Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2017	Oct. 31, 2017
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-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		83,705,835

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
ASSETS
Operating real estate, net	$ 2,905,000	$ 2,551,448
Real estate under development, at cost	237,434	543,486
Net investments in real estate	3,142,434	3,094,934
Notes receivable, net	250,194	276,163
Investments in and advances to unconsolidated affiliates	270,245	272,028
Other assets, net	213,018	192,786
Cash and cash equivalents	48,255	71,805
Rents receivable, net	53,479	43,842
Restricted cash	19,473	22,904
Assets of properties held for sale	95,859	21,498
Total assets	4,092,957	3,995,960
LIABILITIES
Mortgage and other notes payable, net	1,045,877	1,055,728
Unsecured notes payable, net	497,970	432,990
Unsecured line of credit	59,000	0
Accounts payable and other liabilities	211,206	208,672
Capital lease obligation	70,498	70,129
Dividends and distributions payable	23,350	36,625
Distributions in excess of income from, and investments in, unconsolidated affiliates	15,262	13,691
Total liabilities	1,923,163	1,817,835
Commitments and contingencies
Acadia Shareholders' Equity
Common shares, $0.001 par value, authorized 200,000,000 and 100,000,000 shares, issued and outstanding 83,680,337 and 83,597,741 shares, respectively	84	84
Additional paid-in capital	1,594,332	1,594,926
Accumulated other comprehensive loss	(553)	(798)
Distributions in excess of accumulated earnings	(30,325)	(5,635)
Total Acadia shareholders’ equity	1,563,538	1,588,577
Noncontrolling interests	606,256	589,548
Total equity	2,169,794	2,178,125
Total liabilities and equity	$ 4,092,957	$ 3,995,960

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, authorized (in shares)	200,000,000	100,000,000
Common shares, issued (in shares)	83,680,337	83,597,741
Common shares, outstanding (in shares)	83,680,337	83,597,741

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues
Rental income	$ 51,707	$ 35,710	$ 148,760	$ 109,486
Expense reimbursements	9,957	7,192	32,347	22,920
Other	1,014	953	3,074	3,412
Total revenues	62,678	43,855	184,181	135,818
Operating expenses
Depreciation and amortization	26,652	15,217	77,245	46,744
General and administrative	7,953	12,869	25,286	30,742
Real estate taxes	8,822	6,195	27,462	18,000
Property operating	9,417	5,055	26,978	15,697
Other operating	250	3,265	987	4,094
Impairment of an asset	3,840	0	3,840	0
Total operating expenses	56,934	42,601	161,798	115,277
Operating income	5,744	1,254	22,383	20,541
Equity in earnings (losses) and gains (losses) of unconsolidated affiliates inclusive of gains (losses) on disposition of properties of $0, ($726), $14,771 and ($726), respectively	4,001	(102)	21,044	3,592
Interest income	6,461	7,245	23,648	19,298
Interest expense	(15,428)	(7,982)	(39,666)	(24,917)
Income from continuing operations before income taxes	778	415	27,409	18,514
Income tax provision	(465)	(89)	(1,017)	(123)
Income from continuing operations before gain on disposition of properties	313	326	26,392	18,391
Gain on disposition of properties, net of tax	12,972	0	12,972	81,965
Net income	13,285	326	39,364	100,356
Net loss (income) attributable to noncontrolling interests	(418)	5,786	1,194	(47,401)
Net income attributable to Acadia	$ 12,867	$ 6,112	$ 40,558	$ 52,955
Earnings Per Share, Basic and Diluted [Abstract]
Basic and diluted earnings per share (in dollars per share)	$ 0.15	$ 0.08	$ 0.48	$ 0.71

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 13,285	$ 326	$ 39,364	$ 100,356
Other comprehensive income (loss):
Unrealized (loss) income on valuation of swap agreements	(644)	1,474	(2,652)	(12,624)
Reclassification of realized interest on swap agreements	734	1,210	2,637	3,396
Other comprehensive income (loss)	90	2,684	(15)	(9,228)
Comprehensive income	13,375	3,010	39,349	91,128
Comprehensive (income) loss attributable to noncontrolling interests	(541)	5,478	1,454	(46,554)
Comprehensive income attributable to Acadia	$ 12,834	$ 8,488	$ 40,803	$ 44,574

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - 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
Beginning 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		70,258,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	$ 1	7,874			7,875	(7,875)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		350,000
Issuance of Common Shares, net of issuance costs	357,262	$ 10	357,252			357,262
Issuance of Common Shares, net of issuance costs (in Shares)		10,228,000
Issuance of OP Units to acquire real estate	29,336						29,336
Dividends declared ($0.78 and $0.75 per Common Share/OP Unit for Nine Months Ended September 30, 2017 and 2016)	(61,180)				(56,782)	(56,782)	(4,398)
Acquisition of noncontrolling interests	(18,379)		7,546			7,546	(25,925)
Employee and trustee stock compensation, net	11,682		699			699	10,983
Employee and trustee stock compensation, net (in Shares)		27,000
Change in control of previously unconsolidated investment	(75,713)						(75,713)
Noncontrolling interest distributions	(50,849)						(50,849)
Noncontrolling interest contributions	204,412						204,412
Reallocation of noncontrolling interests	0		35,254			35,254	(35,254)
Comprehensive income	91,128			(8,381)	52,955	44,574	46,554
Ending Balance at Sep. 30, 2016	2,009,053	$ 81	1,500,864	(12,844)	8,815	1,496,916	512,137
Balance (in Shares) at Sep. 30, 2016		80,863,000
Beginning 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		70,258,000
Ending 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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	$ 0		1,086			1,086	(1,086)
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)		61,000
Dividends declared ($0.78 and $0.75 per Common Share/OP Unit for Nine Months Ended September 30, 2017 and 2016)	(70,053)				(65,248)	(65,248)	(4,805)
Employee and trustee stock compensation, net	9,129		425			425	8,704
Employee and trustee stock compensation, net (in Shares)		21,000
Noncontrolling interest distributions	(7,278)						(7,278)
Noncontrolling interest contributions	20,522						20,522
Reallocation of noncontrolling interests	0		(2,105)			(2,105)	2,105
Comprehensive income	39,349			245	40,558	40,803	(1,454)
Ending Balance at Sep. 30, 2017	$ 2,169,794	$ 84	$ 1,594,332	$ (553)	$ (30,325)	$ 1,563,538	$ 606,256
Balance (in Shares) at Sep. 30, 2017	83,680,337	83,680,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 39,364	$ 100,356
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of properties	(12,972)	(81,965)
Depreciation and amortization	77,245	46,744
Distributions of operating income from unconsolidated affiliates	7,412	4,917
Equity in earnings and gains of unconsolidated affiliates	(21,044)	(3,592)
Stock compensation expense	9,129	9,729
Amortization of financing costs	3,996	2,025
Impairment of asset	3,840	0
Other, net	(8,435)	(5,577)
Changes in assets and liabilities:
Other liabilities	(1,556)	134
Prepaid expenses and other assets	(8,723)	(11,642)
Rents receivable, net	(6,646)	(4,858)
Restricted cash	3,538	1,733
Accounts payable and accrued expenses	(736)	(1,511)
Net cash provided by operating activities	84,412	56,493
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(138,429)	(292,136)
Development and property improvement costs	(84,554)	(94,459)
Issuance of or advances on notes receivable	(10,449)	(148,203)
Proceeds from the disposition of properties	47,025	150,379
Investments in and advances to unconsolidated affiliates	(4,555)	(68,153)
Return of capital from unconsolidated affiliates	12,300	50,622
Proceeds from notes receivable	12,000	42,819
Deposits for properties under contract	0	(8,576)
Proceeds from disposition of properties of unconsolidated affiliates	25,735	0
Payment of deferred leasing costs	(5,381)	(5,451)
Change in control of previously consolidated affiliate	0	(2,578)
Net cash used in investing activities	(146,308)	(375,736)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	(130,736)	(292,815)
Principal payments on unsecured debt	(143,215)	(516,790)
Proceeds received on mortgage and other notes	120,252	70,437
Proceeds from unsecured debt	267,200	616,315
Proceeds from issuance of Common Shares, net of issuance costs of $0 and $1,654, respectively	0	357,262
Capital contributions from noncontrolling interests	20,522	204,412
Distributions to noncontrolling interests	(12,813)	(74,612)
Dividends paid to Common Shareholders	(77,770)	(71,674)
Deferred financing and other costs	(4,987)	(5,288)
Loan proceeds held as restricted cash	(107)	8,462
Net cash provided by financing activities	38,346	295,709
Decrease in cash and cash equivalents	(23,550)	(23,534)
Cash and cash equivalents, beginning of the period	71,805	72,776
Cash and cash equivalents, end of the period	48,255	49,242
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $12,246 and $14,936, respectively	39,626	28,116
Cash paid for income taxes, net of (refunds)	773	1,267
Supplemental disclosure of non-cash investing activities
Acquisition of real estate through assumption of debt	0	60,668
Acquisition of real estate through issuance of OP Units	0	29,336
Acquisition of capital lease obligation	0	76,461
Assumption of accounts payable and accrued expenses through acquisition of real estate	2,161	1,809
Acquisition of real estate through conversion of note receivable	9,142	0
Acquisition of undivided interest in a property through conversion of notes receivable	16,005	0
Change in control of previously consolidated investment
Real estate, net	0	90,559
Investments in and advances to unconsolidated affiliates	0	(21,421)
Other assets and liabilities	0	3,997
Noncontrolling interest	0	(75,713)
Cash removed in de-consolidation of previously consolidated investment	$ 0	$ (2,578)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parentheticals) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Statement of Cash Flows [Abstract]
Cash paid for capitalized interest	$ 12,246	$ 14,936
Payments of stock issuance costs	$ 0	$ 1,654

Organization, Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2017

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 September 30, 2017 and December 31, 2016, 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 September 30, 2017, the Company has ownership interests in 118 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 64 properties within its opportunity funds, Acadia Strategic Opportunity Fund II, LLC (“Fund II”), Acadia Strategic Opportunity Fund III LLC (“Fund III”), Acadia Strategic Opportunity Fund IV LLC (“Fund IV”), and Acadia Strategic Opportunity Fund V LLC (“Fund V”). Acadia Strategic Opportunity Fund I, LP (“Fund I,” together with Funds II, III, IV, and V, the “Funds”) was liquidated in 2015. The 182 Core Portfolio and Fund properties primarily consist of street and urban retail, and 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 the Funds’ economic performance, (ii) is obligated to absorb the Funds’ 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 II (dollars in millions):



Entity	Formation Date	Operating Partnership Share of Capital	Capital Called as of September 30, 2017		Unfunded Commitment		Equity Interest Held By Operating Partnership ^(a)	Preferred Return	Total Distributions as of September 30, 2017 ^(b)
Fund II and Mervyns II	6/2004	28.33%	$	347.1	$	—	28.33%	8%	$	131.6
Fund III	5/2007	24.54%	396.7		53.3		39.63%	6%	553.7
Fund IV	5/2012	23.12%	390.7		139.3		23.12%	6%	101.9
Fund V	8/2016	20.10%	—		520.0		20.10%	6%	—

__________


(a)	Amount represents the current economic ownership at September 30, 2017, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective fund.


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

Basis of Presentation

Segments

At September 30, 2017, 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. 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.

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items.

These consolidated financial statements should be read in conjunction with the Company’s 2016 Annual Report on Form 10-K, as filed with the SEC on February 24, 2017 and amended on February 27, 2017.

Use of Estimates

GAAP requires 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

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

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. Management believes the majority of the Company’s revenue falls outside of the scope of this guidance and does not anticipate any significant changes to the timing of the Company’s revenue recognition. 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. As a lessee, the Company is party to various equipment, ground, and office leases with future payment obligations aggregating $207.7 million at September 30, 2017 (Note 11) for which the Company expects to record right-of-use assets upon adoption of ASU 2016-02. 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 also requires that internal leasing costs be expensed as incurred, as opposed to capitalized and deferred. The Company expects that it will no longer capitalize a significant portion of internal leasing costs that were previously capitalized. The Company capitalized $0.8 million of internal leasing costs during each of the nine months ended September 30, 2017 and 2016, respectively. ASU 2016-02 will also require extensive quantitative and qualitative disclosures and is effective beginning after December 15, 2018, but early adoption is permitted.

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 ASU 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 Company expects to elect the “cumulative distribution approach” whereby distributions received from equity method investments would be classified as cash flows from operations to the extent of equity earnings and then as cash flows from investing activities thereafter. The Company is currently evaluating the impact of this guidance on its consolidated financial statements; however, upon the adoption of ASU 2016-15, the Company expects to reclassify a portion of its cash flows between investing activities and cash flows from operating activities in its historical presentation of cash flows related to its equity method investments.

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. It is expected that the new standard will 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. The Company expensed $0.9 million and $5.5 million of acquisition costs during the nine months ended September 30, 2017 and 2016, respectively.

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 Emerging Issues Task Force (“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 Staff Accounting Bulletin 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.

In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which amends the guidance on nonfinancial assets in ASC 610-20. The amendments clarify that (i) a financial asset is within the scope of ASC 610-20 if it meets the definition of an in substance nonfinancial asset and may include nonfinancial assets transferred within a legal entity to a counter-party, (ii) an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counter-party and de-recognize each asset when a counter-party obtains control of it, and (iii) an entity should allocate consideration to each distinct asset by applying the guidance in ASC 606 on allocating the transaction price to performance obligations. Further, ASU 2017-05 provides guidance on accounting for partial sales of nonfinancial assets. The amendments are effective at the same time as the amendments in ASU 2014-09. The adoption of ASU 2017-05 is not expected to have a material impact on the Company's consolidated financial statements.

In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies the scope of modification accounting with respect to changes to the terms or conditions of a share-based payment award. Modification accounting would not apply if a change to an award does not affect the total current fair value (or other applicable measurement), vesting conditions, or the classification of the award. For all entities, ASU 2017-09 is effective prospectively for awards modified in fiscal years beginning after December 15, 2017, and interim periods within those annual periods and early adoption is permitted. The adoption of ASU 2017-09 is not expected to have a material impact on the Company's consolidated financial statements because the Company has not historically had significant modifications of its awards.

In August 2017, the Financial Accounting Standards Board issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. The Company plans to adopt ASU 2017-12 effective January 1, 2018. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. While the Company continues to assess all potential impacts of the standard, the adoption is not expected to have a material impact on the Company’s consolidated financial statements.

Real Estate

9 Months Ended

Sep. 30, 2017

Acquisition and Disposition of Properties and Discontinued Operations [Abstract]

Real Estate

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



	September 30, 2017			December 31, 2016

Land	$	659,547		$	693,252
Buildings and improvements	2,344,370			1,916,288
Tenant improvements	140,027			132,220
Construction in progress	22,052			19,789
Properties under capital lease	76,965			76,965
Total	3,242,961			2,838,514
Less: Accumulated depreciation	(337,961		)	(287,066		)
Operating real estate, net	2,905,000			2,551,448
Real estate under development, at cost	237,434			543,486
Net investments in real estate	$	3,142,434		$	3,094,934

Acquisitions

During the nine months ended September 30, 2017 and the year ended December 31, 2016, the Company acquired the following consolidated retail properties (dollars in thousands):



Property and Location	Percent Acquired	Date of Acquisition	Purchase Price		Debt Assumed
2017 Acquisitions
Fund IV:
Lincoln Place - Fairview Heights, IL	100%	Mar 13, 2017	$	35,350	$	—
Shaw's Plaza - Windham, ME (Note 3)	100%	Jun 30, 2017	9,142		—
Subtotal Fund IV			44,492		—

Fund V:
Plaza Santa Fe - Santa Fe, NM	100%	Jun 5, 2017	35,220		—
Hickory Ridge - Hickory, NC	100%	Jul 27, 2017	44,020		—
New Towne Plaza - Canton, MI	100%	Aug 4, 2017	26,000		—
Subtotal Fund V			105,240		—
Total 2017 Acquisitions			$	149,732	$	—

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^(a)	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

__________


(a)	These acquisitions were accounted for as asset acquisitions as the underlying properties did not meet the definition of a business.

All of the above acquisitions were deemed to be business combinations except 991 Madison Avenue and 1964 Union Street. The Company expensed $0.9 million of acquisition costs for the nine months ended September 30, 2017, of which $0.3 million related to the Core Portfolio and $0.6 million related to the Funds and $5.5 million of acquisition costs for the nine months ended September 30, 2016, of which $5.1 million related to the Core Portfolio and $0.4 million related to the Funds.

Purchase Price Allocations

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 following table summarizes the allocation of the purchase price of properties acquired during the nine months ended September 30, 2017 and the year ended December 31, 2016 (in thousands):



	Nine Months Ended September 30, 2017			Year Ended December 31, 2016
	Nine Months Ended September 30, 2017			Year Ended December 31, 2016
Net Assets Acquired:
Land	$	21,917		$	225,729
Buildings and improvements	104,729			458,525
Other assets	—			3,481
Acquisition-related intangible assets (in Acquired lease intangibles, net)	31,378			63,606
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(8,292		)	(72,985		)
Above and below market debt assumed (included in Mortgages and other notes payable, net)	—			(119,601		)
Net assets acquired	$	149,732		$	558,755



Consideration:
Cash	$	138,429	$	439,546
Conversion of note receivable	9,142		—
Debt assumed	—		119,209
Liabilities assumed	2,161		—
Total Consideration	$	149,732	$	558,755

Dispositions

During the nine months ended September 30, 2017 and year ended December 31, 2016, the Company disposed of the following consolidated properties (in thousands):



Property and Location	Owner	Date Sold	Sale Price		Gain on Sale
2017 Dispositions:
New Hyde Park Shopping Center - New Hyde Park, NY	Fund III	Jul 6, 2017	$	22,075	$	6,433
216th Street - New York, NY	Fund II	Sep 11, 2017	30,579		6,539
Total 2017 Dispositions			$	52,654	$	12,972

2016 Dispositions:
Cortlandt Town Center (65%) - Mohegan Lake, NY (Note 4)	Fund III	Jan 28, 2016	$	107,250	$	65,393
Heritage Shops - Chicago, IL	Fund III	Apr 26, 2016	46,500		16,572
Total 2016 Dispositions			$	153,750	$	81,965

The aggregate rental revenue, expenses and pre-tax income reported within continuing operations for the aforementioned consolidated properties that were sold during the nine months ended September 30, 2017 and year ended December 31, 2016 were as follows (in thousands):



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Rental revenues	$	503		$	1,122		$	2,136		$	7,378
Expenses	(523		)	(1,095		)	(2,343		)	(4,745		)
Loss on extinguishment of debt	(10		)	—			(10		)	(15		)
Income from continuing operations of disposed properties before gain on disposition of properties	(30		)	27			(217		)	2,618
Gain on disposition of properties, net of tax	12,972			—			12,972			81,965
Net income attributable to noncontrolling interests	(9,166		)	(18		)	(9,034		)	(70,410		)
Net income attributable to Acadia	$	3,776		$	9		$	3,721		$	14,173

Properties Held For Sale

At December 31, 2016, the Company had one property in Fund II classified as held-for-sale with total assets of $21.5 million and subject to a mortgage of $25.5 million.

At September 30, 2017, the Company had one property in Fund II classified as held-for-sale, City Point Condominium Tower I, with total assets of $95.9 million and subject to mortgages aggregating $81.0 million, which will be repaid at closing. Upon classification as held for sale, the Company recognized an impairment charge of approximately $3.8 million (Note 8) relating to expected transaction costs associated with the sale. Additionally, the Company recognized a charge to income attributable to Acadia of approximately $1.1 million to adjust the non-controlling interest holder’s ownership in this property to its estimated redemption amount as a result of the sale at September 30, 2017. This property had a net loss of $4.3 million excluding losses attributable to noncontrolling interests of $3.9 million for the three and nine months ended September 30, 2017. On October 13, 2017, this property was sold and the associated mortgage was repaid (Note 15).

Pro Forma Financial Information

The following unaudited pro forma consolidated operating data is presented for the three and nine months ended September 30, 2017, as if the acquisitions of the properties acquired during that period were completed on January 1, 2016 and as if the acquisition of the properties acquired during the nine months ended September 30, 2016 were completed on January 1, 2015. The related acquisition expenses of $0.9 million and $5.5 million reported during the nine months ended September 30, 2017 and 2016, respectively have been reflected as pro forma charges at January 1, 2016 and January 1, 2015, 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.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Pro forma revenues	$	63,253	$	51,871	$	191,673	$	164,410
Pro forma income from continuing operations	368		1,092		26,439		19,504
Pro forma net income attributable to Acadia	12,912		6,839		40,608		54,201
Pro forma basic and diluted earnings per share	0.15		0.08		0.48		0.66

Real Estate Under Development and Construction in Progress

Real estate under development represents the Company’s consolidated properties that have not yet been placed into service while undergoing substantial development or construction.

Depreciation and amortization expense for the nine months ended September 30, 2017 includes $2.0 million of accelerated depreciation related to a building under development that was demolished.

