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Document And Entity Information (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
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Dec. 31, 2011
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Feb. 28, 2012
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Jun. 30, 2011
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| Document and Entity Information [Abstract] | |||
| Entity Registrant Name | ACADIA REALTY TRUST | ||
| Entity Central Index Key | 0000899629 | ||
| Current Fiscal Year End Date | --12-31 | ||
| Entity Filer Category | Large Accelerated Filer | ||
| Document Type | 10-K | ||
| Document Period End Date | Dec. 31, 2011 | ||
| Document Fiscal Year Focus | 2011 | ||
| Document Fiscal Period Focus | FY | ||
| Amendment Flag | false | ||
| Entity Common Stock, Shares Outstanding | 42,763,289 | ||
| Entity Well-known Seasoned Issuer | Yes | ||
| Entity Voluntary Filers | No | ||
| Entity Current Reporting Status | Yes | ||
| Entity Public Float | $ 818.7 |
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- Definition
If the value is true, then the document as an amendment to previously-filed/accepted document. No definition available.
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- Definition
End date of current fiscal year in the format --MM-DD. No definition available.
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- Definition
This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY. No definition available.
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- Definition
This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
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- Definition
The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD. No definition available.
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- Definition
The type of document being provided (such as 10-K, 10-Q, N-1A, etc). The document type is limited to the same value as the supporting SEC submission type, minus any "/A" suffix. The acceptable values are as follows: S-1, S-3, S-4, S-11, F-1, F-3, F-4, F-9, F-10, 6-K, 8-K, 10, 10-K, 10-Q, 20-F, 40-F, N-1A, 485BPOS, 497, NCSR, N-CSR, N-CSRS, N-Q, 10-KT, 10-QT, 20-FT, POS AM and Other. No definition available.
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- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Indicate number of shares outstanding of each of registrant's classes of common stock, as of latest practicable date. Where multiple classes exist define each class by adding class of stock items such as Common Class A [Member], Common Class B [Member] onto the Instrument [Domain] of the Entity Listings, Instrument No definition available.
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- Definition
Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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- Definition
Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, or (4) Smaller Reporting Company. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
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| X | ||||||||||
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- Definition
State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K. No definition available.
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- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. No definition available.
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| X | ||||||||||
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- Definition
Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A. No definition available.
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of distribution in excess of income from, and investments in, unconsolidated affiliates. No definition available.
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| X | ||||||||||
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- Definition
Sum of the carrying values as of the balance sheet date of obligations incurred through that date, including liabilities incurred and payable to vendors for goods and services received, taxes, interest, rent and utilities, compensation costs, payroll taxes and fringe benefits (other than pension and postretirement obligations), contractual rights and obligations, and statutory obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
For an unclassified balance sheet, the amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business, reduced to their estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for assets of a disposal group, including a component of the entity (discontinued operation), to be sold or that has been disposed of through sale, as of the financial statement date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The carrying amount of deferred costs. No definition available.
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| X | ||||||||||
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- Definition
The current amount of expenditures for a real estate project that has not yet been completed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The designation of funds furnished by a borrower to a lender to assure future payments of the borrower's real estate taxes and insurance obligations with respect to a mortgaged property. Escrow deposits may be made for a variety of other purposes such as earnest money and contingent payments. This element excludes replacement reserves which are an escrow separately provided for within the US GAAP taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate sum of gross carrying value of a major finite-lived intangible asset class, less accumulated amortization and any impairment charges. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Cost of real estate projects incurred for projects for eventual sale or transfer (condominium or time share projects, vacation clubs). No definition available.
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| X | ||||||||||
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- Definition
Aggregate of the carrying amounts as of the balance sheet date of investments in building and building improvements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The obligations arising from the sale, disposal, or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date. May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The carrying amount of the outstanding balance due under the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents a liability associated with the acquisition of an off-market lease when the terms of the lease are unfavorable to the market terms for the lease at the date of acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Sum of the carrying amount for an unclassified balance sheet date of expenditures made in advance of when the economic benefit of the cost will be realized, and which will be expensed in future periods with the passage of time or when a triggering event occurs and the carrying amount as of the balance sheet date of assets not otherwise specified in the taxonomy. Also includes assets not individually reported in the financial statements, or not separately disclosed in notes. No definition available.
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| X | ||||||||||
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- Definition
The cumulative amount of depreciation for real estate property held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Represents a total which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The net book value of real estate property held for investment purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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| X | ||||||||||
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- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)
In Thousands, except Share data, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
|---|---|---|
| Unamortized discount on Convertible notes payable (in Dollars) | $ 0 | $ 1,063 |
| Common Shares, Par Value (in Dollars per share) | $ 0.001 | $ 0.001 |
| Common shares, authorized | 100,000,000 | 100,000,000 |
| Common shares, issued | 42,586,376 | 40,254,525 |
| Common shares, outstanding | 42,586,376 | 40,254,525 |
| X | ||||||||||
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- Definition
Face amount or stated value of common stock per share; generally not indicative of the fair market value per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Abandonment of Project Costs No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
Interest income earned on loans issued by the company secured by mortgaged properties. No definition available.
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Costs incurred and are directly related to generating revenues from leased and rented property or equipment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Details
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| X | ||||||||||
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- Definition
This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the equity method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value subject to the equity accounting method. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Gain (loss) related to the termination of a contract between the parties. The termination may be due to many causes including early termination of a lease by a lessee, a breach of contract by one party, or a failure to perform. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount of the excess of the fair value of acquired net assets over the cost of an acquired business after pro rata reduction of the amounts that otherwise would have been assigned to acquired assets except financial assets other than investments accounted for by the equity method, assets to be disposed of by sale, deferred tax assets, prepaid assets relating to pension and postretirement benefit plans, and other current assets. This amount is considered an extraordinary item and often referred to as negative goodwill. This element is gross of the related tax effect. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the income or loss from continuing operations attributable to noncontrolling interests, if any, which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items which are apportioned to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items, which is apportioned to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This item includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
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- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| X | ||||||||||
|
- Definition
Revenue, comprised of base and incentive revenue derived from the management of joint ventures, managing third-party properties, or another entity's operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net result for the period of deducting operating expenses from operating revenues. No definition available.
|
| X | ||||||||||
|
- Definition
The total amount of lease revenue recognized for the period for which the lessee was obligated under leasing arrangements regardless of any other events or conditions. This amount excludes contingent revenue and sublease revenue. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Other real estate revenue not otherwise specified in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the periodic provision charged to earnings, based on an assessment of uncollectibility from the counterparty on account of loan, lease or other credit losses, to reduce these accounts to the amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
A tax based on the assessed value of real estate by the local government. The tax is usually based on the value of property (including the land). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
In accordance with the provisions of their lease agreement, this element represents allowable charges due a landlord from its tenant. In retail store and office building leases, for example, tenant reimbursements may cover items such as taxes, utilities, and common area expenses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Net income | $ 53,715 | $ 50,667 | $ 12,706 |
| Other Comprehensive (loss) income: | |||
| Unrealized loss on valuation of swap agreements | (5,611) | (2,683) | (1,052) |
| Reclassification of realized interest on swap agreements | 3,081 | 2,749 | 2,745 |
| Other comprehensive (loss) income | (2,530) | 66 | 1,693 |
| Comprehensive income | 51,185 | 50,733 | 14,399 |
| Comprehensive (income) loss attributable to noncontrolling interests | (686) | (20,539) | 18,248 |
| Comprehensive income attributable to Common Shareholders | $ 50,499 | $ 30,194 | $ 32,647 |
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents Other Comprehensive Income or Loss, Net of Tax, for the period. Includes deferred gains or losses on qualifying hedges, unrealized holding gains or losses on available-for-sale securities, minimum pension liability, and cumulative translation adjustment. While for technical reasons this element has no balance attribute, the default assumption is a credit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Conversion Options on Convertible Notes Purchased No definition available.
|
| X | ||||||||||
|
- Definition
Number of common stock issued during the period to Trustees. No definition available.
|
| X | ||||||||||
|
- Definition
Value of common stock issued during the period to Trustees. No definition available.
|
| X | ||||||||||
|
- Definition
Issuance of LTIP unit awards to employees adjustment to non-controlling interests. No definition available.
|
| X | ||||||||||
|
- Definition
Number of shares of stock issued as of the balance sheet date, including shares that had been issued and were previously outstanding but which are now held in the treasury before adjustment towards Comprehensive income. No definition available.
|
| X | ||||||||||
|
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest) before adjustment towards Comprehensive income. No definition available.
|
| X | ||||||||||
|
- Definition
Stock Issued During Period, Value, Net of Issuance Costs No definition available.
|
| X | ||||||||||
|
- Definition
Number of shares of common stock issued as dividends during the period. Excludes stock splits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total number of shares of common stock held by shareholders. May be all or portion of the number of common shares authorized. These shares represent the ownership interest of the common shareholders. Shares outstanding equals shares issued minus shares held in treasury and other adjustments, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of aggregate cash, stock, and paid-in-kind dividends declared for common shareholders during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents an increase in noncontrolling interest from issuance of additional equity interests to noncontrolling interest holders or the sale of a portion of the parent's controlling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares issued during the period as a result of an employee stock purchase plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of stock issued during the period that is attributable to transactions involving issuance of stock not separately disclosed. No definition available.
|
| X | ||||||||||
|
- Definition
Number of shares issued during the period related to Restricted Stock Awards, net of any shares forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate change in value for stock issued during the period as a result of employee stock purchase plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock issued to shareholders as a dividend during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value stock issued during the period as a result of the exercise of stock options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares that have been repurchased and retired during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of the value of stock that has been repurchased and retired during the period. The excess of the purchase price over par value can be charged against retained earnings (once the excess is fully allocated to additional paid in capital). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (USD $)
|
0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Nov. 29, 2011
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Common Stock, Dividends, Per Share, Declared | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.72 | $ 0.72 | $ 0.75 |
| X | ||||||||||
|
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Mortgage debt assumed under acquisition of interest in unconsolidated affiliate attributable to real estate. No definition available.
|
| X | ||||||||||
|
- Definition
Portion attributable to investment held by the company under acquisition of interest in unconsolidated affiliate attributable to real estate. No definition available.
|
| X | ||||||||||
|
- Definition
Value of other assets and liabilities taken over under acquisition of interest in unconsolidated affiliate attributable to real estate. No definition available.
|
| X | ||||||||||
|
- Definition
Cash outflow associated with the acquisition of interest in unconsolidated affiliate attributable to real estate. No definition available.
|
| X | ||||||||||
|
- Definition
Net cash included in investment in real estate. No definition available.
|
| X | ||||||||||
|
- Definition
Cash outflow towards deferred acquisition and leasing costs. No definition available.
|
| X | ||||||||||
|
- Definition
The net change during the reporting period in the carrying amount of escrow deposits. No definition available.
|
| X | ||||||||||
|
- Definition
Non-cash accretion of notes receivable. No definition available.
|
| X | ||||||||||
|
- Definition
Proceeds from Issuance of Common Stock, Net of Issuance Costs No definition available.
|
| X | ||||||||||
|
- Definition
Redemption of Convertible Notes Payable No definition available.
|
| X | ||||||||||
|
- Definition
The cash inflow from unconsolidated affiliates by renturn of capital. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of interest expense representing the noncash expenses charged against earnings in the period to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate caption: Noncash Interest Expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The component of interest expense comprised of the periodic charge against earnings over the life of the financing arrangement to which such costs relate. Alternate captions include Noncash Interest Expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits are not generally reported as cash and cash equivalents. Includes cash and cash equivalents associated with the entity's continuing operations. Excludes cash and cash equivalents associated with the disposal group (and discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in cash and cash equivalents. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the equity method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value subject to the equity accounting method. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the excess of the fair value of acquired net assets over the cost of an acquired business after pro rata reduction of the amounts that otherwise would have been assigned to acquired assets except financial assets other than investments accounted for by the equity method, assets to be disposed of by sale, deferred tax assets, prepaid assets relating to pension and postretirement benefit plans, and other current assets. This amount is considered an extraordinary item and often referred to as negative goodwill. This element is gross of the related tax effect. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the amount due to the reporting entity for good and services provided to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management, an entity and its principal owners, management, member of their immediate families, affiliates, or other parties with the ability to exert significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets,or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash inflow or outflow from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Other income (expense) included in net income that results in no cash inflows or outflows in the period. Includes noncash adjustments to reconcile net income (loss) to cash provided by (used in) operating activities that are not separately disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total of the cash outflow during the period which has been paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt and the cost incurred directly for the issuance of equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the distribution of an entity's earnings in the form of dividends to common shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow to return capital to noncontrolled interest, which generally occurs when noncontrolling shareholders reduce their ownership stake (in a subsidiary of the entity). This element does not include dividends paid to noncontrolling shareholders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with principal collections from a borrowing supported by a written promise to pay an obligation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from an entity that is affiliated with the entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards other than stock option exercises. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow contributed by noncontrolled interest that purchase additional shares or otherwise increase their ownership stake in a subsidiary of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cash received from the sale of real estate that is held for investment, that is, it is part of an investing activity during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
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- Definition
The cash inflow associated with the amount received from holders exercising their stock options. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of the current period expense charged against operations, the offset which is generally to the allowance for doubtful accounts for the purpose of reducing receivables, including notes receivable, to an amount that approximates their net realizable value (the amount expected to be collected). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The sum of the periodic provision charged to earnings, based on an assessment of uncollectibility from the counterparty on account of loan, lease or other credit losses, to reduce these accounts to the amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The fair value of stock issued in noncash financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $)
In Thousands, unless otherwise specified |
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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| Cash paid for capitalized interest | $ 4,850 | $ 2,903 | $ 3,516 |
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- Definition
The amount of cash paid during the current period for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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12 Months Ended |
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Dec. 31, 2011
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization, Basis of Presentation and Summary of Significant Accounting Policies | Organization, Basis of Presentation and Summary of Significant Accounting Policies Acadia Realty Trust (the “Trust”) and subsidiaries (collectively, the “Company”), is a fully-integrated equity real estate investment trust (“REIT”) focused on the ownership, management and redevelopment of retail properties and urban/infill mixed-use properties with a retail component located primarily in high-barrier-to-entry, densely-populated metropolitan areas in the United States along the East Coast and in Chicago. As of December 31, 2011, the Company operated 82 properties, which it owns or has an ownership interest in, within its Core Portfolio or within the three opportunity funds (Fund I, Fund II and Fund III (defined below), which the Company refers to as the "Opportunity Funds"). The Company defines its Core Portfolio as those properties either 100% owned by, or partially owned through joint venture interests by, the Operating Partnership (defined below), or subsidiaries thereof, not including those properties owned through its Opportunity Funds. 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 a controlling interest. As of December 31, 2011, the Trust controlled 99% of the Operating Partnership as the sole general partner. As the general partner, the Trust is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest (“Common OP Units” or “Preferred OP Units”) and employees who have been awarded restricted Common OP Units (“LTIP Units”) as long-term incentive compensation (Note 15). Limited partners holding Common OP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest of the Trust (“Common Shares”). This structure is referred to as an umbrella partnership REIT or “UPREIT.” The Company formed Acadia Strategic Opportunity Fund I, LP (“Fund I”), and formed Acadia Mervyn Investors I, LLC (“Mervyns I”), with four institutional investors. The Operating Partnership committed a total of $20.0 million to Fund I and Mervyns I, and the four institutional shareholders committed a total of $70.0 million for the purpose of acquiring real estate investments. As of December 31, 2011, Fund I was fully invested, with the Operating Partnership having contributed $16.5 million to Fund I and $2.7 million to Mervyns I. The Operating Partnership is the general partner of Fund I and sole managing member of Mervyns I, with a 22.2% interest in both Fund I and Mervyns I and is also entitled to a profit participation in excess of its invested capital based on certain investment return thresholds (“Promote”). Cash flow is distributed pro-rata to the partners and members (including the Operating Partnership) until they receive a 9% cumulative return (“Preferred Return”), and the return of all capital contributions. Thereafter, remaining cash flow (which is net of distributions and fees to the Operating Partnership for management, asset management, leasing, construction and legal services) is distributed 20% to the Operating Partnership as a Promote and 80% to the partners (including the Operating Partnership). As all contributed capital and accumulated preferred return has been distributed to investors, the Operating Partnership is currently entitled to a Promote on all earnings and distributions. The Company formed Acadia Strategic Opportunity Fund II, LLC (“Fund II”) and formed Acadia Mervyn Investors II, LLC (“Mervyns II”) with the investors from Fund I, as well as two additional institutional investors, with a total of $300.0 million of committed discretionary capital. The Operating Partnership’s share of committed capital is $60.0 million. The Operating Partnership is the managing member with a 20% interest in both Fund II and Mervyns II. The terms and structure of Fund II and Mervyns II are substantially the same as Fund I and Mervyns I, including the Promote structure, with the exception that the Preferred Return is 8%. As of December 31, 2011, the Operating Partnership had contributed $48.8 million to Fund II and $7.6 million to Mervyns II. The Company formed Acadia Strategic Opportunity Fund III LLC (“Fund III”) with fourteen institutional investors, including a majority of the investors from Fund I and Fund II, with a total of $502.5 million of committed discretionary capital. The Operating Partnership’s share of the invested capital is $100.0 million and it is the managing member with a 19.9% interest in Fund III. The terms and structure of Fund III are substantially the same as the previous Funds I and II, including the Promote structure, with the exception that the Preferred Return is 6%. As of December 31, 2011, the Operating Partnership had contributed $45.1 million to Fund III. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its controlling investments in partnerships and limited liability companies in which the Company has control in accordance Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income. Variable interest entities are accounted for within the scope of ASC Topic 810 and are required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is the enterprise that has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the variable interest entity that could be significant to the variable interest entity. Management has evaluated the applicability of ASC Topic 810 to its investments in certain joint ventures and determined that these joint ventures are not variable interest entities or that the Company is not the primary beneficiary and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method of accounting. Investments in and Advances to Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures using the equity method as it does not exercise control over significant asset decisions such as buying, selling or financing nor is it the primary beneficiary under ASC Topic 810, as discussed above. The Company does have significant influence over the investments which requires equity method accounting. Under the equity method, the Company increases its investment for its proportionate share of net income and contributions to the joint venture and decreases its investment balance by recording its proportionate share of net loss and distributions. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company. For investments in which there is recourse to the Company, distributions in excess of the investment are recorded as a liability. Although the Company accounts for its investment in Albertson’s (Note 4) under the equity method of accounting, the Company adopted the policy of not recording its equity in earnings or losses of this unconsolidated affiliate until it receives the audited financial statements of Albertson’s to support the equity earnings or losses in accordance with ASC Topic 323, “Investments – Equity Method and Joint Ventures.” The Company periodically reviews its investment in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the years ended December 31, 2011 and 2010, there were no impairment charges related to the Company’s investment in unconsolidated joint ventures. During the year ended December 31, 2009, the Company recorded an impairment charge of $3.8 million related to its investment in unconsolidated joint ventures. Use of Estimates Accounting principles generally accepted in the United States of America (“GAAP”) require the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. Real Estate Real estate assets are stated at cost less accumulated depreciation. Expenditures for acquisition, development, construction and improvement of properties, as well as significant renovations are capitalized. Interest costs are capitalized until construction is substantially complete and the real estate is ready for its intended use. Construction in progress includes costs for significant property expansion and redevelopment. Depreciation is computed on the straight-line basis over estimated useful lives of 30 to 40 years for buildings, the shorter of the useful life or lease term for tenant improvements and five years for furniture, fixtures and equipment. Expenditures for maintenance and repairs are charged to operations as incurred. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued Real Estate, continued Upon acquisitions of real estate, the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases and customer relationships) and acquired liabilities in accordance with ASC Topic 805 “Business Combinations” and ASC Topic 350 “Intangibles – Goodwill and Other,” and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. To the extent there were fixed-rate options at below-market rental rates, the Company included these along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized over the remaining applicable lease term, inclusive of any option periods. The Company assesses fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. The Company reviews its long-lived assets used in operations for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the year ended December 31, 2011, the Company determined that the value of the Granville Centre owned by Fund I was impaired. Accordingly, an impairment loss of $6.9 million was recorded, of which the Operating Partnership's share was $1.5 million. During the years ended December 31, 2010, and 2009, no impairment losses were recognized. Management does not believe that the values of its properties within the portfolio are impaired as of December 31, 2011. Sale of Real Estate The Company recognizes property sales in accordance with ASC Topic 970 “Real Estate.” The Company generally records the sales of operating properties and outparcels using the full accrual method at closing when the earnings process is deemed to be complete. Sales not qualifying for full recognition at the time of sale are accounted for under other appropriate deferral methods. Real Estate Held for Sale The Company evaluates the held-for-sale classification of its real estate each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment. The results of operations of these real estate properties are reflected as discontinued operations in all periods presented. On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance. Involuntary Conversion of Asset The Company experienced significant flooding that resulted in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment are insured to a limit sufficient that the Company believes will allow for full restoration of the property. Loss of rents during the redevelopment are covered by business interruption insurance subject to a $0.1 million deductible. The Company plans to restore the improvements that were damaged by the flooding and expects that the costs of such restoration and rebuilding will be recoverable from insurance proceeds. In accordance with ASC Topic 360 “Property, Plant and Equipment” and as a result of the above-described property damage, the Company has recorded a write-down of the asset's carrying value in the accompanying 2011 consolidated balance sheets of approximately $1.4 million as of December 31, 2011. In addition, the Company has recorded an insurance recovery in the same amount that is included in Prepaid Expenses and Other Assets in the accompanying 2011 consolidated balance sheets. The Company has also provided a $0.1 million provision in the 2011 consolidated statement of income for its exposure to the insurance deductible attributable to the loss of rents. As of December 31, 2011, the Company has received initial insurance proceeds of approximately $6.9 million. