Acadia Realty Trust (AKR) 10-Q1 Aug 142014 Q2 Quarterly reportFinancial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2014	Aug. 01, 2014
Document Information [Line Items]	'	'
Entity Registrant Name	'ACADIA REALTY TRUST	'
Entity Central Index Key	'0000899629	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	59,318,268

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Operating real estate	'	'
Land	$374,835	$336,251
Buildings and improvements	1,235,017	1,140,613
Construction in progress	8,417	4,836
Gross operating real estate	1,618,269	1,481,700
Less: accumulated depreciation	241,446	229,538
Net operating real estate	1,376,823	1,252,162
Real estate under development	364,360	337,353
Notes receivable and preferred equity investments, net	96,307	126,656
Investments in and advances to unconsolidated affiliates	182,721	181,322
Cash and cash equivalents	86,797	79,189
Cash in escrow	25,363	19,822
Restricted cash	71,282	109,795
Rents receivable, net	30,839	29,574
Deferred charges, net	30,107	30,775
Acquired lease intangibles, net	42,305	33,663
Prepaid expenses and other assets	65,292	44,212
Assets of discontinued operations	0	20,434
Total assets	2,372,196	2,264,957
LIABILITIES	'	'
Mortgage and other notes payable	1,074,029	1,039,997
Distributions in excess of income from, and investments in, unconsolidated affiliates	8,491	8,701
Accounts payable and accrued expenses	39,584	38,050
Dividends and distributions payable	14,340	13,455
Acquired lease intangibles, net	23,848	22,394
Other liabilities	19,543	18,265
Liabilities of discontinued operations	0	2,507
Total liabilities	1,179,835	1,143,369
Shareholders' Equity	'	'
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 59,151,817 and 55,643,068 shares, respectively	59	56
Additional paid-in capital	758,041	665,301
Accumulated other comprehensive (loss) income	-2,076	1,132
Retained earnings	44,202	37,747
Total shareholdersâ€™ equity	800,226	704,236
Noncontrolling interests	392,135	417,352
Total equity	1,192,361	1,121,588
Total liabilities and equity	$2,372,196	$2,264,957

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	59,151,817	55,643,068
Common stock, shares outstanding	59,151,817	55,643,068

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues	'	'	'	'
Rental income	$36,112	$30,712	$69,930	$59,493
Interest income	3,049	3,398	6,213	6,296
Expense reimbursements	7,832	6,364	16,622	13,646
Other	2,518	334	3,431	3,662
Total revenues	49,511	40,808	96,196	83,097
Operating Expenses	'	'	'	'
Property operating	5,737	4,593	12,861	9,043
Other operating	908	389	1,595	1,901
Real estate taxes	5,569	5,062	11,239	10,083
General and administrative	6,879	6,302	13,775	11,928
Depreciation and amortization	11,584	9,599	23,171	18,828
Total operating expenses	30,677	25,945	62,641	51,783
Operating income	18,834	14,863	33,555	31,314
Equity in earnings of unconsolidated affiliates	1,430	815	4,459	3,065
Impairment of asset	0	-1,500	0	-1,500
Loss on debt extinguishment	-66	0	-269	0
Gain on disposition of property	561	0	12,948	0
Interest and other finance expense	-9,534	-9,926	-20,185	-19,211
Income from continuing operations before income taxes	11,225	4,252	30,508	13,668
Income tax benefit (provision)	83	-10	-85	129
Income from continuing operations	11,308	4,242	30,423	13,797
Discontinued Operations	'	'	'	'
Operating income from discontinued operations	0	1,181	0	2,805
Gain on disposition of property	560	4,191	560	4,191
Income from discontinued operations	560	5,372	560	6,996
Net income	11,868	9,614	30,983	20,793
Noncontrolling interests	'	'	'	'
Continuing operations	57	3,725	2,537	3,761
Discontinued operations	-461	-4,582	-461	-6,174
Net (income) loss attributable to noncontrolling interests	-404	-857	2,076	-2,413
Net income attributable to Common Shareholders	$11,464	$8,757	$33,059	$18,380
Basic Earnings per Share	'	'	'	'
Income from continuing operations (in dollars per share)	$0.19	$0.14	$0.57	$0.32
Income from discontinued operations (in dollars per share)	$0	$0.02	$0	$0.02
Basic earnings per share (in dollars per share)	$0.19	$0.16	$0.57	$0.34
Diluted Earnings per Share	'	'	'	'
Income from continuing operations (in dollars per share)	$0.19	$0.14	$0.57	$0.32
Income from discontinued operations (in dollars per share)	$0	$0.02	$0	$0.02
Diluted earnings per share (in dollars per share)	$0.19	$0.16	$0.57	$0.34