Development activity comprised the following during the periods presented (dollars in thousands):



	December 31, 2016			Nine Months Ended September 30, 2017						September 30, 2017
	Number of Properties	Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties	Carrying Value

Core	1	$	2,530	$	7,258	$	3,852	$	5,441	2	$	8,199
Fund II	2	443,012		—		7,677		414,000		1	36,689
Fund III	3	51,421		—		13,838		8,146		2	57,113
Fund IV	8	46,523		79,624		13,883		4,597		8	135,433

Total	14	$	543,486	$	86,882	$	39,250	$	432,184	13	$	237,434

During the nine months ended September 30, 2017, the Company placed substantially all of the City Point project into service.

Construction in progress pertains to construction activity at the Company’s operating properties which are in service and continue to operate during the construction period.

Notes Receivable, Net

9 Months Ended

Sep. 30, 2017

Accounts and Notes Receivable, Net [Abstract]

Notes Receivable, Net

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



	September 30,		December 31,		September 30, 2017
Description	2017		2016		Number	Maturity Date	Interest Rate
Core Portfolio	$	198,395	$	216,400	4	June 2018 - September 2019	6.0% - 8.7%
Fund II	31,593		31,007		1	May 2020	2.5%
Fund III	4,956		4,506		1	July 2020	18.0%
Fund IV	15,250		24,250		1	February 2021	15.3%
	$	250,194	$	276,163	7

During the nine months ended September 30, 2017, the Company:


•	recovered the full value of a $12.0 million Core note receivable, which was previously in default, plus accrued interest and fees aggregating $16.8 million as further described below;


•	exchanged a $16.0 million Core note receivable plus accrued interest thereon of $0.3 million for an additional undivided interest in one of the properties in the Brandywine Portfolio (Note 4);


•	funded an additional $10.0 million on an existing Core note receivable, which had a total commitment of $20.0 million;


•	entered into an agreement to extend the maturity of a $15.0 million Core note receivable to June 1, 2018;


•	increased the balance of a Fund II note receivable by the interest accrued of $0.6 million;


•	advanced an additional $0.5 million on a Fund III note receivable; and


•	exchanged a $9.0 million Fund IV note receivable plus accrued interest of $0.1 million thereon for an investment in a shopping center in Windham, Maine (Note 2).

During the year ended December 31, 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 loan bears interest at 8.1% (Note 4).

At December 31, 2016, 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 estimated carrying value of the note. 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 this note. The winning bid was in excess of the Company’s carrying value and accrued interest. The sale of this property was approved by Order of the Bankruptcy Court confirming the Chapter 11 Plan of Reorganization of the note issuer and closed during the second quarter of 2017. In connection with this sale, the Company recovered its full carrying value of principal and interest and recognized additional interest income and expense reimbursements of $2.2 million in the first quarter of 2017 and $1.4 million in the second quarter of 2017 upon settlement of this transaction.

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

9 Months Ended

Sep. 30, 2017

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 primarily 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	September 30, 2017		December 31, 2016
Fund	Property	September 30, 2017	September 30, 2017		December 31, 2016
Core:
	840 N. Michigan ^(a)	88.43%	$	70,859	$	74,131
	Renaissance Portfolio	20%	35,139		36,437
	Gotham Plaza	49%	29,196		29,421
	Brandywine Market Square ^{(a, b)}	61.11%	20,642		5,469
	Brandywine Portfolio ^{(a, b)}	22.22%	15,948		15,286
	Georgetown Portfolio	50%	3,751		4,287
			175,535		165,031

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

Fund III:
	Fund III Other Portfolio	90%	168		8,108
	Self Storage Management ^(d)	95%	241		241
			409		8,349
Fund IV:
	Broughton Street Portfolio ^(e)	50%	57,368		54,839
	Fund IV Other Portfolio	90%	20,392		21,817
	650 Bald Hill Road	90%	13,642		18,842
			91,402		95,498

Various Funds:	Due from Related Parties ^(f)		2,343		2,193
	Other^(g)		556		957
	Investments in and advances to unconsolidated affiliates		$	270,245	$	272,028

Core:
	Crossroads ^(h)	49%	$	15,262	$	13,691
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	15,262	$	13,691

__________


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


(b)	During May 2017, as discussed below, the Company increased its ownership in Brandywine Market Square, which was formerly included within the Brandywine Portfolio.


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


(d)	Represents a variable interest entity.


(e)	The Company is entitled to a 15% return on its cumulative capital contribution which was $15.2 million and $14.5 million at September 30, 2017 and December 31, 2016, respectively. In addition, the Company is entitled to a 9% preferred return on a portion of its equity, which was $47.0 million and $45.4 million at September 30, 2017 and December 31, 2016, respectively.


(f)	Represents deferred fees.


(g)	Includes a cost-method investment in Albertson’s (Note 8) and other investments.


(h)	Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to 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”), an 88.43% tenancy-in-common interest in an 87,000 square foot retail property located in Chicago, Illinois (“840 N. Michigan”), and a 49% interest in an approximately 123,000 square foot retail property located in Manhattan, New York (“Gotham Plaza”).

Acquisition of Unconsolidated Investment

On January 4, 2017, an entity in which the Company owns a 20% noncontrolling interest (the “Renaissance Portfolio”), acquired a 6,200 square foot property in Alexandria, Virginia referred to as (“907 King Street”) for $3.0 million. The Renaissance Portfolio is now a 213,000 square-foot portfolio of 18 mixed-use properties, 16 of which are located in Georgetown, Washington D.C. and two of which are located in Alexandria, Virginia.

Brandywine Portfolio and Brandywine Market Square

The Company owns an interest in an approximately one million square foot retail portfolio (the “Brandywine Portfolio” joint venture) located in Wilmington, Delaware, which includes a property referred to as “Brandywine Market Square.” 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. The Brandywine Portfolio and Brandywine Market Square ventures do not include the property held by Brandywine Holdings, an entity consolidated by the Company.

Additionally, in April 2016, the Company repaid the outstanding balance of $140.0 million of non-recourse debt collateralized by the Brandywine Portfolio and provided a note receivable collateralized by the partners’ tenancy-in-common interest in the Brandywine Portfolio for their proportionate share of the repayment. On May 1, 2017, the Company exchanged $16.0 million of the $153.4 million note receivable (Note 3) plus accrued interest of $0.3 million for one of the partner’s 38.89% tenancy-in-common interests in Brandywine Market Square. The Company already had a 22.22% interest in Brandywine Market Square and continues to apply the equity method of accounting for its aggregate 61.11% noncontrolling interest in Brandywine Market Square and its 22.22% interest in the rest of the Brandywine Portfolio. The incremental investment in Brandywine Market Square was recorded at $16.6 million and the excess of this amount over the venture’s book value associated with this interest, or $9.8 million, will be amortized over the remaining depreciable lives of the venture’s assets.

Fund Investments

Fund III Other Portfolio includes the Company’s investment in Arundel Plaza through its date of sale in February 2017. Fund IV Other Portfolio includes the Company’s investment in Promenade at Manassas and Eden Square as well as 2819 Kennedy Boulevard and 1701 Belmont Avenue through their dates of sale. 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.

Mervyn’s I & II

During July 2017, Mervyn’s I and Mervyn’s II received a total of $1.0 million in distributions from certain investments. The Company had already reduced the carrying amount of its investments in Mervyn’s I and Mervyn’s II to zero, and consequently the entire amount received has been reflected as equity in earnings (losses) and gains of unconsolidated affiliates in the consolidated statement of income.

Albertson’s

“Other” includes Fund II’s cost method investment in Albertson’s supermarkets among other investments. During July 2017, the Company received $2.3 million in distributions from Albertson’s. The Company reduced the carrying amount of the investment to zero and reflected the remaining $1.9 million as equity in earnings (losses) and gains of unconsolidated affiliates in the consolidated statement of income.

Dispositions of Unconsolidated Investments

On January 31, 2017, Fund IV completed the disposition of 2819 Kennedy Boulevard, for $19.0 million less $8.4 million debt repayment for net proceeds of $10.6 million, resulting in a gain on disposition of $6.3 million at the property level, of which the Fund’s share was $6.2 million, which is included in equity in earnings and gains from unconsolidated affiliates in the consolidated financial statements. The Operating Partnership’s proportionate share of the gain was $1.4 million, net of noncontrolling interests.

On February 15, 2017, Fund III completed the disposition of Arundel Plaza, for $28.8 million less $10.0 million debt repayments for net proceeds of $18.8 million, resulting in a gain on disposition of $8.2 million at the property level, of which the Fund’s share was $5.3 million, which is included in equity in earnings and gains from unconsolidated affiliates in the consolidated financial statements. The Operating Partnership’s proportionate share of the gain was $1.3 million, net of noncontrolling interests.

On June 30, 2017, Fund IV completed the disposition of 1701 Belmont Avenue, for $5.6 million less $2.9 million debt repayments for net proceeds of $2.7 million, resulting in a gain on disposition of $3.3 million at the property level, of which the Fund’s share was $3.3 million, which is included in equity in earnings and gains from unconsolidated affiliates in the consolidated financial statements. The Operating Partnership’s proportionate share of the gain was $0.8 million, net of noncontrolling interests.

On January 28, 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). On December 21, 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 in earnings and gains from unconsolidated affiliates in the consolidated financial statements.

During October 2017, Fund IV’s Broughton Street Portfolio venture sold several properties (Note 15).

Fees from Unconsolidated Affiliates

The Company earned property management, construction, development, legal and leasing fees from its investments in unconsolidated partnerships totaling $0.4 million and $0.3 million for each of the three months ended September 30, 2017 and 2016, respectively, and $1.0 million and $0.9 million for the nine months ended September 30, 2017 and 2016, respectively, which is included in other revenues in the consolidated financial statements.

In addition, the Company paid to certain unaffiliated partners of its joint ventures, $0.5 million and $0.6 million during the three months ended September 30, 2017 and 2016, respectively, and $1.4 million and $1.8 million during the nine months ended September 30, 2017 and 2016, respectively for leasing commissions, development, management, construction and overhead fees.

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):



	September 30,		December 31,
	2017		2016
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	540,609	$	576,505
Real estate under development	22,359		18,884
Investment in unconsolidated affiliates	6,854		6,853
Other assets	103,335		75,254
Total assets	$	673,157	$	677,496
Liabilities and partners’ equity:
Mortgage notes payable	$	401,768	$	407,344
Other liabilities	57,125		30,117
Partners’ equity	214,264		240,035
Total liabilities and partners’ equity	$	673,157	$	677,496

Company's share of accumulated equity	$	177,251	$	191,049
Basis differential	69,728		61,827
Deferred fees, net of portion related to the Company's interest	5,662		3,268
Amounts receivable by the Company	2,342		2,193
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates	$	254,983	$	258,337



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Combined and Condensed Statements of Income
Total revenues	$	20,883		$	26,590		$	63,460		$	58,984
Operating and other expenses	(6,847		)	(7,066		)	(18,985		)	(18,082		)
Interest expense	(4,788		)	(5,242		)	(13,967		)	(11,355		)
Depreciation and amortization	(6,208		)	(15,398		)	(18,720		)	(24,262		)
Loss on debt extinguishment	—			—			(154		)	—
(Loss) gain on disposition of properties	—			(1,452		)	17,778			(1,452		)
Net income attributable to unconsolidated affiliates	$	3,040		$	(2,568	)	$	29,412		$	3,833

Company’s share of equity in net income of unconsolidated affiliates	$	4,544		$	377		$	23,156		$	4,267
Basis differential amortization	(543		)	(479		)	(2,112		)	(675		)
Company’s equity in earnings (losses) of unconsolidated affiliates	$	4,001		$	(102	)	$	21,044		$	3,592

Other Assets, Net and Accounts Payable and Other Liabilities

9 Months Ended

Sep. 30, 2017

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

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



(in thousands)	September 30, 2017			December 31, 2016
Other assets, net:
Lease intangibles, net (Note 6)	$	123,593		$	114,584
Deferred charges, net ^(a)	28,365			25,221
Prepaid expenses	18,173			14,351
Other receivables	9,440			9,514
Accrued interest receivable	12,030			9,354
Deposits	4,422			4,412
Due from seller	4,300			4,300
Deferred tax assets	3,719			3,733
Derivative financial instruments (Note 8)	2,661			2,921
Due from related parties	1,773			1,655
Corporate assets	2,408			1,241
Income taxes receivable	2,134			1,500
	$	213,018		$	192,786

(a) Deferred charges, net:
Deferred leasing and other costs	$	44,484		$	40,728
Deferred financing costs	7,678			5,915
	52,162			46,643
Accumulated amortization	(23,797		)	(21,422		)
Deferred charges, net	$	28,365		$	25,221

Accounts payable and other liabilities:
Lease intangibles, net (Note 6)	$	104,663		$	105,028
Accounts payable and accrued expenses	57,326			48,290
Deferred income	32,717			35,267
Tenant security deposits, escrow and other	11,214			14,975
Derivative financial instruments (Note 8)	3,468			3,590
Income taxes payable	1,818			1,287
Other	—			235
	$	211,206		$	208,672

Other Assets, net and Accounts Payable and Other Liabilities

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:



(in thousands)	September 30, 2017			December 31, 2016
Other assets, net:
Lease intangibles, net (Note 6)	$	123,593		$	114,584
Deferred charges, net ^(a)	28,365			25,221
Prepaid expenses	18,173			14,351
Other receivables	9,440			9,514
Accrued interest receivable	12,030			9,354
Deposits	4,422			4,412
Due from seller	4,300			4,300
Deferred tax assets	3,719			3,733
Derivative financial instruments (Note 8)	2,661			2,921
Due from related parties	1,773			1,655
Corporate assets	2,408			1,241
Income taxes receivable	2,134			1,500
	$	213,018		$	192,786

(a) Deferred charges, net:
Deferred leasing and other costs	$	44,484		$	40,728
Deferred financing costs	7,678			5,915
	52,162			46,643
Accumulated amortization	(23,797		)	(21,422		)
Deferred charges, net	$	28,365		$	25,221

Accounts payable and other liabilities:
Lease intangibles, net (Note 6)	$	104,663		$	105,028
Accounts payable and accrued expenses	57,326			48,290
Deferred income	32,717			35,267
Tenant security deposits, escrow and other	11,214			14,975
Derivative financial instruments (Note 8)	3,468			3,590
Income taxes payable	1,818			1,287
Other	—			235
	$	211,206		$	208,672

Lease Intangibles

9 Months Ended

Sep. 30, 2017

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):



	September 30, 2017									December 31, 2016
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
In-place lease intangible assets	$	185,273		$	(67,747	)	$	117,526		$	156,420		$	(47,827	)	$	108,593
Above-market rent	18,239			(12,172		)	6,067			16,649			(10,658		)	5,991
	$	203,512		$	(79,919	)	$	123,593		$	173,069		$	(58,485	)	$	114,584

Amortizable Intangible Liabilities
Below-market rent	$	(144,218	)	$	40,207		$	(104,011	)	$	(137,032	)	$	32,004		$	(105,028	)
Above-market ground lease	(671		)	19			(652		)	—			—			—
	$	(144,889	)	$	40,226		$	(104,663	)	$	(137,032	)	$	32,004		$	(105,028	)

During the nine months ended September 30, 2017, the Company acquired in-place lease intangible assets of $29.6 million, above-market rents of $1.8 million, below-market rents of $7.6 million, and an above-market ground lease of $0.7 million with weighted-average useful lives of 4.1, 4.6, 11.5, and 11.5 years, respectively. Amortization of in-place lease intangible assets is recorded in depreciation and amortization expense and amortization of above-market rent and below-market rent is recorded as a reduction to and increase to rental income, respectively, in the consolidated statements of income. Amortization of above-market ground leases are recorded as a reduction to rent expense in the consolidated statements of income.

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of September 30, 2017 is as follows (in thousands):



Years Ending December 31,	Net Increase in Lease Revenues		Increase to Amortization			Reduction of Rent Expense		Net Income (Expense)
2017 (Remainder)	$	3,046	$	(7,596	)	$	15	$	(4,535	)
2018	9,874		(26,009		)	58		(16,077		)
2019	9,512		(18,849		)	58		(9,279		)
2020	7,860		(14,011		)	58		(6,093		)
2021	7,457		(11,286		)	58		(3,771		)
Thereafter	60,195		(39,775		)	405		20,825
Total	$	97,944	$	(117,526	)	$	652	$	(18,930	)

Debt

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Debt

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



	Interest Rate		Maturity Date at September 30, 2017	Carrying Value
	September 30, 2017	December 31, 2016	Maturity Date at September 30, 2017	September 30, 2017			December 31, 2016
Mortgages Payable
Core Fixed Rate	3.88%-5.89%	3.88%-5.89%	February 2024 - April 2035	$	180,259		$	234,875
Core Variable Rate - Swapped^(a)	1.71%-3.77%	1.71%-3.77%	June 2018 - June 2026	80,492			82,250
Total Core Mortgages Payable				260,751			317,125
Fund II Fixed Rate	1.00%-4.75%	1.00%-5.80%	October 2017 - May 2020	224,262			249,762
Fund II Variable Rate	LIBOR+0.79% -LIBOR+2.50%	LIBOR+0.62% -LIBOR+2.50%	December 2017 - November 2021	126,077			142,750
Fund II Variable Rate - Swapped^(a)	2.88%	2.88%	November 2021	19,616			19,779
Total Fund II Mortgages Payable				369,955			412,291
Fund III Variable Rate	Prime+0.50% -LIBOR+4.65%	Prime+0.50% -LIBOR+4.65%	March 2018 - December 2021	69,632			83,467
Fund IV Fixed Rate	3.40%-4.50%	3.40%-4.50%	October 2025-June 2026	10,503			10,503
Fund IV Variable Rate	LIBOR+1.70% -LIBOR+3.95%	LIBOR+1.70% - LIBOR+3.95%	October 2017 - April 2022	268,554			233,139
Fund IV Variable Rate - Swapped^(a)	1.78%	1.78%	May 2019 - April 2022	81,156			14,509
Total Fund IV Mortgages Payable				360,213			258,151
Net unamortized debt issuance costs				(15,555		)	(16,642		)
Unamortized premium				881			1,336
Total Mortgages Payable				$	1,045,877		$	1,055,728
Unsecured Notes Payable
Core Unsecured Term Loans	LIBOR+1.30% -LIBOR+1.60%	LIBOR+1.30% -LIBOR+1.60%	July 2020 - December 2022	$	26,459		$	51,194
Core Variable Rate Unsecured Term Loans - Swapped^(a)	1.24%-3.77%	1.24%-3.77%	July 2018 - March 2025	273,541			248,806
Total Core Unsecured Notes Payable				300,000			300,000
Fund II Unsecured Notes Payable	LIBOR+1.65%		September 2020	31,500			—
Fund IV Term Loan/Subscription Facility	LIBOR+1.65% -LIBOR+2.75%	LIBOR+1.65% -LIBOR+2.75%	October 2017- December 2017	54,920			134,636
Fund V Subscription Facility	LIBOR+1.60%	LIBOR+1.60%	May 2020	113,200			—
Net unamortized debt issuance costs				(1,650		)	(1,646		)
Total Unsecured Notes Payable				$	497,970		$	432,990
Unsecured Line of Credit
Core Unsecured Line of Credit	LIBOR+1.40%	LIBOR+1.40%	June 2020	$	59,000		$	—
Total Unsecured Line of Credit				$	59,000		$	—

Total Debt - Fixed Rate ^(b)				$	869,829		$	860,484
Total Debt - Variable Rate				749,342			645,186
Total Debt				1,619,171			1,505,670
Net unamortized debt issuance costs				(17,205		)	(18,288		)
Unamortized premium				881			1,336
Total Indebtedness				$	1,602,847		$	1,488,718

__________


(a)	At September 30, 2017, the stated rates ranged from LIBOR + 1.08% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 0.79% to LIBOR +2.50% for Fund II variable-rate debt; PRIME + 0.50% to LIBOR +4.65% for Fund III variable-rate debt; LIBOR + 1.70% to LIBOR +3.95% for Fund IV variable-rate debt and LIBOR + 1.30% to LIBOR +1.60% for Core variable-rate unsecured notes.


(b)	Includes $454,805 and $365,343, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

Mortgages Payable

During the nine months ended September 30, 2017, the Company obtained nine new non-recourse mortgages totaling $128.3 million with a weighted-average interest rate of LIBOR + 3.43% collateralized by nine properties, which mature between February 14, 2020 and April 1, 2022. The Company entered into interest rate swap contracts to effectively fix the variable portion of the interest rates of seven of these obligations with a notional value of $67.3 million at a weighted-average rate of 1.92%. During 2017, the Company repaid six mortgages in full, which had a total balance of $112.5 million and a weighted-average interest rate of 4.76%, and made scheduled principal payments of $5.8 million. At September 30, 2017 and December 31, 2016, the Company’s mortgages were collateralized by 45 and 39 properties, respectively, 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).

The mortgage loan related to Brandywine Holdings in the Company’s Core Portfolio amounted to $26.3 million and was in default at September 30, 2017 and December 31, 2016. This loan bears interest at 5.99%, excluding default interest of 5%, and is collateralized by a property, in which the Company holds a 22% controlling interest. In April 2017, the lender on this mortgage initiated a lawsuit against the Company for the full balance of the principal, accrued interest as well as penalties and fees aggregating approximately $31.0 million. The Company’s management believes that the mortgage is not recourse to the Company and that the suit is without merit.