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued Deferred Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Fees and costs incurred in connection with obtaining financing are deferred and amortized over the term of the related debt obligation. Management Contracts Income from management contracts is recognized on an accrual basis as such fees are earned. The initial acquisition cost of any management contracts are amortized over the estimated lives of the contracts acquired. Revenue Recognition and Accounts Receivable Leases with tenants are accounted for as operating leases. Minimum rents are recognized on a straight-line basis over the term of the respective leases, beginning when the tenant is entitled to take possession of the space. As of December 31, 2011 and 2010, included in Rents Receivable, Net on the accompanying consolidated balance sheets, are unbilled rents receivable relating to straight-lining of rents of $22.8 million and $16.9 million, respectively. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. Rents receivable at December 31, 2011 and 2010 are shown net of an allowance for doubtful accounts of $5.3 million and $7.2 million, respectively. Notes Receivable and Preferred Equity Investments Notes receivable and preferred equity investments are intended to be held to maturity and are carried at amortized cost. Interest income from notes receivable and preferred equity investments are recognized on the effective interest method over the expected life of the loan. Under the effective interest method, interest or fees to be collected at the origination of the loan or the payoff of the loan are recognized over the term of the loan as an adjustment to yield. Allowances for real estate notes receivable are established based upon management’s quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from the carrying value at the balance sheet date. Interest income recognition is generally suspended for loans when, in the opinion of management, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the suspended loan becomes contractually current and performance is demonstrated to be resumed. During 2009, the Company provided a $1.7 million reserve on a note receivable as a result of the loss of an anchor tenant at the underlying collateral property. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has never experienced any losses related to these balances. Restricted Cash and Cash in Escrow Restricted cash and cash in escrow consist principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy and property operating income requirements at specific properties as required by certain loan agreements. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued Income Taxes The Company has made an election to be taxed, and believes it qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To maintain REIT status for Federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to Federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. Although it may qualify for REIT status for Federal income tax purposes, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries (“TRS”) is fully subject to Federal, state and local income taxes. The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, “Income Taxes.” Under the liability method, deferred income taxes are recognized for the temporary differences between GAAP basis and the tax basis of the TRS income, assets and liabilities. In accordance with ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operation. The prior three years' income tax returns are subject to review by the Internal Revenue Service. The Company recognizes potential interest and penalties related to uncertain tax positions as a component of the provision for income taxes. Stock-based Compensation The Company accounts for stock-based compensation pursuant to ASC Topic 718, “Compensation – Stock Compensation.” As such, all equity based awards are reflected as compensation expense in the Company’s consolidated financial statements over their vesting period based on the fair value at the date of grant. Recent Accounting Pronouncements During April 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-02, “A Creditor's Determination of Whether a Restructuring Is a Troubled Debt Restructuring.” ASU 2011-02 requires a creditor to evaluate whether a restructuring constitutes a troubled debt restructuring by concluding that the restructuring constitutes a concession and that the debtor is experiencing financial difficulties and was effective for the first interim or annual period beginning on or after June 15, 2011. The adoption of ASU 2011-02 did not have a material impact on the Company's financial condition or results of operations. During May 2011, the FASB issued ASU No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 amended ASC 820, Fair Value Measurements and Disclosures, to converge the fair value measurement guidance in GAAP and International Financial Reporting Standards (“IFRS”). The amendments, which primarily require additional fair value disclosure, are to be applied prospectively. ASU 2011-04 is effective for interim and annual periods beginning after December 15, 2011. The adoption of ASU No. 2011-04 is not expected to have a material impact on the Company's financial condition or results of operations. During June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income,” which revises the manner in which companies present comprehensive income. Under ASU No. 2011-05, companies may present comprehensive income, which is net income adjusted for the components of other comprehensive income, either in a single continuous statement of comprehensive income or by using two separate but consecutive statements. Regardless of the alternative chosen, companies must display adjustments for items reclassified from other comprehensive income into net income within the presentation of both net income and other comprehensive income. ASU 2011-05 is effective for interim and annual periods beginning after December 15, 2011, on a retrospective basis. The Company adopted ASU 2011-05 as of December 31, 2011 and the adoption did not have a material impact on the Company's financial condition or results of operations. During December 2011, the FASB issued ASU No. 2011-10, “Property, Plant and Equipment (Topic 360): Derecognition of In substance Real Estate - a Scope Clarification" which clarifies current guidance found in ASC Topic 810 as to how to account when a reporting entity ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of default on the subsidiary's nonrecourse debt. ASU No. 2011-10 is effective for fiscal years, and interim periods within those years, ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued Recent Accounting Pronouncements, continued beginning on or after June 15, 2012. The adoption of ASU No. 2011-10 is not expected to have a material impact on the Company's financial condition or results of operations. |
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The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS
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| ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions And Disposition Of Properties And Discontinued Operations | Acquisition and Disposition of Properties and Discontinued Operations A. Acquisition and Disposition of Properties Acquisitions The Company acquired the following properties through its Core Portfolio, Fund III and Fund II as follows: Core Portfolio During September 2011, acquired a 50% equity interest in an entity which owns a six property portfolio (the “Georgetown Portfolio”) located in Washington, D.C. for a purchase price of $13.4 million, which included the assumption of 50% of in-place debt of $9.2 million, inclusive of the Company's existing mezzanine loan to the entity (Note 5). During August 2011, acquired a six property portfolio located in Chicago, Illinois for $18.0 million. During August 2011, acquired a newly constructed 13,000 square foot property located in the Bronx, New York for $9.1 million. During June 2011, acquired a 6,000 square foot single-tenant retail condominium located in New York, New York for $4.8 million. During May 2011, acquired a 44,000 square foot retail property located in Chicago, Illinois, for $28.4 million. The Company expensed $0.8 million of costs related to these 2011 Core Portfolio acquisitions. Fund III During December 2011, acquired New Hyde Park Shopping Center, a 31,500 square foot center, located in New Hyde Park, NY, for approximately $11.3 million. During December 2011, in a venture with an unaffiliated partner, acquired Parkway Crossing, a 260,000 square foot center located in Baltimore, MD for approximately $21.6 million. During December 2011, in a venture with an unaffiliated partner, acquired 654 Broadway, an 18,700 square foot property located in New York City for approximately $13.3 million. During April 2011, acquired a 105,000 square foot property located in the East Loop section of downtown Chicago, Illinois for $31.6 million. During February 2011, in a venture with an unaffiliated partner, acquired three retail properties (“Lincoln Road”), aggregating 61,400 square feet located in the Lincoln Road area of South Miami Beach, Florida for $51.9 million, which included the assumption of $20.6 million of in-place mortgage debt. Fund III has a 95% interest in these properties. During February 2011, in a venture with an unaffiliated partner, acquired a 64,600 square foot single-tenant retail property (“White Oak”) located in Silver Spring, Maryland for $9.8 million. Fund III has a 90% interest in the property. The Company expensed $0.6 million of costs related to these 2011 Fund III acquisitions. During December 2010, in a joint venture with an unaffiliated partner, acquired White City Shopping Center, a 255,000 square foot center located in Shrewsbury, Massachusetts for $56.0 million. During January 2009, acquired the 641,000 square foot Cortlandt Towne Center in Cortlandt, NY for $78.0 million and expensed $0.2 million of costs associated with this acquisition. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties and Discontinued Operations, continued The following table sets forth a summary of the finalized acquisition purchase price consideration of each major class of assets acquired and liabilities assumed in the 2011 acquisitions discussed above:
Fund II Prior to June 30, 2010, the Company, through Fund II in a joint venture with an unaffiliated partner, California Urban Investment Partners, LLC (“CUIP”), owned a leasehold interest in CityPoint, a mixed-use, redevelopment project located in downtown Brooklyn, New York. Fund II owned a 75% interest in the retail component, a 50% interest in the office component and no interest in the residential component of CityPoint. CUIP owned the remaining interests in the retail and office components and 100% of the residential component of the project. Accordingly, Fund II’s investment represented 24.75% of the overall original acquisition cost and subsequent carry and pre-development costs and was accounted for using the equity method. During June 2010, Fund II acquired all of CUIP’s interest in CityPoint for $9.2 million (the “Transaction”), consisting of a current payment of $2.0 million and deferred payments, potentially through 2020, aggregating $7.2 million. Fund II also assumed CUIP’s share of the first mortgage debt of $19.6 million. The Transaction was a business combination achieved in stages and, as a result, Fund II was required to report its entire investment in CityPoint at fair market value. Based on a June 30, 2010 third-party appraisal, CityPoint was valued at $108.0 million which resulted in Fund II recording a non-cash gain from bargain purchase of approximately $33.8 million. A majority of the gain was attributable to the components of CityPoint that was acquired as the book value of the Company’s original investment approximated fair value. The Operating Partnership’s share of this gain, net of the noncontrolling interests’ share, totaled $6.3 million.As a result of the Transaction, the Company changed its method of accounting for CityPoint from the equity method and now consolidates CityPoint in its consolidated financial statements. As CityPoint is currently in the redevelopment stage, there are no revenues or earnings from CityPoint included in the Company’s consolidated statements of income for the years ended December 31, 2011, 2010 and 2009. Dispositions During 2011 and 2009, the Company disposed of the following properties:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 2. Acquisition and Disposition of Properties and Discontinued Operations, continued B. Discontinued Operations The Company reports properties held-for-sale and properties sold during the periods as discontinued operations. The assets and liabilities and results of operations of discontinued operations are reflected as a separate component within the accompanying consolidated financial statements for all periods presented. The combined assets and liabilities as of December 31, 2010, and the results of operations of the properties classified as discontinued operations for the years ended December 31, 2011, 2010 and 2009, are summarized as follows:
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The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. No definition available.
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SEGMENT REPORTING
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Dec. 31, 2011
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | Segment Reporting The Company has five reportable segments: Core Portfolio, Opportunity Funds, Self-Storage Portfolio, Notes Receivable and Other. Notes Receivable consists of the Company’s notes receivable and preferred equity investment and related interest income. Other consists primarily of management fees and interest income. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Investments in the Core Portfolio are typically held long-term. Given the contemplated finite life of the Opportunity Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner/member of the Opportunity Funds are eliminated in the Company’s consolidated financial statements. The following table sets forth certain segment information for the Company, reclassified for discontinued operations, as of and for the years ended December 31, 2011, 2010, and 2009 (does not include unconsolidated affiliates): ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. Segment Reporting, continued 2011
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. Segment Reporting, continued 2010
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. Segment Reporting, continued 2009
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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
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Dec. 31, 2011
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in and Advances to Unconsolidated Affiliates | Investments In and Advances to Unconsolidated Affiliates Core Portfolio The Company owns a 22.2% interest in an approximately one million square foot retail portfolio (the “Brandywine Portfolio”) located in Wilmington, Delaware and a 49% interest in a 311,000 square foot shopping center located in White Plains, New York (“Crossroads”). These investments are accounted for under the equity method. During September 2011, the Company acquired a 50% equity interest in the Georgetown Portfolio (Note 2). The unaffiliated venture partner for the Georgetown Portfolio maintains control over this investment and, as such, the Company accounts for this investment under the equity method. Due to this acquisition, the Company reclassified an existing $8.0 million mezzanine loan collateralized by five properties within the Georgetown Portfolio from Notes Receivable to Investments in and Advances to Unconsolidated Affiliates. Opportunity Funds RCP Venture The Company, along with Klaff Realty, LP (“Klaff”) and Lubert-Adler Management, Inc. ("Lubert-Adler"), formed an investment group, the RCP Venture, for the purpose of making investments in surplus or underutilized properties owned by retailers. The RCP Venture is neither a single entity nor a specific investment. Any member of this group has the option of participating, or not, in any individual investment and each individual investment has been made on a stand-alone basis through a separate limited liability company (“LLC”). These investments have been made through different investment vehicles with different affiliated and unaffiliated investors and different economics to the Company. Investments under the RCP Venture are structured as separate joint ventures as there may be other investors participating in certain investments in addition to Klaff, Lubert-Adler and Acadia. The Company has made these investments through its subsidiaries, Mervyns I, Mervyns II and Fund II, (together the “Acadia Investors”), all on a non-recourse basis. Through December 31, 2011, the Acadia Investors have made investments in Mervyns Department Stores (“Mervyns”) and Albertson’s, including additional investments in locations that are separate from these original investments (“Add-On Investments”). Additionally, they have invested in Shopko, Marsh and Rex Stores Corporation (collectively “Other RCP Investments”). Mervyns Department Stores Through Mervyns I and Mervyns II, the Company invested in a consortium to acquire Mervyns, consisting of 262 stores (“REALCO”) and its retail operations (“OPCO”), from Target Corporation. The Company’s share of this investment was $23.2 million. Subsequent to the initial acquisition, the Company, through Mervyns I and Mervyns II, made additional investments of $2.9 million. Through December 31, 2011, REALCO has disposed of a significant portion of the portfolio. In addition, in November 2007, the Company sold its interest in OPCO and, as a result, has no further investment in OPCO. Through December 31, 2011, the Company has received distributions from this investment totaling $46.0 million. Through December 31, 2011, the Company, through Mervyns I and Mervyns II, made Add-On Investments in Mervyns totaling $6.5 million and have received distributions totaling $3.6 million, including $1.9 million received in 2011. Albertson’s The RCP Venture made its second investment as part of an investment consortium, acquiring Albertson’s and Cub Foods, of which the Company’s share was $20.7 million. Through December 31, 2011, the Company has received distributions from this investment totaling $81.6 million, including $4.5 million and $11.4 million received in 2011 and 2010, respectively. Through December 31, 2011, the Company, through Mervyns II, made Add-On Investments in Albertson’s totaling $2.4 million and received distributions totaling $1.7 million, including $0.5 million received in 2011. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4. Investments In and Advances to Unconsolidated Affiliates, continued Other RCP Investments Through December 31, 2011, the Company, through Fund II, made investments of $1.1 million in Shopko, $0.7 million in Marsh, and $2.0 million in Add-On Investments in Marsh. As of December 31, 2011, the Company has received distributions totaling $1.7 million from its Shopko investment and $2.6 million from its Marsh and Marsh Add-On Investments. During July of 2007, the RCP Venture acquired a portfolio of 87 retail properties from Rex Stores Corporation, which the Company invested through Mervyns II. The Company’s share of this investment was $2.7 million. As of December 31, 2011, the Company has received distributions totaling $0.8 million. The following table summarizes activity related to the RCP Venture investments from inception through December 31, 2011:
The Company accounts for the original investments in Mervyns and Albertson’s under the equity method of accounting as the Company has the ability to exercise significant influence, but does not have financial or operating control. The Company accounts for the Add-On Investments and Other RCP Investments under the cost method. Due to its minor ownership interest, based on the size of the investments as well as the terms of the underlying operating agreements, the Company has no influence over such entities' operating and financial policies. Other than the minority investor rights to which the Company is entitled pursuant to statute, it has no rights other than to receive its pro-rata share of cash distributions as declared by the managers of the Add-On Investments and Other RCP Investments. The Company has no rights with respect to the control and operation of these investment vehicles, nor with the formulation and execution of business and investment policies. The Acadia Investors have non-controlling interests in the individual investee LLC’s as follows:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4. Investments In and Advances to Unconsolidated Affiliates continued Other Opportunity Fund Investments Fund I Investments Fund I owned a 50% interest in the Sterling Heights Shopping Center, which was accounted for under the equity method of accounting. During the year ended December 31, 2009, Fund I recorded an impairment reserve of $3.8 million related to this investment. On March 25, 2010, the Sterling Heights Shopping Center was sold for $2.3 million. The proceeds from this sale together with the balance of Fund I’s recourse obligation of $0.6 million were used to fully liquidate the outstanding mortgage loan obligation. Fund II Investments Prior to June 30, 2010, Fund II had a 24.75% interest in CityPoint, a redevelopment project located in downtown Brooklyn, NY, which was accounted for under the equity method. On June 30, 2010, Fund II acquired the remaining interest in the project from its unaffiliated partner and, as a result, consolidates the CityPoint investment. (Note 2 -"Fund II"). Fund III Investments The unaffiliated venture partners for the Lincoln Road (Note 2), White Oak (Note 2), Parkway Crossing (Note 2) and the White City Shopping Center (Note 2) investments maintain control over these entities and, as such, the Company accounts for these investments under the equity method. During June 2010, Fund III, in a joint venture with an unaffiliated partner, invested in an entity for the purpose of providing management services to owners of self-storage properties, including the 14 locations currently owned through Fund II and Fund III. Fund III has a 50% interest in the entity. This entity was determined to be a variable interest entity for which the Company was determined not to be the primary beneficiary. As such, the Company accounts for this investment under the equity method. Summary of Investments in Unconsolidated Affiliates The following combined and condensed Balance Sheets and Statements of Operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates.
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 4. Investments In and Advances to Unconsolidated Affiliates, continued Summary of Investments in Unconsolidated Affiliates, continued
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| Mortgage Loans on Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes Receivable and Preferred Equity Investment | Notes Receivable and Preferred Equity Investment As of December 31, 2011, the Company’s notes receivable, net approximated $60.0 million and were collateralized by the underlying properties, the borrower’s ownership interest in the entities that own the properties and/or by the borrower’s personal guarantee. Notes Receivable were as follows at December 31, 2011:
Notes:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5. Notes Receivable and Preferred Equity Investment, continued During December 2011, the Company made an $8.5 million loan, which is collateralized by three properties located in Chicago, IL. The loan matures in December 2012 and bears interest at 12.0%. During December 2011, the Company made a $12.6 million loan in conjunction with the sale of 15 Kroger/Safeway locations. The loan, which is collateralized by 14 Kroger/Safeway properties, matures in December 2012 and bears interest at 6.0%. There are two six-month extension options, the first of which bears interest at 9% and the second bears interest at 12%. During October 2011, the Company made a $5.4 million construction loan which is collateralized by an interest in a development property located in Haledon, NJ. The loan matures in April 2012 and has one six-month extension option and bears interest at 15.0%. During September 2011, the Company reclassified an $8.0 million mezzanine loan from Notes Receivable to Investments in and Advances to Unconsolidated Affiliates related to the acquisition of the Georgetown Portfolio (Note 4). During September 2011, the Company made a $4.0 million loan to two members of an entity which owns a shopping center in Washington D.C. The note accrues interest at 7% and matures in February 2012. In addition to the loan, the Company entered into and subsequently exercised an option to purchase the shopping center at a future date, pending the servicer's approval of the assignment of a first mortgage loan of $17.0 million. The loan will be offset against the purchase price when the Company acquires the property. During May 2011, the Company received a final payment of $54.7 million on a mezzanine loan, representing $33.8 million of principal, $13.4 million of accrued interest, and a $7.5 million exit fee. During February 2011, the Company made a mezzanine loan for $3.8 million which accrues interest at 15% and is payable upon a capital event. The Company also received a payment of $1.9 million on a mezzanine loan. During September 2010, the Company received a payment of $49.4 million on a preferred equity investment, representing $40.0 million of invested capital and $9.4 million of accrued preferred return. During April 2010, the Company received a payment of $2.1 million and during December 2009 received a payment of $4.7 million, both representing paydowns on its first mortgage loan secured by three retail properties, following the sale of two of the collateralized properties. During December 2009, the Company made a loan for $8.6 million. The original term of this loan was for one year, with two six- month extension options, and bore interest at 14.5%. During December 2011, this investment was fully liquidated. The Company received $8.6 million of principal and $1.0 million of accrued interest. During August 2009, the Company received a payment of $2.8 million representing the entire balance on its first mortgage loan secured by an interest in a property in Pennsylvania. During August 2009, the Company received a payment of $5.1 million representing a paydown on its first mortgage loan secured by an interest in a single tenant property located in Long Island, New York. During June 2009, the Company received a payment of $0.7 million representing a paydown on its loan secured by an interest in a property in South Carolina. During March 2009, the Company received a payment of $0.3 million representing the entire balance on a loan secured by an interest in a property in South Carolina. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5. Notes Receivable and Preferred Equity Investment, continued The following table reconciles notes receivable and preferred equity investments from January 1, 2009 to December 31, 2011:
The following table reconciles the allowance for notes receivable from December 31, 2009 to December 31, 2011:
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The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Charges | Deferred Charges Deferred charges consist of the following as of December 31, 2011 and 2010:
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquired Lease Intangibles | Acquired Lease Intangibles Upon acquisitions of real estate, the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above and below market leases, acquired in-place leases and customer relationships) and acquired liabilities in accordance with ASC Topic 805. The intangibles are amortized over the remaining non-cancelable terms of the respective leases. The scheduled amortization of acquired lease intangible assets and liabilities as of December 31, 2011 is as follows:
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| Mortgage Loans on Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgages Payable | Mortgages Payable At December 31, 2011 and 2010, mortgage notes payable, excluding the net valuation premium on the assumption of debt, aggregated $787.9 million and $806.2 million, respectively, and were collateralized by 29 properties and related tenant leases. Interest rates on the Company’s outstanding mortgage indebtedness ranged from 1.55% to 7.34% with maturities that ranged from September 2012 to November 2032. Certain loans are cross-collateralized and contain cross-default provisions. The loan agreements contain customary representations, covenants and events of default. Certain loan agreements require the Company to comply with affirmative and negative covenants, including the maintenance of debt service coverage and leverage ratios. The following reflects mortgage loan activity for the year ended December 31, 2011: During November 2011, the Company extended the maturity date of a $9.9 million loan to September 1, 2012. The extension required a payment of $0.5 million, reducing the balance of the loan to $9.4 million. The loan continues to bear interest at LIBOR plus 325 basis points. During November 2011, the Company extended the maturity date of an $8.3 million loan that was maturing to October 30, 2012. The loan continues to bear interest at LIBOR plus 165 basis points. During October 2011, the Company extended the maturity date of its $64.5 million revolving credit facility collateralized by six properties from December 1, 2011 to December 1, 2012.The loan continues to bear interest at LIBOR plus 125 basis points. During October 2011, the Company amended and extended the maturity of a $13.7 million loan collateralized by a property that was scheduled to mature in December 2011. The amendment required a $0.9 million pay down of principal, reducing the balance of the loan to $12.8 million. The loan bears interest at LIBOR plus 225 basis points, matures on September 30, 2014, and has one three-year extension option. During September 2011, the Company modified and extended the Fund III subscription line of credit. The modification provided a one year extension of the maturity date to October 10, 2012 and adjusted the interest rate to LIBOR plus 225 basis points. During ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgages Payable, continued 2011, the Company borrowed $71.6 million and repaid $107.0 million under this line of credit. As of December 31, 2011, the total outstanding amount on this line of credit was $136.1 million. During September 2011, the Company closed on a $12.5 million loan collateralized by a property. The loan bears interest at LIBOR plus 235 basis points and matures on September 30, 2014 with two one-year extension options. During August 2011, the Company amended an existing $58.0 million loan collateralized by a property. The amendment provided for an additional $4.0 million of proceeds. The amended loan continues to bear interest at LIBOR plus 400 basis points, subject to a LIBOR floor of 250 basis points and matured on January 12, 2012 and was extended. Previously, during January 2011, the Company had amended this loan to provide for an additional $3.0 million supplemental loan and a $7.0 million subordinate loan. During 2011, the Company drew down an additional $16.2 million on this construction loan. As of December 31, 2011, the total outstanding amount on this loan was $56.5 million. Subsequent to December 31, 2011, the loan maturity date was extended to September 11, 2012. All other terms have remained the same. During August 2011, the Company closed on a $42.0 million loan collateralized by six properties. The loan bears interest at LIBOR plus 415 basis points, with a LIBOR floor of 50 basis points and matures on August 31, 2013. The proceeds of this loan were used to repay a $41.5 million loan that matured July 31, 2011. During June 2011, the Company modified an existing $85.3 million loan collateralized by a property. The modification extended the maturity date from October 4, 2011 to September 30, 2012. The loan continues to bear interest at LIBOR plus 350 basis points subject to a LIBOR floor of 150 basis points. During June 2011, the Company modified an existing $9.4 million loan collateralized by a property. The modification extended the maturity date from June 29, 2012 to June 30, 2018. The loan continues to bear interest at LIBOR plus 140 basis points. During January 2011, the Company purchased a $9.3 million mortgage loan collateralized by one of its properties for $7.6 million, resulting in a $1.7 million gain on extinguishment of debt. During January 2011, the Company borrowed the remaining $2.4 million of a $34.0 million loan collateralized by a property. The following table sets forth certain information pertaining to our secured credit facilities:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgages Payable, continued The following table summarizes the Company’s mortgage and other secured indebtedness as of December 31, 2011 and December 31, 2010:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgages Payable, continued
The scheduled principal repayments of all indebtedness including Convertible Notes (Note 9) as of December 31, 2011 are as follows (does not include $33,000 net valuation premium on assumption of debt):
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The entire disclosure for mortgage notes payable. No definition available.
