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Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2016	Feb. 22, 2017	Jun. 30, 2016
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, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		84,704,511
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 2,623.4

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Operating real estate, net	$ 2,551,448	$ 1,828,006
Real estate under development, at cost	543,486	609,574
Net investment in real estate	3,094,934	2,437,580
Notes receivable, net	276,163	147,188
Investments in and advances to unconsolidated affiliates	272,028	173,277
Other assets, net	192,786	123,789
Cash and cash equivalents	71,805	72,776
Rents receivable, net	43,842	40,425
Restricted cash	22,904	37,284
Assets of properties held for sale	21,498	0
Total assets	3,995,960	3,032,319
LIABILITIES
Mortgage and other notes payable, net	1,055,728	1,050,051
Unsecured notes payable, net	432,990	287,755
Unsecured line of credit	0	20,800
Accounts payable and other liabilities	208,672	101,563
Capital lease obligations	70,129	0
Dividends and distributions payable	36,625	37,552
Distributions in excess of income from, and investments in, unconsolidated affiliates	13,691	13,244
Total liabilities	1,817,835	1,510,965
Commitments and contingencies
Acadia shareholders' Equity
Common shares, $0.001 par value, authorized 100,000,000 shares, issued and outstanding 83,597,741 and 70,258,415 shares, respectively	84	70
Additional paid-in capital	1,594,926	1,092,239
Accumulated other comprehensive loss	(798)	(4,463)
(Distributions in excess of accumulated earnings) retained earnings	(5,635)	12,642
Total Acadia shareholders’ equity	1,588,577	1,100,488
Noncontrolling interests	589,548	420,866
Total equity	2,178,125	1,521,354
Total liabilities and equity	$ 3,995,960	$ 3,032,319

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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)	83,597,741	70,258,415
Common shares, outstanding (in shares)	83,597,741	70,258,415

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Rental income	$ 152,814	$ 158,632	$ 145,103
Expense reimbursements	32,282	36,306	32,642
Other	4,843	4,125	1,936
Total revenues	189,939	199,063	179,681
Operating expenses
Depreciation and amortization	70,011	60,751	49,645
General and administrative	40,648	30,368	27,433
Real estate taxes	25,630	25,384	23,062
Property operating	24,244	28,423	24,833
Other operating	7,517	4,675	3,776
Impairment of asset	0	5,000	0
Total operating expenses	168,050	154,601	128,749
Operating income	21,889	44,462	50,932
Equity in earnings and gains of unconsolidated affiliates	39,449	37,330	111,578
Interest income	25,829	16,603	12,607
Other	0	1,596	2,724
Interest expense	(34,645)	(37,297)	(39,426)
Income from continuing operations before income taxes	52,522	62,694	138,415
Income tax benefit (provision)	105	(1,787)	(629)
Income from continuing operations before gain on disposition of properties	52,627	60,907	137,786
Income from discontinued operations, net of tax	0	0	1,222
Gain on disposition of properties, net of tax	81,965	89,063	13,138
Net income	134,592	149,970	152,146
Noncontrolling interests
Continuing operations	(61,816)	(84,262)	(80,059)
Discontinued operations	0	0	(1,023)
Net income attributable to noncontrolling interests	(61,816)	(84,262)	(81,082)
Net income attributable to Acadia	$ 72,776	$ 65,708	$ 71,064
Basic and diluted earnings per share
Income from continuing operations to Acadia (in dollars per share)	$ 0.94	$ 0.94	$ 1.18
Income from discontinued operations to Acadia (in dollars per share)	0.00	0.00	0.00
Basic earnings per share (in dollars per share)	0.94	0.94	1.18
Diluted earnings per share
Income from continuing operations to Acadia (in dollars per share)	$ 0.94	$ 0.94	$ 1.18

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 134,592	$ 149,970	$ 152,146
Other comprehensive income (loss):
Unrealized loss on valuation of swap agreements	(646)	(5,061)	(9,061)
Reclassification of realized interest on swap agreements	4,576	5,524	3,776
Other comprehensive income (loss)	3,930	463	(5,285)
Comprehensive income	138,522	150,433	146,861
Comprehensive income attributable to noncontrolling interests	(62,081)	(85,183)	(80,934)
Comprehensive income attributable to Acadia	$ 76,441	$ 65,250	$ 65,927

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands

Total

Common Shares

Additional Paid-in Capital

Accumulated Other Comprehensive (Loss) Income

(Distributions in Excess of Accumulated Earnings) Retained Earnings

Total Common Shareholders’ Equity

Noncontrolling Interests

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

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

Issuance of OP Units to acquire real estate

44,051

Dividends declared

^[1]

(82,279)

(77,194)

(5,085)

Employee and trustee stock compensation, net

8,460

1,932

6,528

Employee and trustee stock compensation, net (in Shares)

93,000

Noncontrolling interest distributions

(218,152)

Noncontrolling interest contributions

57,969

Comprehensive (loss) 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

68,109,000

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership

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

Issuance of OP Units to acquire real estate

Dividends declared

^[2]

(90,666)

(84,683)

(5,983)

Acquisition of noncontrolling interests

(7,970)

(4,409)

(3,561)

Employee and trustee stock compensation, net

8,644

1,921

6,723

Employee and trustee stock compensation, net (in Shares)

75,000

Noncontrolling interest distributions

(74,950)

Noncontrolling interest contributions

35,489

Comprehensive (loss) 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

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership

$ 0

7,891

7,892

(7,892)

Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)

351,000

Issuance of Common Shares, net of issuance costs

450,130

$ 13

450,117

450,130

Issuance of Common Shares, net of issuance costs (in Shares)

12,961,000

Issuance of OP Units to acquire real estate

31,429

Dividends declared

^[3]

(97,806)

(91,053)

(6,753)

Change in control of previously unconsolidated investment

(75,713)

Windfall tax benefit

555

Acquisition of noncontrolling interests

(18,379)

7,546

(25,925)

Employee and trustee stock compensation, net

13,694

926

12,768

Employee and trustee stock compensation, net (in Shares)

28,000

Noncontrolling interest distributions

(80,769)

Noncontrolling interest contributions

295,108

Reallocation of noncontrolling interests

35,652

(35,652)

Comprehensive (loss) income

138,522

3,665

72,776

76,441

62,081

Balance at Dec. 31, 2016

$ 2,178,125

$ 84

$ 1,594,926

$ (798)

$ (5,635)

$ 1,588,577

$ 589,548

Balance (in Shares) at Dec. 31, 2016

83,597,741

83,598,000

[1]	Includes a special dividend of $0.30 announced on December 5, 2014 and paid on January 15, 2015.
[2]	Includes a special dividend of $0.25 declared on November 10, 2015 and paid on January 15, 2016.
[3]	Includes a special cash dividend of $0.15 declared on November 8, 2016 and paid on January 13, 2017 (Note 10).

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - $ / shares				3 Months Ended								12 Months Ended
	Nov. 08, 2016	Nov. 10, 2015	Dec. 05, 2014	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash dividends declared per common share (in dollars per share)				$ 0.41	$ 0.25	$ 0.25	$ 0.25	$ 0.50	$ 0.24	$ 0.24	$ 0.24	$ 1.16	$ 1.22	$ 1.23
Special Cash Dividend [Member]
Cash dividends declared per common share (in dollars per share)	$ 0.15	$ 0.25	$ 0.30

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 134,592	$ 149,970	$ 152,146
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties	(81,965)	(89,063)	(14,360)
Depreciation and amortization	70,011	60,751	49,645
Distributions of operating income from unconsolidated affiliates	7,256	12,291	9,579
Equity in earnings and gains of unconsolidated affiliates	(39,449)	(37,330)	(111,578)
Stock compensation expense	13,695	7,438	6,744
Amortization of financing costs	3,204	3,537	3,003
Impairment of asset	0	5,000	0
Other, net	(8,095)	(6,483)	(3,812)
Changes in assets and liabilities:
Other liabilities	26,532	5,354	3,099
Prepaid expenses and other assets	(11,677)	12,690	852
Rents receivable, net	(4,847)	(5,673)	(8,097)
Accounts payable and accrued expenses	1,912	(6,168)	(686)
Cash in escrow	591	1,284	(4,016)
Net cash provided by operating activities	111,760	113,598	82,519
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(495,644)	(338,700)	(256,453)
Development and property improvement costs	(149,434)	(164,315)	(140,118)
Issuance of notes receivable	(157,352)	(48,500)	(31,169)
Proceeds from the disposition of properties	150,378	168,895	31,188
Investments in and advances to unconsolidated affiliates	(72,098)	(24,168)	(156,972)
Return of capital from unconsolidated affiliates	54,444	11,892	74,371
Proceeds from notes receivable	42,819	15,984	18,095
Proceeds from disposition of properties of unconsolidated affiliates	24,586	38,392	190,356
Deferred leasing costs	(7,515)	(8,207)	(3,914)
Change in control of previously consolidated affiliate	(2,578)	0	0
Deposits for properties under contract	1,424	(5,776)	6,100
Net cash used in investing activities	(610,970)	(354,503)	(268,516)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	(936,654)	(383,238)	(176,323)
Proceeds received on mortgage and other notes	888,787	507,659	284,303
Proceeds from issuance of Common Shares, net of issuance costs of $9,238, $1,150 and $2,112 respectively	450,130	63,234	357,459
Capital contributions from noncontrolling interests	295,108	35,489	57,970
Distributions to noncontrolling interests	(105,994)	(84,610)	(221,330)
Dividends paid to Common Shareholders	(91,334)	(86,353)	(53,210)
Deferred financing and other costs	(11,678)	(4,376)	(3,672)
Loan proceeds held as restricted cash	9,874	48,676	79,191
Purchase of convertible notes payable	0	(380)	0
Net cash provided by financing activities	498,239	96,101	324,388
(Decrease) increase in cash and cash equivalents	(971)	(144,804)	138,391
Cash and cash equivalents, beginning of year	72,776	217,580	79,189
Cash and cash equivalents, end of year	71,805	72,776	217,580
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $21,109, $16,447 and $12,650, respectively	42,279	47,960	46,542
Cash paid for income taxes, net of refunds received of $0, $0 and $2,045, respectively	2,036	2,038	(1,772)
Supplemental disclosure of non-cash investing activities
Acquisition of real estate through assumption of debt	120,672	91,885	29,794
Acquisition of real estate through issuance of OP Units	29,336	0	38,937
Acquisition of capital lease obligation	76,461	0	0
Mortgage debt financed at time of acquisition	63,900	0	0
Assumption of accounts payable and accrued expenses through acquisition of real estate	3,587	0	0
Assumption of prepaid expenses and other assets through acquisition of real estate	2,226	0	0
Disposition of air rights through issuance of notes receivable	0	(29,539)	0
Acquisition of real estate through assumption of restricted cash	0	(28,912)	0
Acquisition of real estate through conversion of notes receivable	0	13,386	38,000
Disposition of real estate through forgiveness of debt	0	0	(22,865)
Investments in and advances to unconsolidated affiliates through issuance of OP Units	0	0	5,114
Change in control of previously consolidated investment
Real estate, net	90,559	0	0
Investments in and advances to unconsolidated affiliates	(21,421)	0	0
Other assets and liabilities	3,997	0	0
Noncontrolling interest	(75,713)	0	0
Cash removed in de-consolidation of previously consolidated investment	$ (2,578)	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Cash Flows [Abstract]
Cash paid for capitalized interest	$ 21,109	$ 16,447	$ 12,650
Refunds received	0	0	2,045
Payments of Stock Issuance Costs	$ 9,238	$ 1,150	$ 2,112

Organization, Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization, Basis of Presentation and Summary of Significant Accounting Policies

Organization

Acadia Realty Trust and subsidiaries (collectively, the "Company") is a fully-integrated equity real estate investment trust ("REIT") focused on the ownership, acquisition, development, and management of 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, 2016 and 2015, the Company controlled approximately 95% of the Operating Partnership as the sole general partner and 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 13). 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 Company ("Common Shares"). This structure is referred to as an umbrella partnership REIT or "UPREIT."

As of December 31, 2016, the Company has ownership interests in 117 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 65 properties within its opportunity funds, Acadia Strategic Opportunity Fund I, LP ("Fund I"), Acadia Strategic Opportunity Fund II, LLC ("Fund II"), Acadia Strategic Opportunity Fund III LLC ("Fund III"), Acadia Strategic Opportunity Fund IV LLC, and Acadia Strategic Opportunity Fund V LLC (("Fund V") and together with Funds I, II, III and IV, the "Funds"). The 182 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 Company consolidates the Funds as it has (i) the power to direct the activities that most significantly impact their economic performance, (ii) is obligated to absorb their losses and (iii) has the right to receive benefits from the Funds that could potentially be significant.

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, development, 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). All transactions between the Funds and the Operating Partnership have been eliminated in consolidation.

The following table summarizes the general terms and Operating Partnership's equity interests in the Funds and Mervyns I and II (dollars in millions):



Entity	Formation Date	Operating Partnership Share of Capital	Fund Size		Capital Called as of December 31, 2016 ^(a)		Unfunded Commitment		Equity Interest Held By Operating Partnership	Preferred Return	Total Distributions as of December 31, 2016 ^(e)
Fund I and Mervyns I ^(a)	9/2001	22.22%	$	90.0	$	86.6	$	—	37.78%	9%	$	194.5
Fund II and Mervyns II ^{(b) (c)}	6/2004	28.33%	300.0		347.1		—		28.33%	8%	131.6
Fund III ^(d)	5/2007	24.54%	502.5		387.5		62.5		39.63%	6%	445.7
Fund IV	5/2012	23.12%	540.6		179.4		361.2		23.12%	6%	101.9
Fund V	8/2016	20.10%	520.1		—		520.1		20.10%	6%	—

__________


(a)	As of December 31, 2015, Fund I had been liquidated.


(b)	During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount was subject to recontribution to Fund II until December 2016, and was recontributed during 2016.


(c)	During 2016, the Company acquired an additional 8.3% interest in Fund II from a limited partner for $18.4 million, giving the Operating Partnership an aggregate 28.33% interest.


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


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

Basis of Presentation

Segments

At December 31, 2016, the Company had three reportable operating segments: Core Portfolio, Funds and Structured Financing. The Company’s chief operating decision maker may review operational and financial data on a property basis and does not differentiate properties on a geographical basis for purposes of allocating resources or capital. The Company evaluates individual property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Each property is considered a separate operating segment; however, each property on a stand-alone basis represents less than 10% of revenues, profit or loss, and assets of the combined reported operating segment and meets the majority of the aggregations criteria under the applicable standard.

Principles of Consolidation

The consolidated financial statements include the consolidated accounts of the Company and its 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.

At December 31, 2016, the Company had investments in three tenancy-in-common interests in various underlying properties. Consolidation of these investments is not required as such interests do not qualify as variable interest entities or meet the control requirement for consolidation. Accordingly, the Company accounts for these investments using the equity method of accounting because the shared decision-making involved in a tenancy-in-common interest investment provides the Company with significant influence on the operating and financial decisions of these investments.

Cost Method Investments

The Company has certain investments to which it applies the cost method of accounting. The Company recognizes as income distributions from net accumulated earnings of the investee since the date of acquisition. The net accumulated earnings of an investee subsequent to the date of investment are recognized by the Company only to the extent distributed by the investee. Distributions received in excess of earnings subsequent to the date of investment are considered a return of investment and are recorded as reductions of cost of the investment. For the periods presented, there have been no events or changes in circumstances that may have a significant adverse effect on the fair value of the Company's cost-method investments.

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.

Out-of-Period Adjustments

During the year ended December 31, 2016, the Company identified and recorded out-of-period adjustments related to accounting for certain leases whose tenants have early termination and renewal options and for interest expense related to a loan that is in default. The Company's management concluded that these non-cash adjustments are not material to the consolidated financial statements for any of the periods presented. The net impact of the adjustments on the consolidated statement of income for the year ended December 31, 2016 is reflected as a decrease to rental income of $2.1 million, an increase to depreciation and amortization expense of $1.7 million, an increase in interest expense of $0.7 million and an increase to equity in earnings of unconsolidated affiliates of $0.2 million, resulting in a net decrease to net income of $4.2 million, of which $1.6 million was attributable to noncontrolling interests.

During the second quarter of 2016, management determined that certain transactions involving the issuance of Common Shares of the Company and Common OP Units, Preferred OP Units, and LTIP Units of the Operating Partnership, should have resulted in an adjustment to the Operating Partnership’s non-controlling interest ("OPU NCI") and the Company’s Additional Paid-in-Capital ("APIC") to reflect the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving these changes in ownership (the "Rebalancing"). During the year ended December 31, 2016, the Company increased its APIC with an offsetting reduction to the OPU NCI of approximately $35.7 million, of which approximately $31.8 million of this Rebalancing related to prior years. Management concluded that the Rebalancing adjustments were not meaningful to the Company’s financial position for any of the prior years, and the quarterly periods in 2016, and as such, this cumulative change was recorded in the consolidated balance sheet and statement of shareholder’s equity in the second quarter of 2016 as an out-of-period adjustment. The misclassification had no impact on the previously reported consolidated assets, liabilities or total equity or on the consolidated statements of income, comprehensive income, or cash flows.

Reclassifications

Certain prior period amounts have been reclassified to conform to the current period presentation.

Summary of Significant Accounting Policies

Real Estate

Land, buildings, and personal property are carried at cost less accumulated depreciation. Improvements and significant renovations that extend the useful life of the properties are capitalized, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Real estate under development includes costs for significant property expansion and development.

Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows:

Buildings and improvements Useful lives, ranging from 30 to 40 years

Furniture and fixtures Useful lives, ranging from five years to 20 years

Tenant improvements Shorter of economic life or lease terms

Purchase Accounting – 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.

The Company assesses fair value of its tangible assets acquired and assumed liabilities based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information at the measurement period. 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.

In determining the value of above- and below-market leases, the Company estimates the present value difference between contractual rent obligations and estimated market rate of leases at the time of the transaction. 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 to rental income over the remaining applicable lease term, inclusive of any option periods.

In determining the value of acquired in-place leases and customer relationships, the Company considers market conditions at the time of the transaction and values the costs to execute similar leases during the expected lease-up period from vacancy to existing occupancy, including carrying costs. The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off.

The Company estimates the value of any assumption of mortgage debt based on market conditions at the time of acquisitions including prevailing interest rates, terms and ability to obtain financing for a similar asset. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument.

Real Estate Under Development – The Company capitalizes certain costs related to the development of real estate. Interest and real estate taxes incurred during the period of the construction, expansion or development of real estate are capitalized and depreciated over the estimated useful life of the building. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants, 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. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed.

Real Estate Impairment – The Company reviews its real estate and real estate under development for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. 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. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates made by management, and considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value.

The Company did not record any impairment charges during the years ended December 31, 2016 or 2014. During the year ended December 31, 2015, as a result of the loss of a key anchor tenant at a property located in Wilmington, Delaware, 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 matured July 1, 2016 and is currently in default.

Dispositions of Real Estate – The Company recognizes property sales in accordance with ASC Topic 970 "Real Estate." Sales of real estate include the sale of land, operating properties and investments in real estate joint ventures. Gains from dispositions are recognized using the full accrual or partial sale methods, provided that various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met.

Real Estate Held for Sale – The Company generally considers assets to be held for sale when it has entered into a contract to sell the property, all material due diligence requirements have been satisfied, and management believes it is probable that the disposition will occur within one year. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell.

Notes Receivable

Notes receivable include certain loans that are held for investment and are collateralized by real estate-related investments and may be subordinate to other senior loans. Notes receivable are recorded at stated principal amounts or at initial investment less accretive yield for loans purchased at a discount, which is accreted over the life of the note. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. The Company evaluates the collectability of both principal and interest based upon an assessment of the underlying collateral value to determine whether it is impaired. A reserve is recorded when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. The amount of the reserve is calculated by comparing the recorded investment to the value of the underlying collateral. As the underlying collateral for a majority of the notes receivable is real estate-related investments, the same valuation techniques are used to value the collateral as those used to determine the fair value of real estate investments for impairment purposes. Given the small number of notes outstanding, the Company does not provide for an additional reserve based on the grouping of loans, as the Company believes the characteristics of its notes are not sufficiently similar to allow an evaluation of these notes as a group for a possible loan loss allowance. As such, all of the Company’s notes are evaluated individually for this purpose. Interest income on performing notes is accrued as earned. A note is placed on non-accrual status when, based upon current information and events, it is probable that the Company will not be able to collect all amounts due according to the existing contractual terms. Recognition of interest income on an accrual basis on non-performing notes is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.

Investments in and Advances to Unconsolidated Joint Ventures

Some of the Company’s joint ventures obtain non-recourse third-party financing on their property investments, contractually limiting the Company’s exposure to losses. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability.

When characterizing distributions from equity investees within the Company's consolidated statements of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered return of investment. In such cases, the distribution is classified as cash inflows from investing activities.

To the extent that the Company’s carrying basis in an unconsolidated affiliate is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of investments in unconsolidated affiliates the joint venture.

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, 2016, 2015 and 2014, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures.

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.

Restricted Cash

Restricted cash consists 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.

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 on a straight-line basis, which approximates the effective interest method. The Company capitalizes salaries, commissions and benefits related to time spent by leasing and legal department personnel involved in originating leases.

Derivative Instruments and Hedging Activities

The Company measures derivative instruments at fair value and record them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings.

Although the Company's derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the consolidated balance sheets. The Company does not use derivatives for trading or speculative purposes. For the periods presented, all of the Company's derivatives qualified and were designated as cash flow hedges, and none of its derivatives were deemed ineffective.

Noncontrolling Interests

Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s consolidated balance sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s consolidated statements of income. Noncontrolling interests also include amounts related to common and preferred OP Units issued to unrelated third parties in connection with certain property acquisitions. In addition, the Company periodically issues common OP Units to certain employees of the Company under its share-based incentive program. Unit holders generally have the right to redeem their units for shares of the Company's common stock subject to blackout and other limitations. Common and restricted OP Units are included in the caption Noncontrolling interest within the equity section on the Company’s consolidated balance sheets.

Revenue Recognition and Accounts Receivable

Minimum rents from tenants are recognized using the straight-line method over the non-cancelable lease term of the respective leases. Lease termination fees are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. As of December 31, 2016 and 2015, unbilled rents receivable relating to the straight-lining of rents of $31.7 million and $31.3 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, 2016 and 2015 are shown net of an allowance for doubtful accounts of $5.7 million and $7.5 million, respectively.

Stock-Based Compensation

Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. The Company recognizes these compensation costs for only those shares or units expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. The Company includes stock-based compensation within the Additional paid-in capital caption of equity.

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.

In connection with the REIT Modernization Act, the Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code. As such, the Company is subject to Federal and state income taxes on the income from these activities. The Protecting Americans from Tax Hikes Act (PATH Act) was enacted in December 2015, and included numerous law changes applicable to REITs. The provisions have various effective dates beginning as early as 2016. These changes did not materially impact the Company's operations or consolidated financial statements.

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.

The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized and would record a valuation allowance to reduce deferred tax assets when it has determined that an uncertainty exists regarding their realization, which would increase the provision for income taxes. In making such determination, the Company considers all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carry-forwards, tax planning strategies and recent results of operations. Several of these considerations require assumptions and significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is utilizing to manage its business. To the extent facts and circumstances change in the future, adjustments to the valuation allowances may be required.

Recently Issued Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to the Company's lease revenues, but will apply to reimbursed tenant costs. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption permitted but not before 2017. Entities may adopt ASU 2014-09 using either a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients or a retrospective approach with the cumulative effect recognized at the date of adoption. While the Company is still completing the assessment of the impact of this standard to its consolidated financial statements, management believes the majority of the Company's revenue falls outside of the scope of this guidance. The Company intends to implement the standard retrospectively with the cumulative effect recognized in retained earnings at the date of application.

In February 2016, the FASB issued ASU No. 2016-02, "Leases." ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard discussed above. The new guidance requires that internal leasing costs be expensed as incurred, as opposed to capitalized and deferred. ASU 2016-02 will also require extensive quantitative and qualitative disclosures and is effective beginning after December 15, 2018, but early adoption is permitted. The Company is evaluating the impact of the new standard and has not yet determined if it will have a material impact on its consolidated financial statements; however, the Company capitalized internal leasing costs of $1.1 million, $1.4 million and $0.9 million during the years ended December 31, 2016, 2015 and 2014, respectively.

In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses." ASU 2016-13 introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 is effective for periods beginning after December 15, 2019, with adoption permitted for fiscal years beginning after December 15, 2018. Retrospective adjustments shall be applied through a cumulative-effect adjustment to retained earnings. The adoption of ASU 2016-13 is not expected to have a material impact on the Company's consolidated financial statements.

In August 2016, the FASB issued No. 2016-15, "Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provides guidance on certain specific cash flow issues, including, but not limited to, debt prepayment or extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees. ASU 2016-15 is effective for periods beginning after December 15, 2017, with early adoption permitted and shall be applied retrospectively where practicable. The adoption of ASU 2016-15 is not expected to have a material impact on the Company's consolidated financial statements.

In January 2017, the FASB issued ASU No. 2017-01 "Business Combinations – Clarifying the Definition of a Business." ASU 2017-01 clarifies that to be considered a business, the elements must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. The new standard illustrates the circumstances under which real estate with in-place leases would be considered a business and provides guidance for the identification of assets and liabilities in purchase accounting. ASU 2017-01 is effective for periods beginning after December 15, 2017 and early adoption is permitted. The Company is currently evaluating the impact ASU 2014-15 will have on its consolidated financial statements; however, it is expected that the new standard would reduce the number of future real estate acquisitions that will be accounted for as business combinations and, therefore, reduce the amount of acquisition costs that will be expensed.

In January 2017, the FASB issued ASU No. 2017-03 "Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)." ASU 2017-03 amends certain SEC guidance in the FASB Accounting Standards Codification in response to SEC staff announcements made during 2016 EITF meetings which addressed (i) the additional qualitative disclosures that a registrant is expected to provide when it cannot reasonably estimate the impact that ASUs 2014-09, 2016-02 and 2016-13 will have in applying the guidance in SAB Topic 11.M and (ii) guidance in ASC 323 related to the amendments made by ASU 2014-01 regarding use of the proportional amortization method in accounting for investments in qualified affordable housing projects (announcement made at the November 17, 2016, EITF meeting. The adoption of ASU 2017-03 is not expected to have a material impact on the Company's consolidated financial statements.

Recently Adopted Accounting Pronouncements

On January 1, 2016, the Company adopted 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. The adoption did not have a material impact on the Company's consolidated financial statements.

On January 1, 2016, the Company adopted ASU No. 2015-02, "Consolidation – Amendments to the Consolidation Analysis," which modified the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIE's"), particularly those with fee arrangements and related party relationships. Consolidated VIE's are those where the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (i) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (ii) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company reviewed all of its entities in accordance with ASU 2015-02 and concluded that certain of its legal entities, including the Operating Partnership and the Funds, which have always been consolidated, are now VIE's. There were no entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As a result of the classification of the Operating Partnership as a VIE, substantially all of the Company's assets and liabilities are assets and liabilities of a VIE. Accordingly, the adoption of ASU 2015-02 had no other impact on the Company's consolidated financial statements.

Real Estate

12 Months Ended

Dec. 31, 2016

Acquisition and Disposition of Properties and Discontinued Operations [Abstract]

Real Estate

The Company's consolidated real estate is comprised of the following (in thousands):



	December 31,
	2016			2015
Land	$	693,252		$	514,120
Buildings and improvements	1,916,288			1,457,351
Tenant improvements	132,220			135,999
Construction in progress	19,789			19,239
Properties under capital lease	76,965			—
Total	2,838,514			2,126,709
Less: Accumulated depreciation	(287,066		)	(298,703		)
Operating real estate, net	2,551,448			1,828,006
Real estate under development at cost	543,486			609,574
Net investment in real estate	$	3,094,934		$	2,437,580

Acquisitions

During 2016 and 2015, the Company acquired the following consolidated retail properties (dollars in thousands):



Property	Percent Acquired	Date of Acquisition	Purchase Price		Debt Assumed
2016 Acquisitions
Core Portfolio:
991 Madison Avenue - New York, NY ^(a)	100%	Mar 26, 2016	$	76,628	$	—
165 Newbury Street - Boston, MA	100%	May 13, 2016	6,250		—
Concord & Milwaukee - Chicago, IL	100%	Jul 28, 2016	6,000		2,902
151 North State Street - Chicago, IL	100%	Aug 10, 2016	30,500		14,556
State & Washington - Chicago, IL	100%	Aug 22, 2016	70,250		25,650
North & Kingsbury - Chicago, IL	100%	Aug 29, 2016	34,000		13,409
Sullivan Center - Chicago, IL	100%	Aug 31, 2016	146,939		—
California & Armitage - Chicago, IL	100%	Sep 12, 2016	9,250		2,692
555 9th Street - San Francisco, CA	100%	Nov 2, 2016	139,775		60,000
Subtotal Core Portfolio			519,592		119,209

Fund IV:
Restaurants at Fort Point - Boston, MA	100%	Jan 14, 2016	11,500		—
1964 Union Street - San Francisco, CA	90%	Jan 28, 2016	2,250		1,463
Wake Forest Crossing - Wake Forest, NC	100%	Sep 27, 2016	36,600		—
Airport Mall - Bangor, ME	100%	Oct 28, 2016	10,250		—
Colonie Plaza - Albany, NY	100%	Oct 28, 2016	15,000		—
Dauphin Plaza - Harrisburg, PA	100%	Oct 28, 2016	16,000		—
JFK Plaza - Waterville, ME	100%	Oct 28, 2016	6,500		—
Mayfair Shopping Center - Philadelphia, PA	100%	Oct 28, 2016	16,600		—
Shaw's Plaza - Waterville, ME	100%	Oct 28, 2016	13,800		—
Wells Plaza - Wells, ME	100%	Oct 28, 2016	5,250		—
717 N Michigan - Chicago, IL	100%	Dec 1, 2016	103,500		—
Subtotal Fund IV			237,250		1,463
Total 2016 Acquisitions			$	756,842	$	120,672



Property	Percent Acquired	Date of Acquisition	Purchase Price		Debt Assumed
2015 Acquisitions
Core Portfolio:
City Center - San Francisco, CA	100%	Mar 13, 2015	$	155,000	$	—
163 Highland Avenue - Needham, MA	100%	Mar 26, 2015	24,000		9,765
Route 202 Shopping Center - Wilmington, DE	100%	Apr 1, 2015	5,643		—
Roosevelt Galleria - Chicago, IL	100%	Sep 11, 2015	19,600		—
Subtotal Core Portfolio			204,243		9,765

Fund II:
City Point Tower I - Brooklyn, NY ^(a)	95%		100,800		81,000

Fund IV:
1035 Third Avenue - New York, NY	100%	Jan 28, 2015	51,036		—
801 Madison Avenue - New York, NY	100%	Apr 1, 2015	33,000		—
650 Bald Hill Road - Warwick, RI ^(a)	90%	Sep 30, 2015	9,216		—
2208-2216 Fillmore Street - San Francisco, CA	90%	Oct 22, 2015	8,625		—
146 Geary Street - San Francisco, CA	100%	Nov 12, 2015	38,000		—
2207 Fillmore Street - San Francisco, CA	90%	Nov 19, 2015	2,800		1,120
1861 Union Street - San Francisco, CA	90%	Dec 2, 2015	3,500		—
Subtotal Fund IV			146,177		1,120
Total 2015 Acquisitions			$	451,220	$	91,885

__________


(a)	These acquisitions were accounted for as asset acquisitions.

All of the above acquisitions were deemed to be business combinations except 991 Madison Avenue, 1964 Union Street, City Point Tower I, and 650 Bald Hill Road. The Company expensed $5.5 million, $1.3 million and $4.8 million of acquisition costs for the years ended December 31, 2016, 2015 and 2014, respectively, related to the Core Portfolio; $0.2 million of acquisition costs for the year ended December 31, 2014 related to Fund III; and $2.7 million, $3.5 million and $2.7 million of acquisition costs for the years ended December 31, 2016, 2015 and 2014, respectively, related to Fund IV.

Purchase Price Allocations

With the exception of the asset acquisitions noted above, the above acquisitions have been accounted for as business combinations. The purchase prices for the business combinations 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. During 2016 and 2015, 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 2016, the Company made certain measurement period adjustments related to its 2015 acquisitions.

The following table summarizes the allocation of the purchase price of properties acquired during 2016 and 2015 (in thousands):



	Year Ended December 31,
	2016			2015
	Purchase Price Allocation			Preliminary Purchase Price Allocation			Adjustments			Finalized Purchase Price Allocation
Net assets acquired:
Land	$	225,729		$	83,890		$	4,178		$	88,068
Buildings and improvements	458,525			258,926			(14,023		)	244,903
Other assets	3,481			—			—			—
Acquisition-related intangible assets (in Acquired lease intangibles, net)	63,606			—			22,660			22,660
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(72,985		)	—			(12,094		)	(12,094		)
Above and below market debt assumed (included in Mortgages and other notes payable, net)	(119,601		)	(10,885		)	(721		)	(11,606		)
Net assets acquired	$	558,755		$	331,931		$	—		$	331,931



Consideration:
Cash	$	677,964		$	342,816
Debt assumed	(119,209		)	(10,885		)
Total Consideration	$	558,755		$	331,931

Dispositions and Discontinued Operations

During 2016 and 2015, the Company disposed of the following consolidated properties (in thousands):




	Owner	Date Sold	Sale Price		Gain on Sale
2016 Dispositions:
Cortlandt Town Center - 65% (Note 4)	Fund III	Jan 28, 2016	$	107,250	$	65,393
Heritage Shops	Fund III	Apr 26, 2016	46,500		16,572
Total 2016 Dispositions			$	153,750	$	81,965

2015 Dispositions:
Lincoln Park Centre	Fund III	Jan 15, 2015	$	64,000	$	27,143
Liberty Avenue	Fund II	May 6, 2015	24,000		11,957
City Point - Air Rights	Fund II	May 29, 2015	115,600		49,884
Kroger-Safeway	Fund I	Aug 31, 2015	278		79
Total 2015 Dispositions			$	203,878	$	89,063

The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during 2016 and 2015 were as follows (in thousands):



	Year Ended December 31,
	2016			2015			2014

Rental revenues	$	3,503		$	21,987		$	26,374
Expenses	(1,179		)	(16,246		)	(19,753		)
Gain on disposition of properties	81,965			89,063			—
Loss on extinguishment of debt	(15		)	(111		)	(181		)
Provision for income taxes	—			(2		)	(2		)
Income from continuing operations of disposed properties, net of income taxes	$	84,274		$	94,691		$	6,438
Amounts attributable to noncontrolling interests	$	(64,374	)	$	(76,277	)	$	—

In addition, during the year ended December 31, 2014, the Company reported one consolidated property sold within discontinued operations, comprised of a net gain on the disposition of properties of $1.2 million of which $1.0 million was attributable to noncontrolling interests.