In addition, at September 30, 2017, a mortgage loan in the amount of $14.3 million and collateralized by a Fund II property, was in default because its liquidity covenant had been breached.

See Note 15 for information about additional financing obtaining after September 30, 2017.

Unsecured Notes Payable

The Company completed the following transactions related to its unsecured notes payable during the nine months ended September 30, 2017:


•	The Company reduced its maximum commitment available on the Fund IV subscription line of credit from $100.0 million to $21.5 million. The balance was $20.4 million at September 30, 2017 and $94.5 million at December 31, 2016. Total available credit at September 30, 2017 and December 31, 2016 was $1.1 million and $5.5 million, respectively on this line.

•

Fund IV also has a $50.0 million bridge facility. The balance was $34.5 million at September 30, 2017 and $40.1 million at December 31, 2016. The Company was in compliance with the liquidity covenant for this facility at September 30, 2017, but was not in compliance at December 31, 2016. Total available credit at each of September 30, 2017 and December 31, 2016 was $0.0 on this facility. In October 2017, this facility was refinanced (Note 15).

•

The Company obtained a new Fund V subscription line in the amount of $150.0 million secured by Fund V’s unfunded capital commitments with an interest rate of LIBOR plus 160 basis points and maturing in May 2020. The Fund V subscription line is also guaranteed by the Operating Partnership. The outstanding balance was $113.2 million and total available credit was $36.8 million at September 30, 2017.

•

The Company obtained a new Fund II loan in the amount of $40.0 million secured by the real estate assets of City Point Phase II with an interest rate of LIBOR plus 140 basis points and maturing in September 2020. The Fund II loan is also guaranteed by the Company and the Operating Partnership. The outstanding balance was $31.5 million and total available credit was $8.5 million at September 30, 2017.

Unsecured Line of Credit

At September 30, 2017 and December 31, 2016, the Company had a total of $79.7 million and $147.5 million, respectively available under its unsecured line of credit. The Company completed the following transactions related to its unsecured line of credit during the nine months ended September 30, 2017:


•	In connection with the repayments of two secured mortgage notes payable, the Company drew down $59.0 million through September 30, 2017. The total available balance was $79.7 million reflecting $11.3 million of outstanding letters of credit as of September 30, 2017.

Scheduled Debt Principal Payments

The scheduled principal repayments of the Company’s consolidated indebtedness, as of September 30, 2017 are as follows (in thousands):



Year Ending December 31,
2017 (Remainder)	$	174,707
2018	88,308
2019	228,523
2020	573,807
2021	255,055
Thereafter	298,771
	1,619,171
Unamortized fair market value of assumed debt	881
Net unamortized debt issuance costs	(17,205		)
Total indebtedness	$	1,602,847

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

Financial Instruments and Fair Value Measurements

9 Months Ended

Sep. 30, 2017

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 the Company to develop its 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, the Company has 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 — The Company has 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 — The Company has 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.

The Company did not have any transfers into or out of Level 1, Level 2, and Level 3 measurements during the nine months ended September 30, 2017 or 2016.

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):



	September 30, 2017						December 31, 2016
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money Market Funds	$	3	$	—	$	—	$	20,001	$	—	$	—
Derivative financial instruments	—		2,661		—		—		2,921		—
Liabilities
Derivative financial instruments	—		3,468		—		—		3,590		—

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.

Items Measured at Fair Value on a Nonrecurring Basis (Including Impairment Charges)

During the three and nine months ended September 30, 2017, the Company recognized an impairment charge of $3.8 million, inclusive of an amount attributable to a noncontrolling interest of $2.7 million, on a property classified as held for sale at September 30, 2017 (Note 2), in order to reduce the carrying value of the property to its estimated fair value. The fair value measurement approximated the estimated selling price less estimated costs to sell.

Derivative Financial Instruments

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



	Aggregate Notional Amount				Strike Rate			Balance Sheet Location	Fair Value
Derivative Instrument	Aggregate Notional Amount		Effective Date	Maturity Date	Low		High	Balance Sheet Location	September 30, 2017			December 31, 2016
Core
Interest Rate Swaps	$	149,440	Oct 2011 - March 2015	July 2018 - Mar 2025	1.38%	—	3.77%	Other Liabilities	$	(2,936	)	$	(3,218	)
Interest Rate Swaps	204,593		Sep 2012 - July 2017	July 2020 - July 2027	1.24%	—	3.77%	Other Assets	2,622			2,609
	$	354,033							$	(314	)	$	(609	)

Fund II
Interest Rate Swap	$	19,616	October 2014	November 2021	2.88%	—	2.88%	Other Liabilities	$	(168	)	$	(228	)
Interest Rate Cap	29,500		April 2013	April 2018	4.00%	—	4.00%	Other Assets	—			—
	$	49,116							$	(168	)	$	(228	)

Fund III
Interest Rate Cap	$	58,000	Dec 2016	Jan 2020	3.00%	—	3.00%	Other Assets	$	17		$	127

Fund IV
Interest Rate Swaps	$	81,156	May 2014 - March 2017	May 2019 - April 2022	1.78%	—	1.98%	Other Liabilities	$	(364	)	$	(144	)
Interest Rate Caps	108,900		July 2016 - November 2016	August 2019 - December 2019	3.00%	—	3.00%	Other Assets	22			185
	$	190,056							$	(342	)	$	41

Total asset derivatives									$	2,661		$	2,921
Total liability derivatives									$	(3,468	)	$	(3,590	)

All of the Company’s 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 income (losses) recognized related to the Company’s cash flow hedges (in thousands):



	Three Months Ended September 30,					Nine Months Ended September 30,
	2017			2016		2017			2016
Amount of (loss) income related to the effective portion recognized in other comprehensive income	$	(644	)	$	1,474	$	(2,652	)	(12,624		)
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

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



		September 30, 2017				December 31, 2016
	Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable^(a)	3	$	250,194	$	247,143	$	276,163	$	272,052
Mortgage and Other Notes Payable, net^(a)	3	1,060,550		1,066,539		1,071,034		1,077,926
Investment in non-traded equity securities ^(b)	3	—		22,904		802		25,194
Unsecured notes payable and Unsecured line of credit, net^(c)	2	558,620		559,978		434,636		435,779

__________

(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)	Represents Fund II’s cost-method investment in Albertson’s supermarkets (Note 4).

(c)

The Company determined the estimated fair value of the unsecured notes payable and unsecured line of credit 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.

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 September 30, 2017.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies 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 $93.1 million and $85.4 million as of September 30, 2017 and December 31, 2016, respectively. At each of September 30, 2017 and December 31, 2016, the Company had letters of credit outstanding of $11.3 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.

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income

9 Months Ended

Sep. 30, 2017

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 nine months ended September 30, 2017:


•	The Company withheld 4,314 Restricted Shares to pay the employees’ statutory minimum income taxes due on the value of the portion of their Restricted Shares that vested.


•	The Company recognized Common Share and Common OP Unit-based compensation totaling $6.5 million in connection with Restricted Shares and Units (Note 13).


•	At the May 10 Shareholder Meeting, Shareholders approved an amendment to the Company’s Declaration of Trust to increase the authorized share capital of the Company from 100 million shares of beneficial interest to 200 million shares which became effective on July 24, 2017.

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 and September 30, 2017, 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 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.


•	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).

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 nine months ended September 30, 2017 or the year ended December 31, 2016. Under this program the Company has repurchased 2.1 million Common Shares, none of which were repurchased after December 2001. As of September 30, 2017, management may repurchase up to approximately $7.5 million of the Company’s outstanding Common Shares under this program.

Dividends and Distributions

On August 8, 2017, the Board of Trustees declared a regular quarterly cash dividend of $0.26 per Common Share, which was paid on October 13, 2017 to holders of record as of September 29, 2017.

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.

Accumulated Other Comprehensive Income

The following table sets forth the activity in accumulated other comprehensive (loss) income for the nine months ended September 30, 2017 and 2016 (in thousands):



	Gains or Losses on Derivative Instruments
Balance at January 1, 2017	$	(798	)

Other comprehensive loss before reclassifications	(2,652		)
Reclassification of realized interest on swap agreements	2,637
Net current period other comprehensive loss	(15		)
Net current period other comprehensive loss attributable to noncontrolling interests	260
Balance at September 30, 2017	$	(553	)

Balance at January 1, 2016	$	(4,463	)

Other comprehensive loss before reclassifications	(12,624		)
Reclassification of realized interest on swap agreements	3,396
Net current period other comprehensive loss	(9,228		)
Net current period other comprehensive loss attributable to noncontrolling interests	847
Balance at September 30, 2016	$	(12,844	)

Noncontrolling Interests

The following table summarizes the change in the noncontrolling interests for the nine months ended September 30, 2017 and 2016 (dollars in thousands):



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

Balance at January 1, 2017	$	95,422		$	494,126		$	589,548
Distributions declared of $0.78 per Common OP Unit	(4,805		)	—			(4,805		)
Net income (loss) for the period January 1 through September 30, 2017	2,816			(4,010		)	(1,194		)
Conversion of 61,150 Common OP Units to Common Shares by limited partners of the Operating Partnership	(1,086		)	—			(1,086		)
Other comprehensive income - unrealized loss on valuation of swap agreements	(68		)	(726		)	(794		)
Reclassification of realized interest expense on swap agreements	116			418			534
Noncontrolling interest contributions	—			20,522			20,522
Noncontrolling interest distributions	—			(7,278		)	(7,278		)
Employee Long-term Incentive Plan Unit Awards	8,704			—			8,704
Rebalancing adjustment ^(d)	2,105			—			2,105
Balance at September 30, 2017	$	103,204		$	503,052		$	606,256

Balance at January 1, 2016	$	96,340		$	324,526		$	420,866
Distributions declared of $0.75 per Common OP Unit	(4,398		)	—			(4,398		)
Net income for the period January 1 through September 30, 2016	3,757			43,644			47,401
Conversion of 350,240 Common OP Units to Common Shares by limited partners of the Operating Partnership	(7,875		)	—			(7,875		)
Issuance of Common and Preferred OP Units to acquire real estate	29,336			—			29,336
Acquisition of noncontrolling interests ^(c)	—			(25,925		)	(25,925		)
Other comprehensive income - unrealized loss on valuation of swap agreements	(640		)	(633		)	(1,273		)
Change in control of previously unconsolidated investment	—			(75,713		)	(75,713		)
Reclassification of realized interest expense on swap agreements	166			260			426
Noncontrolling interest contributions	—			204,412			204,412
Noncontrolling interest distributions	—			(50,849		)	(50,849		)
Employee Long-term Incentive Plan Unit Awards	10,983			—			10,983
Rebalancing adjustment ^(d)	(35,254		)	—			(35,254		)
Balance at September 30, 2016	$	92,415		$	419,722		$	512,137

__________

(a)

Noncontrolling interests in the Operating Partnership are comprised of (i) the limited partners’ 3,341,397 and 3,308,875 Common OP Units at September 30, 2017 and 2016, respectively; (ii) 188 Series A Preferred OP Units at September 30, 2017 and 2016; (iii) 140,343 and 141,593 Series C Preferred OP Units at September 30, 2017 and 2016, respectively; and (iv) 2,274,147 and 1,997,099 LTIP units as of September 30, 2017 and 2016, 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 Funds II, III, IV and V, and Mervyns I and II, and six other subsidiaries.


(c)	During the first quarter of 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.


(d)	Adjustment reflects 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 changes in ownership (the "Rebalancing").

Preferred OP Units

There were no issuances of Preferred OP Units and 1,250 Series C Preferred OP Units were exchanged for common shares of the Company during the nine months ended September 30, 2017.

In 1999 the Operating Partnership issued 1,580 Series A Preferred OP Units in connection with the acquisition of a property, which 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 the first quarter of 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 Unit will be convertible into 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 Unit 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.

Leases

9 Months Ended

Sep. 30, 2017

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 seven of its shopping centers, which are accounted for as operating leases and generally provide the Company with renewal options. Ground rent expense was $2.8 million and $1.7 million (including capitalized ground rent at properties under development of $0.4 million and $0.2 million) for the nine months ended September 30, 2017 and 2016, 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 $0.7 million for each of the nine months ended September 30, 2017 and 2016, respectively.

Capital Lease

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 nine months ended September 30, 2017 and 2016, lease expense totaled $1.9 million and $1.0 million, respectively for this lease. The lease was initially valued at $76.6 million, which represents the total discounted payments to be made under the lease. The property under the capital lease is included in Note 2.

Lease Obligations

The scheduled future minimum (i) 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 (ii) 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 September 30, 2017, are summarized as follows (in thousands):



Year Ending December 31,	Minimum Rental Revenues		Minimum Rental Payments
2017 (Remainder)	$	37,492	$	1,144
2018	158,612		4,478
2019	153,722		4,488
2020	141,485		4,283
2021	125,794		4,240
Thereafter	666,865		189,051
Total	$	1,283,970	$	207,684

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 three and nine months ended September 30, 2017 and 2016, no single tenant collectively comprised more than 10% of the Company’s consolidated total revenues.

Segment Reporting

9 Months Ended

Sep. 30, 2017

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 2016 interim periods have been revised to reflect this change.

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



	As of or for the Three Months Ended September 30, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	41,196		$	21,482		$	—	$	—		$	62,678
Depreciation and amortization	(14,746		)	(11,906		)	—		—			(26,652		)
Property operating expenses, other operating and real estate taxes	(10,327		)	(8,162		)	—		—			(18,489		)
Impairment of an asset	—			(3,840		)	—		—			(3,840		)
General and administrative expenses	—			—			—		(7,953		)	(7,953		)
Operating income (loss)	16,123			(2,426		)	—		(7,953		)	5,744
Gain on disposition of properties	—			12,972			—		—			12,972
Interest income	—			—			6,461		—			6,461
Equity in earnings (losses) of unconsolidated affiliates	805			3,196			—		—			4,001
Interest expense	(6,695		)	(8,733		)	—		—			(15,428		)
Income tax provision	—			—			—		(465		)	(465		)
Net income (loss)	10,233			5,009			6,461		(8,418		)	13,285
Net (income) loss attributable to noncontrolling interests	(353		)	(65		)	—		—			(418		)
Net income attributable to Acadia	$	9,880		$	4,944		$	6,461	$	(8,418	)	$	12,867

Real estate at cost	$	1,987,501		$	1,492,894		$	—	$	—		$	3,480,395
Total assets	$	2,237,334		$	1,605,429		$	250,194	$	—		$	4,092,957
Acquisition of real estate	$	—		$	70,020		$	—	$	—		$	70,020
Development and property improvement costs	$	3,359		$	54,180		$	—	$	—		$	57,539



	As of or for the Three Months Ended September 30, 2016
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	36,376		$	7,479		$	—	$	—		$	43,855
Depreciation and amortization	(12,428		)	(2,789		)	—		—			(15,217		)
Property operating expenses, other operating and real estate taxes	(11,612		)	(2,903		)	—		—			(14,515		)
General and administrative expenses	—			—			—		(12,869		)	(12,869		)
Operating income	12,336			1,787			—		(12,869		)	1,254
Interest income	—			—			7,245		—			7,245
Equity in earnings (losses) of unconsolidated affiliates	1,495			(1,597		)	—		—			(102		)
Interest expense	(6,431		)	(1,551		)	—		—			(7,982		)
Income tax provision	—			—			—		(89		)	(89		)
Net income	7,400			(1,361		)	7,245		(12,958		)	326
Net income attributable to noncontrolling interests	60			5,726			—		—			5,786
Net income attributable to Acadia	$	7,460		$	4,365		$	7,245	$	(12,958	)	$	6,112

Real estate at cost	$	1,832,863		$	1,186,926		$	—	$	—		$	3,019,789
Total assets	$	2,097,386		$	1,214,317		$	266,816	$	—		$	3,578,519
Acquisition of real estate	$	237,729		$	36,600		$	—	$	—		$	274,329
Development and property improvement costs	$	7,296		$	31,235		$	—	$	—		$	38,531



	As of or for the Nine Months Ended September 30, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	127,130		$	57,051		$	—	$	—		$	184,181
Depreciation and amortization	(46,719		)	(30,526		)	—		—			(77,245		)
Property operating expenses, other operating and real estate taxes	(33,339		)	(22,088		)	—		—			(55,427		)
Impairment of an asset	—			(3,840		)	—		—			(3,840		)
General and administrative expenses	—			—			—		(25,286		)	(25,286		)
Operating income	47,072			597			—		(25,286		)	22,383
Gain on disposition of properties	—			12,972			—		—			12,972
Interest income	—			—			23,648		—			23,648
Equity in earnings of unconsolidated affiliates	2,348			18,696			—		—			21,044
Interest expense	(20,783		)	(18,883		)	—		—			(39,666		)
Income tax provision	—			—			—		(1,017		)	(1,017		)
Net income	28,637			13,382			23,648		(26,303		)	39,364
Net (income) loss attributable to noncontrolling interests	(1,157		)	2,351			—		—			1,194
Net income attributable to Acadia	$	27,480		$	15,733		$	23,648	$	(26,303	)	$	40,558

Real estate at cost	$	1,987,501		$	1,492,894		$	—	$	—		$	3,480,395
Total assets	$	2,237,334		$	1,605,429		$	250,194	$	—		$	4,092,957
Acquisition of real estate	$	—		$	138,429		$	—	$	—		$	138,429
Development and property improvement costs	$	4,355		$	80,199		$	—	$	—		$	84,554



	As of or for the Nine Months Ended September 30, 2016
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	109,176		$	26,642		$	—	$	—		$	135,818
Depreciation and amortization	(37,629		)	(9,115		)	—		—			(46,744		)
Property operating expenses, other operating and real estate taxes	(28,460		)	(9,331		)	—		—			(37,791		)
General and administrative expenses	—			—			—		(30,742		)	(30,742		)
Operating income	43,087			8,196			—		(30,742		)	20,541
Gain on disposition of properties	—			81,965			—		—			81,965
Interest income	—			—			19,298		—			19,298
Equity in earnings of unconsolidated affiliates	2,668			924			—		—			3,592
Interest expense	(20,308		)	(4,609		)	—		—			(24,917		)
Income tax provision	—			—			—		(123		)	(123		)
Net income	25,447			86,476			19,298		(30,865		)	100,356
Net income attributable to noncontrolling interests	(2,771		)	(44,630		)	—		—			(47,401		)
Net income attributable to Acadia	$	22,676		$	41,846		$	19,298	$	(30,865	)	$	52,955

Real estate at cost	$	1,832,863		$	1,186,926		$	—	$	—		$	3,019,789
Total assets	$	2,097,386		$	1,214,317		$	266,816	$	—		$	3,578,519
Acquisition of real estate	$	244,022		$	48,887		$	—	$	—		$	292,909
Development and property improvement costs	$	17,518		$	76,903		$	—	$	—		$	94,421

Share Incentive and Other Compensation

9 Months Ended

Sep. 30, 2017

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

Share Incentive and Other Compensation

Share Incentive Plan

The Second Amended and Restated 2006 Incentive Plan (the “Share Incentive Plan”) authorizes the Company to issue options, Restricted Shares, LTIP Units and other securities (collectively “Awards”) to, among others, the Company’s officers, trustees and employees. At September 30, 2017 a total of 1,756,288 shares remained available to be issued under the Share Incentive Plan.

Restricted Shares and LTIP Units

During the nine months ended September 30, 2017, the Company issued 306,635 LTIP Units and 7,628 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 $9.0 million, of which $2.2 million was recognized as compensation expense in 2016, and $6.8 million will be recognized as compensation expense over the remaining vesting period. Total long-term incentive compensation expense, including the expense related to the Share Incentive Plan, was $6.5 million and $9.1 million for the nine months ended September 30, 2017 and 2016, 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 shares and units under the Share Incentive Plan. During 2017, the Company issued 11,814 Restricted Shares and 11,105 LTIP Units to Trustees of the Company in connection with Trustee fees. Vesting with respect to 3,864 of the Restricted Shares and 5,805 of the LTIP Units will be on the first anniversary of the date of issuance and 7,950 of the Restricted Shares and 5,300 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, including the expense related to the Share Incentive Plan, was $0.7 million and $0.6 million for the nine months ended September 30, 2017 and 2016, 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 granted such awards to employees representing 25% of the potential Promote payments from Fund III to the Operating Partnership and 14.4% 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. The awards in connection with Fund IV were determined to have no intrinsic value as of September 30, 2017.

Compensation expense of $0.5 million and $1.5 million was recognized for the nine months ended September 30, 2017 and 2016, respectively, related to the Program in connection with Fund III.

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, 2016	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
Granted	19,442		29.85		317,740		29.12
Vested	(21,771	)	30.91		(257,515	)	28.58
Forfeited	(356	)	35.56		—		—
Unvested at September 30, 2017	46,722		$	27.28	917,102		$	27.29

The weighted-average grant date fair value for Restricted Shares and LTIP Units granted for the nine months ended September 30, 2017 and the year ended December 31, 2016 were $32.18 and $34.50, respectively. As of September 30, 2017, there was $16.3 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Share Incentive Plan. That cost is expected to be recognized over a weighted-average period of 2.2 years. The total fair value of Restricted Shares that vested for each of the nine months ended September 30, 2017 and the year ended December 31, 2016, was $0.7 million. The total fair value of LTIP Units that vested during the nine months ended September 30, 2017 and the year ended December 31, 2016, was $7.4 million and $13.6 million, respectively.