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CONVERTIBLE NOTES PAYABLE
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Dec. 31, 2011
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| Debt Disclosure [Abstract] | |
| Convertible Notes Payable | Convertible Notes Payable In December 2006 and January 2007, the Company issued a total of $115.0 million of convertible notes with a fixed interest rate of 3.75% due 2026 (the “Convertible Notes”). The Convertible Notes were issued at par and require interest payments semi-annually in arrears on June 15 and December 15 of each year. The Convertible Notes are unsecured unsubordinated obligations and rank equally with all other unsecured and unsubordinated indebtedness. The Convertible Notes have an effective interest rate of 6.03% giving effect to the accounting treatment required by ASC Topic 470-20, “Debt with Conversion and Other Options.” The Convertible Notes had an initial conversion price of $30.86 per share. The conversion rate may be adjusted under certain circumstances, including the payment of cash dividends in excess of the regular quarterly cash dividend in place at the time the Convertible Notes were issued. As of December 31, 2011, the adjusted conversion price is $29.26. Upon conversion of the Convertible Notes, the Company will deliver cash and, in some circumstances, Common Shares, as specified in the indenture relating to the Convertible Notes. In general, the Convertible Notes may only be converted prior to maturity during any calendar quarter beginning after December 31, 2006 if the Company’s Common Shares trade at 130% of the conversion price for at least 20 days within a consecutive 30 day trading period. Prior to December 20, 2011, the Company did not have the right to redeem Convertible Notes, except to preserve its status as a REIT. After December 20, 2011, the Company has the right to redeem the notes, in whole or in part, at any time and from time to time, for cash equal to 100% of the principal amount of the notes plus any accrued and unpaid interest to, but not including, the redemption date. The Holders of notes may require the Company to repurchase their notes, in whole or in part, on December 20, 2011, December 15, 2016, and December 15, 2021 for cash equal to 100% of the principal amount of the notes to be repurchased plus any accrued and unpaid interest to, but not including, the repurchase date (the "Repurchase Option"). In general, upon a conversion of notes, the Company will deliver cash and, at the Company’s election, its Common Shares, with an aggregate value, which the Company refers to as the “conversion value”, equal to the conversion rate multiplied by the average price of the Company’s Common Shares. The net amount may be paid, at the Company’s option, in cash, its Common Shares or a combination of cash and its Common Shares. The Convertible Notes "if-converted" value does not exceed their principal amount as of December 31, 2011 and there are no derivative transactions that were entered into in connection with the issuance of the Convertible Notes. Effective January 1, 2009, the Company adopted ASC Topic 470-20 which required it to retrospectively restate and reclassify previously disclosed consolidated financial statements to allocate the proceeds from the issuance of convertible debt between a debt component and an equity component. The resulting discount on the debt component was amortized over the period the convertible debt was expected to be outstanding, which was December 11, 2006 to December 20, 2011, as additional non-cash interest expense.The equity component recorded as additional paid-in capital was $11.3 million, which represented the difference between the proceeds from the issuance of the Convertible Notes and the fair value of the liability at the time of issuance. As the Company determined, in connection with the Repurchase Option, that the Convertible Notes matured on December 20, 2011, as of December 31, 2011, all loan costs associated with the issuance have been expensed and there is no remaining carrying amount of the equity component included in additional paid-in capital. The carrying amount of the equity component included in additional paid-in capital totaled $1.1 million at December 31, 2010. Interest expense relating to the contractual interest coupon recognized in the Consolidated Statements of Income was $1.5 million, $1.9 million and $2.5 million for the years ended December 31, 2011, 2010, and 2009, respectively, The additional non-cash interest expense recognized in the Consolidated Statements of Income was $0.8 million, $1.0 million and $1.3 million for the years ended December 31, 2011, 2010, and 2009, respectively. During 2011, the Company purchased $48.8 million of the Convertible Notes, including $24.0 million that were repurchased on December 20, 2011 pursuant to the Repurchase Option. As of December 31, 2011, the Company has purchased $114.1 million in principal amount of its convertible debt at an average discount of approximately 11%. The transactions resulted in a (loss) gain on debt extinguishment of ($0.4) million and $7.1 million for the years ended December 31, 2011 and 2009, respectively. The outstanding Convertible Notes principal amount as of December 31, 2011 and 2010 was $0.9 million and $49.8 million, respectively. The outstanding Convertible Notes net carrying amount as of December 31, 2011 and 2010 was $0.9 million and $48.7 million, respectively. |
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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
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Dec. 31, 2011
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments and Fair Value Measurements | Financial Instruments and Fair Value Measurements Derivative Financial Instruments The FASB’s derivative and hedging guidance establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. As required by the FASB guidance, the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecast transactions, are considered cash flow hedges. For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive (loss) income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value would be recognized in earnings. As of December 31, 2011, the Company’s derivative financial instruments consisted of six interest rate LIBOR swaps with an aggregate notional value of $57.0 million which fix interest at rates from 2.7% to 5.1% and mature between March 2012 and December 2022. The Company also has three derivative financial instruments with a notional value of $75.0 million which cap interest at 3.0%, 6.0% and 3.5% and mature in October 2012, April 2013 and August 2013, respectively. The fair value of the derivative liability of these instruments, which is included in other liabilities in the consolidated balance sheets, totaled $3.5 million and $2.8 million at December 31, 2011 and 2010, respectively. The notional value does not represent exposure to credit, interest rate or market risks. These derivative instruments have been designated as cash flow hedges and hedge the future cash outflows on variable rate mortgage debt. Such instruments are reported at the fair value reflected above. As of December 31, 2011 and 2010, unrealized losses totaling $3.9 million and $2.8 million, respectively, were reflected in accumulated other comprehensive loss. It is estimated that approximately $1.5 million included in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense in the 2012 results of operations. As of December 31, 2011 and 2010, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes and currently does not have any derivatives that are not designated as hedges. As of December 31, 2011, none of the Company’s hedges were ineffective. The FASB’s fair value measurements and disclosure guidance requires the valuation of certain of the Company’s financial assets and liabilities, based on a three-level fair value hierarchy. Market participant assumptions obtained from sources independent of the Company are observable inputs that are classified within Levels 1 and 2 of the hierarchy, and the Company’s own assumptions about market participant assumptions are unobservable inputs classified within Level 3 of the hierarchy. The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2011:
During the year ended December 31, 2011, the Company determined that the value of the Granville Centre owned by Fund I was impaired and recorded an impairment loss of $6.9 million (Note 1). The Company estimated the Granville Centre's fair value by using projected future cash flows, which it determined were not sufficient to recover the property's net book value. The inputs used to determine the fair value of the Granville Centre were classified as Level 3 under authoritative guidance for fair value measurements. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 10. Financial Instruments and Fair Value Measurements, continued Financial Instruments Certain of the Company’s assets and liabilities meet the definition of financial instruments. Except as disclosed below, the carrying amounts of these financial instruments approximates their fair value due to the short-term nature of such accounts. The Company has determined the estimated fair values of the following financial instruments by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date:
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The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS
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Dec. 31, 2011
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| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity and Noncontrolling Interests | Shareholders’ Equity and Noncontrolling Interests Common Shares During the first quarter of 2011, 40,254 employee Restricted Shares were canceled to pay the employees’ income taxes due on the value of the portion of their Restricted Shares that vested. During the year ended December 31, 2011, the Company recognized accrued Common Share and Common OP Unit-based compensation totaling $4.0 million in connection with the vesting of Restricted Shares and Units (Note 15). During November 2011, the Company issued 2.25 million Common Shares generating net proceeds of approximately $45.0 million. Noncontrolling Interests The following table summarizes the change in the noncontrolling interests since December 31, 2010:
Noncontrolling interests in the Operating Partnership represents (i) the limited partners’ 279,748 and 281,294 Common OP Units at December 31, 2011 and 2010, (ii) 188 Series A Preferred OP Units at December 31, 2011 and 2010, with a stated value of $1,000 per unit, which are entitled to a preferred quarterly distribution of the greater of (a) $22.50 (9% annually) per Series A Preferred ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 11. Shareholders’ Equity and Noncontrolling Interests, continued OP Unit or (b) the quarterly distribution attributable to a Series A Preferred OP Unit if such unit were converted into a Common OP Unit, and (iii) 1,061,564 and 641,534 LTIP units as of December 31, 2011 and December 31, 2010 respectively, as discussed in Share Incentive Plan (Note 15). Noncontrolling interests in partially-owned affiliates include third-party interests in Fund I, II and III, Mervyns I and II, and ten other entities. In 2005, the Company issued 250,000 Restricted Common OP Units to Klaff in consideration for an interest in certain management contract rights. During 2010, Klaff converted the 250,000 Restricted Common OP Units into Common Shares. The Series A Preferred OP Units were issued in 1999 in connection with the acquisition of a property. Through December 31, 2011, 1,392 Series A Preferred OP Units were converted into 185,600 Common OP Units and then into Common Shares. The 188 remaining Series A Preferred OP Units are currently convertible into Common OP Units based on the stated value divided by $7.50. Either the Company or the holders can currently call for the conversion of the Series A Preferred OP Units at the lesser of $7.50 or the market price of the Common Shares as of the conversion date. |
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The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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RELATED PARTY TRANSACTIONS
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12 Months Ended |
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Dec. 31, 2011
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| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions During February 2010, Klaff converted all 250,000 of its Restricted Common OP Units into 250,000 Common Shares. In 2009, the Company earned asset management, leasing, disposition, development and construction fees for providing services to an existing portfolio of retail properties and/or leasehold interests in which Klaff had an interest. Fees earned by the Company in connection with this portfolio were $0.4 million for the year ended December 31, 2009. The Company earns fees from one of its investments in unconsolidated partnerships (Note 4). The Company earned property management, construction, legal and leasing fees from the Brandywine Portfolio totaling $1.0 million, $0.8 million and $0.7 million for the years ended December 31, 2011, 2010 and 2009, respectively. Related party receivables due from unconsolidated affiliates totaled $1.4 million and $2.4 million at December 31, 2011 and 2010, respectively. Lee Wielansky, the Lead Trustee of the Company, was paid a consulting fee of $0.1 million for each of the years ended December 31, 2011, 2010, and 2009. |
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The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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TENANT LEASES
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Dec. 31, 2011
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
| Tenant Leases | Tenant Leases Space in the shopping centers and other retail properties is leased to various tenants under operating leases that usually grant tenants renewal options and generally provide for additional rents based on certain operating expenses as well as tenants’ sales volume. Minimum future rentals to be received under non-cancelable leases for shopping centers and other retail properties as of December 31, 2011 are summarized as follows:
During the years ended December 31, 2011, 2010 and 2009, no single tenant collectively accounted for more than 10% of the Company’s total revenues. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS |
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The entire disclosure for lessor entity's leasing arrangements for operating, capital and leveraged leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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LEASE OBLIGATIONS
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Dec. 31, 2011
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
| Lease Obligations | Lease Obligations The Company leases land at nine of its shopping centers, which are accounted for as operating leases and generally provide the Company with renewal options. Ground rent expense was $4.6 million, $3.7 million, and $2.5 million (including capitalized ground rent at properties under development of $1.5 million, $0.5 million and $0.6 million) for the years ended December 31, 2011, 2010 and 2009, respectively. The leases terminate at various dates between 2020 and 2078. These leases provide the Company with options to renew for additional terms aggregating from 20 to 71 years. The Company leases space for its White Plains corporate office for a term expiring in 2015. Office rent expense under this lease was $1.4 million, $1.5 million and $1.5 million for the years ended December 31, 2011, 2010 and 2009, respectively. Future minimum rental payments required for leases having remaining non-cancelable lease terms are as follows:
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The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SHARE INCENTIVE PLAN
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Dec. 31, 2011
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| Share Incentive Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share Incentive Plan | Share Incentive Plan During 2003, the Company adopted the 2003 Share Incentive Plan (the “2003 Plan”). The 2003 Plan authorizes the issuance of options, share appreciation rights, restricted shares (“Restricted Shares”), restricted OP Units (“LTIP Units”) and performance units (collectively, “Awards”) to officers, employees and trustees of the Company and consultants to the Company equal to up to four percent of the total Common Shares of the Company outstanding from time to time on a fully diluted basis. However, no participant may receive more than the equivalent of 1,000,000 Common Shares during the term of the 2003 Plan with respect to Awards. Options are granted by the Compensation Committee (the “Committee”), which currently consists of three non-employee Trustees, and will not have an exercise price less than 100% of the fair market value of the Common Shares and a term of greater than ten years at the grant date. Vesting of options is at the discretion of the Committee. Share appreciation rights provide for the participant to receive, upon exercise, cash and/or Common Shares, at the discretion of the Committee, equal to the excess of the market value of the Common Shares at the exercise date over the market value of the Common Shares at the grant date. The Committee determines the restrictions placed on Awards, including the dividends or distributions thereon and the term of such restrictions. The Committee also determines the award and vesting of performance units and performance shares based on the attainment of specified performance objectives of the Company within a specified performance period. Through December 31, 2011, no share appreciation rights or performance units/shares had been awarded. In connection with the Awards, to the extent that a portion of senior management’s cash bonus is converted into elective Awards, the number of shares issued are at a 25% discount and vest over time. During 2006, the Company adopted the 2006 Share Incentive Plan (the “2006 Plan”). The 2006 Plan is substantially similar to the 2003 Plan, except that the maximum number of Common Share equivalents that the Company may issue pursuant to the 2006 Plan is 500,000. On March 3, 2011 and March 22, 2011, the Company issued a combined total of 431,248 LTIP Units and 210 Restricted Shares to officers of the Company and 164 LTIP Units and 9,584 Restricted Shares to other employees of the Company. Vesting with respect to these awards is recognized ratably over the five annual anniversaries following the issuance date. Vesting with respect to 11% of the awards issued to officers are also generally subject to achieving certain Company performance measures. LTIP Units are similar to Restricted Shares but provide for a quarterly partnership distribution in a like amount as paid to Common OP Units. This distribution is paid on both unvested and vested LTIP Units. The LTIP Units are convertible into Common OP Units and Common Shares upon vesting and a revaluation of the book capital accounts. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 15. Share Incentive Plan, continued These awards were measured at their fair value as if they were vested on the grant date. Fair value was established as the market price of the Company’s Common Shares as of the close of trading on the day preceding the grant date. The total value of the above Restricted Shares and LTIP Units as of the grant date was $8.4 million, of which $2.4 million was recognized in compensation expense during 2011 and $6.0 million will be recognized in compensation expense over the vesting period. The weighted average fair value for Restricted Shares and LTIP Units granted for the years ended December 31, 2011, 2010 and 2009 were $19.08, $16.73 and $10.31, respectively. Total long-term incentive compensation expense, including the expense related to the above mentioned plans, was $4.0 million, $3.8 million and $3.7 million for the years ended December 31, 2011, 2010 and 2009, respectively. On May 10, 2011, the Company issued 22,154 Restricted Shares to Trustees of the Company in connection with Trustee fees. Vesting with respect to 10,279 of the Restricted Shares will be on the first anniversary of the date of issuance and 11,875 of the Restricted Shares vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares, but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Trustee fee expense of $0.2 million for the year ended December 31, 2011 has been recognized in the accompanying consolidated financial statements related to this issuance. In 2009, the Company adopted the Long Term Investment Alignment Program (the “Program”) pursuant to which the Company may award units primarily to senior executives which would entitle them to receive up to 25% of any future Fund III Promote when and if such Promote is ultimately realized. The Company has awarded units representing 71% of the Program, which were determined to have no value at issuance or as of December 31, 2011. In accordance with ASC Topic 718, “Compensation - Stock Compensation,” compensation relating to these awards will be recorded based on the change in the estimated fair value at each reporting period. As of December 31, 2011, the Company had 101,283 options outstanding to officers and employees and 49,000 options outstanding to non-employee Trustees of the Company of which all have vested. These options are for ten-year terms from the grant date and vested in three equal annual installments, which began on their respective grant dates. A summary of option activity under all option arrangements as of December 31, 2010 and 2011, and changes during the years then ended is presented below:
The total intrinsic value of options exercised during the years ended December 31, 2011, 2010 and 2009 was $0.02 million, $0.03 million and $2.8 million, respectively. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 15. Share Incentive Plan, continued A summary of the status of the Company’s unvested Restricted Shares and LTIP Units as of December 31, 2010 and 2011 and changes during the years ended December 31, 2010 and 2011, is presented below:
As of December 31, 2011, there was $9.4 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under share incentive plans. That cost is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of Restricted Shares that vested during the years ended December 31, 2011, 2010 and 2009 was $2.2 million, $3.0 million and $5.0 million, respectively. |
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Share Incentive Plan [Text Block] No definition available.
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EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN
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Dec. 31, 2011
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
| Employee Share Purchase and Deferred Share Plan | Employee Share Purchase and Deferred Share Plan The Acadia Realty Trust Employee Share Purchase Plan (the “Purchase Plan”), allows eligible employees of the Company to purchase Common Shares through payroll deductions. The Purchase Plan provides for employees to purchase Common Shares on a quarterly basis at a 15% discount to the closing price of the Company’s Common Shares on either the first day or the last day of the quarter, whichever is lower. A participant may not purchase more the $25,000 in Common Shares per year. Compensation expense will be recognized by the Company to the extent of the above discount to the closing price of the Common Shares with respect to the applicable quarter. During 2011, 2010 and 2009, a total of 4,886, 6,184 and 8,744 Common Shares, respectively, were purchased by employees under the Purchase Plan. Associated compensation expense of $0.01 million was recorded in 2011 and $0.02 million was recorded in both 2010 and 2009. During May of 2006, the Company adopted a Trustee Deferral and Distribution Election (“Trustee Deferral Plan”) whereby the participating Trustees have deferred compensation of $0.06 million in both 2011 and 2010 and $0.05 million for 2009. During 2009, certain trustees elected to receive 14,722 Common Shares, which were previously deferred, from the Trustee Deferral Plan. |
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Disclosure of Employee Stock Ownership Plan [Text Block] No definition available.
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EMPLOYEE 401(K) PLAN
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Dec. 31, 2011
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| Compensation and Retirement Disclosure [Abstract] | |
| Employee 401(k) Plan | Employee 401(k) Plan The Company maintains a 401(k) plan for employees under which the Company currently matches 50% of a plan participant’s contribution up to 6% of the employee’s annual salary. A plan participant may contribute up to a maximum of 15% of their compensation up to $16,500 for the year ended December 31, 2011. The Company contributed $0.2 million for each of the years ended December 31, 2011, 2010 and 2009. |
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The entire disclosure for pension and other postretirement benefits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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DIVIDENDS AND DISTRIBUTIONS PAYABLE
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12 Months Ended |
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Dec. 31, 2011
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| Equity [Abstract] | |
| Dividends and Distributions Payable | Dividends and Distributions Payable On November 29, 2011, the Board of Trustees declared a cash dividend for the quarter ended December 31, 2011, of $0.18 per Common Share, which was paid on February 1, 2012 to holders of record as of December 31, 2011. |
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Dividends and Distributions Payable [Text Block] No definition available.
