Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2015	Feb. 19, 2016	Jun. 30, 2015
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, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		70,462,368
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2,011.2

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Land	$ 514,120	$ 424,661
Buildings and improvements	1,593,350	1,329,080
Construction in progress	19,239	7,464
Real estate investment property, at cost	2,126,709	1,761,205
Less: accumulated depreciation	298,703	256,015
Net operating real estate	1,828,006	1,505,190
Real estate under development	609,574	447,390
Notes receivable and preferred equity investments	147,188	102,286
Investments in and advances to unconsolidated affiliates	173,277	184,352
Cash and cash equivalents	72,776	217,580
Cash in escrow	26,444	20,358
Restricted cash	10,840	30,604
Rents receivable, net	40,425	36,962
Deferred charges, net	22,568	18,800
Acquired lease intangibles, net	52,593	44,618
Prepaid expenses and other assets	48,628	56,508
Assets of discontinued operations and properties held for sale	0	56,073
Total assets	3,032,319	2,720,721
LIABILITIES
Mortgage and other notes payable, net	1,050,051	991,502
Unsecured notes payable, net	308,555	127,100
Distributions in excess of income from, and investments in, unconsolidated affiliates	13,244	12,564
Accounts payable and accrued expenses	38,754	34,026
Dividends and distributions payable	37,552	39,339
Acquired lease intangibles, net	31,809	29,585
Other liabilities	31,000	25,148
Liabilities of discontinued operations and properties held for sale	0	25,500
Total liabilities	1,510,965	1,284,764
Shareholders' Equity
Common shares, $.001 par value, authorized 100,000,000 shares, issued and outstanding 70,258,415 and 68,109,287 shares, respectively	70	68
Additional paid-in capital	1,092,239	1,027,861
Accumulated other comprehensive loss	(4,463)	(4,005)
Retained earnings	12,642	31,617
Total shareholders’ equity	1,100,488	1,055,541
Noncontrolling interests	420,866	380,416
Total equity	1,521,354	1,435,957
Total liabilities and equity	$ 3,032,319	$ 2,720,721

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
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)	70,258,415	68,109,287
Common shares, outstanding (in shares)	70,258,415	68,109,287

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues
Rental income	$ 158,632	$ 145,103	$ 122,730
Interest income	16,603	12,607	11,800
Expense reimbursements	36,306	32,642	28,373
Other	5,721	4,660	5,383
Total revenues	217,262	195,012	168,286
Operating Expenses
Property operating	28,423	24,833	21,026
Other operating	4,675	3,776	4,605
Real estate taxes	25,384	23,062	20,922
General and administrative	30,368	27,433	25,555
Depreciation and amortization	60,751	49,645	40,299
Impairment of asset	5,000	0	1,500
Total operating expenses	154,601	128,749	113,907
Operating income	62,661	66,263	54,379
Equity in earnings of unconsolidated affiliates	13,287	8,723	12,382
Gain on disposition of properties of unconsolidated affiliates	24,043	102,855	0
Loss on debt extinguishment	(135)	(335)	(765)
Interest and other finance expense	(37,162)	(39,091)	(39,474)
Gain on disposition of properties	89,063	13,138	0
Income from continuing operations before income taxes	151,757	151,553	26,522
Income tax provision	(1,787)	(629)	(19)
Income from continuing operations	149,970	150,924	26,503
Discontinued operations
Operating income from discontinued operations	0	0	6,818
Impairment of asset	0	0	(6,683)
Loss on debt extinguishment	0	0	(800)
Gain on disposition of properties	0	1,222	18,802
Income from discontinued operations	0	1,222	18,137
Net income	149,970	152,146	44,640
Noncontrolling interests
Continuing operations	(84,262)	(80,059)	7,523
Discontinued operations	0	(1,023)	(12,048)
Net income attributable to noncontrolling interests	(84,262)	(81,082)	(4,525)
Net income attributable to Common Shareholders	$ 65,708	$ 71,064	$ 40,115
Basic earnings per share
Income from continuing operations (in dollars per share)	$ 0.94	$ 1.18	$ 0.61
Income from discontinued operations (in dollars per share)	0.00	0.00	0.11
Basic earnings per share (in dollars per share)	0.94	1.18	0.72
Diluted earnings per share
Income from continuing operations (in dollars per share)	0.94	1.18	0.61
Income from discontinued operations (in dollars per share)	0.00	0.00	0.11
Diluted earnings per share (in dollars per share)	$ 0.94	$ 1.18	$ 0.72

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income	$ 149,970	$ 152,146	$ 44,640
Other comprehensive (loss) income:
Unrealized (loss) gain on valuation of swap agreements	(5,061)	(9,061)	3,610
Reclassification of realized interest on swap agreements	5,524	3,776	2,892
Other comprehensive income (loss)	463	(5,285)	6,502
Comprehensive income	150,433	146,861	51,142
Comprehensive income attributable to noncontrolling interests	(85,183)	(80,934)	(5,588)
Comprehensive income attributable to Common Shareholders	$ 65,250	$ 65,927	$ 45,554

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Total Common Shareholders’ Equity	Noncontrolling Interests
Balance at Dec. 31, 2012	$ 1,070,256	$ 52	$ 581,925	$ (4,307)	$ 45,127	$ 622,797	$ 447,459
Balance (in Shares) at Dec. 31, 2012		52,482,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0		1,548			1,548	(1,548)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		93,000
Issuance of Common Shares, net of issuance costs	80,690	$ 4	80,686			80,690
Issuance of Common Shares, net of issuance costs (in Shares)		3,013,000
Dividends declared	(49,159)				(47,495)	(47,495)	(1,664)
Issuance of OP Units to acquire real estate	33,300						33,300
Employee and trustee stock compensation, net	7,672		1,142			1,142	6,530
Employee and trustee stock compensation, net (in Shares)		55,000
Consolidation of previously unconsolidated investments	(33,949)						(33,949)
Noncontrolling interest distributions	(87,688)						(87,688)
Noncontrolling interest contributions	49,324						49,324
Balance before adjustment toward comprehensive income	1,070,446	$ 56	665,301	(4,307)	(2,368)	658,682	411,764
Balance before adjustment toward comprehensive income (in Shares)		55,643,000
Comprehensive income (loss):
Net income	44,640				40,115	40,115	4,525
Unrealized income (loss) on valuation of swap agreements	3,610			3,541	0	3,541	69
Reclassification of realized interest on swap agreements	2,892			1,898	0	1,898	994
Total comprehensive income	51,142			5,439	40,115	45,554	5,588
Balance at Dec. 31, 2013	1,121,588	$ 56	665,301	1,132	37,747	704,236	417,352
Balance (in Shares) at Dec. 31, 2013		55,643,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0		3,181			3,181	(3,181)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		136,000
Issuance of Common Shares, net of issuance costs	357,459	$ 12	357,447			357,459
Issuance of Common Shares, net of issuance costs (in Shares)		12,237,000
Dividends declared	(82,279)				(77,194)	(77,194)	(5,085)
Issuance of OP Units to acquire real estate	44,051				0	0	44,051
Employee and trustee stock compensation, net	8,460		1,932			1,932	6,528
Employee and trustee stock compensation, net (in Shares)		93,000
Noncontrolling interest distributions	(218,152)						(218,152)
Noncontrolling interest contributions	57,969						57,969
Balance before adjustment toward comprehensive income	1,289,096	$ 68	1,027,861	1,132	(39,447)	989,614	299,482
Balance before adjustment toward comprehensive income (in Shares)		68,109,000
Comprehensive income (loss):
Net income	152,146				71,064	71,064	81,082
Unrealized income (loss) on valuation of swap agreements	(9,061)			(7,814)		(7,814)	(1,247)
Reclassification of realized interest on swap agreements	3,776			2,677		2,677	1,099
Total comprehensive income	146,861			(5,137)	71,064	65,927	80,934
Balance at Dec. 31, 2014	$ 1,435,957	$ 68	1,027,861	(4,005)	31,617	1,055,541	380,416
Balance (in Shares) at Dec. 31, 2014	68,109,287	68,109,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	$ 0		2,451			2,451	(2,451)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		101,000
Issuance of Common Shares, net of issuance costs	64,417	$ 2	64,415			64,417
Issuance of Common Shares, net of issuance costs (in Shares)		1,973,000
Dividends declared	(90,666)				(84,683)	(84,683)	(5,983)
Acquisition of noncontrolling interests	(7,970)		(4,409)			(4,409)	(3,561)
Employee and trustee stock compensation, net	8,644		1,921			1,921	6,723
Employee and trustee stock compensation, net (in Shares)		75,000
Noncontrolling interest distributions	(74,950)						(74,950)
Noncontrolling interest contributions	35,489						35,489
Balance before adjustment toward comprehensive income	1,370,921	$ 70	1,092,239	(4,005)	(53,066)	1,035,238	335,683
Balance before adjustment toward comprehensive income (in Shares)		70,258,000
Comprehensive income (loss):
Net income	149,970				65,708	65,708	84,262
Unrealized income (loss) on valuation of swap agreements	(5,061)			(4,047)		(4,047)	(1,014)
Reclassification of realized interest on swap agreements	5,524			3,589		3,589	1,935
Total comprehensive income	150,433			(458)	65,708	65,250	85,183
Balance at Dec. 31, 2015	$ 1,521,354	$ 70	$ 1,092,239	$ (4,463)	$ 12,642	$ 1,100,488	$ 420,866
Balance (in Shares) at Dec. 31, 2015	70,258,415	70,258,000

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 149,970,000	$ 152,146,000	$ 44,640,000
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	60,751,000	49,645,000	43,071,000
Amortization of financing costs	3,537,000	3,003,000	3,082,000
Gain on disposition of property	(89,063,000)	(14,360,000)	(18,802,000)
Loss on debt extinguishment	135,000	335,000	1,565,000
Impairment of asset	5,000,000	0	8,183,000
Share compensation expense	7,438,000	6,744,000	7,667,000
Equity in earnings of unconsolidated affiliates	(13,287,000)	(8,723,000)	(12,382,000)
Gain on disposition of properties of unconsolidated affiliates	(24,043,000)	(102,855,000)	0
Distributions of operating income from unconsolidated affiliates	12,291,000	9,579,000	9,829,000
Other, net	(6,618,000)	(4,147,000)	(4,771,000)
Changes in assets and liabilities
Cash in escrow	(6,168,000)	(686,000)	218,000
Rents receivable, net	(5,673,000)	(8,097,000)	997,000
Prepaid expenses and other assets	12,690,000	852,000	(22,524,000)
Accounts payable and accrued expenses	1,284,000	(4,016,000)	5,586,000
Other liabilities	5,354,000	3,099,000	(1,126,000)
Net cash provided by operating activities	113,598,000	82,519,000	65,233,000
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(344,476,000)	(250,353,000)	(220,041,000)
Redevelopment and property improvement costs	(164,315,000)	(140,118,000)	(106,883,000)
Deferred leasing costs	(8,207,000)	(3,914,000)	(4,617,000)
Investments in and advances to unconsolidated affiliates	(24,168,000)	(156,972,000)	(56,171,000)
Return of capital from unconsolidated affiliates	11,892,000	74,371,000	108,899,000
Proceeds from disposition of properties of unconsolidated affiliates	38,392,000	190,356,000	0
Consolidation of previously unconsolidated investment	0	0	1,864,000
Proceeds from notes receivable	15,984,000	18,095,000	29,583,000
Issuance of notes receivable	(48,500,000)	(31,169,000)	(45,050,000)
Proceeds from disposition of properties	168,895,000	31,188,000	204,537,000
Net cash used in investing activities	(354,503,000)	(268,516,000)	(87,879,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	(383,238,000)	(176,323,000)	(437,257,000)
Proceeds received on mortgage and other notes	507,659,000	284,303,000	572,443,000
Loan proceeds held as restricted cash	48,676,000	79,191,000	(109,795,000)
Purchase of convertible notes payable	(380,000)	0	(550,000)
Deferred financing and other costs	(4,376,000)	(3,672,000)	(11,741,000)
Capital contributions from noncontrolling interests	35,489,000	57,970,000	49,324,000
Distributions to noncontrolling interests	(84,610,000)	(221,330,000)	(88,975,000)
Dividends paid to Common Shareholders	(86,353,000)	(53,210,000)	(44,115,000)
Proceeds from issuance of Common Shares, net of issuance costs of $1,150, $2,112 and $1,645 respectively	63,234,000	357,459,000	80,688,000
Net cash provided by financing activities	96,101,000	324,388,000	10,022,000
(Decrease) increase in cash and cash equivalents	(144,804,000)	138,391,000	(12,624,000)
Cash and cash equivalents, beginning of period	217,580,000	79,189,000	91,813,000
Cash and cash equivalents, end of period	72,776,000	217,580,000	79,189,000
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $16,447, $12,650 and $9,193, respectively	47,960,000	46,542,000	41,543,000
Cash paid for income taxes, net of refunds received of $0, $2,045 and $0, respectively	2,038,000	(1,772,000)	301,000
Supplemental disclosure of non-cash investing activities
Acquisition of real estate through assumption of debt	91,885,000	29,794,000	0
Disposition of real estate through forgiveness of debt	0	(22,865,000)	0
Acquisition of real estate through issuance of OP Units	0	38,937,000	33,300,000
Investments in and advances to unconsolidated affiliates through issuance of OP Units	0	5,114,000	0
Acquisition of real estate through conversion of notes receivable	13,386,000	38,000,000	18,500,000
Acquisition of real estate through assumption of restricted cash	(28,912,000)	0	0
Disposition of air rights through issuance of notes receivable	(29,539,000)	0	0
Consolidation of previously unconsolidated investment
Real estate, net	0	0	(118,484,000)
Mortgage notes payable	0	0	166,200,000
Distributions in excess of income from, and investments in, unconsolidated affiliates	0	0	(10,298,000)
Other assets and liabilities	0	0	(1,605,000)
Noncontrolling interest	0	0	(33,949,000)
Consolidation of previously unconsolidated investment	$ 0	$ 0	$ 1,864,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Cash Flows [Abstract]
Cash paid for capitalized interest	$ 16,447	$ 12,650	$ 9,193
Refunds received	0	2,045	0
Payments of Stock Issuance Costs	$ 1,150	$ 2,112	$ 1,645

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Basis of Presentation and Summary of Significant Accounting Policies

Acadia Realty Trust (the "Trust") and subsidiaries (collectively, the "Company"), is a fully-integrated equity real estate investment trust ("REIT") focused on the ownership, acquisition, redevelopment, and management of high-quality retail properties located primarily in high-barrier-to-entry, supply-constrained, densely-populated metropolitan areas in the United States.

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, 2015, 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, 2015, the Company has ownership interests in 90 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 57 properties within its opportunity 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 147 Core Portfolio and Fund properties primarily consist of 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:



Entity	Formation Date	Operating Partnership Share of Capital		Fund Size		Capital Called as of December 31, 2015 (4)		Unfunded Commitment		Equity Interest Held By Operating Partnership		Preferred Return		Total Distributions as of December 31, 2015 (4)
Fund I and Mervyns I (1)	9/2001	22.22	%	$	90.0	$	86.6	$	—	37.78	%	9	%	$	194.5
Fund II and Mervyns II (2)	6/2004	20.00	%	300.0		300.0		47.1		20.00	%	8	%	131.6
Fund III (3)	5/2007	24.54	%	502.5		387.5		62.5		24.54	%	6	%	445.7
Fund IV	5/2012	23.12	%	540.6		179.4		361.2		23.12	%	6	%	101.9

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)	During 2015, the Company acquired an additional 4.6% interest in Fund III from a limited partner for $7.3 million, giving the Company an aggregate 24.54% interest.

(4) 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.

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. 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 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 in earnings or losses in accordance with ASC Topic 323, "Investments – Equity Method and Joint Ventures."

The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment, is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the years ended December 31, 2015, 2014 and 2013, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 and Real Estate Under Development

Real estate assets are stated at cost less accumulated depreciation. Real estate under development 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, 2015, as a result of the loss of a key anchor tenant, one of the properties in the Company's Brandywine Portfolio, in which an unaffiliated third party has a 77.78% noncontrolling interest, did not generate sufficient cash flow to meet the full debt service requirements leading to a default on the mortgage loan. Management performed an analysis and determined that the carrying amount of this property was not recoverable. Accordingly, the Company recorded an impairment charge of $5.0 million, which is included in the statement of income for the year ended December 31, 2015. The Operating Partnership's share of this charge, net of the noncontrolling interest, was $1.1 million. The property is collateral for $26.3 million of non-recourse mortgage debt which matures July 1, 2016. During the year ended December 31, 2013, the Company determined that the values of the Walnut Hill Plaza and Fund III's Sheepshead Bay property were impaired. Accordingly, impairment charges of $1.5 million and $6.7 million, respectively were recorded. The Operating Partnership's share of the impairment charge related to Sheepshead Bay was $1.3 million. During the year ended December 31, 2014, 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, 2015.

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.

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 as a component of interest expense 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, 2015 and 2014, unbilled rents receivable relating to the straight-lining of rents of $31.3 million and $28.0 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.

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, 2015 and 2014 are shown net of an allowance for doubtful accounts of $7.5 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 using 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 2014, the Company recognized income of $2.7 million as a result of collections on notes that previously had reserves.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

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 limits insured 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.

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.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Recent Accounting Pronouncements

During September 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-16, "Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 requires an entity to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined as if the accounting had been completed at the acquisition date. ASU 2015-16 also requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for periods beginning after December 15, 2015, with early adoption permitted and shall be applied prospectively. ASU 2015-16 was adopted by the Company and did not have a material impact on the Company's consolidated financial statements.

During August 2015, the FASB issued ASU No. 2015-14, "Revenues from Contracts with Customers - Deferral of the Effective Date." ASU 2015-14 defers the effective date of ASU No. 2014-09 "Revenues from Contracts with Customers" from annual reporting periods beginning after December 15, 2016 to annual reporting periods beginning after December 15, 2017. Early adoption of ASU 2014-09 is permitted only for annual reporting periods beginning after December 15, 2016. The Company is in the process of evaluating the impact the adoption of ASU 2014-09 will have on the consolidated financial statements.

During April 2015, the FASB issued ASU No. 2015-05, "Intangibles - Goodwill and Other - Internal-Use Software." ASU 2015-05 provides guidance to help an entity evaluate the accounting for fees paid in a cloud computing arrangement. ASU 2015-05 is effective for periods beginning after December 15, 2015, with early adoption permitted and may be applied either prospectively or retrospectively. ASU 2015-05 is not expected to have a material impact on the Company's consolidated financial statements.

During April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. During August 2015, the FASB issued ASU No. 2015-15 which clarifies that under ASU 2015-03, the SEC staff would not object to an entity deferring and presenting debt issuance costs relating to line-of-credit arrangements as assets. The Company adopted ASU 2015-15 and ASU 2015-03 during 2015, resulting in the reclassification of $11.7 million and $11.9 million from deferred charges, net to mortgages and other notes payable, net as of December 31, 2015 and 2014, respectively. There was no effect on the results of operations for any period presented.

During February 2015, the FASB issued ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis." ASU 2015-02 (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIE’s"), (ii) eliminates the presumption that a general partner should consolidate a limited partnership and (iii) affects the consolidation analysis of reporting entities that are involved with VIE’s, particularly those with fee arrangements and related party relationships. ASU 2015-02 is effective for periods beginning after December 15, 2015, with early adoption permitted. ASU 2015-02 is not expected to have a material impact on the Company's consolidated financial statements.

During January 2015, the FASB issued 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 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 consolidated financial statements.

ACQUISITON AND DISPOSTION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE

12 Months Ended

Dec. 31, 2015

Acquisition and Disposition of Properties and Discontinued Operations [Abstract]

Acquisition and Disposition of Properties 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 2015, the Company acquired the following properties through its Core Portfolio and Funds as follows:

Core Portfolio



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Debt Assumption		Location
City Center	205,000	100	%	Urban Retail Center	March	$	155.0	$	—	San Francisco, CA
163 Highland Avenue	40,500	100	%	Suburban Shopping Center	March	24.0		9.8		Needham, MA
Route 202 Shopping Center (1)	20,000	100	%	Suburban Shopping Center	April	5.6		—		Wilmington, DE
Roosevelt Galleria	40,300	100	%	Urban Retail Center	September	19.6		—		Chicago, IL
Total	305,800					$	204.2	$	9.8

Note:

(1) Purchase price represents the 77.78% interest acquired from an unaffiliated third party.

The Company expensed $1.3 million of acquisition costs for the year ended December 31, 2015 related to the Core Portfolio.

Fund II



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Debt Assumption		Location
City Point - Tower I (1)	—	95	%	Urban Development	May	$	100.8	$	81.0	Brooklyn, NY
Total	—					$	100.8	$	81.0

Note:

(1) Fund II previously held a 52% interest in this unconsolidated affiliate. In connection with the disposition of Phase III of this project discussed below, Fund II acquired an additional 43% interest in Tower I of this development project, which is accounted for as an asset acquisition. In total, Fund II now owns 95% of this investment, which is a residential project anticipated to include 250 residential units.

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



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Debt Assumption		Location
1035 Third Avenue (1)	53,294	100	%	Street Retail	January	$	51.0	$	—	New York, NY
801 Madison Avenue	6,375	100	%	Street Retail	April	33.0		—		New York, NY
650 Bald Hill Road	225,000	90	%	Suburban Shopping Center	October	9.2		—		Warwick, RI
2208-2216 Fillmore Street	7,375	90	%	Street Retail	October	8.6		—		San Francisco, CA
146 Geary Street	12,400	100	%	Street Retail	November	38.0		—		San Francisco, CA
2207 Fillmore Street	3,870	90	%	Street Retail	November	2.8		1.1		San Francisco, CA
1861 Union Street	4,275	90	%	Street Retail	December	3.5		—		San Francisco, CA
Total	312,589					$	146.1	$	1.1

Note:

(1) GLA includes a portion of office space and a below-grade operator controlled parking garage.

The Company expensed $3.5 million of acquisition costs for the year ended December 31, 2015 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 2015:



(dollars in thousands)	Preliminary Purchase Price Allocation
Land	$	83,890
Buildings and improvements	258,926
Above and below market debt assumed (included in Mortgages and other notes payable, net)	(10,885		)
Total Consideration	$	331,931

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 2014, 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 2015, 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, 2014, and the finalized allocation of the purchase price as adjusted as of December 31, 2015:



(dollars in thousands)	Preliminary Purchase Price Allocation			Adjustments			Finalized Purchase Price Allocation
Land	$	149,609		$	(12,489	)	$	137,120
Buildings and improvements	418,720			(5,705		)	413,015
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—			41,812			41,812
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(6,434		)	(22,630		)	(29,064		)
Above and below market debt assumed (included in Mortgages and other notes payable)	(2,100		)	(988		)	(3,088		)
Total Consideration	$	559,795		$	—		$	559,795

Dispositions

During 2015, the Company disposed of the following properties:



(dollars in thousands)
Dispositions	GLA	Sale Price		Gain on Sale		Month Sold	Owner
Lincoln Park Centre	61,761	$	64,000	$	27,143	January	Fund III
White City Shopping Center (1)	249,549	96,750		17,105		April	Fund III
City Point - Air Rights (2)	—	115,600		49,884		May	Fund II
Liberty Avenue	26,117	24,000		11,957		May	Fund II
Parkway Crossing (1)	260,241	27,275		6,938		July	Fund III
Kroger-Safeway (3)	97,500	278		79		August	Fund I
Total	695,168	$	327,903	$	113,106

Notes:

(1) Fund III's White City Shopping Center and Parkway Crossing were unconsolidated and as such, the Company's share of gains related to these sales is included in gain on disposition of properties of unconsolidated affiliates in the 2015 Consolidated Statement of Income.

(2) Represents the disposition of air rights at Phase III of Fund II's City Point project.

(3) During August 2015, Fund I terminated its ground lease interest at two of the three remaining properties in the portfolio and sold its ground lease interest in the third location.

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 results of operations of discontinued operations are reflected as a separate component within the accompanying consolidated Consolidated Statements of Income for the years ended December 31, 2014 and 2013. There were no assets or liabilities classified as discontinued operations as of December 31, 2015.

The combined results of operations of the properties classified as discontinued operations for the years ended December 31, 2014 and 2013, are summarized as follows:



(dollars in thousands)	Years ended December 31,
STATEMENTS OF INCOME	2014			2013
Total revenues	$	—		$	20,920
Total expenses	—			14,102
Operating income	—			6,818
Impairment of assets	—			(6,683		)
Loss on debt extinguishment	—			(800		)
Gain on disposition of properties	1,222			18,802
Income from discontinued operations	1,222			18,137
Income from discontinued operations attributable to noncontrolling interests	(1,023		)	(12,048		)
Income from discontinued operations attributable to Common Shareholders	$	199		$	6,089

C. Properties Held For Sale

At December 31, 2015, the Company had no properties classified as held for sale.

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Segment Reporting

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Investments in the Core Portfolio are typically held long-term. Given the contemplated finite life of the Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements. The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2015, 2014 and 2013:

2015



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	150,015		$	49,048		$	18,199	$	217,262
Property operating expenses, other operating and real estate taxes	(37,259		)	(21,223		)	—		(58,482		)
General and administrative expenses	(28,600		)	(1,768		)	—		(30,368		)
Depreciation and amortization	(46,223		)	(14,528		)	—		(60,751		)
Impairment of asset	(5,000		)	—			—		(5,000		)
Operating income	32,933			11,529			18,199		62,661
Equity in earnings of unconsolidated affiliates	1,169			12,118			—		13,287
Gain on disposition of properties of unconsolidated affiliates	—			24,043			—		24,043
Loss on debt extinguishment	—			(135		)	—		(135		)
Interest and other finance expense	(27,945		)	(9,217		)	—		(37,162		)
Gain on disposition of property	—			89,063			—		89,063
Income tax provision	(604		)	(1,183		)	—		(1,787		)
Net income	5,553			126,218			18,199		149,970
Noncontrolling interests
Income from continuing operations	(140		)	(84,122		)	—		(84,262		)
Net income attributable to noncontrolling interests	(140		)	(84,122		)	—		(84,262		)
Net income attributable to Common Shareholders	$	5,413		$	42,096		$	18,199	$	65,708

Real estate at cost	$	1,572,681		$	1,163,602		$	—	$	2,736,283
Total assets	$	1,662,092		$	1,223,039		$	147,188	$	3,032,319
Acquisition of real estate	$	188,835		$	155,641		$	—	$	344,476
Redevelopment and property improvement costs	$	16,505		$	147,810		$	—	$	164,315

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2014



(dollars in thousands)	Core Portfolio			Funds			Structured Financing			Total
Revenues	$	125,022		$	54,659		$	15,331		$	195,012
Property operating expenses, other operating and real estate taxes	(33,097		)	(18,574		)	—			(51,671		)
General and administrative expenses	(24,853		)	(1,665		)	(915		)	(27,433		)
Depreciation and amortization	(35,875		)	(13,770		)	—			(49,645		)
Operating income	31,197			20,650			14,416			66,263
Equity in (losses) earnings of unconsolidated affiliates	(77		)	8,800			—			8,723
Gain on disposition of properties of unconsolidated affiliates	—			102,855			—			102,855
Loss on debt extinguishment	(3		)	(332		)	—			(335		)
Interest and other finance expense	(27,021		)	(12,070		)	—			(39,091		)
Gain on disposition of property	12,577			561			—			13,138
Income tax provision	(176		)	(453		)	—			(629		)
Income from continuing operations	16,497			120,011			14,416			150,924
Discontinued operations
Gain on disposition of properties	—			1,222			—			1,222
Income from discontinued operations	—			1,222			—			1,222
Net income	16,497			121,233			14,416			152,146
Noncontrolling interests
Income from continuing operations	(3,213		)	(76,846		)	—			(80,059		)
Income from discontinued operations	(9		)	(1,014		)	—			(1,023		)
Net income attributable to noncontrolling interests	(3,222		)	(77,860		)	—			(81,082		)
Net income attributable to Common Shareholders	$	13,275		$	43,373		$	14,416		$	71,064

Real estate at cost	$	1,366,017		$	842,578		$	—		$	2,208,595
Total assets	$	1,613,290		$	1,005,145		$	102,286		$	2,720,721
Acquisition of real estate	$	203,103		$	47,250		$	—		$	250,353
Redevelopment and property improvement costs	$	5,432		$	134,686		$	—		$	140,118

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

3. Segment Reporting, continued

2013



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	110,355		$	46,131		$	11,800	$	168,286
Property operating expenses, other operating and real estate taxes	(29,040		)	(17,513		)	—		(46,553		)
General and administrative expenses	(24,387		)	(1,168		)	—		(25,555		)
Depreciation and amortization	(28,989		)	(11,310		)	—		(40,299		)
Impairment of asset	(1,500		)	—			—		(1,500		)
Operating income	26,439			16,140			11,800		54,379
Equity in (losses) earnings of unconsolidated affiliates	(99		)	12,481			—		12,382
Loss on debt extinguishment	(309		)	(456		)	—		(765		)
Interest and other finance expense	(26,158		)	(13,316		)	—		(39,474		)
Income tax benefit (provision)	131			(150		)	—		(19		)
Income from continuing operations	4			14,699			11,800		26,503
Discontinued operations
Operating income from discontinued operations	535			6,283			—		6,818
Impairment of asset	—			(6,683		)	—		(6,683		)
Loss on debt extinguishment	(145		)	(655		)	—		(800		)
Gain on disposition of properties	6,488			12,314			—		18,802
Income from discontinued operations	6,878			11,259			—		18,137
Net income	6,882			25,958			11,800		44,640
Noncontrolling interests
(Income) loss from continuing operations	(1,002		)	8,525			—		7,523
Income from discontinued operations	(2,406		)	(9,642		)	—		(12,048		)
Net income attributable to noncontrolling interests	(3,408		)	(1,117		)	—		(4,525		)
Net income attributable to Common Shareholders	$	3,474		$	24,841		$	11,800	$	40,115

Real estate at cost	$	1,059,257		$	759,796		$	—	$	1,819,053
Total assets	$	1,012,553		$	1,105,264		$	126,706	$	2,244,523
Acquisition of real estate	$	143,616		$	76,425		$	—	$	220,041
Redevelopment and property improvement costs	$	10,611		$	96,272		$	—	$	106,883

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=51669610&loc=d3e8906-108599

+ Details

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

12 Months Ended

Dec. 31, 2015

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"), and a 88.43% tenancy-in-common interest in an 87,000 square foot retail property located in Chicago, Illinois. 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.