Properties Held For Sale

At December 31, 2016, the Company had one property in Fund II classified as held-for-sale with net assets of $21.5 million and subject to a mortgage of $25.5 million, which will be repaid prior to the sale. The property held for sale had net income (loss) of $0.4 million, ($0.3 million) and $0.6 million for the years ended December 31, 2016, 2015 and 2014, respectively. At December 31, 2015 the Company had no properties classified as held for sale.

Pro Forma Financial Information (Unaudited)

The following unaudited pro forma operating data is presented for the year ended December 31, 2016, as if the acquisition of the properties acquired in 2016 were completed on January 1, 2015 and as if the acquisition of the properties acquired in 2015 were completed on January 1, 2014, including recognition of the related acquisition expenses of $8.2 million and $4.8 million, respectively. The unaudited supplemental pro forma operating data is not necessarily indicative of what the actual results of operations of the Company would have been, assuming the transactions had been completed as set forth above, nor do they purport to represent the Company's results of operations for future periods.



	Year Ended December 31,
	2016		2015		2014
Pro forma revenues	$	252,702	$	274,972	$	215,991
Pro forma income from continuing operations	$	141,612	$	150,498	$	145,398
Pro forma net income attributable to Acadia	$	79,680	$	67,788	$	67,888
Pro forma basic and diluted earnings per share	$	0.94	$	0.81	$	1.03

Real Estate Under Development and Construction in Progress

Real estate under development represents the Company's consolidated properties which have not yet been placed into service while undergoing substantial development or construction. At December 31, 2015, the Company had two properties in Fund II, two properties in Fund III and four properties in Fund IV aggregating $609.6 million under development. During 2016, the Company acquired two properties in Fund IV that were under development. Also during 2016, the Company placed a portion of its City Point property in Fund II aggregating $187.4 million into service and capitalized $98.4 million related to City Point and $22.9 million relating to its other projects. At December 31, 2016, the Company had one Core property, two properties in Fund II, three properties in Fund III and four properties in Fund IV classified as real estate under development with accumulated costs aggregating $543.5 million.

Construction in progress pertains to the Company's operating properties which have already been placed into service.

Notes Receivable, Net

12 Months Ended

Dec. 31, 2016

Accounts and Notes Receivable, Net [Abstract]

Notes Receivable, Net

The Company’s notes receivable, net were collateralized either by the underlying properties, the borrower’s ownership interest in the entities that own the properties and/or by the borrower’s personal guarantee, and were as follows (dollars in thousands):



	Number of Instruments December 31, 2016	December 31,
Description	Number of Instruments December 31, 2016	2016		2015		Maturity Date at December 31, 2016	Interest Rate at December 31, 2016
Core Portfolio	10	$	216,400	$	113,048	May 2017 - September 2019	6.0% - 9.0%
Fund II	1	31,007		30,234		May 2020	2.5%
Fund III	1	4,506		3,906		July 2017	18.0%
Fund IV	3	24,250		—		April 2017 - February 2021	6.0% - 15.3%
	15	$	276,163	$	147,188

During 2016, the Company:


•	issued one Core note receivable and three Fund IV notes receivable aggregating $47.5 million with a weighted-average effective interest rate of 9.8%, which were collateralized by four mixed-use real estate properties;


•	received total collections of $42.8 million, including full repayment of five notes issued in prior periods aggregating $29.6 million; and


•	restructured a $30.9 million Core mezzanine loan, which bore interest at 15.0%, and replaced it with a new $153.4 million loan collateralized by a first mortgage in the borrower's tenancy-in-common interest. The new loan, which was made to our partners in the Brandywine Portfolio, bears interest at 8.1% (Note 4).

During 2015, the Company:


•	made total investments in six notes receivable of $78.0 million, with a weighted-average effective interest rate of 6.2%, which were collateralized by six mixed-use real estate properties; and


•	received total collections of $29.4 million, including full repayment of four notes issued in prior periods aggregating $22.9 million.

At December 31, 2016 and 2015, one of the Core notes receivable in the amount of $12.0 million was in default; however, no principal reserve was established because the estimated fair value of the real estate collateral exceeded the carrying value of the note.

The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral and the prospects of the borrower.

Earnings from these notes and mortgages receivable are reported within the Company's Structured Financing segment (Note 12).

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Investments in and Advances to Unconsolidated Affiliates

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Unconsolidated Affiliates

Investments In and Advances to Unconsolidated Affiliates

The Company accounts for its investments in and advances to unconsolidated affiliates under the equity method of accounting as it has the ability to exercise significant influence, but does not have financial or operating control over the investment, which is maintained by each of the unaffiliated partners who co-invest with the Company. The Company's investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):



		Nominal Ownership Interest at December 31, 2016		December 31,
Fund	Property	Nominal Ownership Interest at December 31, 2016		2016		2015
Core:
	840 N. Michigan ^(a)	88.43	%	$	74,131	$	76,898
	Renaissance Portfolio	20	%	36,437		—
	Gotham	49	%	29,421		—
	Brandywine Portfolio ^(a)	22.22	%	20,755		—
	Georgetown Portfolio	50	%	4,287		4,688
				165,031		81,586

Mervyns I & II:	KLA/Mervyn's, LLC ^(b)	10.5	%	—		—

Fund III:
	Fund III Other Portfolio	90	%	8,108		12,784
	Self Storage Management ^(c)	95	%	241		654
				8,349		13,438
Fund IV:
	Broughton Street Portfolio	50	%	54,839		43,786
	Fund IV Other Portfolio	90	%	21,817		24,104
	650 Bald Hill Road	90	%	18,842		9,072
				95,498		76,962
	Due from Related Parties ^(d)			2,193		725
	Other			957		566
	Investments in and advances to unconsolidated affiliates			$	272,028	$	173,277

Core:
	Crossroads ^(e)	49	%	$	13,691	$	13,244
	Distributions in excess of income from, and investments in, unconsolidated affiliates			$	13,691	$	13,244

__________


(a)	Represents a tenancy-in-common interest.


(b)	Distributions have exceeded the Company's non-recourse investment, therefore the carrying value is zero.


(c)	Represents a variable interest entity.


(d)	Represents deferred fees.


(e)	Distributions have exceeded the Company's investment; however, the Company recognizes a liability balance as it may fund future obligations of the entity.

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.

During January 2016, the Company completed the acquisition of a 49% noncontrolling interest in an approximately 123,000 square foot retail property located in Manhattan, New York ("Gotham Plaza"), for a purchase price of $39.8 million. Consideration for this purchase consisted of the assumption of 49% of the existing non-recourse debt of $21.4 million and the issuance of both 442,478 Common and 141,593 Preferred OP Units (Note 10).

During June 2016, the Company completed the acquisition of a 20% noncontrolling interest in a 211,000 square-foot portfolio of 17 mixed-use properties, 16 of which are located in Georgetown, Washington D.C. and one which is located in Alexandria, Virginia (the "Renaissance Portfolio"), for a purchase price of $67.6 million and the assumption of $20 million in debt.

The Company owns a 22.22% interest in an approximately one million square foot retail portfolio (the "Brandywine Portfolio") located in Wilmington, Delaware. Prior to the second quarter of 2016, the Company had a controlling interest in the Brandywine Portfolio, and it was therefore consolidated within the Company’s financial statements. During April 2016, the arrangement with the partners of the Brandywine Portfolio was modified to change the legal ownership from a partnership to a tenancy-in-common interest, as well as to provide certain participating rights to the outside partners. As a result of these modifications, the Company de-consolidated the Brandywine Portfolio and accounts for its interest under the equity method of accounting effective May 1, 2016. Furthermore, as the owners of the Brandywine Portfolio had consistent ownership interests before and after the modification and the underlying net assets are unchanged, the Company has reflected the change from consolidation to equity method based upon its historical cost.

Additionally, in April 2016, the Company repaid the outstanding balance of $140.0 million of non-recourse debt collateralized by the Brandywine Portfolio. The Company provided a loan collateralized by the partners’ tenancy-in-common interest, as further described in Note 7, for their proportionate share of the repayment.

Fund Investments

Fund III Other Portfolio includes the Company's investment in Arundel Plaza. Fund IV Other Portfolio includes the Company's investment in 1701 Belmont Avenue, 2819 Kennedy Boulevard, Promenade at Manassas, and Eden Square.

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.

During April 2015, Fund III sold White City Shopping Center for $96.8 million resulting in a gain on sale of which the Operating Partnership's share was $16.2 million.

During September 2015, Fund IV entered into a joint venture with an unaffiliated entity and completed the acquisition of a 90% interest in a property under development located in Warwick, Rhode Island ("650 Bald Hill Road") for a purchase price of $9.2 million.

During January 2016, Fund III completed the disposition of a 65% interest in Cortlandt Town Center for $107.3 million resulting in a gain of $65.4 million and the deconsolidation of its remaining interest (Note 2). During December 2016, Fund III completed the disposition of its remaining 35% interest in Cortlandt Town Center for $57.8 million less $32.6 million debt repayment for a net sales price of $25.2 million resulting in a gain on sale of $36.0 million, of which the Operating Partnership's share was $8.8 million, which is included in equity earnings and gains from unconsolidated affiliates in the consolidated financial statements.

Revenues from Unconsolidated Affiliates

The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $1.2 million, $0.3 million and $0.2 million for the years ended December 31, 2016, 2015 and 2014, respectively, which is included in other revenues in the consolidated financial statements.

In addition, the Company paid $1.1 million, $0.8 million, and $2.8 million to certain unaffiliated partners of our joint ventures partners during the the years ended December 31, 2016, 2015 and 2014, respectively.

Summarized Financial Information of 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 (in thousands):



	December 31,
	2016		2015
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	576,505	$	302,976
Real estate under development	18,884		35,743
Investment in unconsolidated affiliates	6,853		6,853
Other assets	75,254		47,083
Total assets	$	677,496	$	392,655
Liabilities and partners’ equity:
Mortgage notes payable	$	407,344	$	262,130
Other liabilities	30,117		21,945
Partners’ equity	240,035		108,580
Total liabilities and partners’ equity	$	677,496	$	392,655

Company's share of accumulated equity	$	191,049	$	106,442
Basis differential	61,827		11,620
Deferred fees, net of portion related to the Company's interest	3,268		5,342
Amounts receivable by the Company	2,193		36,629
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income and investments in unconsolidated affiliates	$	258,337	$	160,033

Amounts receivable by the Company as of December 31, 2015 in the table above includes $35.9 million related to Broughton Street portfolio's note receivable which was converted to preferred equity during 2016.



	Year Ended December 31,
	2016			2015			2014
Combined and Condensed Statements of Income
Total revenues	$	84,218		$	43,990		$	44,422
Operating and other expenses	(25,724		)	(13,721		)	(17,069		)
Interest expense	(16,300		)	(9,178		)	(9,363		)
Equity in earnings (losses) of unconsolidated affiliates	—			66,655			(328		)
Depreciation and amortization	(35,432		)	(12,154		)	(10,967		)
Loss on debt extinguishment	—			—			(187		)
(Loss) gain on disposition of properties	(1,340		)	32,623			142,615
Net income attributable to unconsolidated affiliates	$	5,422		$	108,215		$	149,123

Company’s share of equity in net income of unconsolidated affiliates	$	40,538		$	37,722		$	111,970
Basis differential adjustments	(1,089		)	(392		)	(392		)
Company’s equity in earnings of unconsolidated affiliates	$	39,449		$	37,330		$	111,578

Equity in earnings of unconsolidated affiliates in the table above for the year ended December 31, 2015 of $66.7 million, of which the Company's share was $5.9 million, is related to a sale of a property within the Mervyn's I and II portfolios.

Other Assets, net and Accounts Payable and Other Liabilities

12 Months Ended

Dec. 31, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Assets, net and Accounts Payable and Other Liabilities

Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented:



	December 31,
(in thousands)	2016			2015
Other assets, net:
Lease intangibles, net (Note 6)	$	114,584		$	52,593
Deferred charges, net	25,221			22,568
Prepaid expenses	14,351			14,707
Other receivables	9,514			9,486
Accrued interest receivable	9,354			11,039
Deposits	4,412			5,837
Due from seller	4,300			—
Deferred tax assets	3,733			2,664
Derivative financial instruments (Note 8)	2,921			818
Due from related parties	1,655			336
Corporate assets	1,241			2,985
Income taxes receivable	1,500			756
	$	192,786		$	123,789

Deferred charges, net:
Deferred leasing and other costs	$	40,728		$	39,310
Deferred financing costs	5,915			4,072
	46,643			43,382
Accumulated amortization	(21,422		)	(20,814		)
Deferred charges, net	$	25,221		$	22,568

Accounts payable and other liabilities:
Lease intangibles, net (Note 6)	$	105,028		$	31,808
Accounts payable and accrued expenses	48,290			38,755
Deferred income	35,267			8,334
Tenant security deposits, escrow and other	14,975			15,288
Derivative financial instruments (Note 8)	3,590			5,876
Income taxes payable (Note 14)	1,287			1,269
Other	235			233
	$	208,672		$	101,563

Other Assets, net and Accounts Payable and Other Liabilities

Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented:



	December 31,
(in thousands)	2016			2015
Other assets, net:
Lease intangibles, net (Note 6)	$	114,584		$	52,593
Deferred charges, net	25,221			22,568
Prepaid expenses	14,351			14,707
Other receivables	9,514			9,486
Accrued interest receivable	9,354			11,039
Deposits	4,412			5,837
Due from seller	4,300			—
Deferred tax assets	3,733			2,664
Derivative financial instruments (Note 8)	2,921			818
Due from related parties	1,655			336
Corporate assets	1,241			2,985
Income taxes receivable	1,500			756
	$	192,786		$	123,789

Deferred charges, net:
Deferred leasing and other costs	$	40,728		$	39,310
Deferred financing costs	5,915			4,072
	46,643			43,382
Accumulated amortization	(21,422		)	(20,814		)
Deferred charges, net	$	25,221		$	22,568

Accounts payable and other liabilities:
Lease intangibles, net (Note 6)	$	105,028		$	31,808
Accounts payable and accrued expenses	48,290			38,755
Deferred income	35,267			8,334
Tenant security deposits, escrow and other	14,975			15,288
Derivative financial instruments (Note 8)	3,590			5,876
Income taxes payable (Note 14)	1,287			1,269
Other	235			233
	$	208,672		$	101,563

Lease Intangibles

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Lease Intangibles

Upon acquisitions of real estate accounted for as business combinations, the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above- and below-market leases, including below- market options and acquired in-place leases) and assumed liabilities in accordance with ASC Topic 805. The lease intangibles are amortized over the remaining terms of the respective leases, including option periods where applicable.

Intangible assets and liabilities are summarized as follows (in thousands):



	December 31, 2016									December 31, 2015
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
In-place lease intangible assets	$	156,420		$	(47,827	)	$	108,593		$	84,443		$	(37,996	)	$	46,447
Above-market rent	16,649			(10,658		)	5,991			19,545			(13,399		)	6,146
	$	173,069		$	(58,485	)	$	114,584		$	103,988		$	(51,395	)	$	52,593

Amortizable Intangible Liabilities
Below-market rent	$	(137,032	)	$	32,004		$	(105,028	)	$	(65,607	)	$	33,799		$	(31,808	)
	$	(137,032	)	$	32,004		$	(105,028	)	$	(65,607	)	$	33,799		$	(31,808	)

During the year ended December 31, 2016, the Company acquired in-place lease intangible assets of $62.9 million, above-market rents of $0.7 million and below-market rents of $73.0 million with weighted-average useful lives of 7.2, 5.8 and 15.8 years, respectively.

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2016 is as follows (in thousands):



	Net Increase in Lease Revenues		Increase to Amortization		Net
2017	$	9,253	$	21,433	$	(12,180	)
2018	9,415		17,966		(8,551		)
2019	9,157		12,416		(3,259		)
2020	8,117		10,413		(2,296		)
2021	6,974		9,066		(2,092		)
Thereafter	56,121		37,299		18,822
Total	$	99,037	$	108,593	$	(9,556	)

Debt

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Debt

A summary of the Company's consolidated indebtedness is as follows (dollars in thousands):



	Effective Interest Rate, December 31,		Maturity Date at December 31, 2016	Carrying Value, December 31,
	2016	2015	Maturity Date at December 31, 2016	2016			2015
Mortgages Payable
Core Fixed Rate	3.88%-6.65%	3.50%-6.65%	July 2016 - April 2035	$	234,875		$	301,340
Core Variable Rate - Swapped^(a)	1.71%-3.77%	1.75%-3.77%	September 2022 - June 2026	82,250			72,444
Total Core Mortgages Payable				317,125			373,784
Fund II Fixed Rate	1.00%-5.80%	1.00%-5.80%	October 2017 - May 2020	249,762			249,762
Fund II Variable Rate	LIBOR+0.62%-LIBOR+2.50%	LIBOR+1.39%-LIBOR+3.02%	August 2017 - November 2021	142,750			111,500
Fund II Variable Rate - Swapped^(a)	2.88%	2.88%	November 2021	19,779			19,984
Total Fund II Mortgages Payable				412,291			381,246
Fund III Variable Rate	Prime+0.50%-LIBOR+4.65%	Prime+0.50%-LIBOR+4.65%	March 2017 - December 2021	83,467			164,280
Fund IV Fixed Rate	3.4%-4.50%	4.5%	October 2025-June 2026	10,503			1,120
Fund IV Variable Rate	LIBOR+1.70%-LIBOR+3.95%	LIBOR+1.70%-LIBOR+3.00%	May 2017 - January 2021	233,139			123,920
Fund IV Variable Rate - Swapped^(a)	1.78%	1.78%	May 2019	14,509			14,904
Total Fund IV Mortgages Payable				258,151			139,944
Net unamortized debt issuance costs				(16,642		)	(10,567		)
Unamortized premium				1,336			1,364
Total Mortgages Payable				$	1,055,728		$	1,050,051
Unsecured Notes Payable
Core Unsecured Term Loans	LIBOR+1.30%-LIBOR+1.60%	LIBOR+1.30%-LIBOR+1.60%	November 2019 - December 2022	$	51,194		$	841
Core Variable Rate Unsecured Term Loans - Swapped^(a)	1.24%-3.77%	1.31%-3.77%	July 2018 - March 2025	248,806			149,159
Total Core Unsecured Notes Payable				300,000			150,000
Fund II Subscription Facility	LIBOR+2.75%	LIBOR+2.75%	October 2016	—			12,500
Fund IV Term Loan/Subscription Facility	LIBOR+1.65%-LIBOR+2.75%	LIBOR+1.65%-LIBOR+2.75%	February 2017- November 2017	134,636			126,410
Net unamortized debt issuance costs				(1,646		)	(1,155		)
Total Unsecured Notes Payable				$	432,990		$	287,755
Unsecured Line of Credit
Core Unsecured Line of Credit	LIBOR+1.40%	LIBOR+1.40%	June 2020	$	—		$	20,800
Total Unsecured Line of Credit				$	—		$	20,800

Total Debt - Fixed and Effectively Fixed Rate				$	860,486		$	552,222
Total Debt - Variable Rate				645,185			816,740
Net unamortized debt issuance costs				(18,289		)	(11,720		)
Unamortized premium				1,336			1,364
Total Indebtedness				$	1,488,718		$	1,358,606

__________


(a)	At December 31, 2016, the stated rates ranged from LIBOR + 1.08% to LIBOR +1.90% for Core Variable rate debt; LIBOR + 1.70% to LIBOR +1.70% for Fund II Variable rate debt; LIBOR + 2.15% to LIBOR +2.15% for Fund IV rate debt; and LIBOR + 1.30% to LIBOR +1.60% for Core variable rate unsecured notes.

Mortgages Payable

During 2016, the Company obtained or assumed 14 new mortgages totaling $252.9 million with a weighted-average interest rate of 4.07% collateralized by 14 properties. During 2016, the Company repaid 15 mortgages in full aggregating $292.3 million with a weighted-average interest rate of 4.61% and made scheduled principal payments of $6.5 million. At December 31, 2016 and 2015, the Company's mortgages were collateralized by 39 properties and the related tenant leases. 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. A portion of the Company's variable-rate mortgage debt has been effectively fixed through certain cash flow hedge transactions (Note 8).

One of the mortgage loans in our Core Portfolio amounting to $26.3 million is in default at December 31, 2016 and is collateralized by a property, in which the Company holds a 22% controlling interest.

Unsecured Term Loans

At December 31, 2016 and 2015, the Company had a total of $9.9 million and $15.5 million, respectively, available under its unsecured term loans. A portion of the Company's variable-rate term loan debt has been effectively fixed through certain cash flow hedge transactions (Note 8). The Company completed the following transactions related to its unsecured term loans during the year ended December 31, 2016:


•	The Company repaid a $50.0 million term loan in June 2016, which bore interest at LIBOR+1.30%.


•	The Company closed on a new $150.0 million unsecured term loan in June, 2016, which bears interest at LIBOR+1.30% and matures on June 27, 2021.


•	The Company closed on a new $50.0 million unsecured term loan in January 2016, which bears interest at LIBOR+1.30% and matures on January 4, 2021.


•	The Company borrowed $12.5 million on its Fund II credit facility. The outstanding balance under this facility was $25.5 million, and was repaid upon maturity in October, 2016.

•

The Company borrowed $5.6 million on its Fund IV term loan bringing the outstanding balance under this facility to $40.1 million as of December 31, 2016. At December 31, 2016, Fund IV was not in compliance with the liquidity covenant on its term loan. Consequently, this loan is recourse to the Company until the condition is cured. Fund IV expects to cure the covenant violation by repaying certain debt during the first quarter of 2017. During February 2017, the Company exercised its option to extend the maturity date of this loan by six months to August, 2017.


•	The Company drew an additional $2.6 million on its Fund IV subscription line. The outstanding balance under this facility is $94.5 million as of December 31, 2016.

Unsecured Lines of Credit

At December 31, 2016 and 2015 the Company had a total of $203.0 million and $182.3 million, respectively available under its unsecured line of credit. The Company completed the following transactions related to its unsecured line of credit during the year ended December 31, 2016:


•	The Company repaid the remaining $20.8 million of its revolving unsecured credit facility.


•	The Company canceled the existing credit facility and entered into a new $150.0 million revolving unsecured credit facility. The new facility bears interest at LIBOR plus 140 basis points and matures June 27, 2020 with a one-year extension option. There is no outstanding balance as of December 31, 2016.

Scheduled Debt Principal Payments

The scheduled principal repayments of the Company's consolidated indebtedness, as of December 31, 2016 are as follows (in thousands):




2017	$	395,999
2018	69,753
2019	205,295
2020	321,559
2021	253,927
Thereafter	259,138
	1,505,671
Unamortized fair market value of assumed debt	1,336
Net unamortized debt issuance costs	(18,289		)
Total indebtedness	$	1,488,718

See Note 4 for information about liabilities of the Company's unconsolidated affiliates.

Financial Instruments and Fair Value Measurements

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Financial Instruments and Fair Value Measurements

The fair value of an asset is defined as the exit price, which is the amount that would either be received when an asset is sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The guidance establishes a three-tier fair value hierarchy based on the inputs used in measuring fair value. These tiers are: Level 1, for which quoted market prices for identical instruments are available in active markets, such as money market funds, equity securities, and U.S. Treasury securities; Level 2, for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument, such as certain derivative instruments including interest rate caps and interest rate swaps; and Level 3, for financial instruments or other assets/liabilities that do not fall into Level 1 or Level 2 and for which little or no market data exists, therefore requiring us to develop our own assumptions.

Items Measured at Fair Value on a Recurring Basis

The methods and assumptions described below were used to estimate the fair value of each class of financial instrument. For significant Level 3 items, we have also provided the unobservable inputs along with their weighted-average ranges.

Money Market Funds — The Company has money market funds, which are included in Cash and cash equivalents in the consolidated financial statements, are comprised of government securities and/or U.S. Treasury bills. These funds were classified as Level 1 as we used quoted prices from active markets to determine their fair values.

Derivative Assets — Our derivative assets, which are included in Other assets, net in the consolidated financial statements, are comprised of interest rate swaps. The interest rate swaps were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 as these instruments are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See "Derivative Financial Instruments," below.

Derivative Liabilities — Our derivative liabilities, which are included in Accounts payable and other liabilities in the consolidated financial statements, are comprised of interest rate swaps. These derivative instruments were measured at fair value using readily observable market inputs, such as quotations on interest rates, and were classified as Level 2 because they are custom, over-the-counter contracts with various bank counterparties that are not traded in an active market. See "Derivative Financial Instruments," below.

We did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during either the years ended December 31, 2016 or 2015.

The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (in thousands):



	December 31, 2016						December 31, 2015
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money Market Funds	$	20,001	$	—	$	—	$	4	$	—	$	—
Derivative financial instruments	—		2,921		—		—		818		—
Liabilities
Derivative financial instruments	—		3,590		—		—		5,876		—

In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

Derivative Financial Instruments

The Company had the following interest rate swaps for the periods presented (in thousands):



					Strike Rate				Fair Value at December 31,
Derivative Instrument	Aggregate Notional Amount		Effective Date	Maturity Date	Low		High	Balance Sheet Location	2016			2015
Core
Interest Rate Swaps	$	140,651	Oct 2011 - Mar 2015	Jul 2018 - Mar 2025	1.38%	—	3.77%	Other Liabilities	$	(3,218	)	$	(5,255	)
Interest Rate Swaps	190,407		Sep 2012 - Jul 2016	Jul 2020 - Jun 2026	1.24%	—	3.77%	Other Assets	2,609			815
	$	331,058							$	(609	)	$	(4,440	)

Fund II
Interest Rate Swaps	$	19,779	Oct 2014	Nov 2021	2.88%	—	2.88%	Other Liabilities	$	(228	)	$	(385	)
Interest Rate Caps	29,500		Apr 2013	Apr 2018	4%	—	4%	Other Assets	—			3
	$	49,279							$	(228	)	$	(382	)

Fund III
Interest Rate Caps	$	58,000	Dec 2016	Jan 2020	3%	—	3%	Other Assets	$	127		$	—

Fund IV
Interest Rate Swaps	$	14,509	May 2014	May 2019	1.78%	—	1.78%	Other Liabilities	$	(144	)	$	(236	)
Interest Rate Caps	108,900		Jul 2016 - Nov 2016	Aug 2019 - Dec 2019	3%	—	3%	Other Assets	185			—
	$	123,409							$	41		$	(236	)

Total asset derivatives									$	2,921		$	818
Total liability derivatives									$	(3,590	)	$	(5,876	)

These derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable rate mortgage debt (Note 7).

Risk Management Objective of Using Derivatives

The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources and duration of its debt funding and, from time to time, through the use of derivative financial instruments. The Company enters into derivative financial instruments to manage exposures that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings.

The Company is exposed to credit risk in the event of non-performance by the counterparties to the Swaps if the derivative position has a positive balance. The Company believes it mitigates its credit risk by entering into Swaps with major financial institutions. The Company continually monitors and actively manages interest costs on its variable-rate debt portfolio and may enter into additional interest rate swap positions or other derivative interest rate instruments based on market conditions. The Company has not entered, and does not plan to enter, into any derivative financial instruments for trading or speculative purposes.

The following table presents the location in the financial statements of the (losses) income recognized related to the Company's cash flow hedges (in thousands):



	Year Ended December 31,
	2016		2015		2014
Amount of loss related to the effective portion recognized in other comprehensive income (loss)	$	646	$	5,061	$	9,061
Amount of loss related to the effective portion subsequently reclassified to earnings	—		—		—
Amount of gain (loss) related to the ineffective portion and amount excluded from effectiveness testing	—		—		—

Credit Risk-Related Contingent Features

The Company has agreements with each of its Swap counterparties that contain a provision whereby if the Company defaults on certain of its unsecured indebtedness the Company could also be declared in default on its swaps, resulting in an acceleration of payment under the swaps.

Other Financial Instruments

Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):



		December 31, 2016				December 31, 2015
	Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable ^(a)	3	$	276,163	$	272,052	$	147,188	$	147,188
Mortgage and Other Notes Payable, net ^(a)	3	1,055,728		1,077,926		1,050,051		1,072,473
Investment in non-traded equity securities	3	802		25,194		411		25,194
Unsecured notes payable, net ^(b)	2	432,990		435,779		287,755		288,964
Unsecured line of credit ^(c)	2	—		—		20,800		20,881

(a)

The Company determined the estimated fair value of these financial instruments using a discounted cash flow model with rates that take into account the credit of the borrower or tenant, where applicable, and interest rate risk. The Company also considered the value of the underlying collateral, taking into account the quality of the collateral, the credit quality of the borrower, the time until maturity and the current market interest rate environment.


(b)	The Company determined the estimated fair value of the unsecured notes payable using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.


(c)	The Company determined the estimated fair value of the unsecured line of credit using a discounted cash flow model with rates that take into account the market-based credit spread and the Company's credit rating.

The Company's cash and cash equivalents, restricted cash, accounts receivable, accounts payable and certain financial instruments included in other assets and other liabilities had fair values that approximated their carrying values at December 31, 2016 and 2015.

Items Measured at Fair Value on a Non-Recurring Basis (Including Impairment Charges)

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. 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 fair value hierarchy.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 appealed the latter decision, but the decision of the Court was affirmed by the appellate court. Commitments and Guaranties In conjunction with the development and expansion of various properties, the Company has entered into agreements with general contractors for the construction or development of properties aggregating approximately $85.4 million as of December 31, 2016. At December 31, 2016, the Company had letters of credit outstanding of $2.5 million. The Company has not recorded any obligation associated with these letters of credit. The majority of the letters of credit are collateral for existing indebtedness and other obligations of the Company. In connection with certain of the Company’s unconsolidated joint ventures, the Company agreed to fund amounts due to the joint ventures' lenders, under certain circumstances, if such amounts are not paid by the joint venture based on the Company’s pro rata share of such amount, aggregating $165.7 million at December 31, 2016.

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income

12 Months Ended

Dec. 31, 2016

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

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income

Shareholders’ Equity, Noncontrolling Interests and Other Comprehensive Income

Common Shares

The Company completed the following transactions in its common shares during the year ended December 31, 2016:

•

The Company issued 4,500,000 Common Shares under its at-the-market ("ATM") equity programs, generating gross proceeds of $157.6 million and net proceeds of $155.7 million. The Company has established a new ATM equity program, effective July 2016, with an additional aggregate offering amount of up to $250.0 million of gross proceeds from the sale of Common Shares, replacing its $200.0 million program that was launched in 2014. As of December 31, 2016, there was $218.0 million remaining under this $250.0 million program.


•	The Company entered into a forward sale agreement to issue 3,600,000 Common Shares for for gross proceeds of $126.8 million and net proceeds of $124.5 million. As of December 31, 2016, these shares have been physically settled.


•	The Company issued 4,830,000 Common Shares in a public offering, generating gross proceeds of $175.2 million and net proceeds of $172.1 million.


•	The Company withheld 3,152 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested. During 2016, the Company recognized accrued Common Share and Common OP Unit-based compensation totaling $10.9 million in connection with the vesting of Restricted Shares and Units (Note 13).

The Company completed the following transactions in its common shares during the year ended December 31, 2015:


•	The Company withheld 2,481 Restricted Shares to pay the employees’ statutory minimum 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 13).


•	The Company issued approximately 2,000,000 Common Shares from the ATM program generating net proceeds of approximately $64.4 million.

The Company completed the following transactions in its common shares during the year ended December 31, 2014:


•	The Company issued approximately 4,700,000 Common Shares from the ATM program generating net proceeds of approximately $126.8 million and completed two public share offerings aggregating approximately 7,600,000 Common Shares generating net proceeds of approximately $230.7 million.

Share Repurchases

The Company has a share repurchase program that authorizes management, at its discretion, to repurchase up to $20.0 million of its outstanding Common Shares. The program may be discontinued or extended at any time. There were no Common Shares repurchased by the Company during the years ended December 31, 2016 or 2015. Under this program the Company has repurchased 2.1 million Common Shares, none of which were repurchased after December 2001. As of December 31, 2016, management may repurchase up to approximately $7.5 million of our outstanding Common Shares under this program.

Dividends and Distributions

On November 8, 2016, the Board of Trustees declared an increase of $0.01 to the regular quarterly cash dividend of $0.25 to $0.26 per Common Share, which was paid on January 13, 2017 to holders of record as of December 30, 2016. In addition, on November 8, 2016, the Board of Trustees declared a special cash dividend of $0.15 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 2016 arising from property dispositions within the Funds. See Note 14 for the characterization of the Company's distributions.

