the value of the Walnut Hill Plaza was impaired and recorded an impairment loss of $1.5 million (Note 1). The Company estimated the fair value by using projected future cash flows, which it determined were not sufficient to recover the property's net book value. The inputs used to determine this fair value are classified within Level 3 under authoritative guidance for fair value measurements. During the year ended December 31, 2013, the Company entered into a firm contract to sell Sheepshead Bay for $20.2 million. As this amount is less than the carrying cost, the Company recorded an impairment loss of $6.7 million (Note 1). Derivative Financial Instruments The FASB’s derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by the FASB guidance, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive (loss) income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value would be recognized in earnings. As of December 31, 2014, the Company’s derivative financial instruments consisted of 14 interest rate LIBOR swaps with an aggregate notional value of $223.8 million, which fix interest at rates from 0.70% to 3.77%, and mature between May 2015 and March 2025. The Company also has four derivative financial instruments with a notional value of $139.6 million which cap interest rates ranging from 3.0% to 4.3% and mature between July 2015 and April 2018. The fair value of the derivative liability of these instruments, which is included in other liabilities in the consolidated balance sheets, totaled $4.6 million and $2.0 million at December 31, 2014 and 2013, respectively. The fair value of these derivative instruments, included in prepaid expenses and other assets in the Consolidated Balance Sheets, totaled $0.2 million and $3.1 million at December 31, 2014 and 2013, respectively. The notional value does not represent exposure to credit, interest rate or market risks. The Company is also a party to two forward starting interest rate swap transactions with respect to $50.0 million of LIBOR-based variable debt. These derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable rate mortgage debt. Such instruments are reported at the fair value reflected above. As of December 31, 2014 and 2013, unrealized (losses) and income totaling ($4.0 million) and $1.1 million, respectively, were reflected in accumulated other comprehensive (loss) income. It is estimated that approximately $4.3 million included in accumulated other comprehensive (loss) income related to derivatives will be reclassified to interest expense in the 2015 results of operations. As of December 31, 2014 and 2013, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. As of December 31, 2014, none of the Company’s hedges were ineffective. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 10. Financial Instruments and Fair Value Measurements, continued Financial Instruments Certain of the Company’s assets and liabilities meet the definition of financial instruments. Except as disclosed below, the carrying amounts of these financial instruments approximates their fair value due to the short-term nature of such accounts. The Company has determined the estimated fair values of the following financial instruments within Level 2 of the hierarchy by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date:
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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS
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Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Noncontrolling Interests | Shareholders’ Equity and Noncontrolling Interests Common Shares During 2014, 3,886 employee Restricted Shares were canceled to pay the employees’ income taxes due on the value of the portion of their Restricted Shares that vested. During 2014, the Company recognized accrued Common Share and Common OP Unit-based compensation totaling $6.2 million in connection with the vesting of Restricted Shares and Units (Note 15). During 2014, the Company issued approximately 4.4 million Common Shares from the ATM program generating net proceeds of approximately $127.1 million and completed two public share offerings aggregating approximately 7.6 million Common Shares generating net proceeds of approximately $230.7 million. During 2014, the Company issued approximately 1.6 million OP units to acquire real estate. During 2013, the Company issued approximately 3.0 million Common Shares from the ATM program generating net proceeds of approximately $80.7 million. During 2013, the Company issued approximately 1.2 million OP units to acquire real estate. During 2012, the Company issued approximately 6.1 million Common Shares from the ATM program generating net proceeds of approximately $140.8 million and completed a public share offering of approximately 3.5 million Common Shares generating net proceeds of approximately $85.9 million. During 2012, Kenneth Bernstein, President and CEO, converted 250,000 Common OP Units into Common Shares. Noncontrolling Interests The following table summarizes the change in the noncontrolling interests since December 31, 2013: ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 11. Shareholders’ Equity and Noncontrolling Interests, continued
Noncontrolling interests in the Operating Partnership represents (i) the limited partners’ 2,988,277 and 1,457,467 Common OP Units at December 31, 2014 and 2013, respectively, (ii) 188 Series A Preferred OP Units at both December 31, 2014 and 2013, with a stated value of $1,000 per unit, which are entitled to a preferred quarterly distribution of the greater of (a) $22.50 (9% annually) per Series A Preferred OP Unit or (b) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit and (iii) 1,719,206 and 1,368,086 LTIP units as of December 31, 2014 and 2013, respectively, as discussed in Share Incentive Plan (Note 15). Noncontrolling interests in partially-owned affiliates include third-party interests in Fund I, II, III and IV, and Mervyns I and II, and five other entities. The Series A Preferred OP Units were issued in 1999 in connection with the acquisition of a property. Through December 31, 2014, 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $7.50. Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date. |
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The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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RELATED PARTY TRANSACTIONS
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Dec. 31, 2014
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Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $0.2 million, $0.1 million and $0.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. Lee Wielansky, the Lead Trustee of the Company, was paid a consulting fee of $0.1 million for each of the years ended December 31, 2013 and 2012. The consulting agreement was terminated as of December 31, 2013 and no such fees were incurred for the year ended December 31, 2014. |
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The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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TENANT LEASES
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Tenant Leases | Tenant Leases Space in the shopping centers and other retail properties is leased to various tenants under operating leases that usually grant tenants renewal options and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volume. Minimum future rentals to be received under non-cancelable leases for shopping centers and other retail properties as of December 31, 2014 are summarized as follows:
During the years ended December 31, 2014, 2013 and 2012, no single tenant collectively accounted for more than 10% of the Company’s total revenues. |
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The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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LEASE OBLIGATIONS
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Lease Obligations | Lease Obligations The Company leases land at eight of its shopping centers, which are accounted for as operating leases and generally provide the Company with renewal options. Ground rent expense was $1.8 million, $1.8 million, and $1.7 million (including capitalized ground rent at properties under redevelopment of $0.8 million, $0.8 million and $0.8 million) for the years ended December 31, 2014, 2013 and 2012, respectively. The leases terminate at various dates between 2019 and 2066. These leases provide the Company with options to renew for additional terms aggregating from 23 to 71 years. The Company also leases space for its corporate office. Office rent expense under this lease was $1.5 million, $1.4 million and $1.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. Future minimum rental payments required for leases having remaining non-cancelable lease terms are as follows:
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The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SHARE INCENTIVE PLAN
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Incentive Plan | Share Incentive Plan During 2012, the Company terminated the 1999 and 2003 Plans and adopted the Amended 2006 Plan. The Amended 2006 Plan increased the authorization to issue options, Restricted Shares and LTIP Units (collectively "Awards") available to officers and employees by 1.9 million shares to 2.1 million shares. Options are granted by the Compensation Committee (the "Committee"), which currently consists of three non-employee Trustees, and will not have an exercise price less than 100% of the fair market value of the Common Shares and a term of greater than ten years at the grant date. Vesting of options is at the discretion of the Committee. The Committee determines the restrictions placed on Awards, including the dividends or distributions thereon and the term of such restrictions. The Committee also determines the award and vesting of the awards based on the attainment of specified performance objectives of the Company within a specified performance period. On February 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. Vesting with respect to these awards is generally recognized ratably over the five annual anniversaries following the issuance date. Vesting with respect to 16% of the awards issued to officers is also generally subject to achieving certain Company performance measures. LTIP Units are similar to Restricted Shares but provide for a quarterly partnership distribution in a like amount as paid to Common OP Units. This distribution is paid on both unvested and vested LTIP Units. The LTIP Units are convertible into Common OP Units and Common Shares upon vesting and a revaluation of the book capital accounts. 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 the grant date 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. The weighted average fair value for Restricted Shares and LTIP Units granted for the years ended December 31, 2014, 2013 and 2012 were $26.30, $26.40 and $22.31, respectively. Total long-term incentive compensation expense, including the expense related to the above mentioned plans, was $6.2 million, $7.3 million and $3.6 million for the years ended December 31, 2014, 2013 and 2012, respectively and is recorded in General and Administrative on the consolidated statements of income. On June 4, 2014, the Company issued 17,118 Restricted Shares and 1,518 LTIP Units to Trustees of the Company in connection with Trustee fees. Vesting with respect to 6,276 of the Restricted Shares and 1,518 of the LTIP Units will be on the first anniversary of the date of issuance and 10,842 of the Restricted Shares vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares, but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Trustee fee expense of $0.2 million for the year ended December 31, 2014 has been recognized in the accompanying consolidated statement of income related to this issuance. In 2009, the Company adopted the Long Term Investment Alignment Program (the "Program") pursuant to which the Company may award units primarily to senior executives which would entitle them to receive up to 25% of any future Fund III Promote when and if such Promote is ultimately realized. The Company has awarded all of the units under the Program, and these units were determined to have no value at issuance or as of December 31, 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. As of December 31, 2014, the Company had 46,347 options outstanding to officers and employees and 9,000 options outstanding to non-employee Trustees of the Company all of which have vested. These options are for ten-year terms from the grant date and vested in three equal annual installments, which began on their respective grant dates. A summary of option activity under all option arrangements as of December 31, 2014 and 2013, and changes during the years then ended, is presented below: ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 15. Share Incentive Plan, continued
The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $0.8 million, $0.2 million and $0.1 million, respectively. A summary of the status of the Company’s unvested Restricted Shares and LTIP Units as of December 31, 2014 and 2013 and changes during the years then ended is presented below:
As of December 31, 2014, there was $16.1 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under share incentive plans. That cost is expected to be recognized over a weighted-average period of 2.4 years. The total fair value of Restricted Shares that vested during the years ended December 31, 2014, 2013 and 2012 was $0.8 million, $0.5 million and $0.8 million, respectively. The total fair value of LTIP Units that vested during the years ended December 31, 2014, 2013 and 2012 was $5.3 million, $6.8 million and $3.0 million, respectively. |
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The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN
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Dec. 31, 2014
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Share Purchase and Deferred Share Plan | Employee Share Purchase and Deferred Share Plan The Acadia Realty Trust Employee Share Purchase Plan (the "Purchase Plan"), allows eligible employees of the Company to purchase Common Shares through payroll deductions. The Purchase Plan provides for employees to purchase Common Shares on a quarterly basis at a 15% discount to the closing price of the Company’s Common Shares on either the first day or the last day of the quarter, whichever is lower. A participant may not purchase more the $25,000 in Common Shares per year. Compensation expense will be recognized by the Company to the extent of the above discount to the closing price of the Common Shares with respect to the applicable quarter. During 2014, 2013 and 2012, a total of 4,668, 3,678, and 3,829 Common Shares, respectively, were purchased by employees under the Purchase Plan. Associated compensation expense of $0.01 million was recorded in each of the years ended December 31, 2014, 2013 and 2012. During May of 2006, the Company adopted a Trustee Deferral and Distribution Election ("Trustee Deferral Plan"), under which the participating Trustees have deferred compensation of $0.09 million for 2014, $0.07 million for 2013 and $0.06 million for 2012. |
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Disclosure of Employee Stock Ownership Plan [Text Block] No definition available.
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EMPLOYEE 401(K) PLAN
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Dec. 31, 2014
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Compensation and Retirement Disclosure [Abstract] | |
Employee 401(k) Plan | Employee 401(k) Plan The Company maintains a 401(k) plan for employees under which the Company currently matches 50% of a plan participant’s contribution up to 6% of the employee’s annual salary. A plan participant may contribute up to a maximum of 15% of their compensation, up to $17,500, for the year ended December 31, 2014. The Company contributed $0.3 million for each of the years ended December 31, 2014, 2013 and 2012. |
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The entire disclosure for pension and other postretirement benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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DIVIDENDS AND DISTRIBUTIONS PAYABLE
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Dec. 31, 2014
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Equity [Abstract] | |
Dividends and Distributions Payable | Dividends and Distributions Payable On November 4, 2014, the Board of Trustees declared a regular quarterly cash dividend of $0.24 per Common Share which was paid on January 15, 2015 to holders of record as of December 31, 2014. In addition, on December 5, 2014, the Board of Trustees declared a special cash dividend of $0.30 per Common Share with the same record and payment date as the regular quarterly dividend. The special dividend is a result of the taxable capital gains for 2014 arising from property dispositions, primarily the sale of Fund III and IV’s Lincoln Road Portfolios. |
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Dividends and Distributions Payable [Text Block] No definition available.
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FEDERAL INCOME TAXES
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Federal Income Taxes | Federal Income Taxes The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), and intends at all times to qualify as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to corporate Federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. As the Company distributed sufficient taxable income for the years ended December 31, 2014, 2013 and 2012, no U.S. Federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to Federal income taxes at the regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and Federal income and excise taxes on any undistributed taxable income. In addition, taxable income from non-REIT activities managed through the Company’s Taxable REIT Subsidiaries ("TRS") is subject to Federal, state and local income taxes. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 19. Federal Income Taxes, continued Characterization of Distributions: The Company has determined that the cash distributed to the shareholders is characterized as follows for Federal income tax purposes:
Taxable REIT Subsidiaries Income taxes have been provided for using the liability method as required by ASC Topic 740, "Income Taxes." The Company’s TRS income and provision for income taxes for the years ended December 31, 2014, 2013 and 2012 are summarized as follows:
The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):
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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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EARNINGS PER COMMON SHARE
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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 December 31, 2014, the Company has unvested LTIP Units (Note 15) which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method. Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit ("Restricted Share Units") and share option awards issued under the Company’s Share Incentive Plans (Note 15). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and therefore is not included in the computation of diluted earnings per share for the years ended December 2014, 2013 and 2012. The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. Based on the market price of the Common Shares as of December 31, 2014, the issuance of additional Common Shares assuming conversion of the Company's convertible notes payable (Note 9) would be dilutive and is included in the computation of basic and diluted earnings per share for the year ended December 31, 2014.
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The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Quarterly Financial Information (unaudited) | Summary of Quarterly Financial Information (unaudited) The quarterly results of operations of the Company for the years ended December 31, 2014 and 2013 are as follows:
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The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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COMMITMENTS AND CONTINGENCIES
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Dec. 31, 2014
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Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Under various Federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company conducts Phase I environmental reviews with respect to properties it acquires. These reviews include an investigation for the presence of asbestos, underground storage tanks and polychlorinated biphenyls (PCBs). Although such reviews are intended to evaluate the environmental condition of the subject property as well as surrounding properties, there can be no assurance that the review conducted by the Company will be adequate to identify environmental or other problems that may exist. Where a Phase II assessment is so recommended, a Phase II assessment is conducted to further determine the extent of possible environmental contamination. In all instances where a Phase I or II assessment has resulted in specific recommendations for remedial actions, the Company has either taken or scheduled the recommended remedial action. To mitigate unknown risks, the Company has obtained environmental insurance for most of its properties, which covers only unknown environmental risks. The Company believes that it is in compliance in all material respects with all Federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future. The Company is involved in various matters of litigation arising in the normal course of business. While the Company is unable to predict with certainty the amounts involved, the Company’s management and counsel are of the opinion that, when such litigation is resolved, the Company’s resulting liability, if any, will not have a significant effect on the Company’s consolidated financial position, results of operations, or liquidity. The Company's policy is to accrue legal expenses as they are incurred. During August 2009, the Company terminated the employment of a former Senior Vice President (the "Former Employee") for engaging in conduct that fell within the definition of "cause" in his severance agreement with the Company. Had the Former Employee not been terminated for "cause," he would have been eligible to receive approximately $0.9 million under the severance agreement. Because the Company terminated him for "cause," it did not pay the Former Employee any severance benefits under the agreement. The Former Employee has brought a lawsuit against the Company in New York State Supreme Court (the "Court"), alleging breach of the severance agreement. On August 7, 2014, the Court granted summary judgment in favor of the Company, as defendant, and against plaintiff, the Former Employee, finding that his conduct in fact and law, constituted "cause" under his severance agreement. Plaintiff has filed a notice of appeal but has not yet perfected his appeal. The Company continues to believe that termination was justified for “cause” and that it will be successful on appeal. In connection with Phase 2 of the City Point Project, Albee Development LLC ("Albee"), and a non-affiliated construction manager have been served with a Summons With Notice by Casino Development Group, Inc. ("Casino"), the former contractor responsible for the excavation and concrete work at the City Point Project. Albee terminated the contract with Casino for cause prior to completion of the contract. The plaintiff is seeking approximately $7.4 million , which has now been bonded. Albee believes that it has meritorious defenses to, and is prepared to vigorously defend itself against the claims. Presently, the parties are before the New York State Supreme Court in Kings County on procedural matters; Albee’s position is that Casino waived any right to arbitrate. As the case is in the early stages of litigation, the outcome of these claims cannot be determined at this time. |
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The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SUBSEQUENT EVENTS
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12 Months Ended |
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Dec. 31, 2014
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events During January 2015, Fund IV completed the acquisition of 1035 Third Avenue in Manhattan, New York, for a purchase price of $51.0 million. During January 2015, Fund III completed the disposition of Lincoln Park Centre in Chicago, Illinois, for a sales price of $64.0 million. |
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The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
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SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2014
Notes: (1) Depreciation on buildings and improvements reflected in the consolidated statements of income is calculated over the estimated useful life of the assets as follows: Buildings: 30 to 40 years Improvements: Shorter of lease term or useful life (2) The aggregate gross cost of property included above for Federal income tax purposes was $1,811.2 million as of December 31, 2014 (3) (a) Reconciliation of Real Estate Properties: The following table reconciles the activity for real estate properties from January 1, 2012 to December 31, 2014:
(3) (b) Reconciliation of Accumulated Depreciation: The following table reconciles accumulated depreciation from January 1, 2012 to December 31, 2014:
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The entire disclosure of real estate investments and associated accumulated depreciation for entities with a significant portion of their business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
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12 Months Ended |
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Dec. 31, 2014
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation, Policy | Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its controlling investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810 "Consolidation" ("ASC Topic 810"). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income. Variable interest entities are accounted for within the scope of ASC Topic 810 and are required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is the enterprise that has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the variable interest entity that could be significant to the variable interest entity. Management has evaluated the applicability of ASC Topic 810 to its investments in certain joint ventures and determined that these joint ventures are not variable interest entities or that the Company is not the primary beneficiary and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method of accounting. The Company owns a 22.22% interest in an approximately one million square foot retail portfolio (the "Brandywine Portfolio") located in Wilmington, Delaware. Effective January 1, 2013, following certain changes in the financial and operating controls of the joint venture agreement, in which the unaffiliated third party joint venture partner waived all of their substantive participating rights, the Company now accounts for this investment on a consolidated basis. |
Investments in and Advances to Unconsolidated Joint Ventures, Policy | Investments in and Advances to Unconsolidated Joint Ventures The Company primarily accounts for its investments in unconsolidated joint ventures using the equity method as it does not exercise control over significant asset decisions such as buying, selling or financing nor is it the primary beneficiary under ASC Topic 810, as discussed above in most of these investments. The Company does have significant influence over most of these investments, which requires equity method accounting. Under the equity method, the Company increases its investment for its proportionate share of net income and contributions to the joint venture and decreases its investment balance by recording its proportionate share of net loss and distributions. The Company accounts for some of its investments under the cost method. Due to its minor ownership of three investments as well as the terms of the underlying operating agreements, the Company has no influence over such entities' operating and financial policies. Other than the minority investor rights to which the Company is entitled pursuant to statute, it has no rights other than to receive its pro-rata share of cash distributions as declared by the managers of these investments. The Company has no rights with respect to the control and operation of these investments vehicles, nor with the formulation and execution of business and investment policies. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company. For investments in which there is recourse to the Company, distributions in excess of the investment are recorded as a liability. Although the Company accounts for its investment in Albertson’s (Note 4) under the equity method of accounting, the Company adopted the policy of not recording its equity in earnings or losses of this unconsolidated affiliate until it receives the audited financial statements of Albertson’s to support the equity earnings or losses in accordance with ASC Topic 323, "Investments – Equity Method and Joint Ventures." ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued The Company periodically reviews its investment in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During 2012, the Company recorded an impairment charge of $2.0 million in connection with the estimated fair value in its investment in Mervyns. During the years ended December 31, 2014 and 2013, there were no impairment charges related to the Company’s investment in unconsolidated joint ventures. |
Use of Estimates, Policy | Use of Estimates Accounting principles generally accepted in the United States of America ("GAAP") require the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. |
Real Estate, Policy | Real Estate Real estate assets are stated at cost less accumulated depreciation. Construction in progress includes costs for significant property expansion and redevelopment. Depreciation is computed on the straight-line basis over estimated useful lives of 30 to 40 years for buildings, the shorter of the useful life or lease term for tenant improvements and five years for furniture, fixtures and equipment. Expenditures for maintenance and repairs are charged to operations as incurred. Upon acquisitions of real estate, the Company assesses the fair value of acquired assets and assumed liabilities (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases and customer relationships) and acquired liabilities in accordance with ASC Topic 805 "Business Combinations" and ASC Topic 350 "Intangibles – Goodwill and Other," and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. To the extent there were fixed-rate options at below-market rental rates, the Company included these along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized over the remaining applicable lease term, inclusive of any option periods. The Company assesses fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. The Company capitalizes certain costs related to the development and redevelopment of real estate including initial project acquisition costs, pre-construction costs, interest, real estate taxes, insurance, construction costs and salaries and related costs of personnel directly involved with the specific project. Additionally, the Company capitalizes interest costs related to development and redevelopment activities. Capitalization of these costs begin when the activities and related expenditures commence, and cease when the property is held available for occupancy upon substantial completion of tenant improvements, but no later than one year from the completion of major construction activity at which time the project is placed in service and depreciation commences. The Company reviews its long-lived assets for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the year ended December 31, 2013, the Company determined that the values of the Walnut Hill Plaza and Fund III's Sheepshead Bay property were impaired. Accordingly, impairment charges of $1.5 million and $6.7 million, respectively were recorded. The Operating Partnership's share of the impairment charge related to Sheepshead Bay was $1.3 million. During the years ended December 31, 2014 and 2012, no impairment charges were recorded. Management does not believe that the values of any other properties within the portfolio are impaired as of December 31, 2014. |
Sale of Real Estate, Policy | The Company recognizes property sales in accordance with ASC Topic 970 "Real Estate." The Company generally records the sales of operating properties and outparcels using the full accrual method at closing when the earnings process is deemed to be complete. Sales not qualifying for full recognition at the time of sale are accounted for under other appropriate deferral methods. |
Real Estate Held-for-Sale, Policy | The Company evaluates the held-for-sale classification of its real estate each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment. On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance. |
Involuntary Conversion of Asset, Policy | Involuntary Conversion of Asset The Company experienced significant flooding resulting in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment were insured for an amount sufficient that would allow for full restoration of the property. Loss of rents during the redevelopment were covered by business interruption insurance subject to a $0.1 million deductible. In accordance with ASC Topic 360 "Property, Plant and Equipment" and as a result of the above-described property damage, the Company had recorded a write-down of the asset's carrying value of approximately $1.4 million, as well as an insurance recovery in the same amount. During the years ended December 31, 2012 and 2011, the Company received insurance proceeds of approximately $3.7 million and $6.9 million, respectively. The Company recognized a gain on involuntary conversion of $2.4 million in 2012 as these proceeds exceeded the asset's net basis. |
Deferred Costs, Policy | Deferred Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Fees and costs incurred in connection with obtaining financing are deferred and amortized over the term of the related debt obligation. The Company capitalizes salaries, commissions and benefits related to time spent by leasing and legal department personnel involved in originating leases. |
Revenue Recognition and Accounts Receivable, Policy | Revenue Recognition and Accounts Receivable Leases with tenants are accounted for as operating leases. Minimum rents are recognized, net of any rent concessions or tenant lease incentives, including free rent, on a straight-line basis over the term of the respective leases, beginning when the tenant is entitled to take possession of the space. As of December 31, 2014 and 2013, unbilled rents receivable relating to the straight-lining of rents of $28.0 million and $23.1 million, respectively are included in Rents Receivable, net on the accompanying consolidated balance sheets. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. Rents receivable at December 31, 2014 and 2013 are shown net of an allowance for doubtful accounts of $6.0 million and $6.0 million, respectively. |
Notes Receivable and Preferred Equity Investments, Policy | Notes Receivable and Preferred Equity Notes receivable and preferred equity investments are intended to be held to maturity and are carried at amortized cost. Interest income from notes receivable and preferred equity investments are recognized on the effective interest method over the expected life of the loan. Under the effective interest method, interest or fees collected at the origination of the investment or the payoff of the investment are recognized over the term of the loan as an adjustment to yield. Allowances for real estate notes receivable are established based upon management’s quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from their carrying values at the balance sheet date. Interest income recognition is generally suspended for loans when, in the opinion of management, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the suspended loan becomes contractually current and performance is demonstrated to be resumed. During 2012, the Company provided a $0.4 million net reserve on note receivables as a result of changes in the value of the underlying collateral properties. During 2014, the Company recognized income of $2.7 million as a result of collections on notes that previously had reserves. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has never experienced any losses related to these balances. |
Restricted Cash and Cash in Escrow, Policy | Restricted Cash and Cash in Escrow Restricted cash and cash in escrow consist principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy and property operating income requirements at specific properties as required by certain loan agreements. |
Income Tax, Policy | Income Taxes The Company has made an election to be taxed, and believes it qualifies, as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"). To maintain REIT status for Federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to Federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. Although it may qualify for REIT status for Federal income tax purposes, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries ("TRS") is fully subject to Federal, state and local income taxes. The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, "Income Taxes." Under the liability method, deferred income taxes are recognized for the temporary differences between the GAAP basis and tax basis of the TRS income, assets and liabilities. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued In accordance with ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operation. The prior three years' income tax returns are subject to review by the Internal Revenue Service. The Company recognizes potential interest and penalties related to uncertain tax positions as a component of the provision for income taxes. |
Share-based Compensation Policy | Stock-based Compensation The Company accounts for stock-based compensation pursuant to ASC Topic 718, "Compensation – Stock Compensation." As such, all equity based awards are reflected as compensation expense in the Company’s consolidated financial statements over their vesting period based on the fair value at the date of grant. |
Recent Accounting Pronouncements, Policy | Recent Accounting Pronouncements During January 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-01, "Income Statement - Extraordinary and Unusual Items." ASU 2015-01 eliminates the concept of extraordinary items. However, the presentation and disclosure requirements for items that are either unusual or in nature or infrequent in occurrence remain and will be expanded to include items that are both unusual in nature and infrequent in occurrence. ASU 2015-01 is effective for periods beginning after December 15, 2015. ASU 2015-01 is not expected to have a material impact on the Company's financial statements. During August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern." ASU 2014-15 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements. During June 2014, the FASB issued ASU No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company's financial statements. During May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017. During April 2014, the FASB issued 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. The adoption of ASU 2014-08 did not have a material effect on the Company's financial position or results of operations. |
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Involuntary Conversion of Asset [Policy Text Block] No definition available.