Other Plans

On a combined basis, the Company incurred a total of $0.3 million related to the following employee benefit plans for each of the nine months ended September 30, 2017 and 2016, respectively:

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 nine months ended September 30, 2017 and 2016, a total of 3,392 and 3,143 Common Shares, respectively, were purchased by employees under the Purchase Plan.

Deferred Share Plan

During May of 2006, the Company adopted a Trustee Deferral and Distribution Election, under which the participating Trustees earn deferred compensation.

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, 2017.

Earnings Per Common Share

9 Months Ended

Sep. 30, 2017

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. During the periods presented, the Company had 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 units (“Restricted Share Units”) and share option awards issued under the Company’s Share Incentive Plans (Note 13). The effect of such shares is excluded from the calculation of earnings per share when anti-dilutive as indicated in the table below.

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.



	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2017			2016			2017			2016
Numerator:
Net income attributable to Acadia	$	12,867		$	6,112		$	40,558		$	52,955
Less: net income attributable to participating securities	(135		)	(58		)	(488		)	(617		)
Income from continuing operations net of income attributable to participating securities	$	12,732		$	6,054		$	40,070		$	52,338

Denominator:
Weighted average shares for basic earnings per share	83,699,850			78,448,643			83,665,749			74,049,523
Effect of dilutive securities:
Employee unvested restricted shares	—			3,034			3,577			7,861
Future equity issuance	—			169,020			—			75,582
Denominator for diluted earnings per share	83,699,850			78,620,697			83,669,326			74,132,966

Basic and diluted earnings per Common Share from continuing operations attributable to Acadia	$	0.15		$	0.08		$	0.48		$	0.71

Anti-Dilutive Shares Excluded from Denominator:
Series A Preferred OP Units	188			188			188			188
Series A Preferred OP Units - Common share equivalent	25,067			25,067			25,067			25,067

Series C Preferred OP Units	140,343			141,593			140,343			141,593
Series C Preferred OP Units - Common share equivalent	487,299			402,252			481,878			402,519

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Financings On October 20, 2017, Fund V obtained mortgage financing of $28.6 million for its recently acquired Hickory Ridge property (Note 2). On October 31, 2017, Fund IV refinanced its bridge facility (Note 7), increasing its available credit to $41.8 million. Dispositions On October 13, 2017, Fund II sold its consolidated City Point Condominium Tower I property for $96.0 million, and repaid debt of $81.0 million. This property was classified as held for sale at September 30, 2017 (Note 2). On October 3, 2017, Fund IV’s Broughton Street Portfolio venture (Note 4) sold its 301 W. Broughton, 101-103 W. Broughton and 125 E. Broughton properties for a total of $9.5 million. Other On October 25, 2017, Fund V called $45.8 million of capital, of which the Operating Partnership’s share was $9.2 million.

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
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. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the full fiscal year. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items. These consolidated financial statements should be read in conjunction with the Company’s 2016 Annual Report on Form 10-K, as filed with the SEC on February 24, 2017 and amended on February 27, 2017.
Use of Estimates	Use of Estimates GAAP requires 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.
Recently Issued 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. Management believes the majority of the Company’s revenue falls outside of the scope of this guidance and does not anticipate any significant changes to the timing of the Company’s revenue recognition. 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. As a lessee, the Company is party to various equipment, ground, and office leases with future payment obligations aggregating $207.7 million at September 30, 2017 (Note 11) for which the Company expects to record right-of-use assets upon adoption of ASU 2016-02. 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 also requires that internal leasing costs be expensed as incurred, as opposed to capitalized and deferred. The Company expects that it will no longer capitalize a significant portion of internal leasing costs that were previously capitalized. The Company capitalized $0.8 million of internal leasing costs during each of the nine months ended September 30, 2017 and 2016, respectively. ASU 2016-02 will also require extensive quantitative and qualitative disclosures and is effective beginning after December 15, 2018, but early adoption is permitted. 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 ASU 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 Company expects to elect the “cumulative distribution approach” whereby distributions received from equity method investments would be classified as cash flows from operations to the extent of equity earnings and then as cash flows from investing activities thereafter. The Company is currently evaluating the impact of this guidance on its consolidated financial statements; however, upon the adoption of ASU 2016-15, the Company expects to reclassify a portion of its cash flows between investing activities and cash flows from operating activities in its historical presentation of cash flows related to its equity method investments. 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. It is expected that the new standard will 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. The Company expensed $0.9 million and $5.5 million of acquisition costs during the nine months ended September 30, 2017 and 2016, respectively. 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 Emerging Issues Task Force (“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 Staff Accounting Bulletin 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. In February 2017, the FASB issued ASU 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which amends the guidance on nonfinancial assets in ASC 610-20. The amendments clarify that (i) a financial asset is within the scope of ASC 610-20 if it meets the definition of an in substance nonfinancial asset and may include nonfinancial assets transferred within a legal entity to a counter-party, (ii) an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counter-party and de-recognize each asset when a counter-party obtains control of it, and (iii) an entity should allocate consideration to each distinct asset by applying the guidance in ASC 606 on allocating the transaction price to performance obligations. Further, ASU 2017-05 provides guidance on accounting for partial sales of nonfinancial assets. The amendments are effective at the same time as the amendments in ASU 2014-09. The adoption of ASU 2017-05 is not expected to have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, which clarifies the scope of modification accounting with respect to changes to the terms or conditions of a share-based payment award. Modification accounting would not apply if a change to an award does not affect the total current fair value (or other applicable measurement), vesting conditions, or the classification of the award. For all entities, ASU 2017-09 is effective prospectively for awards modified in fiscal years beginning after December 15, 2017, and interim periods within those annual periods and early adoption is permitted. The adoption of ASU 2017-09 is not expected to have a material impact on the Company's consolidated financial statements because the Company has not historically had significant modifications of its awards. In August 2017, the Financial Accounting Standards Board issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. The purpose of this updated guidance is to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. ASU 2017-12 is effective for fiscal years beginning after December 15, 2018, with early adoption, including adoption in an interim period, permitted. The Company plans to adopt ASU 2017-12 effective January 1, 2018. ASU 2017-12 requires a modified retrospective transition method in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. While the Company continues to assess all potential impacts of the standard, the adoption is not expected to have a material impact on the Company’s consolidated financial statements.

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

9 Months Ended

Sep. 30, 2017

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 II (dollars in millions):



Entity	Formation Date	Operating Partnership Share of Capital	Capital Called as of September 30, 2017		Unfunded Commitment		Equity Interest Held By Operating Partnership ^(a)	Preferred Return	Total Distributions as of September 30, 2017 ^(b)
Fund II and Mervyns II	6/2004	28.33%	$	347.1	$	—	28.33%	8%	$	131.6
Fund III	5/2007	24.54%	396.7		53.3		39.63%	6%	553.7
Fund IV	5/2012	23.12%	390.7		139.3		23.12%	6%	101.9
Fund V	8/2016	20.10%	—		520.0		20.10%	6%	—

__________


(a)	Amount represents the current economic ownership at September 30, 2017, which could differ from the stated legal ownership based upon the cumulative preferred returns of the respective fund.


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

Real Estate (Tables)

9 Months Ended

Sep. 30, 2017

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):



	September 30, 2017			December 31, 2016

Land	$	659,547		$	693,252
Buildings and improvements	2,344,370			1,916,288
Tenant improvements	140,027			132,220
Construction in progress	22,052			19,789
Properties under capital lease	76,965			76,965
Total	3,242,961			2,838,514
Less: Accumulated depreciation	(337,961		)	(287,066		)
Operating real estate, net	2,905,000			2,551,448
Real estate under development, at cost	237,434			543,486
Net investments in real estate	$	3,142,434		$	3,094,934

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the allocation of the purchase price of properties acquired during the nine months ended September 30, 2017 and the year ended December 31, 2016 (in thousands):



	Nine Months Ended September 30, 2017			Year Ended December 31, 2016
	Nine Months Ended September 30, 2017			Year Ended December 31, 2016
Net Assets Acquired:
Land	$	21,917		$	225,729
Buildings and improvements	104,729			458,525
Other assets	—			3,481
Acquisition-related intangible assets (in Acquired lease intangibles, net)	31,378			63,606
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(8,292		)	(72,985		)
Above and below market debt assumed (included in Mortgages and other notes payable, net)	—			(119,601		)
Net assets acquired	$	149,732		$	558,755



Consideration:
Cash	$	138,429	$	439,546
Conversion of note receivable	9,142		—
Debt assumed	—		119,209
Liabilities assumed	2,161		—
Total Consideration	$	149,732	$	558,755

During the nine months ended September 30, 2017 and the year ended December 31, 2016, the Company acquired the following consolidated retail properties (dollars in thousands):



Property and Location	Percent Acquired	Date of Acquisition	Purchase Price		Debt Assumed
2017 Acquisitions
Fund IV:
Lincoln Place - Fairview Heights, IL	100%	Mar 13, 2017	$	35,350	$	—
Shaw's Plaza - Windham, ME (Note 3)	100%	Jun 30, 2017	9,142		—
Subtotal Fund IV			44,492		—

Fund V:
Plaza Santa Fe - Santa Fe, NM	100%	Jun 5, 2017	35,220		—
Hickory Ridge - Hickory, NC	100%	Jul 27, 2017	44,020		—
New Towne Plaza - Canton, MI	100%	Aug 4, 2017	26,000		—
Subtotal Fund V			105,240		—
Total 2017 Acquisitions			$	149,732	$	—

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^(a)	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

__________


(a)	These acquisitions were accounted for as asset acquisitions as the underlying properties did not meet the definition of a business.

Schedule of Property Dispositions

During the nine months ended September 30, 2017 and year ended December 31, 2016, the Company disposed of the following consolidated properties (in thousands):



Property and Location	Owner	Date Sold	Sale Price		Gain on Sale
2017 Dispositions:
New Hyde Park Shopping Center - New Hyde Park, NY	Fund III	Jul 6, 2017	$	22,075	$	6,433
216th Street - New York, NY	Fund II	Sep 11, 2017	30,579		6,539
Total 2017 Dispositions			$	52,654	$	12,972

2016 Dispositions:
Cortlandt Town Center (65%) - Mohegan Lake, NY (Note 4)	Fund III	Jan 28, 2016	$	107,250	$	65,393
Heritage Shops - Chicago, IL	Fund III	Apr 26, 2016	46,500		16,572
Total 2016 Dispositions			$	153,750	$	81,965

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



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Rental revenues	$	503		$	1,122		$	2,136		$	7,378
Expenses	(523		)	(1,095		)	(2,343		)	(4,745		)
Loss on extinguishment of debt	(10		)	—			(10		)	(15		)
Income from continuing operations of disposed properties before gain on disposition of properties	(30		)	27			(217		)	2,618
Gain on disposition of properties, net of tax	12,972			—			12,972			81,965
Net income attributable to noncontrolling interests	(9,166		)	(18		)	(9,034		)	(70,410		)
Net income attributable to Acadia	$	3,776		$	9		$	3,721		$	14,173

Business Acquisition, Pro Forma Information

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.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Pro forma revenues	$	63,253	$	51,871	$	191,673	$	164,410
Pro forma income from continuing operations	368		1,092		26,439		19,504
Pro forma net income attributable to Acadia	12,912		6,839		40,608		54,201
Pro forma basic and diluted earnings per share	0.15		0.08		0.48		0.66

Schedule of Development in Process Activities

Development activity comprised the following during the periods presented (dollars in thousands):



	December 31, 2016			Nine Months Ended September 30, 2017						September 30, 2017
	Number of Properties	Carrying Value		Transfers In		Capitalized Costs		Transfers Out		Number of Properties	Carrying Value

Core	1	$	2,530	$	7,258	$	3,852	$	5,441	2	$	8,199
Fund II	2	443,012		—		7,677		414,000		1	36,689
Fund III	3	51,421		—		13,838		8,146		2	57,113
Fund IV	8	46,523		79,624		13,883		4,597		8	135,433

Total	14	$	543,486	$	86,882	$	39,250	$	432,184	13	$	237,434

- 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
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-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=84176398&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=84176398&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)

9 Months Ended

Sep. 30, 2017

Accounts and Notes Receivable, Net [Abstract]

Schedule of Notes Receivable



	September 30,		December 31,		September 30, 2017
Description	2017		2016		Number	Maturity Date	Interest Rate
Core Portfolio	$	198,395	$	216,400	4	June 2018 - September 2019	6.0% - 8.7%
Fund II	31,593		31,007		1	May 2020	2.5%
Fund III	4,956		4,506		1	July 2020	18.0%
Fund IV	15,250		24,250		1	February 2021	15.3%
	$	250,194	$	276,163	7

Investments in and Advances to Unconsolidated Affiliates (Tables)

9 Months Ended

Sep. 30, 2017

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	September 30, 2017		December 31, 2016
Fund	Property	September 30, 2017	September 30, 2017		December 31, 2016
Core:
	840 N. Michigan ^(a)	88.43%	$	70,859	$	74,131
	Renaissance Portfolio	20%	35,139		36,437
	Gotham Plaza	49%	29,196		29,421
	Brandywine Market Square ^{(a, b)}	61.11%	20,642		5,469
	Brandywine Portfolio ^{(a, b)}	22.22%	15,948		15,286
	Georgetown Portfolio	50%	3,751		4,287
			175,535		165,031

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

Fund III:
	Fund III Other Portfolio	90%	168		8,108
	Self Storage Management ^(d)	95%	241		241
			409		8,349
Fund IV:
	Broughton Street Portfolio ^(e)	50%	57,368		54,839
	Fund IV Other Portfolio	90%	20,392		21,817
	650 Bald Hill Road	90%	13,642		18,842
			91,402		95,498

Various Funds:	Due from Related Parties ^(f)		2,343		2,193
	Other^(g)		556		957
	Investments in and advances to unconsolidated affiliates		$	270,245	$	272,028

Core:
	Crossroads ^(h)	49%	$	15,262	$	13,691
	Distributions in excess of income from, and investments in, unconsolidated affiliates		$	15,262	$	13,691

__________


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


(b)	During May 2017, as discussed below, the Company increased its ownership in Brandywine Market Square, which was formerly included within the Brandywine Portfolio.


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


(d)	Represents a variable interest entity.


(e)	The Company is entitled to a 15% return on its cumulative capital contribution which was $15.2 million and $14.5 million at September 30, 2017 and December 31, 2016, respectively. In addition, the Company is entitled to a 9% preferred return on a portion of its equity, which was $47.0 million and $45.4 million at September 30, 2017 and December 31, 2016, respectively.


(f)	Represents deferred fees.


(g)	Includes a cost-method investment in Albertson’s (Note 8) and other investments.


(h)	Distributions have exceeded the Company’s investment; however, the Company recognizes a liability balance as it may be required to fund future obligations of the entity.

Schedule of Condensed Balance Sheet



	September 30,		December 31,
	2017		2016
Combined and Condensed Balance Sheets
Assets:
Rental property, net	$	540,609	$	576,505
Real estate under development	22,359		18,884
Investment in unconsolidated affiliates	6,854		6,853
Other assets	103,335		75,254
Total assets	$	673,157	$	677,496
Liabilities and partners’ equity:
Mortgage notes payable	$	401,768	$	407,344
Other liabilities	57,125		30,117
Partners’ equity	214,264		240,035
Total liabilities and partners’ equity	$	673,157	$	677,496

Company's share of accumulated equity	$	177,251	$	191,049
Basis differential	69,728		61,827
Deferred fees, net of portion related to the Company's interest	5,662		3,268
Amounts receivable by the Company	2,342		2,193
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates	$	254,983	$	258,337

Schedule of Condensed Income Statement



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
Combined and Condensed Statements of Income
Total revenues	$	20,883		$	26,590		$	63,460		$	58,984
Operating and other expenses	(6,847		)	(7,066		)	(18,985		)	(18,082		)
Interest expense	(4,788		)	(5,242		)	(13,967		)	(11,355		)
Depreciation and amortization	(6,208		)	(15,398		)	(18,720		)	(24,262		)
Loss on debt extinguishment	—			—			(154		)	—
(Loss) gain on disposition of properties	—			(1,452		)	17,778			(1,452		)
Net income attributable to unconsolidated affiliates	$	3,040		$	(2,568	)	$	29,412		$	3,833

Company’s share of equity in net income of unconsolidated affiliates	$	4,544		$	377		$	23,156		$	4,267
Basis differential amortization	(543		)	(479		)	(2,112		)	(675		)
Company’s equity in earnings (losses) of unconsolidated affiliates	$	4,001		$	(102	)	$	21,044		$	3,592

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

9 Months Ended

Sep. 30, 2017

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:



(in thousands)	September 30, 2017			December 31, 2016
Other assets, net:
Lease intangibles, net (Note 6)	$	123,593		$	114,584
Deferred charges, net ^(a)	28,365			25,221
Prepaid expenses	18,173			14,351
Other receivables	9,440			9,514
Accrued interest receivable	12,030			9,354
Deposits	4,422			4,412
Due from seller	4,300			4,300
Deferred tax assets	3,719			3,733
Derivative financial instruments (Note 8)	2,661			2,921
Due from related parties	1,773			1,655
Corporate assets	2,408			1,241
Income taxes receivable	2,134			1,500
	$	213,018		$	192,786

(a) Deferred charges, net:
Deferred leasing and other costs	$	44,484		$	40,728
Deferred financing costs	7,678			5,915
	52,162			46,643
Accumulated amortization	(23,797		)	(21,422		)
Deferred charges, net	$	28,365		$	25,221

Accounts payable and other liabilities:
Lease intangibles, net (Note 6)	$	104,663		$	105,028
Accounts payable and accrued expenses	57,326			48,290
Deferred income	32,717			35,267
Tenant security deposits, escrow and other	11,214			14,975
Derivative financial instruments (Note 8)	3,468			3,590
Income taxes payable	1,818			1,287
Other	—			235
	$	211,206		$	208,672

Lease Intangibles (Tables)

9 Months Ended

Sep. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

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



	September 30, 2017									December 31, 2016
	Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount			Gross Carrying Amount			Accumulated Amortization			Net Carrying Amount
Amortizable Intangible Assets
In-place lease intangible assets	$	185,273		$	(67,747	)	$	117,526		$	156,420		$	(47,827	)	$	108,593
Above-market rent	18,239			(12,172		)	6,067			16,649			(10,658		)	5,991
	$	203,512		$	(79,919	)	$	123,593		$	173,069		$	(58,485	)	$	114,584

Amortizable Intangible Liabilities
Below-market rent	$	(144,218	)	$	40,207		$	(104,011	)	$	(137,032	)	$	32,004		$	(105,028	)
Above-market ground lease	(671		)	19			(652		)	—			—			—
	$	(144,889	)	$	40,226		$	(104,663	)	$	(137,032	)	$	32,004		$	(105,028	)

Schedule of Amortization of Acquired Lease Intangible Assets and Liabilities

The scheduled amortization of acquired lease intangible assets and assumed liabilities as of September 30, 2017 is as follows (in thousands):



Years Ending December 31,	Net Increase in Lease Revenues		Increase to Amortization			Reduction of Rent Expense		Net Income (Expense)
2017 (Remainder)	$	3,046	$	(7,596	)	$	15	$	(4,535	)
2018	9,874		(26,009		)	58		(16,077		)
2019	9,512		(18,849		)	58		(9,279		)
2020	7,860		(14,011		)	58		(6,093		)
2021	7,457		(11,286		)	58		(3,771		)
Thereafter	60,195		(39,775		)	405		20,825
Total	$	97,944	$	(117,526	)	$	652	$	(18,930	)

Debt (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of Debt

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



	Interest Rate		Maturity Date at September 30, 2017	Carrying Value
	September 30, 2017	December 31, 2016	Maturity Date at September 30, 2017	September 30, 2017			December 31, 2016
Mortgages Payable
Core Fixed Rate	3.88%-5.89%	3.88%-5.89%	February 2024 - April 2035	$	180,259		$	234,875
Core Variable Rate - Swapped^(a)	1.71%-3.77%	1.71%-3.77%	June 2018 - June 2026	80,492			82,250
Total Core Mortgages Payable				260,751			317,125
Fund II Fixed Rate	1.00%-4.75%	1.00%-5.80%	October 2017 - May 2020	224,262			249,762
Fund II Variable Rate	LIBOR+0.79% -LIBOR+2.50%	LIBOR+0.62% -LIBOR+2.50%	December 2017 - November 2021	126,077			142,750
Fund II Variable Rate - Swapped^(a)	2.88%	2.88%	November 2021	19,616			19,779
Total Fund II Mortgages Payable				369,955			412,291
Fund III Variable Rate	Prime+0.50% -LIBOR+4.65%	Prime+0.50% -LIBOR+4.65%	March 2018 - December 2021	69,632			83,467
Fund IV Fixed Rate	3.40%-4.50%	3.40%-4.50%	October 2025-June 2026	10,503			10,503
Fund IV Variable Rate	LIBOR+1.70% -LIBOR+3.95%	LIBOR+1.70% - LIBOR+3.95%	October 2017 - April 2022	268,554			233,139
Fund IV Variable Rate - Swapped^(a)	1.78%	1.78%	May 2019 - April 2022	81,156			14,509
Total Fund IV Mortgages Payable				360,213			258,151
Net unamortized debt issuance costs				(15,555		)	(16,642		)
Unamortized premium				881			1,336
Total Mortgages Payable				$	1,045,877		$	1,055,728
Unsecured Notes Payable
Core Unsecured Term Loans	LIBOR+1.30% -LIBOR+1.60%	LIBOR+1.30% -LIBOR+1.60%	July 2020 - December 2022	$	26,459		$	51,194
Core Variable Rate Unsecured Term Loans - Swapped^(a)	1.24%-3.77%	1.24%-3.77%	July 2018 - March 2025	273,541			248,806
Total Core Unsecured Notes Payable				300,000			300,000
Fund II Unsecured Notes Payable	LIBOR+1.65%		September 2020	31,500			—
Fund IV Term Loan/Subscription Facility	LIBOR+1.65% -LIBOR+2.75%	LIBOR+1.65% -LIBOR+2.75%	October 2017- December 2017	54,920			134,636
Fund V Subscription Facility	LIBOR+1.60%	LIBOR+1.60%	May 2020	113,200			—
Net unamortized debt issuance costs				(1,650		)	(1,646		)
Total Unsecured Notes Payable				$	497,970		$	432,990
Unsecured Line of Credit
Core Unsecured Line of Credit	LIBOR+1.40%	LIBOR+1.40%	June 2020	$	59,000		$	—
Total Unsecured Line of Credit				$	59,000		$	—

Total Debt - Fixed Rate ^(b)				$	869,829		$	860,484
Total Debt - Variable Rate				749,342			645,186
Total Debt				1,619,171			1,505,670
Net unamortized debt issuance costs				(17,205		)	(18,288		)
Unamortized premium				881			1,336
Total Indebtedness				$	1,602,847		$	1,488,718

__________


(a)	At September 30, 2017, the stated rates ranged from LIBOR + 1.08% to LIBOR +1.90% for Core variable-rate debt; LIBOR + 0.79% to LIBOR +2.50% for Fund II variable-rate debt; PRIME + 0.50% to LIBOR +4.65% for Fund III variable-rate debt; LIBOR + 1.70% to LIBOR +3.95% for Fund IV variable-rate debt and LIBOR + 1.30% to LIBOR +1.60% for Core variable-rate unsecured notes.