Accumulated Other Comprehensive Income

The following table sets forth the activity in accumulated other comprehensive income for the three years ended December 31, 2016 (in thousands):



	Gains or Losses on Derivative Instruments
Balance at January 1, 2014	$	1,132

Other comprehensive loss before reclassifications	(9,061		)
Reclassification of realized interest on swap agreements	3,776
Net current period other comprehensive loss	(5,285		)
Net current period other comprehensive loss attributable to noncontrolling interests	148
Balance at December 31, 2014	(4,005		)

Other comprehensive loss before reclassifications	(5,061		)
Reclassification of realized interest on swap agreements	5,524
Net current period other comprehensive income	463
Net current period other comprehensive income attributable to noncontrolling interests	(921		)
Balance at December 31, 2015	(4,463		)

Other comprehensive loss before reclassifications	(646		)
Reclassification of realized interest on swap agreements	4,576
Net current period other comprehensive income	3,930
Net current period other comprehensive income attributable to noncontrolling interests	(265		)
Balance at December 31, 2016	$	(798	)

Noncontrolling Interests

The following table summarizes the change in the noncontrolling interests for the periods presented (in thousands):



	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total

Balance at December 31, 2013	$	48,948		$	368,404		$	417,352
Distributions declared of $1.23 per Common OP Unit	(5,085		)	—			(5,085		)
Net income for the period January 1 through December 31, 2014	3,204			77,878			81,082
Conversion of 136,128 Common OP Units to Common Shares by limited partners of the Operating Partnership	(3,181		)	—			(3,181		)
Issuance of Common OP Units to acquire real estate	44,051			—			44,051
Other comprehensive income - unrealized loss on valuation of swap agreements	(345		)	(902		)	(1,247		)
Reclassification of realized interest expense on swap agreements	115			984			1,099
Noncontrolling interest contributions	—			57,969			57,969
Noncontrolling interest distributions and other reductions	—			(218,152		)	(218,152		)
Employee Long-term Incentive Plan Unit Awards	6,528			—			6,528
Balance at December 31, 2014	94,235			286,181			380,416
Distributions declared of $1.22 per Common OP Unit	(5,983		)	—			(5,983		)
Net income for the period January 1 through December 31, 2015	3,836			80,426			84,262
Conversion of 100,620 Common OP Units to Common Shares by limited partners of the Operating Partnership	(2,451		)	—			(2,451		)
Acquisition of noncontrolling interests	—			(3,561		)	(3,561		)
Other comprehensive income - unrealized loss on valuation of swap agreements	(117		)	(897		)	(1,014		)
Reclassification of realized interest expense on swap agreements	97			1,838			1,935
Noncontrolling interest contributions	—			35,489			35,489
Noncontrolling interest distributions and other reductions	—			(74,950		)	(74,950		)
Employee Long-term Incentive Plan Unit Awards	6,723			—			6,723
Balance at December 31, 2015	96,340			324,526			420,866
Distributions declared of $1.16 per Common OP Unit	(6,753		)	—			(6,753		)
Net income for the period January 1 through December 31, 2016	5,002			56,814			61,816
Conversion of 351,250 Common OP Units to Common Shares by limited partners of the Operating Partnership	(7,892		)	—			(7,892		)
Change in control of previously consolidated investment (Note 4)	(75,713		)	—			(75,713		)
Acquisition of noncontrolling interests ^(c)	—			(25,925		)	(25,925		)
Issuance of Common and Preferred OP Units to acquire real estate	31,429			—			31,429
Other comprehensive income - unrealized loss on valuation of swap agreements	(43		)	(288		)	(331		)
Reclassification of realized interest expense on swap agreements	223			373			596
Noncontrolling interest contributions	—			295,108			295,108
Noncontrolling interest distributions and other reductions	—			(80,769		)	(80,769		)
Employee Long-term Incentive Plan Unit Awards	12,768			—			12,768
Rebalancing adjustment (Note 1)	(35,652		)	—			(35,652		)
Balance at December 31, 2016	$	19,709		$	569,839		$	589,548

__________

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,365,668 and 2,931,198 Common OP Units at December 31, 2016 and 2015, respectively; (ii) 188 Series A Preferred OP Units at December 31, 2016 and 2015; (iii) 141,593 Series C Preferred OP Units at December 31, 2016; and (iv) 1,996,388 and 1,922,623 LTIP units as of December 31, 2016 and 2015, respectively, as discussed in Share Incentive Plan (Note 13). Distributions declared for Preferred OP Units are reflected in net income in the table above.


(b)	Noncontrolling interests in partially-owned affiliates comprise third-party interests in Fund I, II, III, IV and V, and Mervyns I and II, and six other subsidiaries.


(c)	During 2016, the Company acquired an additional 8.3% interest in Fund II from a limited partner for $18.4 million, giving the Company an aggregate 28.33% interest. Amount in the table above represents the book value of this transaction.

Preferred OP Units

The Series A Preferred OP Units were issued in 1999 in connection with the acquisition of a property, have a stated value of $1,000 per unit, and are entitled to a preferred quarterly distribution of the greater of (i) $22.50 (9% annually) per Series A Preferred OP Unit or (ii) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit was converted into a Common OP Unit. Through December 31, 2016, 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.

During 2016, the Operating Partnership issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to a third party to acquire Gotham Plaza (Note 4). The Series C Preferred OP Units have a value of $100.00 per unit and are entitled to a preferred quarterly distribution of $0.9375 per unit and are convertible into Common OP Units at a rate based on the share price at the time of conversion. If the share price is below $28.80 on the conversion date, each Series C Preferred OP Unit will be convertible into 3.4722 Common OP Units. If the share price is between $28.80 and $35.20 on the conversion date, each Series C Preferred OP Units will be convertible a number of Common OP Units equal to $100.00 divided by the closing share price. If the share price is above $35.20 on the conversion date, each Series C Preferred OP Units will be convertible into 2.8409 Common OP Units. The Series C Preferred OP Units have a mandatory conversion date of December 31, 2025, at which time all units that have not been converted will automatically be converted into Common OP Units based on the same calculations.

During 2015, the Operating Partnership issued approximately 1,600,000 OP units to a third party to acquire real estate.

- 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

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+ Details

Leases

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Leases

Operating Leases

The Company is engaged in the operation of shopping centers and other retail properties that are either owned or, with respect to certain shopping centers, operated under long-term ground leases that expire at various dates through June 20, 2066, with renewal options. Space in the shopping centers is leased to tenants pursuant to agreements that provide for terms ranging generally from one month to ninety nine years and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volumes.

The Company leases land at six of its shopping centers, which are accounted for as operating leases and generally provide the Company with renewal options. Ground rent expense was $2.5 million, $1.7 million, and $1.8 million (including capitalized ground rent at properties under development of $0.9 million, $0.9 million and $0.8 million) for the years ended December 31, 2016, 2015 and 2014, respectively. The leases terminate at various dates between 2020 and 2066. These leases provide the Company with options to renew for additional terms aggregating from 25 to 71 years. The Company also leases space for its corporate office. Office rent expense under this lease was $0.9 million, $1.4 million and $1.5 million for the years ended December 31, 2016, 2015 and 2014, respectively.

Capital Leases

During 2016, the Company entered into a 49-year master lease at 991 Madison Avenue, which is accounted for as a capital lease. During the year ended December 31, 2016, lease payments totaling $7.8 million were made under this lease. The lease was initially valued at $76,628, which represents the total discounted payments to be made under the lease. Properties under capital leases are discussed in Note 2.

Lease Obligations

The scheduled future minimum rental revenues from rental properties under the terms of all non-cancelable tenant leases, assuming no new or renegotiated leases or option extensions for such premises and the scheduled minimum rental payments under the terms of all non-cancelable operating and capital leases in which the Company is the lessee, principally for office space and ground leases, as of December 31, 2016 are summarized as follows (in thousands):



	Minimum Rental Revenues		Minimum Rental Payments
2017	$	152,464	$	3,737
2018	147,025		3,756
2019	135,796		3,776
2020	122,071		3,669
2021	109,383		3,744
Thereafter	591,541		185,621
Total	$	1,258,280	$	204,303

A ground lease expiring during 2078 provides the Company with an option to purchase the underlying land during 2031. If the Company does 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.

During the years ended December 31, 2016, 2015 and 2014, no single tenant collectively comprised 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

Segment Reporting

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Segment Reporting

The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The Company's Core Portfolio consists primarily of high-quality retail properties located primarily in high-barrier-to-entry, densely-populated metropolitan areas with a long-term investment horizon. The Company's Funds hold primarily retail real estate in which the Company co-invests with high-quality institutional investors. The Company's Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable which are held within the Core Portfolio or the Funds (Note 3). Fees earned by the Company as the general partner or managing member of the Funds are eliminated in the Company’s consolidated financial statements and are not presented in the Company's segments. During 2016, the Company revised how it allocates general and administrative and income tax expenses among its segments to reflect all such expenses as unallocated corporate expenses. The presentation of the years ended 2015 and 2014 has been revised to reflect this change.

The following tables set forth certain segment information for the Company (in thousands):



	As of or for the Year Ended December 31, 2016
(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	150,211		$	39,728		$	—	$	—		$	189,939
Property operating expenses, other operating and real estate taxes	(39,598		)	(17,793		)	—		—			(57,391		)
General and administrative expenses	—			—			—		(40,648		)	(40,648		)
Depreciation and amortization	(54,582		)	(15,429		)	—		—			(70,011		)
Operating income	56,031			6,506			—		(40,648		)	21,889
Equity in earnings of unconsolidated affiliates	3,774			35,675			—		—			39,449
Interest income	—			—			25,829		—			25,829
Interest and other finance expense	(27,435		)	(7,210		)	—		—			(34,645		)
Gain on disposition of properties	—			81,965			—		—			81,965
Income tax benefit	—			—			—		105			105
Net income	32,370			116,936			25,829		(40,543		)	134,592
Net income attributable to noncontrolling interests	(3,411		)	(58,405		)	—		—			(61,816		)
Net income attributable to Acadia	$	28,959		$	58,531		$	25,829	$	(40,543	)	$	72,776

Real estate at cost	$	1,982,763		$	1,399,237		$	—	$	—		$	3,382,000
Total assets	$	2,271,620		$	1,448,177		$	276,163	$	—		$	3,995,960
Acquisition of real estate	$	323,880		$	171,764		$	—	$	—		$	495,644
Development and property improvement costs	$	13,434		$	136,000		$	—	$	—		$	149,434



	As of or for the Year Ended December 31, 2015
(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	150,015		$	49,048		$	—	$	—		$	199,063
Property operating expenses, other operating and real estate taxes	(37,259		)	(21,223		)	—		—			(58,482		)
General and administrative expenses	—			—			—		(30,368		)	(30,368		)
Depreciation and amortization	(46,223		)	(14,528		)	—		—			(60,751		)
Impairment of asset	(5,000		)	—			—		—			(5,000		)
Operating income	61,533			13,297			—		(30,368		)	44,462
Equity in (losses) earnings of unconsolidated affiliates	1,169			36,161			—		—			37,330
Interest income	—			—			16,603		—			16,603
Other	—			—			1,596		—			1,596
Interest and other finance expense	(27,945		)	(9,352		)	—		—			(37,297		)
Gain on disposition of properties	—			89,063			—		—			89,063
Income tax provision	—			—			—		(1,787		)	(1,787		)
Net income	34,757			129,169			18,199		(32,155		)	149,970
Net income attributable to noncontrolling interests	(140		)	(84,122		)	—		—			(84,262		)
Net income attributable to Acadia	$	34,617		$	45,047		$	18,199	$	(32,155	)	$	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	$	181,884		$	156,816		$	—	$	—		$	338,700
Development and property improvement costs	$	16,505		$	147,810		$	—	$	—		$	164,315



	As of or for the Year Ended December 31, 2014
(in thousands)	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	125,022		$	54,659		$	—	$	—		$	179,681
Property operating expenses, other operating and real estate taxes	(33,097		)	(18,574		)	—		—			(51,671		)
General and administrative expenses	—			—			—		(27,433		)	(27,433		)
Depreciation and amortization	(35,875		)	(13,770		)	—		—			(49,645		)
Operating income	56,050			22,315			—		(27,433		)	50,932
Equity in (losses) earnings of unconsolidated affiliates	(77		)	111,655			—		—			111,578
Gain on disposition of properties	12,577			561			—		—			13,138
Interest income	—			—			12,607		—			12,607
Other	—			—			2,724		—			2,724
Interest and other finance expense	(27,024		)	(12,402		)	—		—			(39,426		)
Income tax provision	—			—			—		(629		)	(629		)
Income from continuing operations	41,526			122,129			15,331		(28,062		)	150,924
Income from discontinued operations	—			1,222			—		—			1,222
Net income	41,526			123,351			15,331		(28,062		)	152,146
Net income attributable to noncontrolling interests	(3,222		)	(77,860		)	—		—			(81,082		)
Net income attributable to Acadia	$	38,304		$	45,491		$	15,331	$	(28,062	)	$	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	$	206,203		$	50,250		$	—	$	—		$	256,453
Development and property improvement costs	$	5,432		$	134,686		$	—	$	—		$	140,118

- 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
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Share Incentive and Other Compensation

12 Months Ended

Dec. 31, 2016

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

Share Incentive and Other Compensation

Share Incentive Plan

At the 2016 annual shareholders' meeting, the shareholders' approved the Second Amended and Restated 2006 Incentive Plan (the "Second Amended 2006 Plan"). This plan replaced all previous share incentive plans and increased the authorization to issue options, Restricted Shares and LTIP Units (collectively "Awards") available to officers and employees by 1,600,000 shares, for a total of 3,700,000 shares available to be issued.

Restricted Shares and LTIP Units

During 2016, the Company issued 319,244 LTIP Units and 11,092 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 $10.1 million, of which $1.9 million was recognized as compensation expense in 2015, and $8.2 million will be recognized as compensation expense over the vesting period. Additionally, during the quarter ended September 30, 2016, in connection with the retirement of two executives, an additional 29,418 LTIP Units were issued. The value of these LTIP units was $1.1 million and was recognized as compensation expense during 2016. Also in connection with these retirements, the Company recognized $1.8 million as compensation expense relating to the acceleration of LTIP Units granted prior to 2016. Total long-term incentive compensation expense, including the expense related to the above mentioned plans, was $10.9 million, $6.8 million and $6.2 million for the years ended December 31, 2016, 2015 and 2014, 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 2016, the Company issued 13,491 Restricted Shares and 10,822 LTIP Units to Trustees of the Company in connection with Trustee fees. Vesting with respect to 4,674 of the Restricted Shares and 5,532 of the LTIP Units will be on the first anniversary of the date of issuance and 8,817 of the Restricted Shares and 5,290 of the LTIP Units 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. Total trustee fee expense, included the expense related to the above-mentioned plans, was $1.1 million and $0.9 million during 2016 and 2015, respectively.

In 2009, the Company adopted the Long Term Investment Alignment Program (the "Program") pursuant to which the Company may grant awards to employees, entitling them to receive up to 25% of any potential future payments of Promote to the Operating Partnership from Funds III and IV. The Company has awarded units to employees representing 25% of the potential Promote payments from Fund III to the Operating Partnership and 9.3% of the potential Promote payments from Fund IV to the Operating Partnership. Payments to senior executives under the Program require further Board approval at the time any potential payments are due pursuant to these grants. Compensation relating to these awards will be recognized in each reporting period in which Board approval is granted.

As payments to other employees are not subject to further Board approval, compensation relating to these awards will be recorded based on the estimated fair value at each reporting period in accordance with ASC Topic 718, "Compensation– Stock Compensation."

During 2016, compensation expense of $5.0 million was recognized related to the Program in connection with Fund III.

The awards in connection with Fund IV were determined to have no intrinsic value as of December 31, 2016.

A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below:



Unvested Restricted Shares and LTIP Units	Common Restricted Shares		Weighted Grant-Date Fair Value		LTIP Units		Weighted Grant-Date Fair Value
Unvested at January 1, 2014	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
Granted	24,583		33.35		359,484		34.40
Vested	(24,886	)	29.17		(522,680	)	26.08
Forfeited	(189	)	35.37		(48	)	35.37
Unvested at December 31, 2016	49,407		27.92		856,877		26.99

The weighted-average fair value for Restricted Shares and LTIP Units granted for the years ended December 31, 2016, 2015 and 2014 were $34.50, $33.90 and $26.30, respectively. As of December 31, 2016, there was $15.5 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 1.9 years. The total fair value of Restricted Shares that vested during the years ended December 31, 2016, 2015 and 2014 was $0.7 million, $0.6 million and $0.8 million, respectively. The total fair value of LTIP Units that vested during the years ended December 31, 2016, 2015 and 2014 was $13.6 million, $6.7 million and $5.3 million, respectively.

Stock Options

A summary of option activity under all option arrangements is presented below (dollars in thousands except exercise prices):



Options	Shares		Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding and exercisable at January 1, 2014	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		$	20.93	0.3	35
Granted	—		—		—	—
Exercised	(3,000	)	22.40		—	—
Forfeited or Expired	(249	)	20.65		—	—
Outstanding and exercisable at December 31, 2016	—		$	—	—	$	—

The total intrinsic value of options exercised during the years ended December 31, 2016, 2015 and 2014 was less than $0.1 million, $0.6 million and $0.8 million, respectively. At December 31, 2016 there were no outstanding options and there was no stock-based compensation expense related to options during the periods presented.

Employee Share Purchase 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 the years ended December 31, 2016, 2015 and 2014, a total of 3,491, 3,761 and 4,668 Common Shares, respectively, were purchased by employees under the Purchase Plan. Associated compensation expense was insignificant for each of the years ended December 31, 2016, 2015 and 2014.

Deferred Share Plan

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, 2016, 2015 and 2014.

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, 2016. The Company contributed $0.3 million for each of the years ended December 31, 2016, 2015 and 2014.

- Definition

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

+ References + Details

Federal Income Taxes

12 Months Ended

Dec. 31, 2016

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, 2016, 2015 and 2014, 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.

In the normal course of business, the Company or one or more of its subsidiaries is subject to examination by Federal, state and local jurisdictions as well as certain jurisdictions outside the United States, in which it operates, where applicable. The Company expects to recognize interest and penalties related to uncertain tax positions, if any, as income tax expense. For the three years ended December 31, 2016, the Company recognized no material adjustments regarding its tax accounting treatment for uncertain tax provisions. As of December 31, 2016, the tax years that remain subject to examination by the major tax jurisdictions under applicable statutes of limitations are generally the year 2013 and forward.

Reconciliation of Net Income to Taxable Income

Reconciliation of GAAP net income attributable to Acadia to taxable income is as follows:



	Year Ended December 31,
(dollars in thousands)	2016			2015			2014

Net income attributable to Acadia	$	72,776		$	65,708		$	71,064
Deferred cancellation of indebtedness income	2,050			2,050			2,050
Deferred rental and other income ^(a)	1,610			82			2,120
Book/tax difference - depreciation and amortization ^(a)	15,189			9,983			7,337
Straight-line rent and above- and below-market rent adjustments ^(a)	(7,882		)	(8,041		)	(4,917		)
Book/tax differences - equity-based compensation	10,307			5,833			4,540
Joint venture equity in earnings, net ^(a)	(2,011		)	5,776			(105		)
Impairment charges and reserves	769			(714		)	3,735
Acquisition costs ^(a)	5,116			1,190			4,505
Gains	—			(760		)	(11,663		)
Book/tax differences - miscellaneous	(4,924		)	2,573			(6,041		)
Taxable income	$	93,000		$	83,680		$	72,625
Distributions declared	$	91,053		$	84,683		$	77,194

__________


(a)	Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item "Joint venture equity in earnings, net."

Characterization of Distributions

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



	Year Ended December 31,
	2016				2015				2014
	Per Share		%		Per Share		%		Per Share		%
Ordinary income	$	0.77	66	%	$	0.83	68	%	$	0.85	69	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	0.39		34	%	0.39		32	%	0.38		31	%
Total	$	1.16	100	%	$	1.22	100	%	$	1.23	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 periods presented are summarized as follows (in thousands):



	Year Ended December 31,
	2016			2015			2014
TRS (loss) income before income taxes	$	(1,583	)	$	1,008		$	(36	)
Benefit (provision) for income taxes:
Federal	378			(526		)	(377		)
State and local	97			(134		)	(97		)
TRS net (loss) income before noncontrolling interests	(1,108		)	348			(510		)
Noncontrolling interests	(9		)	(208		)	(508		)
TRS net (loss) income	$	(1,117	)	$	140		$	(1,018	)

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. Amounts are not adjusted for temporary book/tax differences. (dollars in thousands):



	Year Ended December 31,
	2016			2015			2014
Federal tax (benefit) provision at statutory tax rate	$	(538	)	$	343		$	(12	)
TRS state and local taxes, net of Federal benefit	(84		)	53			(2		)
Tax effect of:
Permanent differences, net	1,663			396			446
Prior year under-accrual, net	—			938			1
Other	(1,516		)	(131		)	41
REIT state and local income and franchise taxes	370			188			155
Total (benefit) provision for income taxes	$	(105	)	$	1,787		$	629

Earnings Per Common Share

12 Months Ended

Dec. 31, 2016

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, 2016, the Company has unvested LTIP Units which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method.

Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit ("Restricted Share Units") and share option awards issued under the Company’s Share Incentive Plans (Note 13). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be anti-dilutive and therefore is not included in the computation of diluted earnings per share for the years ended December 2016, 2015 and 2014. The effect of the assumed conversion of 141,593 Series C Preferred OP Units into 407,845 Common Shares, would be anti-dilutive and therefore is not included in the computation of diluted earnings per share for the year ended December 2016.

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.



	Year Ended December 31,
(shares and dollars in thousands, except per share amounts)	2016			2015			2014
Numerator:
Income from continuing operations	$	72,776		$	65,708		$	70,865
Less: net income attributable to participating securities	(793		)	(927		)	(1,152		)
Income from continuing operations net of income attributable to participating securities	$	71,983		$	64,781		$	69,713

Denominator:
Weighted average shares for basic earnings per share	76,231			68,851			59,402
Effect of dilutive securities:
Employee share options	13			19			24
Denominator for diluted earnings per share	76,244			68,870			59,426
Basic earnings per Common Share from continuing operations attributable to Acadia	$	0.94		$	0.94		$	1.18
Diluted earnings per Common Share from continuing operations attributable to Acadia	$	0.94		$	0.94		$	1.18

Summary of Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2016

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, 2016 and 2015 are as follows (in thousands, except per share amounts):



	Three Months Ended ^{(a, b, c, d)}
	March 31, 2016			June 30, 2016			September 30, 2016		December 31, 2016
Revenues	$	48,045		$	43,918		$	43,855	$	54,121
Net income	73,875			26,155			326		34,236
Net (income) loss attributable to noncontrolling interests	(44,950		)	(8,237		)	5,786		(14,415		)
Net income attributable to Acadia	28,925			17,918			6,112		19,821
Earnings per share attributable to Acadia:
Basic	$	0.40		$	0.24		$	0.08	$	0.24
Diluted	0.40			0.24			0.08		0.24

Weighted average number of shares:
Basic	70,756			72,896			78,449		82,728
Diluted	71,215			72,896			78,624		82,728

Cash dividends declared per Common Share	$	0.25		$	0.25		$	0.25	$	0.41

__________


(a)	The three months ended March 31, 2016 includes Fund III's $65.4 million gain on sale of its 65% consolidated interest in Cortlandt Town Center of which $49.4 million was attributable to noncontrolling interests (Note 2).


(b)	The three months ended June 30, 2016 includes a $16.6 million gain on sale of Fund III's consolidated Heritage Shops property of which $12.5 million was attributable to noncontrolling interests (Note 2).


(c)	The three months ended June 30, 2016, September 30, 2016 and December 31, 2016 reflect the impact of the de-consolidation of the Company's investment in the Brandywine portfolio, which was effective May 1, 2016 (Note 4).


(d)	The three months ended December 31, 2016 reflect the impact of an out-of-period adjustment resulting in a net decrease to net income of $4.2 million, of which $1.6 million was attributable to noncontrolling interests (Note 1).



	Three Months Ended ^{(a, b, c)}
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Revenues	$	49,073		$	49,176		$	51,124		$	51,286
Net income	38,537			85,458			18,104			7,871
Net (income) loss attributable to noncontrolling interests	(21,990		)	(58,963		)	(4,328		)	1,019
Net income attributable to Acadia	16,547			26,495			13,776			8,890

Earnings per share attributable to Acadia:
Basic	$	0.24		$	0.38		$	0.20		$	0.13
Diluted	0.24			0.38			0.20			0.13

Weighted average number of shares:
Basic	68,295			68,825			68,943			69,328
Diluted	68,360			68,870			68,957			69,330

Cash dividends declared per Common Share	$	0.24		$	0.24		$	0.24		$	0.50

__________


(a)	The three months ended March 31, 2015 includes a gain on the disposition of Fund III's consolidated Lincoln Park Centre property of $27.1 million of which $21.7 million was attributable to noncontrolling interests (Note 2).

(b)

The three months ended June 30, 2015 includes: Acadia's $17.1 million share of the gain on disposition of Fund III's unconsolidated White City Shopping Center (Note 4); a $12.0 million gain on disposition of Fund II's consolidated Liberty Avenue property and a $49.9 million gain on disposition of Fund II's consolidated City Point property's air rights, of which a total of $15.8 million was attributable to noncontrolling interests (Note 2); and a $5.0 million asset impairment charge within the Brandywine portfolio inclusive of $3.9 million attributable to noncontrolling interests (Note 8).


(c)	The three months ended September 30, 2015 includes Acadia's $6.9 million share of the gain on disposition of Fund III's unconsolidated Parkway Crossing property of which $5.6 million was attributable to noncontrolling interests.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dispositions In February 2017, Fund III completed the disposition of Arundel Plaza, located in Glen Burnie, MD, for a sales price of $28.8 million. In January 2017, Fund IV completed the disposition of 2819 Kennedy Boulevard, located in North Bergen, NJ, for a sales price of $19.0 million. In February 2017, there was an auction pursuant to an Order of the United States Bankruptcy Court for the Southern District of New York for the property which is collateral for the Company's non-performing note (Note 3). The winning bid was in excess of the Company's carrying value and accrued interest. The sale of this property is expected to be approved by Order of the Bankruptcy Court confirming the Chapter 11 Plan of Reorganization of the note issuer and close during the first half of 2017. In connection with this, the Company anticipates recovering its full carrying value of principal and accrued interest upon settlement of this transaction. Financings In February 2017, the Company completed the financing of Fund IV's Wake Forest property (Note 2) for $24.0 million. The new loan bears interest at LIBOR plus 160 basis points and matures February 14, 2020.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2016

Valuation and Qualifying Accounts [Abstract]

SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS



	Balance at Beginning of Year		Charged to Expenses		Adjustments to Valuation Accounts		Deductions			Balance at End of Year

Year ended December 31, 2016:
Allowance for deferred tax asset	$	—	$	—	$	859	$	—		$	859
Allowance for uncollectible accounts	$	7,451	$	—	$	—	$	(1,731	)	$	5,720
Allowance for notes receivable	$	—	$	—	$	—	$	—		$	—
Year ended December 31, 2015:
Allowance for deferred tax asset	$	—	$	—	$	—	$	—		$	—
Allowance for uncollectible accounts	$	5,952	$	1,499	$	—	$	—		$	7,451
Allowance for notes receivable	$	—	$	—	$	—	$	—		$	—
Year ended December 31, 2014:
Allowance for deferred tax asset	$	—	$	—	$	—	$	—		$	—
Allowance for uncollectible accounts	$	6,242	$	—	$	—	$	(290	)	$	5,952
Allowance for notes receivable	$	3,681	$	—	$	—	$	(3,681	)	$	—

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

12 Months Ended

Dec. 31, 2016

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, 2016



			Initial Cost to Company						Amount at Which Carried at December 31, 2016
Description	Encumbrances		Land		Buildings & Improvements		Increase (Decrease) in Net Investments		Land		Buildings & Improvements		Total	Accumulated Depreciation		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared

Core Portfolio:
Crescent Plaza Brockton, MA	$	—	$	1,147	$	7,425	$	3,027	$	1,147	$	10,452	11,599	$	7,395	1993	(a)	40 years
New Loudon Center Latham, NY	—		505		4,161		13,353		505		17,514		18,019	13,968		1993	(a)	40 years
Mark Plaza Edwardsville, PA	—		—		3,396		—		—		3,396		3,396	2,887		1993	(c)	40 years
Plaza 422 Lebanon, PA	—		190		3,004		2,765		190		5,769		5,959	5,155		1993	(c)	40 years
Route 6 Mall Honesdale, PA	—		1,664		—		12,437		1,664		12,437		14,101	8,559		1994	(c)	40 years
Abington Towne Center Abington, PA	—		799		3,197		2,400		799		5,597		6,396	3,754		1998	(a)	40 years
Bloomfield Town Square Bloomfield Hills, MI	—		3,207		13,774		22,463		3,207		36,237		39,444	19,922		1998	(a)	40 years
Elmwood Park Shopping Center Elmwood Park, NJ	—		3,248		12,992		15,860		3,798		28,302		32,100	18,112		1998	(a)	40 years
Merrillville Plaza Hobart, IN	24,779		4,288		17,152		5,647		4,288		22,799		27,087	11,276		1998	(a)	40 years
Marketplace of Absecon Absecon, NJ	—		2,573		10,294		4,900		2,577		15,190		17,767	7,612		1998	(a)	40 years
239 Greenwich Avenue Greenwich, CT	27,000		1,817		15,846		776		1,817		16,622		18,439	7,389		1998	(a)	40 years
Hobson West Plaza Naperville, IL	—		1,793		7,172		1,970		1,793		9,142		10,935	4,855		1998	(a)	40 years
Village Commons Shopping Center Smithtown, NY	—		3,229		12,917		4,225		3,229		17,142		20,371	8,852		1998	(a)	40 years
Town Line Plaza Rocky Hill, CT	—		878		3,510		7,736		907		11,217		12,124	8,914		1998	(a)	40 years
Branch Shopping Center Smithtown, NY	—		3,156		12,545		15,883		3,401		28,183		31,584	9,719		1998	(a)	40 years
Methuen Shopping Center Methuen, MA	—		956		3,826		993		961		4,814		5,775	2,369		1998	(a)	40 years
Gateway Shopping Center South Burlington, VT	—		1,273		5,091		12,258		1,273		17,349		18,622	8,902		1999	(a)	40 years
Mad River Station Dayton, OH	—		2,350		9,404		1,579		2,350		10,983		13,333	5,256		1999	(a)	40 years
Pacesetter Park Shopping Center Ramapo, NY	—		1,475		5,899		3,350		1,475		9,249		10,724	4,603		1999	(a)	40 years
Brandywine Holdings Wilmington, DE	26,250		5,063		15,252		2,495		5,201		17,609		22,810	6,392		2003	(a)	40 years
Bartow Avenue Bronx, NY	—		1,691		5,803		1,111		1,691		6,914		8,605	2,732		2005	(c)	40 years
Amboy Road Staten Island, NY	—		—		11,909		2,482		—		14,391		14,391	5,812		2005	(a)	40 years
Clark Diversey Chicago, IL	—		10,061		2,773		972		10,061		3,745		13,806	984		2006	(a)	40 years
Chestnut Hill Philadelphia, PA	—		8,289		5,691		4,509		8,289		10,200		18,489	3,175		2006	(a)	40 years
2914 Third Avenue Bronx, NY	—		11,108		8,038		4,701		11,855		11,992		23,847	2,456		2006	(a)	40 years
West Shore Expressway Staten Island, NY	—		3,380		13,499		—		3,380		13,499		16,879	3,732		2007	(a)	40 years
West 54th Street Manhattan, NY	—		16,699		18,704		992		16,699		19,696		36,395	4,837		2007	(a)	40 years
5-7 East 17th Street Manhattan, NY	—		3,048		7,281		5,147		3,048		12,428		15,476	2,027		2008	(a)	40 years



		Initial Cost to Company			Amount at Which Carried at December 31, 2016
Description	Encumbrances	Land	Buildings & Improvements	Increase (Decrease) in Net Investments	Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
651-671 W Diversey Chicago, IL	—	8,576	17,256	8	8,576	17,264	25,840	2,409	2011	(a)	40 years
15 Mercer Street New York, NY	—	1,887	2,483	—	1,887	2,483	4,370	341	2011	(a)	40 years
4401 White Plains Bronx, NY	5,884	1,581	5,054	—	1,581	5,054	6,635	674	2011	(a)	40 years
Chicago Street Retail Portfolio Chicago, IL	—	18,521	55,627	1,923	18,560	57,511	76,071	6,761	2012	(a)	40 years
1520 Milwaukee Avenue Chicago, IL	—	2,110	1,306	—	2,110	1,306	3,416	161	2012	(a)	40 years
330-340 River Street Cambridge, MA	11,884	8,404	14,235	—	8,404	14,235	22,639	1,812	2012	(a)	40 years
Rhode Island Place Shopping Center Washington, D.C.	—	7,458	15,968	917	7,458	16,885	24,343	2,142	2012	(a)	40 years
930 Rush Street Chicago, IL	—	4,933	14,587	9	4,933	14,596	19,529	1,732	2012	(a)	40 years
28 Jericho Turnpike Westbury, NY	14,869	6,220	24,416	—	6,220	24,416	30,636	2,935	2012	(a)	40 years
181 Main Street Westport, CT	—	1,908	12,158	41	1,908	12,199	14,107	1,278	2012	(a)	40 years
83 Spring Street Manhattan, NY	—	1,754	9,200	—	1,754	9,200	10,954	1,035	2012	(a)	40 years
60 Orange Street Bloomfield, NJ	7,769	3,609	10,790	—	3,609	10,790	14,399	1,264	2012	(a)	40 years
179-53 & 1801-03 Connecticut Avenue Washington, D.C.	—	11,690	10,135	726	11,689	10,862	22,551	1,199	2012	(a)	40 years
639 West Diversey Chicago, IL	—	4,429	6,102	804	4,429	6,906	11,335	775	2012	(a)	40 years
664 North Michigan Chicago, IL	41,846	15,240	65,331	—	15,240	65,331	80,571	6,345	2013	(a)	40 years
8-12 E. Walton Chicago, IL	—	5,398	15,601	29	5,398	15,630	21,028	1,414	2013	(a)	40 years
3200-3204 M Street Washington, DC	—	6,899	4,249	168	6,899	4,417	11,316	401	2013	(a)	40 years
868 Broadway Manhattan, NY	—	3,519	9,247	5	3,519	9,252	12,771	711	2013	(a)	40 years
313-315 Bowery Manhattan, NY	—	—	5,516	—	—	5,516	5,516	670	2013	(a)	40 years
120 West Broadway Manhattan, NY	—	—	32,819	919	—	33,738	33,738	1,593	2013	(a)	40 years
11 E. Walton Chicago, IL	—	16,744	28,346	192	16,744	28,538	45,282	2,198	2014	(a)	40 years
61 Main Street Westport, CT	—	4,578	2,645	20	4,578	2,665	7,243	243	2014	(a)	40 years
865 W. North Avenue Chicago, IL	—	1,893	11,594	23	1,893	11,617	13,510	813	2014	(a)	40 years
152-154 Spring Street Manhattan, NY	—	8,544	27,001	—	8,544	27,001	35,545	1,834	2014	(a)	40 years
2520 Flatbush Avenue Brooklyn, NY	—	6,613	10,419	193	6,613	10,612	17,225	754	2014	(a)	40 years
252-256 Greenwich Avenue Greenwich, CT	—	10,175	12,641	119	10,175	12,760	22,935	978	2014	(a)	40 years
Bedford Green Bedford Hills, NY	28,697	12,425	32,730	1,801	12,425	34,531	46,956	2,264	2014	(a)	40 years
131-135 Prince Street Manhattan, NY	—	—	57,536	103	—	57,639	57,639	6,344	2014	(a)	40 years
Shops at Grand Ave Queens, NY	—	20,264	33,131	279	20,264	33,410	53,674	1,898	2014	(a)	40 years
201 Needham Street Newton, MA	—	4,550	4,459	105	4,550	4,564	9,114	303	2014	(a)	40 years
City Center San Francisco, CA	—	36,063	109,098	658	36,063	109,756	145,819	4,909	2015	(a)	40 years
163 Highland Avenue Needham, MA	9,359	12,679	11,213	—	12,679	11,213	23,892	624	2015	(a)	40 years
Roosevelt Galleria Chicago, IL	—	4,838	14,574	26	4,838	14,600	19,438	489	2015	(a)	40 years
Route 202 Shopping Center, Wilmington, DE	—	—	6,346	—	—	6,346	6,346	302	2015	(a)	40 years
991 Madison Avenue New York, NY	—		76,965	—	—	76,965	76,965	—	2016	(a)	40 years