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Notes Receivable and Preferred Equity Investments [Policy Text Block] No definition available.
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Revenue Recognition and Accounts Receivable [Policy Text Block] No definition available.
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Sale of Real Estate [Policy Text Block] No definition available.
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Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for cash and cash equivalents with respect to unrestricted balances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for deferral and amortization of significant deferred charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. The accounting policy may include information such as: (1) initially recording an investment in the stock of an investee at cost; (2) adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of acquisition; and (3) adjustments to reflect the investor's share of changes in the investee's capital (dividends). This disclosure may also include a detailed description of the policy for determining the amount of equity method losses recognized after an investment has been reduced to zero as a result of previous losses, reasons for not using the equity method when the investor company owns 20 percent or more of the voting stock of the investee's company (including identification of the significant investee), reasons for using the equity method when the ownership percentage is less than 20 percent, and discussion of recognition of equity method losses when an investor's total investment in an investee includes, in addition to an investment in common stock, other investments such as preferred stock and loans to the investee. An entity also may describe how such investments are assessed for impairment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact. No definition available.
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Disclosure of accounting policy for real estate held for development or sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for entities that primarily develop and then sell real property at retail or otherwise. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General terms and operating partnership's equity interests | Following is a table summarizing the general terms and Operating Partnership's equity interests in the Funds and Mervyns I and II:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued Notes: (1) Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions. (2) During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects. (3) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares. |
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Tabular disclosure of an entity's capital units or capital shares, including the value of capital units or capital shares, units authorized, units outstanding and other information necessary to a fair presentation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE (Tables)
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Acquisition and Disposition of Properties and Discontinued Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the preliminary allocation of the purchase price of properties as recorded as of December 31, 2013, and the finalized allocation of the purchase price as adjusted as of December 31, 2014:
During 2014, the Company acquired the following properties through its Core Portfolio and Funds as follows: Core Portfolio
Notes: (1) This acquisition was primarily funded with the issuance of 1.4 million Common OP Units. (2) As the tenancy in common partner to this investment maintains operating control over this investment, it is accounted for under the equity method. This acquisition was partially funded with the issuance of 0.2 million Common OP Units. Fund IV
Notes: (1) The Broughton Street Portfolio consists of 24 properties. As the joint venture partner to these investments maintains operating control over the investments, these are accounted for under the equity method. Of the 24 properties, nine of them are accounted for as asset acquisitions as they were purchased vacant and require future development. (2) As the joint venture partner to this investment maintains operating control over this investment, it is accounted for under the equity method. (3) This property was purchased vacant and requires future development and as such, it is accounted for as an asset acquisition. The following table summarizes both the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2014:
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Schedule Of Property Dispositions | During 2014, the Company disposed of the following properties:
Notes: (1) This property was subject to $22.9 million of non-recourse debt and was foreclosed upon by the lender during March 2014, resulting in a $12.4 million gain. (2) Represents the sale of a portion of the residential air rights known as "Tower 2" associated with the Company's City Point development project. (3) Both the Fund III and Fund IV Lincoln Road Portfolios were unconsolidated and as such, the Company's share of gains related to these sales, which aggregated $102.9 million, are included in gain on disposition of properties of unconsolidated affiliates in the 2014 Consolidated Statement of Income. |
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Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The combined assets and liabilities as of December 31, 2013 and the results of operations of the properties classified as discontinued operations for the years ended December 31, 2014, 2013 and 2012, are summarized as follows:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties, Discontinued Operations and Properties Held For Sale, continued C. Properties Held For Sale At December 31, 2014, The Company had two properties classified as held-for-sale. The assets and liabilities relating to those properties are summarized as follows:
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Schedule Of Property Dispositions [Table Text Block] No definition available.
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Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SEGMENT REPORTING (Tables)
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Dec. 31, 2014
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Certain Segment Information from Segments to Consolidated | The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2014, 2013 and 2012 (does not include unconsolidated affiliates or discontinued operations): 2014
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. Segment Reporting, continued 2013
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. Segment Reporting, continued 2012
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Reconciliation of Certain Segment Information from Segments to Consolidated [Table Text Block] No definition available.
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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)
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Dec. 31, 2014
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Equity Method Investments | The following table summarizes activity related to the RCP Venture investments from inception through December 31, 2014:
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Schedule of Noncontrolling Interest In Individual Investee | The Acadia Investors have non-controlling interests in the individual investee LLC’s as follows:
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Schedule of Condensed Balance Sheet | The following combined and condensed Balance Sheets and Statements of Income, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates.
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Schedule of Condensed Income Statement |
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Schedule of Noncontrolling Interest In Individual Investee [Table Text Block] No definition available.
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Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations. No definition available.
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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. No definition available.
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NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS (Tables)
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Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notes Receivable and Preferred Equity Investments Reconciliation | The following table reconciles notes receivable investments from January 1, 2012 to December 31, 2014:
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Schedule of Notes Receivable | Notes receivable were as follows at December 31, 2014: ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5. Notes Receivable, Preferred Equity and Other Real Estate Related Investments, continued
Notes: (1) Includes origination and exit fees (2) The principal balance for this accrual-only loan is increased by the interest accrued (3) Comprised of three cross-collateralized loans from one borrower, which are non-performing (4) Consists of three loans as of December 31, 2014 |
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Schedule of Allowance for Credit Losses on Notes Receivable | The following table reconciles the activity in the allowance for notes receivable from December 31, 2012 to December 31, 2014:
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Notes Receivable and Preferred Equity Investments Reconciliation [Table Text Block] No definition available.
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Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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DEFERRED CHARGES (Tables)
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Dec. 31, 2014
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure | Deferred charges consist of the following as of December 31, 2014 and 2013:
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Tabular disclosure of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer; the aggregate carrying amount of current assets, not separately presented elsewhere in the balance sheet; and other deferred costs. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ACQUIRED LEASE INTANGIBLES (Tables)
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Dec. 31, 2014
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortization of Acquired Lease Intangible Assets and Liabilities | The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2014 is as follows:
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Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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MORTGAGES AND OTHER NOTES PAYABLE (Tables)
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loan Activity | The following table reflects mortgage loan activity for the year ended December 31, 2014:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued Note: (1) As of December 31, 2014, $199.0 million of funds have been released under the Company's EB-5 loan relating to its City Point project into a restricted cash account. $168.4 million has been drawn to fund construction activities, with $30.6 million remaining in the restricted cash account at December 31, 2014. |
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Schedule of Line of Credit Facilities | The following table sets forth certain information pertaining to our credit facilities as of December 31, 2014:
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Schedule of Debt | 8. Mortgage and Other Notes Payable, continued The following table summarizes the Company’s mortgage and other indebtedness as of December 31, 2014 and December 31, 2013:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgage and Other Notes Payable, continued
Notes:
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Schedule of Maturities of Long-term Debt | The scheduled principal repayments of all indebtedness, including Convertible Notes (Note 9), as of December 31, 2014 are as follows (does not include $2,943 net valuation premium on assumption of debt):
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Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on 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 December 31, 2014:
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Fair Value, by Balance Sheet Grouping | 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:
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Tables)
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Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Noncontrolling Interests | The following table summarizes the change in the noncontrolling interests since December 31, 2013: ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 11. Shareholders’ Equity and Noncontrolling Interests, continued
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Change in Noncontrolling Interests [Table Text Block] No definition available.
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TENANT LEASES (Tables)
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments Receivable for Operating Leases | Minimum future rentals to be received under non-cancelable leases for shopping centers and other retail properties as of December 31, 2014 are summarized as follows:
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Schedule of Future Minimum Rental Payments Receivable for Operating Leases [Table Text Block] No definition available.
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LEASE OBLIGATIONS (Tables)
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum rental payments required for leases having remaining non-cancelable lease terms are as follows:
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Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SHARE INCENTIVE PLAN (Tables)
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | A summary of option activity under all option arrangements as of December 31, 2014 and 2013, and changes during the years then ended, is presented below: ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 15. Share Incentive Plan, continued
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Schedule of Unvested Restricted Shares and LTIP Units | A summary of the status of the Company’s unvested Restricted Shares and LTIP Units as of December 31, 2014 and 2013 and changes during the years then ended is presented below:
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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FEDERAL INCOME TAXES (Tables)
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Tax Status of Dividends | The Company has determined that the cash distributed to the shareholders is characterized as follows for Federal income tax purposes:
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Schedule of TRS Income and Provision for Income Taxes | The Company’s TRS income and provision for income taxes for the years ended December 31, 2014, 2013 and 2012 are summarized as follows:
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Schedule of Effective Income Tax Rate Reconciliation | The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):
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Schedule of Tax Status of Dividends [Table Text Block] No definition available.
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- Definition
Schedule of TRS Income and Provision for Income Taxes [Table Text Block] No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
EARNINGS PER COMMON SHARE (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The quarterly results of operations of the Company for the years ended December 31, 2014 and 2013 are as follows:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Business Interruption Insurance Deductible No definition available.
|
X | ||||||||||
- Definition
Gain (Loss) On Involuntary Asset Conversion No definition available.
|
X | ||||||||||
- Definition
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Share of Capital No definition available.
|
X | ||||||||||
- Definition
Limited Liability Company Llc Or Limited Partnership Lp Members Or Limited Partners, Preferred Return No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Proceeds From Insurance Settlement, Other Investing Activities No definition available.
|
X | ||||||||||
- Definition
Properties Owned Percentage No definition available.
|
X | ||||||||||
- Definition
Remaining Funds Rate of Distribution to All Partners No definition available.
|
X | ||||||||||
- Definition
Remaining Funds Rate of Distribution to Partnership No definition available.
|
X | ||||||||||
- Definition
Required Distribution Rate to Maintain REIT Status No definition available.
|
X | ||||||||||
- Definition
For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Area of a real estate property. No definition available.
|
X | ||||||||||
- Definition
The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property, by the lessor or lessee, respectively. Such receivable is reduced by allowances attributable to, for instance, credit risk associated with a lessee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The increase (decrease) in the allowance for credit losses related to financing receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of capital contributed by the general partner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount recovered from insurance. These recoveries reduce costs and losses that are reported as a separate line item under operating expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Percentage investment held by the managing member or general partner of the limited liability company (LLC) or limited partnership (LP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of real estate properties owned as of the balance sheet date. No definition available.
|
X | ||||||||||
- Definition
Total contributions made by each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Total distributions to each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow from the amounts received by the insured under the terms of an insurance contract settlement. This element pertains only to insurance proceeds related to investments, for example fixed assets. It excludes insurance settlements classified as operating cash flows. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment. No definition available.
|
ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE Acquisitions (Details) (USD $)
Share data in Millions, unless otherwise specified |
12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
sqft
|
Dec. 31, 2014
Core Portfolio [Member]
sqft
|
Dec. 31, 2014
Fund III [Member]
|
Dec. 31, 2014
Fund IV [Member]
sqft
|
Dec. 31, 2014
11 East Walton [Member]
Chicago, Illinois [Member]
Core Portfolio [Member]
sqft
|
Dec. 31, 2014
61 Main Street [Member]
West Port, Connecticut [Member]
Core Portfolio [Member]
sqft
|
Dec. 31, 2014
865 W. North Avenue [Member]
Chicago, Illinois [Member]
Core Portfolio [Member]
sqft
|
Dec. 31, 2014
252 - 254 Greenwich Avenue [Member]
Greenwich, Connecticut [Member]
Core Portfolio [Member]
sqft
|
Dec. 31, 2014
152 - 154 Spring Street [Member]
New York, New York [Member]
Core Portfolio [Member]
sqft
|
Dec. 31, 2014
2520 Flatbush Avenue [Member]
Brooklyn, New York [Member]
Core Portfolio [Member]
sqft
|
Dec. 31, 2014
Bedford Green [Member]
Bedford, New York [Member]
Core Portfolio [Member]
sqft
|
Dec. 31, 2014
131 - 135 Prince Street [Member]
Common OP Units [Member]
|
Dec. 31, 2014
131 - 135 Prince Street [Member]
New York, New York [Member]
Core Portfolio [Member]
sqft
|
Dec. 31, 2014
Shops At Grand Avenue [Member]
Queens, New York [Member]
Core Portfolio [Member]
sqft
|
Dec. 31, 2014
201 Needham Street [Member]
Newton, Massachusetts [Member]
Core Portfolio [Member]
sqft
|
Dec. 31, 2014
840 North Michigan [Member]
Common OP Units [Member]
|
Dec. 31, 2014
840 North Michigan [Member]
Chicago, Illinois [Member]
Core Portfolio [Member]
sqft
|
Dec. 31, 2014
Arundel Plaza [Member]
Fund III [Member]
|
Dec. 31, 2014
Broughton Street Portfolio [Member]
Savannah, Georgia [Member]
Fund IV [Member]
property
sqft
|
Dec. 31, 2014
Eden Square [Member]
Bear, Delaware [Member]
Fund IV [Member]
sqft
|
Dec. 31, 2014
17 E. 71st Street [Member]
New York, New York [Member]
Fund IV [Member]
sqft
|
Dec. 31, 2014
27 E. 61st Street [Member]
New York, New York [Member]
Fund IV [Member]
sqft
|
Dec. 31, 2014
Acquisitions in 2013 [Member]
|
Dec. 31, 2013
Acquisitions in 2013 [Member]
|
Dec. 31, 2014
Acquisitions In 2014 [Member]
|
||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||
GLA (in square feet) | 510,219 | 368,551 | 472,551 | 6,738 | 3,400 | 16,000 | 9,172 | 2,936 | 29,114 | 90,472 | 3,200 | [1] | 99,975 | 20,409 | 87,135 | [2] | 218,076 | [3] | 235,508 | [4] | 9,330 | 9,637 | [5] | |||||||||||||||||
Percent Owned | 100.00% | 100.00% | 100.00% | 100.00% | 90.00% | 100.00% | 100.00% | 100.00% | [1] | 100.00% | 100.00% | 88.00% | [2] | 50.00% | [3] | 90.00% | [4] | 100.00% | 100.00% | [5] | ||||||||||||||||||||
Purchase Price | $ 473,200,000 | $ 106,600,000 | $ 44,000,000 | $ 7,300,000 | $ 14,800,000 | $ 24,500,000 | $ 38,000,000 | $ 17,100,000 | $ 46,800,000 | $ 51,400,000 | [1] | $ 56,000,000 | $ 10,100,000 | $ 163,200,000 | [2] | $ 3,100,000 | $ 33,900,000 | [3] | $ 25,400,000 | [4] | $ 28,000,000 | $ 19,300,000 | [5] | |||||||||||||||||
Debt Assumption | 84,800,000 | 0 | 0 | 0 | 0 | 0 | 0 | 29,800,000 | 0 | [1] | 0 | 0 | 55,000,000 | [2] | ||||||||||||||||||||||||||
Issuance of OP units in exchange for ownership, number of shares | 1.4 | 0.2 | ||||||||||||||||||||||||||||||||||||||
Acquisition related costs | 4,800,000 | 200,000 | 2,700,000 | |||||||||||||||||||||||||||||||||||||
Number of properties acquired | 24 | |||||||||||||||||||||||||||||||||||||||
Number of asset acquisitions | 9 | |||||||||||||||||||||||||||||||||||||||
Purchase Price Allocation | ||||||||||||||||||||||||||||||||||||||||
Land | 80,524,000 | 65,804,000 | 145,833,000 | |||||||||||||||||||||||||||||||||||||
Buildings and Improvements | 180,605,000 | 245,925,000 | 411,896,000 | |||||||||||||||||||||||||||||||||||||
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 56,871,000 | 0 | ||||||||||||||||||||||||||||||||||||||
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | (6,271,000) | 0 | (6,434,000) | |||||||||||||||||||||||||||||||||||||
Above-below market debt assumed (included in Mortgages and other notes payable) | (2,100,000) | |||||||||||||||||||||||||||||||||||||||
Total Consideration | 311,729,000 | 311,729,000 | 549,195,000 | |||||||||||||||||||||||||||||||||||||
Adjustments | ||||||||||||||||||||||||||||||||||||||||
Land | 14,720,000 | |||||||||||||||||||||||||||||||||||||||
Buildings and Improvements | (65,320,000) | |||||||||||||||||||||||||||||||||||||||
Acquisition-related intangible assets (in Acquired lease intangibles, net) | 56,871,000 | |||||||||||||||||||||||||||||||||||||||
Acquisition-related intangible liabilities (in Acquired lease intangibles, net) | (6,271,000) | |||||||||||||||||||||||||||||||||||||||
Total Consideration | $ 0 | |||||||||||||||||||||||||||||||||||||||
|
X | ||||||||||
- Definition
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Buildings And Improvements No definition available.