(b)	Includes $454,805 and $365,343, respectively, of variable-rate debt that has been fixed with interest rate swap agreements as of the periods presented.

Schedule of Maturities of Long-term Debt

The scheduled principal repayments of the Company’s consolidated indebtedness, as of September 30, 2017 are as follows (in thousands):



Year Ending December 31,
2017 (Remainder)	$	174,707
2018	88,308
2019	228,523
2020	573,807
2021	255,055
Thereafter	298,771
	1,619,171
Unamortized fair market value of assumed debt	881
Net unamortized debt issuance costs	(17,205		)
Total indebtedness	$	1,602,847

Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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):



	September 30, 2017						December 31, 2016
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Assets
Money Market Funds	$	3	$	—	$	—	$	20,001	$	—	$	—
Derivative financial instruments	—		2,661		—		—		2,921		—
Liabilities
Derivative financial instruments	—		3,468		—		—		3,590		—

Schedule of derivative financial instruments

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



	Aggregate Notional Amount				Strike Rate			Balance Sheet Location	Fair Value
Derivative Instrument	Aggregate Notional Amount		Effective Date	Maturity Date	Low		High	Balance Sheet Location	September 30, 2017			December 31, 2016
Core
Interest Rate Swaps	$	149,440	Oct 2011 - March 2015	July 2018 - Mar 2025	1.38%	—	3.77%	Other Liabilities	$	(2,936	)	$	(3,218	)
Interest Rate Swaps	204,593		Sep 2012 - July 2017	July 2020 - July 2027	1.24%	—	3.77%	Other Assets	2,622			2,609
	$	354,033							$	(314	)	$	(609	)

Fund II
Interest Rate Swap	$	19,616	October 2014	November 2021	2.88%	—	2.88%	Other Liabilities	$	(168	)	$	(228	)
Interest Rate Cap	29,500		April 2013	April 2018	4.00%	—	4.00%	Other Assets	—			—
	$	49,116							$	(168	)	$	(228	)

Fund III
Interest Rate Cap	$	58,000	Dec 2016	Jan 2020	3.00%	—	3.00%	Other Assets	$	17		$	127

Fund IV
Interest Rate Swaps	$	81,156	May 2014 - March 2017	May 2019 - April 2022	1.78%	—	1.98%	Other Liabilities	$	(364	)	$	(144	)
Interest Rate Caps	108,900		July 2016 - November 2016	August 2019 - December 2019	3.00%	—	3.00%	Other Assets	22			185
	$	190,056							$	(342	)	$	41

Total asset derivatives									$	2,661		$	2,921
Total liability derivatives									$	(3,468	)	$	(3,590	)

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

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



	Three Months Ended September 30,					Nine Months Ended September 30,
	2017			2016		2017			2016
Amount of (loss) income related to the effective portion recognized in other comprehensive income	$	(644	)	$	1,474	$	(2,652	)	(12,624		)
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

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



		September 30, 2017				December 31, 2016
	Level	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
Notes Receivable^(a)	3	$	250,194	$	247,143	$	276,163	$	272,052
Mortgage and Other Notes Payable, net^(a)	3	1,060,550		1,066,539		1,071,034		1,077,926
Investment in non-traded equity securities ^(b)	3	—		22,904		802		25,194
Unsecured notes payable and Unsecured line of credit, net^(c)	2	558,620		559,978		434,636		435,779

__________

(a)


(b)	Represents Fund II’s cost-method investment in Albertson’s supermarkets (Note 4).

(c)

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

9 Months Ended

Sep. 30, 2017

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 (loss) income for the nine months ended September 30, 2017 and 2016 (in thousands):



	Gains or Losses on Derivative Instruments
Balance at January 1, 2017	$	(798	)

Other comprehensive loss before reclassifications	(2,652		)
Reclassification of realized interest on swap agreements	2,637
Net current period other comprehensive loss	(15		)
Net current period other comprehensive loss attributable to noncontrolling interests	260
Balance at September 30, 2017	$	(553	)

Balance at January 1, 2016	$	(4,463	)

Other comprehensive loss before reclassifications	(12,624		)
Reclassification of realized interest on swap agreements	3,396
Net current period other comprehensive loss	(9,228		)
Net current period other comprehensive loss attributable to noncontrolling interests	847
Balance at September 30, 2016	$	(12,844	)

Change in Noncontrolling Interests

The following table summarizes the change in the noncontrolling interests for the nine months ended September 30, 2017 and 2016 (dollars in thousands):



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

Balance at January 1, 2017	$	95,422		$	494,126		$	589,548
Distributions declared of $0.78 per Common OP Unit	(4,805		)	—			(4,805		)
Net income (loss) for the period January 1 through September 30, 2017	2,816			(4,010		)	(1,194		)
Conversion of 61,150 Common OP Units to Common Shares by limited partners of the Operating Partnership	(1,086		)	—			(1,086		)
Other comprehensive income - unrealized loss on valuation of swap agreements	(68		)	(726		)	(794		)
Reclassification of realized interest expense on swap agreements	116			418			534
Noncontrolling interest contributions	—			20,522			20,522
Noncontrolling interest distributions	—			(7,278		)	(7,278		)
Employee Long-term Incentive Plan Unit Awards	8,704			—			8,704
Rebalancing adjustment ^(d)	2,105			—			2,105
Balance at September 30, 2017	$	103,204		$	503,052		$	606,256

Balance at January 1, 2016	$	96,340		$	324,526		$	420,866
Distributions declared of $0.75 per Common OP Unit	(4,398		)	—			(4,398		)
Net income for the period January 1 through September 30, 2016	3,757			43,644			47,401
Conversion of 350,240 Common OP Units to Common Shares by limited partners of the Operating Partnership	(7,875		)	—			(7,875		)
Issuance of Common and Preferred OP Units to acquire real estate	29,336			—			29,336
Acquisition of noncontrolling interests ^(c)	—			(25,925		)	(25,925		)
Other comprehensive income - unrealized loss on valuation of swap agreements	(640		)	(633		)	(1,273		)
Change in control of previously unconsolidated investment	—			(75,713		)	(75,713		)
Reclassification of realized interest expense on swap agreements	166			260			426
Noncontrolling interest contributions	—			204,412			204,412
Noncontrolling interest distributions	—			(50,849		)	(50,849		)
Employee Long-term Incentive Plan Unit Awards	10,983			—			10,983
Rebalancing adjustment ^(d)	(35,254		)	—			(35,254		)
Balance at September 30, 2016	$	92,415		$	419,722		$	512,137

__________

(a)


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


(c)	During the first quarter of 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.


(d)	Adjustment reflects 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 changes in ownership (the "Rebalancing").

Leases (Tables)

9 Months Ended

Sep. 30, 2017

Leases [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases



Year Ending December 31,	Minimum Rental Revenues		Minimum Rental Payments
2017 (Remainder)	$	37,492	$	1,144
2018	158,612		4,478
2019	153,722		4,488
2020	141,485		4,283
2021	125,794		4,240
Thereafter	666,865		189,051
Total	$	1,283,970	$	207,684

Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2017

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 Three Months Ended September 30, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	41,196		$	21,482		$	—	$	—		$	62,678
Depreciation and amortization	(14,746		)	(11,906		)	—		—			(26,652		)
Property operating expenses, other operating and real estate taxes	(10,327		)	(8,162		)	—		—			(18,489		)
Impairment of an asset	—			(3,840		)	—		—			(3,840		)
General and administrative expenses	—			—			—		(7,953		)	(7,953		)
Operating income (loss)	16,123			(2,426		)	—		(7,953		)	5,744
Gain on disposition of properties	—			12,972			—		—			12,972
Interest income	—			—			6,461		—			6,461
Equity in earnings (losses) of unconsolidated affiliates	805			3,196			—		—			4,001
Interest expense	(6,695		)	(8,733		)	—		—			(15,428		)
Income tax provision	—			—			—		(465		)	(465		)
Net income (loss)	10,233			5,009			6,461		(8,418		)	13,285
Net (income) loss attributable to noncontrolling interests	(353		)	(65		)	—		—			(418		)
Net income attributable to Acadia	$	9,880		$	4,944		$	6,461	$	(8,418	)	$	12,867

Real estate at cost	$	1,987,501		$	1,492,894		$	—	$	—		$	3,480,395
Total assets	$	2,237,334		$	1,605,429		$	250,194	$	—		$	4,092,957
Acquisition of real estate	$	—		$	70,020		$	—	$	—		$	70,020
Development and property improvement costs	$	3,359		$	54,180		$	—	$	—		$	57,539



	As of or for the Three Months Ended September 30, 2016
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	36,376		$	7,479		$	—	$	—		$	43,855
Depreciation and amortization	(12,428		)	(2,789		)	—		—			(15,217		)
Property operating expenses, other operating and real estate taxes	(11,612		)	(2,903		)	—		—			(14,515		)
General and administrative expenses	—			—			—		(12,869		)	(12,869		)
Operating income	12,336			1,787			—		(12,869		)	1,254
Interest income	—			—			7,245		—			7,245
Equity in earnings (losses) of unconsolidated affiliates	1,495			(1,597		)	—		—			(102		)
Interest expense	(6,431		)	(1,551		)	—		—			(7,982		)
Income tax provision	—			—			—		(89		)	(89		)
Net income	7,400			(1,361		)	7,245		(12,958		)	326
Net income attributable to noncontrolling interests	60			5,726			—		—			5,786
Net income attributable to Acadia	$	7,460		$	4,365		$	7,245	$	(12,958	)	$	6,112

Real estate at cost	$	1,832,863		$	1,186,926		$	—	$	—		$	3,019,789
Total assets	$	2,097,386		$	1,214,317		$	266,816	$	—		$	3,578,519
Acquisition of real estate	$	237,729		$	36,600		$	—	$	—		$	274,329
Development and property improvement costs	$	7,296		$	31,235		$	—	$	—		$	38,531



	As of or for the Nine Months Ended September 30, 2017
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	127,130		$	57,051		$	—	$	—		$	184,181
Depreciation and amortization	(46,719		)	(30,526		)	—		—			(77,245		)
Property operating expenses, other operating and real estate taxes	(33,339		)	(22,088		)	—		—			(55,427		)
Impairment of an asset	—			(3,840		)	—		—			(3,840		)
General and administrative expenses	—			—			—		(25,286		)	(25,286		)
Operating income	47,072			597			—		(25,286		)	22,383
Gain on disposition of properties	—			12,972			—		—			12,972
Interest income	—			—			23,648		—			23,648
Equity in earnings of unconsolidated affiliates	2,348			18,696			—		—			21,044
Interest expense	(20,783		)	(18,883		)	—		—			(39,666		)
Income tax provision	—			—			—		(1,017		)	(1,017		)
Net income	28,637			13,382			23,648		(26,303		)	39,364
Net (income) loss attributable to noncontrolling interests	(1,157		)	2,351			—		—			1,194
Net income attributable to Acadia	$	27,480		$	15,733		$	23,648	$	(26,303	)	$	40,558

Real estate at cost	$	1,987,501		$	1,492,894		$	—	$	—		$	3,480,395
Total assets	$	2,237,334		$	1,605,429		$	250,194	$	—		$	4,092,957
Acquisition of real estate	$	—		$	138,429		$	—	$	—		$	138,429
Development and property improvement costs	$	4,355		$	80,199		$	—	$	—		$	84,554



	As of or for the Nine Months Ended September 30, 2016
	Core Portfolio			Funds			Structured Financing		Unallocated			Total
Revenues	$	109,176		$	26,642		$	—	$	—		$	135,818
Depreciation and amortization	(37,629		)	(9,115		)	—		—			(46,744		)
Property operating expenses, other operating and real estate taxes	(28,460		)	(9,331		)	—		—			(37,791		)
General and administrative expenses	—			—			—		(30,742		)	(30,742		)
Operating income	43,087			8,196			—		(30,742		)	20,541
Gain on disposition of properties	—			81,965			—		—			81,965
Interest income	—			—			19,298		—			19,298
Equity in earnings of unconsolidated affiliates	2,668			924			—		—			3,592
Interest expense	(20,308		)	(4,609		)	—		—			(24,917		)
Income tax provision	—			—			—		(123		)	(123		)
Net income	25,447			86,476			19,298		(30,865		)	100,356
Net income attributable to noncontrolling interests	(2,771		)	(44,630		)	—		—			(47,401		)
Net income attributable to Acadia	$	22,676		$	41,846		$	19,298	$	(30,865	)	$	52,955

Real estate at cost	$	1,832,863		$	1,186,926		$	—	$	—		$	3,019,789
Total assets	$	2,097,386		$	1,214,317		$	266,816	$	—		$	3,578,519
Acquisition of real estate	$	244,022		$	48,887		$	—	$	—		$	292,909
Development and property improvement costs	$	17,518		$	76,903		$	—	$	—		$	94,421

Share Incentive and Other Compensation (Tables)

9 Months Ended

Sep. 30, 2017

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, 2016	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
Granted	19,442		29.85		317,740		29.12
Vested	(21,771	)	30.91		(257,515	)	28.58
Forfeited	(356	)	35.56		—		—
Unvested at September 30, 2017	46,722		$	27.28	917,102		$	27.29

Earnings Per Common Share (Tables)

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted



	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2017			2016			2017			2016
Numerator:
Net income attributable to Acadia	$	12,867		$	6,112		$	40,558		$	52,955
Less: net income attributable to participating securities	(135		)	(58		)	(488		)	(617		)
Income from continuing operations net of income attributable to participating securities	$	12,732		$	6,054		$	40,070		$	52,338

Denominator:
Weighted average shares for basic earnings per share	83,699,850			78,448,643			83,665,749			74,049,523
Effect of dilutive securities:
Employee unvested restricted shares	—			3,034			3,577			7,861
Future equity issuance	—			169,020			—			75,582
Denominator for diluted earnings per share	83,699,850			78,620,697			83,669,326			74,132,966

Basic and diluted earnings per Common Share from continuing operations attributable to Acadia	$	0.15		$	0.08		$	0.48		$	0.71

Anti-Dilutive Shares Excluded from Denominator:
Series A Preferred OP Units	188			188			188			188
Series A Preferred OP Units - Common share equivalent	25,067			25,067			25,067			25,067

Series C Preferred OP Units	140,343			141,593			140,343			141,593
Series C Preferred OP Units - Common share equivalent	487,299			402,252			481,878			402,519

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2017 USD ($) segment property	Sep. 30, 2016 USD ($)	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of reportable segments \| segment	3
Lease future payment obligation	$ 207,684
Capitalized internal leasing costs	800	$ 800
Acquisition related costs	$ 900	5,500
Operating Partnership, as General Partner or Managing 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%
Institutional Investors
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Remaining funds rate of distribution to all partners (in percent)	80.00%
Core Portfolio
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties \| property	118
Properties owned percentage	100.00%
Acquisition related costs	$ 300	5,100
Opportunity Funds
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties \| property	64
Core Portfolio and Opportunity Funds
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties \| property	182
Acquisition related costs	$ 900	$ 5,500

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Operating Partnership's Equity Interest (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017 USD ($)
Fund II and Mervyns II
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital	28.33%
Capital called	$ 347.1
Unfunded Commitment	$ 0.0
Equity Interest Held By Operating Partnership	28.33%
Preferred Return	8.00%
Total distributions	$ 131.6
Fund III
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital	24.54%
Capital called	$ 396.7
Unfunded Commitment	$ 53.3
Equity Interest Held By Operating Partnership	39.63%
Preferred Return	6.00%
Total distributions	$ 553.7
Fund IV
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital	23.12%
Capital called	$ 390.7
Unfunded Commitment	$ 139.3
Equity Interest Held By Operating Partnership	23.12%
Preferred Return	6.00%
Total distributions	$ 101.9
Fund V
Variable Interest Entity [Line Items]
Operating Partnership Share of Capital	20.10%
Capital called	$ 0.0
Unfunded Commitment	$ 520.0
Equity Interest Held By Operating Partnership	20.10%
Preferred Return	6.00%
Total distributions	$ 0.0

Real Estate - Schedule of Real Estate (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Acquisition and Disposition of Properties and Discontinued Operations [Abstract]
Land	$ 659,547	$ 693,252
Buildings and improvements	2,344,370	1,916,288
Tenant improvements	140,027	132,220
Construction in progress	22,052	19,789
Properties under capital lease	76,965	76,965
Total	3,242,961	2,838,514
Less: Accumulated depreciation	(337,961)	(287,066)
Operating real estate, net	2,905,000	2,551,448
Real estate under development, at cost	237,434	543,486
Net investments in real estate	$ 3,142,434	$ 3,094,934