During 2015, the Company acquired the remaining 77.78% outstanding interest of an approximately 20,000 square foot retail property located in Wilmington, Delaware ("Route 202 Shopping Center") that was previously accounted for under the equity method from an unaffiliated partner. As a result of the transaction, the Company now consolidates this investment.

Funds

Fund Investments

During 2015, Fund II acquired an additional 43% interest in City Point - Tower I that was previously accounted for under the equity method from an unaffiliated partner (Note 2). As a result of the transaction, the Company now consolidates this investment.

During 2015, Fund III's Parkway Crossing was sold for $27.3 million. Fund III's $6.9 million share of the gain was recognized in gain on disposition of properties of unaffiliated affiliates within the Consolidated Statements of Income.

During 2015, Fund IV, entered into a joint venture with an unaffiliated entity, to acquire and redevelop a property located in Warwick, Rhode Island ("650 Bald Hill Road") for $8.3 million.

The unaffiliated partners in Fund II's tenancy in common in City Point Phase III, Fund III's investments in Arundel Plaza as well as Fund IV's investments in 1701 Belmont Avenue, 2819 Kennedy Boulevard, Promenade at Manassas, Eden Square, the Broughton Street Portfolio and 650 Bald Hill Road 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

Funds I and II, 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, 2015, the Acadia Investors have made investments in Mervyns Department Stores ("Mervyns") and Albertsons including additional investments in locations that are separate from these original investments ("Add-On Investments"). Additionally, they have invested in Shopko, Marsh and Rex Stores Corporation (collectively "Other RCP Investments"). The Company accounts for its investments in Mervyns and Albertsons on the equity method as it has the ability to exercise significant influence, but does not have any rights with respect to financial or operating control. The Company accounts for its investments in its Add-On Investments and Other RCP Investments on the cost method as it does not have any influence over such entities' operating and financial policies nor any rights with respect to the control and operation of these entities. During the year ended December 31, 2015, the Company received distributions from its RCP Venture of $5.9 million, of which the Operating Partnership's aggregate share was $1.2 million.

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, 2015:



						Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	48,547	$	4,901	$	11,801
Mervyns Add-On investments	2005/2008	7,547		9,272		1,252		2,017
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		4,864		388		972
Shopko	2006	1,110		3,358		222		672
Marsh and Add-On investments	2006/2008	2,667		2,941		533		588
Rex Stores	2007	2,701		4,927		535		986
Total		$	63,216	$	155,503	$	12,070	$	33,354

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



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

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Investments In and Advances to Unconsolidated Affiliates, continued

Summary of Investments in Unconsolidated Affiliates

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



(dollars in thousands)	December 31, 2015			December 31, 2014
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	302,976		$	387,739
Real estate under development	35,743			60,476
Investment in unconsolidated affiliates	6,853			11,154
Other assets	47,083			62,862
Total assets	$	392,655		$	522,231
Liabilities and partners’ equity:
Mortgage notes payable	$	192,684		$	315,897
Other liabilities	21,945			66,116
Partners’ equity	178,026			140,218
Total liabilities and partners’ equity	$	392,655		$	522,231
Company’s investment in and advances to unconsolidated affiliates	$	173,277		$	184,352
Company's share of distributions in excess of income and investments in unconsolidated affiliates	$	(13,244	)	$	(12,564	)

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

4. Investments In and Advances to Unconsolidated Affiliates, continued



	Years Ended December 31,
(dollars in thousands)	2015			2014			2013
Combined and Condensed Statements of Income
Total revenues	$	43,990		$	44,422		$	51,638
Operating and other expenses	(13,721		)	(17,069		)	(18,700		)
Interest expense	(9,178		)	(9,363		)	(8,943		)
Equity in earnings (losses) of unconsolidated affiliates	66,655			(328		)	13,651
Depreciation and amortization	(12,154		)	(10,967		)	(10,599		)
Loss on debt extinguishment	—			(187		)	—
Gain on disposition of properties	32,623			142,615			—
Net income	$	108,215		$	149,123		$	27,047

Company’s share of net income	$	37,722		$	111,970		$	12,774
Amortization of excess investment	(392		)	(392		)	(392		)
Company’s equity in earnings of unconsolidated affiliates	$	37,330		$	111,578		$	12,382

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

12 Months Ended

Dec. 31, 2015

Mortgage Loans on Real Estate [Abstract]

Notes Receivable, Preferred Equity and Other Real Estate Related Investments

During 2015, the Company made total investments in notes receivable and preferred equity investments of $48.5 million and had total collections of $16.0 million.

The following table reconciles notes receivable investments from January 1, 2013 to December 31, 2015:



	For the years ended December 31,
(dollars in thousands)	2015			2014			2013
Beginning Balance	$	102,286		$	126,656		$	129,278
Additions during period:
New investments	48,500			31,169			45,000
Disposition of air rights through issuance of notes	29,539			—			—
Deductions during period:
Collections of principal	(15,984		)	(18,095		)	(29,583		)
Conversion to real estate through receipt of deed or through foreclosure	(13,386		)	(38,000		)	(18,500		)
Other	(3,767		)	556			461
Ending Balance	$	147,188		$	102,286		$	126,656

As of December 31, 2015, the Company’s notes receivable, net, approximated $147.2 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, 2015:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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



Description	Notes	Effective interest rate (1)	First Priority Liens		Net Carrying Amount of Notes Receivable as of December 31, 2015		Net Carrying Amount of Notes Receivable as of December 31, 2014		Maturity Date	Extension Options
(dollars in thousands)
Mezzanine Loan	(2)	12.7%	$	18,900	$	—	$	8,000	10/3/2015
First Mortgage Loan		8.8%	—		7,500		7,500		11/1/2016
Zero Coupon Loan	(3) (4)	24.0%	166,200		—		4,986		1/3/2016
First Mortgage Loan		5.5%	—		4,000		4,000		4/1/2016	1 x 6 Months
First Mortgage Loan	(5)	6.0%	—		15,000		—		5/1/2016	1 x 12 Months
Preferred Equity		13.5%	—		4,000		4,000		5/9/2016
Other	(6)	17.0%	—		—		—		6/1/2016
Other	(7)	18.0%	—		3,907		3,307		7/1/2017
Preferred Equity		8.1%	20,855		13,000		13,000		9/1/2017
First Mortgage Loan	(8)	LIBOR + 7.1%	—		26,000		—		6/25/2018	1 x 12 Months
Zero Coupon Loan	(3) (9)	2.5%	—		30,234		—		5/31/2020
Mezzanine Loan		15.0%	—		30,879		30,879		11/9/2020
Other		LIBOR + 2.5%	—		—		4,000		12/30/2020
Mezzanine Loan	(10)	10.0%	87,477		—		7,983		Demand
First Mortgage Loan	(11)	7.7%	—		12,000		12,000		Demand
Individually less than 3%	(12) (13) (14)	2.5% to 11.6%	—		668		2,631		12/31/2016
Total					$	147,188	$	102,286

Notes:

(1) Includes origination and exit fees

(2) During July 2015, the Company received repayment in full of this $8.0 million note.

(3) The principal balances for these accrual-only loans are increased by the interest accrued.

(4) During April 2015, the Company converted a $5.6 million loan into an equity interest in the Route 202 Shopping Center (Note 2).

(5) During May 2015, the Company made a $15.0 million loan, which is collateralized by a property, bears interest at 6.0% and matures May 1, 2016.

(6) During June 2015, the Company made a $6.5 million loan, which bore interest at 17.0% and was scheduled to mature June 1, 2016. During October 2015, this loan was converted into an equity interest in 650 Bald Hill Road (Note 2).

(7) During 2015, the Company advanced an additional $0.6 million on this loan collateralized by a property.

(8) During June 2015, the Company made a $26.0 million loan, which is collateralized by a property.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(9) During June 2015, the Company made a $29.8 million loan in connection with the disposition of City Point's Phase III (Note 2), which is collateralized by the purchaser's interest in the property.

(10) Comprised of three cross-collateralized loans from one borrower, which were non-performing. During July 2015, the Company received repayment of these notes in full as well as all accrued interest and default interest and additional penalties.

(11) Loan was non-performing as of December 31, 2015. Based on the value of the underlying collateral, no reserve has been established against this loan.

(12) Consists of one loan as of December 31, 2015 and three loans as of December 31, 2014.

(13) During February 2015, the Company advanced an additional $0.4 million on this loan collateralized by a property.

(14) During June 2015, the Company converted a $1.9 million loan into an equity interest in the remaining 10% of 152-154 Spring Street.

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, the personal guarantees of the borrower and the prospects of the borrower. As of December 31, 2015, the Company held one non-performing note.

The following table reconciles the activity in the allowance for notes receivable from December 31, 2013 to December 31, 2015:



	Allowance for
(dollars in thousands)	Notes Receivable
Balance at December 31, 2013	$	3,681
Additional reserves	—
Recoveries	(2,724		)
Charge-offs and reclassifications	(957		)
Balance at December 31, 2014	$	—
Additional reserves	—
Recoveries	—
Charge-offs and reclassifications	—
Balance at December 31, 2015	$	—

MORTGAGES AND OTHER NOTES PAYABLE

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Mortgages and Other Notes Payable

Mortgage and Other Notes Payable

At December 31, 2015 and 2014, mortgage and other notes payable, excluding the net valuation premium on the assumption of debt and unamortized loan costs, aggregated $1,369.0 million and $1,127.5 million respectively, and were collateralized by 39 and 40 properties, respectively and the related tenant leases. Interest rates on the Company’s outstanding mortgage indebtedness ranged from 1.0% to 6.65% with maturities that ranged from February 2016 to October 2025. 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, 2015:



(dollars in thousands)			Borrowings				Repayments
Property	Date	Description	Amount		Interest Rate	Maturity Date	Amount		Interest Rate
1035 Third Avenue	January	New Borrowing	$	42,000	LIBOR+2.35%	1/27/2021	$	—
Lincoln Park Centre	January	Repayment	—				28,000		LIBOR+1.45%
163 Highland Avenue	March	Assumption	9,765		4.66%	2/1/2024	—
Broughton Street Portfolio (1)	May	New Borrowing	20,000		LIBOR+3.00%	5/5/2016	—
City Point	June	Assumption	19,000		1.25%	12/23/2016	—
City Point	June	Assumption	62,000		SIFMA+1.60%	12/23/2016	—
City Point	June	Repayment	—				20,650		LIBOR+4.00%
17 E. 71st Street	June	New Borrowing	19,000		LIBOR+1.90%	6/9/2020	—
Crescent Plaza	June	Repayment	—				16,326		4.98%
Pacesetter Park Shopping Center	September	Repayment	—				11,152		5.13%
Elmwood Park Shopping Center	October	Repayment	—			1/1/2016	31,723		5.53%
210 Bowery	October	Refinancing	4,600		LIBOR+2.75%	10/15/2017	4,600		LIBOR+1.95%
2207 Filmore	November	Assumption	1,120		4.50%	10/31/2025	—
Gateway Shopping Center	December	Repayment	—			3/1/2016	19,117		5.44%
Total			$	177,485			$	131,568

Note:

(1) This loan is collateralized by properties in an unconsolidated joint venture. Fund IV has fully indemnified the unaffiliated joint venture partner and as such, this loan is included as consolidated debt.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

The Company completed the following transactions related to its other notes payable during the year ended December 31, 2015:

During May 2015, Fund II closed on a $25.0 million unsecured credit facility. At closing, Fund II drew $12.5 million. The facility bears interest at LIBOR plus 275 basis points and bears an unused fee of 275 basis points if the unused amount is greater than $12.5 million. The loan matures October 19, 2016. Along with a guarantee with respect to customary non-recourse carve outs, the Operating Partnership, as the managing member of Fund II, has provided a guarantee of principal, interest and fees upon a default as a result of Fund II’s breach of certain specified financial covenants.

During March 2015, Fund IV closed on a $50.0 million unsecured credit facility. The current balance outstanding at December 31, 2015 is $34.5 million. The facility bears interest at LIBOR plus 275 basis points, bears an unused fee of 100 basis points if the unused amount is less than $20.0 million and an unused fee of 275 basis points if the unused amount is greater than $20.0 million. The loan matures February 9, 2017 with one 6-month extension option. Along with a guarantee with respect to customary non-recourse carve outs, the Operating Partnership, as the managing member of Fund IV, has provided a guarantee of principal, interest and fees upon a default as a result of Fund IV’s breach of certain specified financial covenants.

During July 2015, the Company closed on a $50.0 million unsecured term loan. The note bears interest at LIBOR plus 130 basis points and matures in July 2, 2020.

During December 2015, the Company closed on a $50.0 million unsecured term loan. The note bears interest at LIBOR plus 160 basis points and matures December 18, 2022.

During 2015, the Company redeemed the remaining $0.4 million of its outstanding convertible notes at par value.

The following table sets forth certain information pertaining to our secured and unsecured credit facilities as of December 31, 2015:



(dollars in thousands) Borrower	Total Amount of Credit Facility		Amount borrowed as of December 31, 2014		Net borrowings (repayments) during the year ended December 31, 2015		Amount borrowed as of December 31, 2015		Letters of Credit		Amount available under credit facilities as of December 31, 2015
Unsecured Line (1)	$	150,000	$	—	$	20,800	$	20,800	$	17,500	$	111,700
Term Loan	50,000		50,000		—		50,000		—		—
Term Loan	50,000		—		50,000		50,000		—		—
Term Loan	50,000		—		50,000		50,000		—		—
Fund II Line	25,000		—		12,500		12,500		—		12,500
Fund IV Revolving Loan	50,000		—		34,500		34,500		—		15,500
Fund IV revolving subscription line (2)	150,000		77,100		14,810		91,910		—		58,090
Total	$	525,000	$	127,100	$	182,610	$	309,710	$	17,500	$	197,790

Notes:

(1) This is an unsecured revolving credit facility.

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

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, 2015 and December 31, 2014:

(dollars in thousands)

Description of Debt and Collateral

12/31/2015

12/31/2014

Interest Rate at December 31, 2015

Maturity

Payment
Terms

Variable

Liberty Avenue

—

8,973

LIBOR+2.75%

4/30/2015

Monthly principal and interest

City Point

—

20,650

LIBOR+4.00%

8/12/2015

Interest only monthly

Cortlandt Towne Center (1)

83,070

83,936

LIBOR+1.65%

10/26/2015

Monthly principal and interest

Nostrand Avenue

11,527

12,046

LIBOR+2.65%

2/1/2016

Monthly principal and interest

Heritage Shops

24,500

LIBOR+1.55%

2/28/2016

Interest only monthly

Broughton Street Portfolio

20,000

—

LIBOR+3.00%

5/5/2016

Interest only monthly

640 Broadway

22,109

22,564

LIBOR+2.95%

7/1/2016

Monthly principal and interest

City Point

20,000

LIBOR+1.70%

8/23/2016

Interest only monthly

City Point

62,000

—

SIFMA+1.60%

12/1/2016

Interest only monthly

Lincoln Park Centre

—

28,000

LIBOR+1.45%

12/3/2016

Interest only monthly

654 Broadway

8,835

9,000

LIBOR+1.88%

3/1/2017

Monthly principal and interest

New Hyde Park Shopping Center

11,240

11,720

LIBOR+1.85%

5/1/2017

Monthly principal and interest

938 W. North Avenue

12,500

LIBOR+2.35%

5/1/2017

Interest only monthly

1151 Third Avenue

12,481

LIBOR+1.75%

6/3/2017

Interest only monthly

210 Bowery

4,600

LIBOR+2.12%

10/15/2017

Interest only monthly

161st Street

29,500

LIBOR+2.50%

4/1/2018

Interest only monthly

664 North Michigan Avenue

43,107

44,369

LIBOR+1.65%

6/28/2018

Monthly principal and interest

Paramus Plaza

13,339

12,600

LIBOR+1.70%

2/20/2019

Interest only monthly

Lake Montclair

14,904

15,284

LIBOR+2.15%

5/1/2019

Monthly principal and interest

17 E. 71st Street

19,000

—

LIBOR+1.90%

6/9/2020

Interest only monthly

1035 Third Avenue

42,000

—

LIBOR+2.29%

1/27/2021

Interest only monthly

City Point

19,984

20,000

LIBOR+1.39%

11/1/2021

Interest only monthly

3104 M Street

2,999

103

Prime+0.50%

12/10/2021

Interest only monthly

4401 White Plains Road

6,015

6,141

LIBOR+1.90%

9/1/2022

Monthly principal and interest

28 Jericho Turnpike

15,315

15,747

LIBOR+1.90%

1/23/2023

Monthly principal and interest

60 Orange Street

8,006

8,236

LIBOR+1.75%

4/3/2023

Monthly principal and interest

Sub-total mortgage notes payable

507,031

422,950

Unsecured Debt

Fund IV revolving subscription line

91,910

77,100

LIBOR+1.65%

11/20/2015

Interest only monthly

Fund II Line

12,500

—

LIBOR+2.75%

10/9/2016

Interest only monthly

Fund IV Term Loan

34,500

—

LIBOR+2.75%

2/9/2017

Interest only monthly

Unsecured Line

20,800

—

LIBOR+1.40%

1/31/2018

Interest only monthly

Term Loan

50,000

LIBOR+1.30%

11/25/2019

Interest only monthly

Term Loan

50,000

—

LIBOR+1.40%

7/2/2020

Interest only monthly

Term Loan

50,000

—

LIBOR+1.60%

12/18/2020

Interest only monthly

Sub-total unsecured debt

309,710

127,100

Interest rate swaps (3)

(256,491

)

(223,829

)

Total variable-rate debt, net of swaps

560,250

326,221

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued



(dollars in thousands)
Description of Debt and Collateral	12/31/2015			12/31/2014			Interest Rate at December 31, 2015		Maturity	Payment Terms
Mortgage notes payable – fixed-rate
Crescent Plaza	—			16,455			4.98	%	9/6/2015	Monthly principal and interest
Pacesetter Park Shopping Center	—			11,307			5.13	%	11/6/2015	Monthly principal and interest
Elmwood Park Shopping Center	—			32,201			5.53	%	1/1/2016	Monthly principal and interest
Chicago Street Retail Portfolio (1)	14,955			15,265			5.61	%	2/1/2016	Monthly principal and interest
The Gateway Shopping Center	—			19,440			5.44	%	3/1/2016	Monthly principal and interest
330-340 River Street	10,421			10,668			5.24	%	5/1/2016	Monthly principal and interest
Brandywine (2)	166,200			166,200			6.00	%	7/1/2016	Interest only monthly
Rhode Island Place Shopping Center	15,727			15,975			6.35	%	12/1/2016	Monthly principal and interest
City Point	19,000			—			1.25	%	12/1/2016	Interest only monthly
Convertible Note	—			380			3.75	%	12/15/2016	Interest only monthly
239 Greenwich Avenue	26,000			26,000			5.42	%	2/11/2017	Interest only monthly
639 West Diversey	4,142			4,245			6.65	%	3/1/2017	Monthly principal and interest
Merrillville Plaza	25,150			25,504			5.88	%	8/1/2017	Monthly principal and interest
Bedford Green	29,151			29,586			5.10	%	9/5/2017	Monthly principal and interest
216th Street	25,500			—			5.80	%	10/1/2017	Interest only monthly
City Point	5,262			5,262			1.00	%	8/23/2019	Interest only monthly
City Point	200,000			199,000			4.75	%	5/29/2020	Interest only monthly
163 Highland Avenue	9,595			—			4.66	%	2/1/2024	Monthly principal and interest
2207 Filmore Street	1,120			—			4.50	%	10/31/2025	Interest only monthly
Interest rate swaps (3)	256,491			223,829			2.15	%
Total fixed-rate debt	808,714			801,317
Unamortized loan costs	(11,722		)	(11,879		)
Unamortized premium	1,364			2,943
Total	$	1,358,606		$	1,118,602

Notes:


(1)	Loan was repaid subsequent to December 31, 2015.


(2)	Comprised of four loans, one of which was in default as of December 31, 2015.


(3)	Represents the amount of the Company's variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 11).

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

8. Mortgage and Other Notes Payable, continued

The scheduled principal repayments of all indebtedness, as of December 31, 2015 are as follows (excludes $1.4 million net valuation premium on assumption of debt and ($11.7 million) of unamortized loan costs):



(dollars in thousands)
2016	$	578,450
2017	195,541
2018	92,904
2019	83,621
2020	270,105
Thereafter	148,343
	$	1,368,964

CONVERTIBLE NOTES PAYABLE	12 Months Ended
CONVERTIBLE NOTES PAYABLE	Dec. 31, 2015
Debt Disclosure [Abstract]
Convertible Notes Payable	Convertible Notes Payable As of December 31, 2015, all $115.0 million of the convertible notes issued by the Company in December 2006 and January 2007 with a fixed interest rate of 3.75% due 2026 (the "Convertible Notes") have been repurchased, including $0.4 million repurchased during 2015. 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 were unsecured, unsubordinated obligations and ranked 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.

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2015

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

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

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2015:



(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Derivative financial instruments	$	—	$	818	$	—
Liabilities
Derivative financial instruments	$	—	$	5,876	$	—

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 discounted future cash flows and applying a market-specific capitalization rate to the property's net operating income. 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 was less than the carrying cost, the Company recorded an impairment loss of $6.7 million (Note 1).

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

10. Financial Instruments and Fair Value Measurements, continued

During the year ended December 31, 2015, the Company determined that the value of one of the properties in its Brandywine Portfolio was impaired and recorded an impairment loss of $5.0 million (Note 1). The Company estimated the fair value by using discounted future cash flows and applying a market-specific capitalization rate to the property's net operating income. The inputs used to determine this fair value are classified within Level 3 of the hierarchy.

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, 2015, the Company’s derivative financial instruments consisted of 15 interest rate LIBOR swaps with an aggregate notional value of $256.5 million, which fix interest at rates from 0.70% to 5.62%, and mature between May 2015 and March 2025. The Company also has one derivative financial instruments with a notional value of $29.5 million which caps the interest rate at 4.0% and matures April 2018. The fair value of the Company's derivative financial instruments are determined based on third-party pricing and pricing models utilizing observable inputs. The Company considers the credit worthiness of the counter party, as well as its own credit worthiness in determining fair value. No credit-related adjustments have been made in determining fair value. Certain derivative financial instruments have negative values, and therefore represent liabilities to the Company, and others have positive values, and therefore represent assets to the Company. The fair value of the derivative liabilities, which is included in other liabilities in the Consolidated Balance Sheets, totaled $5.9 million and $4.6 million at December 31, 2015 and 2014, respectively. The fair value of the derivative assets, included in prepaid expenses and other assets in the Consolidated Balance Sheets, totaled $0.8 million and $0.2 million at December 31, 2015 and 2014, respectively. The notional value does not represent exposure to credit, interest rate or market risks. The Company is also a party to one forward starting interest rate swap transaction 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 values reflected above. As of December 31, 2015 and 2014, unrealized losses totaling $4.5 million and $4.0 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 2016 results of operations.

As of December 31, 2015 and 2014, 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, 2015, 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:



	December 31, 2015				December 31, 2014
(dollars in thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable and Preferred Equity Investments	$	147,188	$	147,188	$	102,286	$	102,286
Mortgage, Convertible Notes and Other Notes Payable	$	1,358,606	$	1,382,318	$	1,118,602	$	1,141,371

- Definition

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

+ References + Details

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

12 Months Ended

Dec. 31, 2015

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

Shareholders' Equity and Noncontrolling Interests

Shareholders’ Equity and Noncontrolling Interests

Common Shares

During 2015, 2,481 Restricted Shares were canceled to pay the employees’ income taxes due on the value of the portion of their Restricted Shares that vested. During 2015, the Company recognized accrued Common Share and Common OP Unit-based compensation totaling $6.8 million in connection with the vesting of Restricted Shares and Units (Note 15).

During 2015, the Company issued approximately 2.0 million Common Shares from the ATM program generating net proceeds of approximately $64.4 million.

During 2014, the Company issued approximately 4.7 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.

Noncontrolling Interests

The following table summarizes the change in the noncontrolling interests since December 31, 2014:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11. Shareholders’ Equity and Noncontrolling Interests, continued



	Noncontrolling Interests in Operating Partnership			Noncontrolling Interests in Partially-Owned Affiliates
(dollars in thousands)
Balance at December 31, 2014	$	94,235		$	286,181
Distributions declared of $1.22 per Common OP Unit	(5,983		)	—
Net income for the period January 1 through December 31, 2015	3,836			80,426
Conversion of 100,620 OP Units to Common Shares by limited partners of the Operating Partnership	(2,451		)	—
Other comprehensive income - unrealized loss on valuation of swap agreements	(117		)	(897		)
Reclassification of realized interest expense on swap agreements	97			1,838
Noncontrolling interest contributions	—			35,489
Noncontrolling interest distributions and other reductions	—			(78,511		)
Employee Long-term Incentive Plan Unit Awards	6,723			—
Balance at December 31, 2015	$	96,340		$	324,526

Noncontrolling interests in the Operating Partnership represents (i) the limited partners’ 2,931,198 and 2,988,277 Common OP Units at December 31, 2015 and 2014, respectively, (ii) 188 Series A Preferred OP Units at both December 31, 2015 and 2014, 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) 1,922,623 and 1,719,206 LTIP units as of December 31, 2015 and 2014, 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, 2015, 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $7.50. Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2015
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 $0.3 million, $0.2 million and $0.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Lee Wielansky, the Lead Trustee of the Company, was paid a consulting fee of $0.1 million for the year ended December 31, 2013. The consulting agreement was terminated as of December 31, 2013.

- Definition

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

+ References + Details

TENANT LEASES

12 Months Ended

Dec. 31, 2015

Leases [Abstract]

Tenant Leases

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

Minimum future rentals to be received under non-cancelable leases for shopping centers and other retail properties as of December 31, 2015 are summarized as follows:




(dollars in thousands)
2016	$	141,719
2017	134,963
2018	120,690
2019	108,230
2020	95,945
Thereafter	471,777
Total	$	1,073,324

During the years ended December 31, 2015, 2014 and 2013, no single tenant collectively accounted for more than 10% of the Company’s total revenues.