|
X | ||||||||||
- Definition
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Intangible Liabilities No definition available.
|
X | ||||||||||
- Definition
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Land No definition available.
|
X | ||||||||||
- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Buildings and Improvements No definition available.
|
X | ||||||||||
- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets No definition available.
|
X | ||||||||||
- Definition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Liabilities No definition available.
|
X | ||||||||||
- Definition
Gross Leasable Area No definition available.
|
X | ||||||||||
- Definition
Number of Asset Acquisitions No definition available.
|
X | ||||||||||
- Definition
Number of shares of equity interests issued or issuable to acquire entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Percentage of voting equity interests acquired at the acquisition date in the business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of liabilities incurred by the acquirer as part of consideration transferred in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents the amount of any measurement period adjustment (as defined) realized during the reporting period to items of consideration transferred in connection with a business combination for which the initial accounting was incomplete. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents the amount of any measurement period adjustment (as defined) realized during the reporting period to intangibles acquired in connection with a business combination for which the initial accounting was incomplete. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of real estate acquired, at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount recognized as of the acquisition date for the identifiable assets acquired in excess of (less than) the aggregate liabilities assumed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of liabilities due after one year or the normal operating cycle, if longer, assumed at the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The number of businesses acquired by the entity during the period. No definition available.
|
ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE Dispositions (Details) (USD $)
|
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
sqft
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
GLA (in square feet) | 510,219 | |||||||
Sales Price | $ 388,840,000 | |||||||
Gain/(Loss) | 155,618,000 | |||||||
Walnut Hill Property [Member]
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Non-recourse debt | 22,900,000 | |||||||
Lincoln Road Portfolio [Member]
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Gain/(Loss) | 102,900,000 | |||||||
Core Portfolio [Member]
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
GLA (in square feet) | 368,551 | |||||||
Core Portfolio [Member] | Walnut Hill Property [Member]
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
GLA (in square feet) | 297,905 | [1] | ||||||
Sales Price | 0 | [1] | ||||||
Gain/(Loss) | 12,402,000 | [1] | ||||||
Core Portfolio [Member] | Land Sale [Member]
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
GLA (in square feet) | 0 | |||||||
Sales Price | 340,000 | |||||||
Gain/(Loss) | 190,000 | |||||||
Fund III [Member] | Sheepshead Bay [Member]
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
GLA (in square feet) | 96,418 | |||||||
Sales Price | 20,200,000 | |||||||
Gain/(Loss) | 1,399,000 | |||||||
Fund III [Member] | Lincoln Road Portfolio [Member]
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
GLA (in square feet) | 61,443 | [2] | ||||||
Sales Price | 141,800,000 | [2] | ||||||
Gain/(Loss) | 86,600,000 | [2] | ||||||
Fund II [Member] | City Point [Member]
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
GLA (in square feet) | 0 | [3] | ||||||
Sales Price | 26,300,000 | [3] | ||||||
Gain/(Loss) | 561,000 | [3] | ||||||
Fund II [Member] | Other Post-sale Adjustments [Member]
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
GLA (in square feet) | 0 | |||||||
Sales Price | 0 | |||||||
Gain/(Loss) | (176,000) | |||||||
Fund IV [Member]
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
GLA (in square feet) | 472,551 | |||||||
Fund IV [Member] | Lincoln Road Portfolio [Member]
|
||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
GLA (in square feet) | 54,453 | [2] | ||||||
Sales Price | 200,200,000 | [2] | ||||||
Gain/(Loss) | $ 54,642,000 | [2] | ||||||
|
X | ||||||||||
- Definition
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Gross No definition available.
|
X | ||||||||||
- Definition
Disposal Group, Including Discontinued Operations, Long-Term Debt No definition available.
|
X | ||||||||||
- Definition
Gross Leasable Area No definition available.
|
X | ||||||||||
- Definition
Proceeds from Sale of Real Estate Held-for-investment, Gross No definition available.
|
X | ||||||||||
- Details
|
ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE Discontinued Operations (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
|
Sep. 30, 2014
|
Jun. 30, 2014
|
Mar. 31, 2014
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
BALANCE SHEETS | |||||||||||
Net real estate | $ 17,991 | $ 17,991 | |||||||||
Rents receivable, net | 565 | 565 | |||||||||
Deferred charges, net | 38 | 38 | |||||||||
Prepaid expenses and other assets | 1,840 | 1,840 | |||||||||
Total assets of discontinued operations | 56,073 | 20,434 | 56,073 | 20,434 | |||||||
LIABILITIES | |||||||||||
Accounts payable and accrued expenses | 1,473 | 1,473 | |||||||||
Other liabilities | 1,034 | 1,034 | |||||||||
Total liabilities of discontinued operations | 25,500 | 2,507 | 25,500 | 2,507 | |||||||
STATEMENTS OF INCOME | |||||||||||
Total revenues | 0 | 20,920 | 56,902 | ||||||||
Total expenses | 0 | 14,102 | 44,895 | ||||||||
Operating income | 0 | 6,818 | 12,007 | ||||||||
Impairment of assets | 0 | (6,683) | 0 | ||||||||
Loss on debt extinguishment | 0 | (800) | (2,541) | ||||||||
Gain on disposition of properties | 1,222 | 18,802 | 71,203 | ||||||||
Income from discontinued operations | 1,222 | 18,137 | 80,669 | ||||||||
Income from discontinued operations attributable to noncontrolling interests | (1,023) | (12,048) | (64,582) | ||||||||
Income from discontinued operations attributable to Common Shareholders | $ 100 | $ 0 | $ 99 | $ 0 | $ 4,675 | $ 591 | $ 790 | $ 33 | $ 199 | $ 6,089 | $ 16,087 |
X | ||||||||||
- Definition
Discontinued Operations Gain (Loss) On Extinguishment Of Debt No definition available.
|
X | ||||||||||
- Definition
Discontinued Operations, Impairment Of Real Estate No definition available.
|
X | ||||||||||
- Definition
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Expenses No definition available.
|
X | ||||||||||
- Definition
Disposal Group, Including Discontinued Operation, Deferred Charges, Net of Amortization No definition available.
|
X | ||||||||||
- Definition
Disposal Group, Including Discontinued Operation, Net Real Estate No definition available.
|
X | ||||||||||
- Definition
Disposal Group, Including Discontinued Operation, Prepaid Expenses and Other Assets, Net No definition available.
|
X | ||||||||||
- Definition
Disposal Group, Including Discontinued Operation, Rents Receivable, Net No definition available.
|
X | ||||||||||
- Definition
Amount classified as assets attributable to disposal group held for sale or disposed of. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of operating expenses attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount classified as other liabilities attributable to disposal group held for sale or disposed of. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of sales or other form of revenues attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items, which is apportioned to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This item includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of income (loss) from a disposal group, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount classified as liabilities attributable to disposal group held for sale or disposed of. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE Held For Sale (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2014
property
|
Dec. 31, 2013
|
|
Discontinued Operations and Disposal Groups [Abstract] | ||
Number of properties held-for-sale | 2 | |
Assets of discontinued operations and properties held for sale | $ 56,073 | $ 20,434 |
Liabilities of discontinued operations and properties held for sale | $ 25,500 | $ 2,507 |
X | ||||||||||
- Definition
Number of Properties Held-for-Sale No definition available.
|
X | ||||||||||
- Definition
Amount classified as assets attributable to disposal group held for sale or disposed of. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount classified as liabilities attributable to disposal group held for sale or disposed of. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
SEGMENT REPORTING Income Statement (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
|
Sep. 30, 2014
|
Jun. 30, 2014
|
Mar. 31, 2014
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2014
segment
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Segment Reporting Information [Line Items] | |||||||||||
Number of reportable segments | 3 | ||||||||||
Revenues | $ 51,156 | $ 47,660 | $ 49,511 | $ 46,685 | $ 44,102 | $ 41,085 | $ 40,808 | $ 42,291 | $ 195,012 | $ 168,286 | $ 114,987 |
Property operating expenses, other operating and real estate taxes | (51,671) | (46,553) | (37,716) | ||||||||
Reserve for notes receivable | 0 | 0 | (405) | ||||||||
General and administrative expenses | (27,433) | (25,555) | (21,223) | ||||||||
Depreciation and amortization | (49,645) | (40,299) | (27,888) | ||||||||
Operating income | 66,263 | 55,879 | 27,755 | ||||||||
Equity in (losses) earnings of unconsolidated affiliates | 8,723 | 12,382 | 550 | ||||||||
Gain on disposition of properties of unconsolidated affiliates | 102,855 | 0 | 3,061 | ||||||||
Impairment of unconsolidated affiliates | 0 | 0 | (2,032) | ||||||||
Impairment of asset | 0 | (1,500) | 0 | ||||||||
Loss on debt extinguishment | (335) | (765) | (198) | ||||||||
Gain on involuntary conversion of asset | 0 | 0 | 2,368 | ||||||||
Interest and other finance expense | (39,091) | (39,474) | (22,811) | ||||||||
Gain on disposition of property | 13,138 | 0 | 0 | ||||||||
Income tax (provision) benefit | (629) | (19) | 574 | ||||||||
Income from continuing operations | 150,924 | 26,503 | 9,267 | ||||||||
Discontinued operations | |||||||||||
Operating income from discontinued operations | 0 | 6,818 | 12,007 | ||||||||
Impairment of asset | 0 | (6,683) | 0 | ||||||||
Loss on debt extinguishment | 0 | (800) | (2,541) | ||||||||
Gain on disposition of properties | 1,222 | 18,802 | 71,203 | ||||||||
Income from discontinued operations | 1,222 | 18,137 | 80,669 | ||||||||
Net income | 152,146 | 44,640 | 89,936 | ||||||||
Noncontrolling interests | |||||||||||
Income from continuing operations | (80,059) | 7,523 | 14,352 | ||||||||
Income from discontinued operations | (1,023) | (12,048) | (64,582) | ||||||||
Net income attributable to noncontrolling interests | (81,082) | (4,525) | (50,230) | ||||||||
Net income attributable to Common Shareholders | 9,441 | 28,564 | 11,464 | 21,595 | 12,251 | 9,484 | 8,757 | 9,623 | 71,064 | 40,115 | 39,706 |
Core Portfolio [Member]
|
|||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 125,022 | 110,355 | 70,400 | ||||||||
Property operating expenses, other operating and real estate taxes | (33,097) | (29,040) | (21,817) | ||||||||
Reserve for notes receivable | 0 | ||||||||||
General and administrative expenses | (24,853) | (24,387) | (19,578) | ||||||||
Depreciation and amortization | (35,875) | (28,989) | (17,065) | ||||||||
Operating income | 31,197 | 27,939 | 11,940 | ||||||||
Equity in (losses) earnings of unconsolidated affiliates | (77) | (99) | 262 | ||||||||
Gain on disposition of properties of unconsolidated affiliates | 0 | 0 | |||||||||
Impairment of unconsolidated affiliates | 0 | ||||||||||
Impairment of asset | (1,500) | ||||||||||
Loss on debt extinguishment | (3) | (309) | 0 | ||||||||
Gain on involuntary conversion of asset | 2,368 | ||||||||||
Interest and other finance expense | (27,021) | (26,158) | (15,431) | ||||||||
Gain on disposition of property | 12,577 | ||||||||||
Income tax (provision) benefit | (176) | 131 | (241) | ||||||||
Income from continuing operations | 16,497 | 4 | (1,102) | ||||||||
Discontinued operations | |||||||||||
Operating income from discontinued operations | 535 | 319 | |||||||||
Impairment of asset | 0 | ||||||||||
Loss on debt extinguishment | (145) | 0 | |||||||||
Gain on disposition of properties | 0 | 6,488 | 0 | ||||||||
Income from discontinued operations | 0 | 6,878 | 319 | ||||||||
Net income | 16,497 | 6,882 | (783) | ||||||||
Noncontrolling interests | |||||||||||
Income from continuing operations | (3,213) | (1,002) | 60 | ||||||||
Income from discontinued operations | (9) | (2,406) | (128) | ||||||||
Net income attributable to noncontrolling interests | (3,222) | (3,408) | (68) | ||||||||
Net income attributable to Common Shareholders | 13,275 | 3,474 | (851) | ||||||||
Opportunity Funds [Member]
|
|||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 54,659 | 46,131 | 36,560 | ||||||||
Property operating expenses, other operating and real estate taxes | (18,574) | (17,513) | (15,899) | ||||||||
Reserve for notes receivable | 0 | ||||||||||
General and administrative expenses | (1,665) | (1,168) | (1,645) | ||||||||
Depreciation and amortization | (13,770) | (11,310) | (10,823) | ||||||||
Operating income | 20,650 | 16,140 | 8,193 | ||||||||
Equity in (losses) earnings of unconsolidated affiliates | 8,800 | 12,481 | 288 | ||||||||
Gain on disposition of properties of unconsolidated affiliates | 102,855 | 3,061 | |||||||||
Impairment of unconsolidated affiliates | (2,032) | ||||||||||
Impairment of asset | 0 | ||||||||||
Loss on debt extinguishment | (332) | (456) | (198) | ||||||||
Gain on involuntary conversion of asset | 0 | ||||||||||
Interest and other finance expense | (12,070) | (13,316) | (7,380) | ||||||||
Gain on disposition of property | 561 | ||||||||||
Income tax (provision) benefit | (453) | (150) | 815 | ||||||||
Income from continuing operations | 120,011 | 14,699 | 2,747 | ||||||||
Discontinued operations | |||||||||||
Operating income from discontinued operations | 6,283 | 11,688 | |||||||||
Impairment of asset | (6,683) | ||||||||||
Loss on debt extinguishment | (655) | (2,541) | |||||||||
Gain on disposition of properties | 1,222 | 12,314 | 71,203 | ||||||||
Income from discontinued operations | 1,222 | 11,259 | 80,350 | ||||||||
Net income | 121,233 | 25,958 | 83,097 | ||||||||
Noncontrolling interests | |||||||||||
Income from continuing operations | (76,846) | 8,525 | 14,292 | ||||||||
Income from discontinued operations | (1,014) | (9,642) | (64,454) | ||||||||
Net income attributable to noncontrolling interests | (77,860) | (1,117) | (50,162) | ||||||||
Net income attributable to Common Shareholders | 43,373 | 24,841 | 32,935 | ||||||||
Notes Receivable [Member]
|
|||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 15,331 | 11,800 | 8,027 | ||||||||
Property operating expenses, other operating and real estate taxes | 0 | 0 | 0 | ||||||||
Reserve for notes receivable | (405) | ||||||||||
General and administrative expenses | (915) | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Operating income | 14,416 | 11,800 | 7,622 | ||||||||
Equity in (losses) earnings of unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Gain on disposition of properties of unconsolidated affiliates | 0 | 0 | |||||||||
Impairment of unconsolidated affiliates | 0 | ||||||||||
Impairment of asset | 0 | ||||||||||
Loss on debt extinguishment | 0 | 0 | 0 | ||||||||
Gain on involuntary conversion of asset | 0 | ||||||||||
Interest and other finance expense | 0 | 0 | 0 | ||||||||
Gain on disposition of property | 0 | ||||||||||
Income tax (provision) benefit | 0 | 0 | 0 | ||||||||
Income from continuing operations | 14,416 | 11,800 | 7,622 | ||||||||
Discontinued operations | |||||||||||
Operating income from discontinued operations | 0 | 0 | |||||||||
Impairment of asset | 0 | ||||||||||
Loss on debt extinguishment | 0 | 0 | |||||||||
Gain on disposition of properties | 0 | 0 | 0 | ||||||||
Income from discontinued operations | 0 | 0 | 0 | ||||||||
Net income | 14,416 | 11,800 | 7,622 | ||||||||
Noncontrolling interests | |||||||||||
Income from continuing operations | 0 | 0 | 0 | ||||||||
Income from discontinued operations | 0 | 0 | 0 | ||||||||
Net income attributable to noncontrolling interests | 0 | 0 | 0 | ||||||||
Net income attributable to Common Shareholders | $ 14,416 | $ 11,800 | $ 7,622 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Discontinued Operations Gain (Loss) On Extinguishment Of Debt No definition available.
|
X | ||||||||||
- Definition
Gain (Loss) On Involuntary Asset Conversion No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Property Operating Expenses and Real Estate Taxes No definition available.
|
X | ||||||||||
- Definition
Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of gain (loss), after tax expense or benefit and not previously recognized, resulting from the sale of a business component. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the equity method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value subject to the equity accounting method. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of gain (loss) on sale or disposal of an equity method investment. No definition available.
|
X | ||||||||||
- Definition
Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, exchange or sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of income (loss) from continuing operations attributable to the noncontrolling interest. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of income (loss) from a disposal group, net of income tax before extraordinary items allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items, which is apportioned to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This item includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. No definition available.
|
X | ||||||||||
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of expense related loan transactions, lease transactions, credit loss from transactions other than loan and lease transactions, and other loss based on assessment of uncollectability from the counterparty to reduce the account to their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
SEGMENT REPORTING Balance Sheet (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
---|---|---|---|
Segment Reporting Information [Line Items] | |||
Real Estate at Cost | $ 2,208,595 | $ 1,819,053 | $ 1,287,198 |
Total Assets | 2,732,600 | 2,244,523 | 1,670,163 |
Acquisition of Real Estate | 250,353 | 220,041 | 241,894 |
Redevelopment and Property Improvement Costs | 140,118 | 106,883 | 82,127 |
Core Portfolio [Member]
|
|||
Segment Reporting Information [Line Items] | |||
Real Estate at Cost | 1,366,017 | 1,059,257 | 722,345 |
Total Assets | 1,615,436 | 1,012,553 | 727,423 |
Acquisition of Real Estate | 203,103 | 143,616 | 175,556 |
Redevelopment and Property Improvement Costs | 5,432 | 10,611 | 3,862 |
Opportunity Funds [Member]
|
|||
Segment Reporting Information [Line Items] | |||
Real Estate at Cost | 842,578 | 759,796 | 564,853 |
Total Assets | 1,014,878 | 1,105,264 | 811,855 |
Acquisition of Real Estate | 47,250 | 76,425 | 66,338 |
Redevelopment and Property Improvement Costs | 134,686 | 96,272 | 78,265 |
Notes Receivable [Member]
|
|||
Segment Reporting Information [Line Items] | |||
Real Estate at Cost | 0 | 0 | 0 |
Total Assets | 102,286 | 126,706 | 130,885 |
Acquisition of Real Estate | 0 | 0 | 0 |
Redevelopment and Property Improvement Costs | $ 0 | $ 0 | $ 0 |
X | ||||||||||
- Definition
Assets, Continued Operations No definition available.
|
X | ||||||||||
- Definition
Investment in Redevelopment and Improvements No definition available.
|
X | ||||||||||
- Definition
Real Estate Acquired No definition available.
|
X | ||||||||||
- Definition
Real Estate Investment Property And Development in Process, At Cost No definition available.