Real Estate - Acquisitions (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Business Acquisition [Line Items]
Purchase Price	$ 149,732		$ 756,842
Debt assumed	0		120,672
Acquisition related costs	900	$ 5,500
Purchase Price Allocation
Land	21,917		225,729
Buildings and improvements	104,729		458,525
Other assets	0		3,481
Acquisition-related intangible assets (in Acquired lease intangibles, net)	31,378		63,606
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(8,292)		(72,985)
Above and below market debt assumed (included in Mortgages and other notes payable, net)	0		(119,601)
Net assets acquired	149,732		558,755
Consideration:
Cash	138,429		439,546
Conversion of note receivable	9,142		0
Debt assumed	0		120,672
Liabilities assumed	2,161		0
Total Consideration	149,732		558,755
Core Portfolio and Opportunity Funds
Business Acquisition [Line Items]
Acquisition related costs	900	5,500
Core Portfolio
Business Acquisition [Line Items]
Purchase Price			519,592
Debt assumed	0		119,209
Acquisition related costs	300	5,100
Consideration:
Debt assumed	0		$ 119,209
Core Portfolio \| 991 Madison Avenue - New York, NY \| New York, NY
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 76,628
Debt assumed			0
Consideration:
Debt assumed			$ 0
Core Portfolio \| 165 Newbury Street - Boston, MA \| Boston, MA
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 6,250
Debt assumed			0
Consideration:
Debt assumed			$ 0
Core Portfolio \| Concord & Milwaukee - Chicago, IL \| Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 6,000
Debt assumed			2,902
Consideration:
Debt assumed			$ 2,902
Core Portfolio \| 151 North State Street - Chicago, IL \| Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 30,500
Debt assumed			14,556
Consideration:
Debt assumed			$ 14,556
Core Portfolio \| State & Washington - Chicago, IL \| Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 70,250
Debt assumed			25,650
Consideration:
Debt assumed			$ 25,650
Core Portfolio \| North & Kingsbury - Chicago, IL \| Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 34,000
Debt assumed			13,409
Consideration:
Debt assumed			$ 13,409
Core Portfolio \| Sullivan Center - Chicago, IL \| Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 146,939
Debt assumed			0
Consideration:
Debt assumed			$ 0
Core Portfolio \| California & Armitage - Chicago, IL \| Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 9,250
Debt assumed			2,692
Consideration:
Debt assumed			$ 2,692
Core Portfolio \| 555 9th Street - San Francisco, CA \| San Francisco, CA
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 139,775
Debt assumed			60,000
Consideration:
Debt assumed			60,000
Funds Segment
Business Acquisition [Line Items]
Acquisition related costs	600	$ 400
Fund IV
Business Acquisition [Line Items]
Purchase Price	44,492		237,250
Debt assumed	0		1,463
Consideration:
Debt assumed	$ 0		$ 1,463
Fund IV \| Lincoln Place - Fairview Heights, IL \| Fairview Heights, IL
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 35,350
Debt assumed	0
Consideration:
Debt assumed	$ 0
Fund IV \| Shaw's Plaza - Waterville, ME \| Windham, ME
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 9,142
Debt assumed	0
Consideration:
Debt assumed	0
Fund IV \| Shaw's Plaza - Waterville, ME \| Waterville, ME
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 13,800
Debt assumed			0
Consideration:
Debt assumed			$ 0
Fund IV \| Restaurants at Fort Point - Boston, MA \| Boston, MA
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 11,500
Debt assumed			0
Consideration:
Debt assumed			$ 0
Fund IV \| 1964 Union Street - San Francisco, CA \| San Francisco, CA
Business Acquisition [Line Items]
Percent Acquired			90.00%
Purchase Price			$ 2,250
Debt assumed			1,463
Consideration:
Debt assumed			$ 1,463
Fund IV \| Wake Forest Crossing - Wake Forest, NC \| Wake Forest, NC
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 36,600
Debt assumed			0
Consideration:
Debt assumed			$ 0
Fund IV \| Airport Mall - Bangor, ME \| Bangor, ME
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 10,250
Debt assumed			0
Consideration:
Debt assumed			$ 0
Fund IV \| Colonie Plaza - Albany, NY \| Albany, NY
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 15,000
Debt assumed			0
Consideration:
Debt assumed			$ 0
Fund IV \| Dauphin Plaza - Harrisburg, PA \| Harrisburg, PA
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 16,000
Debt assumed			0
Consideration:
Debt assumed			$ 0
Fund IV \| JFK Plaza - Waterville, ME \| Waterville, ME
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 6,500
Debt assumed			0
Consideration:
Debt assumed			$ 0
Fund IV \| Mayfair Shopping Center - Philadelphia, PA \| Philadelphia, PA
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 16,600
Debt assumed			0
Consideration:
Debt assumed			$ 0
Fund IV \| Wells Plaza - Wells, ME \| Wells, ME
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 5,250
Debt assumed			0
Consideration:
Debt assumed			$ 0
Fund IV \| 717 N Michigan - Chicago, IL \| Chicago, IL
Business Acquisition [Line Items]
Percent Acquired			100.00%
Purchase Price			$ 103,500
Debt assumed			0
Consideration:
Debt assumed			$ 0
Fund V
Business Acquisition [Line Items]
Purchase Price	105,240
Debt assumed	0
Consideration:
Debt assumed	$ 0
Fund V \| Plaza Santa Fe - Santa Fe, NM \| Santa Fe, NM
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 35,220
Debt assumed	0
Consideration:
Debt assumed	$ 0
Fund V \| Hickory Ridge - Hickory, NC \| Hickory, NC
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 44,020
Debt assumed	0
Consideration:
Debt assumed	$ 0
Fund V \| New Towne Plaza - Canton, MI \| Canton, MI
Business Acquisition [Line Items]
Percent Acquired	100.00%
Purchase Price	$ 26,000
Debt assumed	0
Consideration:
Debt assumed	$ 0

Real Estate - Dispositions (Details) - Disposal Group, Not Discontinued Operations - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	$ 52,654	$ 153,750
Gain on Sale	12,972	81,965
Fund II \| Heritage Shops
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	30,579
Gain on Sale	6,539
Fund III \| Cortlandt Towne Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price	22,075	107,250
Gain on Sale	$ 6,433	65,393
Fund III \| Heritage Shops
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sales Price		46,500
Gain on Sale		$ 16,572

Real Estate - Discontinued Operations (Details) - Disposal Group, Not Discontinued Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
STATEMENTS OF INCOME
Rental revenues	$ 503	$ 1,122	$ 2,136	$ 7,378
Expenses	(523)	(1,095)	(2,343)	(4,745)
Loss on extinguishment of debt	(10)	0	(10)	(15)
Income from continuing operations of disposed properties before gain on disposition of properties	(30)	27	(217)	2,618
Gain on disposition of properties, net of tax	12,972	0	12,972	81,965
Net income attributable to noncontrolling interests	(9,166)	(18)	(9,034)	(70,410)
Net income attributable to Acadia	$ 3,776	$ 9	$ 3,721	$ 14,173

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. 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

- Definition

Amount after tax of income (loss) from a discontinued operation attributable to the noncontrolling interest. 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=65878427&loc=d3e1012-107759

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721523-107759

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=96868048&loc=SL4569616-111683

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=96868048&loc=SL4568447-111683

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3B
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721525-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-Subparagraph (b)(2)
-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 1
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=65878427&loc=d3e957-107759

+ Details

- 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 - Properties Held For Sale (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017 USD ($) property	Sep. 30, 2016 USD ($)	Sep. 30, 2017 USD ($) property	Sep. 30, 2016 USD ($)	Dec. 31, 2016 USD ($) property
Long Lived Assets Held-for-sale [Line Items]
Impairment charges	$ 3,840	$ 0	$ 3,840	$ 0
Fund II
Long Lived Assets Held-for-sale [Line Items]
Number of properties held-for-sale \| property	1		1		1
Properties held-for-sale	$ 95,900		$ 95,900		$ 21,500
Mortgage loans on real estate	$ 81,000		81,000		$ 25,500
Disposal group, held-for-sale
Long Lived Assets Held-for-sale [Line Items]
Impairment charges			3,800
Charge to income to adjust non-controlling interest holder's ownership			1,100
Properties held for sale net loss			4,300
Properties held for sale net loss attributable to noncontrolling interest			$ 3,900

Real Estate - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Acquisition and Disposition of Properties and Discontinued Operations [Abstract]
Acquisition related costs			$ 900	$ 5,500
Pro forma revenues	$ 63,253	$ 51,871	191,673	164,410
Pro forma income from continuing operations	368	1,092	26,439	19,504
Pro forma net income attributable to Acadia	$ 12,912	$ 6,839	$ 40,608	$ 54,201
Pro forma basic and diluted earnings per share (in dollars per share)	$ 0.15	$ 0.08	$ 0.48	$ 0.66

Real Estate - Under Development and Construction in Progress (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($) property	Dec. 31, 2016 property
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense related to building under development demolished, Write-offs	$ 2,000
Number of real estate properties \| property	13	14
Real estate under development, beginning balance	$ 543,486
Transfers In	86,882
Capitalized Costs	39,250
Transfers Out	432,184
Real estate under development, ending balance	$ 237,434
Core Portfolio
Property, Plant and Equipment [Line Items]
Number of real estate properties \| property	2	1
Real estate under development, beginning balance	$ 2,530
Transfers In	7,258
Capitalized Costs	3,852
Transfers Out	5,441
Real estate under development, ending balance	$ 8,199
Fund II \| Fund Portfolio
Property, Plant and Equipment [Line Items]
Number of real estate properties \| property	1	2
Real estate under development, beginning balance	$ 443,012
Transfers In	0
Capitalized Costs	7,677
Transfers Out	414,000
Real estate under development, ending balance	$ 36,689
Fund III \| Fund Portfolio
Property, Plant and Equipment [Line Items]
Number of real estate properties \| property	2	3
Real estate under development, beginning balance	$ 51,421
Transfers In	0
Capitalized Costs	13,838
Transfers Out	8,146
Real estate under development, ending balance	$ 57,113
Fund IV \| Fund Portfolio
Property, Plant and Equipment [Line Items]
Number of real estate properties \| property	8	8
Real estate under development, beginning balance	$ 46,523
Transfers In	79,624
Capitalized Costs	13,883
Transfers Out	4,597
Real estate under development, ending balance	$ 135,433

Notes Receivable, Net - Schedule of Notes Receivable (Details) $ in Thousands	Sep. 30, 2017 USD ($) debtinstrument	Dec. 31, 2016 USD ($)
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable \| $	$ 250,194	$ 276,163
Number of instruments held \| debtinstrument	7
Fund II
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable \| $	$ 31,593	31,007
Number of instruments held \| debtinstrument	1
Effective interest rate	2.50%
Fund III
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable \| $	$ 4,956	4,506
Number of instruments held \| debtinstrument	1
Effective interest rate	18.00%
Fund IV
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable \| $	$ 15,250	24,250
Number of instruments held \| debtinstrument	1
Effective interest rate	15.30%
Core Portfolio
Mortgage Loans on Real Estate [Line Items]
Net carrying amount of notes receivable \| $	$ 198,395	$ 216,400
Number of instruments held \| debtinstrument	4
Core Portfolio \| Minimum
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	6.00%
Core Portfolio \| Maximum
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	8.70%

Notes Receivable, Net - Narrative (Details) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
Notes Receivable, Net - Narrative (Details) $ in Thousands	May 01, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2016 USD ($) note_receivable property
Mortgage Loans on Real Estate [Line Items]
Proceeds from notes receivable				$ 12,000	$ 42,819
Recovered mortgage amount including accrued interest and fees				16,800
Additional advance				120,252	$ 70,437
Notes receivable, net				250,194		$ 276,163
Recovered interest income		$ 1,400	$ 2,200
Nonperforming Financial Instruments
Mortgage Loans on Real Estate [Line Items]
Proceeds from notes receivable				12,000
Notes receivable, net						12,000
Notes Receivable \| Collateralized Note, 9.8% Interest Rate
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 \| Five Notes Issued in Periods Prior to 2016
Mortgage Loans on Real Estate [Line Items]
Proceeds from notes receivable						$ 42,800
Notes receivable, net						$ 29,600
Number of notes repaid \| note_receivable						5
Notes Receivable \| First Mortgage Loan, 8.1% Loan, Due 2019
Mortgage Loans on Real Estate [Line Items]
Effective interest rate						8.10%
Mezzanine Loan \| Mezzanine Loan, 15% Loan
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net						$ 30,900
Effective interest rate						15.00%
Core Portfolio
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net				198,395		$ 216,400
Core Portfolio \| Notes Receivable of $10 million
Mortgage Loans on Real Estate [Line Items]
Additional advance				10,000
Notes receivable, net						$ 20,000
Core Portfolio \| Note Receivable, Due June 1, 2018
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net				$ 15,000
Core Portfolio \| Notes Receivable \| Collateralized Note, 9.8% Interest Rate
Mortgage Loans on Real Estate [Line Items]
Number of receivables issued \| note_receivable						1
Maximum \| Core Portfolio
Mortgage Loans on Real Estate [Line Items]
Effective interest rate				8.70%
Brandywine Market Square
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net	$ 153,400
Brandywine Market Square \| Core Portfolio
Mortgage Loans on Real Estate [Line Items]
Note receivable exchanged	16,000
Note receivable accrued interest	$ 300			$ 300
Shopping Center in Windham, ME
Mortgage Loans on Real Estate [Line Items]
Note receivable exchanged				9,000
Note receivable accrued interest				100
Fund III
Mortgage Loans on Real Estate [Line Items]
Additional advance				500
Notes receivable, net				$ 4,956		$ 4,506
Effective interest rate				18.00%
Fund II
Mortgage Loans on Real Estate [Line Items]
Note receivable accrued interest				$ 600
Notes receivable, net				$ 31,593		31,007
Effective interest rate				2.50%
Fund IV
Mortgage Loans on Real Estate [Line Items]
Notes receivable, net				$ 15,250		$ 24,250
Effective interest rate				15.30%
Fund IV \| Notes Receivable \| Collateralized Note, 9.8% Interest Rate
Mortgage Loans on Real Estate [Line Items]
Number of receivables issued \| note_receivable						3

Investments in and Advances to Unconsolidated Affiliates - Schedule of Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	May 01, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Due to related parties	$ 2,343		$ 2,193
Other	556		957
Investments in and advances to unconsolidated affiliates	270,245		272,028
Distributions in excess of income from, and investments in, unconsolidated affiliates	$ 15,262		13,691
KLA Mervyns LLC
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	10.50%
Equity method investments	$ 0		0
Fund III Other Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 168		8,108
Self Storage Management
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	95.00%
Equity method investments	$ 241		241
Fund III
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 409		8,349
Broughton Street Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 57,368		54,839
Cumulative capital contribution, percentage	15.00%
Cumulative capital contribution	$ 15,200		14,500
Preferred return percentage	9.00%
Preferred return	$ 47,000		45,400
Fund IV Other Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 20,392		21,817
650 Bald Hill Road
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	90.00%
Equity method investments	$ 13,642		18,842
Fund IV
Schedule of Equity Method Investments [Line Items]
Equity method investments	91,402		95,498
Core Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 175,535		165,031
Core Portfolio \| 840 N. Michigan
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	88.43%
Equity method investments	$ 70,859		74,131
Core Portfolio \| Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.00%
Equity method investments	$ 35,139		36,437
Core Portfolio \| Gotham Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	49.00%
Equity method investments	$ 29,196		29,421
Core Portfolio \| Brandywine Market Square
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	61.11%	61.11%
Equity method investments	$ 20,642	$ 16,600	5,469
Core Portfolio \| Brandywine Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	22.22%
Equity method investments	$ 15,948		15,286
Core Portfolio \| Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Equity method investments	$ 3,751		4,287
Core Portfolio \| Crossroads
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	$ 15,262		$ 13,691

Investments in and Advances to Unconsolidated Affiliates - Core Portfolio (Details) $ in Thousands			1 Months Ended	9 Months Ended	12 Months Ended
	May 01, 2017 USD ($)	Jan. 04, 2017 USD ($) ft²	Apr. 29, 2016 USD ($)	Sep. 30, 2017 USD ($) ft² property	Dec. 31, 2016 USD ($)
Schedule of Equity Method Investments [Line Items]
Purchase Price				$ 149,732	$ 756,842
Notes receivable, net				250,194	276,163
Brandywine Market Square
Schedule of Equity Method Investments [Line Items]
Notes receivable, net	$ 153,400
Core Portfolio
Schedule of Equity Method Investments [Line Items]
Purchase Price					519,592
Notes receivable, net				198,395	216,400
Equity method investments				$ 175,535	165,031
Core Portfolio \| Crossroads
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				49.00%
Square footage of real estate property (in square feet) \| ft²				311,000
Core Portfolio \| Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				50.00%
Square footage of real estate property (in square feet) \| ft²				28,000
Equity method investments				$ 3,751	4,287
Core Portfolio \| Gotham Plaza
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				49.00%
Square footage of real estate property (in square feet) \| ft²				123,000
Percentage of voting interests acquired				49.00%
Equity method investments				$ 29,196	29,421
Core Portfolio \| Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				20.00%
Square footage of real estate property (in square feet) \| ft²				213,000
Percentage of voting interests acquired		20.00%
Number of businesses acquired \| property				18
Equity method investments				$ 35,139	36,437
Core Portfolio \| Brandywine Portfolio
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				22.22%
Square footage of real estate property (in square feet) \| ft²				1,000,000
Repayments of debt			$ 140,000
Equity method investments				$ 15,948	15,286
Core Portfolio \| Brandywine Market Square
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	61.11%			61.11%
Note receivable exchanged	$ 16,000
Note receivable accrued interest	$ 300			$ 300
Equity method investment, ownership percentage by third party	38.89%
Equity method investments	$ 16,600			$ 20,642	$ 5,469
Gain on equity method investment	$ 9,800
Core Portfolio \| Chicago, IL
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage				88.43%
Square footage of real estate property (in square feet) \| ft²				87,000
Core Portfolio \| Alexandria, Virginia \| Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in square feet) \| ft²		6,200
Purchase Price		$ 3,000
Number of businesses acquired \| property				2
Core Portfolio \| Washington D.C. \| Renaissance Portfolio
Schedule of Equity Method Investments [Line Items]
Number of businesses acquired \| property				16

Investments in and Advances to Unconsolidated Affiliates - Fund Investments (Details) - USD ($)					1 Months Ended		3 Months Ended		9 Months Ended
	Jun. 30, 2017	Feb. 15, 2017	Dec. 21, 2016	Jan. 28, 2016	Jul. 31, 2017	Jan. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Cost method investments							$ 556,000		$ 556,000		$ 957,000
Equity in earnings (losses) of unconsolidated affiliates							4,001,000	$ (102,000)	21,044,000	$ 3,592,000
Mervyns I and Mervyns II
Schedule of Equity Method Investments [Line Items]
Distribution from equity method investment					$ 1,000,000
Equity method investments							0		0
Albertson's
Schedule of Equity Method Investments [Line Items]
Distribution from cost method investment					$ 2,300,000
Cost method investments							0		0
Equity in earnings (losses) of unconsolidated affiliates							1,900,000
Cortlandt Towne Center
Schedule of Equity Method Investments [Line Items]
Consideration received			$ 57,800,000	$ 107,300,000
Proceeds from sale of equity method investments			25,200,000
Gain (loss) on disposal			$ 36,000,000	$ 65,400,000
Percentage of disposition			35.00%	65.00%
Cortlandt Towne Center \| Mortgages
Schedule of Equity Method Investments [Line Items]
Repayments of debt			$ 32,600,000
Fund IV
Schedule of Equity Method Investments [Line Items]
Equity method investments							91,402,000		91,402,000		95,498,000
Fund III
Schedule of Equity Method Investments [Line Items]
Equity method investments							$ 409,000		$ 409,000		$ 8,349,000
Partnership Interest \| Cortlandt Towne Center
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal			$ 8,800,000
2819 Kennedy Boulevard \| Fund IV
Schedule of Equity Method Investments [Line Items]
Consideration received						$ 19,000,000
Proceeds from sale of equity method investments						10,600,000
Gain (loss) on disposal						6,300,000
2819 Kennedy Boulevard \| Fund IV \| Mortgages
Schedule of Equity Method Investments [Line Items]
Repayments of debt						8,400,000
2819 Kennedy Boulevard \| Affiliated Entity \| Fund IV
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal						6,200,000
2819 Kennedy Boulevard \| Partnership Interest \| Fund IV
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal						$ 1,400,000
Arundel Plaza \| Fund III
Schedule of Equity Method Investments [Line Items]
Consideration received		$ 28,800,000
Proceeds from sale of equity method investments		18,800,000
Gain (loss) on disposal		8,200,000
Arundel Plaza \| Fund III \| Mortgages
Schedule of Equity Method Investments [Line Items]
Repayments of debt		10,000,000
Arundel Plaza \| Affiliated Entity \| Fund III
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal		5,300,000
Arundel Plaza \| Partnership Interest \| Fund III
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal		$ 1,300,000
1701 Belmont Avenue \| Fund IV
Schedule of Equity Method Investments [Line Items]
Consideration received	$ 5,600,000
Proceeds from sale of equity method investments	2,700,000
Gain (loss) on disposal	3,300,000
1701 Belmont Avenue \| Fund IV \| Mortgages
Schedule of Equity Method Investments [Line Items]
Repayments of debt	2,900,000
1701 Belmont Avenue \| Affiliated Entity \| Fund IV
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal	3,300,000
1701 Belmont Avenue \| Partnership Interest \| Fund IV
Schedule of Equity Method Investments [Line Items]
Gain (loss) on disposal	$ 800,000

Investments in and Advances to Unconsolidated Affiliates - Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Combined and Condensed Balance Sheets
Real estate under development	$ 237,434		$ 237,434		$ 543,486
Investments in and advances to unconsolidated affiliates	270,245		270,245		272,028
Other assets	213,018		213,018		192,786
Total assets	4,092,957		4,092,957		3,995,960
Total liabilities and equity	4,092,957		4,092,957		3,995,960
Investments in and advances to unconsolidated affiliates, net of Company's share of distributions in excess of income from and investments in unconsolidated affiliates	254,983		254,983		258,337
Combined and Condensed Statements of Income
Total revenues	62,678	$ 43,855	184,181	$ 135,818
Operating and other expenses	(56,934)	(42,601)	(161,798)	(115,277)
Depreciation and amortization	(26,652)	(15,217)	(77,245)	(46,744)
Income from continuing operations before gain on disposition of properties	313	326	26,392	18,391
Company’s equity in earnings (losses) of unconsolidated affiliates	4,001	(102)	21,044	3,592
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Related party revenue	400	300	1,000	900
Expenses, related party	500	600	1,400	1,800
Unconsolidated Affiliates
Combined and Condensed Balance Sheets
Rental property, net	540,609		540,609		576,505
Real estate under development	22,359		22,359		18,884
Investments in and advances to unconsolidated affiliates	6,854		6,854		6,853
Other assets	103,335		103,335		75,254
Total assets	673,157		673,157		677,496
Mortgage notes payable	401,768		401,768		407,344
Other liabilities	57,125		57,125		30,117
Partners’ equity	214,264		214,264		240,035
Total liabilities and equity	673,157		673,157		677,496
Company's share of accumulated equity	177,251		177,251		191,049
Basis differential	69,728		69,728		61,827
Deferred fees, net of portion related to the Company's interest	5,662		5,662		3,268
Amounts receivable by the Company	2,342		2,342		$ 2,193
Combined and Condensed Statements of Income
Total revenues	20,883	26,590	63,460	58,984
Operating and other expenses	(6,847)	(7,066)	(18,985)	(18,082)
Interest expense	(4,788)	(5,242)	(13,967)	(11,355)
Depreciation and amortization	(6,208)	(15,398)	(18,720)	(24,262)
Loss on debt extinguishment	0	0	(154)	0
(Loss) gain on disposition of properties	0	(1,452)	17,778	(1,452)
Income from continuing operations before gain on disposition of properties	3,040	(2,568)	29,412	3,833
Operating Partnership, as General Partner or Managing Member
Combined and Condensed Statements of Income
Company’s share of equity in net income of unconsolidated affiliates	4,544	377	23,156	4,267
Basis differential amortization	(543)	(479)	(2,112)	(675)
Company’s equity in earnings (losses) of unconsolidated affiliates	$ 4,001	$ (102)	$ 21,044	$ 3,592