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FEDERAL INCOME TAXES
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Dec. 31, 2011
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Federal Income Taxes | Federal Income Taxes The Company has elected to qualify as a REIT in accordance with Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and intends at all times to qualify as a REIT under the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its annual REIT taxable income to its shareholders. As a REIT, the Company generally will not be subject to corporate Federal income tax, provided that distributions to its shareholders equal at least the amount of its REIT taxable income as defined under the Code. As the Company distributed sufficient taxable income for the years ended December 31, 2011, 2010 and 2009, no U.S. Federal income or excise taxes were incurred. If the Company fails to qualify as a REIT in any taxable year, it will be subject to Federal income taxes at the regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for the four subsequent taxable years. Even though the Company qualifies for taxation as a REIT, the Company is subject to certain state and local taxes on its income and property and Federal income and excise taxes on any undistributed taxable income. In addition, taxable income from non-REIT activities managed through the Company’s Taxable REIT Subsidiary (“TRS”) is subject to Federal, state and local income taxes. Characterization of Distributions: The Company has determined that the cash distributed to the shareholders is characterized as follows for Federal income tax purposes:
Taxable REIT Subsidiaries Income taxes have been provided for using the liability method as required by ASC Topic 740 “Income Taxes.” The Company’s TRS income and provision for income taxes for the years ended December 31, 2011, 2010 and 2009 are summarized as follows:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 19. Federal Income Taxes, continued The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):
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The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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EARNINGS PER COMMON SHARE
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Dec. 31, 2011
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Common Share | Earnings Per Common Share Basic earnings per Common Share is computed using net income attributable to common shareholders and the weighted average Common Shares outstanding. Diluted earnings per Common Share reflect the conversion of obligations and the assumed exercises of securities including the effects of awards issuable under the Company’s Share Incentive Plans. In accordance with GAAP, all Common Shares used to calculate earnings per Common Share have been adjusted to reflect a special dividend paid on January 30, 2009, which resulted in the issuance of approximately 1.3 million additional Common Shares. The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:
The weighted average shares used in the computation of dilutive earnings per share include unvested restricted Common Shares (“Restricted Shares”) and restricted OP Units (“LTIP Units”) (Note 15) that are entitled to receive dividend equivalent payments. The effect of the conversion of Common OP Units is not reflected in the above table, 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 interest in subsidiaries in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. The conversion of the convertible notes payable (Note 9) is not reflected in the table above as such conversion, based on the market price of the Common Shares, would be settled with cash. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 20. Earnings Per Common Share (continued) The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be dilutive for the years ended December 31, 2011, 2010 and 2009 and are accordingly included in the table above. |
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The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SUMMARY OF QUARTERLY FINANCIAL INFORMATION
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Dec. 31, 2011
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| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Quarterly Financial Information | Summary of Quarterly Financial Information (unaudited) The quarterly results of operations of the Company for the years ended December 31, 2011 and 2010 are as follows:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 21. Summary of Quarterly Financial Information (unaudited) (continued)
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- Definition
The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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COMMITMENTS AND CONTINGENCIES
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12 Months Ended |
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Dec. 31, 2011
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| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Under various Federal, state and local laws, ordinances and regulations relating to the protection of the environment, a current or previous owner or operator of real estate may be liable for the cost of removal or remediation of certain hazardous or toxic substances disposed, stored, generated, released, manufactured or discharged from, on, at, under, or in a property. As such, the Company may be potentially liable for costs associated with any potential environmental remediation at any of its formerly or currently owned properties. The Company conducts Phase I environmental reviews with respect to properties it acquires. These reviews include an investigation for the presence of asbestos, underground storage tanks and polychlorinated biphenyls (PCBs). Although such reviews are intended to evaluate the environmental condition of the subject property as well as surrounding properties, there can be no assurance that the review conducted by the Company will be adequate to identify environmental or other problems that may exist. Where a Phase II assessment is so recommended, a Phase II assessment is conducted to further determine the extent of possible environmental contamination. In all instances where a Phase I or II assessment has resulted in specific recommendations for remedial actions, the Company has either taken or scheduled the recommended remedial action. To mitigate unknown risks, the Company has obtained environmental insurance for most of its properties, which covers only unknown environmental risks. The Company believes that it is in compliance in all material respects with all Federal, state and local ordinances and regulations regarding hazardous or toxic substances. Management is not aware of any environmental liability that it believes would have a material adverse impact on the Company’s financial position or results of operations. Management is unaware of any instances in which the Company would incur significant environmental costs if any or all properties were sold, disposed of or abandoned. However, there can be no assurance that any such non-compliance, liability, claim or expenditure will not arise in the future. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 22. Commitments and Contingencies (continued) The Company is involved in various matters of litigation arising in the normal course of business. While the Company is unable to predict with certainty the amounts involved, the Company’s management and counsel are of the opinion that, when such litigation is resolved, the Company’s resulting liability, if any, will not have a significant effect on the Company’s consolidated financial position, results of operations, or liquidity. The Company's policy is to accrue legal expenses as they are incurred. In September 2008, the Company, certain of its subsidiaries, and other unrelated entities (the “Investor Consortium”) were named as defendants in an adversary proceeding brought by Mervyn's LLC (“Mervyns”) in the United States Bankruptcy Court for the District of Delaware. The action involves five claims alleging fraudulent transfers in which Mervyns is nominally seeking approximately $1.175 billion in damages from the Investor Consortium, although the actual claims made by the administrator and the unsecured creditors are substantially less. The first claim contends that, at the time of the sale of Mervyns by Target Corporation to the Investor Consortium, a transfer of assets was made in an effort to defraud creditors. The Company believes that this aspect of the case is without merit. The remaining four claims relate to transfers of assets of Mervyns at various times after the sale by Target. The Company believes that there are substantial defenses to these claims and intends to continue to defend them vigorously. This matter is in the early stages of discovery. The parties to this action have agreed to a non-binding mediation, which is scheduled for the end of March, 2012. Because of the inherently unpredictable nature of litigation, the Company could incur some amount of liability in connection with this matter. However, at the present time, there have not been sufficient developments in this matter for us to estimate the reasonably possible loss or range of loss that the Company might incur as a result of this matter. During August 2009, the Company terminated the employment of a former Senior Vice President (the “Former Employee”) for engaging in conduct that fell within the definition of “cause” in his severance agreement with the Company. Had the Former Employee not been terminated for “cause,” he would have been eligible to receive approximately $0.9 million under the severance agreement. Because the Company terminated him for “cause,” it did not pay the Former Employee any severance benefits under the agreement. The Former Employee has brought a lawsuit against the Company in New York State Supreme Court, alleging breach of the severance agreement. The suit is in the pre-trial discovery stage. The Company believes it has meritorious defenses to the suit. The Company has arranged for the provision of one letter of credit in connection with a certain lease and investment. As of December 31, 2011, there were no outstanding balances under the letter of credit. If the letter of credit was fully drawn, the combined maximum amount of exposure would be $4.6 million. |
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The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SUBSEQUENT EVENTS
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Dec. 31, 2011
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| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events During January 2012, the Company established an at-the-market (“ATM”) equity program with an aggregate offering price of up to $75.0 million in Common Shares. The Company intends to use the future net proceeds of this offering for general corporate purposes, which may include, among other things, repayment of its debt, future acquisitions, (directly in the Core Portfolio and through its Opportunity Funds), and redevelopments of and capital improvements to its properties. During January 2012, the Company acquired 1520 North Milwaukee Ave, a 3,100 square foot property located in Chicago, IL for approximately $3.8 million. During February 2012, Fund III, in a venture with an unaffiliated partner, acquired 640 Broadway, a 45,700 square foot property located in New York, NY for approximately $32.5 million. During February 2012, the Company acquired a 40,000 square foot single tenant property, located in Cambridge, MA, for approximately $19.2 million, which included the assumption of $7.0 million of in-place mortgage debt. During February 2012, Kenneth Bernstein, President and CEO, converted 150,000 Common OP Units into Common Shares and subsequently sold 75,000 Common Shares. |
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
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Dec. 31, 2011
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| Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate and Accumulated Depreciation | SCHEDULE III-REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2011
Notes:
1. Depreciation on buildings and improvements reflected in the statements of income is calculated over the estimated useful life of the assets as follows: Buildings: 30 to 40 years Improvements: Shorter of lease term or useful life 2. The aggregate gross cost of property included above for Federal income tax purposes was $1,345.0 million as of December 31, 2011 3. (a) Reconciliation of Real Estate Properties: The following table reconciles the real estate properties from January 1, 2009 to December 31, 2011:
3. (b) Reconciliation of Accumulated Depreciation: The following table reconciles accumulated depreciation from January 1, 2009 to December 31, 2011:
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- Definition
The entire disclosure for real estate and accumulated depreciation. This may include a schedule that describes the property and lists the initial cost of land, buildings and improvements, improvements and carrying costs capitalized after acquisition, and the total carrying cost for land, buildings and improvements for each property and in aggregate. The schedule also lists the accumulated depreciation for each property and in aggregate, the date each property was constructed and acquired, the useful life used to calculate depreciation and any encumbrances on the properties. The entity provides a reconciliation of the carrying amount of real estate from the beginning of the period to the end of the period. Any real estate investments that have been written down or reserved against are described, including the basis of the write-down. A material amount of intercompany profit in the total carrying amount of real estate is disclosed. The aggregate cost of all real estate investments for federal income tax purposes is also disclosed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization, Consolidation and Presentation of Financial Statements (Policies)
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Dec. 31, 2011
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| Organization, Basis of Presentation and Summary of Significant Accounting Policies [Abstract] | |
| Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the consolidated accounts of the Company and its controlling investments in partnerships and limited liability companies in which the Company has control in accordance Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810 “Consolidation” (“ASC Topic 810”). The ownership interests of other investors in these entities are recorded as noncontrolling interests. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities for which the Company has the ability to exercise significant influence over, but does not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, the Company’s share of the earnings (or losses) of these entities are included in consolidated net income. Variable interest entities are accounted for within the scope of ASC Topic 810 and are required to be consolidated by their primary beneficiary. The primary beneficiary of a variable interest entity is the enterprise that has the power to direct the activities that most significantly impact the variable interest entity’s economic performance and the obligation to absorb losses or the right to receive benefits of the variable interest entity that could be significant to the variable interest entity. Management has evaluated the applicability of ASC Topic 810 to its investments in certain joint ventures and determined that these joint ventures are not variable interest entities or that the Company is not the primary beneficiary and, therefore, consolidation of these ventures is not required. These investments are accounted for using the equity method of accounting. |
| Investments in and Advances to Unconsolidated Joint Ventures, Policy [Policy Text Block] | Investments in and Advances to Unconsolidated Joint Ventures The Company accounts for its investments in unconsolidated joint ventures using the equity method as it does not exercise control over significant asset decisions such as buying, selling or financing nor is it the primary beneficiary under ASC Topic 810, as discussed above. The Company does have significant influence over the investments which requires equity method accounting. Under the equity method, the Company increases its investment for its proportionate share of net income and contributions to the joint venture and decreases its investment balance by recording its proportionate share of net loss and distributions. The Company recognizes income for distributions in excess of its investment where there is no recourse to the Company. For investments in which there is recourse to the Company, distributions in excess of the investment are recorded as a liability. Although the Company accounts for its investment in Albertson’s (Note 4) under the equity method of accounting, the Company adopted the policy of not recording its equity in earnings or losses of this unconsolidated affiliate until it receives the audited financial statements of Albertson’s to support the equity earnings or losses in accordance with ASC Topic 323, “Investments – Equity Method and Joint Ventures.” The Company periodically reviews its investment in unconsolidated joint ventures for other-than-temporary losses in investment value. Any decline that is not expected to be recovered is considered other than temporary and an impairment charge is recorded as a reduction in the carrying value of the investment. During the years ended December 31, 2011 and 2010, there were no impairment charges related to the Company’s investment in unconsolidated joint ventures. During the year ended December 31, 2009, the Company recorded an impairment charge of $3.8 million related to its investment in unconsolidated joint ventures. |
| Use of Estimates, Policy [Policy Text Block] | Use of Estimates Accounting principles generally accepted in the United States of America (“GAAP”) require the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The most significant assumptions and estimates relate to the valuation of real estate, depreciable lives, revenue recognition and the collectability of notes receivable and rents receivable. Application of these estimates and assumptions requires the exercise of judgment as to future uncertainties and, as a result, actual results could differ from these estimates. |
| Real Estate, Policy [Policy Text Block] | Real Estate Real estate assets are stated at cost less accumulated depreciation. Expenditures for acquisition, development, construction and improvement of properties, as well as significant renovations are capitalized. Interest costs are capitalized until construction is substantially complete and the real estate is ready for its intended use. Construction in progress includes costs for significant property expansion and redevelopment. Depreciation is computed on the straight-line basis over estimated useful lives of 30 to 40 years for buildings, the shorter of the useful life or lease term for tenant improvements and five years for furniture, fixtures and equipment. Expenditures for maintenance and repairs are charged to operations as incurred. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Organization, Basis of Presentation and Summary of Significant Accounting Policies, continued Real Estate, continued Upon acquisitions of real estate, the Company assesses the fair value of acquired assets (including land, buildings and improvements, and identified intangibles such as above and below market leases and acquired in-place leases and customer relationships) and acquired liabilities in accordance with ASC Topic 805 “Business Combinations” and ASC Topic 350 “Intangibles – Goodwill and Other,” and allocates the acquisition price based on these assessments. Fixed-rate renewal options have been included in the calculation of the fair value of acquired leases where applicable. To the extent there were fixed-rate options at below-market rental rates, the Company included these along with the current term below-market rent in arriving at the fair value of the acquired leases. The discounted difference between contract and market rents is being amortized over the remaining applicable lease term, inclusive of any option periods. The Company assesses fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. The Company reviews its long-lived assets used in operations for impairment when there is an event or a change in circumstances that indicates that the carrying amount may not be recoverable. The Company measures and records impairment losses and reduces the carrying value of properties when indicators of impairment are present and the expected undiscounted cash flows related to those properties are less than their carrying amounts. In cases where the Company does not expect to recover its carrying costs on properties held for use, the Company reduces its carrying costs to fair value, and for properties held for sale, the Company reduces its carrying value to the fair value less costs to sell. During the year ended December 31, 2011, the Company determined that the value of the Granville Centre owned by Fund I was impaired. Accordingly, an impairment loss of $6.9 million was recorded, of which the Operating Partnership's share was $1.5 million. During the years ended December 31, 2010, and 2009, no impairment losses were recognized. Management does not believe that the values of its properties within the portfolio are impaired as of December 31, 2011. |
| Sale of Real Estate, Policy [Policy Text Block] | Sale of Real Estate The Company recognizes property sales in accordance with ASC Topic 970 “Real Estate.” The Company generally records the sales of operating properties and outparcels using the full accrual method at closing when the earnings process is deemed to be complete. Sales not qualifying for full recognition at the time of sale are accounted for under other appropriate deferral methods. |
| Real Estate Held for Development and Sale, Policy [Policy Text Block] | Real Estate Held for Sale The Company evaluates the held-for-sale classification of its real estate each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less cost to sell. Assets are generally classified as held for sale once management has initiated an active program to market them for sale and has received a firm purchase commitment. The results of operations of these real estate properties are reflected as discontinued operations in all periods presented. On occasion, the Company will receive unsolicited offers from third parties to buy individual Company properties. Under these circumstances, the Company will classify the properties as held for sale when a sales contract is executed with no contingencies and the prospective buyer has funds at risk to ensure performance. |
| Involuntary Conversion of Asset, Policy [Policy Text Block] | Involuntary Conversion of Asset The Company experienced significant flooding that resulted in extensive damage to one of its properties during September 2011. Costs related to the clean-up and redevelopment are insured to a limit sufficient that the Company believes will allow for full restoration of the property. Loss of rents during the redevelopment are covered by business interruption insurance subject to a $0.1 million deductible. The Company plans to restore the improvements that were damaged by the flooding and expects that the costs of such restoration and rebuilding will be recoverable from insurance proceeds. In accordance with ASC Topic 360 “Property, Plant and Equipment” and as a result of the above-described property damage, the Company has recorded a write-down of the asset's carrying value in the accompanying 2011 consolidated balance sheets of approximately $1.4 million as of December 31, 2011. In addition, the Company has recorded an insurance recovery in the same amount that is included in Prepaid Expenses and Other Assets in the accompanying 2011 consolidated balance sheets. The Company has also provided a $0.1 million provision in the 2011 consolidated statement of income for its exposure to the insurance deductible attributable to the loss of rents. As of December 31, 2011, the Company has received initial insurance proceeds of approximately $6.9 million. |
| Deferred Costs, Policy [Policy Text Block] | Deferred Costs Fees and costs paid in the successful negotiation of leases are deferred and amortized on a straight-line basis over the terms of the respective leases. Fees and costs incurred in connection with obtaining financing are deferred and amortized over the term of the related debt obligation. |
| Management Contracts, Policy [Policy Text Block] | Management Contracts Income from management contracts is recognized on an accrual basis as such fees are earned. The initial acquisition cost of any management contracts are amortized over the estimated lives of the contracts acquired. |
| Revenue Recognition and Accounts Receivable, Policy [Policy Text Block] | Revenue Recognition and Accounts Receivable Leases with tenants are accounted for as operating leases. Minimum rents are recognized on a straight-line basis over the term of the respective leases, beginning when the tenant is entitled to take possession of the space. As of December 31, 2011 and 2010, included in Rents Receivable, Net on the accompanying consolidated balance sheets, are unbilled rents receivable relating to straight-lining of rents of $22.8 million and $16.9 million, respectively. Certain of these leases also provide for percentage rents based upon the level of sales achieved by the tenant. Percentage rent is recognized in the period when the tenants’ sales breakpoint is met. In addition, leases typically provide for the reimbursement to the Company of real estate taxes, insurance and other property operating expenses. These reimbursements are recognized as revenue in the period the related expenses are incurred. The Company makes estimates of the uncollectability of its accounts receivable related to tenant revenues. An allowance for doubtful accounts has been provided against certain tenant accounts receivable that are estimated to be uncollectible. Once the amount is ultimately deemed to be uncollectible, it is written off. Rents receivable at December 31, 2011 and 2010 are shown net of an allowance for doubtful accounts of $5.3 million and $7.2 million, respectively. |
| Notes Receivable and Preferred Equity Investments, Policy [Policy Text Block] | Notes Receivable and Preferred Equity Investments Notes receivable and preferred equity investments are intended to be held to maturity and are carried at amortized cost. Interest income from notes receivable and preferred equity investments are recognized on the effective interest method over the expected life of the loan. Under the effective interest method, interest or fees to be collected at the origination of the loan or the payoff of the loan are recognized over the term of the loan as an adjustment to yield. Allowances for real estate notes receivable are established based upon management’s quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from the carrying value at the balance sheet date. Interest income recognition is generally suspended for loans when, in the opinion of management, a full recovery of income and principal becomes doubtful. Income recognition is resumed when the suspended loan becomes contractually current and performance is demonstrated to be resumed. During 2009, the Company provided a $1.7 million reserve on a note receivable as a result of the loss of an anchor tenant at the underlying collateral property. |
| Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Cash and cash equivalents are maintained at financial institutions and, at times, balances may exceed the federally insured limit by the Federal Deposit Insurance Corporation. The Company has never experienced any losses related to these balances. |
| Restricted Cash and Cash in Escrow, Policy [Policy Text Block] | Restricted Cash and Cash in Escrow Restricted cash and cash in escrow consist principally of cash held for real estate taxes, construction costs, property maintenance, insurance, minimum occupancy and property operating income requirements at specific properties as required by certain loan agreements. |
| Income Tax, Policy [Policy Text Block] | Income Taxes The Company has made an election to be taxed, and believes it qualifies as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To maintain REIT status for Federal income tax purposes, the Company is generally required to distribute at least 90% of its REIT taxable income to its shareholders as well as comply with certain other income, asset and organizational requirements as defined in the Code. Accordingly, the Company is generally not subject to Federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. Although it may qualify for REIT status for Federal income tax purposes, the Company is subject to state income or franchise taxes in certain states in which some of its properties are located. In addition, taxable income from non-REIT activities managed through the Company’s taxable REIT subsidiaries (“TRS”) is fully subject to Federal, state and local income taxes. The Company accounts for TRS income taxes under the liability method as required by ASC Topic 740, “Income Taxes.” Under the liability method, deferred income taxes are recognized for the temporary differences between GAAP basis and the tax basis of the TRS income, assets and liabilities. In accordance with ASC Topic 740, the Company believes that it has appropriate support for the income tax positions taken and, as such, does not have any uncertain tax positions that, if successfully challenged, could result in a material impact on the Company's financial position or results of operation. The prior three years' income tax returns are subject to review by the Internal Revenue Service. The Company recognizes potential interest and penalties related to uncertain tax positions as a component of the provision for income taxes. |
| Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation The Company accounts for stock-based compensation pursuant to ASC Topic 718, “Compensation – Stock Compensation.” As such, all equity based awards are reflected as compensation expense in the Company’s consolidated financial statements over their vesting period based on the fair value at the date of grant. |
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Notes Receivable and Preferred Equity Investments [Policy Text Block] No definition available.
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Revenue Recognition and Accounts Receivable [Policy Text Block] No definition available.
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Sale of Real Estate [Policy Text Block] No definition available.
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Entity's cash and cash equivalents accounting policy with respect to restricted balances. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for cash and cash equivalents with respect to unrestricted balances. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting. The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for deferral and amortization of significant deferred charges. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. The accounting policy may include information such as: (1) initially recording an investment in the stock of an investee at cost; (2) adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of acquisition; and (3) adjustments to reflect the investor's share of changes in the investee's capital (dividends). This disclosure may also include a detailed description of the policy for determining the amount of equity method losses recognized after an investment has been reduced to zero as a result of previous losses, reasons for not using the equity method when the investor company owns 20 percent or more of the voting stock of the investee's company (including identification of the significant investee), reasons for using the equity method when the ownership percentage is less than 20 percent, and discussion of recognition of equity method losses when an investor's total investment in an investee includes, in addition to an investment in common stock, other investments such as preferred stock and loans to the investee. An entity also may describe how such investments are assessed for impairment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for real estate held for development or sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for entities that primarily develop and then sell real property at retail or otherwise. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS (Tables)
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Dec. 31, 2011
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| Schedule of Purchase Price Allocation [Table Text Block] | The following table sets forth a summary of the finalized acquisition purchase price consideration of each major class of assets acquired and liabilities assumed in the 2011 acquisitions discussed above:
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| Schedule Of Property Dispositions [Table Text Block] | During 2011 and 2009, the Company disposed of the following properties:
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| Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The combined assets and liabilities as of December 31, 2010, and the results of operations of the properties classified as discontinued operations for the years ended December 31, 2011, 2010 and 2009, are summarized as follows:
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Schedule Of Property Dispositions [Table Text Block] No definition available.
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Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of all of the fair values of the purchase price and assets and liabilities acquired in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SEGMENT REPORTING (Tables)
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Dec. 31, 2011
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Certain Segment Information from Segments to Consolidated [Table Text Block] | 2011
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. Segment Reporting, continued 2010
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 3. Segment Reporting, continued 2009
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Reconciliation of Certain Segment Information from Segments to Consolidated [Table Text Block] No definition available.
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INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)
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Dec. 31, 2011
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| Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Equity Method Investments [Table Text Block] | The following table summarizes activity related to the RCP Venture investments from inception through December 31, 2011:
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| Schedule of Noncontrolling Interest In Individual Investee [Table Text Block] | The Acadia Investors have non-controlling interests in the individual investee LLC’s as follows:
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| Schedule of Condensed Balance Sheet [Table Text Block] | The following combined and condensed Balance Sheets and Statements of Operations, in each period, summarize the financial information of the Company’s investments in unconsolidated affiliates.
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| Schedule of Condensed Income Statement [Table Text Block] |
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Schedule of Condensed Balance Sheet [Table Text Block] No definition available.
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Schedule of Condensed Income Statement [Table Text Block] No definition available.
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Schedule of Noncontrolling Interest In Individual Investee [Table Text Block] No definition available.
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- Definition
Tabular disclosure of equity method investments in common stock. The disclosure may include: (a) the name of each investee or group of investments for which combined disclosure is appropriate, (2) the percentage ownership of common stock, (3) the difference, if any, between the carrying amount of an investment and the value of the underlying equity in the net assets and the accounting treatment of difference, if any, and (4) the aggregate value of each identified investment based on its quoted market price, if available. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENT (Tables)
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Dec. 31, 2011
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| Mortgage Loans on Real Estate [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Notes Receivable | Notes Receivable were as follows at December 31, 2011:
Notes:
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| Schedule of Notes Receivable and Preferred Equity Investments Reconciliation | The following table reconciles notes receivable and preferred equity investments from January 1, 2009 to December 31, 2011:
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| Schedule of Allowance for Credit Losses on Notes Receivable | The following table reconciles the allowance for notes receivable from December 31, 2009 to December 31, 2011:
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Notes Receivable and Preferred Equity Investments Reconciliation [Table Text Block] No definition available.