|
X | ||||||||||
- Details
|
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Details) (USD $)
|
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
|
Sep. 30, 2014
|
Jun. 30, 2014
|
Mar. 31, 2014
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Combined and Condensed Balance Sheets | |||||||||||
Real estate under development | $ 447,390,000 | $ 337,353,000 | $ 447,390,000 | $ 337,353,000 | |||||||
Investments in and advances to unconsolidated affiliates | 184,352,000 | 181,322,000 | 184,352,000 | 181,322,000 | |||||||
Total assets | 2,732,600,000 | 2,264,957,000 | 2,732,600,000 | 2,264,957,000 | |||||||
Other liabilities | 25,148,000 | 18,265,000 | 25,148,000 | 18,265,000 | |||||||
Total liabilities and equity | 2,732,600,000 | 2,264,957,000 | 2,732,600,000 | 2,264,957,000 | |||||||
Company's share of distributions in excess of income and investments in unconsolidated affiliates | (12,564,000) | (8,701,000) | (12,564,000) | (8,701,000) | |||||||
Combined and Condensed Statements of Operations [Abstract] | |||||||||||
Total revenues | 51,156,000 | 47,660,000 | 49,511,000 | 46,685,000 | 44,102,000 | 41,085,000 | 40,808,000 | 42,291,000 | 195,012,000 | 168,286,000 | 114,987,000 |
Operating and other expenses | (128,749,000) | (112,407,000) | (87,232,000) | ||||||||
Equity in (losses) earnings of unconsolidated affiliates | 8,723,000 | 12,382,000 | 550,000 | ||||||||
Depreciation and amortization | (49,645,000) | (40,299,000) | (27,888,000) | ||||||||
Loss on debt extinguishment | (335,000) | (765,000) | (198,000) | ||||||||
Income from continuing operations | 150,924,000 | 26,503,000 | 9,267,000 | ||||||||
Unconsolidated Affiliates [Member]
|
|||||||||||
Combined and Condensed Balance Sheets | |||||||||||
Rental property, net | 387,739,000 | 380,268,000 | 387,739,000 | 380,268,000 | |||||||
Real estate under development | 60,476,000 | 5,573,000 | 60,476,000 | 5,573,000 | |||||||
Investments in and advances to unconsolidated affiliates | 11,154,000 | 63,745,000 | 11,154,000 | 63,745,000 | |||||||
Other assets | 62,862,000 | 66,895,000 | 62,862,000 | 66,895,000 | |||||||
Total assets | 522,231,000 | 516,481,000 | 522,231,000 | 516,481,000 | |||||||
Mortgage notes payable | 315,897,000 | 265,982,000 | 315,897,000 | 265,982,000 | |||||||
Other liabilities | 66,116,000 | 43,733,000 | 66,116,000 | 43,733,000 | |||||||
Partners’ equity | 140,218,000 | 206,766,000 | 140,218,000 | 206,766,000 | |||||||
Total liabilities and equity | 522,231,000 | 516,481,000 | 522,231,000 | 516,481,000 | |||||||
Combined and Condensed Statements of Operations [Abstract] | |||||||||||
Total revenues | 44,422,000 | 51,638,000 | 49,729,000 | ||||||||
Operating and other expenses | (17,069,000) | (18,700,000) | (18,919,000) | ||||||||
Interest expense | (9,363,000) | (8,943,000) | (18,547,000) | ||||||||
Equity in (losses) earnings of unconsolidated affiliates | (328,000) | 13,651,000 | 583,000 | ||||||||
Depreciation and amortization | (10,967,000) | (10,599,000) | (9,551,000) | ||||||||
Loss on debt extinguishment | (187,000) | 0 | (293,000) | ||||||||
Gain on disposition of properties | 142,615,000 | 0 | 3,402,000 | ||||||||
Income from continuing operations | 149,123,000 | 27,047,000 | 6,404,000 | ||||||||
Operating Partnership, as General Partner or Managing Member [Member]
|
|||||||||||
Combined and Condensed Statements of Operations [Abstract] | |||||||||||
Equity in (losses) earnings of unconsolidated affiliates | 111,578,000 | 12,382,000 | 1,579,000 | ||||||||
Company’s share of net income | 111,970,000 | 12,774,000 | 1,971,000 | ||||||||
Amortization of excess investment | (392,000) | (392,000) | (392,000) | ||||||||
KLA/Mervyns LLC Add-On Investments [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 10.50% | 10.50% | |||||||||
KLA A Markets LLC Add-On Investments [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 20.00% | 20.00% | |||||||||
KA-Shopko LLC [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 20.00% | 20.00% | |||||||||
Marsh and Add-On Investments [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 20.00% | 20.00% | |||||||||
KLAC Rex Venture LLC [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 13.30% | 13.30% | |||||||||
Mervyns I and Mervyns II [Member] | KLA/Mervyns LLC Add-On Investments [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 5.80% | 5.80% | |||||||||
Mervyns II [Member] | KLA A Markets LLC Add-On Investments [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 6.00% | 6.00% | |||||||||
Mervyns II [Member] | KLAC Rex Venture LLC [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 13.30% | 13.30% | |||||||||
Fund II [Member] | KA-Shopko LLC [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 2.00% | 2.00% | |||||||||
Fund II [Member] | Marsh and Add-On Investments [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 3.30% | 3.30% | |||||||||
KLA/Mervyns LLC [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 10.50% | 10.50% | |||||||||
KLA/Mervyns LLC [Member] | Mervyns I and Mervyns II [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 5.80% | 5.80% | |||||||||
KLA A Markets LLC [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 18.90% | 18.90% | |||||||||
KLA A Markets LLC [Member] | Mervyns II [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Acadia Investors Ownership Percentage | 5.70% | 5.70% | |||||||||
Core Portfolio [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Purchase Price | 473,200,000 | ||||||||||
Combined and Condensed Statements of Operations [Abstract] | |||||||||||
Total revenues | 125,022,000 | 110,355,000 | 70,400,000 | ||||||||
Equity in (losses) earnings of unconsolidated affiliates | (77,000) | (99,000) | 262,000 | ||||||||
Depreciation and amortization | (35,875,000) | (28,989,000) | (17,065,000) | ||||||||
Loss on debt extinguishment | (3,000) | (309,000) | 0 | ||||||||
Income from continuing operations | 16,497,000 | 4,000 | (1,102,000) | ||||||||
Core Portfolio [Member] | Chicago, Illinois [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 88.43% | 88.43% | |||||||||
Square footage of real estate property (in square feet) | 87,000 | 87,000 | |||||||||
Core Portfolio [Member] | White Plains, New York [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 49.00% | 49.00% | |||||||||
Square footage of real estate property (in square feet) | 311,000 | 311,000 | |||||||||
Core Portfolio [Member] | Georgetown Portfolio [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 50.00% | 50.00% | |||||||||
Square footage of real estate property (in square feet) | 28,000 | 28,000 | |||||||||
Core Portfolio [Member] | Route 202 Shopping Center [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Equity method investment, ownership percentage | 22.22% | 22.22% | |||||||||
Square footage of real estate property (in square feet) | 20,000 | 20,000 | |||||||||
Opportunity Funds [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of unaffiliated partners | 2 | ||||||||||
Combined and Condensed Statements of Operations [Abstract] | |||||||||||
Total revenues | 54,659,000 | 46,131,000 | 36,560,000 | ||||||||
Equity in (losses) earnings of unconsolidated affiliates | 8,800,000 | 12,481,000 | 288,000 | ||||||||
Depreciation and amortization | (13,770,000) | (11,310,000) | (10,823,000) | ||||||||
Loss on debt extinguishment | (332,000) | (456,000) | (198,000) | ||||||||
Income from continuing operations | 120,011,000 | 14,699,000 | 2,747,000 | ||||||||
Opportunity Funds [Member] | RCP Venture [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Distributions, cost method investments | 149,622,000 | ||||||||||
Combined and Condensed Balance Sheets | |||||||||||
Investments in and advances to unconsolidated affiliates | 63,216,000 | 63,216,000 | |||||||||
Opportunity Funds [Member] | RCP Venture [Member] | Operating Partnership, as General Partner or Managing Member [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Distributions, cost method investments | 32,142,000 | ||||||||||
Combined and Condensed Balance Sheets | |||||||||||
Investments in and advances to unconsolidated affiliates | 12,070,000 | 12,070,000 | |||||||||
Opportunity Funds [Member] | Mervyns I and Mervyns II [Member] | KLA/Mervyns LLC Add-On Investments [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, cost method investments | 7,547,000 | 7,547,000 | |||||||||
Distributions, cost method investments | 5,789,000 | ||||||||||
Opportunity Funds [Member] | Mervyns I and Mervyns II [Member] | KLA/Mervyns LLC Add-On Investments [Member] | Operating Partnership, as General Partner or Managing Member [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, cost method investments | 1,252,000 | 1,252,000 | |||||||||
Distributions, cost method investments | 1,284,000 | ||||||||||
Opportunity Funds [Member] | Mervyns II [Member] | KLA A Markets LLC Add-On Investments [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, cost method investments | 2,416,000 | 2,416,000 | |||||||||
Distributions, cost method investments | 4,864,000 | ||||||||||
Opportunity Funds [Member] | Mervyns II [Member] | KLA A Markets LLC Add-On Investments [Member] | Operating Partnership, as General Partner or Managing Member [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, cost method investments | 388,000 | 388,000 | |||||||||
Distributions, cost method investments | 972,000 | ||||||||||
Opportunity Funds [Member] | Mervyns II [Member] | KLAC Rex Venture LLC [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, cost method investments | 2,701,000 | 2,701,000 | |||||||||
Distributions, cost method investments | 3,729,000 | ||||||||||
Opportunity Funds [Member] | Mervyns II [Member] | KLAC Rex Venture LLC [Member] | Operating Partnership, as General Partner or Managing Member [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, cost method investments | 535,000 | 535,000 | |||||||||
Distributions, cost method investments | 747,000 | ||||||||||
Opportunity Funds [Member] | Fund II [Member] | KA-Shopko LLC [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, cost method investments | 1,110,000 | 1,110,000 | |||||||||
Distributions, cost method investments | 2,460,000 | ||||||||||
Opportunity Funds [Member] | Fund II [Member] | KA-Shopko LLC [Member] | Operating Partnership, as General Partner or Managing Member [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, cost method investments | 222,000 | 222,000 | |||||||||
Distributions, cost method investments | 492,000 | ||||||||||
Opportunity Funds [Member] | Fund II [Member] | Marsh and Add-On Investments [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, cost method investments | 2,667,000 | 2,667,000 | |||||||||
Distributions, cost method investments | 2,639,000 | ||||||||||
Opportunity Funds [Member] | Fund II [Member] | Marsh and Add-On Investments [Member] | Operating Partnership, as General Partner or Managing Member [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, cost method investments | 533,000 | 533,000 | |||||||||
Distributions, cost method investments | 528,000 | ||||||||||
Opportunity Funds [Member] | KLA/Mervyns LLC [Member] | Mervyns I and Mervyns II [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, equity method investment | 26,058,000 | 26,058,000 | |||||||||
Distributions, equity method investments | 48,547,000 | ||||||||||
Opportunity Funds [Member] | KLA/Mervyns LLC [Member] | Mervyns I and Mervyns II [Member] | Operating Partnership, as General Partner or Managing Member [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, equity method investment | 4,901,000 | 4,901,000 | |||||||||
Distributions, equity method investments | 11,801,000 | ||||||||||
Opportunity Funds [Member] | KLA A Markets LLC [Member] | Mervyns II [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, equity method investment | 20,717,000 | 20,717,000 | |||||||||
Distributions, equity method investments | 81,594,000 | ||||||||||
Opportunity Funds [Member] | KLA A Markets LLC [Member] | Mervyns II [Member] | Operating Partnership, as General Partner or Managing Member [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Invested Capital and Advances, equity method investment | 4,239,000 | 4,239,000 | |||||||||
Distributions, equity method investments | 16,318,000 | ||||||||||
Fund IV [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Purchase Price | 106,600,000 | ||||||||||
Fund IV [Member] | Savannah, Georgia [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Loan commitment | 69,000,000 | 69,000,000 | |||||||||
Number of properties acquired | 24 | ||||||||||
Purchase Price | 33,900,000 | ||||||||||
Combined and Condensed Balance Sheets | |||||||||||
Investments in and advances to unconsolidated affiliates | 8,100,000 | 8,100,000 | |||||||||
Fund IV [Member] | Savannah, Georgia [Member] | RCP Venture [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Loan commitment | 28,400,000 | 28,400,000 | |||||||||
Fund IV [Member] | Bear, Delaware [Member]
|
|||||||||||
Combined and Condensed Balance Sheets | |||||||||||
Investments in and advances to unconsolidated affiliates | 25,400,000 | 25,400,000 | |||||||||
Fund IV [Member] | Miami, Florida [Member] | Lincoln Road Portfolio [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment, aggregate sales price | 200,200,000 | ||||||||||
Gain (loss) on sale of investments | 54,600,000 | ||||||||||
Fund III [Member] | Miami, Florida [Member] | Lincoln Road Portfolio [Member]
|
|||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of properties sold | 3 | ||||||||||
Investment, aggregate sales price | 141,800,000 | ||||||||||
Gain (loss) on sale of investments | $ 86,600,000 |
X | ||||||||||
- Definition
Amortization of Excess Investment No definition available.
|
X | ||||||||||
- Definition
Carrying amount as of the balance sheet date of distribution in excess of income from, and investments in, unconsolidated affiliates. No definition available.
|
X | ||||||||||
- Definition
Investment, Aggregate Sales Price No definition available.
|
X | ||||||||||
- Definition
Investments In Affiliates Subsidiaries Associates And Joint Ventures, Loan Commitment No definition available.
|
X | ||||||||||
- Definition
Number Of Properties Sold No definition available.
|
X | ||||||||||
- Definition
Number of Unaffiliated Partners No definition available.
|
X | ||||||||||
- Definition
Area of a real estate property. No definition available.
|
X | ||||||||||
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount, after adjustment, of cost-method investment. Adjustments include, but are not limited to, dividends received in excess of earnings after date of investment that are considered a return of investment and other than temporary impairments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The current amount of expenditures for a real estate project that has not yet been completed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of gross profit (loss) reported by an equity method investment of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net realized gain (loss) on investments sold during the period, not including gains (losses) on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, which, for cash flow reporting, is a component of proceeds from investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of the cost of borrowed funds accounted for as interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of dividend income on nonoperating securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of loans from a bank with maturities initially due after one year or beyond the normal operating cycle if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The parent entity's interest in net assets of the subsidiary, expressed as a percentage. No definition available.
|
X | ||||||||||
- Definition
The number of businesses acquired by the entity during the period. No definition available.
|
X | ||||||||||
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
|
X | ||||||||||
- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount of income producing properties held for rental. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS Schedule of Notes Receivable and Preferred Equity Investments Reconciliation (Details) (USD $)
In Thousands, unless otherwise specified |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2014
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
Beginning Balance | $ 126,656 | $ 129,278 | $ 59,989 | |
New investments | 31,169 | 45,000 | 108,629 | |
Collections of principal | (1,200) | (18,095) | (29,583) | (25,388) |
Conversion to real estate through receipt of deed or through foreclosure | (38,000) | (18,500) | (14,000) | |
Non-cash accretion of notes receivable | 556 | 461 | 453 | |
Reserves | 0 | 0 | (405) | |
Ending Balance | $ 102,286 | $ 126,656 | $ 129,278 |
X | ||||||||||
- Definition
Mortgage Loans on Real Estate, Conversion Of Real Estate No definition available.
|
X | ||||||||||
- Definition
Mortgage Loans on Real Estate, Reserve, Amount No definition available.
|
X | ||||||||||
- Definition
Non-cash accretion of notes receivable. No definition available.
|
X | ||||||||||
- Definition
The carrying amount of the outstanding balance due under the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of principal collected on mortgage loans on real estate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Total amount of new mortgage loans on real estate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS Schedule of Notes Receivable (Details) (USD $)
|
1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2014
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Apr. 30, 2014
152 - 154 Spring Street [Member]
|
Dec. 31, 2014
First Mortgage, 7.7% Loan Due 2015 [Member]
|
Dec. 31, 2013
First Mortgage, 7.7% Loan Due 2015 [Member]
|
Jul. 31, 2014
Mezzanine Loan, 12.7% Loan, Due 2015 [Member]
|
Apr. 30, 2014
Mezzanine Loan, 12.7% Loan, Due 2015 [Member]
|
Dec. 31, 2014
Mezzanine Loan, 12.7% Loan, Due 2015 [Member]
|
Dec. 31, 2013
Mezzanine Loan, 12.7% Loan, Due 2015 [Member]
|
Oct. 31, 2014
First Mortgage Loan, 8.8% Loan, Due 2015 [Member]
|
Dec. 31, 2014
First Mortgage Loan, 8.8% Loan, Due 2015 [Member]
installment
|
Dec. 31, 2013
First Mortgage Loan, 8.8% Loan, Due 2015 [Member]
|
Dec. 31, 2014
Zero Coupon Loan, 24% Loan, Due 2016 [Member]
loan
borrower
|
Dec. 31, 2013
Zero Coupon Loan, 24% Loan, Due 2016 [Member]
|
Dec. 31, 2014
First Mortgage Loan, 5.5% Loan Due 2016 [Member]
installment
|
Dec. 31, 2013
First Mortgage Loan, 5.5% Loan Due 2016 [Member]
|
Dec. 31, 2014
Preferred Equity, 13.5% Loan, Due 2016 [Member]
|
May 31, 2014
Preferred Equity, 13.5% Loan, Due 2016 [Member]
|
Dec. 31, 2013
Preferred Equity, 13.5% Loan, Due 2016 [Member]
|
Dec. 31, 2014
Other Loan, 18% Loan, Due 2017 [Member]
|
Jul. 31, 2014
Other Loan, 18% Loan, Due 2017 [Member]
|
Dec. 31, 2013
Other Loan, 18% Loan, Due 2017 [Member]
|
Dec. 31, 2014
Preferred Equity, 8.1% Loan, Due 2017 [Member]
|
Dec. 31, 2013
Preferred Equity, 8.1% Loan, Due 2017 [Member]
|
Dec. 31, 2014
Mezzanine, 15% Due 2020 [Member]
|
Dec. 31, 2013
Mezzanine, 15% Due 2020 [Member]
|
Jan. 31, 2014
First Mortgage Loan, 8.0% Loan, Due On Demand [Member]
|
Dec. 31, 2014
First Mortgage Loan, 8.0% Loan, Due On Demand [Member]
|
Dec. 31, 2013
First Mortgage Loan, 8.0% Loan, Due On Demand [Member]
|
Jul. 31, 2014
Other Loan, 2.5% LIBOR Loan, Due 2020 [Member]
|
Dec. 31, 2014
Other Loan, 2.5% LIBOR Loan, Due 2020 [Member]
|
Dec. 31, 2013
Other Loan, 2.5% LIBOR Loan, Due 2020 [Member]
|
Dec. 31, 2014
Mezzanine Loan, 10.0% Loan, Due On Demand [Member]
|
Dec. 31, 2013
Mezzanine Loan, 10.0% Loan, Due On Demand [Member]
|
Dec. 31, 2014
Mezzanine Loan, 15.0% Loan, Due Upon Capital Event [Member]
|
Dec. 31, 2013
Mezzanine Loan, 15.0% Loan, Due Upon Capital Event [Member]
|
Dec. 31, 2014
Individually Less Than 3%, Variable Interest Rate Due 2014 to Capital Event [Member]
loan
|
Dec. 31, 2013
Individually Less Than 3%, Variable Interest Rate Due 2014 to Capital Event [Member]
|
Dec. 31, 2014
Individually Less Than 3%, Variable Interest Rate Due 2014 to Capital Event [Member]
Minimum [Member]
|
Dec. 31, 2014
Individually Less Than 3%, Variable Interest Rate Due 2014 to Capital Event [Member]
Maximum [Member]
|
Apr. 30, 2014
Mortgage Loan, LIBOR Plus 13.75% Loan, Due 2024 [Member]
|
Apr. 30, 2014
Mezzanine Loan [Member]
|
Jan. 31, 2014
Mezzanine Loan [Member]
|
Dec. 31, 2014
Mezzanine Loan [Member]
|
||||||||||||||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 7.70% | [1] | 12.70% | 12.70% | [1] | 8.80% | 8.80% | [1] | 24.00% | [1],[2] | 5.50% | [1] | 13.50% | [1] | 13.50% | 18.00% | [1] | 18.00% | 8.10% | [1] | 15.00% | [1] | 6.00% | [1] | 10.00% | [1],[3] | 15.00% | [1] | ||||||||||||||||||||||||||||||||||||||||||||||
Basis spread on variable rate | 2.50% | [1] | 2.70% | [1],[4] | 17.50% | [1],[4] | 3.75% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
First Priority Liens | $ 0 | $ 18,900,000 | $ 0 | $ 166,200,000 | [2] | $ 0 | $ 0 | $ 0 | $ 20,855,000 | $ 0 | $ 0 | $ 0 | $ 87,477,000 | [3] | $ 16,668,000 | $ 0 | [4] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net carrying amount of notes receivable | 102,286,000 | 126,656,000 | 129,278,000 | 59,989,000 | 12,000,000 | 12,000,000 | 8,000,000 | 0 | 7,500,000 | 0 | 4,986,000 | [2] | 4,431,000 | [2] | 4,000,000 | 42,000,000 | 4,000,000 | 4,000,000 | 0 | 3,307,000 | 4,800,000 | 0 | 13,000,000 | 13,000,000 | 30,879,000 | 30,879,000 | 0 | 6,400,000 | 4,000,000 | 4,000,000 | 3,000,000 | 7,983,000 | [3] | 9,089,000 | [3] | 0 | 3,834,000 | 2,631,000 | [4] | 2,023,000 | [4] | 1,900,000 | 8,300,000 | |||||||||||||||||||||||||||||||
Number of loan extensions | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Length of loan extension | 12 months | 6 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of cross-collateralized loans | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of borrowers | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of loans | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from notes receivable | 1,900,000 | 18,095,000 | 29,583,000 | 25,388,000 | 5,000,000 | 13,000,000 | 6,400,000 | 10,300,000 | 1,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collections of principal | 1,200,000 | 18,095,000 | 29,583,000 | 25,388,000 | 700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of notes receivable | 700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of mortgage for investment | 38,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Write-down or reserve, amount | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New investments | 31,169,000 | 45,000,000 | 108,629,000 | 7,500,000 | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collections of interest | $ 700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
X | ||||||||||
- Definition
Mortgage Loans On Real Estate, Collections Of Interest No definition available.