		Initial Cost to Company			Amount at Which Carried at December 31, 2016
Description	Encumbrances	Land	Buildings & Improvements	Increase (Decrease) in Net Investments	Land	Buildings & Improvements	Total	Accumulated Depreciation	Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
165 Newbury Street Boston, MA	—	1,918	3,980	—	1,918	3,980	5,898	66	2016	(a)	40 years
Concord & Milwaukee Chicago, IL	2,874	2,739	2,746	—	2,739	2,746	5,485	30	2016	(a)	40 years
State & Washington Chicago, IL	25,485	3,907	70,943	—	3,907	70,943	74,850	591	2016	(a)	40 years
151 N. State Street Chicago, IL	14,464	1,941	25,529	—	1,941	25,529	27,470	266	2016	(a)	40 years
North & Kingsbury Chicago, IL	13,292	18,731	16,292	—	18,731	16,292	35,023	141	2016	(a)	40 years
Sullivan Center Chicago, IL	—	13,433	137,327	10	13,443	137,327	150,770	1,145	2016	(a)	40 years
California & Armitage Chicago, IL	2,675	6,770	2,292	—	6,770	2,292	9,062	21	2016	(a)	40 years
555 9th Street San Francisco, CA	60,000	75,591	73,268	—	75,591	73,268	148,859	308	2016	(a)	40 years
Undeveloped Land	—	100	—	—	100	—	100	—
Fund II:
161st Street Bronx, NY	46,500	16,679	28,410	28,272	16,679	56,682	73,361	13,067	2005	(a)	40 years
City Point Brooklyn, NY	326,042	—	—	207,561	—	207,561	207,561	1,848	2010	(c)	40 years
Fund III:
654 Broadway Manhattan, NY	8,615	9,040	3,654	2,869	9,040	6,523	15,563	656	2011	(a)	40 years
New Hyde Park Shopping Center New Hyde Park, NY	10,760	3,016	7,733	4,151	3,016	11,884	14,900	2,225	2011	(a)	40 years
640 Broadway Manhattan, NY	48,470	12,503	19,960	10,953	12,503	30,913	43,416	3,799	2012	(a)	40 years
3780-3858 Nostrand Avenue Brooklyn, NY	11,137	6,229	11,216	5,612	6,229	16,828	23,057	1,463	2013	(a)	40 years
Fund IV:
Paramus Plaza Paramus, NJ	14,099	11,052	7,037	8,280	11,052	15,317	26,369	962	2013	(a)	40 years
1151 Third Ave Manhattan, NY	12,481	8,306	9,685	1,412	8,306	11,097	19,403	990	2013	(a)	40 years
Lake Montclair Center Dumfries, VA	14,509	7,077	12,028	439	7,077	12,467	19,544	1,103	2013	(a)	40 years
938 W. North Avenue Chicago, IL	12,500	2,314	17,067	176	2,314	17,243	19,557	1,310	2013	(a)	40 years
17 E. 71st Street Manhattan, NY	19,000	7,391	20,176	263	7,391	20,439	27,830	1,149	2014	(a)	40 years
1035 Third Ave Manhattan, NY	41,826	14,099	39,928	671	14,099	40,599	54,698	1,858	2015	(a)	40 years
801 Madison Avenue Manhattan, NY	—	4,178	28,470	—	4,178	28,470	32,648	890	2015	(a)	40 years
2208-2216 Fillmore Street San Francisco, CA	5,606	3,027	6,376	—	3,027	6,376	9,403	186	2015	(a)	40 years
146 Geary Street San Francisco, CA	27,700	9,500	28,500	7	9,500	28,507	38,007	831	2015	(a)	40 years
2207 Fillmore Street San Francisco, CA	1,120	1,498	1,735	108	1,498	1,843	3,341	48	2015	(a)	40 years
1861 Union Street San Francisco, CA	2,315	2,188	1,293	—	2,188	1,293	3,481	35	2015	(a)	40 years
Restaurants at Fort Point Boston, MA	6,500	1,041	10,905	—	1,041	10,905	11,946	273	2016	(a)	40 years
Wakeforest Crossing Wake Forest, NC	—	7,570	24,829	1	7,570	24,830	32,400	197	2016	(a)	40 years
Airport Mall Bangor, ME	—	2,294	7,067	11	2,294	7,078	9,372	40	2016	(a)	40 years
Colonie Plaza Albany, NY	—	2,852	9,619	—	2,852	9,619	12,471	48	2016	(a)	40 years
Dauphin Plaza Harrisburg, PA	—	5,290	9,464	4	5,290	9,468	14,758	50	2016	(a)	40 years
JFK Plaza Waterville, ME	—	751	5,991	2	751	5,993	6,744	32	2016	(a)	40 years
Mayfair Shopping Center Philadelphia, PA	—	6,178	9,266	2	6,178	9,268	15,446	42	2016	(a)	40 years
Shaw's Plaza Waterville, ME	—	828	11,814	1	828	11,815	12,643	55	2016	(a)	40 years



				Initial Cost to Company						Amount at Which Carried at December 31, 2016
Description	Encumbrances			Land		Buildings & Improvements		Increase (Decrease) in Net Investments		Land		Buildings & Improvements		Total		Accumulated Depreciation		Date of Acquisition (a) Construction (c)		Life on which Depreciation in Latest Statement of Income is Compared
Wells Plaza Wells, ME	—			1,892		2,585		—		1,892		2,585		4,477		18		2016	(a)	40 years
717 N. Michigan Chicago, IL	63,900			72,174		34,606		—		72,174		34,606		106,780		72		2016	(a)	40 years

Real Estate Under Development	55,327			105,442		61,172		376,872		58,403		485,083		543,486		—			(a)
Debt of Assets Held For Sale	25,500
Unamortized Loan Costs	(16,642		)	—		—		—		—		—		—		—
Unamortized Premium	1,336			—		—		—		—		—		—		—
Total	$	1,055,728		$	796,928	$	1,774,296	$	810,776	$	751,655	$	2,630,345	$	3,382,000	$	287,066

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 at 30 to 40 years and improvements at the shorter of lease term or useful life.


2.	The aggregate gross cost of property included above for Federal income tax purposes was $2,550.5 million as of December 31, 2016.

The following table reconciles the activity for real estate properties from January 1, 2014 to December 31, 2016 (in thousands):



	Year Ended December 31,
	2016			2015			2014
Balance at beginning of year	$	2,736,283		$	2,208,595		$	1,819,053
Other improvements	152,129			162,760			162,827
Property acquisitions	761,400			418,396			299,793
Property dispositions or held for sale assets	(134,332		)	(66,359		)	(73,078		)
Prior year purchase price allocation adjustments	(9,844		)	—			—
Deconsolidation of Previously Consolidated Investments	(123,636		)	—			—
Consolidation of Previously Unconsolidated Investments	—			12,891			—
Balance at end of year	$	3,382,000		$	2,736,283		$	2,208,595

The following table reconciles accumulated depreciation from January 1, 2014 to December 31, 2016 (in thousands):



	Year Ended December 31,
	2016			2015			2014
Balance at beginning of year	$	298,703		$	256,015		$	229,538
Depreciation related to real estate	49,269			49,775			26,477
Property Dispositions	(27,829		)	(7,087		)	—
Deconsolidation of Previously Consolidated Investments	(33,077		)	—			—
Consolidation of previously unconsolidated investments	—			—			—
Balance at end of year	$	287,066		$	298,703		$	256,015

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2016

Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE

(in thousands)

December 31, 2016



Description	Effective Interest Rate	Final Maturity Date	Face Amount of Notes Receivable		Net Carrying Amount of Notes Receivable as of December 31, 2016
First Mortgage Loan	6.0%	4/28/2017	$	9,000	$	9,000
First Mortgage Loan	6.0%	5/1/2017	15,000		15,000
Mezzanine Loan	18.0%	7/1/2017	3,007		4,506
First Mortgage Loan	LIBOR + 7.1%	6/25/2018	26,000		26,000
First Mortgage Loan	8.1%	4/30/2019	153,400		153,400
Preferred Equity	8.7%	9/9/2019	10,000		10,000
Zero Coupon Loan	2.5%	5/31/2020	29,793		31,007
Preferred Equity	15.3%	2/3/2021	14,000		15,250
First Mortgage Loan	9.0%	Demand	12,000		12,000
Total			$	272,200	$	276,163

The following table reconciles the activity for loans on real estate from January 1, 2014 to December 31, 2016 (in thousands):



	Reconciliation of Loans on Real Estate
	Year Ended December 31,
	2016			2015			2014
Balance at beginning of year	$	147,188		$	102,286		$	126,656
Additions	171,794			48,500			31,169
Disposition of air rights through issuance of notes	—			29,539			—
Amortization and accretion	—			—			556
Repayments	(42,819		)	(15,984		)	(18,095		)
Conversion to real estate through receipt of deed or through foreclosure	—			(13,386		)	(38,000		)
Other	—			(3,767		)	—
Balance at end of year	$	276,163		$	147,188		$	102,286

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
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 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. Noncontrolling Interests Noncontrolling interests represent the portion of equity that the Company does not own in those entities it consolidates. The Company identifies its noncontrolling interests separately within the equity section on the Company’s consolidated balance sheets. The amounts of consolidated net earnings attributable to the Company and to the noncontrolling interests are presented separately on the Company’s consolidated statements of income. Noncontrolling interests also include amounts related to common and preferred OP Units issued to unrelated third parties in connection with certain property acquisitions. In addition, the Company periodically issues common OP Units to certain employees of the Company under its share-based incentive program. Unit holders generally have the right to redeem their units for shares of the Company's common stock subject to blackout and other limitations. Common and restricted OP Units are included in the caption Noncontrolling interest within the equity section on the Company’s consolidated balance sheets.
Cost Method Investments	Cost Method Investments The Company has certain investments to which it applies the cost method of accounting. The Company recognizes as income distributions from net accumulated earnings of the investee since the date of acquisition. The net accumulated earnings of an investee subsequent to the date of investment are recognized by the Company only to the extent distributed by the investee. Distributions received in excess of earnings subsequent to the date of investment are considered a return of investment and are recorded as reductions of cost of the investment. For the periods presented, there have been no events or changes in circumstances that may have a significant adverse effect on the fair value of the Company's cost-method investments.
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.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.
Real Estate and Real Estate Under Development	Real Estate Land, buildings, and personal property are carried at cost less accumulated depreciation. Improvements and significant renovations that extend the useful life of the properties are capitalized, while replacements, maintenance, and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Real estate under development includes costs for significant property expansion and development. Depreciation is computed on the straight-line basis over estimated useful lives of the assets as follows: Buildings and improvements Useful lives, ranging from 30 to 40 years Furniture and fixtures Useful lives, ranging from five years to 20 years Tenant improvements Shorter of economic life or lease terms Purchase Accounting – 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. The Company assesses fair value of its tangible assets acquired and assumed liabilities based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information at the measurement period. 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. In determining the value of above- and below-market leases, the Company estimates the present value difference between contractual rent obligations and estimated market rate of leases at the time of the transaction. 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 to rental income over the remaining applicable lease term, inclusive of any option periods. In determining the value of acquired in-place leases and customer relationships, the Company considers market conditions at the time of the transaction and values the costs to execute similar leases during the expected lease-up period from vacancy to existing occupancy, including carrying costs. The value assigned to in-place leases and tenant relationships is amortized over the estimated remaining term of the leases. If a lease were to be terminated prior to its scheduled expiration, all unamortized costs relating to that lease would be written off. The Company estimates the value of any assumption of mortgage debt based on market conditions at the time of acquisitions including prevailing interest rates, terms and ability to obtain financing for a similar asset. Mortgage debt discounts or premiums are amortized into interest expense over the remaining term of the related debt instrument. Real Estate Under Development – The Company capitalizes certain costs related to the development of real estate. Interest and real estate taxes incurred during the period of the construction, expansion or development of real estate are capitalized and depreciated over the estimated useful life of the building. The Company will cease the capitalization of these costs when construction activities are substantially completed and the property is available for occupancy by tenants, 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. If the Company suspends substantially all activities related to development of a qualifying asset, the Company will cease capitalization of interest and taxes until activities are resumed. Real Estate Impairment – The Company reviews its real estate and real estate under development for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. 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. The determination of anticipated undiscounted cash flows is inherently subjective, requiring significant estimates made by management, and considers the most likely expected course of action at the balance sheet date based on current plans, intended holding periods and available market information. If the Company is evaluating the potential sale of an asset, the undiscounted future cash flows analysis is probability-weighted based upon management’s best estimate of the likelihood of the alternative courses of action as of the balance sheet date. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. If an impairment is indicated, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The Company did not record any impairment charges during the years ended December 31, 2016 or 2014. During the year ended December 31, 2015, as a result of the loss of a key anchor tenant at a property located in Wilmington, Delaware, 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 matured July 1, 2016 and is currently in default.
Disposition of Real Estate	Dispositions of Real Estate – The Company recognizes property sales in accordance with ASC Topic 970 "Real Estate." Sales of real estate include the sale of land, operating properties and investments in real estate joint ventures. Gains from dispositions are recognized using the full accrual or partial sale methods, provided that various criteria relating to the terms of sale and any subsequent involvement by the Company with the asset sold are met.
Real Estate Held-for-Sale	Real Estate Held for Sale – The Company generally considers assets to be held for sale when it has entered into a contract to sell the property, all material due diligence requirements have been satisfied, and management believes it is probable that the disposition will occur within one year. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value, less cost to sell.
Notes Receivable	Notes Receivable Notes receivable include certain loans that are held for investment and are collateralized by real estate-related investments and may be subordinate to other senior loans. Notes receivable are recorded at stated principal amounts or at initial investment less accretive yield for loans purchased at a discount, which is accreted over the life of the note. The Company defers loan origination and commitment fees, net of origination costs, and amortizes them over the term of the related loan. The Company evaluates the collectability of both principal and interest based upon an assessment of the underlying collateral value to determine whether it is impaired. A reserve is recorded when, based upon current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. The amount of the reserve is calculated by comparing the recorded investment to the value of the underlying collateral. As the underlying collateral for a majority of the notes receivable is real estate-related investments, the same valuation techniques are used to value the collateral as those used to determine the fair value of real estate investments for impairment purposes. Given the small number of notes outstanding, the Company does not provide for an additional reserve based on the grouping of loans, as the Company believes the characteristics of its notes are not sufficiently similar to allow an evaluation of these notes as a group for a possible loan loss allowance. As such, all of the Company’s notes are evaluated individually for this purpose. Interest income on performing notes is accrued as earned. A note is placed on non-accrual status when, based upon current information and events, it is probable that the Company will not be able to collect all amounts due according to the existing contractual terms. Recognition of interest income on an accrual basis on non-performing notes is resumed when it is probable that the Company will be able to collect amounts due according to the contractual terms.
Investments in and Advances to Unconsolidated Joint Ventures	Investments in and Advances to Unconsolidated Joint Ventures Some of the Company’s joint ventures obtain non-recourse third-party financing on their property investments, contractually limiting the Company’s exposure to losses. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company and no intention or obligation to contribute additional capital. For investments in which there is recourse to the Company or an obligation or intention to contribute additional capital exists, distributions in excess of the investment are recorded as a liability. When characterizing distributions from equity investees within the Company's consolidated statements of cash flows, all distributions received are first applied as returns on investment to the extent there are cumulative earnings related to the respective investment and are classified as cash inflows from operating activities. If cumulative distributions are in excess of cumulative earnings, distributions are considered return of investment. In such cases, the distribution is classified as cash inflows from investing activities. To the extent that the Company’s carrying basis in an unconsolidated affiliate is different from the basis reflected at the joint venture level, the basis difference is amortized over the life of the related assets and included in the Company’s share of equity in net income (loss) of investments in unconsolidated affiliates the joint venture. 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, 2016, 2015 and 2014, there were no impairment charges related to the Company’s investments in unconsolidated joint ventures.
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.
Restricted Cash	Restricted Cash Restricted cash consists 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.
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 on a straight-line basis, which approximates the effective interest method. The Company capitalizes salaries, commissions and benefits related to time spent by leasing and legal department personnel involved in originating leases.
Derivatives Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Company measures derivative instruments at fair value and record them as assets or liabilities, depending on its rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in Other comprehensive (loss) income until the hedged item is recognized in earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings. The ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Although the Company's derivative contracts are subject to master netting arrangements, which serve as credit mitigants to both the Company and its counterparties under certain situations, the Company does not net its derivative fair values or any existing rights or obligations to cash collateral on the consolidated balance sheets. The Company does not use derivatives for trading or speculative purposes. For the periods presented, all of the Company's derivatives qualified and were designated as cash flow hedges, and none of its derivatives were deemed ineffective.
Revenue Recognition and Accounts Receivable	Revenue Recognition and Accounts Receivable Minimum rents from tenants are recognized using the straight-line method over the non-cancelable lease term of the respective leases. Lease termination fees are recognized upon the effective termination of a tenant’s lease when the Company has no further obligations under the lease. As of December 31, 2016 and 2015, unbilled rents receivable relating to the straight-lining of rents of $31.7 million and $31.3 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.
Share-based Compensation	Stock-Based Compensation Stock-based compensation expense for all equity-classified stock-based compensation awards is based on the grant date fair value estimated in accordance with current accounting guidance for share-based payments. The Company recognizes these compensation costs for only those shares or units expected to vest on a straight-line or graded-vesting basis, as appropriate, over the requisite service period of the award. The Company includes stock-based compensation within the Additional paid-in capital caption of equity.
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. In connection with the REIT Modernization Act, the Company is permitted to participate in certain activities and still maintain its qualification as a REIT, so long as these activities are conducted in entities that elect to be treated as taxable subsidiaries under the Code. As such, the Company is subject to Federal and state income taxes on the income from these activities. The Protecting Americans from Tax Hikes Act (PATH Act) was enacted in December 2015, and included numerous law changes applicable to REITs. The provisions have various effective dates beginning as early as 2016. These changes did not materially impact the Company's operations or consolidated financial statements. 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. The Company records net deferred tax assets to the extent it believes it is more likely than not that these assets will be realized and would record a valuation allowance to reduce deferred tax assets when it has determined that an uncertainty exists regarding their realization, which would increase the provision for income taxes. In making such determination, the Company considers all available positive and negative evidence, including forecasts of future taxable income, the reversal of other existing temporary differences, available net operating loss carry-forwards, tax planning strategies and recent results of operations. Several of these considerations require assumptions and significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates that the Company is utilizing to manage its business. To the extent facts and circumstances change in the future, adjustments to the valuation allowances may be required.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. ASU 2014-09 does not apply to the Company's lease revenues, but will apply to reimbursed tenant costs. Additionally, this guidance modifies disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued ASU 2015-14, which defers the effective date of ASU 2014-09 for all entities by one year, until years beginning in 2018, with early adoption permitted but not before 2017. Entities may adopt ASU 2014-09 using either a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients or a retrospective approach with the cumulative effect recognized at the date of adoption. While the Company is still completing the assessment of the impact of this standard to its consolidated financial statements, management believes the majority of the Company's revenue falls outside of the scope of this guidance. The Company intends to implement the standard retrospectively with the cumulative effect recognized in retained earnings at the date of application. In February 2016, the FASB issued ASU No. 2016-02, "Leases." ASU 2016-02 outlines a new model for accounting by lessees, whereby their rights and obligations under substantially all leases, existing and new, would be capitalized and recorded on the balance sheet. For lessors, however, the accounting remains largely unchanged from the current model, with the distinction between operating and financing leases retained, but updated to align with certain changes to the lessee model and the new revenue recognition standard discussed above. The new guidance requires that internal leasing costs be expensed as incurred, as opposed to capitalized and deferred. ASU 2016-02 will also require extensive quantitative and qualitative disclosures and is effective beginning after December 15, 2018, but early adoption is permitted. The Company is evaluating the impact of the new standard and has not yet determined if it will have a material impact on its consolidated financial statements; however, the Company capitalized internal leasing costs of $1.1 million, $1.4 million and $0.9 million during the years ended December 31, 2016, 2015 and 2014, respectively. In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments – Credit Losses." ASU 2016-13 introduces a new model for estimating credit losses for certain types of financial instruments, including loans receivable, held-to-maturity debt securities, and net investments in direct financing leases, amongst other financial instruments. ASU 2016-13 also modifies the impairment model for available-for-sale debt securities and expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for losses. ASU 2016-13 is effective for periods beginning after December 15, 2019, with adoption permitted for fiscal years beginning after December 15, 2018. Retrospective adjustments shall be applied through a cumulative-effect adjustment to retained earnings. The adoption of ASU 2016-13 is not expected to have a material impact on the Company's consolidated financial statements. In August 2016, the FASB issued No. 2016-15, "Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provides guidance on certain specific cash flow issues, including, but not limited to, debt prepayment or extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees. ASU 2016-15 is effective for periods beginning after December 15, 2017, with early adoption permitted and shall be applied retrospectively where practicable. The adoption of ASU 2016-15 is not expected to have a material impact on the Company's consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-01 "Business Combinations – Clarifying the Definition of a Business." ASU 2017-01 clarifies that to be considered a business, the elements must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output. The new standard illustrates the circumstances under which real estate with in-place leases would be considered a business and provides guidance for the identification of assets and liabilities in purchase accounting. ASU 2017-01 is effective for periods beginning after December 15, 2017 and early adoption is permitted. The Company is currently evaluating the impact ASU 2014-15 will have on its consolidated financial statements; however, it is expected that the new standard would reduce the number of future real estate acquisitions that will be accounted for as business combinations and, therefore, reduce the amount of acquisition costs that will be expensed. In January 2017, the FASB issued ASU No. 2017-03 "Accounting Changes and Error Corrections (Topic 250) and Investments – Equity Method and Joint Ventures (Topic 323)." ASU 2017-03 amends certain SEC guidance in the FASB Accounting Standards Codification in response to SEC staff announcements made during 2016 EITF meetings which addressed (i) the additional qualitative disclosures that a registrant is expected to provide when it cannot reasonably estimate the impact that ASUs 2014-09, 2016-02 and 2016-13 will have in applying the guidance in SAB Topic 11.M and (ii) guidance in ASC 323 related to the amendments made by ASU 2014-01 regarding use of the proportional amortization method in accounting for investments in qualified affordable housing projects (announcement made at the November 17, 2016, EITF meeting. The adoption of ASU 2017-03 is not expected to have a material impact on the Company's consolidated financial statements. Recently Adopted Accounting Pronouncements On January 1, 2016, the Company adopted 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. The adoption did not have a material impact on the Company's consolidated financial statements. On January 1, 2016, the Company adopted ASU No. 2015-02, "Consolidation – Amendments to the Consolidation Analysis," which modified the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIE's"), particularly those with fee arrangements and related party relationships. Consolidated VIE's are those where the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: (i) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and (ii) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company reviewed all of its entities in accordance with ASU 2015-02 and concluded that certain of its legal entities, including the Operating Partnership and the Funds, which have always been consolidated, are now VIE's. There were no entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. As a result of the classification of the Operating Partnership as a VIE, substantially all of the Company's assets and liabilities are assets and liabilities of a VIE. Accordingly, the adoption of ASU 2015-02 had no other impact on the Company's consolidated financial statements.

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General terms and operating partnership's equity interests

The following table summarizes the general terms and Operating Partnership's equity interests in the Funds and Mervyns I and II (dollars in millions):



Entity	Formation Date	Operating Partnership Share of Capital	Fund Size		Capital Called as of December 31, 2016 ^(a)		Unfunded Commitment		Equity Interest Held By Operating Partnership	Preferred Return	Total Distributions as of December 31, 2016 ^(e)
Fund I and Mervyns I ^(a)	9/2001	22.22%	$	90.0	$	86.6	$	—	37.78%	9%	$	194.5
Fund II and Mervyns II ^{(b) (c)}	6/2004	28.33%	300.0		347.1		—		28.33%	8%	131.6
Fund III ^(d)	5/2007	24.54%	502.5		387.5		62.5		39.63%	6%	445.7
Fund IV	5/2012	23.12%	540.6		179.4		361.2		23.12%	6%	101.9
Fund V	8/2016	20.10%	520.1		—		520.1		20.10%	6%	—

__________


(a)	As of December 31, 2015, Fund I had been liquidated.


(b)	During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount was subject to recontribution to Fund II until December 2016, and was recontributed during 2016.


(c)	During 2016, the Company acquired an additional 8.3% interest in Fund II from a limited partner for $18.4 million, giving the Operating Partnership an aggregate 28.33% interest.


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


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

Real Estate (Tables)

12 Months Ended

Dec. 31, 2016

Acquisition and Disposition of Properties and Discontinued Operations [Abstract]

Schedule of Consolidated Real Estate

The Company's consolidated real estate is comprised of the following (in thousands):



	December 31,
	2016			2015
Land	$	693,252		$	514,120
Buildings and improvements	1,916,288			1,457,351
Tenant improvements	132,220			135,999
Construction in progress	19,789			19,239
Properties under capital lease	76,965			—
Total	2,838,514			2,126,709
Less: Accumulated depreciation	(287,066		)	(298,703		)
Operating real estate, net	2,551,448			1,828,006
Real estate under development at cost	543,486			609,574
Net investment in real estate	$	3,094,934		$	2,437,580

Schedule of Business Acquisitions, by Acquisition

During 2016 and 2015, the Company acquired the following consolidated retail properties (dollars in thousands):



Property	Percent Acquired	Date of Acquisition	Purchase Price		Debt Assumed
2016 Acquisitions
Core Portfolio:
991 Madison Avenue - New York, NY ^(a)	100%	Mar 26, 2016	$	76,628	$	—
165 Newbury Street - Boston, MA	100%	May 13, 2016	6,250		—
Concord & Milwaukee - Chicago, IL	100%	Jul 28, 2016	6,000		2,902
151 North State Street - Chicago, IL	100%	Aug 10, 2016	30,500		14,556
State & Washington - Chicago, IL	100%	Aug 22, 2016	70,250		25,650
North & Kingsbury - Chicago, IL	100%	Aug 29, 2016	34,000		13,409
Sullivan Center - Chicago, IL	100%	Aug 31, 2016	146,939		—
California & Armitage - Chicago, IL	100%	Sep 12, 2016	9,250		2,692
555 9th Street - San Francisco, CA	100%	Nov 2, 2016	139,775		60,000
Subtotal Core Portfolio			519,592		119,209

Fund IV:
Restaurants at Fort Point - Boston, MA	100%	Jan 14, 2016	11,500		—
1964 Union Street - San Francisco, CA	90%	Jan 28, 2016	2,250		1,463
Wake Forest Crossing - Wake Forest, NC	100%	Sep 27, 2016	36,600		—
Airport Mall - Bangor, ME	100%	Oct 28, 2016	10,250		—
Colonie Plaza - Albany, NY	100%	Oct 28, 2016	15,000		—
Dauphin Plaza - Harrisburg, PA	100%	Oct 28, 2016	16,000		—
JFK Plaza - Waterville, ME	100%	Oct 28, 2016	6,500		—
Mayfair Shopping Center - Philadelphia, PA	100%	Oct 28, 2016	16,600		—
Shaw's Plaza - Waterville, ME	100%	Oct 28, 2016	13,800		—
Wells Plaza - Wells, ME	100%	Oct 28, 2016	5,250		—
717 N Michigan - Chicago, IL	100%	Dec 1, 2016	103,500		—
Subtotal Fund IV			237,250		1,463
Total 2016 Acquisitions			$	756,842	$	120,672



Property	Percent Acquired	Date of Acquisition	Purchase Price		Debt Assumed
2015 Acquisitions
Core Portfolio:
City Center - San Francisco, CA	100%	Mar 13, 2015	$	155,000	$	—
163 Highland Avenue - Needham, MA	100%	Mar 26, 2015	24,000		9,765
Route 202 Shopping Center - Wilmington, DE	100%	Apr 1, 2015	5,643		—
Roosevelt Galleria - Chicago, IL	100%	Sep 11, 2015	19,600		—
Subtotal Core Portfolio			204,243		9,765

Fund II:
City Point Tower I - Brooklyn, NY ^(a)	95%		100,800		81,000

Fund IV:
1035 Third Avenue - New York, NY	100%	Jan 28, 2015	51,036		—
801 Madison Avenue - New York, NY	100%	Apr 1, 2015	33,000		—
650 Bald Hill Road - Warwick, RI ^(a)	90%	Sep 30, 2015	9,216		—
2208-2216 Fillmore Street - San Francisco, CA	90%	Oct 22, 2015	8,625		—
146 Geary Street - San Francisco, CA	100%	Nov 12, 2015	38,000		—
2207 Fillmore Street - San Francisco, CA	90%	Nov 19, 2015	2,800		1,120
1861 Union Street - San Francisco, CA	90%	Dec 2, 2015	3,500		—
Subtotal Fund IV			146,177		1,120
Total 2015 Acquisitions			$	451,220	$	91,885

__________


(a)	These acquisitions were accounted for as asset acquisitions.

The following table summarizes the allocation of the purchase price of properties acquired during 2016 and 2015 (in thousands):



	Year Ended December 31,
	2016			2015
	Purchase Price Allocation			Preliminary Purchase Price Allocation			Adjustments			Finalized Purchase Price Allocation
Net assets acquired:
Land	$	225,729		$	83,890		$	4,178		$	88,068
Buildings and improvements	458,525			258,926			(14,023		)	244,903
Other assets	3,481			—			—			—
Acquisition-related intangible assets (in Acquired lease intangibles, net)	63,606			—			22,660			22,660
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(72,985		)	—			(12,094		)	(12,094		)
Above and below market debt assumed (included in Mortgages and other notes payable, net)	(119,601		)	(10,885		)	(721		)	(11,606		)
Net assets acquired	$	558,755		$	331,931		$	—		$	331,931



Consideration:
Cash	$	677,964		$	342,816
Debt assumed	(119,209		)	(10,885		)
Total Consideration	$	558,755		$	331,931

Schedule of Property Dispositions

During 2016 and 2015, the Company disposed of the following consolidated properties (in thousands):




	Owner	Date Sold	Sale Price		Gain on Sale
2016 Dispositions:
Cortlandt Town Center - 65% (Note 4)	Fund III	Jan 28, 2016	$	107,250	$	65,393
Heritage Shops	Fund III	Apr 26, 2016	46,500		16,572
Total 2016 Dispositions			$	153,750	$	81,965

2015 Dispositions:
Lincoln Park Centre	Fund III	Jan 15, 2015	$	64,000	$	27,143
Liberty Avenue	Fund II	May 6, 2015	24,000		11,957
City Point - Air Rights	Fund II	May 29, 2015	115,600		49,884
Kroger-Safeway	Fund I	Aug 31, 2015	278		79
Total 2015 Dispositions			$	203,878	$	89,063

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



	Year Ended December 31,
	2016			2015			2014

Rental revenues	$	3,503		$	21,987		$	26,374
Expenses	(1,179		)	(16,246		)	(19,753		)
Gain on disposition of properties	81,965			89,063			—
Loss on extinguishment of debt	(15		)	(111		)	(181		)
Provision for income taxes	—			(2		)	(2		)
Income from continuing operations of disposed properties, net of income taxes	$	84,274		$	94,691		$	6,438
Amounts attributable to noncontrolling interests	$	(64,374	)	$	(76,277	)	$	—

Business Acquisition, Pro Forma Information



	Year Ended December 31,
	2016		2015		2014
Pro forma revenues	$	252,702	$	274,972	$	215,991
Pro forma income from continuing operations	$	141,612	$	150,498	$	145,398
Pro forma net income attributable to Acadia	$	79,680	$	67,788	$	67,888
Pro forma basic and diluted earnings per share	$	0.94	$	0.81	$	1.03

- 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=65878427&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=64827811&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=64827811&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=64827811&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=64827811&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=64862545&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=64827811&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=64827811&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=64862545&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=64827811&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=64827811&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=64827811&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=64827811&loc=SL51721677-107760

+ Details

Notes Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2016

Accounts and Notes Receivable, Net [Abstract]

Schedule of Notes Receivable



	Number of Instruments December 31, 2016	December 31,
Description	Number of Instruments December 31, 2016	2016		2015		Maturity Date at December 31, 2016	Interest Rate at December 31, 2016
Core Portfolio	10	$	216,400	$	113,048	May 2017 - September 2019	6.0% - 9.0%
Fund II	1	31,007		30,234		May 2020	2.5%
Fund III	1	4,506		3,906		July 2017	18.0%
Fund IV	3	24,250		—		April 2017 - February 2021	6.0% - 15.3%
	15	$	276,163	$	147,188

Investments in and Advances to Unconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2016

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments

The Company's investments in and advances to unconsolidated affiliates consist of the following (dollars in thousands):



		Nominal Ownership Interest at December 31, 2016		December 31,
Fund	Property	Nominal Ownership Interest at December 31, 2016		2016		2015
Core:
	840 N. Michigan ^(a)	88.43	%	$	74,131	$	76,898
	Renaissance Portfolio	20	%	36,437		—
	Gotham	49	%	29,421		—
	Brandywine Portfolio ^(a)	22.22	%	20,755		—
	Georgetown Portfolio	50	%	4,287		4,688
				165,031		81,586

Mervyns I & II:	KLA/Mervyn's, LLC ^(b)	10.5	%	—		—

Fund III:
	Fund III Other Portfolio	90	%	8,108		12,784
	Self Storage Management ^(c)	95	%	241		654
				8,349		13,438
Fund IV:
	Broughton Street Portfolio	50	%	54,839		43,786
	Fund IV Other Portfolio	90	%	21,817		24,104
	650 Bald Hill Road	90	%	18,842		9,072
				95,498		76,962
	Due from Related Parties ^(d)			2,193		725
	Other			957		566
	Investments in and advances to unconsolidated affiliates			$	272,028	$	173,277

Core:
	Crossroads ^(e)	49	%	$	13,691	$	13,244
	Distributions in excess of income from, and investments in, unconsolidated affiliates			$	13,691	$	13,244

__________


(a)	Represents a tenancy-in-common interest.