- Definition

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

+ References + Details

LEASE OBLIGATIONS

12 Months Ended

Dec. 31, 2015

Leases [Abstract]

Lease Obligations

The Company leases land at five of its shopping centers, which are accounted for as operating leases and generally provide the Company with renewal options. Ground rent expense was $1.7 million, $1.8 million, and $1.8 million (including capitalized ground rent at properties under redevelopment of $0.9 million, $0.8 million and $0.8 million) for the years ended December 31, 2015, 2014 and 2013, respectively. The leases terminate at various dates between 2020 and 2078. These leases provide the Company with options to renew for additional terms aggregating from 25 to 71 years. The Company also leases space for its corporate office. Office rent expense under this lease was $1.4 million, $1.5 million and $1.4 million for the years ended December 31, 2015, 2014 and 2013, respectively. Future minimum rental payments required for leases having remaining non-cancelable lease terms are as follows:




(dollars in thousands)
2016	$	1,837
2017	5,821
2018	1,838
2019	1,731
2020	4,040
Thereafter (1)	7,369
Total	$	22,636

Note:

(1) The ground lease expiring during 2078 has an option to purchase the underlying land during 2031. If we do not exercise the option, the rents that will be due are based on future values and as such are not determinable at this time. Accordingly, the above table does not include rents for this lease beyond 2031.

SHARE INCENTIVE PLAN

12 Months Ended

Dec. 31, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share Incentive Plan

During 2012, the Company terminated the 1999 and 2003 Plans and adopted the Amended 2006 Plan (the "Share Incentive Plan"). The Share Incentive 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.

During 2015, the Company issued 247,863 LTIP Units and 8,640 Restricted Share Units to employees of the Company pursuant to the Share Incentive Plan. These awards were measured at their fair value on the grant date, which 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 $8.6 million. Total long-term incentive compensation expense, including the expense related to the above mentioned plans, was $6.8 million, $6.2 million and $7.3 million for the years ended December 31, 2015, 2014 and 2013, respectively and is recorded in General and Administrative on the Consolidated Statements of Income.

In addition, members of the Board of Trustees (the "Board") have been issued units under the Share Incentive Plan. During 2015, the Company issued 14,179 Restricted Shares and 10,601 LTIP Units to Trustees of the Company in connection with Trustee fees. Vesting with respect to 6,469 of the Restricted Shares and 6,131 of the LTIP Units will be on the first anniversary of the date of issuance and 7,710 of the Restricted Shares and 4,470 of the LTIP Unites 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 related to this issuance was $0.3 million for the year ended December 31, 2015.

The weighted average fair value for Restricted Shares and LTIP Units granted for the years ended December 31, 2015, 2014 and 2013 were $33.90, $26.30 and $26.40, respectively.

In 2009, the Company adopted the Long Term Investment Alignment Program (the "Program") pursuant to which the Company may award units primarily to senior executives which would entitle them to receive up to 25% of any future Fund III Promote or Fund IV Promote when and if such Promotes are ultimately realized. The Company has awarded all of the units under the Program related to the Fund III Promote and 20% of the units related to the Fund IV Promote. During the quarter ended September 30, 2015, the Company amended the Program to require Board approval for all amounts paid in connection with units awarded to senior executives. Compensation relating to these awards will be recognized in each reporting period in which Board approval is granted.

This amendment to the Program was not applicable to awards issued to non-senior executives of the Company. In accordance with ASC Topic 718, "Compensation - Stock Compensation," compensation relating to these non-senior executive awards will be recorded based on the change in the estimated fair value at each reporting period. During the year ended December 31, 2015, compensation expense of $0.7 million was recognized in connection with the Fund III awards and the units awarded in connection with Fund IV were determined to have no value.

As of December 31, 2015, the Company had 249 options outstanding to officers and employees and 3,000 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, 2015 and 2014, 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



Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (dollars in thousands)
Outstanding and exercisable at December 31, 2013	113,086		$	19.28	3.5	$	628
Granted	—		—		—	—
Exercised	(57,739	)	17.68		—	828
Forfeited or Expired	—		—		—	—
Outstanding and exercisable at December 31, 2014	55,347		20.93		1.1	614
Granted	—		—		—	—
Exercised	(49,098	)	20.76		—	608
Forfeited or Expired	(3,000	)	22.40		—	—
Outstanding and exercisable at December 31, 2015	3,249		$	22.27	1.1	$	35

The total intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013 was $0.6 million, $0.8 million and $0.2 million, respectively.

A summary of the status of the Company’s unvested Restricted Shares and LTIP Units as of December 31, 2015 and 2014 and changes during the years then ended is presented below:



Unvested Restricted Shares and LTIP Units	Restricted Shares		Weighted Grant-Date Fair Value		LTIP Units		Weighted Grant-Date Fair Value
Unvested at December 31, 2013	63,737		$	23.34	884,334		$	21.62
Granted	28,563		27.18		441,946		26.24
Vested	(34,598	)	23.40		(263,556	)	20.23
Forfeited	(2,684	)	23.54		(800	)	24.66
Unvested at December 31, 2014	55,018		25.90		1,061,924		23.92
Granted	22,819		32.78		258,464		34.00
Vested	(24,744	)	25.44		(292,544	)	22.82
Forfeited	(3,194	)	26.25		(7,723	)	25.90
Unvested at December 31, 2015	49,899		$	25.90	1,020,121		$	23.92

As of December 31, 2015, there was $17.0 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, 2015, 2014 and 2013 was $0.6 million, $0.8 million and $0.5 million, respectively. The total fair value of LTIP Units that vested during the years ended December 31, 2015, 2014 and 2013 was $6.7 million, $5.3 million and $6.8 million, respectively.

EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN	12 Months Ended
EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN	Dec. 31, 2015
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 2015, 2014 and 2013, a total of 3,761, 4,668 and 3,678 Common Shares, respectively, were purchased by employees under the Purchase Plan. Associated compensation expense of $0.02 million, $0.02 million and $0.01 million was recorded in each of the years ended December 31, 2015, 2014 and 2013. 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 $0.1 million for each of the three years ended December 31, 2015.

EMPLOYEE 401(K) PLAN	12 Months Ended
EMPLOYEE 401(K) PLAN	Dec. 31, 2015
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 $18,000, for the year ended December 31, 2015. The Company contributed $0.3 million for each of the years ended December 31, 2015, 2014 and 2013.

FEDERAL INCOME TAXES

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Federal Income Taxes

The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the 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, 2015, 2014 and 2013, 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 TRS's is subject to Federal, state and local income taxes. For taxable years beginning after 2017, no more than 20% of the value of our total assets may consist of the securities of one or more taxable REIT subsidiaries.

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:



	For the years ended December 31,
	2015		2014		2013
Ordinary income	68	%	69	%	87	%
Qualified dividend	—	%	—	%	—	%
Capital gain	32	%	31	%	13	%
	100	%	100	%	100	%

Taxable REIT Subsidiaries

Income taxes have been provided for using the liability method as required by ASC Topic 740, "Income Taxes." The Company’s TRS income and provision for income taxes associated with the TRS for the years ended December 31, 2015, 2014 and 2013 are summarized as follows:



(dollars in thousands)	2015			2014			2013
TRS income (loss) before income taxes	$	1,008		$	(36	)	$	(2,225	)
(Provision) benefit for income taxes:
Federal	(526		)	(377		)	276
State and local	(134		)	(97		)	71
TRS net income (loss) before noncontrolling interests	348			(510		)	(1,878		)
Noncontrolling interests	(208		)	(508		)	267
TRS net income (loss)	$	140		$	(1,018	)	$	(1,611	)

The income tax provision for the Company 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):



(dollars in thousands)	2015			2014			2013
Federal tax provision (benefit) at statutory tax rate	$	343		$	(12	)	$	(757	)
TRS state and local taxes, net of Federal benefit	53			(2		)	(117		)
Tax effect of:
Permanent differences, net	396			446			496
Prior year underaccrual, net	938			1			128
Restricted stock vesting	(5		)	(20		)	(2		)
Other	(126		)	61			127
REIT state and local income and franchise taxes	188			155			144
Total provision for income taxes	$	1,787		$	629		$	19

EARNINGS PER COMMON SHARE

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Common Share

Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At December 31, 2015, the Company has unvested LTIP Units (Note 16) 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 16). 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 2015, 2014 and 2013.

The effect of the conversion of Common OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Common Shares on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share.



	Years ended December 31,
(dollars in thousands, except per share amounts)	2015		2014		2013
Numerator:
Income from continuing operations	$	65,708	$	70,865	$	34,026
Less: net income attributable to participating securities	927		1,152		581
Income from continuing operations net of income	64,781		69,713		33,445
attributable to participating securities
Denominator:
Weighted average shares for basic earnings per share	68,851		59,402		54,919
Effect of dilutive securities:
Employee share options	19		24		38
Denominator for diluted earnings per share	68,870		59,426		54,957
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.94	$	1.18	$	0.61
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.94	$	1.18	$	0.61

SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Information (unaudited)

The quarterly results of operations of the Company for the years ended December 31, 2015 and 2014 are as follows:



(amounts in thousands, except per share amounts)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015
Revenue	$	52,481	$	53,161	$	56,852	$	54,768
Income from continuing operations attributable to Common Shareholders	$	16,547	$	26,495	$	13,776	$	8,890
Net income attributable to Common Shareholders	$	16,547	$	26,495	$	13,776	$	8,890
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.24	$	0.38	$	0.20	$	0.13
Net income per share	$	0.24	$	0.38	$	0.20	$	0.13
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.24	$	0.38	$	0.20	$	0.13
Net income per share	$	0.24	$	0.38	$	0.20	$	0.13
Cash dividends declared per Common Share	$	0.24	$	0.24	$	0.24	$	0.50



(amounts in thousands, except per share amounts)	March 31, 2014		June 30, 2014		September 30, 2014		December 31, 2014
Revenue	$	46,685	$	49,511	$	47,660	$	51,156
Income from continuing operations attributable to Common Shareholders	$	21,595	$	11,365	$	28,564	$	9,341
Income from discontinued operations attributable to Common Shareholders	—		99		—		100
Net income attributable to Common Shareholders	$	21,595	$	11,464	$	28,564	$	9,441
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.38	$	0.19	$	0.47	$	0.15
Income from discontinued operations	—		—		—		—
Net income per share	$	0.38	$	0.19	$	0.47	$	0.15
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.38	$	0.19	$	0.47	$	0.15
Income from discontinued operations	—		—		—		—
Net income per share	$	0.38	$	0.19	$	0.47	$	0.15
Cash dividends declared per Common Share	$	0.23	$	0.23	$	0.23	$	0.54

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2015
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 materially violated the Company's employee handbook. The Company determined that the behavior fell within the definition of "cause" in his severance agreement with us and therefore did not pay him anything thereunder. The Former Employee brought a lawsuit against the Company in New York State Supreme Court (the "Court"), in the amount of $0.9 million 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. The Court rendered two decisions, one granting the Company’s motion for summary judgment and a second denying the Former Employee's motion to dismiss the Company’s answer as an abuse of judicial discretion. The Former Employee has only appealed the latter decision. The Company believes that it will be successful on appeal. During July 2013, a lawsuit was brought against the Company relating to the 2011 flood at Mark Plaza by Kmart Corporation in the Luzerne County Court of Common Pleas, State of Pennsylvania. The lawsuit alleged a breach of contract and negligence relating to landlord responsibility to prevent damage to tenant as a result of the flood and for the subsequent damage to tenant's property, including lost profits. The tenant was seeking judgment in excess of $9.0 million. During the third quarter of 2015, the case was settled for $1.1 million. Of this amount, $0.8 million was paid by insurance and the Company paid $0.3 million. During December 2013, in connection with Fund II’s City Point Project, Albee Development LLC ("Albee") and a non-affiliated construction manager were served with a Summons With Notice as well as a Demand for Arbitration 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. Casino was seeking approximately $7.4 million. During the second quarter of 2015, the case was settled for $3.3 million, of which the Operating Partnership's share was $0.6 million.

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events During January 2016, the Company completed the acquisition of a 49% interest in the Gotham Plaza in Manhattan, New York, for a purchase price of $39.8 million. Consideration for this purchase consisted of the assumption of 49% of the existing debt of $21.4 million and the issuance of both Common and Preferred OP Units. During January 2016, Fund IV completed the acquisition of the Restaurants at Fort Point in Boston, Massachusetts, for a purchase price of $11.5 million. During January 2016, Fund IV completed the acquisition of a 90% interest in 1964 Union Street in San Francisco, California, for a purchase price of $2.0 million. During January 2016, Fund III completed the disposition of a 65% interest in Cortlandt Town Center for a sales price of $107.3 million. During January 2016, the Company closed on a new $50.0 million term loan. The loan, which bears interest at rates ranging from LIBOR plus 130 basis points to LIBOR plus 190 basis points based on overall Company leverage. The loan matures January 4, 2021. During January 2016, the Company acquired an additional 8.3% interest in Fund II from one of its unaffiliated partners for $18.4 million. As a result, the Operating Partnership's interest in Fund II is now 28.3%. During February 2016, Fund IV closed on a $14.0 million preferred equity investment in a development site in Chicago, Illinois. The investment earns a preferred return of 15.3% and has a maturity of February, 2021.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2015

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

Schedule III - Real Estate and Accumulated Depreciation

SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2015



			Initial Cost to Company						Amount at which Carried at December 31, 2015
Description	Encumbrances		Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
Core Portfolio:
Crescent Plaza Brockton, MA	$	—	$	1,147	$	7,425	$	1,502	$	1,147	$	8,927	$	10,074	$	7,127	1993	(a)
New Loudon Center Latham, NY	—		505		4,161		13,068		505		17,229		17,734		13,535		1993	(a)
Mark Plaza Edwardsville, PA	—		—		3,396		—		—		3,396		3,396		2,838		1993	(c)
Plaza 422 Lebanon, PA	—		190		3,004		2,765		190		5,769		5,959		5,108		1993	(c)
Route 6 Mall Honesdale, PA	—		1,664		—		12,276		1,664		12,276		13,940		8,089		1994	(c)
Abington Towne Center Abington, PA	—		799		3,197		2,390		799		5,587		6,386		3,539		1998	(a)
Bloomfield Town Square Bloomfield Hills, MI	—		3,207		13,774		21,869		3,207		35,643		38,850		17,407		1998	(a)
Elmwood Park Shopping Center Elmwood Park, NJ	—		3,248		12,992		15,855		3,798		28,297		32,095		16,879		1998	(a)
Merrillville Plaza Hobart, IN	25,150		4,288		17,152		5,643		4,288		22,795		27,083		10,339		1998	(a)
Marketplace of Absecon Absecon, NJ	—		2,573		10,294		4,900		2,577		15,190		17,767		7,116		1998	(a)
239 Greenwich Avenue Greenwich, CT	26,000		1,817		15,846		772		1,817		16,618		18,435		6,965		1998	(a)
Hobson West Plaza Naperville, IL	—		1,793		7,172		1,903		1,793		9,075		10,868		4,574		1998	(a)
Village Commons Shopping Center Smithtown, NY	—		3,229		12,917		4,051		3,229		16,968		20,197		8,323		1998	(a)
Town Line Plaza Rocky Hill, CT	—		878		3,510		7,736		907		11,217		12,124		8,761		1998	(a)
Branch Shopping Center Smithtown, NY	—		3,156		12,545		15,108		3,401		27,408		30,809		8,225		1998	(a)
Methuen Shopping Center Methuen, MA	—		956		3,826		739		961		4,560		5,521		2,256		1998	(a)
Gateway Shopping Center South Burlington, VT	—		1,273		5,091		12,258		1,273		17,349		18,622		8,272		1999	(a)
Mad River Station Dayton, OH	—		2,350		9,404		1,167		2,350		10,571		12,921		4,900		1999	(a)
Pacesetter Park Shopping Center Ramapo, NY	—		1,475		5,899		2,828		1,475		8,727		10,202		4,142		1999	(a)
Brandywine Town Center Wilmington, DE	141,825		21,993		87,988		13,346		24,213		99,114		123,327		31,686		2003	(a)
Brandywine Market Square Wilmington, DE	24,375		4,308		17,239		1,630		4,262		18,915		23,177		6,468		2003	(a)
Bartow Avenue Bronx, NY	—		1,691		5,803		653		1,691		6,456		8,147		2,520		2005	(c)
Amboy Road Staten Island, NY	—		—		11,909		2,482		—		14,391		14,391		5,060		2005	(a)
613-623 W. Diversey Chicago, IL	—		10,061		2,773		592		10,061		3,365		13,426		893		2006	(a)
Chestnut Hill Philadelphia, PA	—		8,289		5,691		4,514		8,289		10,205		18,494		2,660		2006	(a)
2914 Third Avenue Bronx, NY	—		11,108		8,038		4,581		11,855		11,872		23,727		2,154		2006	(a)



		Initial Cost to Company			Amount at which Carried at December 31, 2015
Description	Encumbrances	Land	Buildings & Improvements	Costs Capitalized Subsequent to Acquisition	Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)
Shopping Centers
West Shore Expressway Staten Island, NY	—	3,380	13,499	—	3,380	13,499	16,879	3,351	2007	(a)
West 54th Street Manhattan, NY	—	16,699	18,704	984	16,699	19,688	36,387	4,253	2007	(a)
5-7 East 17th Street Manhattan, NY	—	3,048	7,281	3,779	3,048	11,060	14,108	1,653	2008	(a)
651-671 W Diversey Chicago, IL	—	8,576	17,256	8	8,576	17,264	25,840	1,978	2011	(a)
15 Mercer Street New York, NY	—	1,887	2,483	—	1,887	2,483	4,370	279	2011	(a)
4401 White Plains Bronx, NY	6,015	1,581	5,054	—	1,581	5,054	6,635	548	2011	(a)
Chicago Street Retail Portfolio Chicago, IL	14,955	18,521	55,627	1,670	18,521	57,297	75,818	5,189	2012	(a)
330 River Street Cambridge, MA	3,857	3,510	2,886	—	3,510	2,886	6,396	316	2012	(a)
Rhode Island Place Shopping Center Washington, D.C.	15,727	7,458	15,968	709	7,458	16,677	24,135	1,614	2012	(a)
1520 Milwaukee Avenue Chicago, IL	—	2,110	1,306	—	2,110	1,306	3,416	128	2012	(a)
340 River Street Cambridge, MA	6,564	4,894	11,349	—	4,894	11,349	16,243	1,128	2012	(a)
930 Rush Street Chicago, IL	—	4,933	14,587	—	4,933	14,587	19,520	1,367	2012	(a)
28 Jericho Turnpike Westbury, NY	15,315	6,220	24,416	—	6,220	24,416	30,636	2,294	2012	(a)
181 Main Street Westport, CT	—	1,908	12,158	41	1,908	12,199	14,107	959	2012	(a)
83 Spring Street Manhattan, NY	—	1,754	9,200	—	1,754	9,200	10,954	805	2012	(a)
60 Orange Street Bloomfield, NJ	8,006	3,609	10,790	—	3,609	10,790	14,399	967	2012	(a)
179-53 & 1801-03 Connecticut Avenue Washington, D.C.	—	11,690	10,135	580	11,690	10,715	22,405	878	2012	(a)
639 West Diversey Chicago, IL	4,142	4,429	6,102	802	4,429	6,904	11,333	549	2012	(a)
664 North Michigan Chicago, IL	43,107	15,240	65,331	—	15,240	65,331	80,571	4,717	2013	(a)
8-12 E. Walton Chicago, IL	—	5,398	15,601	29	5,398	15,630	21,028	1,021	2013	(a)
3200-3204 M Street Washington, DC	—	6,899	4,249	—	6,899	4,249	11,148	266	2013	(a)
868 Broadway Manhattan, NY	—	3,519	9,247	5	3,519	9,252	12,771	479	2013	(a)
313-315 Bowery Manhattan, NY	—	—	5,516	—	—	5,516	5,516	446	2013	(a)
120 West Broadway Manhattan, NY	—	—	32,819	65	—	32,884	32,884	995	2013	(a)
11 E. Walton Chicago, IL	—	16,744	28,346	—	16,744	28,346	45,090	1,472	2014	(a)
61 Main Street Westport, CT	—	4,578	2,645	—	4,578	2,645	7,223	178	2014	(a)
865 W. North Avenue Chicago, IL	—	1,893	11,594	23	1,893	11,617	13,510	521	2014	(a)
152-154 Spring Street Manhattan, NY	—	8,544	27,001	—	8,544	27,001	35,545	1,159	2014	(a)
2520 Flatbush Avenue Brooklyn, NY	—	6,613	10,419	193	6,613	10,612	17,225	482	2014	(a)
252-256 Greenwich Avenue Greenwich, CT	—	10,175	12,641	119	10,175	12,760	22,935	657	2014	(a)
Bedford Green Bedford Hills, NY	29,151	12,425	32,730	1,159	12,425	33,889	46,314	1,356	2014	(a)



		Initial Cost to Company			Amount at which Carried at December 31, 2015
Description	Encumbrances	Land	Buildings & Improvements	Costs Capitalized Subsequent to Acquisition	Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)
Shopping Centers
131-135 Prince Street Manhattan, NY	—	—	57,536	71	—	57,607	57,607	3,719	2014	(a)
Shops at Grand Ave Queens, NY	—	20,264	33,131	230	20,264	33,361	53,625	1,051	2014	(a)
201 Needham Street Newton, MA	—	4,550	4,459	—	4,550	4,459	9,009	80	2014	(a)
City Center San Francisco, CA	—	38,750	116,250	321	38,750	116,571	155,321	2,180	2015	(a)
163 Highland Avenue Needham, MA	9,595	6,000	18,000	1	6,000	18,001	24,001	338	2015	(a)
Roosevelt Galleria Chicago, IL	—	4,900	14,700	—	4,900	14,700	19,600	123	2015	(a)
Route 202 Shopping Center, Wilmington, DE	—	—	7,255	—	—	7,255	7,255	136	2015	(a)
Undeveloped Land	—	100	—	—	100	—	100	—
Fund II:
216th Street	25,500	7,261	—	18,481	7,261	18,481	25,742	4,304	2005	(a)
City Point Brooklyn, NY	25,324	—	—	13,463	—	13,463	13,463	405	2010	(c)
161st Street Bronx, NY	29,500	16,679	28,410	25,590	16,679	54,000	70,679	10,363	2005	(a)
Fund III:
Cortlandt Towne Center Mohegan Lake, NY	83,070	7,293	61,395	10,087	7,293	71,482	78,775	20,855	2009	(a)
Heritage Shops Chicago, IL	24,500	13,131	15,409	325	13,131	15,734	28,865	2,575	2011	(a)
654 Broadway Manhattan, NY	8,835	9,040	3,654	2,801	9,040	6,455	15,495	504	2011	(a)
New Hyde Park Shopping Center New Hyde Park, NY	11,240	3,016	7,733	4,088	3,016	11,821	14,837	1,635	2011	(a)
640 Broadway Manhattan, NY	22,109	12,503	19,960	9,786	12,503	29,746	42,249	2,734	2012	(a)
3780-3858 Nostrand Avenue Brooklyn, NY	11,527	6,229	11,216	4,581	6,229	15,797	22,026	1,009	2013	(a)
Fund IV:
Paramus Plaza Paramus, NJ	13,339	11,052	7,037	2,988	11,052	10,025	21,077	477	2013	(a)
1151 Third Ave Manhattan, NY	12,481	8,306	9,685	1,380	8,306	11,065	19,371	644	2013	(a)
Lake Montclair Center Dumfries, VA	14,904	7,077	12,028	422	7,077	12,450	19,527	735	2013	(a)
938 W. North Avenue Chicago, IL	12,500	2,314	17,067	35	2,314	17,102	19,416	878	2013	(a)
17 E. 71st Street Manhattan, NY	19,000	7,391	20,176	245	7,391	20,421	27,812	619	2014	(a)
1035 Third Ave Manhattan, NY	42,000	12,759	38,306	797	12,759	39,103	51,862	879	2015	(a)
801 Madison Avenue Manhattan, NY	—	8,250	24,750	57	8,250	24,807	33,057	464	2015	(a)
2208-2216 Fillmore Street San Francisco, CA	—	2,156	6,469	—	2,156	6,469	8,625	27	2015	(a)
146 Geary Street San Francisco, CA	—	9,500	28,500	—	9,500	28,500	38,000	119	2015	(a)
2207 Fillmore Street San Francisco, CA	1,120	700	2,100	—	700	2,100	2,800	4	2015	(a)



				Initial Cost to Company						Amount at which Carried at December 31, 2015
Description	Encumbrances			Land		Buildings & Improvements		Costs Capitalized Subsequent to Acquisition		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)
Shopping Centers
1861 Union Street San Francisco, CA	—			875		2,625		—		875		2,625		3,500		5		2015	(a)
Real Estate Under Development	328,521			32,705		24,878		551,991		32,705		576,869		609,574		—
Unamortized Loan Costs	(10,567		)	—		—		—		—		—		—		—
Unamortized Premium	1,364			—		—		—		—		—		—		—

Total	$	1,050,051		$	543,034	$	1,380,715	$	812,534	$	546,788	$	2,189,495	$	2,736,283	$	298,703

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 $2,030.6 million as of December 31, 2015

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

The following table reconciles the activity for real estate properties from January 1, 2013 to December 31, 2015:



	For the years ended December 31,
(dollars in thousands)	2015			2014			2013
Balance at beginning of year	$	2,208,595		$	1,819,053		$	1,287,198
Other improvements	162,760			162,827			112,622
Property acquisitions	418,396			299,793			272,661
Property dispositions	(66,359		)	(73,078		)	—
Consolidation of previously unconsolidated investments	12,891			—			146,572
Balance at end of year	$	2,736,283		$	2,208,595		$	1,819,053

(3) (b) Reconciliation of Accumulated Depreciation:

The following table reconciles accumulated depreciation from January 1, 2013 to December 31, 2015:



	For the years ended December 31,
(dollars in thousands)	2015			2014		2013
Balance at beginning of year	$	256,015		$	229,538	$	169,718
Depreciation related to real estate	49,775			26,477		31,732
	(7,087		)
Consolidation of previously unconsolidated investments	—			—		28,088
Balance at end of year	$	298,703		$	256,015	$	229,538

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its controlling investments in partnerships and limited liability companies in which the Company has control in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 810 "Consolidation" ("ASC Topic 810"). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income. Variable interest entities are accounted for within the scope of ASC Topic 810 and are required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is the enterprise that has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the variable interest entity that could be significant to the variable interest entity. Management has evaluated the applicability of ASC Topic 810 to its investments in certain joint ventures and determined that these joint ventures are not variable interest entities or that the Company is not the primary beneficiary and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method of accounting.
Investments in and Advances to Unconsolidated Joint Ventures	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. 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 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 in earnings or losses in accordance with ASC Topic 323, "Investments – Equity Method and Joint Ventures." The Company periodically reviews its investments in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered based on the underlying assets of the investment, is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the years ended December 31, 2015, 2014 and 2013, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures.
Use of Estimates	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 and Real Estate Under Development	Real Estate and Real Estate Under Development Real estate assets are stated at cost less accumulated depreciation. Real estate under development 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, 2015, as a result of the loss of a key anchor tenant, one of the properties in the Company's Brandywine Portfolio, in which an unaffiliated third party has a 77.78% noncontrolling interest, did not generate sufficient cash flow to meet the full debt service requirements leading to a default on the mortgage loan. Management performed an analysis and determined that the carrying amount of this property was not recoverable. Accordingly, the Company recorded an impairment charge of $5.0 million, which is included in the statement of income for the year ended December 31, 2015. The Operating Partnership's share of this charge, net of the noncontrolling interest, was $1.1 million. The property is collateral for $26.3 million of non-recourse mortgage debt which matures July 1, 2016. During the year ended December 31, 2013, the Company determined that the values of the Walnut Hill Plaza and Fund III's Sheepshead Bay property were impaired. Accordingly, impairment charges of $1.5 million and $6.7 million, respectively were recorded. The Operating Partnership's share of the impairment charge related to Sheepshead Bay was $1.3 million. During the year ended December 31, 2014, 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, 2015.
Sale of Real Estate	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	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.
Deferred Costs	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 as a component of interest expense 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	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, 2015 and 2014, unbilled rents receivable relating to the straight-lining of rents of $31.3 million and $28.0 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. 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.
Notes Receivable and Preferred Equity	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 using 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.
Cash and Cash Equivalents	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 limits insured 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 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	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. 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	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	Recent Accounting Pronouncements During September 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-16, "Business Combinations - Simplifying the Accounting for Measurement-Period Adjustments." ASU 2015-16 requires an entity to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined as if the accounting had been completed at the acquisition date. ASU 2015-16 also requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for periods beginning after December 15, 2015, with early adoption permitted and shall be applied prospectively. ASU 2015-16 was adopted by the Company and did not have a material impact on the Company's consolidated financial statements. During August 2015, the FASB issued ASU No. 2015-14, "Revenues from Contracts with Customers - Deferral of the Effective Date." ASU 2015-14 defers the effective date of ASU No. 2014-09 "Revenues from Contracts with Customers" from annual reporting periods beginning after December 15, 2016 to annual reporting periods beginning after December 15, 2017. Early adoption of ASU 2014-09 is permitted only for annual reporting periods beginning after December 15, 2016. The Company is in the process of evaluating the impact the adoption of ASU 2014-09 will have on the consolidated financial statements. During April 2015, the FASB issued ASU No. 2015-05, "Intangibles - Goodwill and Other - Internal-Use Software." ASU 2015-05 provides guidance to help an entity evaluate the accounting for fees paid in a cloud computing arrangement. ASU 2015-05 is effective for periods beginning after December 15, 2015, with early adoption permitted and may be applied either prospectively or retrospectively. ASU 2015-05 is not expected to have a material impact on the Company's consolidated financial statements. During April 2015, the FASB issued ASU No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. During August 2015, the FASB issued ASU No. 2015-15 which clarifies that under ASU 2015-03, the SEC staff would not object to an entity deferring and presenting debt issuance costs relating to line-of-credit arrangements as assets. The Company adopted ASU 2015-15 and ASU 2015-03 during 2015, resulting in the reclassification of $11.7 million and $11.9 million from deferred charges, net to mortgages and other notes payable, net as of December 31, 2015 and 2014, respectively. There was no effect on the results of operations for any period presented. During February 2015, the FASB issued ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis." ASU 2015-02 (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIE’s"), (ii) eliminates the presumption that a general partner should consolidate a limited partnership and (iii) affects the consolidation analysis of reporting entities that are involved with VIE’s, particularly those with fee arrangements and related party relationships. ASU 2015-02 is effective for periods beginning after December 15, 2015, with early adoption permitted. ASU 2015-02 is not expected to have a material impact on the Company's consolidated financial statements. During January 2015, the FASB issued 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 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 consolidated financial statements.