|
X | ||||||||||
- Definition
Mortgage Loans on Real Estate, Effective Interest Rate No definition available.
|
X | ||||||||||
- Definition
Mortgage Loans on Real Estate, Exchange of Mortgage for Investment No definition available.
|
X | ||||||||||
- Definition
Mortgage Loans on Real Estate, Length of Loan Extension No definition available.
|
X | ||||||||||
- Definition
Mortgage Loans on Real Estate, Number of Borrowers No definition available.
|
X | ||||||||||
- Definition
Mortgage Loans on Real Estate, Number of Cross Collateralized Loans No definition available.
|
X | ||||||||||
- Definition
Mortgage Loans on Real Estate, Number of Loan Extensions No definition available.
|
X | ||||||||||
- Definition
Reflects the net positive or negative amount derived from subtracting from net proceeds of sale the carrying amounts, net of allocated reserves, of notes receivable transferred to a third party in a transaction that qualifies for sales treatment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The percentage points (also referred to as 'margin') added to the reference rate as stated in the loan agreement and used to compute the variable rate on the loans receivable. For instance, the loan agreement might state that the interest rate the borrower is obligated to pay is the London Interbank Offered Rate (LIBOR) plus three quarters (3/4) of a percentage point adjusted quarterly (each three months). LIBOR in this example is the index or reference rate, 3/4 percentage point is the margin, the reference rate plus the margin is the fully indexed rate. This element would be used to report separately the margin. No definition available.
|
X | ||||||||||
- Definition
The carrying amount of the outstanding balance due under the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of principal collected on mortgage loans on real estate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Total amount of new mortgage loans on real estate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Indicates the number of mortgages under each classification. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of prior lien on the real estate that secures the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of reserve for write-down of a mortgage loan on real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash inflow associated with principal collections from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS Schedule of Allowance for Credit Losses on Notes Receivable (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Balance at beginning of period | $ 3,681 | $ 3,681 |
Additional reserves | 0 | 0 |
Recoveries | (2,724) | 0 |
Charge-offs and reclassifications | (957) | 0 |
Balance at end of period | $ 0 | $ 3,681 |
X | ||||||||||
- Definition
Financing Receivable, Allowance for Credit Losses, Charge Offs And Reclassifications No definition available.
|
X | ||||||||||
- Definition
A valuation allowance for financing receivables that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of recovery of financing receivables doubtful of collection that were previously charged off. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of direct write-downs of financing receivables charged against the allowance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
DEFERRED CHARGES (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2014
|
Dec. 31, 2013
|
---|---|---|
Deferred Costs [Abstract] | ||
Deferred financing costs | $ 39,660 | $ 36,481 |
Deferred leasing and other costs | 37,275 | 33,664 |
Deferred costs, gross | 76,935 | 70,145 |
Accumulated amortization | (46,256) | (39,370) |
Total | $ 30,679 | $ 30,775 |
X | ||||||||||
- Definition
Deferred Costs, Accumulated Amortization No definition available.
|
X | ||||||||||
- Definition
Deferred Costs, Gross No definition available.
|
X | ||||||||||
- Definition
Deferred Leasing and Other Costs No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The carrying amount of deferred costs. No definition available.
|
X | ||||||||||
- Definition
For an unclassified balance sheet, the amount as of the balance sheet date of capitalized costs associated with the issuance of debt instruments (for example, legal, accounting, underwriting, printing, and registration costs) that will be charged against earnings over the life of the debt instruments to which such costs pertain. Such amount is before the consideration of accumulated amortization. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
ACQUIRED LEASE INTANGIBLES (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2014
|
Dec. 31, 2013
|
---|---|---|
Acquired Lease Intangibles [Abstract] | ||
Total | $ 44,618 | $ 33,663 |
Assets [Member]
|
||
Acquired Lease Intangibles [Abstract] | ||
2015 | 6,687 | |
2016 | 6,330 | |
2017 | 5,126 | |
2018 | 4,676 | |
2019 | 4,119 | |
Thereafter | 17,680 | |
Total | 44,618 | |
Liabilities [Member]
|
||
Acquired Lease Intangibles [Abstract] | ||
2015 | 5,126 | |
2016 | 4,932 | |
2017 | 4,301 | |
2018 | 3,705 | |
2019 | 3,569 | |
Thereafter | 7,952 | |
Total | $ 29,585 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. No definition available.
|
X | ||||||||||
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of amortization expense for assets, excluding financial assets and goodwill, lacking physical substance with a finite life expected to be recognized during the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
MORTGAGES AND OTHER NOTES PAYABLE Mortgage Loan Activity (Details) (USD $)
|
12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
property
|
Dec. 31, 2013
|
Dec. 31, 2014
LIBOR [Member]
|
Apr. 30, 2014
LIBOR [Member]
|
Feb. 28, 2014
LIBOR [Member]
|
Dec. 31, 2014
Mortgages [Member]
|
Jan. 31, 2014
Mortgages [Member]
664 N. Michigan [Member]
LIBOR plus 1.65% Mortgage Note [Member]
|
Jan. 31, 2014
Mortgages [Member]
664 N. Michigan [Member]
LIBOR plus 1.65% Mortgage Note [Member]
LIBOR [Member]
|
Apr. 30, 2014
Mortgages [Member]
New Hyde Park Shopping Center [Member]
LIBOR Plus 2.25% Mortgage Note [Member]
|
Jan. 31, 2014
Mortgages [Member]
New Hyde Park Shopping Center [Member]
LIBOR Plus 2.25% Mortgage Note [Member]
|
Apr. 30, 2014
Mortgages [Member]
New Hyde Park Shopping Center [Member]
LIBOR Plus 2.25% Mortgage Note [Member]
LIBOR [Member]
|
Jan. 31, 2014
Mortgages [Member]
New Hyde Park Shopping Center [Member]
LIBOR Plus 2.25% Mortgage Note [Member]
LIBOR [Member]
|
Apr. 30, 2014
Mortgages [Member]
New Hyde Park Shopping Center [Member]
LIBOR Plus 1.85% Mortgage Note [Member]
|
Apr. 30, 2014
Mortgages [Member]
New Hyde Park Shopping Center [Member]
LIBOR Plus 1.85% Mortgage Note [Member]
LIBOR [Member]
|
Feb. 28, 2014
Mortgages [Member]
Heritage [Member]
LIBOR Plus 2.25% Mortgage Note [Member]
|
Feb. 28, 2014
Mortgages [Member]
Heritage [Member]
LIBOR Plus 2.25% Mortgage Note [Member]
LIBOR [Member]
|
Feb. 28, 2014
Mortgages [Member]
Heritage [Member]
LIBOR Plus 1.55% Mortgage Note [Member]
|
Feb. 28, 2014
Mortgages [Member]
Heritage [Member]
LIBOR Plus 1.55% Mortgage Note [Member]
LIBOR [Member]
|
Mar. 31, 2014
Mortgages [Member]
654 Broadway [Member]
LIBOR Plus 1.88% Mortgage Note [Member] [Member]
|
Mar. 31, 2014
Mortgages [Member]
654 Broadway [Member]
LIBOR Plus 1.88% Mortgage Note [Member] [Member]
LIBOR [Member]
|
Mar. 31, 2014
Mortgages [Member]
Paramus Plaza [Member]
LIBOR Plus 1.70% Percent Mortgage Note [Member]
|
Mar. 31, 2014
Mortgages [Member]
Paramus Plaza [Member]
LIBOR Plus 1.70% Percent Mortgage Note [Member]
LIBOR [Member]
|
Apr. 30, 2014
Mortgages [Member]
613 - 623 W. Diversey [Member]
6.35% Mortgage Note [Member]
|
Apr. 30, 2014
Mortgages [Member]
Lake Montclair [Member]
LIBOR Plus 2.15% Mortgage Note [Member]
|
Apr. 30, 2014
Mortgages [Member]
Lake Montclair [Member]
LIBOR Plus 2.15% Mortgage Note [Member]
LIBOR [Member]
|
May 31, 2014
Mortgages [Member]
938 W. North Avenue [Member]
LIBOR Plus 2.35% Mortgage Note [Member]
|
May 31, 2014
Mortgages [Member]
938 W. North Avenue [Member]
LIBOR Plus 2.35% Mortgage Note [Member]
LIBOR [Member]
|
Jun. 30, 2014
Mortgages [Member]
1151 Third Avenue [Member]
LIBOR Plus 1.75% Mortgage Note [Member]
|
Jun. 30, 2014
Mortgages [Member]
1151 Third Avenue [Member]
LIBOR Plus 1.75% Mortgage Note [Member]
LIBOR [Member]
|
Jun. 30, 2014
Mortgages [Member]
New Loudon Center [Member]
5.64% Mortgage Note [Member]
|
Jul. 31, 2014
Mortgages [Member]
Bedford Green [Member]
5.95% Mortgage Note [Member]
|
Dec. 31, 2014
Mortgages [Member]
City Point [Member]
|
Dec. 31, 2014
Mortgages [Member]
City Point [Member]
LIBOR Plus 1.70% Percent Mortgage Note [Member]
|
Dec. 31, 2014
Mortgages [Member]
City Point [Member]
LIBOR Plus 1.70% Percent Mortgage Note [Member]
LIBOR [Member]
|
Oct. 31, 2014
Mortgages [Member]
City Point [Member]
LIBOR Plus 2.00% Mortgage Note [Member]
|
Oct. 31, 2014
Mortgages [Member]
City Point [Member]
LIBOR Plus 2.00% Mortgage Note [Member]
LIBOR [Member]
|
Oct. 31, 2014
Mortgages [Member]
City Point [Member]
7.25% Mortgage Loan [Member]
|
Dec. 31, 2014
Mortgages [Member]
City Point [Member]
LIBOR Plus 5.00% Mortgage Loan [Member]
|
Dec. 31, 2014
Mortgages [Member]
City Point [Member]
LIBOR Plus 5.00% Mortgage Loan [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgages [Member]
Lincoln Park Center [Member]
|
Dec. 31, 2014
Mortgages [Member]
3104 M Street [Member]
Prime Plus .50% Mortgage Note [Member]
|
Dec. 31, 2014
Mortgages [Member]
3104 M Street [Member]
Prime Plus .50% Mortgage Note [Member]
Prime [Member]
|
Dec. 31, 2014
Construction Loans [Member]
City Point [Member]
|
||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||
Mortgages and other notes payable | $ 1,127,600,000 | $ 1,038,100,000 | ||||||||||||||||||||||||||||||||||||||||||||
Number of properties collateralized | 40 | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate, minimum | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate, maximum | 6.65% | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings, amount | 301,188,000 | 45,000,000 | 1,500,000 | 12,000,000 | 24,500,000 | 9,000,000 | 12,600,000 | 0 | 15,500,000 | 12,500,000 | 12,500,000 | 0 | 29,794,000 | 81,191,000 | [1] | 20,000,000 | 20,000,000 | 5,000,000 | 103,000 | |||||||||||||||||||||||||||
Borrowings, interest rate description | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | PRIME | |||||||||||||||||||||||||||||||
Borrowings, interest rate basis spread | 1.65% | 2.25% | 2.25% | 1.85% | 2.25% | 1.55% | 1.88% | 1.70% | 2.15% | 2.35% | 1.75% | 1.70% | 2.00% | 5.00% | 0.50% | |||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.35% | 5.64% | 5.10% | 7.25% | ||||||||||||||||||||||||||||||||||||||||||
Repayments of debt | 86,100,000 | 7,700,000 | 20,900,000 | 4,200,000 | 13,300,000 | 20,000,000 | 20,000,000 | |||||||||||||||||||||||||||||||||||||||
Construction loan, amount released into restricted cash | 199,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Construction loan, amount withdrawn from restricted cash | 168,400,000 | |||||||||||||||||||||||||||||||||||||||||||||
Construction loan, amount released into restricted cash, amount available | $ 30,600,000 | |||||||||||||||||||||||||||||||||||||||||||||
|
X | ||||||||||
- Definition
Construction Loan, Amount Released into Restricted Cash No definition available.
|
X | ||||||||||
- Definition
Construction Loan, Amount Released into Restricted Cash, Amount Available No definition available.
|
X | ||||||||||
- Definition
Construction Loan, Amount Withdrawn From Restricted Cash No definition available.
|
X | ||||||||||
- Definition
Number of Properties Collateralized No definition available.
|
X | ||||||||||
- Definition
Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition
Amount of long-term debt before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
X | ||||||||||
- Definition
Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
When presenting a range of interest rates, the highest effective rate for funds borrowed under the debt agreement as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
When presenting a range of interest rates, the lowest effective rate for funds borrowed under the debt agreement as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
MORTGAGES AND OTHER NOTES PAYABLE Unsecured Credit Facilities (Details) (USD $)
|
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
|||||
Line of Credit Facility [Line Items] | ||||||
Mortgage and other notes payable | $ 1,130,481,000 | $ 1,039,997,000 | ||||
Total amount of credit facility | 300,000,000 | |||||
Amount borrowed | 77,100,000 | 68,750,000 | ||||
Net borrowings (repayments) during the year ended December 31, 2014 | 8,350,000 | |||||
Letters of credit outstanding as of December 31, 2014 | 12,500,000 | |||||
Amount available under credit facilities as of December 31, 2014 | 210,400,000 | |||||
Acadia Realty, LP [Member]
|
||||||
Line of Credit Facility [Line Items] | ||||||
Total amount of credit facility | 150,000,000 | |||||
Amount borrowed | 0 | 0 | ||||
Net borrowings (repayments) during the year ended December 31, 2014 | 0 | |||||
Letters of credit outstanding as of December 31, 2014 | 12,500,000 | |||||
Amount available under credit facilities as of December 31, 2014 | 137,500,000 | |||||
Fund IV [Member]
|
||||||
Line of Credit Facility [Line Items] | ||||||
Total amount of credit facility | 150,000,000 | |||||
Amount borrowed | 77,100,000 | 68,750,000 | ||||
Net borrowings (repayments) during the year ended December 31, 2014 | 8,350,000 | |||||
Letters of credit outstanding as of December 31, 2014 | 0 | |||||
Amount available under credit facilities as of December 31, 2014 | 72,900,000 | |||||
Unsecured Debt [Member] | Fund IV [Member]
|
||||||
Line of Credit Facility [Line Items] | ||||||
Mortgage and other notes payable | 77,100,000 | [1] | 68,750,000 | [1] | ||
Unsecured Debt [Member] | LIBOR [Member] | Fund IV [Member]
|
||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings, interest rate basis spread | 1.65% | |||||
Unsecured Debt [Member] | Line of Credit [Member]
|
||||||
Line of Credit Facility [Line Items] | ||||||
Mortgage and other notes payable | 0 | 0 | ||||
Unsecured Debt [Member] | Line of Credit [Member] | LIBOR [Member]
|
||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings, interest rate basis spread | 1.40% | |||||
Unsecured Debt [Member] | Unsecured Credit Facility [Member] | Line of Credit [Member]
|
||||||
Line of Credit Facility [Line Items] | ||||||
Proceeds from lines of credit | 15,000,000 | |||||
Repayments of debt | 15,000,000 | |||||
Amount borrowed | 0 | |||||
Unsecured Debt [Member] | Unsecured Credit Facility [Member] | Line of Credit [Member] | LIBOR [Member] | January 31, 2016
|
||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings, interest rate basis spread | 1.55% | |||||
Unused capacity fee percentage | 0.35% | |||||
Unsecured Debt [Member] | Unsecured Credit Facility [Member] | Line of Credit [Member] | LIBOR [Member] | January 31, 2018
|
||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings, interest rate basis spread | 1.40% | |||||
Unused capacity fee percentage | 0.25% | |||||
Unsecured Debt [Member] | Unsecured Credit Facility [Member] | Line of Credit [Member] | LIBOR [Member] | November 25, 2018
|
||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings, interest rate basis spread | 1.40% | |||||
Unsecured Debt [Member] | Unsecured Credit Facility [Member] | Line of Credit [Member] | LIBOR [Member] | November 25, 2019
|
||||||
Line of Credit Facility [Line Items] | ||||||
Borrowings, interest rate basis spread | 1.30% | |||||
Unsecured Debt [Member] | Unsecured Credit Facility, Term Loan [Member]
|
||||||
Line of Credit Facility [Line Items] | ||||||
Mortgage and other notes payable | 50,000,000 | |||||
Unsecured Debt [Member] | Unsecured Credit Facility, Term Loan [Member] | November 25, 2018
|
||||||
Line of Credit Facility [Line Items] | ||||||
Mortgage and other notes payable | 50,000,000 | |||||
Line of Credit [Member] | Subscription Line [Member] | Line of Credit [Member] | Fund IV [Member]
|
||||||
Line of Credit Facility [Line Items] | ||||||
Repayments of debt | 103,900,000 | |||||
Borrowings, amount | 112,200,000.0 | |||||
Mortgage and other notes payable | $ 77,100,000 | |||||
|
X | ||||||||||
- Definition
Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition
Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The total amount of the contingent obligation under letters of credit outstanding as of the reporting date. No definition available.
|
X | ||||||||||
- Definition
The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The fee, expressed as a percentage of the line of credit facility, for available but unused credit capacity under the credit facility. No definition available.