Other Assets, Net and Accounts Payable and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Other assets, net:
Lease intangibles, net (Note 6)	$ 123,593	$ 114,584
Deferred charges, net	28,365	25,221
Prepaid expenses	18,173	14,351
Other receivables	9,440	9,514
Accrued interest receivable	12,030	9,354
Deposits	4,422	4,412
Due from seller	4,300	4,300
Deferred tax assets	3,719	3,733
Derivative financial instruments (Note 8)	2,661	2,921
Due from related parties	1,773	1,655
Corporate assets	2,408	1,241
Income taxes receivable	2,134	1,500
Other assets, net	213,018	192,786
Deferred charges, net:
Deferred leasing and other costs	44,484	40,728
Deferred financing costs	7,678	5,915
Deferred costs, gross	52,162	46,643
Accumulated amortization	(23,797)	(21,422)
Deferred charges, net	28,365	25,221
Accounts payable and other liabilities:
Lease intangibles, net (Note 6)	104,663	105,028
Accounts payable and accrued expenses	57,326	48,290
Deferred income	32,717	35,267
Tenant security deposits, escrow and other	11,214	14,975
Derivative financial instruments (Note 8)	3,468	3,590
Income taxes payable	1,818	1,287
Other	0	235
Accounts payable and other liabilities	$ 211,206	$ 208,672

Lease Intangibles - Schedule of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	$ 203,512	$ 173,069
Amortizable Intangible Assets, Accumulated Amortization	(79,919)	(58,485)
Amortizable Intangible Assets, Net Carrying Amount	123,593	114,584
Amortizable Intangible Liabilities
Amortizable Intangible Liabilities, Gross Carrying Amount	(144,218)	(137,032)
Amortizable Intangible Liabilities, Accumulated Amortization	40,207	32,004
Amortizable Intangible Liabilities, Net Carrying Amount	(104,011)	(105,028)
Above-market Ground Lease, Gross	(671)	0
Above-market Ground Lease, Accumulated Amortization	19	0
Above-market Ground Lease, Net	(652)	0
Finite-Lived Intangible Liabilities, Gross	(144,889)	(137,032)
Finite-Lived Intangible Liabilities, Accumulated Amortization	40,226	32,004
Finite-Lived Intangible Liabilities, Net	(104,663)	(105,028)
Below market rents, acquired	$ 7,600
Below market rents acquired, weighted average useful life	11 years 6 months
Above-market ground lease, acquired	$ 700
Above-market ground lease acquired, weighted average useful life	11 years 6 months
In-place lease intangible assets
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	$ 185,273	156,420
Amortizable Intangible Assets, Accumulated Amortization	(67,747)	(47,827)
Amortizable Intangible Assets, Net Carrying Amount	117,526	108,593
Intangible assets acquired	$ 29,600
Acquired intangible assets, weighted average useful life	4 years 1 month
Above-market rent
Finite-Lived Intangible Assets [Line Items]
Amortizable Intangible Assets, Gross Carrying Amount	$ 18,239	16,649
Amortizable Intangible Assets, Accumulated Amortization	(12,172)	(10,658)
Amortizable Intangible Assets, Net Carrying Amount	6,067	$ 5,991
Intangible assets acquired	$ 1,800
Acquired intangible assets, weighted average useful life	4 years 7 months

Lease Intangibles - Scheduled Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Acquired Lease Intangibles [Abstract]
Amortizable Intangible Assets, Net Carrying Amount	$ (123,593)	$ (114,584)
In-place lease intangible assets
Acquired Lease Intangibles [Abstract]
2017 (Remainder), Net Increase In Lease Revenues	3,046
2018, Net Increase In Lease Revenues	9,874
2019, Net Increase In Lease Revenues	9,512
2020, Net Increase In Lease Revenues	7,860
2021, Net Increase In Lease Revenues	7,457
Thereafter, Net Increase In Lease Revenues	60,195
Net Increase In Lease Revenues, Total	97,944
2017 (Remainder), Increase to Amortization	(7,596)
2018, Increase to Amortization	(26,009)
2019, Increase to Amortization	(18,849)
2020, Increase to Amortization	(14,011)
2021, Increase to Amortization	(11,286)
Thereafter, Increase to Amortization	(39,775)
Amortizable Intangible Assets, Net Carrying Amount	(117,526)	$ (108,593)
2017 (Remainder), Reduction of Rent Expense	15
2018, Reduction of Rent Expense	58
2019, Reduction of Rent Expense	58
2020, Reduction of Rent Expense	58
2021, Reduction of Rent Expense	58
Thereafter, Reduction of Rent Expense	405
Reduction of Rent Expense, Total	652
2017 (Remainder), Net Income (Expense)	(4,535)
2018, Net Income (Expense)	(16,077)
2019, Net Income (Expense)	(9,279)
2020, Net Income (Expense)	(6,093)
2021, Net Income (Expense)	(3,771)
Thereafter, Net Income (Expense)	20,825
Total, Net Income (Expense)	$ (18,930)

Debt - Summary of Consolidated Indebtedness (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,619,171	$ 1,505,670
Mortgage and other notes payable, net	1,045,877	1,055,728
Unsecured notes payable, net	497,970	432,990
Unsecured line of credit	59,000	0
Net unamortized debt issuance costs	(17,205)	(18,288)
Unamortized fair market value of assumed debt	881	1,336
Total indebtedness	1,602,847	1,488,718
Total Debt - Fixed and Effectively Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	869,829	860,484
Total Debt - Variable Rate
Debt Instrument [Line Items]
Long-term debt, gross	749,342	645,186
Total Debt - Variable Rate Fixed and Effectively Fixed Rate During Period
Debt Instrument [Line Items]
Long-term debt, gross	454,805	365,343
Mortgages
Debt Instrument [Line Items]
Mortgage and other notes payable, net	1,045,877	1,055,728
Net unamortized debt issuance costs	(15,555)	(16,642)
Unamortized fair market value of assumed debt	$ 881	1,336
Mortgages \| LIBOR
Debt Instrument [Line Items]
Interest rate, stated percentage	4.76%
Unsecured Debt
Debt Instrument [Line Items]
Unsecured notes payable, net	$ 497,970	432,990
Net unamortized debt issuance costs	(1,650)	(1,646)
Line of Credit
Debt Instrument [Line Items]
Unsecured line of credit	$ 59,000	0
Core Portfolio \| Variable Rate Debt \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.08%
Core Portfolio \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.90%
Core Portfolio \| Variable Rate Unsecured Term Loans - Swapped \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
Core Portfolio \| Variable Rate Unsecured Term Loans - Swapped \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
Core Portfolio \| Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 260,751	317,125
Core Portfolio \| Mortgages \| Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 180,259	$ 234,875
Core Portfolio \| Mortgages \| Fixed Rate \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	3.88%	3.88%
Core Portfolio \| Mortgages \| Fixed Rate \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	5.89%	5.89%
Core Portfolio \| Mortgages \| Variable Rate - Swapped
Debt Instrument [Line Items]
Long-term debt, gross	$ 80,492	$ 82,250
Core Portfolio \| Mortgages \| Variable Rate - Swapped \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	1.71%	1.71%
Core Portfolio \| Mortgages \| Variable Rate - Swapped \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	3.77%	3.77%
Core Portfolio \| Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 300,000	$ 300,000
Core Portfolio \| Unsecured Debt \| Unsecured Term Loans
Debt Instrument [Line Items]
Long-term debt, gross	$ 26,459	$ 51,194
Core Portfolio \| Unsecured Debt \| Unsecured Term Loans \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%	1.30%
Core Portfolio \| Unsecured Debt \| Unsecured Term Loans \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%	1.60%
Core Portfolio \| Unsecured Debt \| Variable Rate Unsecured Term Loans - Swapped
Debt Instrument [Line Items]
Long-term debt, gross	$ 273,541	$ 248,806
Core Portfolio \| Unsecured Debt \| Variable Rate Unsecured Term Loans - Swapped \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	1.24%	1.24%
Core Portfolio \| Unsecured Debt \| Variable Rate Unsecured Term Loans - Swapped \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	3.77%	3.77%
Core Portfolio \| Line of Credit \| Unsecured Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 59,000	$ 0
Core Portfolio \| Line of Credit \| Unsecured Line of Credit \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%	1.40%
Fund II \| Variable Rate Debt \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.79%
Fund II \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
Fund II \| Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 369,955	$ 412,291
Fund II \| Mortgages \| Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 224,262	$ 249,762
Fund II \| Mortgages \| Fixed Rate \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	1.00%	1.00%
Fund II \| Mortgages \| Fixed Rate \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	4.75%	5.80%
Fund II \| Mortgages \| Variable Rate - Swapped
Debt Instrument [Line Items]
Interest rate, stated percentage	2.88%	2.88%
Long-term debt, gross	$ 19,616	$ 19,779
Fund II \| Mortgages \| Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 126,077	$ 142,750
Fund II \| Mortgages \| Variable Rate Debt \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.79%	0.62%
Fund II \| Mortgages \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%	2.50%
Fund II \| Unsecured Debt \| Unsecured Notes Payable
Debt Instrument [Line Items]
Long-term debt, gross	$ 31,500	$ 0
Fund II \| Unsecured Debt \| Unsecured Notes Payable \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%
Fund III \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.65%
Fund III \| Variable Rate Debt \| Prime Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%
Fund III \| Mortgages \| Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 69,632	$ 83,467
Fund III \| Mortgages \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.65%	4.65%
Fund III \| Mortgages \| Variable Rate Debt \| Prime Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.50%	0.50%
Fund IV \| Variable Rate Debt \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Fund IV \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.95%
Fund IV \| Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 360,213	$ 258,151
Fund IV \| Mortgages \| Fixed Rate
Debt Instrument [Line Items]
Long-term debt, gross	$ 10,503	$ 10,503
Fund IV \| Mortgages \| Fixed Rate \| Minimum
Debt Instrument [Line Items]
Interest rate, stated percentage	3.40%	3.40%
Fund IV \| Mortgages \| Fixed Rate \| Maximum
Debt Instrument [Line Items]
Interest rate, stated percentage	4.50%	4.50%
Fund IV \| Mortgages \| Variable Rate - Swapped
Debt Instrument [Line Items]
Interest rate, stated percentage	1.78%	1.78%
Long-term debt, gross	$ 81,156	$ 14,509
Fund IV \| Mortgages \| Variable Rate Debt
Debt Instrument [Line Items]
Long-term debt, gross	$ 268,554	$ 233,139
Fund IV \| Mortgages \| Variable Rate Debt \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%	1.70%
Fund IV \| Mortgages \| Variable Rate Debt \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.95%	3.95%
Fund IV \| Unsecured Debt \| Term Loan / Subscription Facility
Debt Instrument [Line Items]
Long-term debt, gross	$ 54,920	$ 134,636
Fund IV \| Unsecured Debt \| Term Loan / Subscription Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%	1.65%
Fund IV \| Unsecured Debt \| Term Loan / Subscription Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%	2.75%
Fund V \| Unsecured Debt \| Subscription Line
Debt Instrument [Line Items]
Long-term debt, gross	$ 113,200	$ 0
Fund V \| Unsecured Debt \| Subscription Line \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%	1.60%

Debt - Mortgage Payable (Details)	9 Months Ended
Debt - Mortgage Payable (Details)	Sep. 30, 2017 USD ($) property derivative loan	Dec. 31, 2016 USD ($) property
Debt Instrument [Line Items]
Number of interest rate derivatives held \| derivative	7
Mortgages
Debt Instrument [Line Items]
Number of mortgage loans \| loan	9
Borrowings, amount	$ 128,300,000.0
Number of properties collateralized \| property	45	39
Number of notes repaid \| loan	6
Repayments of debt	$ 112,500,000
Annual principal payment	5,800,000
Interest Rate Swaps \| Mortgages
Debt Instrument [Line Items]
Derivative, notional amount	$ 67,300,000
Weighted average interest rate	1.92%
Core Portfolio
Debt Instrument [Line Items]
Derivative, notional amount	$ 354,033,000
Brandywine Portfolio \| Core Portfolio \| Mortgages
Debt Instrument [Line Items]
Interest rate, stated percentage	5.99%
Debt default, amount	$ 26,300,000	$ 26,300,000
Debt default interest	5.00%
Interest owner percentage in property	22.00%
Lawsuit damages sought, value	$ 31,000,000
Sherman Avenue \| Mortgages
Debt Instrument [Line Items]
Debt default, amount	$ 14,300,000
LIBOR \| Mortgages
Debt Instrument [Line Items]
Basis spread on variable rate	3.43%
Interest rate, stated percentage	4.76%

Debt - Unsecured Notes Payable (Details) - USD ($)	9 Months Ended	12 Months Ended
Debt - Unsecured Notes Payable (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total indebtedness	$ 1,602,847,000	$ 1,488,718,000
Fund IV \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	21,500,000.0	100,000,000.0
Long-term line of credit, noncurrent	20,400,000	94,500,000
Remaining borrowing capacity	1,100,000	5,500,000
Fund IV \| Bridge facility \| Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	50,000,000.0
Long-term line of credit, noncurrent	34,500,000	40,100,000
Remaining borrowing capacity	0	$ 0
Fund V \| Subscription Line \| Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	150,000,000.0
Long-term line of credit, noncurrent	113,200,000
Remaining borrowing capacity	36,800,000
Fund II \| Loans \| Unsecured Debt
Debt Instrument [Line Items]
Long-term line of credit, noncurrent	31,500,000
Remaining borrowing capacity	8,500,000
Fund II \| Loans Maturing In September 2020 \| Unsecured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000,000.0
LIBOR \| Fund V \| Subscription Line \| Unsecured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%	1.60%
LIBOR \| Fund II \| Loans Maturing In September 2020 \| Unsecured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%

Debt - Unsecured Lines of Credit (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Unsecured line of credit	$ 59,000	$ 0
Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Unsecured line of credit	79,700	$ 147,500
Core Portfolio \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Proceeds from (repayments of) lines of credit	59,000
Debt available balance	79,700
Credit facility amount outstanding	$ 11,300

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt - Scheduled Principal Repayments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2017 (Remainder)	$ 174,707
2018	88,308
2019	228,523
2020	573,807
2021	255,055
Thereafter	298,771
Long-term debt and convertible notes payable	1,619,171	$ 1,505,670
Unamortized fair market value of assumed debt	881	1,336
Net unamortized debt issuance costs	(17,205)	(18,288)
Total indebtedness	$ 1,602,847	$ 1,488,718

Financial Instruments and Fair Value Measurements - Schedule of Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Assets
Derivative financial instruments	$ 2,661	$ 2,921
Liabilities
Derivative financial instruments	3,468	3,590
Recurring \| Level 1
Assets
Money Market Funds	3	20,001
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	0	0
Recurring \| Level 2
Assets
Money Market Funds	0	0
Derivative financial instruments	2,661	2,921
Liabilities
Derivative financial instruments	3,468	3,590
Recurring \| Level 3
Assets
Money Market Funds	0	0
Derivative financial instruments	0	0
Liabilities
Derivative financial instruments	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of an asset	$ 3,840	$ 0	$ 3,840	$ 0
Disposal group, held-for-sale
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of an asset			3,800
Disposal group, held-for-sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of an asset	3,800		3,800
Noncontrolling Interests \| Disposal group, held-for-sale \| Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of an asset	$ 2,700		$ 2,700

Financial Instruments and Fair Value Measurements - Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Derivatives, Fair Value [Line Items]
Fair value, liability derivatives	$ (3,468)	$ (3,590)
Fair value, asset derivatives	2,661	2,921
Fund II
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	49,116
Fair value, derivatives, net	(168)	(228)
Fund II \| Interest Rate Swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	19,616
Fair value, liability derivatives	$ (168)	(228)
Fund II \| Interest Rate Swaps \| Other Liabilities \| Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	2.88%
Fund II \| Interest Rate Swaps \| Other Liabilities \| Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	2.88%
Fund II \| Interest Rate Cap \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 29,500
Fair value, asset derivatives	$ 0	0
Fund II \| Interest Rate Cap \| Other Assets \| Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	4.00%
Fund II \| Interest Rate Cap \| Other Assets \| Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	4.00%
Fund III \| Interest Rate Cap \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 58,000
Fair value, asset derivatives	$ 17	127
Fund III \| Interest Rate Cap \| Other Assets \| Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund III \| Interest Rate Cap \| Other Assets \| Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund IV
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 190,056
Fair value, derivatives, net	(342)	41
Fund IV \| Interest Rate Swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	81,156
Fair value, liability derivatives	$ (364)	(144)
Fund IV \| Interest Rate Swaps \| Other Liabilities \| Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	1.78%
Fund IV \| Interest Rate Swaps \| Other Liabilities \| Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	1.98%
Fund IV \| Interest Rate Cap \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 108,900
Fair value, asset derivatives	$ 22	185
Fund IV \| Interest Rate Cap \| Other Assets \| Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Fund IV \| Interest Rate Cap \| Other Assets \| Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	3.00%
Core Portfolio
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 354,033
Fair value, derivatives, net	(314)	(609)
Core Portfolio \| Interest Rate Swaps \| Other Liabilities
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	149,440
Fair value, liability derivatives	$ (2,936)	(3,218)
Core Portfolio \| Interest Rate Swaps \| Other Liabilities \| Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	1.38%
Core Portfolio \| Interest Rate Swaps \| Other Liabilities \| Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	3.77%
Core Portfolio \| Interest Rate Swaps \| Other Assets
Derivatives, Fair Value [Line Items]
Aggregate Notional Amount	$ 204,593
Fair value, asset derivatives	$ 2,622	$ 2,609
Core Portfolio \| Interest Rate Swaps \| Other Assets \| Minimum
Derivatives, Fair Value [Line Items]
Strike Rate	1.24%
Core Portfolio \| Interest Rate Swaps \| Other Assets \| Maximum
Derivatives, Fair Value [Line Items]
Strike Rate	3.77%

Financial Instruments and Fair Value Measurements - Gain (Loss) from Derivative Instruments (Details) - Cash Flow Hedging - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (loss) income related to the effective portion recognized in other comprehensive income	$ (644)	$ 1,474	$ (2,652)	$ (12,624)
Amount of loss related to the effective portion subsequently reclassified to earnings	0	0	0	0
Amount of gain (loss) related to the ineffective portion and amount excluded from effectiveness testing	$ 0	$ 0	$ 0	$ 0

Financial Instruments and Fair Value Measurements - Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	$ 250,194	$ 276,163
Mortgage and Other Notes Payable, net	1,602,847	1,488,718
Unsecured notes payable and Unsecured line of credit, net	497,970	432,990
Carrying Amount \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	250,194	276,163
Mortgage and Other Notes Payable, net	1,060,550	1,071,034
Investment in non-traded equity securities (b)	0	802
Carrying Amount \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable and Unsecured line of credit, net	558,620	434,636
Estimated Fair Value \| Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable, net	247,143	272,052
Mortgage and Other Notes Payable, net	1,066,539	1,077,926
Investment in non-traded equity securities (b)	22,904	25,194
Estimated Fair Value \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unsecured notes payable and Unsecured line of credit, net	$ 559,978	$ 435,779

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contractual obligation	$ 93.1	$ 85.4
Letters of credit, outstanding amount	$ 11.3	$ 11.3