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

12 Months Ended

Dec. 31, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General terms and operating partnership's equity interests

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



Entity	Formation Date	Operating Partnership Share of Capital		Fund Size		Capital Called as of December 31, 2015 (4)		Unfunded Commitment		Equity Interest Held By Operating Partnership		Preferred Return		Total Distributions as of December 31, 2015 (4)
Fund I and Mervyns I (1)	9/2001	22.22	%	$	90.0	$	86.6	$	—	37.78	%	9	%	$	194.5
Fund II and Mervyns II (2)	6/2004	20.00	%	300.0		300.0		47.1		20.00	%	8	%	131.6
Fund III (3)	5/2007	24.54	%	502.5		387.5		62.5		24.54	%	6	%	445.7
Fund IV	5/2012	23.12	%	540.6		179.4		361.2		23.12	%	6	%	101.9

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

Notes:

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


(3)	During 2015, the Company acquired an additional 4.6% interest in Fund III from a limited partner for $7.3 million, giving the Company an aggregate 24.54% interest.

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

ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE (Tables)

12 Months Ended

Dec. 31, 2015

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, 2014, and the finalized allocation of the purchase price as adjusted as of December 31, 2015:



(dollars in thousands)	Preliminary Purchase Price Allocation			Adjustments			Finalized Purchase Price Allocation
Land	$	149,609		$	(12,489	)	$	137,120
Buildings and improvements	418,720			(5,705		)	413,015
Acquisition-related intangible assets (in Acquired lease intangibles, net)	—			41,812			41,812
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(6,434		)	(22,630		)	(29,064		)
Above and below market debt assumed (included in Mortgages and other notes payable)	(2,100		)	(988		)	(3,088		)
Total Consideration	$	559,795		$	—		$	559,795

During 2015, the Company acquired the following properties through its Core Portfolio and Funds as follows:

Core Portfolio



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Debt Assumption		Location
City Center	205,000	100	%	Urban Retail Center	March	$	155.0	$	—	San Francisco, CA
163 Highland Avenue	40,500	100	%	Suburban Shopping Center	March	24.0		9.8		Needham, MA
Route 202 Shopping Center (1)	20,000	100	%	Suburban Shopping Center	April	5.6		—		Wilmington, DE
Roosevelt Galleria	40,300	100	%	Urban Retail Center	September	19.6		—		Chicago, IL
Total	305,800					$	204.2	$	9.8

Note:

(1) Purchase price represents the 77.78% interest acquired from an unaffiliated third party.

The following table summarizes both the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2015:



(dollars in thousands)	Preliminary Purchase Price Allocation
Land	$	83,890
Buildings and improvements	258,926
Above and below market debt assumed (included in Mortgages and other notes payable, net)	(10,885		)
Total Consideration	$	331,931

Fund II



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Debt Assumption		Location
City Point - Tower I (1)	—	95	%	Urban Development	May	$	100.8	$	81.0	Brooklyn, NY
Total	—					$	100.8	$	81.0

Note:

Fund IV



(dollars in millions)
Property	GLA	Percent Owned		Type	Month of Acquisition	Purchase Price		Debt Assumption		Location
1035 Third Avenue (1)	53,294	100	%	Street Retail	January	$	51.0	$	—	New York, NY
801 Madison Avenue	6,375	100	%	Street Retail	April	33.0		—		New York, NY
650 Bald Hill Road	225,000	90	%	Suburban Shopping Center	October	9.2		—		Warwick, RI
2208-2216 Fillmore Street	7,375	90	%	Street Retail	October	8.6		—		San Francisco, CA
146 Geary Street	12,400	100	%	Street Retail	November	38.0		—		San Francisco, CA
2207 Fillmore Street	3,870	90	%	Street Retail	November	2.8		1.1		San Francisco, CA
1861 Union Street	4,275	90	%	Street Retail	December	3.5		—		San Francisco, CA
Total	312,589					$	146.1	$	1.1

Note:

(1) GLA includes a portion of office space and a below-grade operator controlled parking garage.

Schedule Of Property Dispositions

During 2015, the Company disposed of the following properties:



(dollars in thousands)
Dispositions	GLA	Sale Price		Gain on Sale		Month Sold	Owner
Lincoln Park Centre	61,761	$	64,000	$	27,143	January	Fund III
White City Shopping Center (1)	249,549	96,750		17,105		April	Fund III
City Point - Air Rights (2)	—	115,600		49,884		May	Fund II
Liberty Avenue	26,117	24,000		11,957		May	Fund II
Parkway Crossing (1)	260,241	27,275		6,938		July	Fund III
Kroger-Safeway (3)	97,500	278		79		August	Fund I
Total	695,168	$	327,903	$	113,106

Notes:

(2) Represents the disposition of air rights at Phase III of Fund II's City Point project.

(3) During August 2015, Fund I terminated its ground lease interest at two of the three remaining properties in the portfolio and sold its ground lease interest in the third location.

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures

The combined results of operations of the properties classified as discontinued operations for the years ended December 31, 2014 and 2013, are summarized as follows:



(dollars in thousands)	Years ended December 31,
STATEMENTS OF INCOME	2014			2013
Total revenues	$	—		$	20,920
Total expenses	—			14,102
Operating income	—			6,818
Impairment of assets	—			(6,683		)
Loss on debt extinguishment	—			(800		)
Gain on disposition of properties	1,222			18,802
Income from discontinued operations	1,222			18,137
Income from discontinued operations attributable to noncontrolling interests	(1,023		)	(12,048		)
Income from discontinued operations attributable to Common Shareholders	$	199		$	6,089

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

+ Details

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2015

Segment Reporting [Abstract]

Reconciliation of Certain Segment Information from Segments to Consolidated

2014



(dollars in thousands)	Core Portfolio			Funds			Structured Financing			Total
Revenues	$	125,022		$	54,659		$	15,331		$	195,012
Property operating expenses, other operating and real estate taxes	(33,097		)	(18,574		)	—			(51,671		)
General and administrative expenses	(24,853		)	(1,665		)	(915		)	(27,433		)
Depreciation and amortization	(35,875		)	(13,770		)	—			(49,645		)
Operating income	31,197			20,650			14,416			66,263
Equity in (losses) earnings of unconsolidated affiliates	(77		)	8,800			—			8,723
Gain on disposition of properties of unconsolidated affiliates	—			102,855			—			102,855
Loss on debt extinguishment	(3		)	(332		)	—			(335		)
Interest and other finance expense	(27,021		)	(12,070		)	—			(39,091		)
Gain on disposition of property	12,577			561			—			13,138
Income tax provision	(176		)	(453		)	—			(629		)
Income from continuing operations	16,497			120,011			14,416			150,924
Discontinued operations
Gain on disposition of properties	—			1,222			—			1,222
Income from discontinued operations	—			1,222			—			1,222
Net income	16,497			121,233			14,416			152,146
Noncontrolling interests
Income from continuing operations	(3,213		)	(76,846		)	—			(80,059		)
Income from discontinued operations	(9		)	(1,014		)	—			(1,023		)
Net income attributable to noncontrolling interests	(3,222		)	(77,860		)	—			(81,082		)
Net income attributable to Common Shareholders	$	13,275		$	43,373		$	14,416		$	71,064

Real estate at cost	$	1,366,017		$	842,578		$	—		$	2,208,595
Total assets	$	1,613,290		$	1,005,145		$	102,286		$	2,720,721
Acquisition of real estate	$	203,103		$	47,250		$	—		$	250,353
Redevelopment and property improvement costs	$	5,432		$	134,686		$	—		$	140,118

2013



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	110,355		$	46,131		$	11,800	$	168,286
Property operating expenses, other operating and real estate taxes	(29,040		)	(17,513		)	—		(46,553		)
General and administrative expenses	(24,387		)	(1,168		)	—		(25,555		)
Depreciation and amortization	(28,989		)	(11,310		)	—		(40,299		)
Impairment of asset	(1,500		)	—			—		(1,500		)
Operating income	26,439			16,140			11,800		54,379
Equity in (losses) earnings of unconsolidated affiliates	(99		)	12,481			—		12,382
Loss on debt extinguishment	(309		)	(456		)	—		(765		)
Interest and other finance expense	(26,158		)	(13,316		)	—		(39,474		)
Income tax benefit (provision)	131			(150		)	—		(19		)
Income from continuing operations	4			14,699			11,800		26,503
Discontinued operations
Operating income from discontinued operations	535			6,283			—		6,818
Impairment of asset	—			(6,683		)	—		(6,683		)
Loss on debt extinguishment	(145		)	(655		)	—		(800		)
Gain on disposition of properties	6,488			12,314			—		18,802
Income from discontinued operations	6,878			11,259			—		18,137
Net income	6,882			25,958			11,800		44,640
Noncontrolling interests
(Income) loss from continuing operations	(1,002		)	8,525			—		7,523
Income from discontinued operations	(2,406		)	(9,642		)	—		(12,048		)
Net income attributable to noncontrolling interests	(3,408		)	(1,117		)	—		(4,525		)
Net income attributable to Common Shareholders	$	3,474		$	24,841		$	11,800	$	40,115

Real estate at cost	$	1,059,257		$	759,796		$	—	$	1,819,053
Total assets	$	1,012,553		$	1,105,264		$	126,706	$	2,244,523
Acquisition of real estate	$	143,616		$	76,425		$	—	$	220,041
Redevelopment and property improvement costs	$	10,611		$	96,272		$	—	$	106,883

The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2015, 2014 and 2013:

2015



(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
Revenues	$	150,015		$	49,048		$	18,199	$	217,262
Property operating expenses, other operating and real estate taxes	(37,259		)	(21,223		)	—		(58,482		)
General and administrative expenses	(28,600		)	(1,768		)	—		(30,368		)
Depreciation and amortization	(46,223		)	(14,528		)	—		(60,751		)
Impairment of asset	(5,000		)	—			—		(5,000		)
Operating income	32,933			11,529			18,199		62,661
Equity in earnings of unconsolidated affiliates	1,169			12,118			—		13,287
Gain on disposition of properties of unconsolidated affiliates	—			24,043			—		24,043
Loss on debt extinguishment	—			(135		)	—		(135		)
Interest and other finance expense	(27,945		)	(9,217		)	—		(37,162		)
Gain on disposition of property	—			89,063			—		89,063
Income tax provision	(604		)	(1,183		)	—		(1,787		)
Net income	5,553			126,218			18,199		149,970
Noncontrolling interests
Income from continuing operations	(140		)	(84,122		)	—		(84,262		)
Net income attributable to noncontrolling interests	(140		)	(84,122		)	—		(84,262		)
Net income attributable to Common Shareholders	$	5,413		$	42,096		$	18,199	$	65,708

Real estate at cost	$	1,572,681		$	1,163,602		$	—	$	2,736,283
Total assets	$	1,662,092		$	1,223,039		$	147,188	$	3,032,319
Acquisition of real estate	$	188,835		$	155,641		$	—	$	344,476
Redevelopment and property improvement costs	$	16,505		$	147,810		$	—	$	164,315

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015:



						Operating Partnership Share
Investment	Year Acquired	Invested Capital and Advances		Distributions		Invested Capital and Advances		Distributions
Mervyns	2004	$	26,058	$	48,547	$	4,901	$	11,801
Mervyns Add-On investments	2005/2008	7,547		9,272		1,252		2,017
Albertsons	2006	20,717		81,594		4,239		16,318
Albertsons Add-On investments	2006/2007	2,416		4,864		388		972
Shopko	2006	1,110		3,358		222		672
Marsh and Add-On investments	2006/2008	2,667		2,941		533		588
Rex Stores	2007	2,701		4,927		535		986
Total		$	63,216	$	155,503	$	12,070	$	33,354

Schedule of Noncontrolling Interest In Individual Investee

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



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

Schedule of Condensed Balance Sheet

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



(dollars in thousands)	December 31, 2015			December 31, 2014
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	302,976		$	387,739
Real estate under development	35,743			60,476
Investment in unconsolidated affiliates	6,853			11,154
Other assets	47,083			62,862
Total assets	$	392,655		$	522,231
Liabilities and partners’ equity:
Mortgage notes payable	$	192,684		$	315,897
Other liabilities	21,945			66,116
Partners’ equity	178,026			140,218
Total liabilities and partners’ equity	$	392,655		$	522,231
Company’s investment in and advances to unconsolidated affiliates	$	173,277		$	184,352
Company's share of distributions in excess of income and investments in unconsolidated affiliates	$	(13,244	)	$	(12,564	)

Schedule of Condensed Income Statement



	Years Ended December 31,
(dollars in thousands)	2015			2014			2013
Combined and Condensed Statements of Income
Total revenues	$	43,990		$	44,422		$	51,638
Operating and other expenses	(13,721		)	(17,069		)	(18,700		)
Interest expense	(9,178		)	(9,363		)	(8,943		)
Equity in earnings (losses) of unconsolidated affiliates	66,655			(328		)	13,651
Depreciation and amortization	(12,154		)	(10,967		)	(10,599		)
Loss on debt extinguishment	—			(187		)	—
Gain on disposition of properties	32,623			142,615			—
Net income	$	108,215		$	149,123		$	27,047

Company’s share of net income	$	37,722		$	111,970		$	12,774
Amortization of excess investment	(392		)	(392		)	(392		)
Company’s equity in earnings of unconsolidated affiliates	$	37,330		$	111,578		$	12,382

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

12 Months Ended

Dec. 31, 2015

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, 2013 to December 31, 2015:



	For the years ended December 31,
(dollars in thousands)	2015			2014			2013
Beginning Balance	$	102,286		$	126,656		$	129,278
Additions during period:
New investments	48,500			31,169			45,000
Disposition of air rights through issuance of notes	29,539			—			—
Deductions during period:
Collections of principal	(15,984		)	(18,095		)	(29,583		)
Conversion to real estate through receipt of deed or through foreclosure	(13,386		)	(38,000		)	(18,500		)
Other	(3,767		)	556			461
Ending Balance	$	147,188		$	102,286		$	126,656

Schedule of Notes Receivable

Notes receivable were as follows at December 31, 2015:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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



Description	Notes	Effective interest rate (1)	First Priority Liens		Net Carrying Amount of Notes Receivable as of December 31, 2015		Net Carrying Amount of Notes Receivable as of December 31, 2014		Maturity Date	Extension Options
(dollars in thousands)
Mezzanine Loan	(2)	12.7%	$	18,900	$	—	$	8,000	10/3/2015
First Mortgage Loan		8.8%	—		7,500		7,500		11/1/2016
Zero Coupon Loan	(3) (4)	24.0%	166,200		—		4,986		1/3/2016
First Mortgage Loan		5.5%	—		4,000		4,000		4/1/2016	1 x 6 Months
First Mortgage Loan	(5)	6.0%	—		15,000		—		5/1/2016	1 x 12 Months
Preferred Equity		13.5%	—		4,000		4,000		5/9/2016
Other	(6)	17.0%	—		—		—		6/1/2016
Other	(7)	18.0%	—		3,907		3,307		7/1/2017
Preferred Equity		8.1%	20,855		13,000		13,000		9/1/2017
First Mortgage Loan	(8)	LIBOR + 7.1%	—		26,000		—		6/25/2018	1 x 12 Months
Zero Coupon Loan	(3) (9)	2.5%	—		30,234		—		5/31/2020
Mezzanine Loan		15.0%	—		30,879		30,879		11/9/2020
Other		LIBOR + 2.5%	—		—		4,000		12/30/2020
Mezzanine Loan	(10)	10.0%	87,477		—		7,983		Demand
First Mortgage Loan	(11)	7.7%	—		12,000		12,000		Demand
Individually less than 3%	(12) (13) (14)	2.5% to 11.6%	—		668		2,631		12/31/2016
Total					$	147,188	$	102,286

Notes:

(1) Includes origination and exit fees

(2) During July 2015, the Company received repayment in full of this $8.0 million note.

(3) The principal balances for these accrual-only loans are increased by the interest accrued.

(4) During April 2015, the Company converted a $5.6 million loan into an equity interest in the Route 202 Shopping Center (Note 2).

(5) During May 2015, the Company made a $15.0 million loan, which is collateralized by a property, bears interest at 6.0% and matures May 1, 2016.

(7) During 2015, the Company advanced an additional $0.6 million on this loan collateralized by a property.

(8) During June 2015, the Company made a $26.0 million loan, which is collateralized by a property.

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

(9) During June 2015, the Company made a $29.8 million loan in connection with the disposition of City Point's Phase III (Note 2), which is collateralized by the purchaser's interest in the property.

(11) Loan was non-performing as of December 31, 2015. Based on the value of the underlying collateral, no reserve has been established against this loan.

(12) Consists of one loan as of December 31, 2015 and three loans as of December 31, 2014.

(13) During February 2015, the Company advanced an additional $0.4 million on this loan collateralized by a property.

(14) During June 2015, the Company converted a $1.9 million loan into an equity interest in the remaining 10% of 152-154 Spring Street.

Schedule of Allowance for Credit Losses on Notes Receivable

The following table reconciles the activity in the allowance for notes receivable from December 31, 2013 to December 31, 2015:



	Allowance for
(dollars in thousands)	Notes Receivable
Balance at December 31, 2013	$	3,681
Additional reserves	—
Recoveries	(2,724		)
Charge-offs and reclassifications	(957		)
Balance at December 31, 2014	$	—
Additional reserves	—
Recoveries	—
Charge-offs and reclassifications	—
Balance at December 31, 2015	$	—

MORTGAGES AND OTHER NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2015

Debt Disclosure [Abstract]

Mortgage Loan Activity

The following table reflects mortgage loan activity for the year ended December 31, 2015:



(dollars in thousands)			Borrowings				Repayments
Property	Date	Description	Amount		Interest Rate	Maturity Date	Amount		Interest Rate
1035 Third Avenue	January	New Borrowing	$	42,000	LIBOR+2.35%	1/27/2021	$	—
Lincoln Park Centre	January	Repayment	—				28,000		LIBOR+1.45%
163 Highland Avenue	March	Assumption	9,765		4.66%	2/1/2024	—
Broughton Street Portfolio (1)	May	New Borrowing	20,000		LIBOR+3.00%	5/5/2016	—
City Point	June	Assumption	19,000		1.25%	12/23/2016	—
City Point	June	Assumption	62,000		SIFMA+1.60%	12/23/2016	—
City Point	June	Repayment	—				20,650		LIBOR+4.00%
17 E. 71st Street	June	New Borrowing	19,000		LIBOR+1.90%	6/9/2020	—
Crescent Plaza	June	Repayment	—				16,326		4.98%
Pacesetter Park Shopping Center	September	Repayment	—				11,152		5.13%
Elmwood Park Shopping Center	October	Repayment	—			1/1/2016	31,723		5.53%
210 Bowery	October	Refinancing	4,600		LIBOR+2.75%	10/15/2017	4,600		LIBOR+1.95%
2207 Filmore	November	Assumption	1,120		4.50%	10/31/2025	—
Gateway Shopping Center	December	Repayment	—			3/1/2016	19,117		5.44%
Total			$	177,485			$	131,568

Note:

Schedule of Line of Credit Facilities

The following table sets forth certain information pertaining to our secured and unsecured credit facilities as of December 31, 2015:



(dollars in thousands) Borrower	Total Amount of Credit Facility		Amount borrowed as of December 31, 2014		Net borrowings (repayments) during the year ended December 31, 2015		Amount borrowed as of December 31, 2015		Letters of Credit		Amount available under credit facilities as of December 31, 2015
Unsecured Line (1)	$	150,000	$	—	$	20,800	$	20,800	$	17,500	$	111,700
Term Loan	50,000		50,000		—		50,000		—		—
Term Loan	50,000		—		50,000		50,000		—		—
Term Loan	50,000		—		50,000		50,000		—		—
Fund II Line	25,000		—		12,500		12,500		—		12,500
Fund IV Revolving Loan	50,000		—		34,500		34,500		—		15,500
Fund IV revolving subscription line (2)	150,000		77,100		14,810		91,910		—		58,090
Total	$	525,000	$	127,100	$	182,610	$	309,710	$	17,500	$	197,790

Notes:

(1) This is an unsecured revolving credit facility.

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

Schedule of Debt



(dollars in thousands)
Description of Debt and Collateral	12/31/2015			12/31/2014			Interest Rate at December 31, 2015		Maturity	Payment Terms
Mortgage notes payable – fixed-rate
Crescent Plaza	—			16,455			4.98	%	9/6/2015	Monthly principal and interest
Pacesetter Park Shopping Center	—			11,307			5.13	%	11/6/2015	Monthly principal and interest
Elmwood Park Shopping Center	—			32,201			5.53	%	1/1/2016	Monthly principal and interest
Chicago Street Retail Portfolio (1)	14,955			15,265			5.61	%	2/1/2016	Monthly principal and interest
The Gateway Shopping Center	—			19,440			5.44	%	3/1/2016	Monthly principal and interest
330-340 River Street	10,421			10,668			5.24	%	5/1/2016	Monthly principal and interest
Brandywine (2)	166,200			166,200			6.00	%	7/1/2016	Interest only monthly
Rhode Island Place Shopping Center	15,727			15,975			6.35	%	12/1/2016	Monthly principal and interest
City Point	19,000			—			1.25	%	12/1/2016	Interest only monthly
Convertible Note	—			380			3.75	%	12/15/2016	Interest only monthly
239 Greenwich Avenue	26,000			26,000			5.42	%	2/11/2017	Interest only monthly
639 West Diversey	4,142			4,245			6.65	%	3/1/2017	Monthly principal and interest
Merrillville Plaza	25,150			25,504			5.88	%	8/1/2017	Monthly principal and interest
Bedford Green	29,151			29,586			5.10	%	9/5/2017	Monthly principal and interest
216th Street	25,500			—			5.80	%	10/1/2017	Interest only monthly
City Point	5,262			5,262			1.00	%	8/23/2019	Interest only monthly
City Point	200,000			199,000			4.75	%	5/29/2020	Interest only monthly
163 Highland Avenue	9,595			—			4.66	%	2/1/2024	Monthly principal and interest
2207 Filmore Street	1,120			—			4.50	%	10/31/2025	Interest only monthly
Interest rate swaps (3)	256,491			223,829			2.15	%
Total fixed-rate debt	808,714			801,317
Unamortized loan costs	(11,722		)	(11,879		)
Unamortized premium	1,364			2,943
Total	$	1,358,606		$	1,118,602

Notes:


(1)	Loan was repaid subsequent to December 31, 2015.


(2)	Comprised of four loans, one of which was in default as of December 31, 2015.


(3)	Represents the amount of the Company's variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 11).