|
X | ||||||||||
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The net cash inflow or cash outflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
Mortgage Loan and Other Indebtedness Balances (Details) (USD $)
In Thousands, unless otherwise specified |
1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2014
LIBOR [Member]
|
Apr. 30, 2014
LIBOR [Member]
|
Feb. 28, 2014
LIBOR [Member]
|
Dec. 31, 2014
Variable Rate Debt [Member]
|
Dec. 31, 2013
Variable Rate Debt [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Liberty Avenue [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
Liberty Avenue [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Liberty Avenue [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
210 Bowery LLC [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
210 Bowery LLC [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
210 Bowery LLC [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
640 Broadway [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
640 Broadway [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
640 Broadway [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Heritage Shops, LIBOR Plus 2.25% [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
Heritage Shops, LIBOR Plus 2.25% [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Heritage Shops, LIBOR Plus 2.25% [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
City Point, LIBOR Plus 4.00% [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
City Point, LIBOR Plus 4.00% [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
City Point, LIBOR Plus 4.00% [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
City Point, LIBOR Plus 1.70% [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
City Point, LIBOR Plus 1.70% [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
City Point, LIBOR Plus 1.70% [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Cortlandt Towne Center [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
Cortlandt Towne Center [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Cortlandt Towne Center [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
New Hyde Park Shopping Center, LIBOR Plus 1.85% [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
New Hyde Park Shopping Center, LIBOR Plus 1.85% [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
New Hyde Park Shopping Center, LIBOR Plus 1.85% [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Norstrand Avenue [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
Norstrand Avenue [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Norstrand Avenue [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Heritage Shops, LIBOR Plus 1.55% [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
Heritage Shops, LIBOR Plus 1.55% [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Heritage Shops, LIBOR Plus 1.55% [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Lincoln Park Center [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
Lincoln Park Center [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Lincoln Park Center [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
654 Broadway [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
654 Broadway [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
654 Broadway [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
New Hyde Park Shopping Center [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
New Hyde Park Shopping Center [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
New Hyde Park Shopping Center [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
938 West North Avenue [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
938 West North Avenue [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
938 West North Avenue [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
1151 Third Avenue [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
1151 Third Avenue [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
1151 Third Avenue [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
161st Street [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
161st Street [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
161st Street [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
664 N. Michigan [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
664 N. Michigan [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
664 N. Michigan [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Paramus Plaza [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
Paramus Plaza [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Paramus Plaza [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Lake Montclair [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
Lake Montclair [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
Lake Montclair [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
City Point, LIBOR Plus 1.39% [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
City Point, LIBOR Plus 1.39% [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
City Point, LIBOR Plus 1.39% [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
3104 M Street [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
3104 M Street [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
3104 M Street [Member]
Prime [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
4401 White Plains [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
4401 White Plains [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
4401 White Plains [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
28 Jericho Turnpike [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
28 Jericho Turnpike [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
28 Jericho Turnpike [Member]
LIBOR [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
60 Orange Street [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Variable-Rate [Member]
60 Orange Street [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Variable-Rate [Member]
60 Orange Street [Member]
LIBOR [Member]
|
Dec. 31, 2014
Unsecured Debt [Member]
Fund IV [Member]
|
Dec. 31, 2013
Unsecured Debt [Member]
Fund IV [Member]
|
Dec. 31, 2014
Unsecured Debt [Member]
LIBOR [Member]
Fund IV [Member]
|
Dec. 31, 2014
Unsecured Debt [Member]
Line of Credit [Member]
|
Dec. 31, 2013
Unsecured Debt [Member]
Line of Credit [Member]
|
Dec. 31, 2014
Unsecured Debt [Member]
Line of Credit [Member]
LIBOR [Member]
|
Dec. 31, 2014
Unsecured Debt [Member]
Term Loan [Member]
|
Dec. 31, 2013
Unsecured Debt [Member]
Term Loan [Member]
|
Dec. 31, 2014
Unsecured Debt [Member]
Term Loan [Member]
LIBOR [Member]
|
Dec. 31, 2014
Interest Rate Swap [Member]
|
Dec. 31, 2013
Interest Rate Swap [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
Clark Diversey [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
Clark Diversey [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
New Louden Center [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
New Louden Center [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
City Point [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
City Point [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
Crescent Plaza [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
Crescent Plaza [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
Pacesetter Park Shopping Center [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
Pacesetter Park Shopping Center [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
Elmwood Park Shopping Center [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
Elmwood Park Shopping Center [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
Chicago Street Retail Portfolio [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
Chicago Street Retail Portfolio [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
The Gateway Shopping Center [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
The Gateway Shopping Center [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
330 - 340 River Street [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
330 - 340 River Street [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
Brandywine Town Center [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
Brandywine Town Center [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
Walnut Hill Plaza [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
Walnut Hill Plaza [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
Rhode Island Place Shopping Center [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
Rhode Island Place Shopping Center [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
239 Greenwich Avenue [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
239 Greenwich Avenue [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
639 West Diversey [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
639 West Diversey [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
Merrillville Plaza [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
Merrillville Plaza [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
Bedford Green [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
Bedford Green [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
216th Street [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
216th Street [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
City Point, 1% [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
City Point, 1% [Member]
|
Dec. 31, 2014
Mortgage Notes Payable - Fixed Rate [Member]
City Point, 4.75% [Member]
|
Dec. 31, 2013
Mortgage Notes Payable - Fixed Rate [Member]
City Point, 4.75% [Member]
|
Dec. 31, 2014
Convertible Notes [Member]
|
Dec. 31, 2013
Convertible Notes [Member]
|
Dec. 20, 2011
Convertible Notes [Member]
|
|||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage and other notes payable | $ 1,130,481 | $ 1,039,997 | $ 326,221 | $ 224,041 | $ 422,950 | $ 284,951 | $ 8,973 | $ 9,090 | $ 4,600 | $ 4,600 | $ 22,564 | $ 22,750 | $ 0 | $ 20,871 | $ 20,650 | $ 20,650 | $ 20,000 | $ 20,000 | $ 83,936 | $ 84,745 | $ 0 | $ 6,294 | $ 12,046 | $ 12,567 | $ 24,500 | $ 0 | $ 28,000 | $ 23,000 | $ 9,000 | $ 0 | $ 11,720 | $ 0 | $ 12,500 | $ 0 | $ 12,481 | $ 0 | $ 29,500 | $ 29,500 | $ 44,369 | $ 0 | $ 12,600 | $ 0 | $ 15,284 | $ 0 | $ 20,000 | $ 0 | $ 103 | $ 0 | $ 6,141 | $ 6,263 | $ 15,747 | $ 16,164 | $ 8,236 | $ 8,457 | $ 77,100 | [1] | $ 68,750 | [1] | $ 0 | $ 0 | $ 50,000 | $ 50,000 | $ 223,829 | [2] | $ 179,660 | [2] | $ 801,317 | $ 814,088 | $ 0 | $ 4,192 | $ 0 | $ 13,369 | $ 0 | $ 20,000 | $ 16,455 | $ 16,747 | $ 11,307 | $ 11,530 | $ 32,201 | $ 32,744 | $ 15,265 | $ 15,558 | $ 19,440 | $ 19,746 | $ 10,668 | $ 10,904 | $ 166,200 | $ 166,200 | $ 0 | $ 22,910 | $ 15,975 | $ 16,208 | $ 26,000 | $ 26,000 | $ 4,245 | $ 4,341 | $ 25,504 | $ 25,837 | $ 29,586 | $ 0 | $ 0 | $ 25,500 | $ 5,262 | $ 5,262 | $ 199,000 | [3] | $ 197,000 | [3] | $ 380 | [4] | $ 380 | [4] | |||||||||||||||||||||||||||||||||||||||
Unamortized premium (discount) | $ 2,943 | $ 1,868 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effective interest rate | 2.92% | 2.12% | 3.12% | 2.42% | 4.17% | 1.87% | 1.82% | 2.40% | 2.82% | 1.72% | 1.62% | 2.05% | 2.02% | 2.52% | 1.92% | 2.67% | 1.82% | 1.87% | 2.32% | 1.56% | 3.75% | 2.07% | 2.07% | 1.92% | 1.82% | 1.57% | 1.47% | 2.15% | [2] | 6.35% | 5.64% | 7.25% | 4.98% | 5.12% | 5.53% | 5.61% | 5.44% | 5.30% | 5.99% | 6.06% | 6.35% | 5.42% | 6.65% | 5.88% | 5.10% | 5.80% | 1.00% | 4.75% | [3] | 3.75% | [4] | 6.03% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate description | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | Prime | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate basis spread | 2.75% | 1.95% | 2.95% | 2.25% | 4.00% | 1.70% | 1.65% | 1.85% | 2.65% | 1.55% | 1.45% | 1.88% | 1.85% | 2.35% | 1.75% | 2.50% | 1.65% | 1.70% | 2.15% | 1.39% | 0.05% | 1.90% | 1.90% | 1.75% | 1.65% | 1.40% | 1.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loan maturity | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
X | ||||||||||
- Definition
Percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
X | ||||||||||
- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
X | ||||||||||
- Definition
Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
|
X | ||||||||||
- Definition
The amount of debt discount (net of debt premium) that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
MORTGAGES AND OTHER NOTES PAYABLE Scheduled Principal Repayments (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2014
|
Dec. 31, 2013
|
---|---|---|
Debt Disclosure [Abstract] | ||
Net valuation discount on assumption of debt | $ 2,943 | $ 1,868 |
2015 | 271,784 | |
2016 | 326,767 | |
2017 | 130,721 | |
2018 | 71,790 | |
2019 | 82,423 | |
Thereafter | 244,053 | |
Long-term debt and convertible notes payable | $ 1,127,538 |
X | ||||||||||
- Definition
Long-term Debt and Convertible Notes Payable No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The amount of debt discount (net of debt premium) that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of long-term debt payable, sinking fund requirements, and other securities issued that are redeemable by holder at fixed or determinable prices and dates maturing in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
CONVERTIBLE NOTES PAYABLE (Details) (Convertible Notes Payable [Member], USD $)
|
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2014
|
Dec. 20, 2011
|
Jan. 31, 2007
|
||||
Convertible Notes Payable [Member]
|
||||||
Convertible Notes Payable [Abstract] | ||||||
Debt issued amount | $ 115,000,000.0 | |||||
Interest rate, stated percentage | 3.75% | 3.75% | ||||
Effective interest rate | 3.75% | [1] | 6.03% | |||
Convertible notes repurchased | $ 114,600,000 | |||||
Redemption price, percentage of principal amount plus accrued and unpaid interest | 100.00% | |||||
|
X | ||||||||||
- Definition
Redemption Price, Percentage of Principal Amount Plus Accrued and Unpaid Interest No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Face (par) amount of debt instrument at time of issuance. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Contractual interest rate for funds borrowed, under the debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Face (par) amount of the original debt instrument that was repurchased. No definition available.
|
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $)
|
12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2014
Cash Flow Hedging [Member]
Variable-Rate Derivatives [Member]
Minimum [Member]
|
Dec. 31, 2014
Cash Flow Hedging [Member]
Variable-Rate Derivatives [Member]
Maximum [Member]
|
Dec. 31, 2014
Cash Flow Hedging [Member]
Interest Rate Swap [Member]
derivative
|
Dec. 31, 2014
Cash Flow Hedging [Member]
Interest Rate Swap [Member]
Fixed-Rate Derivatives, Maturing between March 2015 and April 2023 [Member]
|
Dec. 31, 2014
Cash Flow Hedging [Member]
Interest Rate Swap [Member]
Fixed-Rate Derivatives, Maturing between March 2015 and April 2023 [Member]
Minimum [Member]
|
Dec. 31, 2014
Cash Flow Hedging [Member]
Interest Rate Swap [Member]
Fixed-Rate Derivatives, Maturing between March 2015 and April 2023 [Member]
Maximum [Member]
|
Dec. 31, 2014
Cash Flow Hedging [Member]
Interest Rate Swap [Member]
Variable-Rate Derivatives [Member]
derivative
|
Dec. 31, 2014
Cash Flow Hedging [Member]
Forward Contracts [Member]
derivative
|
Dec. 31, 2014
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 1 [Member]
|
Dec. 31, 2014
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 2 [Member]
|
Dec. 31, 2014
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 2 [Member]
Cash Flow Hedging [Member]
Other Liabilities [Member]
|
Dec. 31, 2013
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 2 [Member]
Cash Flow Hedging [Member]
Other Liabilities [Member]
|
Dec. 31, 2014
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 2 [Member]
Cash Flow Hedging [Member]
Prepaid Expenses and Other Assets [Member]
|
Dec. 31, 2013
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 2 [Member]
Cash Flow Hedging [Member]
Prepaid Expenses and Other Assets [Member]
|
Dec. 31, 2014
Fair Value, Measurements, Recurring [Member]
Fair Value, Inputs, Level 3 [Member]
|
Dec. 31, 2012
Mervyns I and Mervyns II [Member]
|
Dec. 31, 2013
Fund III [Member]
Walnut Hill Plaza [Member]
|
Dec. 31, 2013
Fund III [Member]
Sheepshead Bay [Member]
|
Dec. 31, 2013
Fund III [Member]
Sheepshead Bay [Member]
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||||
Derivative financial instruments, assets | $ 0 | $ 226,000 | $ 200,000 | $ 3,100,000 | $ 0 | |||||||||||||||||
Derivative financial instruments, liabilities | 0 | 4,567,000 | 4,600,000 | 2,000,000 | 0 | |||||||||||||||||
Asset Impairment Charges | 0 | 8,183,000 | 0 | 2,000,000 | 1,500,000 | 6,700,000 | ||||||||||||||||
Sales Price | 388,840,000 | 20,200,000 | ||||||||||||||||||||
Derivative, number of instruments held | 14 | 4 | 2 | |||||||||||||||||||
Derivative, notional amount | 223,800,000 | 139,600,000 | ||||||||||||||||||||
Derivative, fixed interest rate | 0.70% | 3.77% | ||||||||||||||||||||
Derivative, cap interest rate | 3.00% | 4.30% | ||||||||||||||||||||
Variable rate debt | 1,130,481,000 | 1,039,997,000 | 50,000,000 | |||||||||||||||||||
Accumulated other comprehensive income - unrealized income (loss) on valuation of swap agreements | (4,000,000) | 1,100,000 | ||||||||||||||||||||
Cash flow hedge gain (loss) to be reclassified within 12 months | $ 4,300,000 |
X | ||||||||||
- Definition
Proceeds from Sale of Real Estate Held-for-investment, Gross No definition available.
|
X | ||||||||||
- Definition
Aggregate notional amount specified by the derivative(s). Expressed as an absolute value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The estimated net amount of existing gains or losses on cash flow hedges at the reporting date expected to be reclassified to earnings within the next 12 months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Cap rate on an interest rate derivative such as an interest rate cap or collar. If market rates exceed the cap rate, a payment or receipt is triggered on the contract. No definition available.
|
X | ||||||||||
- Definition
Fixed interest rate related to the interest rate derivative. No definition available.
|
X | ||||||||||
- 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 liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of derivative instruments of a particular group held by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2014
|
Dec. 31, 2013
|
---|---|---|
Carrying (Reported) Amount, Fair Value Disclosure [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Receivable and Preferred Equity Investments | $ 102,286 | $ 126,656 |
Mortgage, Convertible Notes and Other Notes Payable | 1,130,481 | 1,039,997 |
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes Receivable and Preferred Equity Investments | 102,286 | 126,656 |
Mortgage, Convertible Notes and Other Notes Payable | $ 1,141,371 | $ 1,056,457 |
X | ||||||||||
- Definition
Notes Receivable and Preferred Equity Investments, Fair Value No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
|
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Common Shares (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Common Stock [Member]
|
|||
Class of Stock [Line Items] | |||
Issuance of Common Shares, net of issuance costs (in Shares) | 12,237,000 | 3,013,000 | 9,510,000 |
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 136,000 | 93,000 | 334,000 |
ATM Equity Program [Member]
|
|||
Class of Stock [Line Items] | |||
Proceeds from issuance of common stock | $ 127.1 | $ 140.8 | |
ATM Equity Program [Member] | Common Stock [Member]
|
|||
Class of Stock [Line Items] | |||
Issuance of Common Shares, net of issuance costs (in Shares) | 4,400,000 | 3,000,000 | 6,100,000 |
Proceeds from issuance of common stock | 80.7 | ||
Public Offering [Member]
|
|||
Class of Stock [Line Items] | |||
Proceeds from issuance of common stock | 230.7 | 85.9 | |
Public Offering [Member] | Common Stock [Member]
|
|||
Class of Stock [Line Items] | |||
Issuance of Common Shares, net of issuance costs (in Shares) | 7,600,000 | 3,500,000 | |
Common Op Units Conversion To Common Shares [Member] | Common Stock [Member]
|
|||
Class of Stock [Line Items] | |||
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares) | 1,600,000 | 1,200,000 | 250,000 |
Restricted Stock [Member]
|
|||
Class of Stock [Line Items] | |||
Restricted stock, shares canceled for tax withholding for share based compensation | 3,886 | ||
LTIP Units and Restricted Stock [Member]
|
|||
Class of Stock [Line Items] | |||
Unit based compensation | $ 6.2 | $ 0.5 |
X | ||||||||||
- Definition
Long Term Incentive and Share Based Compensation Expense No definition available.
|
X | ||||||||||
- Definition
Restricted Stock, Shares Canceled for Tax Withholding For Share Based Compensation No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The number of shares issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Noncontrolling Interest (Details) (USD $)
|
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
|
Sep. 30, 2014
|
Jun. 30, 2014
|
Mar. 31, 2014
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | $ 417,352,000 | $ 417,352,000 | |||||||||
Net income for the period January 1 through December 31, 2014 | 81,082,000 | 4,525,000 | 50,230,000 | ||||||||
Conversion of 136,128 OP Units to Common Shares by limited partners of the Operating Partnership | 0 | 0 | 0 | ||||||||
Issuance of OP Units to acquire real estate | 44,051,000 | 33,300,000 | 2,279,000 | ||||||||
Other comprehensive income - unrealized loss on valuation of swap agreements | (9,061,000) | 3,610,000 | (3,519,000) | ||||||||
Reclassification of realized interest on swap agreements | 3,776,000 | 2,892,000 | 2,268,000 | ||||||||
Noncontrolling interest contributions | 57,969,000 | 49,324,000 | 172,228,000 | ||||||||
Noncontrolling interest distributions and other reductions | (218,152,000) | (87,688,000) | (160,663,000) | ||||||||
Employee Long-term Incentive Plan Unit Awards | 8,460,000 | 7,672,000 | 6,691,000 | ||||||||
Balance | 380,416,000 | 417,352,000 | 380,416,000 | 417,352,000 | |||||||
Distributions declared (in dollars per share) | $ 0.54 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.21 | $ 0.21 | $ 0.21 | $ 1.23 | $ 0.86 | $ 0.72 |
Limited partners' capital account, units issued and converted (in shares) | 136,128 | 136,128 | |||||||||
Units converted from Series A Preferred OP Units (in shares) | 185,600 | 185,600 | |||||||||
Denominator for Series A Preferred OP Unit conversion | 7.50 | 7.50 | |||||||||
LTIP Units [Member]
|
|||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
LTIP units outstanding (in shares) | 1,719,206 | 1,368,086 | 1,719,206 | 1,368,086 | |||||||
Series A Preferred Stock [Member]
|
|||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Per unit conversion amount, Series A Preferred OP Units (in dollars per unit) | 22.50 | 22.50 | |||||||||
Per unit conversion annual rate, Series A Preferred OP Units | 9.00% | 9.00% | |||||||||
Limited partners' capital account, units issued and converted (in shares) | 1,392 | 1,392 | |||||||||
Noncontrolling Interests
|
|||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Conversion of 136,128 OP Units to Common Shares by limited partners of the Operating Partnership | (3,181,000) | (1,548,000) | (5,880,000) | ||||||||
Issuance of OP Units to acquire real estate | 44,051,000 | 33,300,000 | 2,279,000 | ||||||||
Other comprehensive income - unrealized loss on valuation of swap agreements | (1,247,000) | 69,000 | (1,704,000) | ||||||||
Reclassification of realized interest on swap agreements | 1,099,000 | 994,000 | 847,000 | ||||||||
Noncontrolling interest contributions | 57,969,000 | 49,324,000 | 172,228,000 | ||||||||
Noncontrolling interest distributions and other reductions | (218,152,000) | (87,688,000) | (160,663,000) | ||||||||
Employee Long-term Incentive Plan Unit Awards | 6,528,000 | 6,530,000 | 6,025,000 | ||||||||
Noncontrolling Interests | Partially-Owned Affiliates [Member]
|
|||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 368,404,000 | 368,404,000 | |||||||||
Distributions declared of $1.23 per Common OP Unit | 0 | ||||||||||
Net income for the period January 1 through December 31, 2014 | 77,878,000 | ||||||||||
Conversion of 136,128 OP Units to Common Shares by limited partners of the Operating Partnership | 0 | ||||||||||
Issuance of OP Units to acquire real estate | 0 | ||||||||||
Other comprehensive income - unrealized loss on valuation of swap agreements | (902,000) | ||||||||||
Reclassification of realized interest on swap agreements | 984,000 | ||||||||||
Noncontrolling interest contributions | 57,969,000 | ||||||||||
Noncontrolling interest distributions and other reductions | (218,152,000) | ||||||||||
Employee Long-term Incentive Plan Unit Awards | 0 | ||||||||||
Balance | 286,181,000 | 286,181,000 | |||||||||
Operating Partnership, as General Partner or Managing Member [Member]
|
|||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Series A Preferred OP Units (in shares) | 2,988,277 | 1,457,467 | 2,988,277 | 1,457,467 | |||||||
Operating Partnership, as General Partner or Managing Member [Member] | Series A Preferred Stock [Member]
|
|||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Series A Preferred OP Units (in shares) | 188 | 188 | 188 | 188 | 188 | ||||||
Limited partners' capital account, value per unit (in dollars per unit) | 1,000 | 1,000 | 1,000 | 1,000 | |||||||
Operating Partnership, as General Partner or Managing Member [Member] | Noncontrolling Interests
|
|||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Balance | 48,948,000 | 48,948,000 | |||||||||
Distributions declared of $1.23 per Common OP Unit | (5,085,000) | ||||||||||
Net income for the period January 1 through December 31, 2014 | 3,204,000 | ||||||||||
Conversion of 136,128 OP Units to Common Shares by limited partners of the Operating Partnership | (3,181,000) | ||||||||||
Issuance of OP Units to acquire real estate | 44,051,000 | ||||||||||
Other comprehensive income - unrealized loss on valuation of swap agreements | (345,000) | ||||||||||
Reclassification of realized interest on swap agreements | 115,000 | ||||||||||
Noncontrolling interest contributions | 0 | ||||||||||
Noncontrolling interest distributions and other reductions | 0 | ||||||||||
Employee Long-term Incentive Plan Unit Awards | 6,528,000 | ||||||||||
Balance | $ 94,235,000 | $ 94,235,000 |
X | ||||||||||
- Definition
Denominator for Series A Preferred OP Unit Conversion No definition available.
|
X | ||||||||||
- Definition
Issuance of OP Units to Acquire Real Estate No definition available.
|
X | ||||||||||
- Definition
Limited Partners' Capital Account, Value Per Unit No definition available.
|
X | ||||||||||
- Definition
Per Unit Conversion Amount, Preferred OP Units No definition available.
|
X | ||||||||||
- Definition
Per Unit Conversion Annual Rate, Preferred OP Units No definition available.
|
X | ||||||||||
- Definition
Share Based Compensation, Convertible Feature, Operating Partnership Units, Shares Converted to Common Stock No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation, Units converted from Series A Preferred OP Units No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation, Units Outstanding No definition available.
|
X | ||||||||||
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The number of limited partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of increase in noncontrolling interest from sale of a portion of the parent's controlling interest. No definition available.