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Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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DEFERRED CHARGES (Tables)
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | Deferred charges consist of the following as of December 31, 2011 and 2010:
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The entire disclosure of claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables, and so forth. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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ACQUIRED LEASE INTANGIBLES (Tables)
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Amortization of Acquired Lease Intangible Assets and Liabilities [Table Text Block] | The scheduled amortization of acquired lease intangible assets and liabilities as of December 31, 2011 is as follows:
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Tabular disclosure of the estimated aggregate amortization expense for intangible assets subject to amortization for each of the five succeeding fiscal years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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MORTGAGES PAYABLE (Tables)
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| Mortgage Loans on Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Line of Credit Facilities [Table Text Block] | The following table sets forth certain information pertaining to our secured credit facilities:
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| Schedule of Debt [Table Text Block] | The following table summarizes the Company’s mortgage and other secured indebtedness as of December 31, 2011 and December 31, 2010:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. Mortgages Payable, continued
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| Schedule of Maturities of Long-term Debt [Table Text Block] | The scheduled principal repayments of all indebtedness including Convertible Notes (Note 9) as of December 31, 2011 are as follows (does not include $33,000 net valuation premium on assumption of debt):
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- Definition
Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. No definition available.
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- Definition
Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS (Tables)
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Dec. 31, 2011
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2011:
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| Fair Value, by Balance Sheet Grouping [Table Text Block] | The Company has determined the estimated fair values of the following financial instruments by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date:
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Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Tables)
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Dec. 31, 2011
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| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in Noncontrolling Interests [Table Text Block] | The following table summarizes the change in the noncontrolling interests since December 31, 2010:
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Change in Noncontrolling Interests [Table Text Block] No definition available.
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TENANT LEASES (Tables)
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Dec. 31, 2011
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Future Minimum Rental Payments Receivable for Operating Leases [Table Text Block] | Minimum future rentals to be received under non-cancelable leases for shopping centers and other retail properties as of December 31, 2011 are summarized as follows:
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Schedule of Future Minimum Rental Payments Receivable for Operating Leases [Table Text Block] No definition available.
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LEASE OBLIGATIONS (Tables)
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Dec. 31, 2011
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum rental payments required for leases having remaining non-cancelable lease terms are as follows:
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- Definition
Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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SHARE INCENTIVE PLAN (Tables)
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Dec. 31, 2011
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| Share Incentive Plan [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity under all option arrangements as of December 31, 2010 and 2011, and changes during the years then ended is presented below:
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| Schedule of Unvested Restricted Shares and LTIP Units [Table Text Block] | A summary of the status of the Company’s unvested Restricted Shares and LTIP Units as of December 31, 2010 and 2011 and changes during the years ended December 31, 2010 and 2011, is presented below:
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Schedule of Unvested Restricted Shares and LTIP Units [Table Text Block] No definition available.
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Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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FEDERAL INCOME TAXES (Tables)
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Dec. 31, 2011
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Tax Status of Dividends [Table Text Block] | The Company has determined that the cash distributed to the shareholders is characterized as follows for Federal income tax purposes:
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| Schedule of TRS Income and Provision for Income Taxes [Table Text Block] | The Company’s TRS income and provision for income taxes for the years ended December 31, 2011, 2010 and 2009 are summarized as follows:
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| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The income tax provision differs from the amount computed by applying the statutory federal income tax rate to income before income taxes as follows (not adjusted for temporary book/tax differences):
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Schedule of Tax Status of Dividends [Table Text Block] No definition available.
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Schedule of TRS Income and Provision for Income Taxes [Table Text Block] No definition available.
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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EARNINGS PER COMMON SHARE (Tables)
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Dec. 31, 2011
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:
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- Definition
Tabular disclosure of an entity's basic and diluted earnings per share calculations. No definition available.
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SUMMARY OF QUARTERLY FINANCIAL INFORMATION (Tables)
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| Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Quarterly Financial Information [Table Text Block] | The quarterly results of operations of the Company for the years ended December 31, 2011 and 2010 are as follows:
ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 21. Summary of Quarterly Financial Information (unaudited) (continued)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Tabular disclosure of the quarterly financial data in the annual financial statements. The disclosure includes financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Business Interruption Insurance Deductible No definition available.
|
| X | ||||||||||
|
- Definition
Capital Committed by Partners in Partnership Interest No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Partnership interest, preferred return percent, which is devined as the cumulative return percent. No definition available.
|
| X | ||||||||||
|
- Definition
Provision for Insurance Deductible Attributable to Loss of Rents No definition available.
|
| X | ||||||||||
|
- Definition
Remaining Funds Rate of Distribution to All Partners No definition available.
|
| X | ||||||||||
|
- Definition
Remaining Funds Rate of Distribution to Partnership No definition available.
|
| X | ||||||||||
|
- Definition
Required Distribution Rate to Maintain REIT Status No definition available.
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, a valuation allowance for receivables due a company that are expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, the valuation allowance relating to a written agreement to receive money (at a specified future date(s), consisting of principal as well as any accrued interest) for the portion that is expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cumulative difference between the rental payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense over the term of the leased property, by the lessor or lessee, respectively. Such receivable is reduced by allowances attributable to, for instance, credit risk associated with a lessee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of capital contributed by the general partner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount by which the fair value of an investment is less than the amortized cost basis or carrying amount of that investment at the balance sheet date and the decline in fair value is deemed to be other than temporary, before considering whether or not such amount is recognized in earnings or other comprehensive income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of units or percentage investment held by the managing member or general partner of the LLC or LP. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of real estate properties owned as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
Total contributions made by each class of partners (i.e., general, limited and preferred partners). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash inflow from the amounts received by the insured under the terms of an insurance contract settlement. This element pertains only to insurance proceeds related to investments, for example fixed assets. It excludes insurance settlements classified as operating cash flows. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The maximum useful life of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. No definition available.
|
| X | ||||||||||
|
- Definition
The minimum useful life of long lived, physical assets used in the normal conduct of business and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. No definition available.
|
|
ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS Acquisitions (Details) (USD $)
|
12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2011
properties
|
Dec. 31, 2011
Core Portfolio [Member]
|
May 10, 2011
Chicago Illinois [Member]
Core Portfolio [Member]
sqft
|
Aug. 31, 2011
Chicago Illinois [Member]
Core Portfolio [Member]
properties
|
Aug. 31, 2011
Bronx New York [Member]
Core Portfolio [Member]
sqft
|
Jun. 30, 2011
New York New York [Member]
Core Portfolio [Member]
sqft
|
Sep. 30, 2011
Georgetown Portfolio [Member]
Core Portfolio [Member]
|
Sep. 30, 2011
Georgetown Portfolio [Member]
Washington, D.C. [Member]
Core Portfolio [Member]
|
Dec. 31, 2011
Fund III [Member]
Opportunity Funds [Member]
|
Jun. 30, 2010
Fund III [Member]
Opportunity Funds [Member]
|
Apr. 30, 2011
Fund III [Member]
Chicago Illinois [Member]
Opportunity Funds [Member]
sqft
|
Dec. 31, 2011
Fund III [Member]
New Hyde Park Shopping Center [Member]
New Hyde Park New York [Member]
Opportunity Funds [Member]
sqft
|
Dec. 31, 2011
Fund III [Member]
654 Broadway [Member]
New York New York [Member]
Opportunity Funds [Member]
sqft
|
Jan. 31, 2009
Fund III [Member]
Cortlandt Towne Center [Member]
Cortlandt New York [Member]
Opportunity Funds [Member]
sqft
|
Dec. 31, 2011
Fund III [Member]
Parkway Crossing [Member]
Baltimore Maryland [Member]
Opportunity Funds [Member]
sqft
|
Feb. 28, 2011
Fund III [Member]
Lincoln Road [Member]
South Miami Beach Florida [Member]
Opportunity Funds [Member]
sqft
|
Feb. 28, 2011
Fund III [Member]
White Oak [Member]
Silver Spring Maryland [Member]
Opportunity Funds [Member]
sqft
|
Dec. 31, 2010
Fund III [Member]
White City Shopping Center [Member]
Shrewsbury Massachusetts [Member]
Opportunity Funds [Member]
sqft
|
Jun. 30, 2010
Fund II [Member]
CityPoint [Member]
Opportunity Funds [Member]
|
Jun. 29, 2010
Fund II [Member]
CityPoint [Member]
Brooklyn, New York [Member]
Opportunity Funds [Member]
|
Jun. 29, 2010
Fund II [Member]
CityPoint [Member]
Brooklyn, New York [Member]
Opportunity Funds [Member]
Retail [Member]
|
Jun. 29, 2010
Fund II [Member]
CityPoint [Member]
Brooklyn, New York [Member]
Opportunity Funds [Member]
Office [Member]
|
Jun. 29, 2010
Fund II [Member]
CityPoint [Member]
Brooklyn, New York [Member]
Opportunity Funds [Member]
Residential [Member]
|
Jun. 29, 2010
California Urban Investment Partners, LLC [Member]
Fund II [Member]
CityPoint [Member]
Brooklyn, New York [Member]
Opportunity Funds [Member]
Residential [Member]
|
Dec. 31, 2011
Land [Member]
|
Dec. 31, 2011
Building and Building Improvements [Member]
|
Jun. 30, 2010
Operating Partnership, as General Partner or Managing Member [Member]
Fund II [Member]
CityPoint [Member]
Opportunity Funds [Member]
|
|
| Business Acquisition [Line Items] | |||||||||||||||||||||||||||
| Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | 24.75% | 75.00% | 50.00% | 0.00% | 100.00% | |||||||||||||||||||
| Equity Method Investments | $ 13,400,000 | ||||||||||||||||||||||||||
| Business Acquisition, Cost of Acquired Entity, Purchase Price | 28,400,000 | 18,000,000 | 9,100,000 | 4,800,000 | 31,600,000 | 11,300,000 | 13,300,000 | 78,000,000 | 21,600,000 | 51,900,000 | 9,800,000 | 56,000,000 | 9,200,000 | ||||||||||||||
| In-Place Debt Assumption Percentage | 50.00% | ||||||||||||||||||||||||||
| Equity Method Investment, Debt Assumed | 9,200,000 | ||||||||||||||||||||||||||
| Number of Retail Properties | 82 | 6 | |||||||||||||||||||||||||
| Square Footage of Real Estate Property (in feet) | 44,000 | 13,000 | 6,000 | 105,000 | 31,500 | 18,700 | 641,000 | 260,000 | 61,400 | 64,600 | 255,000 | ||||||||||||||||
| In-Place Mortgage Debt Assumption | 20,600,000 | 19,600,000 | |||||||||||||||||||||||||
| Ownership Percentage | 95.00% | 90.00% | |||||||||||||||||||||||||
| Business Combination, Acquisition Related Costs | 800,000 | 600,000 | 200,000 | ||||||||||||||||||||||||
| Business Acquisition, Purchase Price Allocation [Abstract] | |||||||||||||||||||||||||||
| Land, Buildings and improvements | 24,993,000 | 39,594,000 | |||||||||||||||||||||||||
| Acquisition-related intangible assets (in Acquired lease intangibles, net) | 9,945,000 | ||||||||||||||||||||||||||
| Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net) | (627,000) | ||||||||||||||||||||||||||
| Total consideration | 73,905,000 | ||||||||||||||||||||||||||
| Business Acquisition, Cost of Acquired Entity, Cash Paid | 2,000,000 | ||||||||||||||||||||||||||
| Business Acquisition, Cost of Acquired Entity, Deferred Payments | 7,200,000 | ||||||||||||||||||||||||||
| Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value | 108,000,000 | ||||||||||||||||||||||||||
| Business Combination, Bargain Purchase, Gain Recognized, Amount | $ 33,800,000 | $ 6,300,000 | |||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Business Acquisition, Cost of Acquired Entity, Deferred Payments No definition available.
|
| X | ||||||||||
|
- Definition
Business Acquisition, Purchase Price Allocation, Acquisition Related Intangible Liabilities, Net No definition available.
|
| X | ||||||||||
|
- Definition
Equity Method Investment, Debt Assumed No definition available.
|
| X | ||||||||||
|
- Definition
Equity Method Investment, In-Place Debt Assumption Percentage No definition available.
|
| X | ||||||||||
|
- Definition
Ownership Percentage No definition available.
|
| X | ||||||||||
|
- Definition
Amount of cash paid to acquire the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of acquisition cost of a business combination allocated to an identifiable intangible asset that will be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of acquisition cost of a business combination allocated to assets acquired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of acquisition cost of a business combination allocated to land and building to be used in the normal course of business, not including assets that are held-for-sale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
In a business combination in which the amount of net identifiable assets acquired and liabilities assumed exceeds the aggregate consideration transferred or to be transferred (as defined), this element represents the amount of gain recognized by the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
In a business combination achieved in stages, this element represents the acquisition-date fair value of the equity interest in the acquiree held by the acquirer immediately before the acquisition date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of real estate properties owned as of the balance sheet date. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of square footage related to a real estate property. No definition available.
|
| X | ||||||||||
|
- Definition
Gross Leasable Area No definition available.
|
| X | ||||||||||
|
- Definition
Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Cash received from the sale of real estate that is held for investment, that is, it is part of an investing activity during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
ACQUISITION AND DISPOSITION OF PROPERTIES AND DISCONTINUED OPERATIONS Discontinued Operations (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
|
|
| ASSETS | ||||||||||||
| Net real estate | $ 20,981 | $ 20,981 | ||||||||||
| Rents receivable, net | 649 | 649 | ||||||||||
| Deferred charges, net of amortization | 2,016 | 2,016 | ||||||||||
| Prepaid expenses and other assets, net | 155 | 155 | ||||||||||
| Total assets of discontinued operations | 0 | 23,801 | 0 | 23,801 | 0 | |||||||
| LIABILITIES | ||||||||||||
| Accounts payable and accrued expenses | 233 | 233 | ||||||||||
| Other liabilities | 342 | 342 | ||||||||||
| Total liabilities of discontinued operations | 0 | 575 | 0 | 575 | 0 | |||||||
| STATEMENTS OF OPERATIONS | ||||||||||||
| Total revenues | 5,309 | 11,913 | 12,902 | |||||||||
| Total expenses | 3,047 | 8,581 | 9,183 | |||||||||
| Operating Income | 2,262 | 3,332 | 3,719 | |||||||||
| Loss on Impairment of asset | (6,925) | 0 | 0 | |||||||||
| Gain on sale of property | 46,830 | 0 | 7,143 | 53,973 | ||||||||
| Income from discontinued operations | 42,167 | 3,332 | 10,862 | |||||||||
| (Income) from discontinued operations, attributable to noncontrolling interests | (10,674) | (1,535) | (6,303) | |||||||||
| Income from discontinued operations, attributable to Common Shareholders | $ 4,098 | $ 168 | $ 25,989 | $ 1,238 | $ 423 | $ 525 | $ 548 | $ 301 | $ 31,493 | $ 1,797 | $ 4,559 | |
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Accounts Payable and Accrued Expenses No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Deferred Charges, Net of Amortization No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Net Real Estate No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Prepaid Expenses and Other Assets, Net No definition available.
|
| X | ||||||||||
|
- Definition
Disposal Group, Including Discontinued Operation, Rents Receivable, Net No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate value (measured at the lower of net carrying value or fair value less cost of disposal) for assets of a disposal group, including a component of the entity (discontinued operation), to be sold or that has been disposed of through sale, as of the financial statement date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of operating expenses attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For the disposal group, including a component of the entity (discontinued operation), obligations not otherwise itemized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of sales or other form of revenues attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items before deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the overall income (loss) from a disposal group that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items, which is apportioned to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This item includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the overall income (loss) from a disposal group apportioned to the parent that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The obligations arising from the sale, disposal, or planned sale in the near future (generally within one year) of a disposal group, including a component of the entity (discontinued operation). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Abandonment of Project Costs No definition available.
|
| X | ||||||||||
|
- Definition
Income Before Depreciation and Amortization No definition available.
|
| X | ||||||||||
|
- Definition
Number of Reportable Segments No definition available.
|
| X | ||||||||||
|
- Definition
Property Operating Expenses and Real Estate Taxes No definition available.
|
| X | ||||||||||
|
- Definition
Real Estate Investment Property, at Cost and Inventory, Real Estate, Construction in Process No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gain (loss) after tax expense or benefit, not previously recognized and resulting from the sale of a business component, which is recognized at the date of sale. A gain (loss) reflects the amount by which the consideration received exceeds (is exceeded by) the net carrying amount (reflecting previous provisions for loss on disposal, if any) of the disposal group. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
After tax income (loss) from operations of a business component (exclusive of any gain (loss) on disposal, or provision therefore) during the reporting period, until its disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the equity method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value subject to the equity accounting method. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the excess of the fair value of acquired net assets over the cost of an acquired business after pro rata reduction of the amounts that otherwise would have been assigned to acquired assets except financial assets other than investments accounted for by the equity method, assets to be disposed of by sale, deferred tax assets, prepaid assets relating to pension and postretirement benefit plans, and other current assets. This amount is considered an extraordinary item and often referred to as negative goodwill. This element is gross of the related tax effect. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest and debt related expenses associated with nonoperating financing activities of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Income derived from investments in debt securities and on cash and cash equivalents the earnings of which reflect the time value of money or transactions in which the payments are for the use or forbearance of money. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The sum of the periodic provision charged to earnings, based on an assessment of uncollectibility from the counterparty on account of loan, lease or other credit losses, to reduce these accounts to the amount that approximates their net realizable value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Details) (USD $)
|
3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 81 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 63 Months Ended | 12 Months Ended | 12 Months Ended | 67 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2011
properties
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
properties
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
Unconsolidated Affiliates [Member]
|
Dec. 31, 2010
Unconsolidated Affiliates [Member]
|
Dec. 31, 2009
Unconsolidated Affiliates [Member]
|
Dec. 31, 2011
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2010
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2009
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
KLA/Mervyns LLC Add-On Investments [Member]
|
Dec. 31, 2011
KLA A Markets LLC Add-On Investments [Member]
|
Dec. 31, 2011
KA-Shopko LLC [Member]
|
Dec. 31, 2011
Marsh and Add-On Investments [Member]
|
Dec. 31, 2011
KLAC Rex Venture LLC [Member]
|
Dec. 31, 2011
KLA/Mervyns LLC [Member]
|
Dec. 31, 2011
KLA A Markets LLC [Member]
|
Dec. 31, 2011
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC Add-On Investments [Member]
|
Dec. 31, 2011
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC [Member]
|
Dec. 31, 2011
Mervyns II [Member]
KLA A Markets LLC Add-On Investments [Member]
|
Dec. 31, 2011
Mervyns II [Member]
KLAC Rex Venture LLC [Member]
|
Dec. 31, 2011
Mervyns II [Member]
KLA A Markets LLC [Member]
|
Dec. 31, 2011
Fund II [Member]
KA-Shopko LLC [Member]
|
Dec. 31, 2011
Fund II [Member]
Marsh and Add-On Investments [Member]
|
Dec. 31, 2011
Core Portfolio [Member]
|
Dec. 31, 2010
Core Portfolio [Member]
|
Dec. 31, 2009
Core Portfolio [Member]
|
Dec. 31, 2011
Core Portfolio [Member]
Brandywine Portfolio [Member]
sqft
|
Dec. 31, 2011
Core Portfolio [Member]
Crossroads [Member]
sqft
|
Sep. 30, 2011
Core Portfolio [Member]
Georgetown Portfolio [Member]
properties
|
Dec. 31, 2011
Opportunity Funds [Member]
|
Dec. 31, 2010
Opportunity Funds [Member]
|
Dec. 31, 2009
Opportunity Funds [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
RCP Venture [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
RCP Venture [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC Add-On Investments [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC Add-On Investments [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC Add-On Investments [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2004
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC [Member]
stores
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns I and Mervyns II [Member]
KLA/Mervyns LLC [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC Add-On Investments [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC Add-On Investments [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC Add-On Investments [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLAC Rex Venture LLC [Member]
|
Jul. 31, 2007
Opportunity Funds [Member]
Mervyns II [Member]
KLAC Rex Venture LLC [Member]
retail_properties
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLAC Rex Venture LLC [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC [Member]
|
Dec. 31, 2010
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC [Member]
|
Jun. 30, 2006
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Mervyns II [Member]
KLA A Markets LLC [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund II [Member]
KA-Shopko LLC [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund II [Member]
KA-Shopko LLC [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund II [Member]
KA Marsh LLC [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund II [Member]
Add-On Investments [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund II [Member]
Marsh and Add-On Investments [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund II [Member]
Marsh and Add-On Investments [Member]
Operating Partnership, as General Partner or Managing Member [Member]
|
Jun. 29, 2010
Opportunity Funds [Member]
Fund II [Member]
CityPoint [Member]
|
Mar. 25, 2010
Opportunity Funds [Member]
Fund I [Member]
Sterling Heights Shopping Center [Member]
|
Dec. 31, 2009
Opportunity Funds [Member]
Fund I [Member]
Sterling Heights Shopping Center [Member]
|
Dec. 31, 2011
Opportunity Funds [Member]
Fund I [Member]
Sterling Heights Shopping Center [Member]
|
Jun. 30, 2010
Opportunity Funds [Member]
Fund III [Member]
locations
|
|
| Schedule of Equity Method Investments [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investment, Ownership Percentage | 22.20% | 49.00% | 50.00% | 50.00% | 50.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Square Footage of Real Estate Property (in feet) | 1,000,000 | 311,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reclassification of Notes Receivable to Investments in and Advances to Unconsolidated Affiliates | $ 8,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Properties Collateralized | 29 | 29 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Stores | 262 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investments | 23,200,000 | 26,058,000 | 4,901,000 | 20,717,000 | 20,717,000 | 20,700,000 | 4,239,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payments to Acquire Equity Method Investments | 54,981,000 | 19,116,000 | 5,603,000 | 2,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investment, Dividends or Distributions | 45,966,000 | 11,251,000 | 4,500,000 | 11,400,000 | 81,594,000 | 16,318,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost Method Investments | 6,517,000 | 6,517,000 | 1,046,000 | 2,416,000 | 2,416,000 | 388,000 | 2,701,000 | 2,700,000 | 535,000 | 1,108,000 | 222,000 | 700,000 | 2,000,000 | 2,667,000 | 533,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment Income, Dividend | 137,935,000 | 29,752,000 | 1,900,000 | 3,558,000 | 819,000 | 500,000 | 1,679,000 | 336,000 | 840,000 | 168,000 | 1,659,000 | 332,000 | 2,639,000 | 528,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Retail Properties | 87 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Noncontrolling Interest, Ownership Percentage by Parent | 10.50% | 20.00% | 20.00% | 20.00% | 13.30% | 10.50% | 18.90% | 5.80% | 5.80% | 6.00% | 13.30% | 5.70% | 2.00% | 3.30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investment, Net Sales Proceeds | 2,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gains (Losses) on Recourse Debt | 600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 24.75% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Locations Owned | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Combined and Condensed Balance Sheets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Rental property, net | 280,470,000 | 186,802,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments in and advances to unconsolidated affiliates | 84,568,000 | 31,036,000 | 84,568,000 | 31,036,000 | 156,421,000 | 192,002,000 | 62,184,000 | 11,864,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other assets | 29,587,000 | 27,841,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total assets | 1,653,319,000 | 1,524,806,000 | 1,653,319,000 | 1,524,806,000 | 1,382,464,000 | 466,478,000 | 406,645,000 | 633,345,000 | 574,497,000 | 558,240,000 | 901,758,000 | 772,715,000 | 607,706,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage notes payable | 319,425,000 | 267,565,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other liabilities | 20,437,000 | 20,279,000 | 20,437,000 | 20,279,000 | 16,902,000 | 13,815,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Partners' equity | 130,151,000 | 125,265,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total liabilities and partners' equity | 1,653,319,000 | 1,524,806,000 | 1,653,319,000 | 1,524,806,000 | 466,478,000 | 406,645,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Company's share of distributions in excess of share of income and investments in unconsolidated affiliates | (21,710,000) | (20,884,000) | (21,710,000) | (20,884,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Combined and Condensed Statements of Operations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | 38,213,000 | 36,656,000 | 37,845,000 | 37,447,000 | 36,044,000 | 36,302,000 | 33,997,000 | 34,702,000 | 150,161,000 | 141,045,000 | 134,445,000 | 42,185,000 | 29,460,000 | 30,835,000 | 57,994,000 | 57,084,000 | 64,249,000 | 55,888,000 | 42,062,000 | 37,375,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating and other expenses | 104,129,000 | 95,506,000 | 97,830,000 | 15,924,000 | 10,617,000 | 9,851,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest expense | 17,099,000 | 13,525,000 | 13,786,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity in earnings (losses) of unconsolidated affiliates | 1,555,000 | 10,971,000 | (1,529,000) | 7,243,000 | 56,482,000 | (30,568,000) | 1,555,000 | 10,971,000 | (5,297,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization | 32,986,000 | 28,808,000 | 27,612,000 | 8,837,000 | 4,839,000 | 5,152,000 | 14,206,000 | 13,798,000 | 14,595,000 | 15,454,000 | 10,898,000 | 10,480,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss on sale of property, net | 0 | (2,957,000) | (390,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) | 11,548,000 | 47,335,000 | 1,844,000 | 7,568,000 | 54,004,000 | (28,912,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) | 1,946,000 | 11,363,000 | (1,141,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment loss | 0 | 0 | (3,768,000) | 0 | 0 | (3,768,000) | (3,800,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of excess investment | $ (391,000) | $ (392,000) | $ (388,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Amortization of Excess Investment No definition available.