The following table summarizes the Company’s mortgage and other indebtedness as of December 31, 2015 and December 31, 2014:

(dollars in thousands)

Description of Debt and Collateral

12/31/2015

12/31/2014

Interest Rate at December 31, 2015

Maturity

Payment
Terms

Variable

Liberty Avenue

—

8,973

LIBOR+2.75%

4/30/2015

Monthly principal and interest

City Point

—

20,650

LIBOR+4.00%

8/12/2015

Interest only monthly

Cortlandt Towne Center (1)

83,070

83,936

LIBOR+1.65%

10/26/2015

Monthly principal and interest

Nostrand Avenue

11,527

12,046

LIBOR+2.65%

2/1/2016

Monthly principal and interest

Heritage Shops

24,500

LIBOR+1.55%

2/28/2016

Interest only monthly

Broughton Street Portfolio

20,000

—

LIBOR+3.00%

5/5/2016

Interest only monthly

640 Broadway

22,109

22,564

LIBOR+2.95%

7/1/2016

Monthly principal and interest

City Point

20,000

LIBOR+1.70%

8/23/2016

Interest only monthly

City Point

62,000

—

SIFMA+1.60%

12/1/2016

Interest only monthly

Lincoln Park Centre

—

28,000

LIBOR+1.45%

12/3/2016

Interest only monthly

654 Broadway

8,835

9,000

LIBOR+1.88%

3/1/2017

Monthly principal and interest

New Hyde Park Shopping Center

11,240

11,720

LIBOR+1.85%

5/1/2017

Monthly principal and interest

938 W. North Avenue

12,500

LIBOR+2.35%

5/1/2017

Interest only monthly

1151 Third Avenue

12,481

LIBOR+1.75%

6/3/2017

Interest only monthly

210 Bowery

4,600

LIBOR+2.12%

10/15/2017

Interest only monthly

161st Street

29,500

LIBOR+2.50%

4/1/2018

Interest only monthly

664 North Michigan Avenue

43,107

44,369

LIBOR+1.65%

6/28/2018

Monthly principal and interest

Paramus Plaza

13,339

12,600

LIBOR+1.70%

2/20/2019

Interest only monthly

Lake Montclair

14,904

15,284

LIBOR+2.15%

5/1/2019

Monthly principal and interest

17 E. 71st Street

19,000

—

LIBOR+1.90%

6/9/2020

Interest only monthly

1035 Third Avenue

42,000

—

LIBOR+2.29%

1/27/2021

Interest only monthly

City Point

19,984

20,000

LIBOR+1.39%

11/1/2021

Interest only monthly

3104 M Street

2,999

103

Prime+0.50%

12/10/2021

Interest only monthly

4401 White Plains Road

6,015

6,141

LIBOR+1.90%

9/1/2022

Monthly principal and interest

28 Jericho Turnpike

15,315

15,747

LIBOR+1.90%

1/23/2023

Monthly principal and interest

60 Orange Street

8,006

8,236

LIBOR+1.75%

4/3/2023

Monthly principal and interest

Sub-total mortgage notes payable

507,031

422,950

Unsecured Debt

Fund IV revolving subscription line

91,910

77,100

LIBOR+1.65%

11/20/2015

Interest only monthly

Fund II Line

12,500

—

LIBOR+2.75%

10/9/2016

Interest only monthly

Fund IV Term Loan

34,500

—

LIBOR+2.75%

2/9/2017

Interest only monthly

Unsecured Line

20,800

—

LIBOR+1.40%

1/31/2018

Interest only monthly

Term Loan

50,000

LIBOR+1.30%

11/25/2019

Interest only monthly

Term Loan

50,000

—

LIBOR+1.40%

7/2/2020

Interest only monthly

Term Loan

50,000

—

LIBOR+1.60%

12/18/2020

Interest only monthly

Sub-total unsecured debt

309,710

127,100

Interest rate swaps (3)

(256,491

)

(223,829

)

Total variable-rate debt, net of swaps

560,250

326,221

Schedule of Maturities of Long-term Debt



(dollars in thousands)
2016	$	578,450
2017	195,541
2018	92,904
2019	83,621
2020	270,105
Thereafter	148,343
	$	1,368,964

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015:



(dollars in thousands)	Level 1		Level 2		Level 3
Assets
Derivative financial instruments	$	—	$	818	$	—
Liabilities
Derivative financial instruments	$	—	$	5,876	$	—

Fair Value, by Balance Sheet Grouping



	December 31, 2015				December 31, 2014
(dollars in thousands)	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable and Preferred Equity Investments	$	147,188	$	147,188	$	102,286	$	102,286
Mortgage, Convertible Notes and Other Notes Payable	$	1,358,606	$	1,382,318	$	1,118,602	$	1,141,371

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Tables)

12 Months Ended

Dec. 31, 2015

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, 2014:

ACADIA REALTY TRUST AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

11. Shareholders’ Equity and Noncontrolling Interests, continued



	Noncontrolling Interests in Operating Partnership			Noncontrolling Interests in Partially-Owned Affiliates
(dollars in thousands)
Balance at December 31, 2014	$	94,235		$	286,181
Distributions declared of $1.22 per Common OP Unit	(5,983		)	—
Net income for the period January 1 through December 31, 2015	3,836			80,426
Conversion of 100,620 OP Units to Common Shares by limited partners of the Operating Partnership	(2,451		)	—
Other comprehensive income - unrealized loss on valuation of swap agreements	(117		)	(897		)
Reclassification of realized interest expense on swap agreements	97			1,838
Noncontrolling interest contributions	—			35,489
Noncontrolling interest distributions and other reductions	—			(78,511		)
Employee Long-term Incentive Plan Unit Awards	6,723			—
Balance at December 31, 2015	$	96,340		$	324,526

SHARE INCENTIVE PLAN (Tables)

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014, 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



Options	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (dollars in thousands)
Outstanding and exercisable at December 31, 2013	113,086		$	19.28	3.5	$	628
Granted	—		—		—	—
Exercised	(57,739	)	17.68		—	828
Forfeited or Expired	—		—		—	—
Outstanding and exercisable at December 31, 2014	55,347		20.93		1.1	614
Granted	—		—		—	—
Exercised	(49,098	)	20.76		—	608
Forfeited or Expired	(3,000	)	22.40		—	—
Outstanding and exercisable at December 31, 2015	3,249		$	22.27	1.1	$	35

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, 2015 and 2014 and changes during the years then ended is presented below:



Unvested Restricted Shares and LTIP Units	Restricted Shares		Weighted Grant-Date Fair Value		LTIP Units		Weighted Grant-Date Fair Value
Unvested at December 31, 2013	63,737		$	23.34	884,334		$	21.62
Granted	28,563		27.18		441,946		26.24
Vested	(34,598	)	23.40		(263,556	)	20.23
Forfeited	(2,684	)	23.54		(800	)	24.66
Unvested at December 31, 2014	55,018		25.90		1,061,924		23.92
Granted	22,819		32.78		258,464		34.00
Vested	(24,744	)	25.44		(292,544	)	22.82
Forfeited	(3,194	)	26.25		(7,723	)	25.90
Unvested at December 31, 2015	49,899		$	25.90	1,020,121		$	23.92

FEDERAL INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

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:



	For the years ended December 31,
	2015		2014		2013
Ordinary income	68	%	69	%	87	%
Qualified dividend	—	%	—	%	—	%
Capital gain	32	%	31	%	13	%
	100	%	100	%	100	%

Schedule of TRS Income and Provision for Income Taxes

The Company’s TRS income and provision for income taxes associated with the TRS for the years ended December 31, 2015, 2014 and 2013 are summarized as follows:



(dollars in thousands)	2015			2014			2013
TRS income (loss) before income taxes	$	1,008		$	(36	)	$	(2,225	)
(Provision) benefit for income taxes:
Federal	(526		)	(377		)	276
State and local	(134		)	(97		)	71
TRS net income (loss) before noncontrolling interests	348			(510		)	(1,878		)
Noncontrolling interests	(208		)	(508		)	267
TRS net income (loss)	$	140		$	(1,018	)	$	(1,611	)

Schedule of Effective Income Tax Rate Reconciliation



(dollars in thousands)	2015			2014			2013
Federal tax provision (benefit) at statutory tax rate	$	343		$	(12	)	$	(757	)
TRS state and local taxes, net of Federal benefit	53			(2		)	(117		)
Tax effect of:
Permanent differences, net	396			446			496
Prior year underaccrual, net	938			1			128
Restricted stock vesting	(5		)	(20		)	(2		)
Other	(126		)	61			127
REIT state and local income and franchise taxes	188			155			144
Total provision for income taxes	$	1,787		$	629		$	19

EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	Years ended December 31,
(dollars in thousands, except per share amounts)	2015		2014		2013
Numerator:
Income from continuing operations	$	65,708	$	70,865	$	34,026
Less: net income attributable to participating securities	927		1,152		581
Income from continuing operations net of income	64,781		69,713		33,445
attributable to participating securities
Denominator:
Weighted average shares for basic earnings per share	68,851		59,402		54,919
Effect of dilutive securities:
Employee share options	19		24		38
Denominator for diluted earnings per share	68,870		59,426		54,957
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.94	$	1.18	$	0.61
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.94	$	1.18	$	0.61

SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The quarterly results of operations of the Company for the years ended December 31, 2015 and 2014 are as follows:



(amounts in thousands, except per share amounts)	March 31, 2015		June 30, 2015		September 30, 2015		December 31, 2015
Revenue	$	52,481	$	53,161	$	56,852	$	54,768
Income from continuing operations attributable to Common Shareholders	$	16,547	$	26,495	$	13,776	$	8,890
Net income attributable to Common Shareholders	$	16,547	$	26,495	$	13,776	$	8,890
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.24	$	0.38	$	0.20	$	0.13
Net income per share	$	0.24	$	0.38	$	0.20	$	0.13
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.24	$	0.38	$	0.20	$	0.13
Net income per share	$	0.24	$	0.38	$	0.20	$	0.13
Cash dividends declared per Common Share	$	0.24	$	0.24	$	0.24	$	0.50



(amounts in thousands, except per share amounts)	March 31, 2014		June 30, 2014		September 30, 2014		December 31, 2014
Revenue	$	46,685	$	49,511	$	47,660	$	51,156
Income from continuing operations attributable to Common Shareholders	$	21,595	$	11,365	$	28,564	$	9,341
Income from discontinued operations attributable to Common Shareholders	—		99		—		100
Net income attributable to Common Shareholders	$	21,595	$	11,464	$	28,564	$	9,441
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations	$	0.38	$	0.19	$	0.47	$	0.15
Income from discontinued operations	—		—		—		—
Net income per share	$	0.38	$	0.19	$	0.47	$	0.15
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations	$	0.38	$	0.19	$	0.47	$	0.15
Income from discontinued operations	—		—		—		—
Net income per share	$	0.38	$	0.19	$	0.47	$	0.15
Cash dividends declared per Common Share	$	0.23	$	0.23	$	0.23	$	0.54

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

12 Months Ended

Dec. 31, 2015

USD ($)

property

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Apr. 30, 2015

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

Impairment of asset

$ 5,000,000

$ 0

$ 1,500,000

Impairment of asset

5,000,000

8,183,000

Deferred rent receivables, net

31,300,000

28,000,000

Allowance for doubtful accounts receivable

7,500,000

6,000,000

Additional reserves

$ 2,700,000

Required distribution rate to maintain REIT status (in percent)

90.00%

Funiture, Fixtures and Equipment [Member]

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

Property, plant and equipment, useful life, minimum (In Years)

5 years

Minimum [Member] | Building [Member]

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

Property, plant and equipment, useful life, minimum (In Years)

30 years

Maximum [Member] | Building [Member]

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

Property, plant and equipment, useful life, minimum (In Years)

40 years

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

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

Equity Interest Held By Operating Partnership

95.00%

Remaining funds rate of distribution to operating partnership (in percent)

20.00%

Institutional Investors [Member]

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

Remaining funds rate of distribution to all partners (in percent)

80.00%

Fund I and Mervyns I [Member]

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

Equity Interest Held By Operating Partnership

^[1]

37.78%

Operating partnership share of capital

^[1]

22.22%

Fund II and Mervyns II [Member]

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

Equity Interest Held By Operating Partnership

^[2]

20.00%

Operating partnership share of capital

^[2]

20.00%

Fund III [Member]

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

Equity Interest Held By Operating Partnership

^[3]

24.54%

Operating partnership share of capital

^[3]

24.54%

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

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

Impairment of asset

1,500,000

Fund III [Member] | Sheepshead Bay [Member]

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

Impairment of asset

6,700,000

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

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

Impairment of asset

1,300,000

Fund IV [Member]

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

Equity Interest Held By Operating Partnership

23.12%

Operating partnership share of capital

23.12%

Core Portfolio [Member]

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

Number of retail properties | property

Properties owned percentage

100.00%

Impairment of asset

$ 5,000,000

1,500,000

Opportunity Funds [Member]

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

Number of retail properties | property

Impairment of asset

$ 0

Core Portfolio and Opportunity Funds [Member]

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

Number of retail properties | property

147

Non-Recourse Mortgage [Member]

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

Borrowings, amount

$ 26,300,000.0

Route 202 Shopping Center [Member] | Core Portfolio [Member]

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

Percent Owned

77.78%

Brandywine Portfolio [Member]

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

Impairment of asset

$ 5,000,000

Impairment of asset

5,000,000

Brandywine Portfolio [Member] | Operating Partnership, as General Partner or Managing Member [Member]

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

Impairment of asset

1,100,000

New Accounting Pronouncement, Early Adoption, Effect [Member] | Long-term Debt [Member]

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

Deferred finance costs, net

(11,700,000)

(11,900,000)

New Accounting Pronouncement, Early Adoption, Effect [Member] | Deferred Charges [Member]

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

Deferred finance costs, net

$ 11,700,000

$ 11,900,000

[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]	During 2015, the Company acquired an additional 4.6% interest in Fund III from a limited partner for $7.3 million, giving the Company an aggregate 24.54% interest.

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Schedule of Operating Partnership's Equity Interest (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Dec. 31, 2013

Variable Interest Entity [Line Items]

Payments to noncontrolling interests

$ 84,610

$ 221,330

$ 88,975

Fund II [Member]

Variable Interest Entity [Line Items]

Total distributions

^[1]

$ 47,100

Fund I and Mervyns I [Member]

Variable Interest Entity [Line Items]

Operating partnership share of capital

^[2]

22.22%

Fund Size

^[2]

$ 90,000

Capital called

^[2],[3]

86,600

Unfunded Commitments

^[2]

$ 0

Equity Interest Held By Operating Partnership

^[2]

37.78%

Preferred Return

^[2]

9.00%

Total distributions

^[2],[3]

$ 194,500

Fund II and Mervyns II [Member]

Variable Interest Entity [Line Items]

Operating partnership share of capital

^[1]

20.00%

Fund Size

^[1]

$ 300,000

Capital called

^[1],[3]

300,000

Unfunded Commitments

^[1]

$ 47,100

Equity Interest Held By Operating Partnership

^[1]

20.00%

Preferred Return

^[1]

8.00%

Total distributions

^[1],[3]

$ 131,600

Fund III [Member]

Variable Interest Entity [Line Items]

Operating partnership share of capital

^[4]

24.54%

Fund Size

^[4]

$ 502,500

Capital called

^[3],[4]

387,500

Unfunded Commitments

^[4]

$ 62,500

Equity Interest Held By Operating Partnership

^[4]

24.54%

Preferred Return

^[4]

6.00%

Total distributions

^[3],[4]

$ 445,700

Limited Liability Company LLC Or Limited Partnership LP, Managing Member Or General Partner, Additional Ownership Interest Acquired

^[4]

4.60%

Payments to noncontrolling interests

$ 7,300

Fund IV [Member]

Variable Interest Entity [Line Items]

Operating partnership share of capital

23.12%

Fund Size

$ 540,600

Capital called

^[3]

179,400

Unfunded Commitments

$ 361,200

Equity Interest Held By Operating Partnership

23.12%

Preferred Return

6.00%

Total distributions

^[3]

$ 101,900

[1]	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.
[2]	Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions.
[3]	Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares.
[4]	During 2015, the Company acquired an additional 4.6% interest in Fund III from a limited partner for $7.3 million, giving the Company an aggregate 24.54% interest.

ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE - Acquisitions (Details)
$ in Thousands

1 Months Ended

12 Months Ended

Dec. 31, 2015

USD ($)

ft²

residential_unit

Nov. 30, 2015

USD ($)

ft²

Oct. 31, 2015

USD ($)

ft²

Sep. 30, 2015

USD ($)

ft²

May. 31, 2015

USD ($)

ft²

Apr. 30, 2015

USD ($)

ft²

Mar. 31, 2015

USD ($)

ft²

Jan. 31, 2015

USD ($)

ft²

Dec. 31, 2015

USD ($)

ft²

residential_unit

May. 01, 2015

Dec. 31, 2014

USD ($)

Business Acquisition [Line Items]

GLA (in square feet) | ft²

695,168

Core Portfolio [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

305,800

Purchase Price

$ 204,200

Debt Assumption

9,800

Acquisition related costs

$ 1,300

Fund IV [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

312,589

Purchase Price

$ 146,100

Debt Assumption

1,100

Acquisition related costs

$ 3,500

Fund II [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

Purchase Price

$ 100,800

Debt Assumption

$ 81,000

City Center [Member] | San Francisco, California [Member] | Core Portfolio [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

205,000

Percent Owned

100.00%

Purchase Price

$ 155,000

Debt Assumption

$ 0

163 Highland Avenue [Member] | Needham, MA [Member] | Core Portfolio [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

40,500

Percent Owned

100.00%

Purchase Price

$ 24,000

Debt Assumption

$ 9,800

Route 202 Shopping Center [Member] | Wilmington, DE [Member] | Core Portfolio [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

^[1]

20,000

Percent Owned

^[1]

100.00%

Purchase Price

^[1]

$ 5,600

Debt Assumption

^[1]

$ 0

Roosevelt Galleria [Member] | Chicago, Illinois [Member] | Core Portfolio [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

40,300

Percent Owned

100.00%

Purchase Price

$ 19,600

Debt Assumption

$ 0

City Point Tower I [Member] | Fund II [Member]

Business Acquisition [Line Items]

Percent Owned

43.00%

City Point Tower I [Member] | Brooklyn, New York [Member] | Fund II [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

^[2]

Percent Owned

95.00%

^[2]

43.00%

Purchase Price

^[2]

$ 100,800

Debt Assumption

^[2]

$ 81,000

Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage

52.00%

Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage

95.00%

Number of Units in Real Estate Property | residential_unit

250

1035 Third Avenue [Member] | New York, New York [Member] | Fund IV [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

^[3]

53,294

Percent Owned

^[3]

100.00%

Purchase Price

^[3]

$ 51,000

Debt Assumption

^[3]

$ 0

801 Madison Avenue [Member] | New York, New York [Member] | Fund IV [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

6,375

Percent Owned

100.00%

Purchase Price

$ 33,000

Debt Assumption

$ 0

650 Bald Hill Road [Member] | Warwick, Rhode Island [Member] | Fund IV [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

225,000

Percent Owned

90.00%

Purchase Price

$ 9,200

Debt Assumption

$ 0

2208-2216 Filmore Street [Member] | San Francisco, California [Member] | Fund IV [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

7,375

Percent Owned

90.00%

Purchase Price

$ 8,600

Debt Assumption

$ 0

146 Geary Street [Member] | San Francisco, California [Member] | Fund IV [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

12,400

Percent Owned

100.00%

Purchase Price

$ 38,000

Debt Assumption

$ 0

2207 Fillmore Street [Member] | San Francisco, California [Member] | Fund IV [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

3,870

Percent Owned

90.00%

Purchase Price

$ 2,800

Debt Assumption

$ 1,100

1861 Union Street [Member] | San Francisco, California [Member] | Fund IV [Member]

Business Acquisition [Line Items]

GLA (in square feet) | ft²

4,275

Percent Owned

90.00%

Purchase Price

$ 3,500

Debt Assumption

Acquisitions In 2014 [Member]

Purchase Price Allocation

Land

137,120

$ 137,120

$ 149,609

Buildings and improvements

413,015

418,720

(29,064)

(6,434)

41,812

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

(3,088)

(2,100)

Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities

(988)

Total Consideration

559,795

$ 559,795

Adjustments

Land

(12,489)

Buildings and improvements

(5,705)

41,812

(22,630)

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

Acquisitions In 2015 [Member]

Purchase Price Allocation

Land

83,890

Buildings and improvements

258,926

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

(10,885)

Total Consideration

$ 331,931

Route 202 Shopping Center [Member] | Core Portfolio [Member]

Business Acquisition [Line Items]

Percent Owned

77.78%

[1]	Purchase price represents the 77.78% interest acquired from an unaffiliated third party.
[2]	Fund II previously held a 52% interest in this unconsolidated affiliate. In connection with the disposition of Phase III of this project discussed below, Fund II acquired an additional 43% interest in Tower I of this development project, which is accounted for as an asset acquisition. In total, Fund II now owns 95% of this investment, which is a residential project anticipated to include 250 residential units.
[3]	GLA includes a portion of office space and a below-grade operator controlled parking garage.

ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE - Dispositions (Details)
$ in Thousands

1 Months Ended

12 Months Ended

Aug. 31, 2015

USD ($)

ft²

Jul. 31, 2015

USD ($)

ft²

May. 31, 2015

USD ($)

ft²

Apr. 30, 2015

USD ($)

ft²

Jan. 31, 2015

USD ($)

ft²

Dec. 31, 2015

USD ($)

ft²

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet) | ft²

695,168

Sales Price

$ 327,903

Gain on Sale

$ 113,106

Fund III [Member] | Lincoln Park Centre [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet) | ft²

61,761

Sales Price

$ 64,000

Gain on Sale

$ 27,143

Fund III [Member] | White City Shopping Center [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet) | ft²

^[1]

249,549

Sales Price

^[1]

$ 96,750

Gain on Sale

^[1]

$ 17,105

Fund III [Member] | Parkway Crossing [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet) | ft²

^[1]

260,241

Sales Price

^[1]

$ 27,275

Gain on Sale

^[1]

$ 6,938

Fund II [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet) | ft²

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) | ft²

^[2]

Sales Price

^[2]

$ 115,600

Gain on Sale

^[2]

$ 49,884

Fund II [Member] | Liberty Avenue [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet) | ft²

26,117

Sales Price

$ 24,000

Gain on Sale

$ 11,957

Fund I [Member] | Kroger/Safeway Various [Member]

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

GLA (in square feet) | ft²

^[3]

97,500

Sales Price

^[3]

$ 278

Gain on Sale

^[3]

$ 79

[1]	Fund III's White City Shopping Center and Parkway Crossing were unconsolidated and as such, the Company's share of gains related to these sales is included in gain on disposition of properties of unconsolidated affiliates in the 2015 Consolidated Statement of Income.
[2]	Represents the disposition of air rights at Phase III of Fund II's City Point project.
[3]	During August 2015, Fund I terminated its ground lease interest at two of the three remaining properties in the portfolio and sold its ground lease interest in the third location.

ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE - Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
STATEMENTS OF INCOME
Total revenues						$ 0	$ 20,920
Total expenses						0	14,102
Operating income					$ 0	0	6,818
Impairment of assets						0	(6,683)
Loss on debt extinguishment					0	0	(800)
Gain on disposition of properties					0	1,222	18,802
Income from discontinued operations					0	1,222	18,137
Income from discontinued operations attributable to noncontrolling interests					$ 0	(1,023)	(12,048)
Income from discontinued operations attributable to Common Shareholders	$ 100	$ 0	$ 99	$ 0		$ 199	$ 6,089

SEGMENT REPORTING Income Statement (Details) $ in Thousands	3 Months Ended								12 Months Ended
SEGMENT REPORTING Income Statement (Details) $ in Thousands	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) segment	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment									3
Revenues	$ 54,768	$ 56,852	$ 53,161	$ 52,481	$ 51,156	$ 47,660	$ 49,511	$ 46,685	$ 217,262	$ 195,012	$ 168,286
Property operating expenses, other operating and real estate taxes									(58,482)	(51,671)	(46,553)
General and administrative expenses									(30,368)	(27,433)	(25,555)
Depreciation and amortization									(60,751)	(49,645)	(40,299)
Impairment of asset									(5,000)	0	(1,500)
Operating income									62,661	66,263	54,379
Equity in earnings of unconsolidated affiliates									13,287	8,723	12,382
Gain on sale of unconsolidated affiliates									24,043	102,855	0
Loss on debt extinguishment									(135)	(335)	(765)
Interest and other finance expense									(37,162)	(39,091)	(39,474)
Gain on disposition of property									89,063	13,138	0
Income tax provision									(1,787)	(629)	(19)
Income from continuing operations									149,970	150,924	26,503
Discontinued operations
Operating income from discontinued operations									0	0	6,818
Impairment of asset									0	0	(6,683)
Loss on debt extinguishment									0	0	(800)
Gain on disposition of properties									0	1,222	18,802
Income from discontinued operations									0	1,222	18,137
Net income									149,970	152,146	44,640
Noncontrolling interests
Income from continuing operations									(84,262)	(80,059)	7,523
Income from discontinued operations									0	(1,023)	(12,048)
Net income attributable to noncontrolling interests									(84,262)	(81,082)	(4,525)
Net income attributable to Common Shareholders	$ 8,890	$ 13,776	$ 26,495	$ 16,547	$ 9,441	$ 28,564	$ 11,464	$ 21,595	65,708	71,064	40,115
Core Portfolio [Member]
Segment Reporting Information [Line Items]
Revenues									150,015	125,022	110,355
Property operating expenses, other operating and real estate taxes									(37,259)	(33,097)	(29,040)
General and administrative expenses									(28,600)	(24,853)	(24,387)
Depreciation and amortization									(46,223)	(35,875)	(28,989)
Impairment of asset									(5,000)		(1,500)
Operating income									32,933	31,197	26,439
Equity in earnings of unconsolidated affiliates									1,169	(77)	(99)
Gain on sale of unconsolidated affiliates									0	0
Loss on debt extinguishment									0	(3)	(309)
Interest and other finance expense									(27,945)	(27,021)	(26,158)
Gain on disposition of property									0	12,577
Income tax provision									(604)	(176)	131
Income from continuing operations										16,497	4
Discontinued operations
Operating income from discontinued operations											535
Impairment of asset											0
Loss on debt extinguishment											(145)
Gain on disposition of properties										0	6,488
Income from discontinued operations										0	6,878
Net income									5,553	16,497	6,882
Noncontrolling interests
Income from continuing operations									(140)	(3,213)	(1,002)
Income from discontinued operations										(9)	(2,406)
Net income attributable to noncontrolling interests									(140)	(3,222)	(3,408)
Net income attributable to Common Shareholders									5,413	13,275	3,474
Funds [Member]
Segment Reporting Information [Line Items]
Revenues									49,048	54,659	46,131
Property operating expenses, other operating and real estate taxes									(21,223)	(18,574)	(17,513)
General and administrative expenses									(1,768)	(1,665)	(1,168)
Depreciation and amortization									(14,528)	(13,770)	(11,310)
Impairment of asset									0		0
Operating income									11,529	20,650	16,140
Equity in earnings of unconsolidated affiliates									12,118	8,800	12,481
Gain on sale of unconsolidated affiliates									24,043	102,855
Loss on debt extinguishment									(135)	(332)	(456)
Interest and other finance expense									(9,217)	(12,070)	(13,316)
Gain on disposition of property									89,063	561
Income tax provision									(1,183)	(453)	(150)
Income from continuing operations										120,011	14,699
Discontinued operations
Operating income from discontinued operations											6,283
Impairment of asset											(6,683)
Loss on debt extinguishment											(655)
Gain on disposition of properties										1,222	12,314
Income from discontinued operations										1,222	11,259
Net income									126,218	121,233	25,958
Noncontrolling interests
Income from continuing operations									(84,122)	(76,846)	8,525
Income from discontinued operations										(1,014)	(9,642)
Net income attributable to noncontrolling interests									(84,122)	(77,860)	(1,117)
Net income attributable to Common Shareholders									42,096	43,373	24,841
Structuring Financing [Member]
Segment Reporting Information [Line Items]
Revenues									18,199	15,331	11,800
Property operating expenses, other operating and real estate taxes									0	0	0
General and administrative expenses									0	(915)	0
Depreciation and amortization									0	0	0
Impairment of asset									0		0
Operating income									18,199	14,416	11,800
Equity in earnings of unconsolidated affiliates									0	0	0
Gain on sale of unconsolidated affiliates									0	0
Loss on debt extinguishment									0	0	0
Interest and other finance expense									0	0	0
Gain on disposition of property									0	0
Income tax provision									0	0	0
Income from continuing operations										14,416	11,800
Discontinued operations
Operating income from discontinued operations											0
Impairment of asset											0
Loss on debt extinguishment											0
Gain on disposition of properties										0	0
Income from discontinued operations										0	0
Net income									18,199	14,416	11,800
Noncontrolling interests
Income from continuing operations									0	0	0
Income from discontinued operations										0	0
Net income attributable to noncontrolling interests									0	0	0
Net income attributable to Common Shareholders									$ 18,199	$ 14,416	$ 11,800

SEGMENT REPORTING Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Real estate at cost	$ 2,736,283	$ 2,208,595	$ 1,819,053
Total assets	3,032,319	2,720,721	2,244,523
Acquisition of real estate	344,476	250,353	220,041
Redevelopment and property improvement costs	164,315	140,118	106,883
Core Portfolio [Member]
Segment Reporting Information [Line Items]
Real estate at cost	1,572,681	1,366,017	1,059,257
Total assets	1,662,092	1,613,290	1,012,553
Acquisition of real estate	188,835	203,103	143,616
Redevelopment and property improvement costs	16,505	5,432	10,611
Funds [Member]
Segment Reporting Information [Line Items]
Real estate at cost	1,163,602	842,578	759,796
Total assets	1,223,039	1,005,145	1,105,264
Acquisition of real estate	155,641	47,250	76,425
Redevelopment and property improvement costs	147,810	134,686	96,272
Structuring Financing [Member]
Segment Reporting Information [Line Items]
Real estate at cost	0	0	0
Total assets	147,188	102,286	126,706
Acquisition of real estate	0	0	0
Redevelopment and property improvement costs	$ 0	$ 0	$ 0