|
X | ||||||||||
- Definition
Amount after tax of reclassification adjustment from accumulated other comprehensive income of accumulated gain (loss) realized from derivative instruments designated and qualifying as the effective portion of cash flow hedges and an entity's share of an equity investee's deferred hedging gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- 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). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Value of stock issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
RELATED PARTY TRANSACTIONS (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Lead Trustee [Member]
|
|||
Related Party Transaction [Line Items] | |||
Related party transaction expense | $ 0 | $ 100,000 | $ 100,000 |
Core Portfolio [Member] | Brandywine Portfolio [Member]
|
|||
Related Party Transaction [Line Items] | |||
Related party revenue | $ 200,000 | $ 100,000 | $ 800,000 |
X | ||||||||||
- Definition
Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
TENANT LEASES (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2014
|
---|---|
Operating Leases, Future Minimum Payments Receivable [Abstract] | |
2015 | $ 124,699 |
2016 | 118,039 |
2017 | 107,338 |
2018 | 94,846 |
2019 | 82,356 |
Thereafter | 418,588 |
Total | $ 945,866 |
X | ||||||||||
- Definition
Future minimum rental payments in aggregate as of the balance sheet date under operating leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Future rental payments receivable within one year of the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Future rental payments receivable within the fifth year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Future rental payments receivable within the fourth year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Future rental payments receivable within the third year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Future rental payments receivable within the second year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Future minimum lease payments receivable under operating leases for periods greater than five years following the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
LEASE OBLIGATIONS (Details) (USD $)
|
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Operating Leased Assets [Line Items] | |||
Number of shopping centers with land leases | 8 | ||
Operating Leases, Future Minimum Payments Due [Abstract] | |||
2015 | $ 2,756,000 | ||
2016 | 1,761,000 | ||
2017 | 6,336,000 | ||
2018 | 2,376,000 | ||
2019 | 2,346,000 | ||
Thereafter | 19,424,000 | ||
Total | 34,999,000 | ||
Minimum [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Period of lease term | 23 years | ||
Maximum [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Period of lease term | 71 years | ||
Ground Rent [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Ground lease expense | 1,800,000 | 1,800,000 | 1,700,000 |
Properties Under Development [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Rent expense capitalized | 800,000 | 800,000 | 800,000 |
White Plains Corporate Office [Member]
|
|||
Operating Leased Assets [Line Items] | |||
Ground lease expense | $ 1,500,000 | $ 1,400,000 | $ 1,400,000 |
X | ||||||||||
- Definition
Capitalized, Rent Expense No definition available.
|
X | ||||||||||
- Definition
Number Of Shopping Centers With Land Leases No definition available.
|
X | ||||||||||
- Definition
Operating Lease Lessee Period of Lease Term No definition available.
|
X | ||||||||||
- Definition
Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the fourth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the third fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
SHARE INCENTIVE PLAN (Details) (USD $)
|
12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
|
Feb. 28, 2014
Officer [Member]
|
Feb. 28, 2014
Officer [Member]
|
Dec. 31, 2012
2006 Plan [Member]
|
Dec. 31, 2012
Employee Stock Option [Member]
|
Dec. 31, 2014
Employee Stock Option [Member]
|
Dec. 31, 2014
Employee Stock Option [Member]
Trustee [Member]
installment
|
Feb. 28, 2014
LTIP Units [Member]
Officer [Member]
|
Jun. 04, 2014
LTIP Units [Member]
Trustee [Member]
Vesting on first anniversary
|
Jun. 04, 2014
Restricted Stock [Member]
Trustee [Member]
installment
|
Jun. 04, 2014
Restricted Stock [Member]
Trustee [Member]
|
Feb. 28, 2014
Restricted Stock [Member]
Officer [Member]
|
Feb. 28, 2014
Restricted Stock [Member]
Other Employees [Member]
|
Sep. 30, 2014
LTIP Units and Restricted Stock [Member]
|
Dec. 31, 2014
LTIP Units and Restricted Stock [Member]
|
Dec. 31, 2013
LTIP Units and Restricted Stock [Member]
|
Dec. 31, 2012
LTIP Units and Restricted Stock [Member]
|
Dec. 31, 2014
LTIP Units and Restricted Stock [Member]
General and Administrative Expense [Member]
|
Dec. 31, 2013
LTIP Units and Restricted Stock [Member]
General and Administrative Expense [Member]
|
Dec. 31, 2012
LTIP Units and Restricted Stock [Member]
General and Administrative Expense [Member]
|
Mar. 31, 2014
LTIP Units and Restricted Stock [Member]
Chief Executive Officer [Member]
|
Dec. 31, 2014
Long Term Investment Alignment Program [Member]
Senior Executives [Member]
|
Dec. 31, 2009
Long Term Investment Alignment Program [Member]
Senior Executives [Member]
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||
Increase in number of shares authorized | 1,900,000 | ||||||||||||||||||||||
Number of shares authorized | 2,100,000 | ||||||||||||||||||||||
Option term | 10 years | ||||||||||||||||||||||
Shares issued during period, share-based compensation, net of forfeitures | 326,230 | 1,518 | 17,118 | 918 | 10,527 | 114,198 | |||||||||||||||||
Award vesting period | 5 years | 10 years | 3 years | 5 years | |||||||||||||||||||
Percent of awards issued to officers subject to performance measures | 16.00% | ||||||||||||||||||||||
Total value of restricted shares and LTIP units as of the grant date | $ 11,400,000 | $ 11,900,000 | $ 0 | $ 0 | |||||||||||||||||||
Weighted average grant date fair value, grants (in dollars per share) | $ 26.30 | $ 26.40 | $ 22.31 | ||||||||||||||||||||
Unit based compensation | 6,200,000 | 500,000 | 6,200,000 | 7,300,000 | 3,600,000 | ||||||||||||||||||
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date | 6,276 | ||||||||||||||||||||||
Shares granted to trustees for trustee fees begin vesting on two year anniversary of grant date | 10,842 | ||||||||||||||||||||||
Annual vesting rate of shares granted to trustees that begin vesting on the second anniversary of grant date | 33.00% | ||||||||||||||||||||||
Number of vesting anniversaries | 3 | 3 | |||||||||||||||||||||
Trustee fees | $ 0.2 | ||||||||||||||||||||||
Max percentage of future fund III promote that may be awarded to senior executives | 25.00% | ||||||||||||||||||||||
Options outstanding and vested to officers and employees (in shares) | 46,347 | ||||||||||||||||||||||
Options outstanding and vested to non-employee trustees (in shares) | 9,000 |
X | ||||||||||
- Definition
Long Term Incentive and Share Based Compensation Expense No definition available.
|
X | ||||||||||
- Definition
Maximum Percentage of Promote To Be Awarded as Share Based Compensation Awards. Promote is defined as the amount above a certain performance measurement threshold. No definition available.
|
X | ||||||||||
- Definition
Percent of Awards Issued to Officers Subject to Performance Measures No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation Arrangement by Share-based Payment Award, Increase in Number of Shares Authorized No definition available.
|
X | ||||||||||
- Definition
Share-Based Compensation Arrangement By Share Based Payment Award, Number of Vesting Anniversaries No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation, Granted, for Service, Vesting After One Year Anniversary of Grant Date No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation, Granted, for Service, Vesting on One Year Anniversary of Grant Date No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation, Granted, for Service, Vesting Rate Beginning on the First Anniversary of Grant Date No definition available.
|
X | ||||||||||
- Definition
Share-based Compensation, Share-based Payment Award, Options Outstanding and Vested No definition available.
|
X | ||||||||||
- Definition
Share-based Goods and Nonemployee Services Transaction, Options Outstanding and Vested No definition available.
|
X | ||||||||||
- Definition
Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Period from grant date that an equity-based award expires, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Value, after forfeitures, of stock or other type of equity granted of any equity-based compensation plan other than an employee stock ownership plan (ESOP). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Fees charged annually for the professional services of a trustee, usually quoted as a percentage of the funds being managed. The fee for appointing an offshore Trustee is included in the trust price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
SHARE INCENTIVE PLAN Schedule of Options Activity (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options outstanding, Weighted average remaining contractual term | 1 year 1 month 6 days | 3 years 6 months | 2 years 7 months 6 days |
Options outstanding and exercisable, Aggregate intrinsic value | $ 614 | $ 628 | $ 877 |
Options exercised, Aggregate intrinsic value | $ 828 | $ 211 | $ 100 |
Common Stock [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options outstanding and exercisable, Beginning of period (in shares) | 113,086 | 137,647 | |
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | (57,739) | (23,815) | |
Forfeited or Expired (in shares) | 0 | (746) | |
Options outstanding and exercisable, End of period (in shares) | 55,347 | 113,086 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Options outstanding and exercisable, Weighted average exercise price, Beginning of period (in dollars per share) | $ 19.28 | $ 18.71 | |
Options granted in period, Weighted average exercise price (in dollars per share) | $ 0.00 | $ 0.00 | |
Options exercised in period, Weighted average exercise price (in dollars per share) | $ 17.68 | $ 15.96 | |
Options forfeited or expired, Weighted average exercise price (in dollars per share) | $ 0.00 | $ 20.65 | |
Options outstanding and exercisable, Weighted average exercise price, End of period (in dollars per share) | $ 20.93 | $ 19.28 |
X | ||||||||||
- Definition
Amount of accumulated difference between fair value of underlying shares on dates of exercise and exercise price on options exercised (or share units converted) into shares. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
For presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average price of options that were either forfeited or expired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Gross number of share options (or share units) granted during the period. No definition available.
|
X | ||||||||||
- Definition
Number of options outstanding, including both vested and non-vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Weighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of difference between fair value of the underlying shares reserved for issuance and exercise price of fully vested and expected to vest options that are exercisable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Weighted average price at which option holders acquired shares when converting their stock options into shares. No definition available.
|
X | ||||||||||
- Definition
Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options. No definition available.
|
X | ||||||||||
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
SHARE INCENTIVE PLAN Schedule of Unvested Shares and LTIP Units (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Total unrecognized compensation cost related to nonvested awards | $ 16.1 | ||
Weighted-average period over which cost is expected to be recognized | 2 years 4 months 24 days | ||
Restricted Stock [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares unvested, Beginning of period (in shares) | 63,737 | 60,916 | |
Shares granted (in shares) | 28,563 | 31,830 | |
Shares vested (in shares) | (34,598) | (28,179) | |
Shares forfeited (in shares) | (2,684) | (830) | |
Shares unvested, End of period (in shares) | 55,018 | 63,737 | 60,916 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 23.34 | $ 19.36 | |
Shares granted, Weighted average grant date fair value (in dollars per share) | $ 27.18 | $ 23.75 | |
Shares vested, Weighted average grant date fair value (in dollars per share) | $ 23.40 | $ 18.77 | |
Shares forfeited, Weighted average grant date fair value (in dollars per share) | $ 23.54 | $ 23.00 | |
Shares unvested, Weighted average grant date fair value, End of period(in dollars per share) | $ 25.90 | $ 23.34 | $ 19.36 |
Total fair value of shares that vested | 0.8 | 0.5 | 0.8 |
LTIP Units [Member]
|
|||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares unvested, Beginning of period (in shares) | 884,334 | 943,686 | |
Shares granted (in shares) | 441,946 | 290,912 | |
Shares vested (in shares) | (263,556) | (350,264) | |
Shares forfeited (in shares) | (800) | 0 | |
Shares unvested, End of period (in shares) | 1,061,924 | 884,334 | 943,686 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share) | $ 21.62 | $ 19.27 | |
Shares granted, Weighted average grant date fair value (in dollars per share) | $ 26.24 | $ 26.69 | |
Shares vested, Weighted average grant date fair value (in dollars per share) | $ 20.23 | $ 19.51 | |
Shares forfeited, Weighted average grant date fair value (in dollars per share) | $ 24.66 | $ 0.00 | |
Shares unvested, Weighted average grant date fair value, End of period(in dollars per share) | $ 23.92 | $ 21.62 | $ 19.27 |
Total fair value of shares that vested | $ 5.3 | $ 6.8 | $ 3.0 |
X | ||||||||||
- Definition
Unrecognized cost of unvested share-based compensation awards. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect as a result of the occurrence of a terminating event. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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X | ||||||||||
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Fair value of share-based awards for which the grantee gained the right by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN (Details) (USD $)
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12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee share purchase discount rate (in percent) | 15.00% | ||
Employee share purchase maximum purchase amount | $ 25,000 | ||
Employee share purchase compensation expense | 10,000 | 10,000 | 10,000 |
Trustee [Member] | Deferred Compensation [Member]
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|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred compensation arrangement compensation expense | $ 90,000 | $ 70,000 | $ 60,000 |
Common Stock [Member]
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|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee share purchase (in shares) | 4,668 | 3,678 | 3,829 |
X | ||||||||||
- Definition
Employee Stock Ownership Plan, Allowable Share Purchase Amount Per Annum, Maximum No definition available.
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X | ||||||||||
- Definition
Employee Stock Ownership Plan, Purchase Discount Rate No definition available.
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X | ||||||||||
- Definition
The compensation expense recognized during the period pertaining to the deferred compensation arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of plan compensation cost recognized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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X | ||||||||||
- Definition
Number of shares issued during the period as a result of an employee stock purchase plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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EMPLOYEE 401(K) PLAN (Details) (USD $)
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12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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Compensation and Retirement Disclosure [Abstract] | |||
Employer matching contribution (in percent) | 50.00% | ||
Maximum annual contribution per employee (in percent) | 6.00% | ||
Maximum employee annual salary contribution (in percent) | 15.00% | ||
Maximum employee annual salary contribution amount | $ 17,500 | ||
Employer contribution | $ 300,000 | $ 300,000 | $ 300,000 |
X | ||||||||||
- Definition
Defined Contribution Plan, Maximum employee annual salary contribution amount No definition available.
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X | ||||||||||
- Definition
Defined Contribution Plan, Maximum employee annual salary contribution percentage No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
The amount of the cost recognized during the period for defined contribution plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Percentage of employees' gross pay for which the employer contributes a matching contribution to a defined contribution plan. No definition available.
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X | ||||||||||
- Definition
Maximum percentage of employee gross pay the employee may contribute to a defined contribution plan. No definition available.
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DIVIDENDS AND DISTRIBUTIONS PAYABLE (Details) (USD $)
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3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
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Sep. 30, 2014
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Jun. 30, 2014
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Mar. 31, 2014
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Dec. 31, 2013
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Sep. 30, 2013
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Jun. 30, 2013
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Mar. 31, 2013
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Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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Nov. 04, 2014
Regular Quarterly Cash Dividend [Member]
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Dec. 05, 2014
Special Cash Dividend [Member]
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Dividends, Common Stock [Abstract] | |||||||||||||
Cash dividends declared per Common Share (in dollars per share) | $ 0.54 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.21 | $ 0.21 | $ 0.21 | $ 1.23 | $ 0.86 | $ 0.72 | $ 0.24 | $ 0.30 |
X | ||||||||||
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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FEDERAL INCOME TAXES Tax Status of Dividends (Details)
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12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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|
Income Tax Disclosure [Abstract] | |||
Required Distribution Rate to Maintain REIT Status (in percent) | 90.00% | ||
Ordinary income | 69.00% | 87.00% | 63.00% |
Qualified dividend | 0.00% | 0.00% | 0.00% |
Capital gain | 31.00% | 13.00% | 37.00% |
Total | 100.00% | 100.00% | 100.00% |
X | ||||||||||
- Definition
Allocation Of Dividends, Capital Gain, Percent No definition available.
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X | ||||||||||
- Definition
Allocation Of Dividends, Ordinary Income, Percent No definition available.
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X | ||||||||||
- Definition
Allocation of Dividends, Percent No definition available.
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X | ||||||||||
- Definition
Allocation Of Dividends, Qualified Dividend, Percent No definition available.
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X | ||||||||||
- Definition
Required Distribution Rate to Maintain REIT Status No definition available.
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- Details
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FEDERAL INCOME TAXES Income and Provision for Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
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Sep. 30, 2014
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Jun. 30, 2014
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Mar. 31, 2014
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Dec. 31, 2013
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Sep. 30, 2013
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Jun. 30, 2013
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Mar. 31, 2013
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Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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|
Income Tax Contingency [Line Items] | |||||||||||
TRS loss before income taxes | $ 151,553 | $ 26,522 | $ 8,693 | ||||||||
(Provision) benefit for income taxes: | |||||||||||
TRS net loss before noncontrolling interests | 9,341 | 28,564 | 11,365 | 21,595 | 7,576 | 8,893 | 7,967 | 9,590 | 70,865 | 34,026 | 23,619 |
Noncontrolling interests | (81,082) | (4,525) | (50,230) | ||||||||
TRS net loss | 152,146 | 44,640 | 89,936 | ||||||||
TRS [Member]
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|||||||||||
Income Tax Contingency [Line Items] | |||||||||||
TRS loss before income taxes | (36) | (2,225) | (2,056) | ||||||||
(Provision) benefit for income taxes: | |||||||||||
Federal | (377) | 276 | 592 | ||||||||
State and local | (97) | 71 | 147 | ||||||||
TRS net loss before noncontrolling interests | (510) | (1,878) | (1,317) | ||||||||
Noncontrolling interests | (508) | 267 | 702 | ||||||||
TRS net loss | $ (1,018) | $ (1,611) | $ (615) |
X | ||||||||||
- Definition
Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FEDERAL INCOME TAXES Tax Reconciliation (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
|
|
Income Tax Disclosure [Abstract] | |||
Federal benefit at statutory tax rate | $ (12) | $ (757) | $ (699) |
TRS state and local taxes, net of federal benefit | (2) | (117) | (109) |
Permanent differences, net | 446 | 496 | 809 |
Prior year overaccrual, net | 1 | 128 | (553) |
Restricted stock vesting | (20) | (2) | (159) |
Other | 61 | 127 | (41) |
REIT state and local income and franchise taxes | 155 | 144 | 178 |
Total provision (benefit) for income taxes | $ 629 | $ 19 | $ (574) |
X | ||||||||||
- Definition
Effective Income Tax Rate Reconciliation, Deductible Expense, Share-based Compensation Cost, Amount No definition available.
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X | ||||||||||
- Definition
Income Tax Reconciliation, Permanent Differences, Net No definition available.