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement of Comprehensive Income [Abstract]	'	'	'	'
Net income	$11,868	$9,614	$30,983	$20,793
Other comprehensive (loss) income	'	'	'	'
Unrealized (loss) income on valuation of swap agreements	-2,782	4,196	-5,112	3,104
Reclassification of realized interest on swap agreements	936	745	1,773	1,337
Other comprehensive (loss) income	-1,846	4,941	-3,339	4,441
Comprehensive income	10,022	14,555	27,644	25,234
Comprehensive (income) attributable to noncontrolling interests	-4,640	-1,621	-2,207	-3,302
Comprehensive income attributable to Common Shareholders	$5,382	$12,934	$25,437	$21,932

CONSOLIDATED_STATEMENTS_OF_SHA

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $)	Total	Parent	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest
In Thousands, except Share data, unless otherwise specified	Total	Parent	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Noncontrolling Interest
Balance at Dec. 31, 2013	$1,121,588	$704,236	$56	$665,301	$1,132	$37,747	$417,352
Balance (in Shares) at Dec. 31, 2013	55,643,068	'	55,643,000	'	'	'	'
Increase (Decrease) in Stockholders' Equity [Roll Forward]	'	'	'	'	'	'	'
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)	'	'	27,000	'	'	'	'
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	648	0	648	0	0	-648
Issuance of Common Shares, net of issuance costs (in Shares)	'	'	3,410,000	'	'	'	'
Issuance of Common Shares, net of issuance costs	90,957	90,957	3	90,954	0	0	0
Dividends declared ($0.46 per Common Share)	-28,097	-26,604	0	0	0	-26,604	-1,493
Vesting of employee Restricted Share and LTIP awards (in Shares)	'	'	72,000	'	'	'	'
Vesting of employee Restricted Share and LTIP awards	4,546	1,138	0	1,138	0	0	3,408
Noncontrolling interest distributions	-55,323	0	0	0	0	0	-55,323
Noncontrolling Interest, Increase from Contributions	31,046	0	0	0	0	0	31,046
Balance before adjustment towards comprehensive income (in Shares)	'	'	59,152,000	'	'	'	'
Balance before adjustment towards comprehensive income	1,164,717	770,375	59	758,041	1,132	11,143	394,342
Comprehensive (loss) income:	'	'	'	'	'	'	'
Net income (loss)	30,983	33,059	0	0	0	33,059	-2,076
Unrealized (loss) income on valuation of swap agreements	-5,112	-5,595	0	0	-5,595	0	483
Reclassification of realized interest on swap agreements	1,773	2,387	0	0	2,387	0	-614
Comprehensive income	27,644	29,851	0	0	-3,208	33,059	-2,207
Balance at Jun. 30, 2014	$1,192,361	$800,226	$59	$758,041	($2,076)	$44,202	$392,135
Balance (in Shares) at Jun. 30, 2014	59,151,817	'	59,152,000	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_SHA1

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (USD $)	6 Months Ended
	Jun. 30, 2014
Common Stock, Dividends, Per Share, Declared	$0.46

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	$30,983	$20,793
Adjustments to reconcile net income to net cash provided by operating activities	'	'
Depreciation and amortization	23,171	21,604
Amortization of financing costs	1,468	1,512
Gain on disposition of property	-13,508	-4,191
Impairment of asset	0	1,500
Share-based compensation expense	3,833	2,786
Equity in earnings of unconsolidated affiliates	-4,459	-3,065
Distributions of operating income from unconsolidated affiliates	5,550	2,454
Other, net	-1,737	-2,703
Changes in assets and liabilities	'	'
Cash in escrow	-5,691	-1,767
Rents receivable, net	-834	-2,131
Prepaid expenses and other assets	7,570	-11,298
Accounts payable and accrued expenses	597	-1,292
Other liabilities	-941	658
Net cash provided by operating activities	46,002	24,860
CASH FLOWS FROM INVESTING ACTIVITIES	'	'
Acquisition of real estate	-107,600	-109,100
Redevelopment and property improvement costs	-68,311	-43,567
Deferred leasing costs	-1,224	-3,099
Investments in and advances to unconsolidated affiliates	-28,100	-51,231
Return of capital from unconsolidated affiliates	24,326	86,678
Consolidation of previously unconsolidated investment	0	1,864
Proceeds from notes receivable	11,990	5,529
Issuance of notes receivable	-19,362	0
Proceeds from sale of properties, net	19,158	11,816
Net cash used in investing activities	-169,123	-101,110
CASH FLOWS FROM FINANCING ACTIVITIES	'	'
Principal payments on mortgage notes	-132,452	-136,907
Proceeds received from mortgage notes	189,700	333,760
Loan proceeds held as restricted cash	38,513	-153,022
Deferred financing and other costs	-2,033	-11,229
Capital contributions from noncontrolling interests	31,046	15,567
Distributions to noncontrolling interests	-56,730	-19,080
Dividends paid to Common Shareholders	-25,814	-20,827
Proceeds from issuance of Common Shares, net of issuance costs of $1,495 and $1,324, respectively	88,499	75,871
Other employee and trustee stock compensation, net	0	326
Net cash provided by financing activities	130,729	84,459
Increase in cash and cash equivalents	7,608	8,209
Cash and cash equivalents, beginning of period	79,189	91,813
Cash and cash equivalents, end of period	86,797	100,022
Supplemental disclosure of cash flow information	'	'
Cash paid during the period for interest, net of capitalized interest of $6,095 and $3,944, respectively	23,486	16,668
Cash paid for income taxes	316	137
Supplemental disclosure of non-cash investing activities	'	'
Disposition of real estate through cancellation of debt	-22,865	0
Acquisition of real estate through conversion of notes receivable	38,000	18,500
Consolidation of previously unconsolidated investment	'	'
Real estate, net	0	-118,484
Mortgage notes payable	0	166,200
Distributions in excess of income from, and investments in, unconsolidated affiliates	0	-10,298
Other assets and liabilities	0	-1,605
Noncontrolling interest	0	-33,949
Cash included in consolidation of previously unconsolidated investment	$0	$1,864