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Details) ft² in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015 USD ($) ft²	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)	Sep. 30, 2014 USD ($)	Jun. 30, 2014 USD ($)	Mar. 31, 2014 USD ($)	Dec. 31, 2015 USD ($) ft² partner	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)	Apr. 30, 2015
Schedule of Equity Method Investments [Line Items]
Gain on disposition of properties of unconsolidated affiliates									$ 24,043	$ 102,855	$ 0
Combined and Condensed Balance Sheets
Real estate under development	$ 609,574				$ 447,390				609,574	447,390
Investments in and advances to unconsolidated affiliates	173,277				184,352				173,277	184,352
Total assets	3,032,319				2,720,721				3,032,319	2,720,721
Other liabilities	31,000				25,148				31,000	25,148
Total liabilities and equity	3,032,319				2,720,721				3,032,319	2,720,721
Company's share of distributions in excess of income and investments in unconsolidated affiliates	(13,244)				(12,564)				(13,244)	(12,564)
Combined and Condensed Statements of Operations [Abstract]
Total revenues	54,768	$ 56,852	$ 53,161	$ 52,481	51,156	$ 47,660	$ 49,511	$ 46,685	217,262	195,012	168,286
Operating and other expenses									(154,601)	(128,749)	(113,907)
Equity in earnings (losses) of unconsolidated affiliates									13,287	8,723	12,382
Depreciation and amortization									(60,751)	(49,645)	(40,299)
Loss on debt extinguishment									(135)	(335)	(765)
Income from continuing operations									149,970	150,924	26,503
Unconsolidated Affiliates [Member]
Combined and Condensed Balance Sheets
Rental property, net	302,976				387,739				302,976	387,739
Real estate under development	35,743				60,476				35,743	60,476
Investments in and advances to unconsolidated affiliates	6,853				11,154				6,853	11,154
Other assets	47,083				62,862				47,083	62,862
Total assets	392,655				522,231				392,655	522,231
Mortgage notes payable	192,684				315,897				192,684	315,897
Other liabilities	21,945				66,116				21,945	66,116
Partners’ equity	178,026				140,218				178,026	140,218
Total liabilities and equity	$ 392,655				$ 522,231				392,655	522,231
Combined and Condensed Statements of Operations [Abstract]
Total revenues									43,990	44,422	51,638
Operating and other expenses									(13,721)	(17,069)	(18,700)
Interest expense									(9,178)	(9,363)	(8,943)
Equity in earnings (losses) of unconsolidated affiliates									66,655	(328)	13,651
Depreciation and amortization									(12,154)	(10,967)	(10,599)
Loss on debt extinguishment									0	(187)	0
Gain on disposition of properties									32,623	142,615	0
Income from continuing operations									108,215	149,123	27,047
Operating Partnership, as General Partner or Managing Member [Member]
Combined and Condensed Statements of Operations [Abstract]
Equity in earnings (losses) of unconsolidated affiliates									37,330	111,578	12,382
Company’s share of net income									37,722	111,970	12,774
Amortization of excess investment									$ (392)	(392)	(392)
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%
Parkway Crossing [Member]
Schedule of Equity Method Investments [Line Items]
Net sales proceeds									$ 27,300
Core Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Gain on disposition of properties of unconsolidated affiliates									0	0
Combined and Condensed Statements of Operations [Abstract]
Total revenues									150,015	125,022	110,355
Equity in earnings (losses) of unconsolidated affiliates									1,169	(77)	(99)
Depreciation and amortization									(46,223)	(35,875)	(28,989)
Loss on debt extinguishment									$ 0	(3)	(309)
Income from continuing operations										16,497	4
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) \| ft²	87								87
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) \| ft²	311								311
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) \| ft²	28								28
Core Portfolio [Member] \| Route 202 Shopping Center [Member]
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in square feet) \| ft²	20								20
Percentage of voting interests acquired	77.78%								77.78%			77.78%
Fund II [Member] \| City Point Tower I [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of voting interests acquired	43.00%								43.00%
Opportunity Funds [Member]
Schedule of Equity Method Investments [Line Items]
Gain on disposition of properties of unconsolidated affiliates									$ 24,043	102,855
Number of unaffiliated partners \| partner									2
Combined and Condensed Statements of Operations [Abstract]
Total revenues									$ 49,048	54,659	46,131
Equity in earnings (losses) of unconsolidated affiliates									12,118	8,800	12,481
Depreciation and amortization									(14,528)	(13,770)	(11,310)
Loss on debt extinguishment									(135)	(332)	(456)
Income from continuing operations										$ 120,011	$ 14,699
Opportunity Funds [Member] \| KLAC Rex Venture LLC [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Distributions, equity method investments									1,200
Opportunity Funds [Member] \| RCP Venture [Member]
Schedule of Equity Method Investments [Line Items]
Distributions, cost method investments									155,503
Combined and Condensed Balance Sheets
Investments in and advances to unconsolidated affiliates	$ 63,216								63,216
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									33,354
Combined and Condensed Balance Sheets
Investments in and advances to unconsolidated affiliates	12,070								12,070
Opportunity Funds [Member] \| Mervyns I and Mervyns II [Member]
Schedule of Equity Method Investments [Line Items]
Distributions, equity method investments									5,900
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								7,547
Distributions, cost method investments									9,272
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								1,252
Distributions, cost method investments									2,017
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								2,416
Distributions, cost method investments									4,864
Opportunity Funds [Member] \| Mervyns II [Member] \| KLA A Markets LLC Add-On Investments [Member] \| Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	388								388
Distributions, cost method investments									972
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								2,701
Distributions, cost method investments									4,927
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								535
Distributions, cost method investments									986
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								1,110
Distributions, cost method investments									3,358
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								222
Distributions, cost method investments									672
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								2,667
Distributions, cost method investments									2,941
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								533
Distributions, cost method investments									588
Opportunity Funds [Member] \| KLA/Mervyns LLC [Member] \| Mervyns I and Mervyns II [Member]
Schedule of Equity Method Investments [Line Items]
Distributions, equity method investments									48,547
Invested Capital and Advances, equity method investment	26,058								26,058
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]
Distributions, equity method investments									11,801
Invested Capital and Advances, equity method investment	4,901								4,901
Opportunity Funds [Member] \| KLA A Markets LLC [Member] \| Mervyns II [Member]
Schedule of Equity Method Investments [Line Items]
Distributions, equity method investments									81,594
Invested Capital and Advances, equity method investment	20,717								20,717
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]
Distributions, equity method investments									16,318
Invested Capital and Advances, equity method investment	4,239								4,239
Fund IV [Member] \| Warwick, Rhode Island [Member]
Combined and Condensed Balance Sheets
Investments in and advances to unconsolidated affiliates	$ 8,300								8,300
Fund III [Member] \| Parkway Crossing [Member]
Schedule of Equity Method Investments [Line Items]
Gain on disposition of properties of unconsolidated affiliates									$ 6,900

NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS Schedule of Notes Receivable and Preferred Equity Investments Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning Balance	$ 102,286	$ 126,656	$ 129,278
New investments	48,500	31,169	45,000
Disposition of air rights through issuance of notes	29,539	0	0
Collections of principal	(15,984)	(18,095)	(29,583)
Conversion to real estate through receipt of deed or through foreclosure	(13,386)	(38,000)	(18,500)
Other	(3,767)	556	461
Ending Balance	$ 147,188	$ 102,286	$ 126,656

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

1 Months Ended

12 Months Ended

Feb. 28, 2015

USD ($)

Dec. 31, 2015

USD ($)

extension_option

loan

Dec. 31, 2014

USD ($)

loan

Jul. 31, 2015

USD ($)

borrower

loan

Jun. 30, 2015

USD ($)

May. 31, 2015

USD ($)

Apr. 30, 2015

USD ($)

Dec. 31, 2013

USD ($)

Dec. 31, 2012

USD ($)

Mortgage Loans on Real Estate [Line Items]

Net carrying amount of notes receivable

$ 147,188

$ 102,286

$ 126,656

$ 129,278

152 - 154 Spring Street [Member]

Mortgage Loans on Real Estate [Line Items]

Percent Owned

10.00%

Mezzanine Loan, 12.7% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[1],[2]

12.70%

First Priority Liens

^[1]

$ 18,900

Net carrying amount of notes receivable

$ 0

^[1]

8,000

^[1]

$ 8,000

First Mortgage Loan, 8.8% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[2]

8.80%

First Priority Liens

$ 0

Net carrying amount of notes receivable

$ 7,500

7,500

Zero Coupon Loan, 24% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[2],[3],[4]

24.00%

First Priority Liens

^[3],[4]

$ 166,200

Net carrying amount of notes receivable

$ 0

^[3],[4]

4,986

^[3],[4]

$ 5,600

First Mortgage Loan, 5.5% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[2]

5.50%

First Priority Liens

$ 0

Net carrying amount of notes receivable

$ 4,000

4,000

Number of loan extensions | extension_option

Length of loan extension

6 months

First Mortgage Loan, 6.0% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[2]

6.00%

^[5]

6.00%

First Priority Liens

^[5]

$ 0

Net carrying amount of notes receivable

$ 15,000

^[5]

$ 15,000

Number of loan extensions | extension_option

Length of loan extension

12 months

Preferred Equity, 13.5% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[2]

13.50%

First Priority Liens

$ 0

Net carrying amount of notes receivable

4,000

Other Loan, 17% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[2],[6]

17.00%

First Priority Liens

^[6]

Net carrying amount of notes receivable

$ 0

^[6]

$ 6,500

Other Loan, 18% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[2],[7]

18.00%

First Priority Liens

^[7]

$ 0

Net carrying amount of notes receivable

^[7]

3,907

3,307

Payments to Acquire Loans Receivable

$ 600

Preferred Equity, 8.1% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[2]

8.10%

First Priority Liens

$ 20,855

Net carrying amount of notes receivable

$ 13,000

13,000

First Mortgage Loan, 7.1% LIBOR Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Basis spread on variable rate

^[2],[8]

7.10%

First Priority Liens

^[8]

$ 0

Net carrying amount of notes receivable

$ 26,000

^[8]

$ 26,000

Number of loan extensions | extension_option

Length of loan extension

12 months

Zero Coupon Loan, 2.5% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[2],[4],[9]

2.50%

First Priority Liens

^[4],[9]

$ 0

Net carrying amount of notes receivable

$ 30,234

^[4],[9]

$ 29,800

Mezzanine, 15% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[2]

15.00%

First Priority Liens

$ 0

Net carrying amount of notes receivable

$ 30,879

30,879

Other Loan, 2.5% LIBOR Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Basis spread on variable rate

^[2]

2.50%

First Priority Liens

$ 0

Net carrying amount of notes receivable

$ 0

4,000

Mezzanine Loan, 10.0% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[2],[10]

10.00%

First Priority Liens

^[10]

$ 87,477

Net carrying amount of notes receivable

^[10]

$ 0

7,983

Number of cross-collateralized loans | loan

Number of borrowers | borrower

First Mortgage, 7.7% Loan [Member]

Mortgage Loans on Real Estate [Line Items]

Effective interest rate

^[2],[11]

7.70%

First Priority Liens

^[11]

$ 0

Net carrying amount of notes receivable

^[11]

12,000

Individually Less Than 3%, Variable Interest Rate [Member]

Mortgage Loans on Real Estate [Line Items]

First Priority Liens

^{[12],[13],[14]}

Net carrying amount of notes receivable

$ 668

^{[12],[13],[14]}

$ 2,631

^{[12],[13],[14]}

$ 1,900

Number of loans | loan

Payments to Acquire Loans Receivable

$ 400

Individually Less Than 3%, Variable Interest Rate [Member] | Minimum [Member]

Mortgage Loans on Real Estate [Line Items]

Basis spread on variable rate

^{[2],[12],[13],[14]}

2.50%

Individually Less Than 3%, Variable Interest Rate [Member] | Maximum [Member]

Mortgage Loans on Real Estate [Line Items]

Basis spread on variable rate

^{[2],[12],[13],[14]}

11.60%

[1]	During July 2015, the Company received repayment in full of this $8.0 million note.
[2]	Includes origination and exit fees
[3]	During April 2015, the Company converted a $5.6 million loan into an equity interest in the Route 202 Shopping Center (Note 2).
[4]	The principal balances for these accrual-only loans are increased by the interest accrued.
[5]	During May 2015, the Company made a $15.0 million loan, which is collateralized by a property, bears interest at 6.0% and matures May 1, 2016.
[6]	During June 2015, the Company made a $6.5 million loan, which bore interest at 17.0% and was scheduled to mature June 1, 2016. During October 2015, this loan was converted into an equity interest in 650 Bald Hill Road (Note 2).
[7]	During 2015, the Company advanced an additional $0.6 million on this loan collateralized by a property.
[8]	During June 2015, the Company made a $26.0 million loan, which is collateralized by a property.
[9]	During June 2015, the Company made a $29.8 million loan in connection with the disposition of City Point's Phase III (Note 2), which is collateralized by the purchaser's interest in the property.
[10]	Comprised of three cross-collateralized loans from one borrower, which were non-performing. During July 2015, the Company received repayment of these notes in full as well as all accrued interest and default interest and additional penalties.
[11]	Loan was non-performing as of December 31, 2015. Based on the value of the underlying collateral, no reserve has been established against this loan.
[12]	Consists of one loan as of December 31, 2015 and three loans as of December 31, 2014.
[13]	During February 2015, the Company advanced an additional $0.4 million on this loan collateralized by a property.
[14]	During June 2015, the Company converted a $1.9 million loan into an equity interest in the remaining 10% of 152-154 Spring Street.

NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS Schedule of Allowance for Credit Losses on Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Balance at beginning of period	$ 0	$ 3,681
Additional reserves	0	0
Recoveries	0	(2,724)
Charge-offs and reclassifications	0	(957)
Balance at end of period	$ 0	$ 0

DEFERRED CHARGES (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred Costs [Abstract]
Deferred financing costs	$ 4,072	$ 3,216
Deferred leasing and other costs	39,310	37,275
Deferred costs, gross	43,382	40,491
Accumulated amortization	(20,814)	(21,691)
Total	$ 22,568	$ 18,800

ACQUIRED LEASE INTANGIBLES (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Acquired Lease Intangibles [Abstract]
Total	$ 52,593	$ 44,618
Assets [Member]
Acquired Lease Intangibles [Abstract]
2016	9,032
2017	7,245
2018	6,518
2019	5,923
2020	4,849
Thereafter	19,026
Total	52,593
Liabilities [Member]
Acquired Lease Intangibles [Abstract]
2016	6,233
2017	5,429
2018	4,481
2019	3,786
2020	2,772
Thereafter	9,108
Total	$ 31,809

MORTGAGES AND OTHER NOTES PAYABLE Narrative (Details)	1 Months Ended		3 Months Ended	12 Months Ended
MORTGAGES AND OTHER NOTES PAYABLE Narrative (Details)	May. 31, 2015 USD ($)	Mar. 31, 2015 USD ($)	Mar. 31, 2015 USD ($) extension_option	Dec. 31, 2015 USD ($) property	Jul. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) property
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 1,369,000,000		$ 1,127,500,000
Number of properties collateralized \| property				39		40
Minimum rate				1.00%
Maximum rate				6.65%
Total amount of credit facility				$ 525,000,000
Amount borrowed				309,710,000		$ 127,100,000
Debt extinguished				$ 400,000
Unsecured Debt [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Borrowings, interest rate				1.60%	1.30%
Line of Credit [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Total amount of credit facility				$ 50,000,000.0	$ 50,000,000.0
Line of Credit [Member] \| Fund II [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Borrowings, interest rate basis spread	2.75%
Unused commitment fee	2.75%
Line of Credit [Member] \| Fund II [Member] \| Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Borrowings, amount	$ 25,000,000.0
Proceeds from credit	12,500,000
Commitment threshold	$ 12,500,000
Line of Credit [Member] \| Fund IV [Member]
Debt Instrument [Line Items]
Borrowings, amount		$ 50,000,000.0	$ 50,000,000.0
Commitment threshold		$ 20,000,000.0	$ 20,000,000.0
Number of loan extensions \| extension_option			1
Amount borrowed				$ 34,500,000
Line of Credit [Member] \| Fund IV [Member] \| LIBOR [Member]
Debt Instrument [Line Items]
Borrowings, interest rate basis spread		2.75%
Unused threshold fee under amount		1.00%
Unused threshold over amount		2.75%

MORTGAGES AND OTHER NOTES PAYABLE Mortgage Loan Activity (Details) - USD ($)

1 Months Ended

12 Months Ended

Oct. 31, 2015

Jun. 30, 2015

May. 31, 2015

Jan. 31, 2015

Dec. 31, 2015

Nov. 30, 2015

Mar. 31, 2015

Debt Instrument [Line Items]

Repayments of debt

$ 131,568,000

Mortgages [Member]

Debt Instrument [Line Items]

Borrowings, amount

177,485,000

Mortgages [Member] | 1035 Third Avenue [Member] | 2.35% Mortgage Note [Member]

Debt Instrument [Line Items]

Borrowings, amount

$ 42,000,000

Mortgages [Member] | 1035 Third Avenue [Member] | 2.35% Mortgage Note [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

2.35%

Mortgages [Member] | Lincoln Park Centre [Member] | 1.45% Mortgage Note [Member]

Debt Instrument [Line Items]

Borrowings, amount

$ 0

Repayments of debt

28,000,000

Mortgages [Member] | Lincoln Park Centre [Member] | 1.45% Mortgage Note [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.45%

Mortgages [Member] | 163 Highland Avenue [Member] | 4.66% Mortgage Note [Member]

Debt Instrument [Line Items]

Borrowings, amount

$ 9,765,000

Borrowings, interest rate

4.66%

Repayments of debt

Mortgages [Member] | Broughton Street Portfolio [Member] | 3.00% Mortgage Note [Member]

Debt Instrument [Line Items]

Borrowings, amount

^[1]

$ 20,000,000

Mortgages [Member] | Broughton Street Portfolio [Member] | 3.00% Mortgage Note [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

^[2]

3.00%

Mortgages [Member] | City Point [Member] | 1.25% Mortgage Note [Member]

Debt Instrument [Line Items]

Borrowings, amount

$ 19,000,000

Borrowings, interest rate

1.25%

Mortgages [Member] | City Point [Member] | 1.60% Mortgage Note [Member]

Debt Instrument [Line Items]

Borrowings, amount

$ 62,000,000

Mortgages [Member] | City Point [Member] | 1.60% Mortgage Note [Member] | Securities Industry and Financial Markets Association [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.60%

Mortgages [Member] | City Point [Member] | 4.00% Mortgage Note [Member]

Debt Instrument [Line Items]

Repayments of debt

20,650,000

Mortgages [Member] | City Point [Member] | 4.00% Mortgage Note [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

4.00%

Mortgages [Member] | 17 E. 71st Street [Member] | 1.90% Mortgage Note [Member]

Debt Instrument [Line Items]

Borrowings, amount

$ 19,000,000

Mortgages [Member] | 17 E. 71st Street [Member] | 1.90% Mortgage Note [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.90%

Mortgages [Member] | Crescent Plaza [Member] | 4.98% Mortgage Note [Member]

Debt Instrument [Line Items]

Borrowings, interest rate

4.98%

Repayments of debt

16,326,000

Mortgages [Member] | Pacesetter Park Shopping Center [Member] | 5.13% Mortgage Note [Member]

Debt Instrument [Line Items]

Borrowings, interest rate

5.13%

Repayments of debt

11,152,000

Mortgages [Member] | Elmwood Park Shopping Center [Member] | 5.53% Mortgage Note [Member]

Debt Instrument [Line Items]

Borrowings, interest rate

5.53%

Repayments of debt

31,723,000

Mortgages [Member] | 210 Bowery [Member] | 2.75% Mortgage Note [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

2.75%

Mortgages [Member] | 210 Bowery [Member] | 1.95% Mortgage Not [Member]

Debt Instrument [Line Items]

Borrowings, amount

$ 4,600,000

Repayments of debt

4,600,000

Mortgages [Member] | 210 Bowery [Member] | 1.95% Mortgage Not [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.95%

Mortgages [Member] | 2207 Fillmore Street [Member] | 4.50% Mortgage Note [Member]

Debt Instrument [Line Items]

Borrowings, amount

$ 1,120,000

Borrowings, interest rate

4.50%

Mortgages [Member] | The Gateway Shopping Center [Member] | 5.44% Mortgage Note [Member]

Debt Instrument [Line Items]

Borrowings, interest rate

5.44%

Repayments of debt

$ 19,117,000

[1]	This loan is collateralized by properties in an unconsolidated joint venture. Fund IV has fully indemnified the unaffiliated joint venture partner and as such, this loan is included as consolidated debt.
[2]	Loan was repaid subsequent to December 31, 2015.

MORTGAGES AND OTHER NOTES PAYABLE Secured and Unsecured Credit Facilities (Details) - USD ($)

12 Months Ended

Dec. 31, 2015

Jul. 31, 2015

Dec. 31, 2014

Line of Credit Facility [Line Items]

Total amount of credit facility

$ 525,000,000

Amount borrowed

309,710,000

$ 127,100,000

Net borrowings (repayments) during the year ended December 31, 2015

182,610,000

Letters of Credit

17,500,000

Amount available under credit facilities as of December 31, 2015

197,790,000

Unsecured Debt [Member] | Unsecured Line [Member] | Line of Credit [Member]

Line of Credit Facility [Line Items]

Total amount of credit facility

^[1]

150,000,000

Amount borrowed

^[1]

20,800,000

Net borrowings (repayments) during the year ended December 31, 2015

^[1]

20,800,000

Letters of Credit

^[1]

17,500,000

Amount available under credit facilities as of December 31, 2015

^[1]

111,700,000

Term Loan [Member] | Line of Credit [Member]

Line of Credit Facility [Line Items]

Total amount of credit facility

50,000,000.0

$ 50,000,000.0

Term Loan [Member] | Term Loan One [Member] | Line of Credit [Member]

Line of Credit Facility [Line Items]

Total amount of credit facility

50,000,000

Amount borrowed

50,000,000

Net borrowings (repayments) during the year ended December 31, 2015

Letters of Credit

Amount available under credit facilities as of December 31, 2015

Term Loan [Member] | Term Loan Two [Member] | Line of Credit [Member]

Line of Credit Facility [Line Items]

Total amount of credit facility

50,000,000

Amount borrowed

50,000,000

Net borrowings (repayments) during the year ended December 31, 2015

50,000,000

Letters of Credit

Amount available under credit facilities as of December 31, 2015

Term Loan [Member] | Term Loan Three [Member] | Line of Credit [Member]

Line of Credit Facility [Line Items]

Total amount of credit facility

50,000,000

Amount borrowed

50,000,000

Net borrowings (repayments) during the year ended December 31, 2015

50,000,000

Letters of Credit

Amount available under credit facilities as of December 31, 2015

Term Loan [Member] | Fund II Line [Member] | Line of Credit [Member]

Line of Credit Facility [Line Items]

Total amount of credit facility

25,000,000

Amount borrowed

12,500,000

Net borrowings (repayments) during the year ended December 31, 2015

12,500,000

Letters of Credit

Amount available under credit facilities as of December 31, 2015

12,500,000

Term Loan [Member] | Fund IV Term Loan [Member] | Line of Credit [Member]

Line of Credit Facility [Line Items]

Total amount of credit facility

50,000,000

Amount borrowed

34,500,000

Net borrowings (repayments) during the year ended December 31, 2015

34,500,000

Letters of Credit

Amount available under credit facilities as of December 31, 2015

15,500,000

Term Loan [Member] | Fund IV Revolving Subscription Line [Member] | Revolving Credit Facility [Member]

Line of Credit Facility [Line Items]

Total amount of credit facility

^[2]

150,000,000

Amount borrowed

^[2]

91,910,000

$ 77,100,000

Net borrowings (repayments) during the year ended December 31, 2015

^[2]

14,810,000

Letters of Credit

^[2]

Amount available under credit facilities as of December 31, 2015

^[2]

$ 58,090,000

[1]	Includes origination and exit fees
[2]	The Fund IV revolving subscription line of credit is secured by unfunded investor capital commitments.

Mortgage Loan and Other Indebtedness Balances (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2015

Dec. 31, 2014

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 1,050,051

$ 991,502

Unamortized loans costs

(11,722)

(11,879)

Unamortized premium

1,364

2,943

Mortgage, Convertible Notes and Other Notes Payable

1,358,606

1,118,602

Variable Rate Debt [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

560,250

326,221

Mortgage Notes Payable - Variable-Rate [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

507,031

422,950

Mortgage Notes Payable - Variable-Rate [Member] | Liberty Avenue [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 0

8,973

Mortgage Notes Payable - Variable-Rate [Member] | Liberty Avenue [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

2.75%

Mortgage Notes Payable - Variable-Rate [Member] | City Point 4.0% [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 0

20,650

Mortgage Notes Payable - Variable-Rate [Member] | Cortlandt Towne Center [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

^[1]

$ 83,070

83,936

Mortgage Notes Payable - Variable-Rate [Member] | Cortlandt Towne Center [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

^[2]

1.65%

Mortgage Notes Payable - Variable-Rate [Member] | Nostrand Avenue [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 11,527

12,046

Mortgage Notes Payable - Variable-Rate [Member] | Nostrand Avenue [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

2.65%

Mortgage Notes Payable - Variable-Rate [Member] | Heritage Shops [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 24,500

24,500

Mortgage Notes Payable - Variable-Rate [Member] | Heritage Shops [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.55%

Mortgage Notes Payable - Variable-Rate [Member] | Broughton Street Portfolio [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 20,000

Mortgage Notes Payable - Variable-Rate [Member] | Broughton Street Portfolio [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

3.00%

Mortgage Notes Payable - Variable-Rate [Member] | 640 Broadway [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 22,109

22,564

Mortgage Notes Payable - Variable-Rate [Member] | 640 Broadway [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

2.95%

Mortgage Notes Payable - Variable-Rate [Member] | City Point 1.7% [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 20,000

20,000

Mortgage Notes Payable - Variable-Rate [Member] | City Point 1.7% [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.70%

Mortgage Notes Payable - Variable-Rate [Member] | City Point 1.60% [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 62,000

Mortgage Notes Payable - Variable-Rate [Member] | City Point 1.60% [Member] | Securities Industry and Financial Markets Association [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.60%

Mortgage Notes Payable - Variable-Rate [Member] | Lincoln Park Centre [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 0

28,000

Mortgage Notes Payable - Variable-Rate [Member] | Lincoln Park Centre [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.45%

Mortgage Notes Payable - Variable-Rate [Member] | 654 Broadway [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 8,835

9,000

Mortgage Notes Payable - Variable-Rate [Member] | 654 Broadway [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.88%

Mortgage Notes Payable - Variable-Rate [Member] | New Hyde Park Shopping Center [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 11,240

11,720

Mortgage Notes Payable - Variable-Rate [Member] | New Hyde Park Shopping Center [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.85%

Mortgage Notes Payable - Variable-Rate [Member] | 938 W. North Avenue [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 12,500

12,500

Mortgage Notes Payable - Variable-Rate [Member] | 938 W. North Avenue [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

2.35%

Mortgage Notes Payable - Variable-Rate [Member] | 1151 Third Avenue [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 12,481

12,481

Mortgage Notes Payable - Variable-Rate [Member] | 1151 Third Avenue [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.75%

Mortgage Notes Payable - Variable-Rate [Member] | 210 Bowery [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 4,600

4,600

Mortgage Notes Payable - Variable-Rate [Member] | 210 Bowery [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

2.12%

Mortgage Notes Payable - Variable-Rate [Member] | 161st Street [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 29,500

29,500

Mortgage Notes Payable - Variable-Rate [Member] | 161st Street [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

2.50%

Mortgage Notes Payable - Variable-Rate [Member] | 664 North Michigan Avenue [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 43,107

44,369

Mortgage Notes Payable - Variable-Rate [Member] | 664 North Michigan Avenue [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.65%

Mortgage Notes Payable - Variable-Rate [Member] | Paramus Plaza [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 13,339

12,600

Mortgage Notes Payable - Variable-Rate [Member] | Paramus Plaza [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.70%

Mortgage Notes Payable - Variable-Rate [Member] | Lake Montclair [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 14,904

15,284

Mortgage Notes Payable - Variable-Rate [Member] | Lake Montclair [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

2.15%

Mortgage Notes Payable - Variable-Rate [Member] | 17 E. 71st Street [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 19,000

Mortgage Notes Payable - Variable-Rate [Member] | 17 E. 71st Street [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.90%

Mortgage Notes Payable - Variable-Rate [Member] | 1035 Third Avenue [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 42,000

Mortgage Notes Payable - Variable-Rate [Member] | 1035 Third Avenue [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

2.29%

Mortgage Notes Payable - Variable-Rate [Member] | City Point 1.39% [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 19,984

20,000

Mortgage Notes Payable - Variable-Rate [Member] | City Point 1.39% [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.39%

Mortgage Notes Payable - Variable-Rate [Member] | Thirty One Zero Four M Street [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 2,999

103

Mortgage Notes Payable - Variable-Rate [Member] | Thirty One Zero Four M Street [Member] | Prime [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

5.00%

Mortgage Notes Payable - Variable-Rate [Member] | 4401 White Plains [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 6,015

6,141

Mortgage Notes Payable - Variable-Rate [Member] | 4401 White Plains [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.90%

Mortgage Notes Payable - Variable-Rate [Member] | 28 Jericho Turnpike [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 15,315

15,747

Mortgage Notes Payable - Variable-Rate [Member] | 28 Jericho Turnpike [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.90%

Mortgage Notes Payable - Variable-Rate [Member] | 60 Orange Street [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 8,006

8,236

Mortgage Notes Payable - Variable-Rate [Member] | 60 Orange Street [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.75%

Mortgage Notes Payable - Variable-Rate [Member] | City Point [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

4.00%

Unsecured Debt [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 309,710

127,100

Unsecured Debt [Member] | Fund IV Revolving Subscription Line [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 91,910