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of distribution in excess of income from, and investments in, unconsolidated affiliates. No definition available.
|
| X | ||||||||||
|
- Definition
Number of Locations Owned No definition available.
|
| X | ||||||||||
|
- Definition
Number of Properties Collateralized No definition available.
|
| X | ||||||||||
|
- Definition
Number of Retail Properties No definition available.
|
| X | ||||||||||
|
- Definition
Reclassification of Notes Receivable to Investments in and Advances to Unconsolidated Affiliates No definition available.
|
| X | ||||||||||
|
- Definition
Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
In a business combination achieved in stages, this element represents the acquisition-date percentage of equity in the acquiree held by the acquirer immediately before the acquisition date. No definition available.
|
| X | ||||||||||
|
- Definition
This item represents the aggregate carrying amount of all cost-method investments as reported on or included in the balance sheet. The original cost of the investments may differ from the aggregate carrying amount disclosed due to various adjustments such as: (i) dividends received in excess of earnings after the date of investment that are considered a return of investment and therefore recorded as reductions to cost of the investment, or (ii) a series of operating losses of an investee or other factors which may indicate that a decrease in value of the investment has occurred which is other than temporary and accordingly such decrease in value has been recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents disclosure of the amount of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporation; these investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the amount of net sales proceeds received on disposal of an equity method investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents an other than temporary decline in value that has been recognized against an investment accounted for under the equity method of accounting. The excess of the carrying amount over the fair value of the investment represents the amount of the write down which is or was reflected in earnings. The written down value is a new cost basis with the adjusted value of the investment becoming its new carrying value subject to the equity accounting method. Evidence of a loss in value might include, but would not necessarily be limited to, absence of an ability to recover the carrying amount of the investment or inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of gross profit (loss) reported by an equity method investment of the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The gains (losses) included in results of operations resulting from the sale or disposal of property, plant and equipment, which do not qualify for treatment as discontinued operations. This item does not include any gain (loss) recognized on the sale of oil and gas property or timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount represents the difference between the cash acquisition price of the debt and the net carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cost of borrowed funds accounted for as interest that was charged against earnings during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Income derived from investments in equity securities representing a distribution of earnings to shareholders by the investee companies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of loans from a bank with maturities initially due after one year or beyond the normal operating cycle if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The parent entity's interest in net assets of the subsidiary, expressed as a percentage. No definition available.
|
| X | ||||||||||
|
- Definition
Represents the number of stores. No definition available.
|
| X | ||||||||||
|
- Definition
Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense. No definition available.
|
| X | ||||||||||
|
- Definition
The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of ownership interest of different classes of partners in limited partnership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount of income producing properties held for rental. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of square footage related to a real estate property. No definition available.
|
| X | ||||||||||
|
- Details
|
|
NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENT Schedule of Notes Receivable (Details) (USD $)
|
1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2011
properties
|
Dec. 31, 2009
extension_options
|
Dec. 31, 2011
properties
|
Dec. 31, 2010
|
Dec. 31, 2009
extension_options
|
Sep. 30, 2011
|
Dec. 31, 2008
|
Dec. 31, 2011
Zero Coupon Loan [Member]
|
Dec. 31, 2011
Mezzanine Loan Due 2013 [Member]
|
Feb. 28, 2011
Mezzanine Loan Due With Capital Event [Member]
|
Dec. 31, 2011
Mezzanine Loan Due With Capital Event [Member]
|
Dec. 31, 2011
Mezzanine Loan Due 2017 [Member]
|
Dec. 31, 2011
First Mortgage Loan Due 2012 [Member]
|
Dec. 31, 2011
First Mortgage Loan Due on Demand [Member]
|
Sep. 30, 2011
First Mortgage Loan Due 2012 Second [Member]
members_of_entity
|
Dec. 31, 2011
First Mortgage Loan Due 2012 Second [Member]
|
Oct. 31, 2011
Construction Loans [Member]
extension_options
|
Dec. 31, 2011
Construction Loans [Member]
|
May 31, 2011
Mezzanine Loan [Member]
|
Dec. 31, 2011
First Mortgage Loan Due 2012 Third [Member]
properties
locations
extension_options
|
Dec. 31, 2011
First Mortgage Loan Due 2012 Third [Member]
properties
locations
extension_options
|
Dec. 31, 2011
Individually Less Than 3% [Member]
|
Dec. 31, 2011
Individually Less Than 3% [Member]
Minimum [Member]
|
Dec. 31, 2011
Individually Less Than 3% [Member]
Maximum [Member]
|
Apr. 30, 2010
First Mortgage [Member]
|
Dec. 31, 2009
First Mortgage [Member]
|
Dec. 31, 2010
First Mortgage [Member]
properties
|
Sep. 30, 2011
Core Portfolio [Member]
Georgetown Portfolio [Member]
properties
|
Sep. 30, 2011
Core Portfolio [Member]
Georgetown Portfolio [Member]
Mezzanine Loan [Member]
|
Aug. 31, 2009
Pennsylvania
First Mortgage Loan, Secured By Property [Member]
|
Aug. 31, 2009
Long Island, New York [Member]
First Mortgage Loan Secured By Interest in Single Tenant Property [Member]
|
Jun. 30, 2009
South Carolina
First Mortgage Loan, Secured By Property [Member]
|
Mar. 31, 2009
South Carolina
First Mortgage Loan, Secured By Property [Member]
|
Sep. 30, 2010
Preferred Equity Investment [Member]
|
||||||||||||||||||
| Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Effective interest rate | 24.00% | 10.00% | 15.00% | 15.00% | 17.50% | 12.00% | 10.77% | 7.00% | 7.00% | 20.51% | 6.00% | 10.00% | 12.00% | ||||||||||||||||||||||||||||||||||||||
| Prior liens | $ 166,200,000 | [1] | $ 85,835,000 | [1] | $ 11,925,000 | [1] | $ 37,700,000 | [1] | |||||||||||||||||||||||||||||||||||||||||||
| Face amount of mortgages | 71,025,000 | 8,600,000 | 71,025,000 | 8,600,000 | 5,644,000 | [1] | 9,089,000 | [1] | 3,834,000 | [1] | 3,834,000 | [1] | 3,550,000 | [1] | 8,500,000 | [2] | 10,000,000 | [1] | 4,000,000 | [2] | 4,000,000 | [2] | 5,400,000 | [1] | 5,400,000 | [1] | 12,609,000 | [2] | 12,609,000 | [2] | 8,399,000 | 8,000,000 | |||||||||||||||||||
| Carrying amount of mortgages | 59,989,000 | 125,221,000 | 59,989,000 | 89,202,000 | 125,221,000 | 125,587,000 | 3,563,000 | [1] | 9,089,000 | [1] | 3,834,000 | [1] | 2,173,000 | [1] | 8,500,000 | [2] | 10,000,000 | [1] | 4,000,000 | [2] | 5,400,000 | [1] | 12,609,000 | [2] | 12,609,000 | [2] | 821,000 | ||||||||||||||||||||||||
| Number of locations sold | 15 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Properties Collateralized | 29 | 29 | 14 | 14 | 3 | 5 | |||||||||||||||||||||||||||||||||||||||||||||
| Number of extension options | 2 | 2 | 1 | 2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||
| Effective interest rate, first extension option | 9.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Effective interest rate, second extension option | 12.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Effective interest rate, extension option | 14.50% | 15.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Members of Entity Which Own Shopping Center | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Assignment of Mortgage Loan | 17,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans on Real Estate, Collection of Required Payment | 1,900,000 | 54,700,000 | 2,100,000 | 4,700,000 | 5,100,000 | 700,000 | 300,000 | ||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans on Real Estate, Collections of Principal | 8,600,000 | 56,517,000 | 42,010,000 | 13,614,000 | 33,800,000 | 2,800,000 | |||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans on Real Estate, Collection of Required Payment, Accrued Interest Portion | 1,000,000 | 13,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans on Real Estate, Collection of Required Payment, Exit Fee Portion | 7,500,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Equity Investment, Collection of Required Payment | 49,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Equity Investment, Collection of Required Payment, Invested Capital Portion | 40,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Preferred Equity Investment, Collection of Required Payment, Accrued Preferred Return Portion | $ 9,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Period of extension options | 6 months | 6 months | 6 months | ||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Properties Collateralized, Sold | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgage Loans on Real Estate, Period of Original Term of Loan | 1 year | ||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Assignment of Mortgage Loan in Connection with Exercised Option to Purchase Property, Amount No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loan on Real Estate, Effective Interest Rate, Extension Option No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Collection of Required Payment No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Collection of Required Payment, Accrued Interest Portion No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Collection of Required Payment, Exit Fee Portion No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Effective Interest Rate No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Effective Interest Rate, First Extension Option No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Effective Interest Rate, Second Extension Option No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Number of Extension Options No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Period of Extension Options No definition available.
|
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Period of Original Term of Loan No definition available.
|
| X | ||||||||||
|
- Definition
Number of Locations Sold No definition available.
|
| X | ||||||||||
|
- Definition
Number of Members of Entity Which Own Shopping Center No definition available.
|
| X | ||||||||||
|
- Definition
Number of Properties Collateralized No definition available.
|
| X | ||||||||||
|
- Definition
Number of Properties Collateralized, Sold No definition available.
|
| X | ||||||||||
|
- Definition
Preferred Equity Investment, Collection of Required Payment No definition available.
|
| X | ||||||||||
|
- Definition
Preferred Equity Investment, Collection of Required Payment, Accrued Preferred Return Portion No definition available.
|
| X | ||||||||||
|
- Definition
Preferred Equity Investment, Collection of Required Payment, Invested Capital Portion No definition available.
|
| X | ||||||||||
|
- Definition
The carrying amount of the outstanding balance due under the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of principal collected on mortgage loans on real estate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of the contractual principal due at the origination of the mortgage loan (face amount). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Amount of any prior liens on the real estate that secures the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENT Schedule of Notes Receivable and Preferred Equity Investments Reconciliation (Details) (USD $)
In Thousands, unless otherwise specified |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Dec. 31, 2011
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||
| Balance at beginning of period | $ 89,202 | $ 125,221 | $ 125,587 | |
| New mortgage loans | 34,758 | 0 | 10,839 | |
| Collections of principle | (8,600) | (56,517) | (42,010) | (13,614) |
| Reclass of investments in unconsolidated affiliates | (8,000) | 0 | 0 | |
| Noncash Accretion Of Notes Receivable | 786 | 6,164 | 5,352 | |
| Reserves | (240) | (93) | (2,943) | |
| Other | 0 | (80) | 0 | |
| Balance at close of period | $ 59,989 | $ 59,989 | $ 89,202 | $ 125,221 |
| X | ||||||||||
|
- Definition
Mortgage Loans on Real Estate, Reclass to Investments in Unconsolidated Affiliates No definition available.
|
| X | ||||||||||
|
- Definition
Non-cash accretion of notes receivable. No definition available.
|
| X | ||||||||||
|
- Definition
The carrying amount of the outstanding balance due under the mortgage loan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of principal collected on mortgage loans on real estate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total amount of new mortgage loans on real estate during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of reductions in principal on mortgage loans other than foreclosures, costs of mortgages sold, and amortization of premium during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of any write-down or reserve provided in the period on a mortgage loan on real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENT Schedule of Allowance for Credit Losses on Notes Receivable (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
| Balance at beginning of period | $ 3,036 | $ 5,943 | |
| Reserves | 240 | 93 | 2,943 |
| Write off of notes receivable | (3,000) | ||
| Balance at end of period | $ 3,276 | $ 3,036 | $ 5,943 |
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, the valuation allowance relating to a written agreement to receive money (at a specified future date(s), consisting of principal as well as any accrued interest) for the portion that is expected to be uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Reduction to the allowance for credit losses related to financing receivables deemed uncollectible. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of any write-down or reserve provided in the period on a mortgage loan on real estate. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
DEFERRED CHARGES (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
|---|---|---|
| Deferred Costs [Abstract] | ||
| Deferred financing costs | $ 31,860 | $ 29,692 |
| Deferred leasing and other costs | 32,103 | 30,485 |
| Deferred costs, gross | 63,963 | 60,177 |
| Accumulated amortization | (38,109) | (36,463) |
| Total | $ 25,854 | $ 23,714 |
| X | ||||||||||
|
- Definition
Deferred Costs, Accumulated Amortization No definition available.
|
| X | ||||||||||
|
- Definition
Deferred Costs, Gross No definition available.
|
| X | ||||||||||
|
- Definition
Deferred Leasing and Other Costs No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The carrying amount of deferred costs. No definition available.
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, the amount as of the balance sheet date of capitalized costs associated with the issuance of debt instruments (for example, legal, accounting, underwriting, printing, and registration costs) that will be charged against earnings over the life of the debt instruments to which such costs pertain. Such amount is before the consideration of accumulated amortization. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
ACQUIRED LEASE INTANGIBLES (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended |
|---|---|
|
Dec. 31, 2011
|
|
|
Assets [Member]
|
|
| Acquired Lease Intangibles [Abstract] | |
| 2012 | $ 3,695 |
| 2013 | 3,083 |
| 2014 | 2,688 |
| 2015 | 2,550 |
| 2016 | 2,387 |
| Thereafter | 12,318 |
| Total | 26,721 |
|
Liabilities [Member]
|
|
| Acquired Lease Intangibles [Abstract] | |
| 2012 | 1,112 |
| 2013 | 895 |
| 2014 | 587 |
| 2015 | 419 |
| 2016 | 395 |
| Thereafter | 2,054 |
| Total | $ 5,462 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate estimated amortization expense for succeeding fiscal years for intangible assets subject to amortization. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of amortization expense expected to be recognized for the remainder of the finite-lived intangible asset useful life after the fifth succeeding fiscal year. No definition available.
|
| X | ||||||||||
|
- Definition
The amount of amortization expense expected to be recognized during year five of the five succeeding fiscal years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of amortization expense expected to be recognized during year four of the five succeeding fiscal years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of amortization expense expected to be recognized during year one of the five succeeding fiscal years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of amortization expense expected to be recognized during year three of the five succeeding fiscal years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of amortization expense expected to be recognized during year two of the five succeeding fiscal years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of the contingent obligation under letters of credit outstanding as of the reporting date. No definition available.
|
| X | ||||||||||
|
- Definition
Amount borrowed under the credit facility as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Decrease for amounts repaid on the credit facility for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
MORTGAGES PAYABLE Summary Mortgage Notes Payable (Details) (USD $)
|
1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Aug. 31, 2011
|
Dec. 31, 2011
properties
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Jan. 31, 2011
Canarsie Plaza [Member]
|
Dec. 31, 2011
Liberty Avenue [Member]
|
Jun. 30, 2011
Fordham Place [Member]
|
Dec. 31, 2011
Tarrytown Shopping Center [Member]
|
Dec. 31, 2011
161st Street [Member]
|
Dec. 31, 2011
CityPoint [Member]
|
Dec. 31, 2011
Pelham Manor [Member]
|
Oct. 31, 2011
Branch Shopping Plaza [Member]
|
Dec. 31, 2011
Branch Shopping Plaza [Member]
|
Sep. 30, 2011
125 Main Street, Westport [Member]
|
Dec. 31, 2011
125 Main Street, Westport [Member]
|
Dec. 31, 2011
Cortlandt Towne Center [Member]
|
Dec. 31, 2011
Village Commons Shopping Center [Member]
|
Jan. 31, 2011
Chestnut Hill [Member]
properties
|
Dec. 31, 2011
Fund III [Member]
|
Dec. 31, 2011
Core Portfolio [Member]
|
Dec. 31, 2011
Fund II [Member]
|
Dec. 31, 2011
Fund III [Member]
|
Dec. 31, 2011
Fund II term loan [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
|
Aug. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Canarsie Plaza [Member]
|
Jan. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Canarsie Plaza [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Canarsie Plaza [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Canarsie Plaza [Member]
|
Nov. 30, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Liberty Avenue [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Liberty Avenue [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Liberty Avenue [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Fordham Place [Member]
|
Jun. 30, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Fordham Place [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Fordham Place [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Tarrytown Shopping Center [Member]
|
Nov. 30, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Tarrytown Shopping Center [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Tarrytown Shopping Center [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
161st Street [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
161st Street [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
CityPoint [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
CityPoint [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Six Self-Storage Properties [Member]
|
Aug. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Six Self-Storage Properties [Member]
properties
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Six Self-Storage Properties [Member]
|
Jan. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Pelham Manor [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Pelham Manor [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Pelham Manor [Member]
|
Oct. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Branch Shopping Plaza [Member]
extensions
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Branch Shopping Plaza [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Branch Shopping Plaza [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
125 Main Street, Westport [Member]
|
Sep. 30, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
125 Main Street, Westport [Member]
extensions
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
125 Main Street, Westport [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Cortlandt Towne Center [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Cortlandt Towne Center [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Village Commons Shopping Center [Member]
|
Jun. 30, 2011
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Village Commons Shopping Center [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Mortgage Notes Payable - Variable-Rate [Member]
Village Commons Shopping Center [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Interest Rate Swap [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Interest Rate Swap [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Fund III [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Fund III [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Six Core Portfolio properties[Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Oct. 31, 2011
Variable Interest Rate [Member]
Six Core Portfolio properties[Member]
Secured Credit Facilities - Variable-Rate [Member]
properties
|
Dec. 31, 2010
Variable Interest Rate [Member]
Six Core Portfolio properties[Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2011
Variable Interest Rate [Member]
Fund II term loan [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2010
Variable Interest Rate [Member]
Fund II term loan [Member]
Secured Credit Facilities - Variable-Rate [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Interest Rate Swap [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Interest Rate Swap [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
CityPoint [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
CityPoint [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Five Self-Storage Properties [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Five Self-Storage Properties [Member]
|
Jan. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Chestnut Hill [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Chestnut Hill [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Chestnut Hill [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Clark Diversey [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Clark Diversey [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
New Louden Center [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
New Louden Center [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Crescent Plaza [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Crescent Plaza [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Pacesetter Park Shopping Center [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Pacesetter Park Shopping Center [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Elmwood Park Shopping Center [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Elmwood Park Shopping Center [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
The Gateway Shopping Center [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
The Gateway Shopping Center [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Walnut Hill Plaza [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Walnut Hill Plaza [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
239 Greenwich Avenue [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
239 Greenwich Avenue [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Merrillville Plaza [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Merrillville Plaza [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
216th Street [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
216th Street [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Atlantic Avenue [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
Atlantic Avenue [Member]
|
Dec. 31, 2011
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
A&P Shopping Plaza [Member]
|
Dec. 31, 2010
Fixed Interest Rate [Member]
Mortgage Notes Payable - Fixed Rate [Member]
A&P Shopping Plaza [Member]
|
Dec. 31, 2011
Option 1 [Member]
Canarsie Plaza [Member]
|
Dec. 31, 2011
Option 1 [Member]
Fordham Place [Member]
|
Dec. 31, 2011
Option 1 [Member]
Self Storage Investments [Member]
|
Dec. 31, 2011
Option 2 [Member]
Canarsie Plaza [Member]
|
Aug. 31, 2011
Option 2 [Member]
Canarsie Plaza [Member]
|
Dec. 31, 2011
Option 2 [Member]
Fordham Place [Member]
|
Dec. 31, 2011
Option 2 [Member]
Self Storage Investments [Member]
|
Aug. 31, 2011
Option 2 [Member]
Self Storage Investments [Member]
|
|||||||||||
| Debt Instrument [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mortgages payable | $ 787,910,000 | $ 806,212,000 | $ 488,581,000 | $ 439,836,000 | $ 368,529,000 | $ 298,921,000 | $ 58,000,000 | $ 56,476,000 | $ 40,243,000 | $ 9,900,000 | $ 9,395,000 | $ 10,000,000 | $ 84,277,000 | $ 85,300,000 | $ 85,910,000 | $ 8,260,000 | $ 8,260,000 | $ 8,427,000 | $ 28,900,000 | $ 28,900,000 | $ 20,650,000 | $ 20,650,000 | $ 42,000,000 | $ 0 | $ 34,000,000 | $ 31,554,000 | $ 13,700,000 | $ 12,761,000 | $ 13,932,000 | $ 12,500,000 | $ 0 | $ 50,000,000 | $ 50,000,000 | $ 9,310,000 | $ 9,400,000 | $ 9,305,000 | $ 177,079,000 | $ 212,450,000 | $ (57,027,000) | [1] | $ (71,535,000) | [1] | $ 136,079,000 | [2] | $ 171,450,000 | [2] | $ 1,000,000 | $ 1,000,000 | $ 40,000,000 | $ 40,000,000 | $ 299,296,000 | $ 366,308,000 | $ 57,027,000 | [1] | $ 71,535,000 | [1] | $ 20,000,000 | $ 20,000,000 | $ 0 | $ 41,500,000 | $ 0 | $ 9,338,000 | $ 4,491,000 | $ 4,625,000 | $ 13,882,000 | $ 14,119,000 | $ 17,287,000 | $ 17,539,000 | $ 11,941,000 | $ 12,132,000 | $ 33,738,000 | $ 34,197,000 | $ 20,308,000 | $ 20,500,000 | $ 23,458,000 | $ 23,500,000 | $ 26,000,000 | $ 26,000,000 | $ 26,250,000 | $ 26,250,000 | $ 25,500,000 | $ 25,500,000 | $ 11,540,000 | $ 11,540,000 | $ 7,874,000 | $ 8,033,000 | |||||||||||||||||||||||||||||||||||||||
| Number of Properties Collateralized | 29 | 1 | 6 | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate, minimum | 1.55% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate, maximum | 7.34% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subordinated Debt | 7,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Additional borrowings | 4,000,000 | 3,000,000 | 16,200,000 | 2,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Extinguishment of debt | 9,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total amount of credit facility | 254,784,000 | 150,286,000 | 40,000,000 | 64,500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unamortized premium | 33,000 | 68,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate at December 31, 2011 | 5.41% | [1] | 7.25% | 6.35% | 5.64% | 4.98% | 5.12% | 5.53% | 5.44% | 6.06% | 5.42% | 5.88% | 5.80% | 7.34% | 6.40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repayments of debt | 41,500,000 | 500,000 | 900,000 | 7,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain on debt extinguishment | 1,268,000 | 0 | 7,057,000 | 1,700,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of loan extensions | 1 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Line of credit facility, additional borrowings | 71,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Line of credit facility, repayments | $ 35,371,000 | $ 35,371,000 | $ 0 | $ 107,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis Spread | 3.25% | 1.65% | 5.50% | 2.50% | 2.75% | 2.25% | 2.35% | 1.90% | 1.40% | 2.55% | 1.55% | 3.20% | 4.00% | 3.50% | 4.15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Rate | 3.55% | 1.95% | 5.80% | 2.80% | 3.05% | 2.55% | 2.65% | 2.20% | 1.70% | 2.25% | 1.25% | 2.90% | 4.30% | 4.45% | 6.50% | 5.00% | 4.65% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LIBOR floor | 1.50% | 2.50% | 0.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Length of loan extension | 3 years | 1 year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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| X | ||||||||||
|
- Definition
Debt Instrument, Variable Rate Basis Minimum No definition available.