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X | ||||||||||
- Definition
Income Tax Reconciliation, Real Estate Investment Trust State and Local Income Taxes and Franchise Taxes No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to revisions of previously reported income tax expense (benefit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to state and local income tax expense (benefit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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EARNINGS PER COMMON SHARE (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
|
Sep. 30, 2014
|
Jun. 30, 2014
|
Mar. 31, 2014
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
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Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Numerator: | |||||||||||
Income from continuing operations | $ 9,341 | $ 28,564 | $ 11,365 | $ 21,595 | $ 7,576 | $ 8,893 | $ 7,967 | $ 9,590 | $ 70,865 | $ 34,026 | $ 23,619 |
Less: net income attributable to participating securities | 1,152 | 581 | 458 | ||||||||
Income from continuing operations net of income | $ 69,713 | $ 33,445 | $ 23,161 | ||||||||
Denominator: | |||||||||||
Weighted average shares for basic earnings per share | 59,402,000 | 54,919,000 | 45,854,000 | ||||||||
Effect of dilutive securities: | |||||||||||
Employee share options | 24,000 | 38,000 | 40,000 | ||||||||
Denominator for diluted earnings per share | 59,426,000 | 54,957,000 | 45,894,000 | ||||||||
Basic earnings per Common Share from continuing operations attributable to Common Shareholders (in dollars per share) | $ 0.13 | $ 0.47 | $ 0.19 | $ 0.38 | $ 0.14 | $ 0.16 | $ 0.14 | $ 0.18 | $ 1.18 | $ 0.61 | $ 0.51 |
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders (in dollars per share) | $ 0.15 | $ 0.47 | $ 0.19 | $ 0.38 | $ 0.14 | $ 0.16 | $ 0.14 | $ 0.18 | $ 1.18 | $ 0.61 | $ 0.51 |
Common Stock [Member]
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|||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||
Antidilutive securities excluded from computation of earnings per share, amount | 25,067 | 25,067 | 25,067 | ||||||||
Operating Partnership, as General Partner or Managing Member [Member]
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|||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||
Series A Preferred OP Units (in shares) | 2,988,277 | 1,457,467 | 2,988,277 | 1,457,467 | |||||||
Operating Partnership, as General Partner or Managing Member [Member] | Series A Preferred Stock [Member]
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|||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||
Series A Preferred OP Units (in shares) | 188 | 188 | 188 | 188 | 188 |
X | ||||||||||
- Details
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- Details
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- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The number of limited partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The earnings that is allocated to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of undistributed earnings (loss) allocated to participating securities for the basic earnings (loss) per share or per unit calculation under the two-class method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
|
Sep. 30, 2014
|
Jun. 30, 2014
|
Mar. 31, 2014
|
Dec. 31, 2013
|
Sep. 30, 2013
|
Jun. 30, 2013
|
Mar. 31, 2013
|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 51,156 | $ 47,660 | $ 49,511 | $ 46,685 | $ 44,102 | $ 41,085 | $ 40,808 | $ 42,291 | $ 195,012 | $ 168,286 | $ 114,987 |
Income from continuing operations | 9,341 | 28,564 | 11,365 | 21,595 | 7,576 | 8,893 | 7,967 | 9,590 | 70,865 | 34,026 | 23,619 |
Income from discontinued operations attributable to Common Shareholders | 100 | 0 | 99 | 0 | 4,675 | 591 | 790 | 33 | 199 | 6,089 | 16,087 |
Net income attributable to Common Shareholders | $ 9,441 | $ 28,564 | $ 11,464 | $ 21,595 | $ 12,251 | $ 9,484 | $ 8,757 | $ 9,623 | $ 71,064 | $ 40,115 | $ 39,706 |
Net income attributable to Common Shareholders per Common Share - basic: | |||||||||||
Income from continuing operations (in dollars per share) | $ 0.13 | $ 0.47 | $ 0.19 | $ 0.38 | $ 0.14 | $ 0.16 | $ 0.14 | $ 0.18 | $ 1.18 | $ 0.61 | $ 0.51 |
Income from discontinued operations (in dollars per share) | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.08 | $ 0.01 | $ 0.02 | $ 0.00 | $ 0.00 | $ 0.11 | $ 0.34 |
Net income per share (in dollars per share) | $ 0.13 | $ 0.47 | $ 0.19 | $ 0.38 | $ 0.22 | $ 0.17 | $ 0.16 | $ 0.18 | $ 1.18 | $ 0.72 | $ 0.85 |
Net income attributable to Common Shareholders per Common Share - diluted: | |||||||||||
Income from continuing operations (in dollars per share) | $ 0.15 | $ 0.47 | $ 0.19 | $ 0.38 | $ 0.14 | $ 0.16 | $ 0.14 | $ 0.18 | $ 1.18 | $ 0.61 | $ 0.51 |
Income from discontinued operations (in dollars per share) | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.00 | $ 0.08 | $ 0.01 | $ 0.02 | $ 0.00 | $ 0.00 | $ 0.11 | $ 0.34 |
Net income per share (in dollars per share) | $ 0.15 | $ 0.47 | $ 0.19 | $ 0.38 | $ 0.22 | $ 0.17 | $ 0.16 | $ 0.18 | $ 1.18 | $ 0.72 | $ 0.85 |
Cash dividends declared per Common Share (in dollars per share) | $ 0.54 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.23 | $ 0.21 | $ 0.21 | $ 0.21 | $ 1.23 | $ 0.86 | $ 0.72 |
X | ||||||||||
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of income (loss) from a disposal group, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount allocable to noncontrolling interests. Includes, net of tax, income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Per basic share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Per diluted share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
COMMITMENTS AND CONTINGENCIES (Details) (USD $)
In Millions, unless otherwise specified |
1 Months Ended | 12 Months Ended |
---|---|---|
Aug. 31, 2009
Breach of Severance Agreement [Member]
|
Dec. 31, 2014
Contract Terminated with Cause Prior To Completion [Member]
|
|
Loss Contingencies [Line Items] | ||
Loss contingency, damages sought, value | $ 0.9 | $ 7.4 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The value (monetary amount) of the award the plaintiff seeks in the legal matter. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $)
In Millions, unless otherwise specified |
1 Months Ended |
---|---|
Jan. 31, 2015
|
|
Chicago, Illinois [Member] | Lincoln Park Centre [Member]
|
|
Subsequent Event [Line Items] | |
Consideration received | $ 64.0 |
1035 Third Avenue [Member] | Manhattan, New York [Member]
|
|
Subsequent Event [Line Items] | |
Purchase Price | $ 51.0 |
X | ||||||||||
- Definition
Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of consideration received or receivable for the disposal of assets and liabilities, including discontinued operation. No definition available.
|
X | ||||||||||
- Details
|
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Schedule of Real Estate and Accumulated Depreciation (Details) (USD $)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
Dec. 31, 2014
Minimum [Member]
|
Dec. 31, 2014
Maximum [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Crescent Plaza [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
New Louden Center [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Mark Plaza [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Plaza 422 [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Route 6 Mall [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Abington Towne Center [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Bloomfield Town Square [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Elmwood Park Plaza [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Merrillville Plaza [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Marketplace of Absecon [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
239 Greenwich Avenue [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Hobson West Plaza [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Village Commons Shopping Center [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Town Line Plaza [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Branch Shopping Center [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
The Methuen Shopping Center [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
The Gateway Shopping Center [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Mad River Station [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Pacesetter Park Shopping Center [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Brandywine Town Center [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Brandywine Market Square [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Bartow Avenue [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Amboy Rd. Shopping Ctr. [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
613-623 West Diversey [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Chestnut Hill [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Third Avenue [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
West Shore Expressway [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
West 54th Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Acadia 5-7 East 17th Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
West Diversey 651-671 W Diversey [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Mercer Street 15 Mercer Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
4401 White Plains [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Chicago Street Retail Portfolio [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
330 River Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Rhode Island Place Shopping Center [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
1520 North Milwaukee Avenue [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
340 River Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
930 Rush Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
28 Jericho Turnpike [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
181 Main Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
83 Spring Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
60 Orange Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
171-53 and 181-03 Connecticut Avenue [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
639 West Diversey [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
664 North Michigan Avenue [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
8-12 East Walton [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
3200 - 3204 M Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
868 Broadway [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
313 - 315 Bowery [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
120 West Broadway [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
11 East Walton [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
61 Main Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
865 W. North Avenue [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
152 - 154 Spring Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
2520 Flatbush Avenue [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
252 - 254 Greenwich Avenue [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Bedford Green [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
131 - 135 Prince Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Shops At Grand Avenue [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
201 Needham Street [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
Undeveloped Land [Member]
|
Dec. 31, 2014
Core Portfolio [Member]
ARLP [Member]
|
Dec. 31, 2014
Fund I [Member]
Kroger/Safeway Various [Member]
|
Dec. 31, 2014
Fund II [Member]
Liberty Avenue [Member]
|
Dec. 31, 2014
Fund II [Member]
City Point [Member]
|
Dec. 31, 2014
Fund II [Member]
161st Street [Member]
|
Dec. 31, 2014
Fund III [Member]
Cortlandt Towne Center [Member]
|
Dec. 31, 2014
Fund III [Member]
Heritage Shops [Member]
|
Dec. 31, 2014
Fund III [Member]
654 Broadway [Member]
|
Dec. 31, 2014
Fund III [Member]
New Hyde Park Shopping Center [Member]
|
Dec. 31, 2014
Fund III [Member]
640 Broadway [Member]
|
Dec. 31, 2014
Fund III [Member]
Lincoln Park Centre LLC [Member]
|
Dec. 31, 2014
Fund III [Member]
3780 to 3858 Nortrand Avenue [Member]
|
Dec. 31, 2014
Fund IV [Member]
210 Bowery LLC [Member]
|
Dec. 31, 2014
Fund IV [Member]
Paramus Plaza [Member]
|
Dec. 31, 2014
Fund IV [Member]
1151 Third Avenue [Member]
|
Dec. 31, 2014
Fund IV [Member]
Lake Montclair [Member]
|
Dec. 31, 2014
Fund IV [Member]
938 West North Avenue [Member]
|
Dec. 31, 2014
Fund IV [Member]
17 E. 71st Street [Member]
|
Dec. 31, 2014
Fund IV [Member]
Real Estate Under Development [Member]
|
|
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Encumbrances | $ 1,130,101,000 | $ 16,455,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 32,201,000 | $ 25,503,000 | $ 0 | $ 26,000,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 19,440,000 | $ 0 | $ 11,307,000 | $ 141,825,000 | $ 24,375,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 6,141,000 | $ 15,485,000 | $ 3,974,000 | $ 16,560,000 | $ 0 | $ 6,820,000 | $ 0 | $ 15,747,000 | $ 0 | $ 0 | $ 8,236,000 | $ 0 | $ 4,480,000 | $ 44,369,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 31,363,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 50,000,000 | $ 0 | $ 8,973,000 | $ 0 | $ 29,500,000 | $ 83,936,000 | $ 24,500,000 | $ 9,000,000 | $ 11,720,000 | $ 22,564,000 | $ 28,000,000 | $ 12,047,000 | $ 4,600,000 | $ 12,600,000 | $ 12,481,000 | $ 15,284,000 | $ 12,500,000 | $ 0 | $ 265,015,000 | |||||
Initial Cost to Company of Land | 451,700,000 | 1,147,000 | 505,000 | 0 | 190,000 | 1,664,000 | 799,000 | 3,207,000 | 3,248,000 | 4,288,000 | 2,573,000 | 1,817,000 | 1,793,000 | 3,229,000 | 878,000 | 3,156,000 | 956,000 | 1,273,000 | 2,350,000 | 1,475,000 | 21,993,000 | 4,308,000 | 1,691,000 | 0 | 10,061,000 | 8,289,000 | 11,108,000 | 3,380,000 | 16,699,000 | 3,048,000 | 8,576,000 | 1,887,000 | 1,581,000 | 18,521,000 | 3,510,000 | 7,458,000 | 2,110,000 | 4,894,000 | 4,933,000 | 6,220,000 | 1,908,000 | 1,754,000 | 3,609,000 | 11,690,000 | 4,429,000 | 15,240,000 | 5,398,000 | 6,899,000 | 3,519,000 | 0 | 0 | 11,000,000 | 1,825,000 | 3,688,000 | 9,500,000 | 4,275,000 | 6,113,000 | 13,788,000 | 19,274,000 | 14,000,000 | 2,531,000 | 100,000 | 0 | 0 | 0 | 0 | 16,679,000 | 7,293,000 | 13,131,000 | 9,040,000 | 3,016,000 | 12,503,000 | 0 | 6,229,000 | 1,875,000 | 11,052,000 | 8,306,000 | 7,077,000 | 2,314,000 | 7,000,000 | 30,830,000 | |||||
Initial Cost to Company of Buildings and Improvements | 1,152,388,000 | 7,425,000 | 4,161,000 | 4,268,000 | 3,004,000 | 0 | 3,197,000 | 13,774,000 | 12,992,000 | 17,152,000 | 10,294,000 | 15,846,000 | 7,172,000 | 12,917,000 | 3,510,000 | 12,545,000 | 3,826,000 | 5,091,000 | 9,404,000 | 5,899,000 | 87,988,000 | 17,239,000 | 5,803,000 | 11,909,000 | 2,773,000 | 5,691,000 | 8,038,000 | 13,554,000 | 18,704,000 | 7,281,000 | 17,256,000 | 2,483,000 | 5,054,000 | 55,627,000 | 2,886,000 | 15,968,000 | 1,306,000 | 11,349,000 | 14,587,000 | 24,416,000 | 12,158,000 | 9,200,000 | 10,790,000 | 10,135,000 | 6,102,000 | 65,331,000 | 15,601,000 | 4,249,000 | 9,247,000 | 5,516,000 | 32,819,000 | 33,000,000 | 5,505,000 | 11,063,000 | 28,500,000 | 12,825,000 | 18,378,000 | 35,153,000 | 38,519,000 | 42,000,000 | 7,594,000 | 0 | 0 | 4,215,000 | 12,627,000 | 0 | 28,410,000 | 61,395,000 | 15,409,000 | 3,654,000 | 7,733,000 | 19,960,000 | 0 | 11,216,000 | 5,625,000 | 7,037,000 | 9,685,000 | 12,028,000 | 17,067,000 | 21,000,000 | 19,253,000 | |||||
Costs Capitalized Subsequent to Acquisition | 604,507,000 | 1,376,000 | 13,052,000 | (872,000) | 2,309,000 | 12,276,000 | 2,357,000 | 21,579,000 | 15,855,000 | 5,553,000 | 4,900,000 | 597,000 | 1,842,000 | 4,048,000 | 7,609,000 | 11,457,000 | 594,000 | 12,258,000 | 1,149,000 | 2,235,000 | 16,329,000 | 970,000 | 638,000 | 2,514,000 | 355,000 | 4,242,000 | 4,397,000 | (55,000) | 949,000 | 376,000 | 8,000 | 7,000 | 0 | 1,576,000 | 0 | 158,000 | 0 | 0 | 11,000 | 0 | 0 | 0 | 0 | 318,000 | 313,000 | 0 | 22,000 | 0 | 5,000 | 0 | 20,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 647,000 | 7,473,000 | 18,231,000 | 9,213,000 | 386,000 | 1,435,000 | 4,019,000 | 6,430,000 | 0 | 3,128,000 | 22,000 | 1,852,000 | 978,000 | 25,000 | 34,000 | 0 | 397,307,000 | |||||
Carrying Amount of Land | 478,876,000 | 1,147,000 | 505,000 | 0 | 190,000 | 1,664,000 | 799,000 | 3,207,000 | 3,798,000 | 4,288,000 | 2,577,000 | 1,817,000 | 1,793,000 | 3,229,000 | 907,000 | 3,401,000 | 961,000 | 1,273,000 | 2,350,000 | 1,475,000 | 24,213,000 | 4,262,000 | 1,691,000 | 0 | 10,061,000 | 8,289,000 | 11,855,000 | 3,380,000 | 16,699,000 | 3,048,000 | 8,576,000 | 1,887,000 | 1,581,000 | 18,559,000 | 3,510,000 | 7,458,000 | 2,110,000 | 4,894,000 | 4,933,000 | 6,220,000 | 1,908,000 | 1,754,000 | 3,609,000 | 11,689,000 | 4,429,000 | 15,240,000 | 5,398,000 | 6,899,000 | 3,519,000 | 0 | 0 | 11,000,000 | 1,825,000 | 3,688,000 | 9,500,000 | 4,275,000 | 6,113,000 | 13,788,000 | 19,274,000 | 14,000,000 | 2,531,000 | 100,000 | 0 | 0 | 0 | 0 | 16,679,000 | 7,293,000 | 13,131,000 | 9,040,000 | 3,016,000 | 12,503,000 | 0 | 6,229,000 | 1,875,000 | 11,052,000 | 8,306,000 | 7,077,000 | 2,314,000 | 7,000,000 | 54,215,000 | |||||
Carrying Amount of Buildings and Improvements | 1,729,719,000 | 8,801,000 | 17,213,000 | 3,396,000 | 5,313,000 | 12,276,000 | 5,554,000 | 35,353,000 | 28,297,000 | 22,705,000 | 15,190,000 | 16,443,000 | 9,014,000 | 16,965,000 | 11,090,000 | 23,757,000 | 4,415,000 | 17,349,000 | 10,553,000 | 8,134,000 | 102,097,000 | 18,255,000 | 6,441,000 | 14,423,000 | 3,128,000 | 9,933,000 | 11,688,000 | 13,499,000 | 19,653,000 | 7,657,000 | 17,264,000 | 2,490,000 | 5,054,000 | 57,165,000 | 2,886,000 | 16,126,000 | 1,306,000 | 11,349,000 | 14,598,000 | 24,416,000 | 12,158,000 | 9,200,000 | 10,790,000 | 10,454,000 | 6,415,000 | 65,331,000 | 15,623,000 | 4,249,000 | 9,252,000 | 5,516,000 | 32,839,000 | 33,000,000 | 5,505,000 | 11,063,000 | 28,500,000 | 12,825,000 | 18,378,000 | 35,153,000 | 38,519,000 | 42,000,000 | 7,594,000 | 0 | 0 | 4,215,000 | 13,274,000 | 7,473,000 | 46,641,000 | 70,608,000 | 15,795,000 | 5,089,000 | 11,752,000 | 26,390,000 | 0 | 14,344,000 | 5,647,000 | 8,889,000 | 10,663,000 | 12,053,000 | 17,101,000 | 21,000,000 | 393,175,000 | |||||
Total Carrying Amount | 2,208,595,000 | 1,819,053,000 | 1,287,198,000 | 897,370,000 | 9,948,000 | 17,718,000 | 3,396,000 | 5,503,000 | 13,940,000 | 6,353,000 | 38,560,000 | 32,095,000 | 26,993,000 | 17,767,000 | 18,260,000 | 10,807,000 | 20,194,000 | 11,997,000 | 27,158,000 | 5,376,000 | 18,622,000 | 12,903,000 | 9,609,000 | 126,310,000 | 22,517,000 | 8,132,000 | 14,423,000 | 13,189,000 | 18,222,000 | 23,543,000 | 16,879,000 | 36,352,000 | 10,705,000 | 25,840,000 | 4,377,000 | 6,635,000 | 75,724,000 | 6,396,000 | 23,584,000 | 3,416,000 | 16,243,000 | 19,531,000 | 30,636,000 | 14,066,000 | 10,954,000 | 14,399,000 | 22,143,000 | 10,844,000 | 80,571,000 | 21,021,000 | 11,148,000 | 12,771,000 | 5,516,000 | 32,839,000 | 44,000,000 | 7,330,000 | 14,751,000 | 38,000,000 | 17,100,000 | 24,491,000 | 48,941,000 | 57,793,000 | 56,000,000 | 10,125,000 | 100,000 | 0 | 4,215,000 | 13,274,000 | 7,473,000 | 63,320,000 | 77,901,000 | 28,926,000 | 14,129,000 | 14,768,000 | 38,893,000 | 0 | 20,573,000 | 7,522,000 | 19,941,000 | 18,969,000 | 19,130,000 | 19,415,000 | 28,000,000 | 447,390,000 | ||
Accumulated Depreciation | 256,015,000 | 229,538,000 | 169,718,000 | 147,626,000 | 6,913,000 | 13,112,000 | 2,783,000 | 4,963,000 | 7,624,000 | 3,307,000 | 15,511,000 | 15,647,000 | 9,400,000 | 6,616,000 | 6,545,000 | 4,308,000 | 7,799,000 | 8,615,000 | 7,045,000 | 2,070,000 | 7,608,000 | 4,590,000 | 3,757,000 | 28,808,000 | 5,916,000 | 2,310,000 | 4,306,000 | 793,000 | 2,143,000 | 1,851,000 | 2,969,000 | 3,692,000 | 1,321,000 | 1,546,000 | 217,000 | 421,000 | 3,692,000 | 237,000 | 1,141,000 | 155,000 | 840,000 | 1,003,000 | 1,654,000 | 644,000 | 575,000 | 669,000 | 579,000 | 332,000 | 3,089,000 | 626,000 | 133,000 | 248,000 | 223,000 | 497,000 | 756,000 | 114,000 | 230,000 | 475,000 | 187,000 | 344,000 | 450,000 | 321,000 | 263,000 | 16,000 | 0 | 0 | 4,027,000 | 3,060,000 | 186,000 | 9,494,000 | 17,637,000 | 2,012,000 | 352,000 | 1,050,000 | 1,814,000 | 0 | 594,000 | 281,000 | 272,000 | 321,000 | 381,000 | 449,000 | 86,000 | 0 | ||
Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | 40 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate, Federal Income Tax Basis | $ 1,811,200,000 |
X | ||||||||||
- Definition
Amount of accumulated depreciation pertaining to real estate investments for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of lien or mortgage outstanding on real estate investment properties for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount before accumulated depreciation of buildings and improvements for entities with a substantial portion of business acquiring and holding investment real estate. Excludes real estate not held as an investment or interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of land for entities with a substantial portion of business acquiring and holding investment real estate. Excludes real estate not held as an investment or interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of carrying costs of properties that were capitalized after acquisition, for example, but not limited to, real estate taxes and insurance for entities with a substantial portion of business acquiring and holding investment real estate. Excludes initial purchase price and improvements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Initial cost of buildings and improvements for entities with a substantial portion of business acquiring and holding investment real estate. Excludes real estate not held as an investment or interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Initial cost of land for entities with a substantial portion of business acquiring and holding investment real estate. Excludes real estate not held as an investment or interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Useful life on which depreciation was computed for entities with a substantial portion of business acquiring and holding investment real estate, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Cost basis of real estate investments for federal income tax purposes for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount, before accumulated depreciation, of real estate investments for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Reconciliation of Real Estate Properties (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of year | $ 1,819,053 | $ 1,287,198 | $ 897,370 |
Other improvements | 162,827 | 112,622 | 65,480 |
Property acquisitions | 299,793 | 272,661 | 324,348 |
Property dispositions | (73,078) | 0 | 0 |
Consolidation of previously unconsolidated investments | 0 | 146,572 | 0 |
Balance at end of year | $ 2,208,595 | $ 1,819,053 | $ 1,287,198 |
X | ||||||||||
- Definition
Amount of real estate investments sold for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount, before accumulated depreciation, of real estate investments for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of increase in real estate investments related to improvements for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of increase in real estate investments from acquisitions other than through foreclosure for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Definition
Amount of other additions excluding acquisition or improvement to real estate investments for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
X | ||||||||||
- Details
|
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Reconciliation of Accumulated Depreciation (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2014
|
Dec. 31, 2013
|
Dec. 31, 2012
|
|
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | $ 229,538 | $ 169,718 | $ 147,626 |
Depreciation related to real estate | 26,477 | 31,732 | 22,092 |
Consolidation of Previously Unconsolidated Investments | 0 | 28,088 | 0 |
Balance at end of year | $ 256,015 | $ 229,538 | $ 169,718 |
X | ||||||||||
- Definition
Amount of accumulated depreciation pertaining to real estate investments for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of other additions to accumulated depreciation other than depreciation expense for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Details
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X | ||||||||||
- Definition
Amount of depreciation expense of real estate investments for entities with a substantial portion of business acquiring and holding investment real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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