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Statement of Cash Flows [Abstract]	'	'
Stock issuance costs	$1,495	$1,324
Cash paid for capitalized interest	$6,095	$3,994

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Organization and Basis of Presentation	'
	ORGANIZATION AND BASIS OF PRESENTATION

	Business and Organization

	Acadia Realty Trust (the "Trust") and subsidiaries (collectively, the "Company"), is a fully-integrated equity real estate investment trust ("REIT") focused on the acquisition, ownership, management and redevelopment of high-quality retail properties located in key street and urban retail corridors as well as suburban locations within high-barrier-to-entry, densely-populated metropolitan areas in the United States along the East Coast and in Chicago.

	All of the Company's assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") and entities in which the Operating Partnership owns an interest. As of June 30, 2014, the Trust controlled approximately 96% 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 OP units ("LTIP Units") as long-term incentive compensation (Note 12). 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").

	As of June 30, 2014, the Company has ownership interests in 82 properties within its core portfolio, which consist of those properties either wholly owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through its opportunity funds ("Core Portfolio"). The Company also has ownership interests in 53 properties within its four opportunity funds, Acadia Strategic Opportunity Fund, L.P. ("Fund I"), Acadia Strategic Opportunity Fund II, LLC ("Fund II"), Acadia Strategic Opportunity Fund III LLC ("Fund III") and Acadia Strategic Opportunity Fund IV LLC ("Fund IV" and together with Funds I, II and III, the "Funds"). The 135 Core Portfolio and Fund properties consist of commercial properties, which are primarily high-quality urban and/or street retail properties, community shopping centers and mixed-use properties with a retail component. Fund I and Fund II also include investments in operating companies through Acadia Mervyn Investors I, LLC ("Mervyns I"), Acadia Mervyn Investors II, LLC ("Mervyns II") and, in certain instances, directly through Fund II, all on a non-recourse basis. These investments comprise and are referred to as the Company's Retailer Controlled Property Initiative ("RCP Venture").

	The Operating Partnership is the sole general partner or managing member of the Funds and Mervyns I and II and earns fees or priority distributions for asset management, property management, construction, redevelopment, leasing and legal services. Cash from the Funds and RCP Venture is distributed pro-rata to the respective partners and members (including the Operating Partnership) until each receives a certain cumulative return ("Preferred Return"), and the return of all capital contributions. Thereafter, remaining cash flow is distributed 20% to the Operating Partnership ("Promote") and 80% to the partners or members (including the Operating Partnership).

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



	Entity	Formation Date	Operating Partnership Share of Capital		Committed Capital (2)		Capital Called as of June 30, 2014 (3)		Equity Interest Held By Operating Partnership		Preferred Return		Capital Returned as of June 30, 2014 (3)
	Fund I and Mervyns I (1)	Sep-01	22.22	%	$	90	$	86.6	37.78	%	9	%	$	86.6

	Fund II and Mervyns II (2)	Jun-04	20	%	300		300		20	%	8	%	131.6

	Fund III	May-07	19.9	%	475		366.6		19.9	%	6	%	262.6

	Fund IV	May-12	23.12	%	540.6		121		23.12	%	6	%	—

	Notes:
	(1) Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions.
	(2) During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects.
	(3) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares.
	1. ORGANIZATION AND BASIS OF PRESENTATION (continued)

	Basis of Presentation

	The consolidated financial statements include the consolidated accounts of the Company and its investments in entities in which the Company is presumed to have control in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). Investments in entities for which the Company has the ability to exercise significant influence but does not have financial or operating control are accounted for under the equity method of accounting. Accordingly, the Company's share of the net earnings (or losses) of entities accounted for under the equity method are included in consolidated net income under the caption, Equity in Earnings of Unconsolidated Affiliates. Investments in entities for which the Company does not have the ability to exercise any influence are accounted for under the cost method.