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Common Shares, Share Repurchases and Dividends and Distributions (Details) - USD ($)				1 Months Ended	9 Months Ended		12 Months Ended
	Aug. 08, 2017	Nov. 08, 2016	Nov. 07, 2016	Jul. 31, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2001	May 10, 2017	May 09, 2017	Dec. 31, 2014
Class of Stock [Line Items]
Common shares, authorized (in shares)					200,000,000		100,000,000		200,000,000	100,000,000
Authorized amount					$ 20,000,000.0
Treasury stock, acquired (in shares)					0		0	2,100,000
Remaining authorized repurchase amount					$ 7,500,000
Distributions declared (in dollars per share)					$ 0.78	$ 0.75
ATM Equity Program
Class of Stock [Line Items]
Stock, shares authorized not issued											$ 200,000,000.0
Restricted Stock
Class of Stock [Line Items]
Restricted stock, shares canceled for tax withholding for share based compensation (in shares)					4,314		3,152
LTIP Units and Restricted Stock
Class of Stock [Line Items]
Unit based compensation					$ 6,500,000		$ 10,900,000
Common Shares
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)							4,830,000
Stock issued during period							$ 175,200,000
Proceeds from issuance of common stock							$ 172,100,000
Common Shares \| Forward Sale and Underwritten Public Offering
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
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)							4,500,000
Stock issued during period							$ 157,600,000
Proceeds from issuance of common stock							155,700,000
Additional maximum gross proceeds amount				$ 250,000,000.0	250,000,000		250,000,000.0
Sale of Stock, remaining value under program					$ 218,000,000		$ 218,000,000
Regular Quarterly Cash Dividend
Class of Stock [Line Items]
Cash dividends declared, period increase (in dollars per share)		$ 0.01
Distributions declared (in dollars per share)	$ 0.26	0.26	$ 0.25
Special Cash Dividend
Class of Stock [Line Items]
Cash dividends paid (in dollars per share)		$ 0.15

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			$ 2,178,125	$ 1,521,354
Other comprehensive loss before reclassifications			(2,652)	(12,624)
Reclassification of realized interest on swap agreements			2,637	3,396
Net current period other comprehensive loss	$ 90	$ 2,684	(15)	(9,228)
Ending Balance	2,169,794	2,009,053	2,169,794	2,009,053
AOCI Attributable to Parent
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(798)	(4,463)
Ending Balance	$ (553)	$ (12,844)	(553)	(12,844)
AOCI Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Net current period other comprehensive loss			$ 260	$ 847

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Noncontrolling Interest (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance				$ 589,548
Net income (loss)	$ 13,285	$ 326		39,364	$ 100,356
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership				0	0
Issuance of OP Units to acquire real estate					29,336
Acquisition of noncontrolling interests					(18,379)
Other comprehensive income - unrealized loss on valuation of swap agreements	(644)	1,474		(2,652)	(12,624)
Change in control of previously unconsolidated investment					(75,713)
Reclassification of realized interest on swap agreements	734	$ 1,210		2,637	3,396
Noncontrolling interest contributions				20,522	204,412
Noncontrolling interest distributions				(7,278)	(50,849)
Employee Long-term Incentive Plan Unit Awards				9,129	11,682
Rebalancing adjustment				0	0
Balance	$ 606,256			606,256		$ 589,548
Payments to noncontrolling interests				$ 12,813	$ 74,612
Distributions declared (in dollars per share)				$ 0.78	$ 0.75
Limited partners' capital account, units issued and converted (in shares)	61,150	350,240		61,150	350,240
LTIP Units
Increase (Decrease) in Stockholders' Equity [Roll Forward]
LTIP units outstanding (in shares)	2,274,147	1,997,099		2,274,147	1,997,099
Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Limited partners' capital account, units issued and converted (in shares)	1,392			1,392
Fund II
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%
Operating Partnership, as General Partner or Managing Member
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	3,341,397	3,308,875		3,341,397	3,308,875
Equity Interest Held By Operating Partnership				95.00%		95.00%
Operating Partnership, as General Partner or Managing Member \| Series A Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	188	188		188	188
Operating Partnership, as General Partner or Managing Member \| Series C Preferred Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series A Preferred OP Units (in shares)	140,343	141,593		140,343	141,593
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance			$ 420,866	$ 589,548	$ 420,866	$ 420,866
Distributions declared of $0.78 and $0.75 per Common OP Unit for Nine Months Ended September 30, 2017 and 2016				(4,805)	(4,398)
Net income (loss)				(1,194)	47,401
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership				(1,086)	(7,875)
Issuance of OP Units to acquire real estate					29,336
Acquisition of noncontrolling interests					(25,925)
Other comprehensive income - unrealized loss on valuation of swap agreements				(794)	(1,273)
Change in control of previously unconsolidated investment					(75,713)
Reclassification of realized interest on swap agreements				534	426
Noncontrolling interest contributions				20,522	204,412
Noncontrolling interest distributions				(7,278)	(50,849)
Employee Long-term Incentive Plan Unit Awards				8,704	10,983
Rebalancing adjustment				2,105	(35,254)
Balance	$ 606,256	$ 512,137		606,256	512,137	589,548
Noncontrolling Interests \| Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	2,105			2,105
Noncontrolling Interests \| Noncontrolling Interests in Partially-Owned Affiliates
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance			324,526	494,126	324,526	324,526
Distributions declared of $0.78 and $0.75 per Common OP Unit for Nine Months Ended September 30, 2017 and 2016				0	0
Net income (loss)				(4,010)	43,644
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership				0	0
Issuance of OP Units to acquire real estate					0
Acquisition of noncontrolling interests					(25,925)
Other comprehensive income - unrealized loss on valuation of swap agreements				(726)	(633)
Change in control of previously unconsolidated investment					(75,713)
Reclassification of realized interest on swap agreements				418	260
Noncontrolling interest contributions				20,522	204,412
Noncontrolling interest distributions				(7,278)	(50,849)
Employee Long-term Incentive Plan Unit Awards				0	0
Rebalancing adjustment					0
Balance	503,052	419,722		503,052	419,722	494,126
Noncontrolling Interests \| Noncontrolling Interests in Partially-Owned Affiliates \| Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	0			0
Noncontrolling Interests \| Operating Partnership, as General Partner or Managing Member
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance			$ 96,340	95,422	96,340	96,340
Distributions declared of $0.78 and $0.75 per Common OP Unit for Nine Months Ended September 30, 2017 and 2016				(4,805)	(4,398)
Net income (loss)				2,816	3,757
Conversion of Common OP Units to Common Shares by limited partners of the Operating Partnership				(1,086)	(7,875)
Issuance of OP Units to acquire real estate					29,336
Acquisition of noncontrolling interests					0
Other comprehensive income - unrealized loss on valuation of swap agreements				(68)	(640)
Change in control of previously unconsolidated investment					0
Reclassification of realized interest on swap agreements				116	166
Noncontrolling interest contributions				0	0
Noncontrolling interest distributions				0	0
Employee Long-term Incentive Plan Unit Awards				8,704	10,983
Rebalancing adjustment					(35,254)
Balance	103,204	$ 92,415		103,204	$ 92,415	$ 95,422
Noncontrolling Interests \| Operating Partnership, as General Partner or Managing Member \| Restatement Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance	$ 2,105			$ 2,105

Shareholders' Equity, Noncontrolling Interests and Other Comprehensive Income - Preferred OP Units (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2017 USD ($) $ / Units shares	Sep. 30, 2016 $ / shares shares	Dec. 31, 2016 shares	Dec. 31, 1999 shares
Class of Stock [Line Items]
Limited partners' capital account, units issued and converted (in shares)	61,150	350,240
Units converted from Series A Preferred OP Units (in shares)	185,600
Denominator for Series A Preferred OP Unit conversion \| $	$ 7.50
Preferred OP Units [Member]
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)	0
Series C Preferred OP Units
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)	1,250
Series A Preferred Stock
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)				1,580
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
Operating Partnership, as General Partner or Managing Member
Class of Stock [Line Items]
Preferred OP Units (in shares)	3,341,397	3,308,875
Operating Partnership, as General Partner or Managing Member \| Series A Preferred Stock
Class of Stock [Line Items]
Preferred OP Units (in shares)	188	188
Gotham Plaza \| Preferred OP Units [Member]
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)		141,593
Gotham Plaza \| Common Shares
Class of Stock [Line Items]
Issuance of common shares, net of issuance costs (in Shares)		442,478
Share price (in dollars per share) \| $ / shares		$ 100.00
Preferred quarterly distribution per share price \| $ / shares		$ 0.9375
Number of convertible units if share price falls below $28.80 (in shares)		3.4722
Number of convertiable units of share price falls above $35.20 (in Shares)		2.8409
Minimum \| Gotham Plaza \| Preferred OP Units [Member]
Class of Stock [Line Items]
Share price at conversion date \| $ / shares		$ 28.80
Maximum \| Gotham Plaza \| Preferred OP Units [Member]
Class of Stock [Line Items]
Share price at conversion date \| $ / shares		$ 35.20

Leases - Operating Leases (Details) $ in Millions	9 Months Ended
Leases - Operating Leases (Details) $ in Millions	Sep. 30, 2017 USD ($) shopping_center	Sep. 30, 2016 USD ($)
Operating Leased Assets [Line Items]
Number of shopping centers with land leases \| shopping_center	7
Ground lease expense	$ 2.8	$ 1.7
Rent expense capitalized	0.4	0.2
Rent expense	$ 0.7	$ 0.7
Minimum
Operating Leased Assets [Line Items]
Period of lease term	25 years
Maximum
Operating Leased Assets [Line Items]
Period of lease term	71 years

Leases - Capital Leasers (Details) - USD ($) $ in Thousands	9 Months Ended
Leases - Capital Leasers (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Capital Leased Assets [Line Items]
Capital lease obligation	$ 70,498		$ 70,129
991 Madison Avenue
Capital Leased Assets [Line Items]
Capital lease term	49 years
Capital lease obligation	$ 76,600
991 Madison Avenue \| Capital Lease Obligations
Capital Leased Assets [Line Items]
Repayments capital lease obligations	$ 1,900	$ 1,000

Leases - Lease Obligations (Details) $ in Thousands	Sep. 30, 2017 USD ($)
Minimum Rental Revenues
2017 (Remainder)	$ 37,492
2018	158,612
2019	153,722
2020	141,485
2021	125,794
Thereafter	666,865
Total	1,283,970
Minimum Rental Payments
2017 (Remainder)	1,144
2018	4,478
2019	4,488
2020	4,283
2021	4,240
Thereafter	189,051
Total	$ 207,684

Segment Reporting (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Reporting (Details) $ in Thousands	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)	Sep. 30, 2017 USD ($) segment	Sep. 30, 2016 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			3
Revenues	$ 62,678	$ 43,855	$ 184,181	$ 135,818
Depreciation and amortization	(26,652)	(15,217)	(77,245)	(46,744)
Property operating expenses, other operating and real estate taxes	(18,489)	(14,515)	(55,427)	(37,791)
Impairment of asset	(3,840)	0	(3,840)	0
General and administrative expenses	(7,953)	(12,869)	(25,286)	(30,742)
Operating income	5,744	1,254	22,383	20,541
Gain on disposition of properties	12,972	0	12,972	81,965
Interest income	6,461	7,245	23,648	19,298
Equity in earnings (losses) of unconsolidated affiliates	4,001	(102)	21,044	3,592
Interest expense	(15,428)	(7,982)	(39,666)	(24,917)
Income tax provision	(465)	(89)	(1,017)	(123)
Net income	13,285	326	39,364	100,356
Net loss (income) attributable to noncontrolling interests	(418)	5,786	1,194	(47,401)
Net income attributable to Acadia	12,867	6,112	40,558	52,955
Real estate at cost	3,480,395	3,019,789	3,480,395	3,019,789
Total assets	4,092,957	3,578,519	4,092,957	3,578,519
Acquisition of real estate	70,020	274,329	138,429	292,909
Development and property improvement costs	57,539	38,531	84,554	94,421
Unallocated
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Depreciation and amortization	0	0	0	0
Property operating expenses, other operating and real estate taxes	0	0	0	0
Impairment of asset	0		0
General and administrative expenses	(7,953)	(12,869)	(25,286)	(30,742)
Operating income	(7,953)	(12,869)	(25,286)	(30,742)
Gain on disposition of properties	0		0	0
Interest income	0	0	0	0
Equity in earnings (losses) of unconsolidated affiliates	0	0	0	0
Interest expense	0	0	0	0
Income tax provision	(465)	(89)	(1,017)	(123)
Net income	(8,418)	(12,958)	(26,303)	(30,865)
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Acadia	(8,418)	(12,958)	(26,303)	(30,865)
Real estate at cost	0	0	0	0
Total assets	0	0	0	0
Acquisition of real estate	0	0	0	0
Development and property improvement costs	0	0	0	0
Operating segments \| Core Portfolio
Segment Reporting Information [Line Items]
Revenues	41,196	36,376	127,130	109,176
Depreciation and amortization	(14,746)	(12,428)	(46,719)	(37,629)
Property operating expenses, other operating and real estate taxes	(10,327)	(11,612)	(33,339)	(28,460)
Impairment of asset	0		0
General and administrative expenses	0	0	0	0
Operating income	16,123	12,336	47,072	43,087
Gain on disposition of properties	0		0	0
Interest income	0	0	0	0
Equity in earnings (losses) of unconsolidated affiliates	805	1,495	2,348	2,668
Interest expense	(6,695)	(6,431)	(20,783)	(20,308)
Income tax provision	0	0	0	0
Net income	10,233	7,400	28,637	25,447
Net loss (income) attributable to noncontrolling interests	(353)	60	(1,157)	(2,771)
Net income attributable to Acadia	9,880	7,460	27,480	22,676
Real estate at cost	1,987,501	1,832,863	1,987,501	1,832,863
Total assets	2,237,334	2,097,386	2,237,334	2,097,386
Acquisition of real estate	0	237,729	0	244,022
Development and property improvement costs	3,359	7,296	4,355	17,518
Operating segments \| Funds
Segment Reporting Information [Line Items]
Revenues	21,482	7,479	57,051	26,642
Depreciation and amortization	(11,906)	(2,789)	(30,526)	(9,115)
Property operating expenses, other operating and real estate taxes	(8,162)	(2,903)	(22,088)	(9,331)
Impairment of asset	(3,840)		(3,840)
General and administrative expenses	0	0	0	0
Operating income	(2,426)	1,787	597	8,196
Gain on disposition of properties	12,972		12,972	81,965
Interest income	0	0	0	0
Equity in earnings (losses) of unconsolidated affiliates	3,196	(1,597)	18,696	924
Interest expense	(8,733)	(1,551)	(18,883)	(4,609)
Income tax provision	0	0	0	0
Net income	5,009	(1,361)	13,382	86,476
Net loss (income) attributable to noncontrolling interests	(65)	5,726	2,351	(44,630)
Net income attributable to Acadia	4,944	4,365	15,733	41,846
Real estate at cost	1,492,894	1,186,926	1,492,894	1,186,926
Total assets	1,605,429	1,214,317	1,605,429	1,214,317
Acquisition of real estate	70,020	36,600	138,429	48,887
Development and property improvement costs	54,180	31,235	80,199	76,903
Operating segments \| Structured Financing
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Depreciation and amortization	0	0	0	0
Property operating expenses, other operating and real estate taxes	0	0	0	0
Impairment of asset	0		0
General and administrative expenses	0	0	0	0
Operating income	0	0	0	0
Gain on disposition of properties	0		0	0
Interest income	6,461	7,245	23,648	19,298
Equity in earnings (losses) of unconsolidated affiliates	0	0	0	0
Interest expense	0	0	0	0
Income tax provision	0	0	0	0
Net income	6,461	7,245	23,648	19,298
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Acadia	6,461	7,245	23,648	19,298
Real estate at cost	0	0	0	0
Total assets	250,194	266,816	250,194	266,816
Acquisition of real estate	0	0	0	0
Development and property improvement costs	$ 0	$ 0	$ 0	$ 0

Share Incentive and Other Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.3	$ 0.3
Trustee fees	0.7	0.6
Total unrecognized compensation cost related to nonvested awards	$ 16.3
Weighted-average period over which cost is expected to be recognized	2 years 2 months
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested	$ 7.4		$ 13.6
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of shares that vested	0.7		0.7
LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total value of restricted shares and LTIP units as of the grant date	9.0
Compensation expense	6.8		2.2
Unit based compensation	$ 6.5		$ 10.9
Weighted average grant date fair value, grants (in dollars per share)	$ 32.18		$ 34.50
Officers and Employees \| Second Amended 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	1,756,288
Officer \| LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	306,635
Officer \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	7,628
Trustee \| LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	11,105
Trustee \| LTIP Units \| Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	5,805
Trustee \| LTIP Units \| Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	5,300
Senior Executives \| Long Term Investment Alignment Program
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%
General and Administrative Expense \| LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unit based compensation	$ 6.5	9.1
Trustee \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued during period, share-based compensation, net of forfeitures	11,814
Shares granted to trustees for trustee fees vesting on one year anniversary of grant date	3,864
Shares granted to trustees for trustee fees begin vesting on two year anniversary of grant date	7,950
Trustee \| LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Annual vesting rate of shares granted to trustees that begin vesting on the second anniversary of grant date	33.00%
Fund III \| Long Term Investment Alignment Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 0.5	$ 1.5
Fund III \| Senior Executives \| Long Term Investment Alignment Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award				25.00%
Fund IV \| Senior Executives \| Long Term Investment Alignment Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of promote awarded as share based compensation award				14.40%

Share Incentive and Other Compensation - Schedule of Unvested Shares and LTIP Units (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Restricted Stock
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)	49,407	49,899
Shares granted (in shares)	19,442	24,583
Shares vested (in shares)	(21,771)	(24,886)
Shares forfeited (in shares)	(356)	(189)
Shares unvested, End of period (in shares)	46,722	49,407
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 27.92	$ 25.90
Shares granted, Weighted average grant date fair value (in dollars per share)	29.85	33.35
Shares vested, Weighted average grant date fair value (in dollars per share)	30.91	29.17
Shares forfeited, Weighted average grant date fair value (in dollars per share)	35.56	35.37
Shares unvested, Weighted average grant date fair value, End of period(in dollars per share)	$ 27.28	$ 27.92
LTIP Units
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)	856,877	1,020,121
Shares granted (in shares)	317,740	359,484
Shares vested (in shares)	(257,515)	(522,680)
Shares forfeited (in shares)	0	(48)
Shares unvested, End of period (in shares)	917,102	856,877
Weighted Grant-Date Fair Value
Shares unvested, Weighted average grant date fair value, Beginning of period (in dollars per share)	$ 26.99	$ 23.92
Shares granted, Weighted average grant date fair value (in dollars per share)	29.12	34.40
Shares vested, Weighted average grant date fair value (in dollars per share)	28.58	26.08
Shares forfeited, Weighted average grant date fair value (in dollars per share)	0.00	35.37
Shares unvested, Weighted average grant date fair value, End of period(in dollars per share)	$ 27.29	$ 26.99

Share Incentive and Other Compensation - Employee Share Purchase Plan and Deferred Share Plan (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
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
Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee share purchase (in shares)	3,392	3,143

Share Incentive and Other Compensation - Employee 401 (k) Plan (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)
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

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net income attributable to Acadia	$ 12,867	$ 6,112	$ 40,558	$ 52,955
Less: net income attributable to participating securities	(135)	(58)	(488)	(617)
Income from continuing operations net of income attributable to participating securities	$ 12,732	$ 6,054	$ 40,070	$ 52,338
Denominator:
Weighted average shares for basic earnings per share	83,699,850	78,448,643	83,665,749	74,049,523
Effect of dilutive securities:
Employee unvested restricted shares	0	3,034	3,577	7,861
Future equity issuance	0	169,020	0	75,582
Weighted Average Number of Shares Outstanding, Diluted	83,699,850	78,620,697	83,669,326	74,132,966
Basic and diluted earnings per Common Share from continuing operations attributable to Acadia	$ 0.15	$ 0.08	$ 0.48	$ 0.71
Series A Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	188	188	188	188
Series A Preferred OP Units - Common share equivalent
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	25,067	25,067	25,067	25,067
Series C Preferred OP Units
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	140,343	141,593	140,343	141,593
Series C Preferred OP Units - Common share equivalent
Anti-Dilutive Shares Excluded from Denominator:
Antidilutive securities excluded from computation of earnings per share (in shares)	487,299	402,252	481,878	402,519

Subsequent Events (Details) - USD ($)			9 Months Ended
Subsequent Events (Details) - USD ($)	Oct. 13, 2017	Oct. 03, 2017	Sep. 30, 2017	Sep. 30, 2016	Oct. 31, 2017	Oct. 25, 2017	Oct. 20, 2017
Subsequent Event [Line Items]
Proceeds from the disposition of properties			$ 47,025,000	$ 150,379,000
Mortgages
Subsequent Event [Line Items]
Borrowings, amount			$ 128,300,000.0
Subsequent Event \| Fund V
Subsequent Event [Line Items]
Capital called						$ 45,800,000
Condominium Tower I Property \| Subsequent Event \| Fund II \| Disposed of by sale
Subsequent Event [Line Items]
Proceeds from the disposition of properties	$ 96,000,000
Repayments of debt	81,000,000
Cost of real estate sales	$ 15,000,000
301 W. Broughton, 101-103 W. Broughton and 125 E. Broughton properties \| Subsequent Event \| Fund IV \| Disposed of by sale
Subsequent Event [Line Items]
Proceeds from the disposition of properties		$ 9,500,000
Hickory Ridge - Hickory, NC \| Subsequent Event \| Mortgages \| Fund V
Subsequent Event [Line Items]
Borrowings, amount							$ 28,600,000.0
Bridge facility \| Subsequent Event \| Fund IV
Subsequent Event [Line Items]
Maximum borrowing capacity					$ 41,800,000.0
Operating Partnership \| Subsequent Event \| Fund V
Subsequent Event [Line Items]
Capital called						$ 9,200,000

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per common share (in dollars per share)	$ 0.78	$ 0.75