77,100

Unsecured Debt [Member] | Fund IV Revolving Subscription Line [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.65%

Unsecured Debt [Member] | Fund II Line [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 12,500

Unsecured Debt [Member] | Fund II Line [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

2.75%

Unsecured Debt [Member] | Fund IV Term Loan [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 34,500

Unsecured Debt [Member] | Fund IV Term Loan [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

2.75%

Unsecured Debt [Member] | Unsecured Line [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 20,800

Unsecured Debt [Member] | Unsecured Line [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.40%

Unsecured Debt [Member] | Term Loan One [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 50,000

50,000

Unsecured Debt [Member] | Term Loan One [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.30%

Unsecured Debt [Member] | Term Loan Two [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 50,000

Unsecured Debt [Member] | Term Loan Two [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.40%

Unsecured Debt [Member] | Term Loan Three [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 50,000

Unsecured Debt [Member] | Term Loan Three [Member] | LIBOR [Member]

Debt Instrument [Line Items]

Borrowings, interest rate basis spread

1.60%

Interest Rate Swap [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

^[3],[4]

$ 256,491

223,829

Effective interest rate

^[4]

2.15%

Mortgage Notes Payable - Fixed Rate [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 808,714

801,317

Mortgage Notes Payable - Fixed Rate [Member] | Cresent Plaza [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 0

16,455

Effective interest rate

4.98%

Mortgage Notes Payable - Fixed Rate [Member] | Pacesetter Park Shopping Center [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 0

11,307

Effective interest rate

5.13%

Mortgage Notes Payable - Fixed Rate [Member] | Elmwood Park Shopping Center [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 0

32,201

Effective interest rate

5.53%

Mortgage Notes Payable - Fixed Rate [Member] | Chicago Street Retail Portfolio [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

^[1]

$ 14,955

15,265

Effective interest rate

^[1]

5.61%

Mortgage Notes Payable - Fixed Rate [Member] | The Gateway Shopping Center [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 0

19,440

Effective interest rate

5.44%

Mortgage Notes Payable - Fixed Rate [Member] | 330-340 River Street [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 10,421

10,668

Effective interest rate

5.24%

Mortgage Notes Payable - Fixed Rate [Member] | Brandywine Portfolio [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

^[3]

$ 166,200

166,200

Effective interest rate

^[3]

6.00%

Mortgage Notes Payable - Fixed Rate [Member] | Rhode Island Place Shopping Center [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 15,727

15,975

Effective interest rate

6.35%

Mortgage Notes Payable - Fixed Rate [Member] | City Point [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 19,000

Effective interest rate

1.25%

Mortgage Notes Payable - Fixed Rate [Member] | Convertible Note [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 0

380

Effective interest rate

3.75%

Mortgage Notes Payable - Fixed Rate [Member] | 239 Greenwich Avenue [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 26,000

26,000

Effective interest rate

5.42%

Mortgage Notes Payable - Fixed Rate [Member] | 639 West Diversey [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 4,142

4,245

Effective interest rate

6.65%

Mortgage Notes Payable - Fixed Rate [Member] | Merrillville Plaza [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 25,150

25,504

Effective interest rate

5.88%

Mortgage Notes Payable - Fixed Rate [Member] | 639 West Diversey [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 29,151

29,586

Effective interest rate

5.10%

Mortgage Notes Payable - Fixed Rate [Member] | 216th Street [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 25,500

Effective interest rate

5.80%

Mortgage Notes Payable - Fixed Rate [Member] | City Point 1.00% [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 5,262

5,262

Effective interest rate

1.00%

Mortgage Notes Payable - Fixed Rate [Member] | City Point, Four Point Seven Five Percent [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 200,000

199,000

Effective interest rate

4.75%

Mortgage Notes Payable - Fixed Rate [Member] | 163 Highland Avenue [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 9,595

Effective interest rate

4.66%

Mortgage Notes Payable - Fixed Rate [Member] | 2207 Fillmore Street [Member]

Debt Instrument [Line Items]

Mortgage and other notes payable, net

$ 1,120

$ 0

Effective interest rate

4.50%

[1]	Loan was repaid subsequent to December 31, 2015.
[2]	This loan is collateralized by properties in an unconsolidated joint venture. Fund IV has fully indemnified the unaffiliated joint venture partner and as such, this loan is included as consolidated debt.
[3]	Comprised of four loans, one of which was in default as of December 31, 2015.
[4]	Represents the amount of the Company's variable-rate debt that has been fixed through certain cash flow hedge transactions (Note 11).

MORTGAGES AND OTHER NOTES PAYABLE Scheduled Principal Repayments (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
Unamortized premium	$ 1,364	$ 2,943
Unamortized loans costs	11,700
2016	578,450
2017	195,541
2018	92,904
2019	83,621
2020	270,105
Thereafter	148,343
Long-term debt and convertible notes payable	$ 1,368,964

CONVERTIBLE NOTES PAYABLE (Details) - Convertible Notes Payable [Member] - USD ($) $ in Millions	Dec. 31, 2015	Dec. 20, 2011	Jan. 31, 2007
Convertible Notes Payable [Abstract]
Debt issued amount			$ 115.0
Interest rate, stated percentage			3.75%
Repurchase amount	$ 0.4
Effective interest rate		6.03%

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details)	1 Months Ended	12 Months Ended
	Dec. 31, 2013 USD ($)	Dec. 31, 2015 USD ($) derivative	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Impairment Charges		$ 5,000,000	$ 0	$ 8,183,000
Sales Price		327,903,000
Variable rate debt		1,050,051,000	991,502,000
Accumulated other comprehensive income - unrealized income (loss) on valuation of swap agreements		(4,500,000)	(4,000,000)
Cash flow hedge gain (loss) to be reclassified within 12 months		$ 4,300,000
Cash Flow Hedging [Member] \| Variable-Rate Derivatives [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, cap interest rate		4.00%
Cash Flow Hedging [Member] \| Interest Rate Swap [Member] \| Fixed-Rate Derivatives, Maturing between March 2015 and April 2023 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount		$ 256,500,000
Cash Flow Hedging [Member] \| Interest Rate Swap [Member] \| Fixed-Rate Derivatives, Maturing between March 2015 and April 2023 [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, fixed interest rate		0.70%
Cash Flow Hedging [Member] \| Interest Rate Swap [Member] \| Fixed-Rate Derivatives, Maturing between March 2015 and April 2023 [Member] \| Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, fixed interest rate		5.62%
Cash Flow Hedging [Member] \| Interest Rate Swap [Member] \| Variable-Rate Derivatives [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount		$ 29,500,000
Cash Flow Hedging [Member] \| Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, number of instruments held \| derivative		1
Variable rate debt		$ 50,000,000
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, assets		0
Derivative financial instruments, liabilities		0
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, assets		818,000	200,000
Derivative financial instruments, liabilities		5,876,000	$ 4,600,000
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, assets		0
Derivative financial instruments, liabilities		0
Fund III [Member] \| Walnut Hill Plaza [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Impairment Charges				1,500,000
Fund III [Member] \| Sheepshead Bay [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Impairment Charges				$ 6,700,000
Sales Price	$ 20,200,000
Brandywine Portfolio [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Impairment Charges		$ 5,000,000

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable and preferred equity investments	$ 147,188	$ 102,286	$ 126,656	$ 129,278
Mortgage, Convertible Notes and Other Notes Payable	1,358,606	1,118,602
Estimated Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage, Convertible Notes and Other Notes Payable	1,382,318	$ 1,141,371
Carrying Amount [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage, Convertible Notes and Other Notes Payable	$ 1,358,606

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Common Shares (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Common Stock [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)	1,973,000	12,237,000	3,013,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)	101,000	136,000	93,000
ATM Equity Program [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock	$ 64.4	$ 127.1
ATM Equity Program [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)	2,000,000	4,700,000	3,000,000
Proceeds from issuance of common stock			$ 80.7
Public Offering [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock		$ 230.7
Public Offering [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)		7,600,000
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
Restricted Stock [Member]
Class of Stock [Line Items]
Restricted stock, shares canceled for tax withholding for share based compensation	2,481
LTIP Units and Restricted Stock [Member]
Class of Stock [Line Items]
Unit based compensation	$ 6.8

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Noncontrolling Interest (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2015 USD ($) $ / shares $ / Units shares	Sep. 30, 2015 $ / shares	Jun. 30, 2015 $ / shares	Mar. 31, 2015 USD ($) $ / shares	Dec. 31, 2014 USD ($) $ / shares $ / Units shares	Sep. 30, 2014 $ / shares	Jun. 30, 2014 $ / shares	Mar. 31, 2014 $ / shares	Dec. 31, 2015 USD ($) $ / shares $ / Units shares	Dec. 31, 2014 USD ($) $ / shares $ / Units shares	Dec. 31, 2013 USD ($) $ / shares shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance				$ 380,416,000					$ 380,416,000
Net income for the period January 1 through December 31, 2015									84,262,000	$ 81,082,000	$ 4,525,000
Conversion of 100,620 OP Units to Common Shares by limited partners of the Operating Partnership									0	0	0
Other comprehensive income - unrealized loss on valuation of swap agreements									(5,061,000)	(9,061,000)	3,610,000
Reclassification of realized interest on swap agreements									5,524,000	3,776,000	2,892,000
Noncontrolling interest contributions									35,489,000	57,969,000	49,324,000
Noncontrolling interest distributions and other reductions									(74,950,000)	(218,152,000)	(87,688,000)
Employee Long-term Incentive Plan Unit Awards									8,644,000	8,460,000	$ 7,672,000
Balance	$ 420,866,000				$ 380,416,000				$ 420,866,000	$ 380,416,000
Distributions declared (in dollars per share) \| $ / shares	$ 0.50	$ 0.24	$ 0.24	$ 0.24	$ 0.54	$ 0.23	$ 0.23	$ 0.23	$ 1.22	$ 1.23	$ 0.86
Limited partners' capital account, units issued and converted (in shares) \| shares	100,620								100,620
Units converted from Series A Preferred OP Units (in shares) \| 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) \| shares	1,922,623				1,719,206				1,922,623	1,719,206
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) \| $ / Units	22.50								22.50
Per unit conversion annual rate, Series A Preferred OP Units	9.00%								9.00%
Limited partners' capital account, units issued and converted (in shares) \| shares	1,392								1,392
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of 100,620 OP Units to Common Shares by limited partners of the Operating Partnership									$ (2,451,000)	$ (3,181,000)	$ (1,548,000)
Other comprehensive income - unrealized loss on valuation of swap agreements									(1,014,000)	(1,247,000)	69,000
Reclassification of realized interest on swap agreements									1,935,000	1,099,000	994,000
Noncontrolling interest contributions									35,489,000	57,969,000	49,324,000
Noncontrolling interest distributions and other reductions									(74,950,000)	(218,152,000)	(87,688,000)
Employee Long-term Incentive Plan Unit Awards									6,723,000	6,528,000	$ 6,530,000
Noncontrolling Interests \| Partially-Owned Affiliates [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance				$ 286,181,000					286,181,000
Distributions declared of $1.22 per Common OP Unit									0
Net income for the period January 1 through December 31, 2015									80,426,000
Conversion of 100,620 OP Units to Common Shares by limited partners of the Operating Partnership									0
Other comprehensive income - unrealized loss on valuation of swap agreements									(897,000)
Reclassification of realized interest on swap agreements									1,838,000
Noncontrolling interest contributions									35,489,000
Noncontrolling interest distributions and other reductions									(78,511,000)
Employee Long-term Incentive Plan Unit Awards									0
Balance	$ 324,526,000				$ 286,181,000				$ 324,526,000	$ 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) \| shares	2,931,198				2,988,277				2,931,198	2,988,277
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) \| shares	188				188				188	188	188
Limited partners' capital account, value per unit (in dollars per unit) \| $ / Units	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				$ 94,235,000					$ 94,235,000
Distributions declared of $1.22 per Common OP Unit									(5,983,000)
Net income for the period January 1 through December 31, 2015									3,836,000
Conversion of 100,620 OP Units to Common Shares by limited partners of the Operating Partnership									(2,451,000)
Other comprehensive income - unrealized loss on valuation of swap agreements									(117,000)
Reclassification of realized interest on swap agreements									97,000
Noncontrolling interest contributions									0
Noncontrolling interest distributions and other reductions									0
Employee Long-term Incentive Plan Unit Awards									6,723,000
Balance	$ 96,340,000				$ 94,235,000				$ 96,340,000	$ 94,235,000

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Lead Trustee [Member]
Related Party Transaction [Line Items]
Related party transaction expense			$ 0.1
Core Portfolio [Member] \| Brandywine Portfolio [Member]
Related Party Transaction [Line Items]
Related party revenue	$ 0.3	$ 0.2	$ 0.1

TENANT LEASES (Details) $ in Thousands	Dec. 31, 2015 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2016	$ 141,719
2017	134,963
2018	120,690
2019	108,230
2020	95,945
Thereafter	471,777
Total	$ 1,073,324

LEASE OBLIGATIONS (Details)
$ in Thousands

12 Months Ended

Dec. 31, 2015

USD ($)

shopping_center

Dec. 31, 2014

USD ($)

Dec. 31, 2013

USD ($)

Operating Leased Assets [Line Items]

Number of shopping centers with land leases | shopping_center

Operating Leases, Future Minimum Payments Due [Abstract]

$ 1,837

5,821

1,838

1,731

4,040

^[1]

7,369

Total

$ 22,636

Minimum [Member]

Operating Leased Assets [Line Items]

Period of lease term

25 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

$ 1,700

$ 1,800

Properties Under Development [Member]

Operating Leased Assets [Line Items]

Rent expense capitalized

900

800

White Plains Corporate Office [Member]

Operating Leased Assets [Line Items]

Ground lease expense

$ 1,400

$ 1,500

$ 1,400

[1]

The ground lease expiring during 2078 has an option to purchase the underlying land during 2031. If we do not exercise the option, the rents that will be due are based on future values and as such are not determinable at this time. Accordingly, the above table does not include rents for this lease beyond 2031.

SHARE INCENTIVE PLAN (Details)	12 Months Ended
SHARE INCENTIVE PLAN (Details)	Dec. 31, 2015 USD ($) installment $ / shares shares	Dec. 31, 2014 USD ($) $ / shares	Dec. 31, 2013 USD ($) $ / shares	Dec. 31, 2012 USD ($) shares	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trustee fees \| $	$ 300,000
2006 Plan [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
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option term				10 years
Options outstanding and vested to officers and employees (in shares)	249
Employee Stock Option [Member] \| Trustee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding and vested to non-employee trustees (in shares)	3,000
Award vesting period	10 years
Number of vesting anniversaries \| installment	3
LTIP Units [Member] \| Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	247,863
LTIP Units [Member] \| Trustee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	10,601
LTIP Units [Member] \| Trustee [Member] \| Vesting on first anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	6,131
LTIP Units [Member] \| Trustee [Member] \| Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	4,470
Restricted Stock [Member] \| Trustee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	14,179
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date	6,469
Shares granted to trustees for trustee fees begin vesting on two year anniversary of grant date	7,710
Annual vesting rate of shares granted to trustees that begin vesting on the second anniversary of grant date	33.00%
Restricted Stock [Member] \| Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	8,640
LTIP Units and Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total value of restricted shares and LTIP units as of the grant date \| $				$ 8,600,000
Unit based compensation \| $	$ 6,800,000
Weighted average grant date fair value, grants (in dollars per share) \| $ / shares	$ 33.90	$ 26.30	$ 26.40
LTIP Units and Restricted Stock [Member] \| General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation \| $	$ 6,800,000	$ 6,200,000	$ 7,300,000
Long Term Investment Alignment Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense \| $	700,000
Long Term Investment Alignment Program [Member] \| Senior Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total value of restricted shares and LTIP units as of the grant date \| $	$ 0
Max percentage of future fund III promote that may be awarded to senior executives					25.00%
Percentage of promote awarded as share based compensation award					20.00%

SHARE INCENTIVE PLAN Schedule of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	1 year 1 month 6 days	3 years 6 months
Options outstanding and exercisable, Aggregate intrinsic value	$ 35	$ 614	$ 628
Options exercised, Aggregate intrinsic value	$ 608	$ 828	$ 200
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)	55,347	113,086
Granted (in shares)	0	0
Exercised (in shares)	(49,098)	(57,739)
Forfeited or Expired (in shares)	(3,000)	0
Options outstanding and exercisable, End of period (in shares)	3,249	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)	$ 20.93	$ 19.28
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)	20.76	17.68
Options forfeited or expired, Weighted average exercise price (in dollars per share)	22.40	0.00
Options outstanding and exercisable, Weighted average exercise price, End of period (in dollars per share)	$ 22.27	$ 20.93	$ 19.28

SHARE INCENTIVE PLAN Schedule of Unvested Shares and LTIP Units (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	$ 17.0
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)	55,018	63,737
Shares granted (in shares)	22,819	28,563
Shares vested (in shares)	(24,744)	(34,598)
Shares forfeited (in shares)	(3,194)	(2,684)
Shares unvested, End of period (in shares)	49,899	55,018	63,737
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)	$ 25.90	$ 23.34
Shares granted, Weighted average grant date fair value (in dollars per share)	32.78	27.18
Shares vested, Weighted average grant date fair value (in dollars per share)	25.44	23.40
Shares forfeited, Weighted average grant date fair value (in dollars per share)	26.25	23.54
Shares unvested, Weighted average grant date fair value, End of period(in dollars per share)	$ 25.90	$ 25.90	$ 23.34
Total fair value of shares that vested	$ 0.6	$ 0.8	$ 0.5
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)	1,061,924	884,334
Shares granted (in shares)	258,464	441,946
Shares vested (in shares)	(292,544)	(263,556)
Shares forfeited (in shares)	(7,723)	(800)
Shares unvested, End of period (in shares)	1,020,121	1,061,924	884,334
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)	$ 23.92	$ 21.62
Shares granted, Weighted average grant date fair value (in dollars per share)	34.00	26.24
Shares vested, Weighted average grant date fair value (in dollars per share)	22.82	20.23
Shares forfeited, Weighted average grant date fair value (in dollars per share)	25.90	24.66
Shares unvested, Weighted average grant date fair value, End of period(in dollars per share)	$ 23.92	$ 23.92	$ 21.62
Total fair value of shares that vested	$ 6.7	$ 5.3	$ 6.8

EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	20,000	$ 20,000	$ 10,000
Trustee [Member] \| Deferred Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement compensation expense	$ 100,000
Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase (in shares)	3,761	4,668	3,678

EMPLOYEE 401(K) PLAN (Details) - USD ($)	12 Months Ended
EMPLOYEE 401(K) PLAN (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
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	$ 18,000
Employer contribution	$ 300,000	$ 300,000	$ 300,000

DIVIDENDS AND DISTRIBUTIONS PAYABLE (Details) - $ / shares		3 Months Ended								12 Months Ended
	Nov. 10, 2015	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Dividends, Common Stock [Abstract]
Cash dividends declared per Common Share (in dollars per share)		$ 0.50	$ 0.24	$ 0.24	$ 0.24	$ 0.54	$ 0.23	$ 0.23	$ 0.23	$ 1.22	$ 1.23	$ 0.86
Regular Quarterly Cash Dividend [Member]
Dividends, Common Stock [Abstract]
Cash dividends declared per Common Share (in dollars per share)	$ 0.25
Special Cash Dividend [Member]
Dividends, Common Stock [Abstract]
Cash dividends declared per Common Share (in dollars per share)	$ 0.25

FEDERAL INCOME TAXES Tax Status of Dividends (Details)	12 Months Ended
FEDERAL INCOME TAXES Tax Status of Dividends (Details)	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Required Distribution Rate to Maintain REIT Status (in percent)	90.00%
Ordinary income	68.00%	69.00%	87.00%
Qualified dividend	0.00%	0.00%	0.00%
Capital gain	32.00%	31.00%	13.00%
Total	100.00%	100.00%	100.00%

FEDERAL INCOME TAXES Income and Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Contingency [Line Items]
TRS income (loss) before income taxes									$ 151,757	$ 151,553	$ 26,522
(Provision) benefit for income taxes:
TRS net income (loss) before noncontrolling interests	$ 8,890	$ 13,776	$ 26,495	$ 16,547	$ 9,341	$ 28,564	$ 11,365	$ 21,595	65,708	70,865	34,026
Noncontrolling interests									(84,262)	(81,082)	(4,525)
Net income									149,970	152,146	44,640
TRS [Member]
Income Tax Contingency [Line Items]
TRS income (loss) before income taxes									1,008	(36)	(2,225)
(Provision) benefit for income taxes:
Federal									(526)	(377)	276
State and local									(134)	(97)	71
TRS net income (loss) before noncontrolling interests									348	(510)	(1,878)
Noncontrolling interests									(208)	(508)	267
Net income									$ 140	$ (1,018)	$ (1,611)

FEDERAL INCOME TAXES Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Federal tax provision (benefit) at statutory tax rate	$ 343	$ (12)	$ (757)
TRS state and local taxes, net of Federal benefit	53	(2)	(117)
Permanent differences, net	396	446	496
Prior year underaccrual, net	938	1	128
Restricted stock vesting	(5)	(20)	(2)
Other	(126)	61	127
REIT state and local income and franchise taxes	188	155	144
Total provision for income taxes	$ 1,787	$ 629	$ 19

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Income from continuing operations	$ 8,890	$ 13,776	$ 26,495	$ 16,547	$ 9,341	$ 28,564	$ 11,365	$ 21,595	$ 65,708	$ 70,865	$ 34,026
Less: net income attributable to participating securities									927	1,152	581
Income from continuing operations net of income									$ 64,781	$ 69,713	$ 33,445
Denominator:
Weighted average shares for basic earnings per share									68,851,000	59,402,000	54,919,000
Effect of dilutive securities:
Employee share options									19,000	24,000	38,000
Denominator for diluted earnings per share									68,870,000	59,426,000	54,957,000
Basic earnings per Common Share from continuing operations attributable to Common Shareholders (in dollars per share)	$ 0.13	$ 0.20	$ 0.38	$ 0.24	$ 0.15	$ 0.47	$ 0.19	$ 0.38	$ 0.94	$ 1.18	$ 0.61
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders (in dollars per share)	$ 0.13	$ 0.20	$ 0.38	$ 0.24	$ 0.15	$ 0.47	$ 0.19	$ 0.38	$ 0.94	$ 1.18	$ 0.61
Common Stock [Member]
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]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Series A Preferred OP Units (in shares)	2,931,198				2,988,277				2,931,198	2,988,277
Operating Partnership, as General Partner or Managing Member [Member] \| Series A Preferred Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Series A Preferred OP Units (in shares)	188				188				188	188	188

SUMMARY OF QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 54,768	$ 56,852	$ 53,161	$ 52,481	$ 51,156	$ 47,660	$ 49,511	$ 46,685	$ 217,262	$ 195,012	$ 168,286
Income from continuing operations	8,890	13,776	26,495	16,547	9,341	28,564	11,365	21,595	65,708	70,865	34,026
Income from discontinued operations attributable to Common Shareholders					100	0	99	0		199	6,089
Net income attributable to Common Shareholders	$ 8,890	$ 13,776	$ 26,495	$ 16,547	$ 9,441	$ 28,564	$ 11,464	$ 21,595	$ 65,708	$ 71,064	$ 40,115
Net income attributable to Common Shareholders per Common Share - basic:
Income from continuing operations (in dollars per share)	$ 0.13	$ 0.20	$ 0.38	$ 0.24	$ 0.15	$ 0.47	$ 0.19	$ 0.38	$ 0.94	$ 1.18	$ 0.61
Income from discontinued operations (in dollars per share)					0.00	0.00	0.00	0.00	0.00	0.00	0.11
Basic earnings per share (in dollars per share)	0.13	0.20	0.38	0.24	0.15	0.47	0.19	0.38	0.94	1.18	0.72
Net income attributable to Common Shareholders per Common Share - diluted:
Income from continuing operations (in dollars per share)	0.13	0.20	0.38	0.24	0.15	0.47	0.19	0.38	0.94	1.18	0.61
Income from discontinued operations (in dollars per share)					0.00	0.00	0.00	0.00	0.00	0.00	0.11
Diluted earnings per share (in dollars per share)	0.13	0.20	0.38	0.24	0.15	0.47	0.19	0.38	0.94	1.18	0.72
Cash dividends declared per Common Share (in dollars per share)	$ 0.50	$ 0.24	$ 0.24	$ 0.24	$ 0.54	$ 0.23	$ 0.23	$ 0.23	$ 1.22	$ 1.23	$ 0.86

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended
	Dec. 31, 2013	Jul. 31, 2013	Aug. 31, 2009	Sep. 30, 2015	Jun. 30, 2015
Breach of Severance Agreement [Member]
Loss Contingencies [Line Items]
Damages sought after, value			$ 0.9
Mark Plaza [Member]
Loss Contingencies [Line Items]
Damages sought after, value		$ 9.0
Settlement amount				$ 1.1
Amount paid by insurance				0.8
Amount paid by the Company				$ 0.3
Casino Development Group, Inc [Member]
Loss Contingencies [Line Items]
Damages sought after, value	$ 7.4
Settlement amount					$ 3.3
Casino Development Group, Inc [Member] \| Acadia Realty, LP [Member] \| Affiliated Entity [Member]
Loss Contingencies [Line Items]
Settlement amount					$ 0.6

SUBSEQUENT EVENTS (Details) - USD ($)	1 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Jan. 31, 2016	Dec. 31, 2015	Feb. 01, 2016
Subsequent Event [Member] \| Gotham Plaza [Member] \| Manhattan, New York [Member]
Subsequent Event [Line Items]
Percent Owned	49.00%
Purchase Price	$ 39,800,000
Percentage of long-term debt assumed	49.00%
Long-term debt assumed	$ 21,400,000
Fund IV [Member]
Subsequent Event [Line Items]
Purchase Price		$ 146,100,000
Fund IV [Member] \| Subsequent Event [Member] \| Chicago, Illinois [Member]
Subsequent Event [Line Items]
Notes Receivable and Preferred Equity Investments, Fair Value			$ 14,000,000
Rate of return percentage			15.30%
Fund IV [Member] \| Subsequent Event [Member] \| Restaurant at Fort Point [Member] \| Boston, Massachusetts [Member]
Subsequent Event [Line Items]
Purchase Price	$ 11,500,000
Fund IV [Member] \| Subsequent Event [Member] \| 1964 Union Street [Member] \| San Francisco, California [Member]
Subsequent Event [Line Items]
Percent Owned	90.00%
Purchase Price	$ 2,000,000
Fund III [Member] \| Subsequent Event [Member] \| Cortlandt Towne Center [Member]
Subsequent Event [Line Items]
Percentage of disposition	65.00%
Consideration received	$ 107,300,000
Fund II [Member]
Subsequent Event [Line Items]
Purchase Price		$ 100,800,000
Term Loan [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Debt issued amount	$ 50,000,000.0
Unconsolidated Affiliates [Member] \| Operating Partnership, as General Partner or Managing Member [Member] \| Fund II [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Percent Owned	28.30%
Purchase Price	$ 18,400,000
Percentage of acquire additional interest in subsidiaries	8.30%
Minimum [Member] \| LIBOR [Member] \| Term Loan [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Borrowings, interest rate basis spread	1.30%
Maximum [Member] \| LIBOR [Member] \| Term Loan [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Borrowings, interest rate basis spread	1.90%