|
| X | ||||||||||
|
- Definition
Length of Loan Extension No definition available.
|
| X | ||||||||||
|
- Definition
Number of Loan Extensions No definition available.
|
| X | ||||||||||
|
- Definition
Number of Properties Collateralized No definition available.
|
| X | ||||||||||
|
- Definition
The percentage points added to the reference rate to compute the variable rate on the debt instrument. No definition available.
|
| X | ||||||||||
|
- Definition
The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR. No definition available.
|
| X | ||||||||||
|
- Definition
Increase for additional borrowings on the debt instrument during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effective interest rate at the end of the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Effective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
When presenting a range of interest rates, the highest effective rate for funds borrowed under the debt agreement as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
When presenting a range of interest rates, the lowest effective rate for funds borrowed under the debt agreement as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of debt premium that was originally recognized at the issuance of the instrument that has yet to be amortized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount of debt extinguished. No definition available.
|
| X | ||||||||||
|
- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Decrease for amounts repaid on the credit facility for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Increase for additional borrowings on the credit facility during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date. May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of subordinated debt (with initial maturities beyond one year or beyond the operating cycle if longer). Subordinated debt places a lender in a lien position behind debt having a higher priority of repayment in liquidation of the entity's assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
MORTGAGES PAYABLE Scheduled Principal Repayments (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
|---|---|
| Mortgage Loans on Real Estate [Abstract] | |
| 2012 | $ 298,335 |
| 2013 | 128,059 |
| 2014 | 104,667 |
| 2015 | 79,710 |
| 2016 | 74,722 |
| Thereafter | 103,314 |
| Long-term debt and convertible notes payable | $ 788,807 |
| X | ||||||||||
|
- Definition
Long-term Debt and Convertible Notes Payable No definition available.
|
| X | ||||||||||
|
- Definition
Amount of long-term debt maturities after year five following the date of the latest balance sheet presented in the financial statements, which may include maturities of long-term debt, sinking fund requirements, and other securities redeemable at fixed of determinable prices and dates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt maturing within the next twelve months following the date of the latest balance sheet presented in the financial statements, which may include maturities of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt maturing in year five following the date of the latest balance sheet presented in the financial statements, which may include maturities of long-term debt, sinking fund requirements, and other securities redeemable at fixed of determinable prices and dates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt maturing in year four following the date of the latest balance sheet presented in the financial statements, which may include maturities of long-term debt, sinking fund requirements, and other securities redeemable at fixed of determinable prices and dates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt maturing in year three following the date of the latest balance sheet presented in the financial statements, which may include maturities of long-term debt, sinking fund requirements, and other securities redeemable at fixed of determinable prices and dates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of long-term debt maturing in year two following the date of the latest balance sheet presented in the financial statements, which may include maturities of long-term debt, sinking fund requirements, and other securities redeemable at fixed or determinable prices and dates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Common Shares Trading Price, Percentage of Conversion Price For Prior to Maturity Conversion No definition available.
|
| X | ||||||||||
|
- Definition
Consecutive Trading Period No definition available.
|
| X | ||||||||||
|
- Definition
Debt Instrument, Convertible, Non-cash Interest Expense No definition available.
|
| X | ||||||||||
|
- Definition
Measurement Period, Conversion Prior to Maturity No definition available.
|
| X | ||||||||||
|
- Definition
Purchase of Convertible Notes Payable, Average Discount Rate No definition available.
|
| X | ||||||||||
|
- Definition
Redemption of Convertible Notes Payable No definition available.
|
| X | ||||||||||
|
- Definition
Redemption Price, Percentage of Principal Amount Plus Accrued and Unpaid Interest No definition available.
|
| X | ||||||||||
|
- Definition
Required Repurchase Price, Percentage of Principal Amount Plus Accrued and Unpaid Interest No definition available.
|
| X | ||||||||||
|
- Definition
The amount of subsequent adjustments to additional paid in capital for convertible financial instruments where a component of equity and a component of debt are recognized. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Including the current and noncurrent portions, carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount of the equity component of convertible debt which may be settled in cash upon conversion. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The price per share of the conversion feature embedded in the debt instrument. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The effective interest rate on the liability component of convertible debt instrument which may be settled in cash upon conversion, including partial cash settlement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The stated principal amount of the debt instrument at time of issuance, which may vary from the carrying amount because of unamortized premium or discount. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Interest rate stated in the contractual debt agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount represents the difference between the fair value of the payments made and the carrying amount of the debt at the time of its extinguishment. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Accumulated change, net of tax, in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges. Includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The estimated net amount of existing gains or losses on cash flow hedges at the reporting date expected to be reclassified to earnings within the next 12 months. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Cap rate on an interest rate derivative such as an interest rate cap or collar. If market rates exceed the cap rate, a payment or receipt is triggered on the contract. No definition available.
|
| X | ||||||||||
|
- Definition
Derivative instrument obligations meeting the definition of a liability which the Company is a party to as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fixed interest rate related to the interest rate derivative. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Aggregate notional amount of all interest rate derivatives designated as hedging instruments in cash flow hedges. Notional amount refers to the monetary amount specified in the interest rate derivative contract. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
|
Dec. 31, 2010
|
|---|---|---|
|
Carrying (Reported) Amount, Fair Value Disclosure [Member]
|
||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes Receivable and Preferred Equity Investments | $ 59,989 | $ 89,202 |
| Mortgage Notes Payable and Convertible Notes Payable | 788,840 | 854,924 |
|
Estimate of Fair Value, Fair Value Disclosure [Member]
|
||
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
| Notes Receivable and Preferred Equity Investments | 59,989 | 90,612 |
| Mortgage Notes Payable and Convertible Notes Payable | $ 792,737 | $ 863,639 |
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item represents loan receivable as presented on the statement of financial position which may include mortgage loans held for investment, finance receivables held for investment, policy loans on insurance contracts, or any other loans which are due the Company as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. No definition available.
|
|
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Common Shares (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Class of Stock [Line Items] | |||
| Proceeds from Issuance of Common Stock | $ 45.0 | ||
|
Common Stock [Member]
|
|||
| Class of Stock [Line Items] | |||
| Issuance of Common Shares, net of issuance costs (in Shares) | 2,250,000 | 5,750,000 | |
|
Restricted Stock [Member]
|
|||
| Class of Stock [Line Items] | |||
| Restricted Stock, Shares Canceled for Tax Withholding For Share Based Compensation | 40,254 | ||
|
LTIP Units and Restricted Stock [Member]
|
|||
| Class of Stock [Line Items] | |||
| Allocated Share-based Compensation Expense | $ 4.0 | $ 3.8 | $ 3.7 |
| X | ||||||||||
|
- Definition
Long Term Incentive and Share Based Compensation Expense No definition available.
|
| X | ||||||||||
|
- Definition
Restricted Stock, Shares Canceled for Tax Withholding For Share Based Compensation No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of new stock issued during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Noncontrolling Interest (Details) (USD $)
|
0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Nov. 29, 2011
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
Dec. 31, 2011
LTIP Units [Member]
|
Dec. 31, 2010
LTIP Units [Member]
|
Dec. 31, 2010
Klaff [Member]
Restricted Stock [Member]
|
Dec. 31, 2005
Klaff [Member]
Restricted Stock [Member]
|
Dec. 31, 2011
Series A Preferred Stock [Member]
|
Dec. 31, 2011
Noncontrolling Interest [Member]
|
Dec. 31, 2010
Noncontrolling Interest [Member]
|
Dec. 31, 2009
Noncontrolling Interest [Member]
|
Dec. 31, 2011
Noncontrolling Interest [Member]
Partially-Owned Affiliates [Member]
|
Dec. 31, 2011
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2010
Operating Partnership, as General Partner or Managing Member [Member]
|
Dec. 31, 2011
Operating Partnership, as General Partner or Managing Member [Member]
Series A Preferred Stock [Member]
|
Dec. 31, 2010
Operating Partnership, as General Partner or Managing Member [Member]
Series A Preferred Stock [Member]
|
Dec. 31, 2011
Operating Partnership, as General Partner or Managing Member [Member]
Noncontrolling Interest [Member]
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||
| Balance | $ 269,310,000 | $ 269,310,000 | $ 264,901,000 | $ 4,409,000 | ||||||||||||||||||||||
| Distributions declared of $0.72 per Common OP Unit | 0 | (984,000) | ||||||||||||||||||||||||
| Distributions declared | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.72 | $ 0.72 | $ 0.75 | ||||||||||||||
| Net income for the period January 1 through December 31, 2011 | 2,160,000 | 20,610,000 | (18,427,000) | 1,508,000 | 652,000 | |||||||||||||||||||||
| Conversion of 11,569 OP Units to Common Shares by limited partners of the Operating Partnership | (56,000) | (3,240,000) | (90,000) | 0 | (56,000) | |||||||||||||||||||||
| Issuance of LTIP Unit awards to employees | 2,441,000 | 2,441,000 | 0 | 2,441,000 | ||||||||||||||||||||||
| Other comprehensive income - unrealized loss on valuation of swap agreements | (5,611,000) | (2,683,000) | (1,052,000) | (2,150,000) | (354,000) | (140,000) | (2,102,000) | (48,000) | ||||||||||||||||||
| Reclassification of realized interest on swap agreements | 3,081,000 | 2,749,000 | 2,745,000 | 676,000 | 283,000 | 319,000 | 648,000 | 28,000 | ||||||||||||||||||
| Noncontrolling Interest contributions | 117,945,000 | 33,556,000 | 25,653,000 | 117,945,000 | 33,556,000 | 25,653,000 | 117,945,000 | 0 | ||||||||||||||||||
| Noncontrolling interest distributions and other reductions | (7,697,000) | (2,892,000) | (1,624,000) | (7,697,000) | (2,892,000) | (1,624,000) | (7,697,000) | 0 | ||||||||||||||||||
| Employee Long-term Incentive Plan Unit Awards | 4,032,000 | 3,838,000 | 3,847,000 | 3,550,000 | 1,778,000 | 890,000 | 0 | 3,550,000 | ||||||||||||||||||
| Balance | 385,195,000 | 269,310,000 | 385,195,000 | 269,310,000 | 375,203,000 | 9,992,000 | ||||||||||||||||||||
| Share-based Compensation, Units Outstanding | 1,061,564 | 641,534 | ||||||||||||||||||||||||
| Series A Preferred OP Units | 279,748 | 281,294 | 188 | 188 | ||||||||||||||||||||||
| Limited Partners' Capital Account, Value Per Unit | $ 1,000 | $ 1,000 | ||||||||||||||||||||||||
| Per Unit Conversion Amount, Series A Preferred OP Units | $ 22.50 | |||||||||||||||||||||||||
| Per Unit Conversion Annual Rate, Series A Preferred OP Units | 9.00% | |||||||||||||||||||||||||
| Units issued for interest in contractual rights (in shares) | 250,000 | |||||||||||||||||||||||||
| Units issued for interest in contractual rights, converted (in shares) | 250,000 | |||||||||||||||||||||||||
| Limited Partners' Capital Account, Units Issued and Converted | 11,569 | 11,569 | 1,392 | |||||||||||||||||||||||
| Share-based Compensation, Units converted from Series A Preferred OP Units | 185,600 | 185,600 | ||||||||||||||||||||||||
| Denominator for Series A Preferred OP Unit Conversion | $ 7.50 | $ 7.50 | ||||||||||||||||||||||||
| X | ||||||||||
|
- Definition
Denominator for Series A Preferred OP Unit Conversion No definition available.
|
| X | ||||||||||
|
- Definition
Issuance of LTIP unit awards to employees adjustment to non-controlling interests. No definition available.
|
| X | ||||||||||
|
- Definition
Limited Partners' Capital Account, Value Per Unit No definition available.
|
| X | ||||||||||
|
- Definition
Per Unit Conversion Amount, Preferred OP Units No definition available.
|
| X | ||||||||||
|
- Definition
Per Unit Conversion Annual Rate, Preferred OP Units No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation, Convertible Feature, Operating Partnership Units, Shares Converted to Common Stock No definition available.
|
| X | ||||||||||
|
- Definition
Share-based Compensation, Units converted from Series A Preferred OP Units No definition available.
|
| X | ||||||||||
|
- Definition
Share-based Compensation, Units Outstanding No definition available.
|
| X | ||||||||||
|
- Definition
Shares Issued in Exchange for Interest in Contract Rights No definition available.
|
| X | ||||||||||
|
- Definition
Shares Issued in Exchange for Interest in Contractual Rights, Shares Converted into Common Stock No definition available.
|
| X | ||||||||||
|
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Equity impact of common stock cash dividends declared by an entity during the period. This element includes paid and unpaid dividends declared during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The number of limited partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Decrease in noncontrolling interest balance from payment of dividends or other distributions by the non-wholly owned subsidiary or partially owned entity, included in the consolidation of the parent entity, to the noncontrolling interest holders. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Represents an increase in noncontrolling interest from issuance of additional equity interests to noncontrolling interest holders or the sale of a portion of the parent's controlling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net of tax effect of the reclassification adjustment for accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges included in accumulated comprehensive income that was realized in net income during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Change in accumulated gains and losses from derivative instrument designated and qualifying as the effective portion of cash flow hedges, net of tax effect. The after tax effect change includes an entity's share of an equity investee's Increase or Decrease in deferred hedging gains or losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock related to Restricted Stock Awards issued during the period, net of the stock value of such awards forfeited. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
RELATED PARTY TRANSACTIONS (Details) (USD $)
|
12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
Klaff [Member]
|
Dec. 31, 2011
Lead Trustee [Member]
|
Dec. 31, 2010
Lead Trustee [Member]
|
Dec. 31, 2009
Lead Trustee [Member]
|
Dec. 31, 2011
Unconsolidated Affiliates [Member]
|
Dec. 31, 2010
Unconsolidated Affiliates [Member]
|
Dec. 31, 2011
Core Portfolio [Member]
Brandywine Portfolio [Member]
|
Dec. 31, 2010
Core Portfolio [Member]
Brandywine Portfolio [Member]
|
Dec. 31, 2009
Core Portfolio [Member]
Brandywine Portfolio [Member]
|
Feb. 28, 2010
Restricted Stock [Member]
Klaff [Member]
|
Dec. 31, 2005
Restricted Stock [Member]
Klaff [Member]
|
|
| Related Party Transaction [Line Items] | |||||||||||||
| Units issued for interest in contractual rights (in shares) | 250,000 | ||||||||||||
| Units issued for interest in contractual rights, converted (in shares) | 250,000 | ||||||||||||
| Related party revenue | $ 400,000 | $ 1,000,000 | $ 800,000 | $ 700,000 | |||||||||
| Receivable from related parties | 1,375,000 | 2,409,000 | 1,375,000 | 2,409,000 | |||||||||
| Related party transaction expense | $ 100,000 | $ 100,000 | $ 100,000 | ||||||||||
| X | ||||||||||
|
- Definition
Shares Issued in Exchange for Interest in Contract Rights No definition available.
|
| X | ||||||||||
|
- Definition
Shares Issued in Exchange for Interest in Contractual Rights, Shares Converted into Common Stock No definition available.
|
| X | ||||||||||
|
- Definition
For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Expenses recognized during the period resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Revenues, net of returns and allowances, realized from sales and other transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
TENANT LEASES (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2011
Customer
|
Dec. 31, 2010
Customer
|
Dec. 31, 2009
Customer
|
|
| Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
| 2012 | $ 87,873 | ||
| 2013 | 82,153 | ||
| 2014 | 75,099 | ||
| 2015 | 69,636 | ||
| 2016 | 65,245 | ||
| Thereafter | 574,137 | ||
| Total | $ 954,143 | ||
|
Customer Concentration Risk [Member]
|
|||
| Operating Leases, Future Minimum Payments Receivable [Abstract] | |||
| Number of Customers Representing Amounts Greater Than Concentration Risk Threshold | 0 | 0 | 0 |
| Concentration Risk, Benchmark Threshold Percent | 10.00% | 10.00% | 10.00% |
| X | ||||||||||
|
- Definition
Concentration Risk, Benchmark Threshold Percent No definition available.
|
| X | ||||||||||
|
- Definition
Number of Customers Representing Amounts Greater Than Concentration Risk Threshold No definition available.
|
| X | ||||||||||
|
- Definition
Future minimum rental payments in aggregate as of the balance sheet date under operating leases. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within one year of the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within the fifth year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within the fourth year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within the third year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future rental payments receivable within the second year from the balance sheet date under an operating lease. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Future minimum lease payments receivable under operating leases for periods greater than five years following the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
LEASE OBLIGATIONS (Details) (USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Operating Leases, Future Minimum Payments Due [Abstract] | |||
| 2012 | $ 5,115,000 | ||
| 2013 | 5,162,000 | ||
| 2014 | 4,975,000 | ||
| 2015 | 5,093,000 | ||
| 2016 | 3,986,000 | ||
| Thereafter | 138,242,000 | ||
| Total | 162,573,000 | ||
|
Minimum [Member]
|
|||
| Operating Leased Assets [Line Items] | |||
| Period of lease term | 20 years | ||
|
Maximum [Member]
|
|||
| Operating Leased Assets [Line Items] | |||
| Period of lease term | 71 years | ||
|
Ground Rent [Member]
|
|||
| Operating Leased Assets [Line Items] | |||
| Operating Leases, Rent Expense | 4,600,000 | 3,700,000 | 2,500,000 |
|
Properties Under Development [Member]
|
|||
| Operating Leased Assets [Line Items] | |||
| Rent expense capitalized | 1,500,000 | 500,000 | 600,000 |
|
White Plains Corporate Office [Member]
|
|||
| Operating Leased Assets [Line Items] | |||
| Operating Leases, Rent Expense | $ 1,400,000 | $ 1,500,000 | $ 1,500,000 |
|
Property Subject to Operating Lease [Member]
|
|||
| Operating Leased Assets [Line Items] | |||
| Number of properties leased | 9 | ||
| X | ||||||||||
|
- Definition
Capitalized, Rent Expense No definition available.
|
| X | ||||||||||
|
- Definition
Operating Lease Lessee Period of Lease Term No definition available.
|
| X | ||||||||||
|
- Definition
Rental expense incurred for leased assets including furniture and equipment which has not been recognized in costs and expenses applicable to sales and revenues; for example, cost of goods sold or other operating costs and expenses. No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The total of future contractually required payments on leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due within one year of the balance sheet date relating to leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due within the fifth year of the balance sheet date relating to leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due within the fourth year of the balance sheet date relating to leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due within the third year of the balance sheet date relating to leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due within the second year of the balance sheet date relating to leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
For leases having an initial or remaining non-cancelable letter-terms in excess of one year, required rental payments due after the fifth year from the balance sheet date on leases defined as operating. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of units (items of property) under operating lease arrangements. No definition available.
|
| X | ||||||||||
|
- Definition
Discount on Shares Issued Relating to Conversion of Senior Managements Cash Bonus, Percent No definition available.
|
| X | ||||||||||
|
- Definition
Long Term Incentive and Share Based Compensation Expense No definition available.
|
| X | ||||||||||
|
- Definition
Maximum Percentage of Promote To Be Awarded as Share Based Compensation Awards. Promote is defined as the amount above a certain performance measurement threshold. No definition available.
|
| X | ||||||||||
|
- Definition
Percent of Awards Issued to Officers Subject to Performance Measures No definition available.
|
| X | ||||||||||
|
- Definition
Percent of Units Awarded No definition available.
|
| X | ||||||||||
|
- Definition
Share-based Compensation, Granted, for Service, Vesting After One Year Anniversary of Grant Date No definition available.
|
| X | ||||||||||
|
- Definition
Share-based Compensation, Granted, for Service, Vesting on One Year Anniversary of Grant Date No definition available.
|
| X | ||||||||||
|
- Definition
Share-based Compensation, Granted, for Service, Vesting Rate Beginning on the First Anniversary of Grant Date No definition available.
|
| X | ||||||||||
|
- Definition
Share Based Compensation Plan, Minimum Options Exercise Price as a Percentage of the Fair Market Value of the Common Shares No definition available.
|
| X | ||||||||||
|
- Definition
Share-based Compensation, Share-based Payment Award, Options Outstanding and Vested No definition available.
|
| X | ||||||||||
|
- Definition
Share-based Goods and Nonemployee Services Transaction, Options Outstanding and Vested No definition available.