(b)	Distributions have exceeded the Company's non-recourse investment, therefore the carrying value is zero.


(c)	Represents a variable interest entity.


(d)	Represents deferred fees.


(e)	Distributions have exceeded the Company's investment; however, the Company recognizes a liability balance as it may fund future obligations of the entity.

Schedule of Condensed Balance Sheet



	December 31,
	2016		2015
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	576,505	$	302,976
Real estate under development	18,884		35,743
Investment in unconsolidated affiliates	6,853		6,853
Other assets	75,254		47,083
Total assets	$	677,496	$	392,655
Liabilities and partners’ equity:
Mortgage notes payable	$	407,344	$	262,130
Other liabilities	30,117		21,945
Partners’ equity	240,035		108,580
Total liabilities and partners’ equity	$	677,496	$	392,655

Company's share of accumulated equity	$	191,049	$	106,442
Basis differential	61,827		11,620
Deferred fees, net of portion related to the Company's interest	3,268		5,342
Amounts receivable by the Company	2,193		36,629
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income and investments in unconsolidated affiliates	$	258,337	$	160,033

Schedule of Condensed Income Statement



	Year Ended December 31,
	2016			2015			2014
Combined and Condensed Statements of Income
Total revenues	$	84,218		$	43,990		$	44,422
Operating and other expenses	(25,724		)	(13,721		)	(17,069		)
Interest expense	(16,300		)	(9,178		)	(9,363		)
Equity in earnings (losses) of unconsolidated affiliates	—			66,655			(328		)
Depreciation and amortization	(35,432		)	(12,154		)	(10,967		)
Loss on debt extinguishment	—			—			(187		)
(Loss) gain on disposition of properties	(1,340		)	32,623			142,615
Net income attributable to unconsolidated affiliates	$	5,422		$	108,215		$	149,123

Company’s share of equity in net income of unconsolidated affiliates	$	40,538		$	37,722		$	111,970
Basis differential adjustments	(1,089		)	(392		)	(392		)
Company’s equity in earnings of unconsolidated affiliates	$	39,449		$	37,330		$	111,578

Other Assets, net and Accounts Payable and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2016

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of other assets and other liabilities

Other assets, net and accounts payable and other liabilities are comprised of the following for the periods presented:



	December 31,
(in thousands)	2016			2015
Other assets, net:
Lease intangibles, net (Note 6)	$	114,584		$	52,593
Deferred charges, net	25,221			22,568
Prepaid expenses	14,351			14,707
Other receivables	9,514			9,486
Accrued interest receivable	9,354			11,039
Deposits	4,412			5,837
Due from seller	4,300			—
Deferred tax assets	3,733			2,664
Derivative financial instruments (Note 8)	2,921			818
Due from related parties	1,655			336
Corporate assets	1,241			2,985
Income taxes receivable	1,500			756
	$	192,786		$	123,789

Deferred charges, net:
Deferred leasing and other costs	$	40,728		$	39,310
Deferred financing costs	5,915			4,072
	46,643			43,382
Accumulated amortization	(21,422		)	(20,814		)
Deferred charges, net	$	25,221		$	22,568

Accounts payable and other liabilities:
Lease intangibles, net (Note 6)	$	105,028		$	31,808
Accounts payable and accrued expenses	48,290			38,755
Deferred income	35,267			8,334
Tenant security deposits, escrow and other	14,975			15,288
Derivative financial instruments (Note 8)	3,590			5,876
Income taxes payable (Note 14)	1,287			1,269
Other	235			233
	$	208,672		$	101,563

Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

Intangible assets and liabilities are summarized as follows (in thousands):



	December 31, 2016									December 31, 2015
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
In-place lease intangible assets	$	156,420		$	(47,827	)	$	108,593		$	84,443		$	(37,996	)	$	46,447
Above-market rent	16,649			(10,658		)	5,991			19,545			(13,399		)	6,146
	$	173,069		$	(58,485	)	$	114,584		$	103,988		$	(51,395	)	$	52,593

Amortizable Intangible Liabilities
Below-market rent	$	(137,032	)	$	32,004		$	(105,028	)	$	(65,607	)	$	33,799		$	(31,808	)
	$	(137,032	)	$	32,004		$	(105,028	)	$	(65,607	)	$	33,799		$	(31,808	)

Schedule of Amortization of Acquired Lease Intangible Assets and Liabilities

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of December 31, 2016 is as follows (in thousands):



	Net Increase in Lease Revenues		Increase to Amortization		Net
2017	$	9,253	$	21,433	$	(12,180	)
2018	9,415		17,966		(8,551		)
2019	9,157		12,416		(3,259		)
2020	8,117		10,413		(2,296		)
2021	6,974		9,066		(2,092		)
Thereafter	56,121		37,299		18,822
Total	$	99,037	$	108,593	$	(9,556	)

Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Schedule of Debt

A summary of the Company's consolidated indebtedness is as follows (dollars in thousands):



	Effective Interest Rate, December 31,		Maturity Date at December 31, 2016	Carrying Value, December 31,
	2016	2015	Maturity Date at December 31, 2016	2016			2015
Mortgages Payable
Core Fixed Rate	3.88%-6.65%	3.50%-6.65%	July 2016 - April 2035	$	234,875		$	301,340
Core Variable Rate - Swapped^(a)	1.71%-3.77%	1.75%-3.77%	September 2022 - June 2026	82,250			72,444
Total Core Mortgages Payable				317,125			373,784
Fund II Fixed Rate	1.00%-5.80%	1.00%-5.80%	October 2017 - May 2020	249,762			249,762
Fund II Variable Rate	LIBOR+0.62%-LIBOR+2.50%	LIBOR+1.39%-LIBOR+3.02%	August 2017 - November 2021	142,750			111,500
Fund II Variable Rate - Swapped^(a)	2.88%	2.88%	November 2021	19,779			19,984
Total Fund II Mortgages Payable				412,291			381,246
Fund III Variable Rate	Prime+0.50%-LIBOR+4.65%	Prime+0.50%-LIBOR+4.65%	March 2017 - December 2021	83,467			164,280
Fund IV Fixed Rate	3.4%-4.50%	4.5%	October 2025-June 2026	10,503			1,120
Fund IV Variable Rate	LIBOR+1.70%-LIBOR+3.95%	LIBOR+1.70%-LIBOR+3.00%	May 2017 - January 2021	233,139			123,920
Fund IV Variable Rate - Swapped^(a)	1.78%	1.78%	May 2019	14,509			14,904
Total Fund IV Mortgages Payable				258,151			139,944
Net unamortized debt issuance costs				(16,642		)	(10,567		)
Unamortized premium				1,336			1,364
Total Mortgages Payable				$	1,055,728		$	1,050,051
Unsecured Notes Payable
Core Unsecured Term Loans	LIBOR+1.30%-LIBOR+1.60%	LIBOR+1.30%-LIBOR+1.60%	November 2019 - December 2022	$	51,194		$	841
Core Variable Rate Unsecured Term Loans - Swapped^(a)	1.24%-3.77%	1.31%-3.77%	July 2018 - March 2025	248,806			149,159
Total Core Unsecured Notes Payable				300,000			150,000
Fund II Subscription Facility	LIBOR+2.75%	LIBOR+2.75%	October 2016	—			12,500
Fund IV Term Loan/Subscription Facility	LIBOR+1.65%-LIBOR+2.75%	LIBOR+1.65%-LIBOR+2.75%	February 2017- November 2017	134,636			126,410
Net unamortized debt issuance costs				(1,646		)	(1,155		)
Total Unsecured Notes Payable				$	432,990		$	287,755
Unsecured Line of Credit
Core Unsecured Line of Credit	LIBOR+1.40%	LIBOR+1.40%	June 2020	$	—		$	20,800
Total Unsecured Line of Credit				$	—		$	20,800

Total Debt - Fixed and Effectively Fixed Rate				$	860,486		$	552,222
Total Debt - Variable Rate				645,185			816,740
Net unamortized debt issuance costs				(18,289		)	(11,720		)
Unamortized premium				1,336			1,364
Total Indebtedness				$	1,488,718		$	1,358,606

__________


(a)	At December 31, 2016, the stated rates ranged from LIBOR + 1.08% to LIBOR +1.90% for Core Variable rate debt; LIBOR + 1.70% to LIBOR +1.70% for Fund II Variable rate debt; LIBOR + 2.15% to LIBOR +2.15% for Fund IV rate debt; and LIBOR + 1.30% to LIBOR +1.60% for Core variable rate unsecured notes.

Schedule of Maturities of Long-term Debt

The scheduled principal repayments of the Company's consolidated indebtedness, as of December 31, 2016 are as follows (in thousands):




2017	$	395,999
2018	69,753
2019	205,295
2020	321,559
2021	253,927
Thereafter	259,138
	1,505,671
Unamortized fair market value of assumed debt	1,336
Net unamortized debt issuance costs	(18,289		)
Total indebtedness	$	1,488,718

Financial Instruments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

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 (in thousands):



	December 31, 2016						December 31, 2015
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money Market Funds	$	20,001	$	—	$	—	$	4	$	—	$	—
Derivative financial instruments	—		2,921		—		—		818		—
Liabilities
Derivative financial instruments	—		3,590		—		—		5,876		—

Schedule of derivative financial instruments

The Company had the following interest rate swaps for the periods presented (in thousands):



					Strike Rate				Fair Value at December 31,
Derivative Instrument	Aggregate Notional Amount		Effective Date	Maturity Date	Low		High	Balance Sheet Location	2016			2015
Core
Interest Rate Swaps	$	140,651	Oct 2011 - Mar 2015	Jul 2018 - Mar 2025	1.38%	—	3.77%	Other Liabilities	$	(3,218	)	$	(5,255	)
Interest Rate Swaps	190,407		Sep 2012 - Jul 2016	Jul 2020 - Jun 2026	1.24%	—	3.77%	Other Assets	2,609			815
	$	331,058							$	(609	)	$	(4,440	)

Fund II
Interest Rate Swaps	$	19,779	Oct 2014	Nov 2021	2.88%	—	2.88%	Other Liabilities	$	(228	)	$	(385	)
Interest Rate Caps	29,500		Apr 2013	Apr 2018	4%	—	4%	Other Assets	—			3
	$	49,279							$	(228	)	$	(382	)

Fund III
Interest Rate Caps	$	58,000	Dec 2016	Jan 2020	3%	—	3%	Other Assets	$	127		$	—

Fund IV
Interest Rate Swaps	$	14,509	May 2014	May 2019	1.78%	—	1.78%	Other Liabilities	$	(144	)	$	(236	)
Interest Rate Caps	108,900		Jul 2016 - Nov 2016	Aug 2019 - Dec 2019	3%	—	3%	Other Assets	185			—
	$	123,409							$	41		$	(236	)

Total asset derivatives									$	2,921		$	818
Total liability derivatives									$	(3,590	)	$	(5,876	)

Gain (loss) on derivative instruments within the statement of income

The following table presents the location in the financial statements of the (losses) income recognized related to the Company's cash flow hedges (in thousands):



	Year Ended December 31,
	2016		2015		2014
Amount of loss related to the effective portion recognized in other comprehensive income (loss)	$	646	$	5,061	$	9,061
Amount of loss related to the effective portion subsequently reclassified to earnings	—		—		—
Amount of gain (loss) related to the ineffective portion and amount excluded from effectiveness testing	—		—		—

Fair value, by balance sheet grouping

Our other financial instruments had the following carrying values and fair values as of the dates shown (dollars in thousands):



		December 31, 2016				December 31, 2015
	Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable ^(a)	3	$	276,163	$	272,052	$	147,188	$	147,188
Mortgage and Other Notes Payable, net ^(a)	3	1,055,728		1,077,926		1,050,051		1,072,473
Investment in non-traded equity securities	3	802		25,194		411		25,194
Unsecured notes payable, net ^(b)	2	432,990		435,779		287,755		288,964
Unsecured line of credit ^(c)	2	—		—		20,800		20,881

(a)


(b)	The Company determined the estimated fair value of the unsecured notes payable using quoted market prices in an open market with limited trading volume where available. In cases where there was no trading volume, the Company determined the estimated fair value using a discounted cash flow model using a rate that reflects the average yield of similar market participants.


(c)	The Company determined the estimated fair value of the unsecured line of credit using a discounted cash flow model with rates that take into account the market-based credit spread and the Company's credit rating.

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2016

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

Reclassification out of Accumulated Other Comprehensive Income

The following table sets forth the activity in accumulated other comprehensive income for the three years ended December 31, 2016 (in thousands):



	Gains or Losses on Derivative Instruments
Balance at January 1, 2014	$	1,132

Other comprehensive loss before reclassifications	(9,061		)
Reclassification of realized interest on swap agreements	3,776
Net current period other comprehensive loss	(5,285		)
Net current period other comprehensive loss attributable to noncontrolling interests	148
Balance at December 31, 2014	(4,005		)

Other comprehensive loss before reclassifications	(5,061		)
Reclassification of realized interest on swap agreements	5,524
Net current period other comprehensive income	463
Net current period other comprehensive income attributable to noncontrolling interests	(921		)
Balance at December 31, 2015	(4,463		)

Other comprehensive loss before reclassifications	(646		)
Reclassification of realized interest on swap agreements	4,576
Net current period other comprehensive income	3,930
Net current period other comprehensive income attributable to noncontrolling interests	(265		)
Balance at December 31, 2016	$	(798	)

Change in Noncontrolling Interests

The following table summarizes the change in the noncontrolling interests for the periods presented (in thousands):



	Noncontrolling Interests in Operating Partnership ^(a)			Noncontrolling Interests in Partially-Owned Affiliates ^(b)			Total

Balance at December 31, 2013	$	48,948		$	368,404		$	417,352
Distributions declared of $1.23 per Common OP Unit	(5,085		)	—			(5,085		)
Net income for the period January 1 through December 31, 2014	3,204			77,878			81,082
Conversion of 136,128 Common OP Units to Common Shares by limited partners of the Operating Partnership	(3,181		)	—			(3,181		)
Issuance of Common OP Units to acquire real estate	44,051			—			44,051
Other comprehensive income - unrealized loss on valuation of swap agreements	(345		)	(902		)	(1,247		)
Reclassification of realized interest expense on swap agreements	115			984			1,099
Noncontrolling interest contributions	—			57,969			57,969
Noncontrolling interest distributions and other reductions	—			(218,152		)	(218,152		)
Employee Long-term Incentive Plan Unit Awards	6,528			—			6,528
Balance at December 31, 2014	94,235			286,181			380,416
Distributions declared of $1.22 per Common OP Unit	(5,983		)	—			(5,983		)
Net income for the period January 1 through December 31, 2015	3,836			80,426			84,262
Conversion of 100,620 Common OP Units to Common Shares by limited partners of the Operating Partnership	(2,451		)	—			(2,451		)
Acquisition of noncontrolling interests	—			(3,561		)	(3,561		)
Other comprehensive income - unrealized loss on valuation of swap agreements	(117		)	(897		)	(1,014		)
Reclassification of realized interest expense on swap agreements	97			1,838			1,935
Noncontrolling interest contributions	—			35,489			35,489
Noncontrolling interest distributions and other reductions	—			(74,950		)	(74,950		)
Employee Long-term Incentive Plan Unit Awards	6,723			—			6,723
Balance at December 31, 2015	96,340			324,526			420,866
Distributions declared of $1.16 per Common OP Unit	(6,753		)	—			(6,753		)
Net income for the period January 1 through December 31, 2016	5,002			56,814			61,816
Conversion of 351,250 Common OP Units to Common Shares by limited partners of the Operating Partnership	(7,892		)	—			(7,892		)
Change in control of previously consolidated investment (Note 4)	(75,713		)	—			(75,713		)
Acquisition of noncontrolling interests ^(c)	—			(25,925		)	(25,925		)
Issuance of Common and Preferred OP Units to acquire real estate	31,429			—			31,429
Other comprehensive income - unrealized loss on valuation of swap agreements	(43		)	(288		)	(331		)
Reclassification of realized interest expense on swap agreements	223			373			596
Noncontrolling interest contributions	—			295,108			295,108
Noncontrolling interest distributions and other reductions	—			(80,769		)	(80,769		)
Employee Long-term Incentive Plan Unit Awards	12,768			—			12,768
Rebalancing adjustment (Note 1)	(35,652		)	—			(35,652		)
Balance at December 31, 2016	$	19,709		$	569,839		$	589,548

__________

(a)


(b)	Noncontrolling interests in partially-owned affiliates comprise third-party interests in Fund I, II, III, IV and V, and Mervyns I and II, and six other subsidiaries.


(c)	During 2016, the Company acquired an additional 8.3% interest in Fund II from a limited partner for $18.4 million, giving the Company an aggregate 28.33% interest. Amount in the table above represents the book value of this transaction.

Leases (Tables)

12 Months Ended

Dec. 31, 2016

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases



	Minimum Rental Revenues		Minimum Rental Payments
2017	$	152,464	$	3,737
2018	147,025		3,756
2019	135,796		3,776
2020	122,071		3,669
2021	109,383		3,744
Thereafter	591,541		185,621
Total	$	1,258,280	$	204,303

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2016

Segment Reporting [Abstract]

Reconciliation of Certain Segment Information from Segments to Consolidated

The following tables set forth certain segment information for the Company (in thousands):



	As of or for the Year Ended December 31, 2016
(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	150,211		$	39,728		$	—	$	—		$	189,939
Property operating expenses, other operating and real estate taxes	(39,598		)	(17,793		)	—		—			(57,391		)
General and administrative expenses	—			—			—		(40,648		)	(40,648		)
Depreciation and amortization	(54,582		)	(15,429		)	—		—			(70,011		)
Operating income	56,031			6,506			—		(40,648		)	21,889
Equity in earnings of unconsolidated affiliates	3,774			35,675			—		—			39,449
Interest income	—			—			25,829		—			25,829
Interest and other finance expense	(27,435		)	(7,210		)	—		—			(34,645		)
Gain on disposition of properties	—			81,965			—		—			81,965
Income tax benefit	—			—			—		105			105
Net income	32,370			116,936			25,829		(40,543		)	134,592
Net income attributable to noncontrolling interests	(3,411		)	(58,405		)	—		—			(61,816		)
Net income attributable to Acadia	$	28,959		$	58,531		$	25,829	$	(40,543	)	$	72,776

Real estate at cost	$	1,982,763		$	1,399,237		$	—	$	—		$	3,382,000
Total assets	$	2,271,620		$	1,448,177		$	276,163	$	—		$	3,995,960
Acquisition of real estate	$	323,880		$	171,764		$	—	$	—		$	495,644
Development and property improvement costs	$	13,434		$	136,000		$	—	$	—		$	149,434



	As of or for the Year Ended December 31, 2015
(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	150,015		$	49,048		$	—	$	—		$	199,063
Property operating expenses, other operating and real estate taxes	(37,259		)	(21,223		)	—		—			(58,482		)
General and administrative expenses	—			—			—		(30,368		)	(30,368		)
Depreciation and amortization	(46,223		)	(14,528		)	—		—			(60,751		)
Impairment of asset	(5,000		)	—			—		—			(5,000		)
Operating income	61,533			13,297			—		(30,368		)	44,462
Equity in (losses) earnings of unconsolidated affiliates	1,169			36,161			—		—			37,330
Interest income	—			—			16,603		—			16,603
Other	—			—			1,596		—			1,596
Interest and other finance expense	(27,945		)	(9,352		)	—		—			(37,297		)
Gain on disposition of properties	—			89,063			—		—			89,063
Income tax provision	—			—			—		(1,787		)	(1,787		)
Net income	34,757			129,169			18,199		(32,155		)	149,970
Net income attributable to noncontrolling interests	(140		)	(84,122		)	—		—			(84,262		)
Net income attributable to Acadia	$	34,617		$	45,047		$	18,199	$	(32,155	)	$	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	$	181,884		$	156,816		$	—	$	—		$	338,700
Development and property improvement costs	$	16,505		$	147,810		$	—	$	—		$	164,315



	As of or for the Year Ended December 31, 2014
(in thousands)	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	125,022		$	54,659		$	—	$	—		$	179,681
Property operating expenses, other operating and real estate taxes	(33,097		)	(18,574		)	—		—			(51,671		)
General and administrative expenses	—			—			—		(27,433		)	(27,433		)
Depreciation and amortization	(35,875		)	(13,770		)	—		—			(49,645		)
Operating income	56,050			22,315			—		(27,433		)	50,932
Equity in (losses) earnings of unconsolidated affiliates	(77		)	111,655			—		—			111,578
Gain on disposition of properties	12,577			561			—		—			13,138
Interest income	—			—			12,607		—			12,607
Other	—			—			2,724		—			2,724
Interest and other finance expense	(27,024		)	(12,402		)	—		—			(39,426		)
Income tax provision	—			—			—		(629		)	(629		)
Income from continuing operations	41,526			122,129			15,331		(28,062		)	150,924
Income from discontinued operations	—			1,222			—		—			1,222
Net income	41,526			123,351			15,331		(28,062		)	152,146
Net income attributable to noncontrolling interests	(3,222		)	(77,860		)	—		—			(81,082		)
Net income attributable to Acadia	$	38,304		$	45,491		$	15,331	$	(28,062	)	$	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	$	206,203		$	50,250		$	—	$	—		$	256,453
Development and property improvement costs	$	5,432		$	134,686		$	—	$	—		$	140,118

Share Incentive and Other Compensation (Tables)

12 Months Ended

Dec. 31, 2016

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

Schedule of Unvested Restricted Shares and LTIP Units

A summary of the status of the Company’s unvested Restricted Shares and LTIP Units is presented below:



Unvested Restricted Shares and LTIP Units	Common Restricted Shares		Weighted Grant-Date Fair Value		LTIP Units		Weighted Grant-Date Fair Value
Unvested at January 1, 2014	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
Granted	24,583		33.35		359,484		34.40
Vested	(24,886	)	29.17		(522,680	)	26.08
Forfeited	(189	)	35.37		(48	)	35.37
Unvested at December 31, 2016	49,407		27.92		856,877		26.99

Schedule of Share-based Compensation, Stock Options, Activity

A summary of option activity under all option arrangements is presented below (dollars in thousands except exercise prices):



Options	Shares		Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding and exercisable at January 1, 2014	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		$	20.93	0.3	35
Granted	—		—		—	—
Exercised	(3,000	)	22.40		—	—
Forfeited or Expired	(249	)	20.65		—	—
Outstanding and exercisable at December 31, 2016	—		$	—	—	$	—

Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Net Income to Taxable Income

Reconciliation of GAAP net income attributable to Acadia to taxable income is as follows:



	Year Ended December 31,
(dollars in thousands)	2016			2015			2014

Net income attributable to Acadia	$	72,776		$	65,708		$	71,064
Deferred cancellation of indebtedness income	2,050			2,050			2,050
Deferred rental and other income ^(a)	1,610			82			2,120
Book/tax difference - depreciation and amortization ^(a)	15,189			9,983			7,337
Straight-line rent and above- and below-market rent adjustments ^(a)	(7,882		)	(8,041		)	(4,917		)
Book/tax differences - equity-based compensation	10,307			5,833			4,540
Joint venture equity in earnings, net ^(a)	(2,011		)	5,776			(105		)
Impairment charges and reserves	769			(714		)	3,735
Acquisition costs ^(a)	5,116			1,190			4,505
Gains	—			(760		)	(11,663		)
Book/tax differences - miscellaneous	(4,924		)	2,573			(6,041		)
Taxable income	$	93,000		$	83,680		$	72,625
Distributions declared	$	91,053		$	84,683		$	77,194

__________


(a)	Adjustments from certain subsidiaries and affiliates, which are consolidated for financial reporting but not for tax reporting, are included in the reconciliation item "Joint venture equity in earnings, net."

Schedule of Tax Status of Dividends

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



	Year Ended December 31,
	2016				2015				2014
	Per Share		%		Per Share		%		Per Share		%
Ordinary income	$	0.77	66	%	$	0.83	68	%	$	0.85	69	%
Qualified dividend	—		—	%	—		—	%	—		—	%
Capital gain	0.39		34	%	0.39		32	%	0.38		31	%
Total	$	1.16	100	%	$	1.22	100	%	$	1.23	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 periods presented are summarized as follows (in thousands):



	Year Ended December 31,
	2016			2015			2014
TRS (loss) income before income taxes	$	(1,583	)	$	1,008		$	(36	)
Benefit (provision) for income taxes:
Federal	378			(526		)	(377		)
State and local	97			(134		)	(97		)
TRS net (loss) income before noncontrolling interests	(1,108		)	348			(510		)
Noncontrolling interests	(9		)	(208		)	(508		)
TRS net (loss) income	$	(1,117	)	$	140		$	(1,018	)

Schedule of Effective Income Tax Rate Reconciliation



	Year Ended December 31,
	2016			2015			2014
Federal tax (benefit) provision at statutory tax rate	$	(538	)	$	343		$	(12	)
TRS state and local taxes, net of Federal benefit	(84		)	53			(2		)
Tax effect of:
Permanent differences, net	1,663			396			446
Prior year under-accrual, net	—			938			1
Other	(1,516		)	(131		)	41
REIT state and local income and franchise taxes	370			188			155
Total (benefit) provision for income taxes	$	(105	)	$	1,787		$	629

Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2016

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	Year Ended December 31,
(shares and dollars in thousands, except per share amounts)	2016			2015			2014
Numerator:
Income from continuing operations	$	72,776		$	65,708		$	70,865
Less: net income attributable to participating securities	(793		)	(927		)	(1,152		)
Income from continuing operations net of income attributable to participating securities	$	71,983		$	64,781		$	69,713

Denominator:
Weighted average shares for basic earnings per share	76,231			68,851			59,402
Effect of dilutive securities:
Employee share options	13			19			24
Denominator for diluted earnings per share	76,244			68,870			59,426
Basic earnings per Common Share from continuing operations attributable to Acadia	$	0.94		$	0.94		$	1.18
Diluted earnings per Common Share from continuing operations attributable to Acadia	$	0.94		$	0.94		$	1.18

Summary of Quarterly Financial Information (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2016

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Financial Information

The quarterly results of operations of the Company for the years ended December 31, 2016 and 2015 are as follows (in thousands, except per share amounts):



	Three Months Ended ^{(a, b, c, d)}
	March 31, 2016			June 30, 2016			September 30, 2016		December 31, 2016
Revenues	$	48,045		$	43,918		$	43,855	$	54,121
Net income	73,875			26,155			326		34,236
Net (income) loss attributable to noncontrolling interests	(44,950		)	(8,237		)	5,786		(14,415		)
Net income attributable to Acadia	28,925			17,918			6,112		19,821
Earnings per share attributable to Acadia:
Basic	$	0.40		$	0.24		$	0.08	$	0.24
Diluted	0.40			0.24			0.08		0.24

Weighted average number of shares:
Basic	70,756			72,896			78,449		82,728
Diluted	71,215			72,896			78,624		82,728

Cash dividends declared per Common Share	$	0.25		$	0.25		$	0.25	$	0.41

__________


(a)	The three months ended March 31, 2016 includes Fund III's $65.4 million gain on sale of its 65% consolidated interest in Cortlandt Town Center of which $49.4 million was attributable to noncontrolling interests (Note 2).


(b)	The three months ended June 30, 2016 includes a $16.6 million gain on sale of Fund III's consolidated Heritage Shops property of which $12.5 million was attributable to noncontrolling interests (Note 2).


(c)	The three months ended June 30, 2016, September 30, 2016 and December 31, 2016 reflect the impact of the de-consolidation of the Company's investment in the Brandywine portfolio, which was effective May 1, 2016 (Note 4).


(d)	The three months ended December 31, 2016 reflect the impact of an out-of-period adjustment resulting in a net decrease to net income of $4.2 million, of which $1.6 million was attributable to noncontrolling interests (Note 1).



	Three Months Ended ^{(a, b, c)}
	March 31, 2015			June 30, 2015			September 30, 2015			December 31, 2015
Revenues	$	49,073		$	49,176		$	51,124		$	51,286
Net income	38,537			85,458			18,104			7,871
Net (income) loss attributable to noncontrolling interests	(21,990		)	(58,963		)	(4,328		)	1,019
Net income attributable to Acadia	16,547			26,495			13,776			8,890

Earnings per share attributable to Acadia:
Basic	$	0.24		$	0.38		$	0.20		$	0.13
Diluted	0.24			0.38			0.20			0.13

Weighted average number of shares:
Basic	68,295			68,825			68,943			69,328
Diluted	68,360			68,870			68,957			69,330

Cash dividends declared per Common Share	$	0.24		$	0.24		$	0.24		$	0.50

__________


(a)	The three months ended March 31, 2015 includes a gain on the disposition of Fund III's consolidated Lincoln Park Centre property of $27.1 million of which $21.7 million was attributable to noncontrolling interests (Note 2).

(b)


(c)	The three months ended September 30, 2015 includes Acadia's $6.9 million share of the gain on disposition of Fund III's unconsolidated Parkway Crossing property of which $5.6 million was attributable to noncontrolling interests.

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2016 USD ($) property	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) segment property	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of reporting units \| segment									3
Rental income									$ 152,814,000	$ 158,632,000	$ 145,103,000
Depreciation and amortization									70,011,000	60,751,000	49,645,000
Interest expense									34,645,000	37,297,000	39,426,000
Equity in earnings and gains of unconsolidated affiliates									39,449,000	37,330,000	111,578,000
Net income	$ 34,236,000	$ 326,000	$ 26,155,000	$ 73,875,000	$ 7,871,000	$ 18,104,000	$ 85,458,000	$ 38,537,000	134,592,000	149,970,000	152,146,000
Net income for the period January 1 through December 31, 2015	14,415,000	$ (5,786,000)	$ 8,237,000	$ 44,950,000	(1,019,000)	$ 4,328,000	$ 58,963,000	$ 21,990,000	61,816,000	84,262,000	81,082,000
Noncontrolling interests	589,548,000				420,866,000				589,548,000	420,866,000
Impairment of asset									0	5,000,000	0
Deferred rent receivables, net	31,700,000				31,300,000				31,700,000	31,300,000
Allowance for doubtful accounts receivable	$ 5,700,000				7,500,000				$ 5,700,000	7,500,000
Required distribution rate to maintain REIT status (in percent)	90.00%								90.00%
Capitalized internal leasing costs	$ 1,100,000				1,400,000				$ 1,100,000	1,400,000	900,000
Minimum [Member] \| Building [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Property, plant and equipment, useful life (In Years)									30 years
Minimum [Member] \| Furniture and Fixtures [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Property, plant and equipment, useful life (In Years)									5 years
Maximum [Member] \| Building [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Property, plant and equipment, useful life (In Years)									40 years
Maximum [Member] \| Furniture and Fixtures [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Property, plant and equipment, useful life (In Years)									20 years
Out-of-period Adjustments [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Rental income									$ (2,100,000)
Depreciation and amortization									1,700,000
Interest expense									700,000
Equity in earnings and gains of unconsolidated affiliates									200,000
Net income	(4,200,000)
Net income for the period January 1 through December 31, 2015	(1,600,000)
Noncontrolling interests	$ (35,700,000)				$ (31,800,000)				$ (35,700,000)	$ (31,800,000)
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%	95.00%
Remaining funds rate of distribution to operating partnership (in percent)	20.00%								20.00%
Equity in earnings and gains of unconsolidated affiliates									$ 39,449,000	$ 37,330,000	111,578,000
Institutional Investors [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Remaining funds rate of distribution to all partners (in percent)	80.00%								80.00%
Core Portfolio [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties \| property	117								117
Properties owned percentage	100.00%								100.00%
Depreciation and amortization									$ 54,582,000	46,223,000	35,875,000
Interest expense									27,435,000	27,945,000	27,024,000
Equity in earnings and gains of unconsolidated affiliates									3,774,000	1,169,000	(77,000)
Net income									32,370,000	34,757,000	41,526,000
Net income for the period January 1 through December 31, 2015									$ 3,411,000	140,000	3,222,000
Impairment of asset										5,000,000
Opportunity Funds
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties \| property	65								65
Depreciation and amortization									$ 15,429,000	14,528,000	13,770,000
Interest expense									7,210,000	9,352,000	12,402,000
Equity in earnings and gains of unconsolidated affiliates									35,675,000	36,161,000	111,655,000
Net income									116,936,000	129,169,000	123,351,000
Net income for the period January 1 through December 31, 2015									$ 58,405,000	84,122,000	$ 77,860,000
Impairment of asset										0
Core Portfolio and Opportunity Funds [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties \| property	182								182
Non-Recourse Mortgage [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Borrowings, amount	$ 26,300,000.0								$ 26,300,000.0
Brandywine Portfolio [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
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

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, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Variable Interest Entity [Line Items]
Payments to noncontrolling interests	$ 105,994	$ 84,610	$ 221,330
Fund I and Mervyns I [Member]
Variable Interest Entity [Line Items]
Operating partnership share of capital	22.22%
Fund Size	$ 90,000
Capital called	86,600
Unfunded Commitment	$ 0
Equity Interest Held By Operating Partnership	37.78%
Preferred Return	9.00%
Total distributions	$ 194,500
Fund II and Mervyns II [Member]
Variable Interest Entity [Line Items]
Operating partnership share of capital	28.33%
Fund Size	$ 300,000
Capital called	347,100
Unfunded Commitment	$ 0
Equity Interest Held By Operating Partnership	28.33%
Preferred Return	8.00%
Total distributions	$ 131,600
Fund III [Member]
Variable Interest Entity [Line Items]
Operating partnership share of capital	24.54%
Fund Size	$ 502,500
Capital called	387,500
Unfunded Commitment	$ 62,500
Equity Interest Held By Operating Partnership	39.63%	24.54%
Preferred Return	6.00%
Total distributions	$ 445,700
Additional ownership interest acquired		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	179,400
Unfunded Commitment	$ 361,200
Equity Interest Held By Operating Partnership	23.12%
Preferred Return	6.00%
Total distributions	$ 101,900
Fund V [Member]
Variable Interest Entity [Line Items]
Operating partnership share of capital	20.10%
Fund Size	$ 520,100
Capital called	0
Unfunded Commitment	$ 520,100
Equity Interest Held By Operating Partnership	20.10%
Preferred Return	6.00%
Total distributions	$ 0
Fund II [Member]
Variable Interest Entity [Line Items]
Equity Interest Held By Operating Partnership	28.33%
Total distributions				$ 47,100
Additional ownership interest acquired	8.30%
Payments to noncontrolling interests	$ 18,400

Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Acquisition and Disposition of Properties and Discontinued Operations [Abstract]
Land	$ 693,252	$ 514,120
Buildings and improvements	1,916,288	1,457,351
Tenant improvements	132,220	135,999
Construction in progress	19,789	19,239
Properties under capital lease	76,965	0
Total	2,838,514	2,126,709
Less: Accumulated depreciation	(287,066)	(298,703)
Operating real estate, net	2,551,448	1,828,006
Real estate under development, at cost	543,486	609,574
Net investment in real estate	$ 3,094,934	$ 2,437,580

Real Estate - Acquisitions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Purchase Price	$ 756,842	$ 451,220
Debt Assumed	120,672	91,885
Acquisition related costs	8,200	4,800
Consideration:
Debt Assumed	(120,672)	(91,885)
Purchase Price	756,842	451,220
Core Portfolio [Member]
Business Acquisition [Line Items]
Purchase Price	519,592	204,243
Debt Assumed	119,209	9,765
Acquisition related costs	5,500	1,300	$ 4,800
Consideration:
Debt Assumed	(119,209)	(9,765)
Purchase Price	519,592	204,243
Fund IV [Member]
Business Acquisition [Line Items]
Purchase Price	237,250	146,177
Debt Assumed	1,463	1,120
Acquisition related costs	2,700	3,500	2,700
Consideration:
Debt Assumed	(1,463)	(1,120)
Purchase Price	$ 237,250	$ 146,177
Fund III [Member]
Business Acquisition [Line Items]
Acquisition related costs			$ 200
991 Madison Avenue [Member] \| New York, New York [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 76,628
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	$ 76,628
165 Newbury Street [Member] \| Boston, Massachusetts [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 6,250
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	$ 6,250
Concord and Milwaukee [Member] \| Chicago, Illinois [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 6,000
Debt Assumed	2,902
Consideration:
Debt Assumed	(2,902)
Purchase Price	$ 6,000
151 North State Street [Member] \| Chicago, Illinois [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 30,500
Debt Assumed	14,556
Consideration:
Debt Assumed	(14,556)
Purchase Price	$ 30,500
State and Washington [Member] \| Chicago, Illinois [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 70,250
Debt Assumed	25,650
Consideration:
Debt Assumed	(25,650)
Purchase Price	$ 70,250
North & Kingsbury [Member] \| Chicago, Illinois [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 34,000
Debt Assumed	13,409
Consideration:
Debt Assumed	(13,409)
Purchase Price	$ 34,000
Sullivan Center [Member] \| Chicago, Illinois [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 146,939
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	$ 146,939
California and Armitage [Member] \| Chicago, Illinois [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 9,250
Debt Assumed	2,692
Consideration:
Debt Assumed	(2,692)
Purchase Price	$ 9,250
555 9th Avenue [Member] \| San Francisco, California [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 139,775
Debt Assumed	60,000
Consideration:
Debt Assumed	(60,000)
Purchase Price	$ 139,775
Restaurant at Fort Point [Member] \| Boston, Massachusetts [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 11,500
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	$ 11,500
1964 Union Street [Member] \| San Francisco, California [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	90.00%
Purchase Price	$ 2,250
Debt Assumed	1,463
Consideration:
Debt Assumed	(1,463)
Purchase Price	$ 2,250
Wake Forest Crossing [Member] \| Wake Forest, NC [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 36,600
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	$ 36,600
Airport Mall [Member] \| Bangor, ME [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 10,250
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	$ 10,250
Colonie Plaza [Member] \| Albany, NY [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 15,000
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	$ 15,000
Dauphin Plaza [Member] \| Harrisburg, PA [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 16,000
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	$ 16,000
JFK Plaza [Member] \| Waterville, ME [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 6,500
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	$ 6,500
Mayfair Shopping Center [Member] \| Philadelphia, PA [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 16,600
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	$ 16,600
Shaw's Plaza [Member] \| Waterville, ME [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 13,800
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	$ 13,800
Wells Plaza [Member] \| Wells, ME [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 5,250
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	$ 5,250
717 N Michigan [Member] \| Chicago, Illinois [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 103,500
Debt Assumed	0
Consideration:
Debt Assumed	0
Purchase Price	103,500
City Center [Member] \| San Francisco, California [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 155,000
Debt Assumed		0
Consideration:
Debt Assumed		0
Purchase Price		$ 155,000
163 Highland Avenue [Member] \| Needham, MA [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 24,000
Debt Assumed		9,765
Consideration:
Debt Assumed		(9,765)
Purchase Price		$ 24,000
Route 202 Shopping Center [Member] \| Wilmington, DE [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 5,643
Debt Assumed		0
Consideration:
Debt Assumed		0
Purchase Price		$ 5,643
Roosevelt Galleria [Member] \| Chicago, Illinois [Member] \| Core Portfolio [Member]
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 19,600
Debt Assumed		0
Consideration:
Debt Assumed		0
Purchase Price		$ 19,600
City Point Tower I [Member] \| Brooklyn, New York [Member] \| Fund II [Member]
Business Acquisition [Line Items]
Percent Acquired		95.00%
Purchase Price		$ 100,800
Debt Assumed		81,000
Consideration:
Debt Assumed		(81,000)
Purchase Price		$ 100,800
1035 Third Avenue [Member] \| New York, New York [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 51,036
Debt Assumed		0
Consideration:
Debt Assumed		0
Purchase Price		$ 51,036
801 Madison Avenue [Member] \| New York, New York [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 33,000
Debt Assumed		0
Consideration:
Debt Assumed		0
Purchase Price		$ 33,000
650 Bald Hill Road [Member] \| Warwick, RI [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired		90.00%
Purchase Price		$ 9,216
Debt Assumed		0
Consideration:
Debt Assumed		0
Purchase Price		$ 9,216
2208-2216 Filmore Street [Member] \| San Francisco, California [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired		90.00%
Purchase Price		$ 8,625
Debt Assumed		0
Consideration:
Debt Assumed		0
Purchase Price		$ 8,625
146 Geary Street [Member] \| San Francisco, California [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired		100.00%
Purchase Price		$ 38,000
Debt Assumed		0
Consideration:
Debt Assumed		0
Purchase Price		$ 38,000
2207 Fillmore Street [Member] \| San Francisco, California [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired		90.00%
Purchase Price		$ 2,800
Debt Assumed		1,120
Consideration:
Debt Assumed		(1,120)
Purchase Price		$ 2,800
1861 Union Street [Member] \| San Francisco, California [Member] \| Fund IV [Member]
Business Acquisition [Line Items]
Percent Acquired		90.00%
Purchase Price		$ 3,500
Debt Assumed		0
Consideration:
Debt Assumed		0
Purchase Price		3,500
Acquisitions in 2016 [Member]
Business Acquisition [Line Items]
Purchase Price	558,755
Debt Assumed	119,209
Purchase Price Allocation
Land	225,729
Buildings and improvements	458,525
Other assets	3,481
Acquisition-related intangible assets (in Acquired lease intangibles, net)	63,606
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(72,985)
Above and below market debt assumed (included in Mortgages and other notes payable, net)	(119,601)
Net assets acquired	558,755
Consideration:
Cash	677,964
Debt Assumed	(119,209)
Purchase Price	$ 558,755
Acquisitions In 2015 [Member]
Business Acquisition [Line Items]
Purchase Price		331,931
Debt Assumed		10,885
Purchase Price Allocation
Land		88,068
Buildings and improvements		244,903
Other assets		0
Acquisition-related intangible assets (in Acquired lease intangibles, net)		22,660
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)		(12,094)
Above and below market debt assumed (included in Mortgages and other notes payable, net)		(11,606)
Net assets acquired		331,931
Consideration:
Cash		342,816
Debt Assumed		(10,885)
Purchase Price		331,931
Acquisitions In 2015 [Member] \| Previously Reported [Member]
Purchase Price Allocation
Land		83,890
Buildings and improvements		258,926
Other assets		0
Acquisition-related intangible assets (in Acquired lease intangibles, net)		0
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)		0
Above and below market debt assumed (included in Mortgages and other notes payable, net)		(10,885)
Net assets acquired		331,931
Acquisitions In 2015 [Member] \| Adjustment [Member]
Purchase Price Allocation
Land		4,178
Buildings and improvements		(14,023)
Other assets		0
Acquisition-related intangible assets (in Acquired lease intangibles, net)		22,660
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)		(12,094)
Above and below market debt assumed (included in Mortgages and other notes payable, net)		(721)
Net assets acquired		$ 0

Real Estate - Dispositions (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Fund III [Member] \| Cortlandt Towne Center [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale		$ 65,400
Fund III [Member] \| Heritage Shops [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale	$ 16,600
Fund III [Member] \| Lincoln Park Centre [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale				$ 27,100
Fund II [Member] \| Liberty Avenue [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale			$ 12,000
Fund II [Member] \| City Point - Air Rights [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on Sale			$ 49,900
Disposal Group, Not Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price					$ 153,750	$ 203,878
Gain on Sale					81,965	89,063
Disposal Group, Not Discontinued Operations [Member] \| Fund III [Member] \| Cortlandt Towne Center [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price					107,250
Gain on Sale					65,393
Disposal Group, Not Discontinued Operations [Member] \| Fund III [Member] \| Heritage Shops [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price					46,500
Gain on Sale					$ 16,572
Disposal Group, Not Discontinued Operations [Member] \| Fund III [Member] \| Lincoln Park Centre [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price						64,000
Gain on Sale						27,143
Disposal Group, Not Discontinued Operations [Member] \| Fund II [Member] \| Liberty Avenue [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price						24,000
Gain on Sale						11,957
Disposal Group, Not Discontinued Operations [Member] \| Fund II [Member] \| City Point - Air Rights [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price						115,600
Gain on Sale						49,884
Disposal Group, Not Discontinued Operations [Member] \| Fund I [Member] \| Kroger Safeway Various [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price						278
Gain on Sale						$ 79

Real Estate - Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
STATEMENTS OF INCOME
Income from continuing operations of disposed properties, net of income taxes	$ 0	$ 0	$ 1,222
Amounts attributable to noncontrolling interests	0	0	(1,023)
Disposal Group, Not Discontinued Operations [Member]
STATEMENTS OF INCOME
Rental revenues	3,503	21,987	26,374
Expenses	(1,179)	(16,246)	(19,753)
Gain on disposition of properties	81,965	89,063	0
Loss on extinguishment of debt	(15)	(111)	(181)
Provision for income taxes	0	(2)	(2)
Income from continuing operations of disposed properties, net of income taxes	84,274	94,691	6,438
Amounts attributable to noncontrolling interests	$ (64,374)	$ (76,277)	0
Disposal Group, Not Discontinued Operations [Member] \| Consolidated Property Sold [Member]
STATEMENTS OF INCOME
Gain on disposition of properties			1,200
Amounts attributable to noncontrolling interests			$ (1,000)

Real Estate - Properties Held For Sale (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property	Dec. 31, 2014 USD ($)	Dec. 31, 2013 USD ($)
Long Lived Assets Held-for-sale [Line Items]
Number of properties held-for-sale \| property		0
Mortgage loans on real estate	$ 276,163	$ 147,188	$ 102,286	$ 126,656
Fund II [Member]
Long Lived Assets Held-for-sale [Line Items]
Properties held-for-sale	$ 21,500
Number of properties held-for-sale \| property	1
Mortgage loans on real estate	$ 25,500
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] \| Fund II [Member]
Long Lived Assets Held-for-sale [Line Items]
Properties held for sale net income (loss)	$ 400	$ 300	$ 600

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Real Estate - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Acquisition and Disposition of Properties and Discontinued Operations [Abstract]
Acquisition related costs	$ 8,200	$ 4,800
Pro forma revenues	252,702	274,972	$ 215,991
Pro forma income from continuing operations	141,612	150,498	145,398
Pro forma net income attributable to Acadia	$ 79,680	$ 67,788	$ 67,888
Basic and diluted earnings per share data (in dollars per share)	$ 0.94	$ 0.81	$ 1.03

Real Estate - Real Estate Under Development and Construction in Progress (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property
Property, Plant and Equipment [Line Items]
Real estate under development \| $	$ 543,486	$ 609,574
Real estate in service \| $	$ 2,551,448	$ 1,828,006
Core Portfolio [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties \| property	1
Fund II [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties \| property	2	2
Real estate in service \| $	$ 187,400
Fund II [Member] \| City Point [Member]
Property, Plant and Equipment [Line Items]
Real estate development, capitalized costs \| $	98,400
Fund II [Member] \| Other Properties [Member]
Property, Plant and Equipment [Line Items]
Real estate development, capitalized costs \| $	$ 22,900
Fund III [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties \| property	3	2
Fund IV [Member]
Property, Plant and Equipment [Line Items]
Number of real estate properties \| property	4	4
Number of properties acquired \| property	2

Notes Receivable, Net - Schedule of Notes Receivable (Details) $ in Thousands	Dec. 31, 2016 USD ($) debtinstrument	Dec. 31, 2015 USD ($)
Mortgage Loans on Real Estate [Line Items]
Number of instruments held \| debtinstrument	15
Net carrying amount of notes receivable \| $	$ 276,163	$ 147,188
Core Portfolio [Member]
Mortgage Loans on Real Estate [Line Items]
Number of instruments held \| debtinstrument	10
Net carrying amount of notes receivable \| $	$ 216,400	113,048
Core Portfolio [Member] \| Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	6.00%
Core Portfolio [Member] \| Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	9.00%
Fund II [Member]
Mortgage Loans on Real Estate [Line Items]
Number of instruments held \| debtinstrument	1
Net carrying amount of notes receivable \| $	$ 31,007	30,234
Effective interest rate	2.50%
Fund III [Member]
Mortgage Loans on Real Estate [Line Items]
Number of instruments held \| debtinstrument	1
Net carrying amount of notes receivable \| $	$ 4,506	3,906
Effective interest rate	18.00%
Fund IV [Member]
Mortgage Loans on Real Estate [Line Items]
Number of instruments held \| debtinstrument	3
Net carrying amount of notes receivable \| $	$ 24,250	$ 0
Fund IV [Member] \| Minimum [Member]
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	6.00%
Fund IV [Member] \| Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	15.30%

Notes Receivable, Net - Narrative (Details) $ in Thousands	12 Months Ended
Notes Receivable, Net - Narrative (Details) $ in Thousands	Dec. 31, 2016 USD ($) property note_receivable	Dec. 31, 2015 USD ($) property note_receivable	Dec. 31, 2014 USD ($)	Apr. 30, 2016 USD ($)
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	$ 276,163	$ 147,188
Proceeds from notes receivable	42,819	15,984	$ 18,095
Nonperforming Financial Instruments [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	12,000	$ 12,000
Notes Receivable [Member] \| Collateralized Note, 9.8% Interest Rate [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	$ 47,500
Effective interest rate	9.80%
Number of properties collateralized \| property	4
Notes Receivable [Member] \| Five Notes Issued in Periods Prior to 2016 [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	$ 29,600
Proceeds from notes receivable	$ 42,800
Number of notes repaid \| note_receivable	5
Notes Receivable [Member] \| First Mortgage Loan, 8.1% Loan, Due 2019 [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	$ 153,400
Effective interest rate	8.10%
Notes Receivable [Member] \| Collateralized Note, 6.2% Interest Rate [Member]
Mortgage Loans on Real Estate [Line Items]
Number of receivables issued \| note_receivable		6
Notes receivable, net		$ 78,000
Effective interest rate		6.20%
Number of properties collateralized \| property		6
Notes Receivable [Member] \| Four Notes in Periods Prior to 2015 [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net		$ 22,900
Proceeds from notes receivable		$ 29,400
Number of notes repaid \| note_receivable		4
Mezzanine Loan [Member] \| Mezzanine Loan, 15% Loan [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net				$ 30,900
Effective interest rate				15.00%
Core Portfolio [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	$ 216,400	$ 113,048
Core Portfolio [Member] \| Notes Receivable [Member] \| Collateralized Note, 9.8% Interest Rate [Member]
Mortgage Loans on Real Estate [Line Items]
Number of receivables issued \| note_receivable	1
Fund IV [Member]
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	$ 24,250	$ 0
Fund IV [Member] \| Notes Receivable [Member] \| Collateralized Note, 9.8% Interest Rate [Member]
Mortgage Loans on Real Estate [Line Items]
Number of receivables issued \| note_receivable	3

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments In and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage		65.00%
Due to related parties	$ 2,193		$ 725
Other	957		566
Investments in and advances to unconsolidated affiliates	272,028		173,277
Distributions in excess of income from, and investments in, unconsolidated affiliates	13,691		13,244
Core Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 165,031		81,586
Core Portfolio [Member] \| 840 N. Michigan [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	88.43%
Equity method investments	$ 74,131		76,898
Core Portfolio [Member] \| Renaissance Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.00%
Equity method investments	$ 36,437		0
Core Portfolio [Member] \| Gotham Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Equity method investments	$ 29,421		0
Core Portfolio [Member] \| Brandywine Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	22.22%
Equity method investments	$ 20,755		0
Core Portfolio [Member] \| Georgetown Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 4,287		4,688
Core Portfolio [Member] \| Crossroads [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Distributions in excess of income from, and investments in, unconsolidated affiliates	$ 13,691		13,244
Mervyns I and Mervyns II [Member] \| KLA Mervyns LLC [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	10.50%
Equity method investments	$ 0		0
Fund III [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 8,349		13,438
Fund III [Member] \| Fund III Other Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 8,108		12,784
Fund III [Member] \| Self Storage Management [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	95.00%
Equity method investments	$ 241		654
Fund IV [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 95,498		76,962
Fund IV [Member] \| Broughton Street Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 54,839		43,786
Fund IV [Member] \| Fund IV Other Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 21,817		24,104
Fund IV [Member] \| 650 Bald Hill Road [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%			90.00%
Equity method investments	$ 18,842		$ 9,072

Investments in and Advances to Unconsolidated Affiliates - Core Portfolio (Details) ft² in Thousands, $ in Thousands	1 Months Ended			12 Months Ended
	Jun. 30, 2016 USD ($) ft² property	Apr. 29, 2016 USD ($)	Jan. 31, 2016 USD ($) ft² shares	Dec. 31, 2016 USD ($) ft² shares	Dec. 31, 2015 USD ($) shares	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage						65.00%
Purchase Price				$ 756,842	$ 451,220
Common Shares
Schedule of Equity Method Investments [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares) \| shares				4,830,000	1,600,000
Gotham Plaza [Member] \| Common Shares
Schedule of Equity Method Investments [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares) \| shares			442,478
Gotham Plaza [Member] \| Preferred OP Units [Member]
Schedule of Equity Method Investments [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares) \| shares			141,593
Core Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Purchase Price				$ 519,592	$ 204,243
Core Portfolio [Member] \| Crossroads [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				49.00%
Square footage of real estate property (in square feet) \| ft²				311
Core Portfolio [Member] \| Georgetown Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				50.00%
Square footage of real estate property (in square feet) \| ft²				28
Core Portfolio [Member] \| Gotham Plaza [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				49.00%
Square footage of real estate property (in square feet) \| ft²			123
Percentage of voting interests acquired			49.00%
Purchase Price			$ 39,800
Percentage of long-term debt assumed			49.00%
Long-term debt assumed			$ 21,400
Core Portfolio [Member] \| Gotham Plaza [Member] \| Common Shares
Schedule of Equity Method Investments [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares) \| shares			442,478
Core Portfolio [Member] \| Gotham Plaza [Member] \| Preferred OP Units [Member]
Schedule of Equity Method Investments [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares) \| shares			141,593
Core Portfolio [Member] \| Renaissance Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				20.00%
Square footage of real estate property (in square feet) \| ft²	211
Percentage of voting interests acquired	20.00%
Purchase Price	$ 67,600
Long-term debt assumed	$ 20,000
Number of businesses acquired \| property	17
Core Portfolio [Member] \| Brandywine Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				22.22%
Square footage of real estate property (in square feet) \| ft²				1,000
Repayments of debt		$ 140,000
Core Portfolio [Member] \| Chicago, Illinois [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				88.43%
Square footage of real estate property (in square feet) \| ft²				87
Core Portfolio [Member] \| Washington D.C. [Member] \| Renaissance Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Number of businesses acquired \| property	16
Core Portfolio [Member] \| Alexandria, Virginia [Member] \| Renaissance Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Number of businesses acquired \| property	1

Investments in and Advances to Unconsolidated Affiliates - Fund Investments (Details) - USD ($) $ in Thousands	1 Months Ended				3 Months Ended	12 Months Ended
	Dec. 31, 2016	Jan. 31, 2016	Sep. 30, 2015	Apr. 30, 2015	Jun. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage								65.00%
Purchase Price						$ 756,842	$ 451,220
Mortgages [Member]
Schedule of Equity Method Investments [Line Items]
Repayments of debt						292,300
Fund III [Member] \| White City Shopping Center [Member]
Schedule of Equity Method Investments [Line Items]
Consideration received				$ 96,800
Gain (loss) on disposal				$ 16,200	$ 17,100
Fund III [Member] \| Cortlandt Towne Center [Member]
Schedule of Equity Method Investments [Line Items]
Consideration received	$ 57,800	$ 107,300				57,800
Gain (loss) on disposal	$ 36,000	$ 65,400
Percentage of disposition	35.00%	65.00%
Proceeds from sale of equity method investments	$ 25,200
Fund III [Member] \| Cortlandt Towne Center [Member] \| Mortgages [Member]
Schedule of Equity Method Investments [Line Items]
Repayments of debt	$ 32,600
Fund IV [Member]
Schedule of Equity Method Investments [Line Items]
Purchase Price						$ 237,250	$ 146,177
Fund IV [Member] \| 650 Bald Hill Road [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%		90.00%			90.00%
Purchase Price			$ 9,200
Partnership Interest [Member] \| Fund III [Member] \| Cortlandt Towne Center [Member]
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal	$ 8,800

Investments in and Advances to Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Notes receivable, net	$ 276,163				$ 147,188				$ 276,163	$ 147,188
Combined and Condensed Balance Sheets
Real estate under development, at cost	543,486				609,574				543,486	609,574
Investments in and advances to unconsolidated affiliates	272,028				173,277				272,028	173,277
Other assets	192,786				123,789				192,786	123,789
Total assets	3,995,960				3,032,319				3,995,960	3,032,319
Total liabilities and equity	3,995,960				3,032,319				3,995,960	3,032,319
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income and investments in unconsolidated affiliates	258,337				160,033				258,337	160,033
Combined and Condensed Statements of Operations [Abstract]
Total revenues	54,121	$ 43,855	$ 43,918	$ 48,045	51,286	$ 51,124	$ 49,176	$ 49,073	189,939	199,063	$ 179,681
Operating and other expenses									(168,050)	(154,601)	(128,749)
Equity in earnings (losses) of unconsolidated affiliates									39,449	37,330	111,578
Depreciation and amortization									(70,011)	(60,751)	(49,645)
Income from continuing operations before gain on disposition of properties									52,627	60,907	137,786
Equity Method Investee [Member]
Schedule of Equity Method Investments [Line Items]
Related party revenue									1,200	300	200
Expenses, related party									1,100	800	2,800
Unconsolidated Affiliates [Member]
Combined and Condensed Balance Sheets
Rental property, net	576,505				302,976				576,505	302,976
Real estate under development, at cost	18,884				35,743				18,884	35,743
Investments in and advances to unconsolidated affiliates	6,853				6,853				6,853	6,853
Other assets	75,254				47,083				75,254	47,083
Total assets	677,496				392,655				677,496	392,655
Mortgage notes payable	407,344				262,130				407,344	262,130
Other liabilities	30,117				21,945				30,117	21,945
Partners’ equity	240,035				108,580				240,035	108,580
Total liabilities and equity	677,496				392,655				677,496	392,655
Company's share of accumulated equity	191,049				106,442				191,049	106,442
Basis differential	61,827				11,620				61,827	11,620
Deferred fees, net of portion related to the Company's interest	3,268				5,342				3,268	5,342
Amounts receivable by the Company	$ 2,193				36,629				2,193	36,629
Combined and Condensed Statements of Operations [Abstract]
Total revenues									84,218	43,990	44,422
Operating and other expenses									(25,724)	(13,721)	(17,069)
Interest expense									(16,300)	(9,178)	(9,363)
Equity in earnings (losses) of unconsolidated affiliates									0	66,655	(328)
Depreciation and amortization									(35,432)	(12,154)	(10,967)
Loss on debt extinguishment									0	0	(187)
(Loss) gain on disposition of properties									(1,340)	32,623	142,615
Income from continuing operations before gain on disposition of properties									5,422	108,215	149,123
Operating Partnership, as General Partner or Managing Member [Member]
Combined and Condensed Statements of Operations [Abstract]
Equity in earnings (losses) of unconsolidated affiliates									39,449	37,330	111,578
Company’s share of equity in net income of unconsolidated affiliates									40,538	37,722	111,970
Basis differential adjustments									$ (1,089)	(392)	$ (392)
Broughton Street Portfolio [Member]
Schedule of Equity Method Investments [Line Items]
Notes receivable, net					$ 35,900					35,900
Mervyns I and Mervyns II [Member] \| Unconsolidated Affiliates [Member]
Combined and Condensed Statements of Operations [Abstract]
Equity in earnings (losses) of unconsolidated affiliates										$ 5,900

Other Assets, net and Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other assets, net:
Lease intangibles, net (Note 6)	$ 114,584	$ 52,593
Deferred charges, net	25,221	22,568
Prepaid expenses	14,351	14,707
Other receivables	9,514	9,486
Accrued interest receivable	9,354	11,039
Deposits	4,412	5,837
Due from seller	4,300	0
Deferred tax assets	3,733	2,664
Derivative financial instruments (Note 8)	2,921	818
Due from related parties	1,655	336
Corporate assets	1,241	2,985
Income taxes receivable	1,500	756
Other assets, net	192,786	123,789
Deferred charges, net:
Deferred leasing and other costs	40,728	39,310
Deferred financing costs	5,915	4,072
Deferred costs, gross	46,643	43,382
Accumulated amortization	(21,422)	(20,814)
Deferred charges, net	25,221	22,568
Accounts payable and other liabilities:
Lease intangibles, net (Note 6)	105,028	31,808
Accounts payable and accrued expenses	48,290	38,755
Deferred income	35,267	8,334
Tenant security deposits, escrow and other	14,975	15,288
Derivative financial instruments (Note 8)	3,590	5,876
Income taxes payable (Note 14)	1,287	1,269
Other	235	233
Accounts payable and other liabilities	$ 208,672	$ 101,563

Lease Intangibles - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Amortizable Intangible Assets
Amortizable Intangible Assets, Gross Carrying Amount	$ 173,069	$ 103,988
Amortizable Intangible Assets, Accumulated Amortization	(58,485)	(51,395)
Amortizable Intangible Assets, Net Carrying Amount	114,584	52,593
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Gross Carrying Amount	(137,032)	(65,607)
Amortizable Intangible Liabilities, Accumulated Amortization	32,004	33,799
Amortizable Intangible Liabilities, Net Carrying Amount	(105,028)	(31,808)
Below market rents, acquired	$ 73,000
Below market rents acquired, weighted average useful life	15 years 9 months 18 days
In-place lease and tenant relationships
Amortizable Intangible Assets
Amortizable Intangible Assets, Gross Carrying Amount	$ 156,420	84,443
Amortizable Intangible Assets, Accumulated Amortization	(47,827)	(37,996)
Amortizable Intangible Assets, Net Carrying Amount	108,593	46,447
Intangible assets acquired	$ 62,900
Acquired intangible assets, weighted average useful life	7 years 2 months 12 days
Above-market rent
Amortizable Intangible Assets
Amortizable Intangible Assets, Gross Carrying Amount	$ 16,649	19,545
Amortizable Intangible Assets, Accumulated Amortization	(10,658)	(13,399)
Amortizable Intangible Assets, Net Carrying Amount	5,991	$ 6,146
Intangible assets acquired	$ 700
Acquired intangible assets, weighted average useful life	5 years 9 months 18 days

Lease Intangibles - Scheduled Amortization of Acquired Lease Intangible Assets and Assumed Liabilities (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Acquired Lease Intangibles [Abstract]
2017, Net	$ (12,180)
2018, Net	(8,551)
2019, Net	(3,259)
2020, Net	(2,296)
2021, Net	(2,092)
Thereafter, Net	18,822
Total	(9,556)
Assets
Acquired Lease Intangibles [Abstract]
2017	9,253
2018	9,415
2019	9,157
2020	8,117
2021	6,974
Thereafter	56,121
Total	99,037
Liabilities
Acquired Lease Intangibles [Abstract]
2017	21,433
2018	17,966
2019	12,416
2020	10,413
2021	9,066
Thereafter	37,299
Total	$ 108,593

Debt - Summary of Consolidated Indebtedness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,505,671
Mortgage and other notes payable, net	1,055,728	$ 1,050,051
Unsecured notes payable, net	432,990	287,755
Unsecured line of credit	0	20,800
Net unamortized debt issuance costs	(18,289)	(11,720)
Unamortized fair market value of assumed debt	1,336	1,364
Total indebtedness	1,488,718	1,358,606
Total Debt - Fixed and Effectively Fixed Rate [Member]
Debt Instrument [Line Items]
Long-term debt, gross	860,486	552,222
Total Debt - Variable Rate [Member]
Debt Instrument [Line Items]
Long-term debt, gross	645,185	816,740
Mortgages [Member]
Debt Instrument [Line Items]
Mortgage and other notes payable, net	1,055,728	1,050,051
Net unamortized debt issuance costs	(16,642)	(10,567)
Unamortized fair market value of assumed debt	1,336	1,364
Unsecured Debt [Member]
Debt Instrument [Line Items]
Unsecured notes payable, net	432,990	287,755
Net unamortized debt issuance costs	(1,646)	(1,155)
Total indebtedness	9,900	15,500
Line of Credit [Member]
Debt Instrument [Line Items]
Unsecured line of credit	0	20,800
Core Portfolio [Member] \| Mortgages [Member]
Debt Instrument [Line Items]
Long-term debt, gross	317,125	373,784
Core Portfolio [Member] \| Mortgages [Member] \| Fixed Rate [Member]
Debt Instrument [Line Items]
Long-term debt, gross	234,875	301,340
Core Portfolio [Member] \| Mortgages [Member] \| Variable Rate - Swapped [Member]
Debt Instrument [Line Items]
Long-term debt, gross	82,250	72,444
Core Portfolio [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Long-term debt, gross	300,000	150,000
Core Portfolio [Member] \| Unsecured Debt [Member] \| Unsecured Term Loans [Member]
Debt Instrument [Line Items]
Long-term debt, gross	51,194	841
Core Portfolio [Member] \| Unsecured Debt [Member] \| Variable Rate Unsecured Term Loans - Swapped [Member]
Debt Instrument [Line Items]
Long-term debt, gross	248,806	149,159
Core Portfolio [Member] \| Line of Credit [Member] \| Unsecured Line of Credit [Member]
Debt Instrument [Line Items]
Long-term debt, gross	0	20,800
Fund II [Member] \| Mortgages [Member]
Debt Instrument [Line Items]
Long-term debt, gross	412,291	381,246
Fund II [Member] \| Mortgages [Member] \| Fixed Rate [Member]
Debt Instrument [Line Items]
Long-term debt, gross	249,762	249,762
Fund II [Member] \| Mortgages [Member] \| Variable Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 142,750	$ 111,500
Fund II [Member] \| Mortgages [Member] \| Variable Rate - Swapped [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	2.88%	2.88%
Long-term debt, gross	$ 19,779	$ 19,984
Fund II [Member] \| Unsecured Debt [Member] \| Subscription Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	0	12,500
Fund III [Member] \| Mortgages [Member] \| Variable Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt, gross	83,467	164,280
Fund IV [Member] \| Mortgages [Member]
Debt Instrument [Line Items]
Long-term debt, gross	258,151	$ 139,944
Fund IV [Member] \| Mortgages [Member] \| Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage		4.50%
Long-term debt, gross	10,503	$ 1,120
Fund IV [Member] \| Mortgages [Member] \| Variable Rate Debt [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 233,139	$ 123,920
Fund IV [Member] \| Mortgages [Member] \| Variable Rate - Swapped [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	1.78%	1.78%
Long-term debt, gross	$ 14,509	$ 14,904
Fund IV [Member] \| Unsecured Debt [Member] \| Term Loan / Subscription Facility [Member]
Debt Instrument [Line Items]
Long-term debt, gross	$ 134,636	$ 126,410
London Interbank Offered Rate (LIBOR) [Member] \| Core Portfolio [Member] \| Line of Credit [Member] \| Unsecured Line of Credit [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%	1.40%
London Interbank Offered Rate (LIBOR) [Member] \| Fund II [Member] \| Unsecured Debt [Member] \| Subscription Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%	2.75%
Minimum [Member] \| Core Portfolio [Member] \| Mortgages [Member] \| Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	3.88%	3.50%
Minimum [Member] \| Core Portfolio [Member] \| Mortgages [Member] \| Variable Rate - Swapped [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	1.71%	1.75%
Minimum [Member] \| Core Portfolio [Member] \| Unsecured Debt [Member] \| Variable Rate Unsecured Term Loans - Swapped [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	1.24%	1.31%
Minimum [Member] \| Fund II [Member] \| Mortgages [Member] \| Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	1.00%	1.00%
Minimum [Member] \| Fund IV [Member] \| Mortgages [Member] \| Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	3.40%
Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Core Portfolio [Member] \| Unsecured Debt [Member] \| Unsecured Term Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%	1.30%
Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Fund II [Member] \| Mortgages [Member] \| Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.62%	1.39%
Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Fund IV [Member] \| Mortgages [Member] \| Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%	1.70%
Minimum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Fund IV [Member] \| Unsecured Debt [Member] \| Term Loan / Subscription Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%	1.65%
Minimum [Member] \| Prime Rate [Member] \| Fund III [Member] \| Mortgages [Member] \| Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%	50.00%
Maximum [Member] \| Core Portfolio [Member] \| Mortgages [Member] \| Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	6.65%	6.65%
Maximum [Member] \| Core Portfolio [Member] \| Mortgages [Member] \| Variable Rate - Swapped [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	3.77%	3.77%
Maximum [Member] \| Core Portfolio [Member] \| Unsecured Debt [Member] \| Variable Rate Unsecured Term Loans - Swapped [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	3.77%	3.77%
Maximum [Member] \| Fund II [Member] \| Mortgages [Member] \| Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	5.80%	5.80%
Maximum [Member] \| Fund IV [Member] \| Mortgages [Member] \| Fixed Rate [Member]
Debt Instrument [Line Items]
Interest rate, stated percentage	4.50%
Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Core Portfolio [Member] \| Unsecured Debt [Member] \| Unsecured Term Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%	1.60%
Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Fund II [Member] \| Mortgages [Member] \| Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%	3.02%
Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Fund III [Member] \| Mortgages [Member] \| Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	4.65%	4.65%
Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Fund IV [Member] \| Mortgages [Member] \| Variable Rate Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	3.95%	3.00%
Maximum [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Fund IV [Member] \| Unsecured Debt [Member] \| Term Loan / Subscription Facility [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%	2.75%