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,050,051
Initial Cost to Company of Land	543,034
Initial Cost to Company of Buildings and Improvements	1,380,715
Costs Capitalized Subsequent to Acquisition	812,534
Carrying Amount of Land	546,788
Carrying Amount of Buildings and Improvements	2,189,495
Total Carrying Amount	2,736,283	$ 2,208,595	$ 1,819,053	$ 1,287,198
Accumulated Depreciation	298,703	256,015	$ 229,538	$ 169,718
Unamortized loans costs	(11,722)	(11,879)
Unamortized premium	1,364	$ 2,943
Real Estate, Federal Income Tax Basis	$ 2,030,600
Minimum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Life Used for Depreciation	30 years
Maximum [Member]
Real Estate and Accumulated Depreciation [Line Items]
Real Estate and Accumulated Depreciation, Life Used for Depreciation	40 years
Core Portfolio [Member] \| Crescent Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 0
Initial Cost to Company of Land	1,147
Initial Cost to Company of Buildings and Improvements	7,425
Costs Capitalized Subsequent to Acquisition	1,502
Carrying Amount of Land	1,147
Carrying Amount of Buildings and Improvements	8,927
Total Carrying Amount	10,074
Accumulated Depreciation	7,127
Core Portfolio [Member] \| New Louden Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	505
Initial Cost to Company of Buildings and Improvements	4,161
Costs Capitalized Subsequent to Acquisition	13,068
Carrying Amount of Land	505
Carrying Amount of Buildings and Improvements	17,229
Total Carrying Amount	17,734
Accumulated Depreciation	13,535
Core Portfolio [Member] \| Mark Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	3,396
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	3,396
Total Carrying Amount	3,396
Accumulated Depreciation	2,838
Core Portfolio [Member] \| Plaza 422 [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	190
Initial Cost to Company of Buildings and Improvements	3,004
Costs Capitalized Subsequent to Acquisition	2,765
Carrying Amount of Land	190
Carrying Amount of Buildings and Improvements	5,769
Total Carrying Amount	5,959
Accumulated Depreciation	5,108
Core Portfolio [Member] \| Route 6 Mall [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,664
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	12,276
Carrying Amount of Land	1,664
Carrying Amount of Buildings and Improvements	12,276
Total Carrying Amount	13,940
Accumulated Depreciation	8,089
Core Portfolio [Member] \| Abington Towne Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	799
Initial Cost to Company of Buildings and Improvements	3,197
Costs Capitalized Subsequent to Acquisition	2,390
Carrying Amount of Land	799
Carrying Amount of Buildings and Improvements	5,587
Total Carrying Amount	6,386
Accumulated Depreciation	3,539
Core Portfolio [Member] \| Bloomfield Town Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	3,207
Initial Cost to Company of Buildings and Improvements	13,774
Costs Capitalized Subsequent to Acquisition	21,869
Carrying Amount of Land	3,207
Carrying Amount of Buildings and Improvements	35,643
Total Carrying Amount	38,850
Accumulated Depreciation	17,407
Core Portfolio [Member] \| Elmwood Park Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	3,248
Initial Cost to Company of Buildings and Improvements	12,992
Costs Capitalized Subsequent to Acquisition	15,855
Carrying Amount of Land	3,798
Carrying Amount of Buildings and Improvements	28,297
Total Carrying Amount	32,095
Accumulated Depreciation	16,879
Core Portfolio [Member] \| Merrillville Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,150
Initial Cost to Company of Land	4,288
Initial Cost to Company of Buildings and Improvements	17,152
Costs Capitalized Subsequent to Acquisition	5,643
Carrying Amount of Land	4,288
Carrying Amount of Buildings and Improvements	22,795
Total Carrying Amount	27,083
Accumulated Depreciation	10,339
Core Portfolio [Member] \| Marketplace of Absecon [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	2,573
Initial Cost to Company of Buildings and Improvements	10,294
Costs Capitalized Subsequent to Acquisition	4,900
Carrying Amount of Land	2,577
Carrying Amount of Buildings and Improvements	15,190
Total Carrying Amount	17,767
Accumulated Depreciation	7,116
Core Portfolio [Member] \| 239 Greenwich Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,000
Initial Cost to Company of Land	1,817
Initial Cost to Company of Buildings and Improvements	15,846
Costs Capitalized Subsequent to Acquisition	772
Carrying Amount of Land	1,817
Carrying Amount of Buildings and Improvements	16,618
Total Carrying Amount	18,435
Accumulated Depreciation	6,965
Core Portfolio [Member] \| Hobson West Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,793
Initial Cost to Company of Buildings and Improvements	7,172
Costs Capitalized Subsequent to Acquisition	1,903
Carrying Amount of Land	1,793
Carrying Amount of Buildings and Improvements	9,075
Total Carrying Amount	10,868
Accumulated Depreciation	4,574
Core Portfolio [Member] \| Village Commons Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	3,229
Initial Cost to Company of Buildings and Improvements	12,917
Costs Capitalized Subsequent to Acquisition	4,051
Carrying Amount of Land	3,229
Carrying Amount of Buildings and Improvements	16,968
Total Carrying Amount	20,197
Accumulated Depreciation	8,323
Core Portfolio [Member] \| Town Line Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	878
Initial Cost to Company of Buildings and Improvements	3,510
Costs Capitalized Subsequent to Acquisition	7,736
Carrying Amount of Land	907
Carrying Amount of Buildings and Improvements	11,217
Total Carrying Amount	12,124
Accumulated Depreciation	8,761
Core Portfolio [Member] \| Branch Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	3,156
Initial Cost to Company of Buildings and Improvements	12,545
Costs Capitalized Subsequent to Acquisition	15,108
Carrying Amount of Land	3,401
Carrying Amount of Buildings and Improvements	27,408
Total Carrying Amount	30,809
Accumulated Depreciation	8,225
Core Portfolio [Member] \| The Methuen Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	956
Initial Cost to Company of Buildings and Improvements	3,826
Costs Capitalized Subsequent to Acquisition	739
Carrying Amount of Land	961
Carrying Amount of Buildings and Improvements	4,560
Total Carrying Amount	5,521
Accumulated Depreciation	2,256
Core Portfolio [Member] \| The Gateway Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,273
Initial Cost to Company of Buildings and Improvements	5,091
Costs Capitalized Subsequent to Acquisition	12,258
Carrying Amount of Land	1,273
Carrying Amount of Buildings and Improvements	17,349
Total Carrying Amount	18,622
Accumulated Depreciation	8,272
Core Portfolio [Member] \| Mad River Station [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	2,350
Initial Cost to Company of Buildings and Improvements	9,404
Costs Capitalized Subsequent to Acquisition	1,167
Carrying Amount of Land	2,350
Carrying Amount of Buildings and Improvements	10,571
Total Carrying Amount	12,921
Accumulated Depreciation	4,900
Core Portfolio [Member] \| Pacesetter Park Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,475
Initial Cost to Company of Buildings and Improvements	5,899
Costs Capitalized Subsequent to Acquisition	2,828
Carrying Amount of Land	1,475
Carrying Amount of Buildings and Improvements	8,727
Total Carrying Amount	10,202
Accumulated Depreciation	4,142
Core Portfolio [Member] \| Brandywine Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	141,825
Initial Cost to Company of Land	21,993
Initial Cost to Company of Buildings and Improvements	87,988
Costs Capitalized Subsequent to Acquisition	13,346
Carrying Amount of Land	24,213
Carrying Amount of Buildings and Improvements	99,114
Total Carrying Amount	123,327
Accumulated Depreciation	31,686
Core Portfolio [Member] \| Brandywine Market Square [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,375
Initial Cost to Company of Land	4,308
Initial Cost to Company of Buildings and Improvements	17,239
Costs Capitalized Subsequent to Acquisition	1,630
Carrying Amount of Land	4,262
Carrying Amount of Buildings and Improvements	18,915
Total Carrying Amount	23,177
Accumulated Depreciation	6,468
Core Portfolio [Member] \| Bartow Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,691
Initial Cost to Company of Buildings and Improvements	5,803
Costs Capitalized Subsequent to Acquisition	653
Carrying Amount of Land	1,691
Carrying Amount of Buildings and Improvements	6,456
Total Carrying Amount	8,147
Accumulated Depreciation	2,520
Core Portfolio [Member] \| Amboy Rd. Shopping Ctr. [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	11,909
Costs Capitalized Subsequent to Acquisition	2,482
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	14,391
Total Carrying Amount	14,391
Accumulated Depreciation	5,060
Core Portfolio [Member] \| 613-623 West Diversey [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	10,061
Initial Cost to Company of Buildings and Improvements	2,773
Costs Capitalized Subsequent to Acquisition	592
Carrying Amount of Land	10,061
Carrying Amount of Buildings and Improvements	3,365
Total Carrying Amount	13,426
Accumulated Depreciation	893
Core Portfolio [Member] \| Chestnut Hill [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	8,289
Initial Cost to Company of Buildings and Improvements	5,691
Costs Capitalized Subsequent to Acquisition	4,514
Carrying Amount of Land	8,289
Carrying Amount of Buildings and Improvements	10,205
Total Carrying Amount	18,494
Accumulated Depreciation	2,660
Core Portfolio [Member] \| Third Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	11,108
Initial Cost to Company of Buildings and Improvements	8,038
Costs Capitalized Subsequent to Acquisition	4,581
Carrying Amount of Land	11,855
Carrying Amount of Buildings and Improvements	11,872
Total Carrying Amount	23,727
Accumulated Depreciation	2,154
Core Portfolio [Member] \| West Shore Expressway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	3,380
Initial Cost to Company of Buildings and Improvements	13,499
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,380
Carrying Amount of Buildings and Improvements	13,499
Total Carrying Amount	16,879
Accumulated Depreciation	3,351
Core Portfolio [Member] \| West 54th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	16,699
Initial Cost to Company of Buildings and Improvements	18,704
Costs Capitalized Subsequent to Acquisition	984
Carrying Amount of Land	16,699
Carrying Amount of Buildings and Improvements	19,688
Total Carrying Amount	36,387
Accumulated Depreciation	4,253
Core Portfolio [Member] \| Acadia 5-7 East 17th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	3,048
Initial Cost to Company of Buildings and Improvements	7,281
Costs Capitalized Subsequent to Acquisition	3,779
Carrying Amount of Land	3,048
Carrying Amount of Buildings and Improvements	11,060
Total Carrying Amount	14,108
Accumulated Depreciation	1,653
Core Portfolio [Member] \| West Diversey 651-671 W Diversey [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	8,576
Initial Cost to Company of Buildings and Improvements	17,256
Costs Capitalized Subsequent to Acquisition	8
Carrying Amount of Land	8,576
Carrying Amount of Buildings and Improvements	17,264
Total Carrying Amount	25,840
Accumulated Depreciation	1,978
Core Portfolio [Member] \| Mercer Street 15 Mercer Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,887
Initial Cost to Company of Buildings and Improvements	2,483
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,887
Carrying Amount of Buildings and Improvements	2,483
Total Carrying Amount	4,370
Accumulated Depreciation	279
Core Portfolio [Member] \| 4401 White Plains [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,015
Initial Cost to Company of Land	1,581
Initial Cost to Company of Buildings and Improvements	5,054
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,581
Carrying Amount of Buildings and Improvements	5,054
Total Carrying Amount	6,635
Accumulated Depreciation	548
Core Portfolio [Member] \| Chicago Street Retail Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,955
Initial Cost to Company of Land	18,521
Initial Cost to Company of Buildings and Improvements	55,627
Costs Capitalized Subsequent to Acquisition	1,670
Carrying Amount of Land	18,521
Carrying Amount of Buildings and Improvements	57,297
Total Carrying Amount	75,818
Accumulated Depreciation	5,189
Core Portfolio [Member] \| 330 River Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,857
Initial Cost to Company of Land	3,510
Initial Cost to Company of Buildings and Improvements	2,886
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,510
Carrying Amount of Buildings and Improvements	2,886
Total Carrying Amount	6,396
Accumulated Depreciation	316
Core Portfolio [Member] \| Rhode Island Place Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,727
Initial Cost to Company of Land	7,458
Initial Cost to Company of Buildings and Improvements	15,968
Costs Capitalized Subsequent to Acquisition	709
Carrying Amount of Land	7,458
Carrying Amount of Buildings and Improvements	16,677
Total Carrying Amount	24,135
Accumulated Depreciation	1,614
Core Portfolio [Member] \| 1520 North Milwaukee Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	2,110
Initial Cost to Company of Buildings and Improvements	1,306
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,110
Carrying Amount of Buildings and Improvements	1,306
Total Carrying Amount	3,416
Accumulated Depreciation	128
Core Portfolio [Member] \| 340 River Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,564
Initial Cost to Company of Land	4,894
Initial Cost to Company of Buildings and Improvements	11,349
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,894
Carrying Amount of Buildings and Improvements	11,349
Total Carrying Amount	16,243
Accumulated Depreciation	1,128
Core Portfolio [Member] \| 930 Rush Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	4,933
Initial Cost to Company of Buildings and Improvements	14,587
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,933
Carrying Amount of Buildings and Improvements	14,587
Total Carrying Amount	19,520
Accumulated Depreciation	1,367
Core Portfolio [Member] \| 28 Jericho Turnpike [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,315
Initial Cost to Company of Land	6,220
Initial Cost to Company of Buildings and Improvements	24,416
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	6,220
Carrying Amount of Buildings and Improvements	24,416
Total Carrying Amount	30,636
Accumulated Depreciation	2,294
Core Portfolio [Member] \| 181 Main Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,908
Initial Cost to Company of Buildings and Improvements	12,158
Costs Capitalized Subsequent to Acquisition	41
Carrying Amount of Land	1,908
Carrying Amount of Buildings and Improvements	12,199
Total Carrying Amount	14,107
Accumulated Depreciation	959
Core Portfolio [Member] \| 83 Spring Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,754
Initial Cost to Company of Buildings and Improvements	9,200
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,754
Carrying Amount of Buildings and Improvements	9,200
Total Carrying Amount	10,954
Accumulated Depreciation	805
Core Portfolio [Member] \| 60 Orange Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,006
Initial Cost to Company of Land	3,609
Initial Cost to Company of Buildings and Improvements	10,790
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,609
Carrying Amount of Buildings and Improvements	10,790
Total Carrying Amount	14,399
Accumulated Depreciation	967
Core Portfolio [Member] \| 171-53 and 181-03 Connecticut Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	11,690
Initial Cost to Company of Buildings and Improvements	10,135
Costs Capitalized Subsequent to Acquisition	580
Carrying Amount of Land	11,690
Carrying Amount of Buildings and Improvements	10,715
Total Carrying Amount	22,405
Accumulated Depreciation	878
Core Portfolio [Member] \| 639 West Diversey [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	4,142
Initial Cost to Company of Land	4,429
Initial Cost to Company of Buildings and Improvements	6,102
Costs Capitalized Subsequent to Acquisition	802
Carrying Amount of Land	4,429
Carrying Amount of Buildings and Improvements	6,904
Total Carrying Amount	11,333
Accumulated Depreciation	549
Core Portfolio [Member] \| 664 North Michigan Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	43,107
Initial Cost to Company of Land	15,240
Initial Cost to Company of Buildings and Improvements	65,331
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	15,240
Carrying Amount of Buildings and Improvements	65,331
Total Carrying Amount	80,571
Accumulated Depreciation	4,717
Core Portfolio [Member] \| 8-12 East Walton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	5,398
Initial Cost to Company of Buildings and Improvements	15,601
Costs Capitalized Subsequent to Acquisition	29
Carrying Amount of Land	5,398
Carrying Amount of Buildings and Improvements	15,630
Total Carrying Amount	21,028
Accumulated Depreciation	1,021
Core Portfolio [Member] \| 3200 - 3204 M Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	6,899
Initial Cost to Company of Buildings and Improvements	4,249
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	6,899
Carrying Amount of Buildings and Improvements	4,249
Total Carrying Amount	11,148
Accumulated Depreciation	266
Core Portfolio [Member] \| 868 Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	3,519
Initial Cost to Company of Buildings and Improvements	9,247
Costs Capitalized Subsequent to Acquisition	5
Carrying Amount of Land	3,519
Carrying Amount of Buildings and Improvements	9,252
Total Carrying Amount	12,771
Accumulated Depreciation	479
Core Portfolio [Member] \| 313 - 315 Bowery [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	5,516
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	5,516
Total Carrying Amount	5,516
Accumulated Depreciation	446
Core Portfolio [Member] \| 120 West Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	32,819
Costs Capitalized Subsequent to Acquisition	65
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	32,884
Total Carrying Amount	32,884
Accumulated Depreciation	995
Core Portfolio [Member] \| 11 East Walton [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	16,744
Initial Cost to Company of Buildings and Improvements	28,346
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	16,744
Carrying Amount of Buildings and Improvements	28,346
Total Carrying Amount	45,090
Accumulated Depreciation	1,472
Core Portfolio [Member] \| 61 Main Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	4,578
Initial Cost to Company of Buildings and Improvements	2,645
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,578
Carrying Amount of Buildings and Improvements	2,645
Total Carrying Amount	7,223
Accumulated Depreciation	178
Core Portfolio [Member] \| 865 W. North Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,893
Initial Cost to Company of Buildings and Improvements	11,594
Costs Capitalized Subsequent to Acquisition	23
Carrying Amount of Land	1,893
Carrying Amount of Buildings and Improvements	11,617
Total Carrying Amount	13,510
Accumulated Depreciation	521
Core Portfolio [Member] \| 152 - 154 Spring Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	8,544
Initial Cost to Company of Buildings and Improvements	27,001
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	8,544
Carrying Amount of Buildings and Improvements	27,001
Total Carrying Amount	35,545
Accumulated Depreciation	1,159
Core Portfolio [Member] \| 2520 Flatbush Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	6,613
Initial Cost to Company of Buildings and Improvements	10,419
Costs Capitalized Subsequent to Acquisition	193
Carrying Amount of Land	6,613
Carrying Amount of Buildings and Improvements	10,612
Total Carrying Amount	17,225
Accumulated Depreciation	482
Core Portfolio [Member] \| 252 - 254 Greenwich Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	10,175
Initial Cost to Company of Buildings and Improvements	12,641
Costs Capitalized Subsequent to Acquisition	119
Carrying Amount of Land	10,175
Carrying Amount of Buildings and Improvements	12,760
Total Carrying Amount	22,935
Accumulated Depreciation	657
Core Portfolio [Member] \| Bedford Green [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,151
Initial Cost to Company of Land	12,425
Initial Cost to Company of Buildings and Improvements	32,730
Costs Capitalized Subsequent to Acquisition	1,159
Carrying Amount of Land	12,425
Carrying Amount of Buildings and Improvements	33,889
Total Carrying Amount	46,314
Accumulated Depreciation	1,356
Core Portfolio [Member] \| 131 - 135 Prince Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	57,536
Costs Capitalized Subsequent to Acquisition	71
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	57,607
Total Carrying Amount	57,607
Accumulated Depreciation	3,719
Core Portfolio [Member] \| Shops At Grand Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	20,264
Initial Cost to Company of Buildings and Improvements	33,131
Costs Capitalized Subsequent to Acquisition	230
Carrying Amount of Land	20,264
Carrying Amount of Buildings and Improvements	33,361
Total Carrying Amount	53,625
Accumulated Depreciation	1,051
Core Portfolio [Member] \| 201 Needham Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	4,550
Initial Cost to Company of Buildings and Improvements	4,459
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,550
Carrying Amount of Buildings and Improvements	4,459
Total Carrying Amount	9,009
Accumulated Depreciation	80
Core Portfolio [Member] \| City Center San Francisco, CA [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	38,750
Initial Cost to Company of Buildings and Improvements	116,250
Costs Capitalized Subsequent to Acquisition	321
Carrying Amount of Land	38,750
Carrying Amount of Buildings and Improvements	116,571
Total Carrying Amount	155,321
Accumulated Depreciation	2,180
Core Portfolio [Member] \| 163 Highland Avenue Needham, MA [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,595
Initial Cost to Company of Land	6,000
Initial Cost to Company of Buildings and Improvements	18,000
Costs Capitalized Subsequent to Acquisition	1
Carrying Amount of Land	6,000
Carrying Amount of Buildings and Improvements	18,001
Total Carrying Amount	24,001
Accumulated Depreciation	338
Core Portfolio [Member] \| Roosevelt Galleria [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	4,900
Initial Cost to Company of Buildings and Improvements	14,700
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,900
Carrying Amount of Buildings and Improvements	14,700
Total Carrying Amount	19,600
Accumulated Depreciation	123
Core Portfolio [Member] \| Route 202 Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	7,255
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	7,255
Total Carrying Amount	7,255
Accumulated Depreciation	136
Core Portfolio [Member] \| Undeveloped Land [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	100
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	100
Carrying Amount of Buildings and Improvements	0
Total Carrying Amount	100
Accumulated Depreciation	0
Fund II [Member] \| 216th Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,500
Initial Cost to Company of Land	7,261
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	18,481
Carrying Amount of Land	7,261
Carrying Amount of Buildings and Improvements	18,481
Total Carrying Amount	25,742
Accumulated Depreciation	4,304
Fund II [Member] \| City Point [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,324
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	13,463
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	13,463
Total Carrying Amount	13,463
Accumulated Depreciation	405
Fund II [Member] \| 161st Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	29,500
Initial Cost to Company of Land	16,679
Initial Cost to Company of Buildings and Improvements	28,410
Costs Capitalized Subsequent to Acquisition	25,590
Carrying Amount of Land	16,679
Carrying Amount of Buildings and Improvements	54,000
Total Carrying Amount	70,679
Accumulated Depreciation	10,363
Fund III [Member] \| Cortlandt Towne Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	83,070
Initial Cost to Company of Land	7,293
Initial Cost to Company of Buildings and Improvements	61,395
Costs Capitalized Subsequent to Acquisition	10,087
Carrying Amount of Land	7,293
Carrying Amount of Buildings and Improvements	71,482
Total Carrying Amount	78,775
Accumulated Depreciation	20,855
Fund III [Member] \| Heritage Shops [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,500
Initial Cost to Company of Land	13,131
Initial Cost to Company of Buildings and Improvements	15,409
Costs Capitalized Subsequent to Acquisition	325
Carrying Amount of Land	13,131
Carrying Amount of Buildings and Improvements	15,734
Total Carrying Amount	28,865
Accumulated Depreciation	2,575
Fund III [Member] \| 654 Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,835
Initial Cost to Company of Land	9,040
Initial Cost to Company of Buildings and Improvements	3,654
Costs Capitalized Subsequent to Acquisition	2,801
Carrying Amount of Land	9,040
Carrying Amount of Buildings and Improvements	6,455
Total Carrying Amount	15,495
Accumulated Depreciation	504
Fund III [Member] \| New Hyde Park Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,240
Initial Cost to Company of Land	3,016
Initial Cost to Company of Buildings and Improvements	7,733
Costs Capitalized Subsequent to Acquisition	4,088
Carrying Amount of Land	3,016
Carrying Amount of Buildings and Improvements	11,821
Total Carrying Amount	14,837
Accumulated Depreciation	1,635
Fund III [Member] \| 640 Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	22,109
Initial Cost to Company of Land	12,503
Initial Cost to Company of Buildings and Improvements	19,960
Costs Capitalized Subsequent to Acquisition	9,786
Carrying Amount of Land	12,503
Carrying Amount of Buildings and Improvements	29,746
Total Carrying Amount	42,249
Accumulated Depreciation	2,734
Fund III [Member] \| 3780 to 3858 Nortrand Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,527
Initial Cost to Company of Land	6,229
Initial Cost to Company of Buildings and Improvements	11,216
Costs Capitalized Subsequent to Acquisition	4,581
Carrying Amount of Land	6,229
Carrying Amount of Buildings and Improvements	15,797
Total Carrying Amount	22,026
Accumulated Depreciation	1,009
Fund IV [Member]
Real Estate and Accumulated Depreciation [Line Items]
Unamortized loans costs	(10,567)
Unamortized premium	1,364
Fund IV [Member] \| Paramus Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,339
Initial Cost to Company of Land	11,052
Initial Cost to Company of Buildings and Improvements	7,037
Costs Capitalized Subsequent to Acquisition	2,988
Carrying Amount of Land	11,052
Carrying Amount of Buildings and Improvements	10,025
Total Carrying Amount	21,077
Accumulated Depreciation	477
Fund IV [Member] \| 1151 Third Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,481
Initial Cost to Company of Land	8,306
Initial Cost to Company of Buildings and Improvements	9,685
Costs Capitalized Subsequent to Acquisition	1,380
Carrying Amount of Land	8,306
Carrying Amount of Buildings and Improvements	11,065
Total Carrying Amount	19,371
Accumulated Depreciation	644
Fund IV [Member] \| Lake Montclair [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,904
Initial Cost to Company of Land	7,077
Initial Cost to Company of Buildings and Improvements	12,028
Costs Capitalized Subsequent to Acquisition	422
Carrying Amount of Land	7,077
Carrying Amount of Buildings and Improvements	12,450
Total Carrying Amount	19,527
Accumulated Depreciation	735
Fund IV [Member] \| 938 West North Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	12,500
Initial Cost to Company of Land	2,314
Initial Cost to Company of Buildings and Improvements	17,067
Costs Capitalized Subsequent to Acquisition	35
Carrying Amount of Land	2,314
Carrying Amount of Buildings and Improvements	17,102
Total Carrying Amount	19,416
Accumulated Depreciation	878
Fund IV [Member] \| 17 E. 71st Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,000
Initial Cost to Company of Land	7,391
Initial Cost to Company of Buildings and Improvements	20,176
Costs Capitalized Subsequent to Acquisition	245
Carrying Amount of Land	7,391
Carrying Amount of Buildings and Improvements	20,421
Total Carrying Amount	27,812
Accumulated Depreciation	619
Fund IV [Member] \| 1035 Third Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	42,000
Initial Cost to Company of Land	12,759
Initial Cost to Company of Buildings and Improvements	38,306
Costs Capitalized Subsequent to Acquisition	797
Carrying Amount of Land	12,759
Carrying Amount of Buildings and Improvements	39,103
Total Carrying Amount	51,862
Accumulated Depreciation	879
Fund IV [Member] \| 801 Madison Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	8,250
Initial Cost to Company of Buildings and Improvements	24,750
Costs Capitalized Subsequent to Acquisition	57
Carrying Amount of Land	8,250
Carrying Amount of Buildings and Improvements	24,807
Total Carrying Amount	33,057
Accumulated Depreciation	464
Fund IV [Member] \| 2208-2216 Filmore Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	2,156
Initial Cost to Company of Buildings and Improvements	6,469
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,156
Carrying Amount of Buildings and Improvements	6,469
Total Carrying Amount	8,625
Accumulated Depreciation	27
Fund IV [Member] \| 146 Geary Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	9,500
Initial Cost to Company of Buildings and Improvements	28,500
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	9,500
Carrying Amount of Buildings and Improvements	28,500
Total Carrying Amount	38,000
Accumulated Depreciation	119
Fund IV [Member] \| 2207 Fillmore Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,120
Initial Cost to Company of Land	700
Initial Cost to Company of Buildings and Improvements	2,100
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	700
Carrying Amount of Buildings and Improvements	2,100
Total Carrying Amount	2,800
Accumulated Depreciation	4
Fund IV [Member] \| 1861 Union Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	875
Initial Cost to Company of Buildings and Improvements	2,625
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	875
Carrying Amount of Buildings and Improvements	2,625
Total Carrying Amount	3,500
Accumulated Depreciation	5
Fund IV [Member] \| Real Estate Under Development [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	328,521
Initial Cost to Company of Land	32,705
Initial Cost to Company of Buildings and Improvements	24,878
Costs Capitalized Subsequent to Acquisition	551,991
Carrying Amount of Land	32,705
Carrying Amount of Buildings and Improvements	576,869
Total Carrying Amount	609,574
Accumulated Depreciation	$ 0

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Reconciliation of Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of year	$ 2,208,595	$ 1,819,053	$ 1,287,198
Other improvements	162,760	162,827	112,622
Property acquisitions	418,396	299,793	272,661
Property dispositions	(66,359)	(73,078)	0
Consolidation of previously unconsolidated investments	12,891	0	146,572
Balance at end of year	$ 2,736,283	$ 2,208,595	$ 1,819,053

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	$ 256,015	$ 229,538	$ 169,718
Depreciation related to real estate	49,775	26,477	31,732
Other	(7,087)
Consolidation of previously unconsolidated investments	0	0	28,088
Balance at end of year	$ 298,703	$ 256,015	$ 229,538

DIVIDENDS AND DISTRIBUTIONS PAYABLE	12 Months Ended
DIVIDENDS AND DISTRIBUTIONS PAYABLE	Dec. 31, 2015
Equity [Abstract]
Dividends and Distributions Payable	Dividends and Distributions Payable On November 10, 2015, the Board of Trustees declared a regular quarterly cash dividend of $0.25 per Common Share, which was paid on January 15, 2016 to holders of record as of December 31, 2015. In addition, on November 10, 2015, the Board of Trustees declared a special cash dividend of $0.25 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 2015 arising from property dispositions within the Funds.

ACQUISITION AND DISPOSITION OF PROPERTIES, DISCONTINUED OPERATIONS AND PROPERTIES HELD FOR SALE - Properties Held For Sale (Details)	12 Months Ended
	Dec. 31, 2015 property
Acquisition and Disposition of Properties and Discontinued Operations [Abstract]
Number of properties held-for-sale	0