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The maximum number of shares (or other type of equity) originally approved (usually by shareholders and board of directors), net of any subsequent amendments and adjustments, for awards under the equity-based compensation plan. As stock or unit options and equity instruments other than options are awarded to participants, the shares or units remain authorized and become reserved for issuance under outstanding awards (not necessarily vested). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Value of stock (or other type of equity) granted during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. This element is not the recognition of equity-based compensation expense in pursuant to FAS 123R. That element is AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue (Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition, Value). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of any shares forfeited. Shares issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Fees charged annually for the professional services of a trustee, usually quoted as a percentage of the funds being managed. The fee for appointing an offshore Trustee is included in the trust price. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The total accumulated difference between fair values of underlying shares on dates of exercise and exercise price on options which were exercised (or share units converted) into shares during the reporting period under the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average price at which option holders acquired shares when converting their stock options into shares under the plan during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares reserved for issuance under stock option agreements awarded under the plan that validly exist and are outstanding as of the balance sheet date, including vested options. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average price as of the beginning of the year at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average period between the balance sheet date and expiration for all awards outstanding under the plan, which may be expressed in a decimal value for number of years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the total dollar difference between fair values of the underlying shares reserved for issuance and exercise prices of fully vested and expected to vest options that are exercisable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of share options (or share units) exercised during the current period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
As of the balance sheet date, the aggregate unrecognized cost of equity-based awards made to employees under equity-based compensation awards that have yet to vest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average period over which unrecognized compensation is expected to be recognized for equity-based compensation plans, using a decimal to express in number of years. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were not exercised or put into effect during the reporting period as a result of the occurrence of a terminating event specified in the contractual agreement of the plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value of nonvested awards on equity-based plans excluding option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, revenue or profit achievement stock award plan) for which the employer is contingently obligated to issue equity instruments or transfer assets to an employee who has not yet satisfied service or performance criteria necessary to gain title to proceeds from the sale of the award or underlying shares or units. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total fair value of equity-based awards for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
EMPLOYEE SHARE PURCHASE AND DEFERRED SHARE PLAN (Details) (USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Employee share purchase discount rate (in percent) | 15.00% | ||
| Employee share purchase maximum purchase amount | $ 25,000 | ||
| Employee share purchase compensation expense | 10,000 | 20,000 | 20,000 |
|
Trustee [Member] | Deferred Compensation [Member]
|
|||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Deferred compensation arrangement compensation expense | $ 60,000 | $ 60,000 | $ 50,000 |
| Deferred compensation arrangement shares issued (in shares) | 14,722 | ||
|
Common Stock [Member]
|
|||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Employee share purchase (in shares) | 4,886 | 6,184 | 8,744 |
| X | ||||||||||
|
- Definition
Employee Stock Ownership Plan, Allowable Share Purchase Amount Per Annum, Maximum No definition available.
|
| X | ||||||||||
|
- Definition
Employee Stock Ownership Plan, Purchase Discount Rate No definition available.
|
| X | ||||||||||
|
- Definition
The compensation expense recognized during the period pertaining to the deferred compensation arrangement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of shares issued pursuant to the terms of the deferred compensation plan as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of plan compensation cost recognized during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Number of shares issued during the period as a result of an employee stock purchase plan. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
EMPLOYEE 401(K) PLAN (Details) (USD $)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Defined Contribution Plan [Line Items] | |||
| Employer matching contribution (in percent) | 50.00% | ||
| Maximum employee annual salary contribution (in percent) | 15.00% | ||
| Maximum employee annual salary contribution amount | $ 16,500 | ||
| Employer contribution | $ 200,000 | $ 200,000 | $ 200,000 |
|
Maximum [Member]
|
|||
| Defined Contribution Plan [Line Items] | |||
| Maximum annual contribution per employee (in percent) | 6.00% | ||
| X | ||||||||||
|
- Definition
Defined Contribution Plan, Employer Matching Contribution, Percent No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Defined Contribution Plan, Maximum Annual Contribution Per Employee, Percent No definition available.
|
| X | ||||||||||
|
- Definition
Defined Contribution Plan, Maximum employee annual salary contribution amount No definition available.
|
| X | ||||||||||
|
- Definition
Defined Contribution Plan, Maximum employee annual salary contribution percentage No definition available.
|
| X | ||||||||||
|
- Definition
The amount of the cost recognized during the period for defined contribution plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
DIVIDENDS AND DISTRIBUTIONS PAYABLE (Details) (USD $)
|
0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Nov. 29, 2011
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Dividends, Common Stock [Abstract] | ||||||||||||
| Cash dividends declared per Common Share | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.72 | $ 0.72 | $ 0.75 |
| X | ||||||||||
|
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
FEDERAL INCOME TAXES Tax Status of Dividends (Details)
|
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Income Tax Contingency [Line Items] | |||
| Required Distribution Rate to Maintain REIT Status (in percent) | 90.00% | ||
| Ordinary income | 75.00% | 100.00% | 95.00% |
| Qualified dividend | 22.00% | 0.00% | 0.00% |
| Capital gain | 3.00% | 0.00% | 5.00% |
| Total | 100.00% | 100.00% | 100.00% |
| X | ||||||||||
|
- Definition
Allocation Of Dividends, Capital Gain, Percent No definition available.
|
| X | ||||||||||
|
- Definition
Allocation Of Dividends, Ordinary Income, Percent No definition available.
|
| X | ||||||||||
|
- Definition
Allocation of Dividends, Percent No definition available.
|
| X | ||||||||||
|
- Definition
Allocation Of Dividends, Qualified Dividend, Percent No definition available.
|
| X | ||||||||||
|
- Definition
Required Distribution Rate to Maintain REIT Status No definition available.
|
| X | ||||||||||
|
- Details
|
|
FEDERAL INCOME TAXES Income and Provision for Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Income Tax Contingency [Line Items] | |||||||||||
| TRS income before income taxes | $ 12,022 | $ 50,225 | $ 3,385 | ||||||||
| Provision for income taxes: | |||||||||||
| TRS net income before noncontrolling interests | 3,789 | 3,843 | 4,245 | 8,185 | 6,589 | 4,592 | 12,250 | 4,829 | 20,062 | 28,260 | 26,574 |
| Noncontrolling interests | 2,160 | 20,610 | (18,427) | ||||||||
| TRS net income | 53,715 | 50,667 | 12,706 | ||||||||
|
TRS [Member]
|
|||||||||||
| Income Tax Contingency [Line Items] | |||||||||||
| TRS income before income taxes | 376 | 5,716 | 2,671 | ||||||||
| Provision for income taxes: | |||||||||||
| Federal | 222 | 2,164 | 1,025 | ||||||||
| State and local | 59 | 543 | 292 | ||||||||
| TRS net income before noncontrolling interests | 95 | 3,009 | 1,354 | ||||||||
| Noncontrolling interests | 1,245 | (545) | 0 | ||||||||
| TRS net income | $ 1,340 | $ 2,464 | $ 1,354 | ||||||||
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted federal tax law to the domestic taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The component of income tax expense for the period representing amounts paid or payable (or refundable) as determined by applying the provisions of enacted state and local tax law to relevant amounts of taxable Income or Loss from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The portion of net Income or Loss attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
FEDERAL INCOME TAXES Tax Reconciliation (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Income Tax Contingency [Line Items] | |||
| Federal provision at statutory tax rate | $ 128 | $ 1,943 | $ 908 |
| TRS State and local taxes, net of federal benefit | 20 | 358 | 193 |
| Permanent differences, net | (279) | 406 | 138 |
| Restricted stock vesting | 266 | 0 | 0 |
| Other | 146 | 0 | 78 |
| REIT state and local income and franchise taxes | 193 | 183 | 224 |
| Total provision for income taxes | $ 474 | $ 2,890 | $ 1,541 |
| X | ||||||||||
|
- Definition
Income Tax Reconciliation, Permanent Differences, Net No definition available.
|
| X | ||||||||||
|
- Definition
Income Tax Reconciliation, Real Estate Investment Trust State and Local Income Taxes and Franchise Taxes No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of income tax expense or benefit for the period computed by applying the domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the difference between total income tax expense or benefit as reported in the Income Statement for the period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations attributable to differences in the deductibility of incentive stock options and other equity-based compensation costs in accordance with generally accepted accounting principles and enacted tax laws. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the difference, between total income tax expense or benefit as reported in the Income Statement for the year/accounting period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations, that is attributable to all other items not otherwise listed in the existing taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The portion of the difference, between total income tax expense or benefit as reported in the Income Statement for the period and the expected income tax expense or benefit computed by applying the domestic federal statutory income tax rates to pretax income from continuing operations, that is attributable to state and local income tax expense or benefit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
EARNINGS PER COMMON SHARE (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Numerator: | |||||||||||
| Income from continuing operations attributable to Common Shareholders | $ 3,789 | $ 3,843 | $ 4,245 | $ 8,185 | $ 6,589 | $ 4,592 | $ 12,250 | $ 4,829 | $ 20,062 | $ 28,260 | $ 26,574 |
| Effect of dilutive securities: | |||||||||||
| Preferred OP Unit distributions | 18 | 18 | 19 | ||||||||
| Employee share options | 264,000 | 245,000 | 212,000 | ||||||||
| Convertible Preferred OP Units | 25,000 | 25,000 | 25,000 | ||||||||
| Dilutive potential Common Shares | 289,000 | 270,000 | 237,000 | ||||||||
| Numerator for diluted earnings per Common Share | 20,080 | 28,278 | 26,593 | ||||||||
| Denominator | |||||||||||
| Weighted average shares for basic earnings per share | 40,697,000 | 40,136,000 | 38,005,000 | ||||||||
| Effect of dilutive securities: | |||||||||||
| Preferred OP Unit distributions | $ 18 | $ 18 | $ 19 | ||||||||
| Employee share options | 264,000 | 245,000 | 212,000 | ||||||||
| Convertible Preferred OP Units | 25,000 | 25,000 | 25,000 | ||||||||
| Dilutive potential Common Shares | 289,000 | 270,000 | 237,000 | ||||||||
| Denominatior for diluted earnings per share | 42,066,390 | 40,628,781 | 40,633,317 | 40,580,173 | 40,594,009 | 40,430,998 | 40,371,812 | 40,149,931 | 40,986,000 | 40,406,000 | 38,242,000 |
| Basic earnings per Common Share from continuing operations attributable to Common shareholders | $ 0.09 | $ 0.10 | $ 0.11 | $ 0.20 | $ 0.16 | $ 0.12 | $ 0.30 | $ 0.12 | $ 0.50 | $ 0.70 | $ 0.70 |
| Diluted earnings per Common Share from continuing operations attributable to Common Shareholders | $ 0.09 | $ 0.10 | $ 0.10 | $ 0.20 | $ 0.16 | $ 0.12 | $ 0.30 | $ 0.12 | $ 0.49 | $ 0.70 | $ 0.70 |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25,067 | 25,067 | 25,067 | ||||||||
|
Acadia Realty, LP [Member] | Series A Preferred Stock [Member]
|
|||||||||||
| Effect of dilutive securities: | |||||||||||
| Series A Preferred OP Units | 188 | 188 | 188 | 188 | 188 | ||||||
|
Common Stock [Member]
|
|||||||||||
| Schedule of Earnings Per Share, Basic and Diluted [Line Items] | |||||||||||
| Issuance of Common Shares through special dividend (in shares) | 1,287,000 | ||||||||||
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Incremental Common Shares Attributable to Conversion of Preferred Partnership Units No definition available.
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of shares of common stock issued as dividends during the period. Excludes stock splits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of adjustments to net income (loss) resulting from the assumption that dilutive convertible securities were converted. This amount excludes adjustments related to ESOP convertible preferred stock, stock options, and restrictive stock units. No definition available.
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The number of limited partner units outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The earnings that is allocated to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Includes the adjustments resulting from the assumption that dilutive securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions. No definition available.
|
| X | ||||||||||
|
- Definition
The sum of dilutive potential common shares or units used in the calculation of the diluted per-share or per-unit computation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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|
SUMMARY OF QUARTERLY FINANCIAL INFORMATION Quarterly Financial Information Disclosure (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
0 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Nov. 29, 2011
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Mar. 31, 2011
|
Dec. 31, 2010
|
Sep. 30, 2010
|
Jun. 30, 2010
|
Mar. 31, 2010
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
| Revenue | $ 38,213 | $ 36,656 | $ 37,845 | $ 37,447 | $ 36,044 | $ 36,302 | $ 33,997 | $ 34,702 | $ 150,161 | $ 141,045 | $ 134,445 | |
| Income from continuing operations attributable to Common Shareholders | 3,789 | 3,843 | 4,245 | 8,185 | 6,589 | 4,592 | 12,250 | 4,829 | 20,062 | 28,260 | 26,574 | |
| Income from discontinued operations attributable to Common Shareholders | 4,098 | 168 | 25,989 | 1,238 | 423 | 525 | 548 | 301 | 31,493 | 1,797 | 4,559 | |
| Net income attributable to Common Shareholders | $ 7,887 | $ 4,011 | $ 30,234 | $ 9,423 | $ 7,012 | $ 5,117 | $ 12,798 | $ 5,130 | $ 51,555 | $ 30,057 | $ 31,133 | |
| Net income attributable to Common Shareholders per Common Share - basic: | ||||||||||||
| Income from continuing operations | $ 0.09 | $ 0.10 | $ 0.11 | $ 0.20 | $ 0.16 | $ 0.12 | $ 0.30 | $ 0.12 | $ 0.50 | $ 0.70 | $ 0.70 | |
| Income from discontinued operations | $ 0.10 | $ 0.00 | $ 0.64 | $ 0.03 | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.01 | $ 0.77 | $ 0.05 | $ 0.12 | |
| Net income per share | $ 0.19 | $ 0.10 | $ 0.75 | $ 0.23 | $ 0.17 | $ 0.13 | $ 0.32 | $ 0.13 | $ 1.27 | $ 0.75 | $ 0.82 | |
| Net income attributable to Common Shareholders per Common Share - diluted: | ||||||||||||
| Income from continuing operations | $ 0.09 | $ 0.10 | $ 0.10 | $ 0.20 | $ 0.16 | $ 0.12 | $ 0.30 | $ 0.12 | $ 0.49 | $ 0.70 | $ 0.70 | |
| Income from discontinued operations | $ 0.10 | $ 0.00 | $ 0.64 | $ 0.03 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.77 | $ 0.04 | $ 0.12 | |
| Net income per share | $ 0.19 | $ 0.10 | $ 0.74 | $ 0.23 | $ 0.17 | $ 0.13 | $ 0.31 | $ 0.13 | $ 1.26 | $ 0.74 | $ 0.82 | |
| Cash dividends declared per Common Share | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.72 | $ 0.72 | $ 0.75 |
| Weighted average Common Shares outstanding: | ||||||||||||
| Basic | 41,785,261 | 40,339,958 | 40,333,575 | 40,317,603 | 40,257,378 | 40,169,141 | 40,134,706 | 39,980,646 | ||||
| Diluted | 42,066,390 | 40,628,781 | 40,633,317 | 40,580,173 | 40,594,009 | 40,430,998 | 40,371,812 | 40,149,931 | 40,986,000 | 40,406,000 | 38,242,000 | |
| X | ||||||||||
|
- Definition
Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
This element represents the income or loss from continuing operations attributable to the parent which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
This element represents the overall income (loss) from a disposal group apportioned to the parent that is classified as a component of the entity, net of income tax, reported as a separate component of income before extraordinary items after deduction or consideration of the amount which may be allocable to noncontrolling interests, if any. Includes the following (net of tax): income (loss) from operations during the phase-out period, gain (loss) on disposal, provision (or any reversals of earlier provisions) for loss on disposal, and adjustments of a prior period gain (loss) on disposal. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income (loss) derived from discontinued operations during the period, net of related tax effect, per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of net income or loss derived from discontinued operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The aggregate revenue from real estate operations during the reporting period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
COMMITMENTS AND CONTINGENCIES (Details) (USD $)
In Millions, unless otherwise specified |
1 Months Ended | ||
|---|---|---|---|
|
Sep. 30, 2008
Fraudulent Transfers [Member]
claim
|
Aug. 31, 2009
Breach of Severance Agreement [Member]
|
Dec. 31, 2011
Letter of Credit [Member]
letter_of_credit
|
|
| Loss Contingencies [Line Items] | |||
| Loss Contingency, Pending Claims, Number | 5 | ||
| Loss Contingency, Damages Sought, Value | $ 1,175.0 | $ 0.9 | |
| Loss Contingency, Pending Claims With Merit, Number | 4 | ||
| Letter of Credit, Number | 1 | ||
| Guarantor Obligations, Maximum Exposure, Undiscounted | $ 4.6 | ||
| X | ||||||||||
|
- Definition
Letter of Credit, Number No definition available.
|
| X | ||||||||||
|
- Definition
Loss Contingency, Pending Claims Related To Transactions After Transfer, Number No definition available.
|
| X | ||||||||||
|
- Definition
Maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee or each group of similar guarantees before reduction for potential recoveries under recourse or collateralization provisions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The value (monetary amount) of the award the plaintiff seeks in the legal matter. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The total amount of pending claims pertaining to a loss contingency accrual as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
SUBSEQUENT EVENTS (Details) (USD $)
In Millions, except Share data, unless otherwise specified |
1 Months Ended | 1 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Feb. 28, 2012
Chief Executive Officer [Member]
Issuance of Equity Related to Share-based Compensation Plan [Member]
|
Feb. 28, 2012
Chief Executive Officer [Member]
Sale of Equity Shares by Executive Officer [Member]
|
Jan. 31, 2012
1520 North Milwaukee Avenue [Member]
Chicago Illinois [Member]
Acquisition [Member]
sqft
|
Feb. 28, 2012
640 Broadway [Member]
New York New York [Member]
Fund III [Member]
Acquisition [Member]
|
Feb. 28, 2012
Single Tenant Property [Member]
Cambridge Massachusetts [Member]
Acquisition [Member]
sqft
|
Apr. 30, 2011
Opportunity Funds [Member]
Chicago Illinois [Member]
Fund III [Member]
sqft
|
Feb. 28, 2012
Opportunity Funds [Member]
640 Broadway [Member]
New York New York [Member]
Fund III [Member]
Acquisition [Member]
sqft
|
Jan. 31, 2012
Common Stock [Member]
Maximum [Member]
Issuance of Equity [Member]
|
|
| Subsequent Event [Line Items] | ||||||||
| Common Stock, Reserved for Future Issuance, Value, At The Market Equity Program | $ 75.0 | |||||||
| Square Footage of Real Estate Property (in feet) | 3,100 | 40,000 | 105,000 | 45,700 | ||||
| Business Acquisition, Cost of Acquired Entity, Purchase Price | 3.8 | 32.5 | 19.2 | 31.6 | ||||
| Business Acquisition, Debt Assumption | $ 7.0 | |||||||
| Stock Issued During Period, Shares, Conversion of Units (in shares) | 150,000 | |||||||
| Number of Shares of Common Stock Sold by Executive (in shares) | 75,000 | |||||||
| X | ||||||||||
|
- Definition
Common Stock, Reserved for Future Issuance, Value, At The Market Equity Program No definition available.
|
| X | ||||||||||
|
- Definition
Related Party Transaction, Shares Sold, Shares, Common Stock No definition available.
|
| X | ||||||||||
|
- Definition
The total cost of the acquired entity including the cash paid to shareholders of acquired entities, fair value of debt and equity securities issued to shareholders of acquired entities, the fair value of the liabilities assumed, and direct costs of the acquisition. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of square footage related to a real estate property. No definition available.
|
| X | ||||||||||
|
- Definition
The number of shares issued during the period upon the conversion of units. An example of a convertible unit is an umbrella partnership real estate investment trust unit (UPREIT unit). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
Debt Instrument, Collateral Amount No definition available.
|
| X | ||||||||||
|
- Definition
The amount of accumulated depreciation for the property as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The amount of a lien or mortgage outstanding as of the balance sheet date on a specific property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount at which buildings and improvements are carried at the end of the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The carrying amount at which land is carried at the end of the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Gross amount at which land and buildings and improvements are carried at the end of the period for each property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Carrying amount as of the balance sheet date of carrying costs of properties that were capitalized after acquisition (for example, real estate taxes and insurance) excluding the initial purchase price and improvements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Date property was acquired. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The original date the property was constructed. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Initial cost to the Entity for buildings and improvements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Initial cost to the Entity for land. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
The estimated economic life on which depreciation in the latest income statement was computed, typically stated in number of years (such as 5 or 4.5). Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
| X | ||||||||||
|
- Definition
The amount of the cost basis of a real estate investment for federal income tax purposes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
|
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Reconciliation of Real Estate Properties (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
| Balance at beginning of year | $ 1,305,561 | $ 1,119,758 | $ 1,004,347 |
| Other improvements | 60,300 | 185,803 | 46,723 |
| Property Acquired | 105,884 | 0 | 68,688 |
| Balance at end of year | $ 1,471,745 | $ 1,305,561 | $ 1,119,758 |
| X | ||||||||||
|
- Definition
Gross amount of real estate as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of improvements made to real estate investments during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of real estate investments acquired other than through foreclosure during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|
|
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION Reconciliation of Accumulated Depreciation (Details) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2011
|
Dec. 31, 2010
|
Dec. 31, 2009
|
|
| Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
| Balance at beginning of year | $ 156,117 | $ 132,488 | $ 109,376 |
| Depreciation related to real estate | 24,679 | 23,629 | 23,112 |
| Balance at end of year | $ 180,796 | $ 156,117 | $ 132,488 |
| X | ||||||||||
|
- Definition
The amount as of the balance sheet date of accumulated depreciation pertaining to real estate properties. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Definition
Amount of depreciation expense for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
|
| X | ||||||||||
|
- Details
|