Debt - Mortgage Payable (Details) - Mortgages [Member] $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) property loan	Dec. 31, 2015 property
Debt Instrument [Line Items]
Number of mortgage loans \| loan	14
Borrowings, amount	$ 252.9
Weighted average interest rate, outstanding	4.07%
Number of properties collateralized \| property	14	39
Number of notes repaid \| loan	15
Repayments of debt	$ 292.3
Weighted average interest rate	4.61%
Annual principal payment	$ 6.5
Debt default, amount	$ 26.3
Interest owner percentage in property	22.00%

Debt - Unsecured Term Loans (Details) - USD ($)	1 Months Ended		12 Months Ended
Debt - Unsecured Term Loans (Details) - USD ($)	Jun. 30, 2016	Jan. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Total indebtedness			$ 1,488,718,000	$ 1,358,606,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Total indebtedness			9,900,000	$ 15,500,000
Unsecured Debt [Member] \| Term Loan Four [Member]
Debt Instrument [Line Items]
Total indebtedness		$ 50,000,000
Line of Credit [Member] \| Term Loan [Member] \| Term Loan One [Member]
Debt Instrument [Line Items]
Proceeds from (repayments of) lines of credit	$ (50,000,000)
Line of Credit [Member] \| Term Loan [Member] \| Term Loan Five [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 150,000,000
Fund IV [Member] \| Line of Credit [Member] \| Fund IV Term Loan [Member]
Debt Instrument [Line Items]
Long-term line of credit, noncurrent			40,100,000
Fund IV [Member] \| Line of Credit [Member] \| Fund IV Revolving Subscription Line [Member]
Debt Instrument [Line Items]
Long-term line of credit, noncurrent			94,500,000
Fund IV [Member] \| Line of Credit [Member] \| Term Loan [Member] \| Fund IV Term Loan [Member]
Debt Instrument [Line Items]
Proceeds from (repayments of) lines of credit			5,600,000
Fund IV [Member] \| Revolving Credit Facility [Member] \| Term Loan [Member] \| Fund IV Revolving Subscription Line [Member]
Debt Instrument [Line Items]
Proceeds from (repayments of) lines of credit			$ 2,600,000
London Interbank Offered Rate (LIBOR) [Member] \| Unsecured Debt [Member] \| Term Loan Four [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%	1.30%
London Interbank Offered Rate (LIBOR) [Member] \| Revolving Credit Facility [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate			1.40%

Debt - Unsecured Lines of Credit (Details) - USD ($)	12 Months Ended
Debt - Unsecured Lines of Credit (Details) - USD ($)	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Unsecured line of credit	$ 0		$ 20,800,000
Total indebtedness	1,488,718,000		1,358,606,000
Unsecured Debt [Member]
Debt Instrument [Line Items]
Total indebtedness	9,900,000		15,500,000
Line of Credit [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Unsecured line of credit	203,000,000		182,300,000
Line of Credit [Member] \| Unsecured Debt [Member] \| Unsecured Line [Member]
Debt Instrument [Line Items]
Proceeds from (repayments of) lines of credit	20,800,000
Line of Credit [Member] \| Term Loan [Member] \| Fund II Line [Member]
Debt Instrument [Line Items]
Unsecured line of credit			$ 12,500,000
Total indebtedness	25,500,000
Revolving Credit Facility [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Unsecured line of credit	$ 0
Revolving Credit Facility [Member] \| Unsecured Debt [Member] \| Unsecured Term Loan Maturing June 27, 2021 [Member]
Debt Instrument [Line Items]
Borrowings, amount		$ 150,000,000
London Interbank Offered Rate (LIBOR) [Member] \| Revolving Credit Facility [Member] \| Unsecured Debt [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%

Debt - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2017	$ 395,999
2018	69,753
2019	205,295
2020	321,559
2021	253,927
Thereafter	259,138
Long-term debt and convertible notes payable	1,505,671
Unamortized fair market value of assumed debt	1,336	$ 1,364
Net unamortized debt issuance costs	(18,289)	(11,720)
Total indebtedness	$ 1,488,718	$ 1,358,606

Financial Instruments and Fair Value Measurements - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Derivative financial instruments	$ 2,921	$ 818
Liabilities
Derivative financial instruments	3,590	5,876
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Assets
Money Market Funds	20,001	4
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	0	0
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Assets
Money Market Funds	0	0
Derivative financial instruments	2,921	818
Liabilities
Derivative financial instruments	3,590	5,876
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Assets
Money Market Funds	0	0
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Schedule of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair value, asset derivatives	$ 2,921	$ 818
Fair value, liability derivatives	(3,590)	(5,876)
Core Portfolio [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	331,058
Fair value, derivatives, net	(609)	(4,440)
Core Portfolio [Member] \| Interest Rate Swap [Member] \| Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	140,651
Fair value, liability derivatives	$ (3,218)	(5,255)
Core Portfolio [Member] \| Interest Rate Swap [Member] \| Other Liabilities [Member] \| Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	1.38%
Core Portfolio [Member] \| Interest Rate Swap [Member] \| Other Liabilities [Member] \| Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	3.77%
Core Portfolio [Member] \| Interest Rate Swap [Member] \| Other Assets [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 190,407
Fair value, asset derivatives	$ 2,609	815
Core Portfolio [Member] \| Interest Rate Swap [Member] \| Other Assets [Member] \| Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	1.24%
Core Portfolio [Member] \| Interest Rate Swap [Member] \| Other Assets [Member] \| Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	3.77%
Fund II [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 49,279
Fair value, derivatives, net	(228)	(382)
Fund II [Member] \| Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	19,779
Fund II [Member] \| Interest Rate Swap [Member] \| Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (228)	(385)
Fund II [Member] \| Interest Rate Swap [Member] \| Other Liabilities [Member] \| Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	2.88%
Fund II [Member] \| Interest Rate Swap [Member] \| Other Liabilities [Member] \| Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	2.88%
Fund II [Member] \| Interest Rate Cap [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 29,500
Fund II [Member] \| Interest Rate Cap [Member] \| Other Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value, asset derivatives	$ 0	3
Fund II [Member] \| Interest Rate Cap [Member] \| Other Assets [Member] \| Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	4.00%
Fund II [Member] \| Interest Rate Cap [Member] \| Other Assets [Member] \| Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	4.00%
Fund III [Member] \| Interest Rate Cap [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 58,000
Fund III [Member] \| Interest Rate Cap [Member] \| Other Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value, asset derivatives	$ 127	0
Fund III [Member] \| Interest Rate Cap [Member] \| Other Assets [Member] \| Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund III [Member] \| Interest Rate Cap [Member] \| Other Assets [Member] \| Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund IV [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 123,409
Fair value, derivatives, net	41	(236)
Fund IV [Member] \| Interest Rate Swap [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	14,509
Fund IV [Member] \| Interest Rate Swap [Member] \| Other Liabilities [Member]
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (144)	(236)
Fund IV [Member] \| Interest Rate Swap [Member] \| Other Liabilities [Member] \| Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	1.78%
Fund IV [Member] \| Interest Rate Swap [Member] \| Other Liabilities [Member] \| Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	1.78%
Fund IV [Member] \| Interest Rate Cap [Member]
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 108,900
Fund IV [Member] \| Interest Rate Cap [Member] \| Other Assets [Member]
Derivatives, Fair Value [Line Items]
Fair value, asset derivatives	$ 185	$ 0
Fund IV [Member] \| Interest Rate Cap [Member] \| Other Assets [Member] \| Minimum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund IV [Member] \| Interest Rate Cap [Member] \| Other Assets [Member] \| Maximum [Member]
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%

Financial Instruments and Fair Value Measurements - Schedule of Gain (Loss) from Derivative Instruments (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Amount of loss related to the effective portion recognized in other comprehensive income (loss)	$ 646	$ 5,061	$ 9,061
Amount of loss related to the effective portion subsequently reclassified to earnings	0	0	0
Amount of gain (loss) related to the ineffective portion and amount excluded from effectiveness testing	$ 0	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net		$ 276,163	$ 147,188
Total indebtedness		1,488,718	1,358,606
Unsecured notes payable, net		432,990	287,755
Unsecured line of credit		0	20,800
Asset Impairment Charges		0	5,000	$ 0
Brandywine Portfolio [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset Impairment Charges	$ 5,000		5,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net			147,188
Total indebtedness			1,050,051
Investment in non-traded equity securities			411
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable, net			287,755
Unsecured line of credit			20,800
Carrying Amount [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net		276,163
Total indebtedness		1,055,728
Investment in non-traded equity securities		802
Carrying Amount [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable, net		432,990
Unsecured line of credit		0
Estimated Fair Value [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net		272,052	147,188
Total indebtedness		1,077,926	1,072,473
Investment in non-traded equity securities		25,194	25,194
Estimated Fair Value [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable, net		435,779	288,964
Unsecured line of credit		$ 0	$ 20,881

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2009	Dec. 31, 2016
Loss Contingencies [Line Items]
Contractual obligation		$ 85.4
Letters of credit, oustanding amount		2.5
Unconsolidated joint venture debt, pro rata portion, if not paid by joint venture		$ 165.7
Breach of Severance Agreement [Member]
Loss Contingencies [Line Items]
Damages sought after, value	$ 0.9

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Common Shares, Share Repurchases and Dividends and Distributions (Details) - USD ($)					1 Months Ended	3 Months Ended								12 Months Ended
	Nov. 08, 2016	Nov. 07, 2016	Nov. 10, 2015	Dec. 05, 2014	Jul. 31, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2001
Class of Stock [Line Items]
Authorized amount						$ 20,000,000.0								$ 20,000,000.0
Treasury stock, acquired (in shares)														0	0		2,100,000
Remaining authorized repurchase amount						$ 7,500,000								$ 7,500,000
Distributions declared (in dollars per share)						$ 0.41	$ 0.25	$ 0.25	$ 0.25	$ 0.50	$ 0.24	$ 0.24	$ 0.24	$ 1.16	$ 1.22	$ 1.23
ATM Equity Program [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock															$ 64,400,000	$ 126,800,000
Stock, shares authorized not issued																200,000,000.0
Public Offering [Member]
Class of Stock [Line Items]
Proceeds from issuance of common stock																$ 230,700,000
Restricted Stock [Member]
Class of Stock [Line Items]
Restricted stock, shares canceled for tax withholding for share based compensation (in shares)														3,152	2,481
LTIP Units and Restricted Stock [Member]
Class of Stock [Line Items]
Unit based compensation														$ 10,900,000	$ 6,800,000
Common Shares
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)														4,830,000	1,600,000
Stock issued during period														$ 175,200,000
Proceeds from issuance of common stock														$ 172,100,000
Common Shares \| Forward Sale and Underwritten Public Offering [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)														3,600,000
Stock issued during period														$ 126,800,000
Proceeds from issuance of common stock														$ 124,500,000
Common Shares \| ATM Equity Program [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)														4,500,000		5,000,000
Stock issued during period														$ 157,600,000
Proceeds from issuance of common stock														155,700,000
Additional maximum gross proceeds amount					$ 250,000,000									250,000,000
Sale of Stock, remaining value under program														$ 218,000,000
Regular Quarterly Cash Dividend [Member]
Class of Stock [Line Items]
Cash dividends declared, period increase (in dollars per share)	$ 0.01
Distributions declared (in dollars per share)	0.26	$ 0.25
Special Cash Dividend [Member]
Class of Stock [Line Items]
Distributions declared (in dollars per share)	0.15		$ 0.25	$ 0.30
Cash dividends paid (in dollars per share)	$ 0.15
Common Shares
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)														12,961,000	1,973,000	12,237,000
Common Shares \| ATM Equity Program [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)															2,000,000
Common Shares \| Public Offering [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)																7,600,000

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Balance	$ 1,521,354	$ 1,435,957	$ 1,121,588
Net current period other comprehensive income	3,930	463	(5,285)
Balance	2,178,125	1,521,354	1,435,957
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Balance	(4,463)	(4,005)	1,132
Other comprehensive loss before reclassifications	(646)	(5,061)	(9,061)
Reclassification of realized interest on swap agreements	4,576	5,524	3,776
Net current period other comprehensive income	3,930	463	(5,285)
Balance	(798)	(4,463)	(4,005)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Noncontrolling Interest [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Net current period other comprehensive income	$ (265)	$ (921)	$ 148

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance				$ 420,866					$ 420,866
Net (income) loss attributable to noncontrolling interests	$ (14,415)	$ 5,786	$ (8,237)	$ (44,950)	$ 1,019	$ (4,328)	$ (58,963)	$ (21,990)	(61,816)	$ (84,262)	$ (81,082)
Conversion of 100,620 Common OP Units to Common Shares by limited partners of the Operating Partnership									0	0	0
Acquisition of noncontrolling interests									(18,379)	(7,970)
Issuance of OP Units to acquire real estate									31,429	0	44,051
Other comprehensive income - unrealized loss on valuation of swap agreements									(646)	(5,061)	(9,061)
Reclassification of realized interest on swap agreements									4,576	5,524	3,776
Noncontrolling interest contributions									295,108	35,489	57,969
Noncontrolling interest distributions and other reductions									(80,769)	(74,950)	(218,152)
Employee Long-term Incentive Plan Unit Awards									13,694	8,644	8,460
Balance	$ 589,548				$ 420,866				589,548	420,866
Payments to noncontrolling interests									$ 105,994	$ 84,610	$ 221,330
Distributions declared (in dollars per share)	$ 0.41	$ 0.25	$ 0.25	$ 0.25	$ 0.50	$ 0.24	$ 0.24	$ 0.24	$ 1.16	$ 1.22	$ 1.23
Limited partners' capital account, units issued and converted (in shares)	351,250				100,620				351,250	100,620	136,128
LTIP Units [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
LTIP units outstanding (in shares)	1,996,388				1,922,623				1,996,388	1,922,623
Series A Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Limited partners' capital account, units issued and converted (in shares)	1,392								1,392
Series C Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	141,593								141,593
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance				$ 420,866				$ 380,416	$ 420,866	$ 380,416	$ 417,352
Distributions declared of $1.22 per Common OP Unit									(6,753)	(5,983)	(5,085)
Net (income) loss attributable to noncontrolling interests									61,816	84,262	81,082
Conversion of 100,620 Common OP Units to Common Shares by limited partners of the Operating Partnership									(7,892)	(2,451)	(3,181)
Acquisition of noncontrolling interests									(25,925)	(3,561)
Change in control of previously consolidated investment (Note 4)									(75,713)
Acquisition of noncontrolling interests									(25,925)
Issuance of OP Units to acquire real estate									31,429		44,051
Other comprehensive income - unrealized loss on valuation of swap agreements									(331)	(1,014)	(1,247)
Reclassification of realized interest on swap agreements									596	1,935	1,099
Noncontrolling interest contributions									295,108	35,489	57,969
Noncontrolling interest distributions and other reductions									(80,769)	(74,950)	(218,152)
Employee Long-term Incentive Plan Unit Awards									12,768	6,723	6,528
Balance	$ 589,548				$ 420,866				589,548	420,866	380,416
Noncontrolling Interests \| Partially-Owned Affiliates [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance				324,526				286,181	324,526	286,181	368,404
Distributions declared of $1.22 per Common OP Unit									0	0	0
Net (income) loss attributable to noncontrolling interests									56,814	80,426	77,878
Conversion of 100,620 Common OP Units to Common Shares by limited partners of the Operating Partnership									0	0	0
Acquisition of noncontrolling interests										(3,561)
Change in control of previously consolidated investment (Note 4)									0
Acquisition of noncontrolling interests									(25,925)
Issuance of OP Units to acquire real estate									0		0
Other comprehensive income - unrealized loss on valuation of swap agreements									(288)	(897)	(902)
Reclassification of realized interest on swap agreements									373	1,838	984
Noncontrolling interest contributions									295,108	35,489	57,969
Noncontrolling interest distributions and other reductions									(80,769)	(74,950)	(218,152)
Employee Long-term Incentive Plan Unit Awards									0	0	0
Balance	$ 569,839				$ 324,526				$ 569,839	$ 324,526	$ 286,181
Operating Partnership, as General Partner or Managing Member [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	3,365,668				2,931,198				3,365,668	2,931,198
Equity Interest Held By Operating Partnership									95.00%	95.00%
Operating Partnership, as General Partner or Managing Member [Member] \| Series A Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	188				188				188	188	188
Operating Partnership, as General Partner or Managing Member [Member] \| Series C Preferred Stock [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)		141,593
Operating Partnership, as General Partner or Managing Member [Member] \| Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance				96,340				$ 94,235	$ 96,340	$ 94,235	$ 48,948
Distributions declared of $1.22 per Common OP Unit									(6,753)	(5,983)	(5,085)
Net (income) loss attributable to noncontrolling interests									5,002	3,836	3,204
Conversion of 100,620 Common OP Units to Common Shares by limited partners of the Operating Partnership									(7,892)	(2,451)	(3,181)
Acquisition of noncontrolling interests										0
Change in control of previously consolidated investment (Note 4)									(75,713)
Acquisition of noncontrolling interests									0
Issuance of OP Units to acquire real estate									31,429		44,051
Other comprehensive income - unrealized loss on valuation of swap agreements									(43)	(117)	(345)
Reclassification of realized interest on swap agreements									223	97	115
Noncontrolling interest contributions									0	0	0
Noncontrolling interest distributions and other reductions									0	0	0
Employee Long-term Incentive Plan Unit Awards									12,768	6,723	6,528
Balance	$ 19,709				$ 96,340				$ 19,709	96,340	$ 94,235
Fund II [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Additional ownership interest acquired									8.30%
Payments to noncontrolling interests									$ 18,400
Equity Interest Held By Operating Partnership									28.33%
Restatement Adjustment [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance				$ (31,800)					$ (31,800)
Net (income) loss attributable to noncontrolling interests	1,600
Balance	(35,700)				$ (31,800)				(35,700)	$ (31,800)
Restatement Adjustment [Member] \| Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	(35,652)								(35,652)
Restatement Adjustment [Member] \| Noncontrolling Interests \| Partially-Owned Affiliates [Member]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	0								0
Restatement Adjustment [Member] \| Operating Partnership, as General Partner or Managing Member [Member] \| Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ (35,652)								$ (35,652)

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Preferred OP Units (Details)	1 Months Ended	12 Months Ended
	Jan. 31, 2016 shares	Dec. 31, 2016 USD ($) $ / shares $ / Units shares	Dec. 31, 2015 shares	Dec. 31, 2014 shares
Class of Stock [Line Items]
Limited partners' capital account, units issued and converted (in shares)		351,250	100,620	136,128
Units converted from Series A Preferred OP Units (in shares)		185,600
Denominator for Series A Preferred OP Unit conversion \| $		$ 7.50
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, stated value per unit \| $ / Units		1,000
Per unit conversion amount, Series A Preferred OP Units (in dollars per unit) \| $ / Units		22.50
Per unit conversion annual rate, Preferred OP Units		9.00%
Limited partners' capital account, units issued and converted (in shares)		1,392
Common Shares
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)		4,830,000	1,600,000
Operating Partnership, as General Partner or Managing Member [Member]
Class of Stock [Line Items]
Preferred OP Units (in shares)		3,365,668	2,931,198
Operating Partnership, as General Partner or Managing Member [Member] \| Series A Preferred Stock [Member]
Class of Stock [Line Items]
Preferred OP Units (in shares)		188	188	188
Gotham Plaza [Member] \| Common Shares
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)	442,478
Share price \| $ / shares		$ 100.00
Preferred quarterly distribution per share price \| $ / shares		$ 0.9375
Number of convertible units if share price falls below $28.80 (in shares0		3.4722
Number of convertiable units of share price falls above $35.20 (in Shares)		2.8409
Gotham Plaza [Member] \| Preferred OP Units [Member]
Class of Stock [Line Items]
Issuance of Common Shares, net of issuance costs (in Shares)	141,593
Minimum [Member] \| Gotham Plaza [Member] \| Preferred OP Units [Member]
Class of Stock [Line Items]
Share price at conversion date \| $ / shares		$ 28.80
Maximum [Member] \| Gotham Plaza [Member] \| Preferred OP Units [Member]
Class of Stock [Line Items]
Share price at conversion date \| $ / shares		$ 35.20

Leases - Operating Leases (Details) $ in Millions	12 Months Ended
Leases - Operating Leases (Details) $ in Millions	Dec. 31, 2016 USD ($) shopping_center	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Operating Leased Assets [Line Items]
Number of shopping centers with land leases \| shopping_center	6
Ground lease expense	$ 2.5	$ 1.7	$ 1.8
Rent expense capitalized	0.9	0.9	0.8
Rent expense	$ 0.9	$ 1.4	$ 1.5
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

Leases - Capital Leasers (Details) - USD ($)	12 Months Ended
Leases - Capital Leasers (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Capital Leased Assets [Line Items]
Capital lease obligations	$ 70,129,000	$ 0
991 Madison Avenue [Member]
Capital Leased Assets [Line Items]
Capital lease term	49 years
Capital lease obligations	$ 76,628
991 Madison Avenue [Member] \| Capital Lease Obligations
Capital Leased Assets [Line Items]
Repayments capital lease obligations	$ 7,800,000

Leases - Lease Obligations (Details) $ in Thousands	Dec. 31, 2016 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2017	$ 152,464
2018	147,025
2019	135,796
2020	122,071
2021	109,383
Thereafter	591,541
Total	1,258,280
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2017	3,737
2018	3,756
2019	3,776
2020	3,669
2021	3,744
Thereafter	185,621
Total	$ 204,303

Segment Reporting (Details) $ in Thousands	3 Months Ended								12 Months Ended
Segment Reporting (Details) $ in Thousands	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Mar. 31, 2015 USD ($)	Dec. 31, 2016 USD ($) segment	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment									3
Revenues	$ 54,121	$ 43,855	$ 43,918	$ 48,045	$ 51,286	$ 51,124	$ 49,176	$ 49,073	$ 189,939	$ 199,063	$ 179,681
Property operating expenses, other operating and real estate taxes									(57,391)	(58,482)	(51,671)
General and administrative expenses									(40,648)	(30,368)	(27,433)
Depreciation and amortization									(70,011)	(60,751)	(49,645)
Impairment of asset									0	(5,000)	0
Operating income									21,889	44,462	50,932
Equity in (losses) earnings of unconsolidated affiliates									39,449	37,330	111,578
Interest income									25,829	16,603	12,607
Other									0	1,596	2,724
Interest and other finance expense									(34,645)	(37,297)	(39,426)
Gain on disposition of properties									81,965	89,063	13,138
Income tax benefit (provision)									105	(1,787)	(629)
Income from continuing operations											150,924
Income from discontinued operations									0	0	1,222
Net income	34,236	326	26,155	73,875	7,871	18,104	85,458	38,537	134,592	149,970	152,146
Net (income) loss attributable to noncontrolling interests	(14,415)	$ 5,786	$ (8,237)	$ (44,950)	1,019	$ (4,328)	$ (58,963)	$ (21,990)	(61,816)	(84,262)	(81,082)
Net income attributable to Acadia									72,776	65,708	71,064
Real estate at cost	3,382,000				2,736,283				3,382,000	2,736,283	2,208,595
Total assets	3,995,960				3,032,319				3,995,960	3,032,319	2,720,721
Acquisition of real estate	495,644				338,700				495,644	338,700	256,453
Development and property improvement costs	149,434				164,315				149,434	164,315	140,118
Core Portfolio [Member]
Segment Reporting Information [Line Items]
Revenues									150,211	150,015	125,022
Property operating expenses, other operating and real estate taxes									(39,598)	(37,259)	(33,097)
General and administrative expenses									0	0	0
Depreciation and amortization									(54,582)	(46,223)	(35,875)
Impairment of asset										(5,000)
Operating income									56,031	61,533	56,050
Equity in (losses) earnings of unconsolidated affiliates									3,774	1,169	(77)
Interest income									0	0	0
Other										0	0
Interest and other finance expense									(27,435)	(27,945)	(27,024)
Gain on disposition of properties									0	0	12,577
Income tax benefit (provision)									0	0	0
Income from continuing operations											41,526
Income from discontinued operations											0
Net income									32,370	34,757	41,526
Net (income) loss attributable to noncontrolling interests									(3,411)	(140)	(3,222)
Net income attributable to Acadia									28,959	34,617	38,304
Real estate at cost	1,982,763				1,572,681				1,982,763	1,572,681	1,366,017
Total assets	2,271,620				1,662,092				2,271,620	1,662,092	1,613,290
Acquisition of real estate	323,880				181,884				323,880	181,884	206,203
Development and property improvement costs	13,434				16,505				13,434	16,505	5,432
Funds
Segment Reporting Information [Line Items]
Revenues									39,728	49,048	54,659
Property operating expenses, other operating and real estate taxes									(17,793)	(21,223)	(18,574)
General and administrative expenses									0	0	0
Depreciation and amortization									(15,429)	(14,528)	(13,770)
Impairment of asset										0
Operating income									6,506	13,297	22,315
Equity in (losses) earnings of unconsolidated affiliates									35,675	36,161	111,655
Interest income									0	0	0
Other										0	0
Interest and other finance expense									(7,210)	(9,352)	(12,402)
Gain on disposition of properties									81,965	89,063	561
Income tax benefit (provision)									0	0	0
Income from continuing operations											122,129
Income from discontinued operations											1,222
Net income									116,936	129,169	123,351
Net (income) loss attributable to noncontrolling interests									(58,405)	(84,122)	(77,860)
Net income attributable to Acadia									58,531	45,047	45,491
Real estate at cost	1,399,237				1,163,602				1,399,237	1,163,602	842,578
Total assets	1,448,177				1,223,039				1,448,177	1,223,039	1,005,145
Acquisition of real estate	171,764				156,816				171,764	156,816	50,250
Development and property improvement costs	136,000				147,810				136,000	147,810	134,686
Structuring Financing
Segment Reporting Information [Line Items]
Revenues									0	0	0
Property operating expenses, other operating and real estate taxes									0	0	0
General and administrative expenses									0	0	0
Depreciation and amortization									0	0	0
Impairment of asset										0
Operating income									0	0	0
Equity in (losses) earnings of unconsolidated affiliates									0	0	0
Interest income									25,829	16,603	12,607
Other										1,596	2,724
Interest and other finance expense									0	0	0
Gain on disposition of properties									0	0	0
Income tax benefit (provision)									0	0	0
Income from continuing operations											15,331
Income from discontinued operations											0
Net income									25,829	18,199	15,331
Net (income) loss attributable to noncontrolling interests									0	0	0
Net income attributable to Acadia									25,829	18,199	15,331
Real estate at cost	0				0				0	0	0
Total assets	276,163				147,188				276,163	147,188	102,286
Acquisition of real estate	0				0				0	0	0
Development and property improvement costs	0				0				0	0	0
Other
Segment Reporting Information [Line Items]
Revenues									0	0	0
Property operating expenses, other operating and real estate taxes									0	0	0
General and administrative expenses									(40,648)	(30,368)	(27,433)
Depreciation and amortization									0	0	0
Impairment of asset										0
Operating income									(40,648)	(30,368)	(27,433)
Equity in (losses) earnings of unconsolidated affiliates									0	0	0
Interest income									0	0	0
Other										0	0
Interest and other finance expense									0	0	0
Gain on disposition of properties									0	0	0
Income tax benefit (provision)									105	(1,787)	(629)
Income from continuing operations											(28,062)
Income from discontinued operations											0
Net income									(40,543)	(32,155)	(28,062)
Net (income) loss attributable to noncontrolling interests									0	0	0
Net income attributable to Acadia									(40,543)	(32,155)	(28,062)
Real estate at cost	0				0				0	0	0
Total assets	0				0				0	0	0
Acquisition of real estate	0				0				0	0	0
Development and property improvement costs	$ 0				$ 0				$ 0	$ 0	$ 0

Share Incentive and Other Compensation - Narrative (Details) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2016 executive shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares	Dec. 31, 2014 USD ($) $ / shares	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of executives retired during period \| executive	2
Trustee fees		$ 1,100	$ 900
Total unrecognized compensation cost related to nonvested awards		$ 15,500
Weighted-average period over which cost is expected to be recognized		1 year 10 months 24 days
Intrinsic value of options (less than)		$ 100	608	$ 828
LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures \| shares	29,418
Compensation expense		1,100
Total fair value of shares that vested		13,600	6,700	5,300
Acceleration of LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		1,800
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested		700	600	$ 800
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		10,100
Compensation expense		8,200	1,900
Unit based compensation		$ 10,900	$ 6,800
Weighted average grant date fair value, grants (in dollars per share) \| $ / shares		$ 34.50	$ 33.90	$ 26.30
Senior Executives [Member] \| Long Term Investment Alignment Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Max percentage of future fund III promote that may be awarded to senior executives					25.00%
Officers and Employees [Member] \| Second Amended 2016 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase in number of shares authorized \| shares		1,600,000
Number of shares authorized \| shares		3,700,000
Officer [Member] \| LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures \| shares		319,244
Officer [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures \| shares		11,092
Trustee [Member] \| LTIP Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures \| shares		10,822
Trustee [Member] \| LTIP Units [Member] \| Share-based Compensation, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures \| shares		5,532
Trustee [Member] \| LTIP Units [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 \| shares		5,290
General and Administrative Expense [Member] \| LTIP Units and Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation		$ 10,900	$ 6,800	$ 6,200
Trustee [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures \| shares		13,491
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date \| shares		4,674
Shares granted to trustees for trustee fees begin vesting on two year anniversary of grant date \| shares		8,817
Annual vesting rate of shares granted to trustees that begin vesting on the second anniversary of grant date		33.00%
Fund IV [Member] \| Senior Executives [Member] \| Long Term Investment Alignment Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award					9.30%
Fund III [Member] \| Long Term Investment Alignment Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense		$ 5,000
Fund III [Member] \| Senior Executives [Member] \| Long Term Investment Alignment Program [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award					25.00%

Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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)	49,899	55,018	63,737
Shares granted (in shares)	24,583	22,819	28,563
Shares vested (in shares)	(24,886)	(24,744)	(34,598)
Shares forfeited (in shares)	(189)	(3,194)	(2,684)
Shares unvested, End of period (in shares)	49,407	49,899	55,018
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	$ 25.90	$ 23.34
Shares granted, Weighted average grant date fair value (in dollars per share)	33.35	32.78	27.18
Shares vested, Weighted average grant date fair value (in dollars per share)	29.17	25.44	23.40
Shares forfeited, Weighted average grant date fair value (in dollars per share)	35.37	26.25	23.54
Shares unvested, Weighted average grant date fair value, End of period(in dollars per share)	$ 27.92	$ 25.90	$ 25.90
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)	1,020,121	1,061,924	884,334
Shares granted (in shares)	359,484	258,464	441,946
Shares vested (in shares)	(522,680)	(292,544)	(263,556)
Shares forfeited (in shares)	(48)	(7,723)	(800)
Shares unvested, End of period (in shares)	856,877	1,020,121	1,061,924
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	$ 23.92	$ 21.62
Shares granted, Weighted average grant date fair value (in dollars per share)	34.40	34.00	26.24
Shares vested, Weighted average grant date fair value (in dollars per share)	26.08	22.82	20.23
Shares forfeited, Weighted average grant date fair value (in dollars per share)	35.37	25.90	24.66
Shares unvested, Weighted average grant date fair value, End of period(in dollars per share)	$ 26.99	$ 23.92	$ 23.92

Share Incentive and Other Compensation - Schedule of Stock Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term [Abstract]
Options outstanding, Weighted average remaining contractual term	0 years	3 months 18 days	1 year 1 month 6 days	3 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Aggregate Intrinsic Value [Abstract]
Options outstanding and exercisable, Aggregate intrinsic value at period start	$ 35	$ 614	$ 628
Options exercised, aggregate intrinsic value	100	608	828
Options outstanding and exercisable, Aggregate intrinsic value at period end	$ 0	$ 35	$ 614	$ 628
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding and exercisable, Beginning of period (in shares)	3,249	55,347	113,086
Granted (in shares)	0	0	0
Exercised (in shares)	(3,000)	(49,098)	(57,739)
Forfeited or Expired (in shares)	(249)	(3,000)	0
Options outstanding and exercisable, End of period (in shares)	0	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	$ 20.93	$ 19.28
Options granted in period, Weighted average exercise price (in dollars per share)	0.00	0.00	0.00
Options exercised in period, Weighted average exercise price (in dollars per share)	22.40	20.76	17.68
Options forfeited or expired, Weighted average exercise price (in dollars per share)	20.65	22.40	0.00
Options outstanding and exercisable, Weighted average exercise price, End of period (in dollars per share)	$ 0.00	$ 20.93	$ 20.93	$ 19.28

Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
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
Trustee [Member] \| Deferred Compensation [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Deferred compensation arrangement compensation expense	$ 100	$ 100	$ 100
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase (in shares)	3,491	3,761	4,668

Share Incentive and Other Compensation - Employee 401 (k) Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [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
Employer contribution	$ 300	$ 300	$ 300

Federal Income Taxes - Reconciliation of Net Income to Taxable Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Required Distribution Rate to Maintain REIT Status	90.00%								90.00%
Net income attributable to Acadia	$ 19,821	$ 6,112	$ 17,918	$ 28,925	$ 8,890	$ 13,776	$ 26,495	$ 16,547	$ 72,776	$ 65,708	$ 71,064
Deferred cancellation of indebtedness income									2,050	2,050	2,050
Deferred rental and other income									1,610	82	2,120
Book/tax difference - depreciation and amortization									15,189	9,983	7,337
Straight-line rent and above- and below-market rent adjustments									(7,882)	(8,041)	(4,917)
Book/tax differences - equity-based compensation									10,307	5,833	4,540
Taxable Income Reconciliation, Joint Venture Equity In Earnings									(2,011)	5,776	(105)
Impairment charges and reserves									769	(714)	3,735
Acquisition costs									5,116	1,190	4,505
Gains									0	(760)	(11,663)
Book/tax differences - miscellaneous									(4,924)	2,573	(6,041)
Taxable income									93,000	83,680	72,625
Distributions declared									$ 91,053	$ 84,683	$ 77,194

Federal Income Taxes - Tax Status of Dividends (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Ordinary income (in dollars per share)									$ 0.77	$ 0.83	$ 0.85
Qualified dividend (in dollars per share)									0.00	0.00	0.00
Capital gain (in dollars per share)									0.39	0.39	0.38
Total (in dollars per share)	$ 0.41	$ 0.25	$ 0.25	$ 0.25	$ 0.50	$ 0.24	$ 0.24	$ 0.24	$ 1.16	$ 1.22	$ 1.23
Ordinary income									66.00%	68.00%	69.00%
Qualified dividend									0.00%	0.00%	0.00%
Capital gain									34.00%	32.00%	31.00%
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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Contingency [Line Items]
TRS (loss) income before income taxes									$ 52,522	$ 62,694	$ 138,415
Benefit (provision) for income taxes:
TRS net (loss) income before noncontrolling interests									72,776	65,708	70,865
Noncontrolling interests	$ (14,415)	$ 5,786	$ (8,237)	$ (44,950)	$ 1,019	$ (4,328)	$ (58,963)	$ (21,990)	(61,816)	(84,262)	(81,082)
Net income	$ 34,236	$ 326	$ 26,155	$ 73,875	$ 7,871	$ 18,104	$ 85,458	$ 38,537	134,592	149,970	152,146
TRS [Member]
Income Tax Contingency [Line Items]
TRS (loss) income before income taxes									(1,583)	1,008	(36)
Benefit (provision) for income taxes:
Federal									378	(526)	(377)
State and local									97	(134)	(97)
TRS net (loss) income before noncontrolling interests									(1,108)	348	(510)
Noncontrolling interests									(9)	(208)	(508)
Net income									$ (1,117)	$ 140	$ (1,018)

Federal Income Taxes - Tax Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Federal tax (benefit) provision at statutory tax rate	$ (538)	$ 343	$ (12)
TRS state and local taxes, net of Federal benefit	(84)	53	(2)
Permanent differences, net	1,663	396	446
Prior year under-accrual, net	0	938	1
Other	(1,516)	(131)	41
REIT state and local income and franchise taxes	370	188	155
Total (benefit) provision for income taxes	$ (105)	$ 1,787	$ 629

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator:
Income from continuing operations									$ 72,776	$ 65,708	$ 70,865
Less: net income attributable to participating securities									(793)	(927)	(1,152)
Income from continuing operations net of income attributable to participating securities									$ 71,983	$ 64,781	$ 69,713
Denominator:
Weighted average shares for basic earnings per share									76,231,000	68,851,000	59,402,000
Effect of dilutive securities:
Employee share options									13,000	19,000	24,000
Denominator for diluted earnings per share	82,728,000	78,624,000	72,896,000	71,215,000	69,330,000	68,957,000	68,870,000	68,360,000	76,244,000	68,870,000	59,426,000
Basic earnings per Common Share from continuing operations attributable to Acadia (in dollars per share)									$ 0.94	$ 0.94	$ 1.18
Diluted earnings per Common Share from continuing operations attributable to Acadia (in dollars per share)									$ 0.94	$ 0.94	$ 1.18
Series A Preferred Stock [Member] \| Common Shares
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)									25,067	25,067	25,067
Series C Preferred Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Preferred OP Units (in shares)	141,593								141,593
Series C Preferred Stock [Member] \| Common Shares
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)									407,845
Operating Partnership, as General Partner or Managing Member [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Preferred OP Units (in shares)	3,365,668				2,931,198				3,365,668	2,931,198
Operating Partnership, as General Partner or Managing Member [Member] \| Series A Preferred Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Preferred OP Units (in shares)	188				188				188	188	188
Operating Partnership, as General Partner or Managing Member [Member] \| Series C Preferred Stock [Member]
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Preferred OP Units (in shares)		141,593

Summary of Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	3 Months Ended								12 Months Ended
	Apr. 30, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenue		$ 54,121	$ 43,855	$ 43,918	$ 48,045	$ 51,286	$ 51,124	$ 49,176	$ 49,073	$ 189,939	$ 199,063	$ 179,681
Net income		34,236	326	26,155	73,875	7,871	18,104	85,458	38,537	134,592	149,970	152,146
Net (income) loss attributable to noncontrolling interests		(14,415)	5,786	(8,237)	(44,950)	1,019	(4,328)	(58,963)	(21,990)	(61,816)	(84,262)	(81,082)
Net income attributable to Acadia		$ 19,821	$ 6,112	$ 17,918	$ 28,925	$ 8,890	$ 13,776	$ 26,495	$ 16,547	$ 72,776	$ 65,708	$ 71,064
Earnings per share attributable to Acadia: Basic (in dollars per share)		$ 0.24	$ 0.08	$ 0.24	$ 0.40					$ 0.94	$ 0.94	$ 1.18
Earnings per share attributable to Acadia: Diluted (in dollars per share)		$ 0.24	$ 0.08	$ 0.24	$ 0.40	$ 0.13	$ 0.20	$ 0.38	$ 0.24
Weighted average number of shares: Basic		82,728	78,449	72,896	70,756	69,328	68,943	68,825	68,295
Weighted average number of shares: Diluted		82,728	78,624	72,896	71,215	69,330	68,957	68,870	68,360	76,244	68,870	59,426
Cash dividends declared per common share (in dollars per share)		$ 0.41	$ 0.25	$ 0.25	$ 0.25	$ 0.50	$ 0.24	$ 0.24	$ 0.24	$ 1.16	$ 1.22	$ 1.23
Interim Period, Costs Not Allocable [Line Items]
Equity method investment, ownership percentage					65.00%
Impairment of asset										$ 0	$ 5,000	$ 0
Noncontrolling Interests
Quarterly Financial Information Disclosure [Abstract]
Net (income) loss attributable to noncontrolling interests										$ 61,816	84,262	$ 81,082
Fund III [Member] \| Noncontrolling Interests
Interim Period, Costs Not Allocable [Line Items]
Gain on Sale								$ 15,800
White City Shopping Center [Member] \| Fund III [Member]
Interim Period, Costs Not Allocable [Line Items]
Gain (loss) on disposal	$ 16,200							17,100
Brandywine Portfolio [Member]
Interim Period, Costs Not Allocable [Line Items]
Impairment of asset								5,000			$ 5,000
Brandywine Portfolio [Member] \| Noncontrolling Interests
Interim Period, Costs Not Allocable [Line Items]
Impairment of asset								3,900
Cortlandt Towne Center [Member] \| Fund III [Member]
Interim Period, Costs Not Allocable [Line Items]
Gain on Sale					$ 65,400
Cortlandt Towne Center [Member] \| Fund III [Member] \| Noncontrolling Interests
Interim Period, Costs Not Allocable [Line Items]
Gain on Sale					$ 49,400
Heritage Shops [Member] \| Fund III [Member]
Interim Period, Costs Not Allocable [Line Items]
Gain on Sale				$ 16,600
Heritage Shops [Member] \| Fund III [Member] \| Noncontrolling Interests
Interim Period, Costs Not Allocable [Line Items]
Gain on Sale				$ 12,500
Lincoln Park Centre [Member] \| Fund III [Member]
Interim Period, Costs Not Allocable [Line Items]
Gain on Sale									$ 27,100
Lincoln Park Centre [Member] \| Fund III [Member] \| Noncontrolling Interests
Interim Period, Costs Not Allocable [Line Items]
Gain on Sale									$ 21,700
Liberty Avenue [Member] \| Fund II [Member]
Interim Period, Costs Not Allocable [Line Items]
Gain on Sale								12,000
City Point - Air Rights [Member] \| Fund II [Member]
Interim Period, Costs Not Allocable [Line Items]
Gain on Sale								$ 49,900
Parkway Crossing [Member] \| Fund III [Member]
Interim Period, Costs Not Allocable [Line Items]
Gain on Sale							$ 6,900
Parkway Crossing [Member] \| Fund III [Member] \| Noncontrolling Interests
Interim Period, Costs Not Allocable [Line Items]
Gain on Sale							$ 5,600
Out-of-period Adjustments [Member]
Quarterly Financial Information Disclosure [Abstract]
Net income		$ (4,200)
Net (income) loss attributable to noncontrolling interests		$ 1,600

Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ in Millions	1 Months Ended
	Feb. 24, 2017	Jan. 31, 2017
Fund III [Member] \| Arundel Plaza [Member]
Subsequent Event [Line Items]
Sales Price	$ 28.8
Fund IV [Member] \| 2819 Kennedy Boulevard [Member]
Subsequent Event [Line Items]
Sales Price		$ 19.0
Wake Forest Crossing [Member] \| Fund IV [Member]
Subsequent Event [Line Items]
Borrowings, amount	$ 24.0
London Interbank Offered Rate (LIBOR) [Member] \| Wake Forest Crossing [Member] \| Fund IV [Member]
Subsequent Event [Line Items]
Basis spread on variable rate	1.60%

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance for deferred tax asset
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 0	$ 0	$ 0
Charged to Expenses	0	0	0
Adjustments to Valuation Accounts	859	0	0
Deductions	0	0	0
Balance at End of Year	859	0	0
Allowance for uncollectible accounts
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	7,451	5,952	6,242
Charged to Expenses	0	1,499	0
Adjustments to Valuation Accounts	0	0	0
Deductions	(1,731)	0	(290)
Balance at End of Year	5,720	7,451	5,952
Allowance for notes receivable
Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	0	0	3,681
Charged to Expenses	0	0	0
Adjustments to Valuation Accounts	0	0	0
Deductions	0	0	(3,681)
Balance at End of Year	$ 0	$ 0	$ 0

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 1,055,728
Initial Cost to Company of Land	796,928
Initial Cost to Company of Buildings and Improvements	1,774,296
Costs Capitalized Subsequent to Acquisition	810,776
Carrying Amount of Land	751,655
Carrying Amount of Buildings and Improvements	2,630,345
Total Carrying Amount	3,382,000	$ 2,736,283	$ 2,208,595	$ 1,819,053
Accumulated Depreciation	287,066	298,703	$ 256,015	$ 229,538
Debt of assets held for sale	25,500
Unamortized premium	1,336	$ 1,364
Real Estate, Federal Income Tax Basis	$ 2,550,500
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	3,027
Carrying Amount of Land	1,147
Carrying Amount of Buildings and Improvements	10,452
Total Carrying Amount	11,599
Accumulated Depreciation	7,395
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	13,353
Carrying Amount of Land	505
Carrying Amount of Buildings and Improvements	17,514
Total Carrying Amount	18,019
Accumulated Depreciation	13,968
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	2,887
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	5,155
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	12,437
Carrying Amount of Land	1,664
Carrying Amount of Buildings and Improvements	12,437
Total Carrying Amount	14,101
Accumulated Depreciation	8,559
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	2,400
Carrying Amount of Land	799
Carrying Amount of Buildings and Improvements	5,597
Total Carrying Amount	6,396
Accumulated Depreciation	3,754
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	22,463
Carrying Amount of Land	3,207
Carrying Amount of Buildings and Improvements	36,237
Total Carrying Amount	39,444
Accumulated Depreciation	19,922
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	15,860
Carrying Amount of Land	3,798
Carrying Amount of Buildings and Improvements	28,302
Total Carrying Amount	32,100
Accumulated Depreciation	18,112
Core Portfolio [Member] \| Merrillville Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	24,779
Initial Cost to Company of Land	4,288
Initial Cost to Company of Buildings and Improvements	17,152
Costs Capitalized Subsequent to Acquisition	5,647
Carrying Amount of Land	4,288
Carrying Amount of Buildings and Improvements	22,799
Total Carrying Amount	27,087
Accumulated Depreciation	11,276
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	7,612
Core Portfolio [Member] \| 239 Greenwich Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,000
Initial Cost to Company of Land	1,817
Initial Cost to Company of Buildings and Improvements	15,846
Costs Capitalized Subsequent to Acquisition	776
Carrying Amount of Land	1,817
Carrying Amount of Buildings and Improvements	16,622
Total Carrying Amount	18,439
Accumulated Depreciation	7,389
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	1,970
Carrying Amount of Land	1,793
Carrying Amount of Buildings and Improvements	9,142
Total Carrying Amount	10,935
Accumulated Depreciation	4,855
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	4,225
Carrying Amount of Land	3,229
Carrying Amount of Buildings and Improvements	17,142
Total Carrying Amount	20,371
Accumulated Depreciation	8,852
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	8,914
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	15,883
Carrying Amount of Land	3,401
Carrying Amount of Buildings and Improvements	28,183
Total Carrying Amount	31,584
Accumulated Depreciation	9,719
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	993
Carrying Amount of Land	961
Carrying Amount of Buildings and Improvements	4,814
Total Carrying Amount	5,775
Accumulated Depreciation	2,369
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	8,902
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	1,579
Carrying Amount of Land	2,350
Carrying Amount of Buildings and Improvements	10,983
Total Carrying Amount	13,333
Accumulated Depreciation	5,256
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	3,350
Carrying Amount of Land	1,475
Carrying Amount of Buildings and Improvements	9,249
Total Carrying Amount	10,724
Accumulated Depreciation	4,603
Core Portfolio [Member] \| Brandywine Town Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	26,250
Initial Cost to Company of Land	5,063
Initial Cost to Company of Buildings and Improvements	15,252
Costs Capitalized Subsequent to Acquisition	2,495
Carrying Amount of Land	5,201
Carrying Amount of Buildings and Improvements	17,609
Total Carrying Amount	22,810
Accumulated Depreciation	6,392
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	1,111
Carrying Amount of Land	1,691
Carrying Amount of Buildings and Improvements	6,914
Total Carrying Amount	8,605
Accumulated Depreciation	2,732
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	5,812
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	972
Carrying Amount of Land	10,061
Carrying Amount of Buildings and Improvements	3,745
Total Carrying Amount	13,806
Accumulated Depreciation	984
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	4,509
Carrying Amount of Land	8,289
Carrying Amount of Buildings and Improvements	10,200
Total Carrying Amount	18,489
Accumulated Depreciation	3,175
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	4,701
Carrying Amount of Land	11,855
Carrying Amount of Buildings and Improvements	11,992
Total Carrying Amount	23,847
Accumulated Depreciation	2,456
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	3,732
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	992
Carrying Amount of Land	16,699
Carrying Amount of Buildings and Improvements	19,696
Total Carrying Amount	36,395
Accumulated Depreciation	4,837
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	5,147
Carrying Amount of Land	3,048
Carrying Amount of Buildings and Improvements	12,428
Total Carrying Amount	15,476
Accumulated Depreciation	2,027
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	2,409
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	341
Core Portfolio [Member] \| 4401 White Plains [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,884
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	674
Core Portfolio [Member] \| Chicago Street Retail Portfolio [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	18,521
Initial Cost to Company of Buildings and Improvements	55,627
Costs Capitalized Subsequent to Acquisition	1,923
Carrying Amount of Land	18,560
Carrying Amount of Buildings and Improvements	57,511
Total Carrying Amount	76,071
Accumulated Depreciation	6,761
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	161
Core Portfolio [Member] \| 330 River Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,884
Initial Cost to Company of Land	8,404
Initial Cost to Company of Buildings and Improvements	14,235
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	8,404
Carrying Amount of Buildings and Improvements	14,235
Total Carrying Amount	22,639
Accumulated Depreciation	1,812
Core Portfolio [Member] \| Rhode Island Place Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	7,458
Initial Cost to Company of Buildings and Improvements	15,968
Costs Capitalized Subsequent to Acquisition	917
Carrying Amount of Land	7,458
Carrying Amount of Buildings and Improvements	16,885
Total Carrying Amount	24,343
Accumulated Depreciation	2,142
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	9
Carrying Amount of Land	4,933
Carrying Amount of Buildings and Improvements	14,596
Total Carrying Amount	19,529
Accumulated Depreciation	1,732
Core Portfolio [Member] \| 28 Jericho Turnpike [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,869
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	2,935
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	1,278
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	1,035
Core Portfolio [Member] \| 60 Orange Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,769
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	1,264
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	726
Carrying Amount of Land	11,689
Carrying Amount of Buildings and Improvements	10,862
Total Carrying Amount	22,551
Accumulated Depreciation	1,199
Core Portfolio [Member] \| 639 West Diversey [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	4,429
Initial Cost to Company of Buildings and Improvements	6,102
Costs Capitalized Subsequent to Acquisition	804
Carrying Amount of Land	4,429
Carrying Amount of Buildings and Improvements	6,906
Total Carrying Amount	11,335
Accumulated Depreciation	775
Core Portfolio [Member] \| 664 North Michigan Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,846
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	6,345
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	1,414
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	168
Carrying Amount of Land	6,899
Carrying Amount of Buildings and Improvements	4,417
Total Carrying Amount	11,316
Accumulated Depreciation	401
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	711
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	670
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	919
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	33,738
Total Carrying Amount	33,738
Accumulated Depreciation	1,593
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	192
Carrying Amount of Land	16,744
Carrying Amount of Buildings and Improvements	28,538
Total Carrying Amount	45,282
Accumulated Depreciation	2,198
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	20
Carrying Amount of Land	4,578
Carrying Amount of Buildings and Improvements	2,665
Total Carrying Amount	7,243
Accumulated Depreciation	243
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	813
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	1,834
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	754
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	978
Core Portfolio [Member] \| Bedford Green [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	28,697
Initial Cost to Company of Land	12,425
Initial Cost to Company of Buildings and Improvements	32,730
Costs Capitalized Subsequent to Acquisition	1,801
Carrying Amount of Land	12,425
Carrying Amount of Buildings and Improvements	34,531
Total Carrying Amount	46,956
Accumulated Depreciation	2,264
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	103
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	57,639
Total Carrying Amount	57,639
Accumulated Depreciation	6,344
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	279
Carrying Amount of Land	20,264
Carrying Amount of Buildings and Improvements	33,410
Total Carrying Amount	53,674
Accumulated Depreciation	1,898
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	105
Carrying Amount of Land	4,550
Carrying Amount of Buildings and Improvements	4,564
Total Carrying Amount	9,114
Accumulated Depreciation	303
Core Portfolio [Member] \| City Center San Francisco, CA [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	36,063
Initial Cost to Company of Buildings and Improvements	109,098
Costs Capitalized Subsequent to Acquisition	658
Carrying Amount of Land	36,063
Carrying Amount of Buildings and Improvements	109,756
Total Carrying Amount	145,819
Accumulated Depreciation	4,909
Core Portfolio [Member] \| 163 Highland Avenue Needham, MA [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,359
Initial Cost to Company of Land	12,679
Initial Cost to Company of Buildings and Improvements	11,213
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	12,679
Carrying Amount of Buildings and Improvements	11,213
Total Carrying Amount	23,892
Accumulated Depreciation	624
Core Portfolio [Member] \| Roosevelt Galleria [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	4,838
Initial Cost to Company of Buildings and Improvements	14,574
Costs Capitalized Subsequent to Acquisition	26
Carrying Amount of Land	4,838
Carrying Amount of Buildings and Improvements	14,600
Total Carrying Amount	19,438
Accumulated Depreciation	489
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	6,346
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	6,346
Total Carrying Amount	6,346
Accumulated Depreciation	302
Core Portfolio [Member] \| 991 Madison Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Buildings and Improvements	76,965
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	76,965
Total Carrying Amount	76,965
Accumulated Depreciation	0
Core Portfolio [Member] \| 165 Newbury Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,918
Initial Cost to Company of Buildings and Improvements	3,980
Carrying Amount of Land	1,918
Carrying Amount of Buildings and Improvements	3,980
Total Carrying Amount	5,898
Accumulated Depreciation	66
Core Portfolio [Member] \| Concord and Milwaukee [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,874
Initial Cost to Company of Land	2,739
Initial Cost to Company of Buildings and Improvements	2,746
Carrying Amount of Land	2,739
Carrying Amount of Buildings and Improvements	2,746
Total Carrying Amount	5,485
Accumulated Depreciation	30
Core Portfolio [Member] \| State and Washington [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	25,485
Initial Cost to Company of Land	3,907
Initial Cost to Company of Buildings and Improvements	70,943
Carrying Amount of Land	3,907
Carrying Amount of Buildings and Improvements	70,943
Total Carrying Amount	74,850
Accumulated Depreciation	591
Core Portfolio [Member] \| 151 North State Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,464
Initial Cost to Company of Land	1,941
Initial Cost to Company of Buildings and Improvements	25,529
Carrying Amount of Land	1,941
Carrying Amount of Buildings and Improvements	25,529
Total Carrying Amount	27,470
Accumulated Depreciation	266
Core Portfolio [Member] \| North & Kingsbury [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,292
Initial Cost to Company of Land	18,731
Initial Cost to Company of Buildings and Improvements	16,292
Carrying Amount of Land	18,731
Carrying Amount of Buildings and Improvements	16,292
Total Carrying Amount	35,023
Accumulated Depreciation	141
Core Portfolio [Member] \| Sullivan Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	13,433
Initial Cost to Company of Buildings and Improvements	137,327
Costs Capitalized Subsequent to Acquisition	10
Carrying Amount of Land	13,443
Carrying Amount of Buildings and Improvements	137,327
Total Carrying Amount	150,770
Accumulated Depreciation	1,145
Core Portfolio [Member] \| California and Armitage [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,675
Initial Cost to Company of Land	6,770
Initial Cost to Company of Buildings and Improvements	2,292
Carrying Amount of Land	6,770
Carrying Amount of Buildings and Improvements	2,292
Total Carrying Amount	9,062
Accumulated Depreciation	21
Core Portfolio [Member] \| 555 9th Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	60,000
Initial Cost to Company of Land	75,591
Initial Cost to Company of Buildings and Improvements	73,268
Carrying Amount of Land	75,591
Carrying Amount of Buildings and Improvements	73,268
Total Carrying Amount	148,859
Accumulated Depreciation	308
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] \| 161st Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	46,500
Initial Cost to Company of Land	16,679
Initial Cost to Company of Buildings and Improvements	28,410
Costs Capitalized Subsequent to Acquisition	28,272
Carrying Amount of Land	16,679
Carrying Amount of Buildings and Improvements	56,682
Total Carrying Amount	73,361
Accumulated Depreciation	13,067
Fund II [Member] \| City Point [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	326,042
Initial Cost to Company of Land	0
Initial Cost to Company of Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	207,561
Carrying Amount of Land	0
Carrying Amount of Buildings and Improvements	207,561
Total Carrying Amount	207,561
Accumulated Depreciation	1,848
Fund III [Member] \| 654 Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,615
Initial Cost to Company of Land	9,040
Initial Cost to Company of Buildings and Improvements	3,654
Costs Capitalized Subsequent to Acquisition	2,869
Carrying Amount of Land	9,040
Carrying Amount of Buildings and Improvements	6,523
Total Carrying Amount	15,563
Accumulated Depreciation	656
Fund III [Member] \| New Hyde Park Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,760
Initial Cost to Company of Land	3,016
Initial Cost to Company of Buildings and Improvements	7,733
Costs Capitalized Subsequent to Acquisition	4,151
Carrying Amount of Land	3,016
Carrying Amount of Buildings and Improvements	11,884
Total Carrying Amount	14,900
Accumulated Depreciation	2,225
Fund III [Member] \| 640 Broadway [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	48,470
Initial Cost to Company of Land	12,503
Initial Cost to Company of Buildings and Improvements	19,960
Costs Capitalized Subsequent to Acquisition	10,953
Carrying Amount of Land	12,503
Carrying Amount of Buildings and Improvements	30,913
Total Carrying Amount	43,416
Accumulated Depreciation	3,799
Fund III [Member] \| 3780 to 3858 Nortrand Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,137
Initial Cost to Company of Land	6,229
Initial Cost to Company of Buildings and Improvements	11,216
Costs Capitalized Subsequent to Acquisition	5,612
Carrying Amount of Land	6,229
Carrying Amount of Buildings and Improvements	16,828
Total Carrying Amount	23,057
Accumulated Depreciation	1,463
Fund IV [Member]
Real Estate and Accumulated Depreciation [Line Items]
Unamortized loans costs	(16,642)
Unamortized premium	1,336
Fund IV [Member] \| Paramus Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,099
Initial Cost to Company of Land	11,052
Initial Cost to Company of Buildings and Improvements	7,037
Costs Capitalized Subsequent to Acquisition	8,280
Carrying Amount of Land	11,052
Carrying Amount of Buildings and Improvements	15,317
Total Carrying Amount	26,369
Accumulated Depreciation	962
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	1,412
Carrying Amount of Land	8,306
Carrying Amount of Buildings and Improvements	11,097
Total Carrying Amount	19,403
Accumulated Depreciation	990
Fund IV [Member] \| Lake Montclair [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,509
Initial Cost to Company of Land	7,077
Initial Cost to Company of Buildings and Improvements	12,028
Costs Capitalized Subsequent to Acquisition	439
Carrying Amount of Land	7,077
Carrying Amount of Buildings and Improvements	12,467
Total Carrying Amount	19,544
Accumulated Depreciation	1,103
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	176
Carrying Amount of Land	2,314
Carrying Amount of Buildings and Improvements	17,243
Total Carrying Amount	19,557
Accumulated Depreciation	1,310
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	263
Carrying Amount of Land	7,391
Carrying Amount of Buildings and Improvements	20,439
Total Carrying Amount	27,830
Accumulated Depreciation	1,149
Fund IV [Member] \| 1035 Third Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	41,826
Initial Cost to Company of Land	14,099
Initial Cost to Company of Buildings and Improvements	39,928
Costs Capitalized Subsequent to Acquisition	671
Carrying Amount of Land	14,099
Carrying Amount of Buildings and Improvements	40,599
Total Carrying Amount	54,698
Accumulated Depreciation	1,858
Fund IV [Member] \| 801 Madison Avenue [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	4,178
Initial Cost to Company of Buildings and Improvements	28,470
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	4,178
Carrying Amount of Buildings and Improvements	28,470
Total Carrying Amount	32,648
Accumulated Depreciation	890
Fund IV [Member] \| 2208-2216 Filmore Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	5,606
Initial Cost to Company of Land	3,027
Initial Cost to Company of Buildings and Improvements	6,376
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	3,027
Carrying Amount of Buildings and Improvements	6,376
Total Carrying Amount	9,403
Accumulated Depreciation	186
Fund IV [Member] \| 146 Geary Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	27,700
Initial Cost to Company of Land	9,500
Initial Cost to Company of Buildings and Improvements	28,500
Costs Capitalized Subsequent to Acquisition	7
Carrying Amount of Land	9,500
Carrying Amount of Buildings and Improvements	28,507
Total Carrying Amount	38,007
Accumulated Depreciation	831
Fund IV [Member] \| 2207 Fillmore Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	1,120
Initial Cost to Company of Land	1,498
Initial Cost to Company of Buildings and Improvements	1,735
Costs Capitalized Subsequent to Acquisition	108
Carrying Amount of Land	1,498
Carrying Amount of Buildings and Improvements	1,843
Total Carrying Amount	3,341
Accumulated Depreciation	48
Fund IV [Member] \| 1861 Union Street [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	2,315
Initial Cost to Company of Land	2,188
Initial Cost to Company of Buildings and Improvements	1,293
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,188
Carrying Amount of Buildings and Improvements	1,293
Total Carrying Amount	3,481
Accumulated Depreciation	35
Fund IV [Member] \| Restaurant at Fort Point [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	6,500
Initial Cost to Company of Land	1,041
Initial Cost to Company of Buildings and Improvements	10,905
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,041
Carrying Amount of Buildings and Improvements	10,905
Total Carrying Amount	11,946
Accumulated Depreciation	273
Fund IV [Member] \| Wake Forest Crossing [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	7,570
Initial Cost to Company of Buildings and Improvements	24,829
Costs Capitalized Subsequent to Acquisition	1
Carrying Amount of Land	7,570
Carrying Amount of Buildings and Improvements	24,830
Total Carrying Amount	32,400
Accumulated Depreciation	197
Fund IV [Member] \| Airport Mall [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	2,294
Initial Cost to Company of Buildings and Improvements	7,067
Costs Capitalized Subsequent to Acquisition	11
Carrying Amount of Land	2,294
Carrying Amount of Buildings and Improvements	7,078
Total Carrying Amount	9,372
Accumulated Depreciation	40
Fund IV [Member] \| Colonie Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	2,852
Initial Cost to Company of Buildings and Improvements	9,619
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	2,852
Carrying Amount of Buildings and Improvements	9,619
Total Carrying Amount	12,471
Accumulated Depreciation	48
Fund IV [Member] \| Dauphin Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	5,290
Initial Cost to Company of Buildings and Improvements	9,464
Costs Capitalized Subsequent to Acquisition	4
Carrying Amount of Land	5,290
Carrying Amount of Buildings and Improvements	9,468
Total Carrying Amount	14,758
Accumulated Depreciation	50
Fund IV [Member] \| JFK Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	751
Initial Cost to Company of Buildings and Improvements	5,991
Costs Capitalized Subsequent to Acquisition	2
Carrying Amount of Land	751
Carrying Amount of Buildings and Improvements	5,993
Total Carrying Amount	6,744
Accumulated Depreciation	32
Fund IV [Member] \| Mayfair Shopping Center [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	6,178
Initial Cost to Company of Buildings and Improvements	9,266
Costs Capitalized Subsequent to Acquisition	2
Carrying Amount of Land	6,178
Carrying Amount of Buildings and Improvements	9,268
Total Carrying Amount	15,446
Accumulated Depreciation	42
Fund IV [Member] \| Shaw's Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	828
Initial Cost to Company of Buildings and Improvements	11,814
Costs Capitalized Subsequent to Acquisition	1
Carrying Amount of Land	828
Carrying Amount of Buildings and Improvements	11,815
Total Carrying Amount	12,643
Accumulated Depreciation	55
Fund IV [Member] \| Wells Plaza [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Initial Cost to Company of Land	1,892
Initial Cost to Company of Buildings and Improvements	2,585
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	1,892
Carrying Amount of Buildings and Improvements	2,585
Total Carrying Amount	4,477
Accumulated Depreciation	18
Fund IV [Member] \| 717 N Michigan [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	63,900
Initial Cost to Company of Land	72,174
Initial Cost to Company of Buildings and Improvements	34,606
Costs Capitalized Subsequent to Acquisition	0
Carrying Amount of Land	72,174
Carrying Amount of Buildings and Improvements	34,606
Total Carrying Amount	106,780
Accumulated Depreciation	72
Fund IV [Member] \| Real Estate Under Development [Member]
Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	55,327
Initial Cost to Company of Land	105,442
Initial Cost to Company of Buildings and Improvements	61,172
Costs Capitalized Subsequent to Acquisition	376,872
Carrying Amount of Land	58,403
Carrying Amount of Buildings and Improvements	485,083
Total Carrying Amount	543,486
Accumulated Depreciation	$ 0

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Balance at beginning of year	$ 2,736,283	$ 2,208,595	$ 1,819,053
Other improvements	152,129	162,760	162,827
Property acquisitions	761,400	418,396	299,793
Property dispositions or held for sale assets	(134,332)	(66,359)	(73,078)
Prior year purchase price allocation adjustments	(9,844)	0	0
Deconsolidation of Previously Consolidated Investments	(123,636)	0	0
Deconsolidation of Previously Consolidated Investments	0	12,891	0
Balance at end of year	$ 3,382,000	$ 2,736,283	$ 2,208,595

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward]
Balance at beginning of year	$ 298,703	$ 256,015	$ 229,538
Depreciation related to real estate	49,269	49,775	26,477
Property Dispositions	(27,829)	(7,087)	0
Consolidation of previously unconsolidated investments	(33,077)	0	0
Balance at end of year	$ 287,066	$ 298,703	$ 256,015

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Loans On Real Estate (Details) $ in Thousands	Dec. 31, 2016 USD ($) loan	Dec. 31, 2015 USD ($)
Mortgage Loans on Real Estate [Line Items]
Face Amount of Notes Receivable	$ 272,200
Net carrying amount of notes receivable	$ 276,163	$ 147,188
Number of nonperforming loans \| loan	1
Nonperforming note	$ 12,000
First Mortgage Loan, 6.0% Loan, Due 4/28/2017
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	6.00%
Face Amount of Notes Receivable	$ 9,000
Net carrying amount of notes receivable	$ 9,000
First Mortgage Loan, 6.0% Loan Due 5/1/2017
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	6.00%
Face Amount of Notes Receivable	$ 15,000
Net carrying amount of notes receivable	$ 15,000
Mezzanine Loan 18.0% Loan Due 7/1/2017
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	18.00%
Face Amount of Notes Receivable	$ 3,007
Net carrying amount of notes receivable	$ 4,506
First Mortgage Loan LIBOR Plus 7.1% Due 6/252018
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	7.10%
Face Amount of Notes Receivable	$ 26,000
Net carrying amount of notes receivable	$ 26,000
First Mortgage Loan, 8.1% Loan, Due 2019 [Member]
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	8.10%
Face Amount of Notes Receivable	$ 153,400
Net carrying amount of notes receivable	$ 153,400
Preferred Equity, 8.7% Loan, Due 9/9/2019
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	8.70%
Face Amount of Notes Receivable	$ 10,000
Net carrying amount of notes receivable	$ 10,000
Zero Coupon Loan Due 5/31/2020
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	2.50%
Face Amount of Notes Receivable	$ 29,793
Net carrying amount of notes receivable	$ 31,007
Preferred Equity, 15.3% Loan, Due 2/3/2021
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	15.30%
Face Amount of Notes Receivable	$ 14,000
Net carrying amount of notes receivable	$ 15,250
First Mortgage Loan, 9.0% Loan Due On Demand
Mortgage Loans on Real Estate [Line Items]
Effective Interest Rate	9.00%
Face Amount of Notes Receivable	$ 12,000
Net carrying amount of notes receivable	$ 12,000

SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE - Reconciliation of Loans on Real Estate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	$ 147,188	$ 102,286	$ 126,656
Additions	171,794	48,500	31,169
Disposition of air rights through issuance of notes	0	29,539	0
Amortization and accretion	0	0	556
Repayments	(42,819)	(15,984)	(18,095)
Conversion to real estate through receipt of deed or through foreclosure	0	(13,386)	(38,000)
Other	0	(3,767)	0
Balance at end of year	$ 276,163	$ 147,188	$ 102,286