	The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Operating results for the three months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. These consolidated financial statements should be read in conjunction with the Company's 2013 Annual Report on Form 10-K, as filed with the SEC on February 26, 2014.

	Reclassifications

	Certain reclassifications have been made to the 2013 financial statements to conform to the 2014 presentation.

	Real Estate

	The Company reviews its long-lived assets for impairment when there is an event or 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 cost to fair value, and for properties held-for-sale, the Company reduces its carrying value to the fair value less costs to dispose. Management does not believe that the carrying values of any of its properties are impaired as of June 30, 2014.

	Recent Accounting Pronouncements

	During June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company's financial statements.

	During May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers", which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating
	1. ORGANIZATION AND BASIS OF PRESENTATION (continued)

	the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017.

	During April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 modifies the requirements for reporting discontinued operations. Under the amendments in ASU 2014-08, the definition of discontinued operation has been modified to only include those disposals of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 shall be applied prospectively for periods beginning on or after December 15, 2014, with early adoption permitted. The Company adopted ASU 2014-08 for the quarter ended March 31, 2014. The Company has adopted this standard on a prospective basis for transactions that have occurred after the adoption date. The adoption of ASU 2014-08 did not have an effect on the Company's financial position or results of operations.

EARNINGS_PER_COMMON_SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Earnings Per Common Share	'
	EARNINGS PER COMMON SHARE

	Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At June 30, 2014, the Company has unvested LTIP Units (Note 12) which provide for non-forfeitable rights to dividend equivalent payments. Accordingly, these unvested LTIP Units are considered participating securities and are included in the computation of basic earnings per Common Share pursuant to the two-class method.

	Diluted earnings per Common Share reflects the potential dilution of the conversion of obligations and the assumed exercises of securities including the effects of restricted share unit ("Restricted Share Units") and share option awards issued under the Company's Share Incentive Plans (Note 12). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares would be dilutive and therefore are included in the computation of diluted earnings per share for the six months ended June 30, 2014. Conversely, the assumed conversion of these would be anti-dilutive and are therefore not included in the computation of diluted earnings per share for the three months ended June 30, 2014 and the three months and six months ended June 30, 2013.

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

	The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:

	2. EARNINGS PER COMMON SHARE (continued)


		Three Months Ended						Six Months Ended
		June 30,						June 30,
	(dollars in thousands, except per share amounts)	2014			2013			2014			2013
	Numerator
	Income from continuing operations	$	11,365		$	7,967		$	32,960		$	17,558

	Less: net income attributable to participating securities	(197		)	(140		)	(585		)	(311		)
	Income from continuing operations, net of income attributable to participating securities	11,168			7,827			32,375			17,247


	Denominator

	Weighted average shares for basic earnings per share	58,013			55,171			56,989			54,309

	Effect of dilutive securities:

	Employee Restricted Share Units and share options	19			37			28			48

	Convertible Preferred OP Units	—			—			25			—

	Denominator for diluted earnings per share	58,032			55,208			57,042			54,357


	Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.19		$	0.14		$	0.57		$	0.32

	Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.19		$	0.14		$	0.57		$	0.32

SHAREHOLDERS_EQUITY_AND_NONCON

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	6 Months Ended
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	Jun. 30, 2014
Noncontrolling Interest [Abstract]	'
Shareholders' Equity And Noncontrolling Interests	'
	SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

	For the six months ended June 30, 2014, the Company issued 3.4 million Common Shares under its at-the-market ("ATM") equity program, generating gross proceeds of $92.5 million and net proceeds of $91.2 million.

	The net proceeds from the Company's ATM equity programs have been, and are anticipated to be, used by the Company primarily to fund acquisitions directly in the Core Portfolio and through its capital contributions to the Funds.

	Noncontrolling interests represent the portion of equity in entities consolidated in the accompanying consolidated financial statements that the Company does not own. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity, separately from shareholders' equity, and include third party interests in the Company’s Funds and other entities. It also includes interests in the Operating Partnership which represent (i) the limited partners’ 1,457,467 Common OP Units at both June 30, 2014 and December 31, 2013; (ii) 188 Series A Preferred OP Units at June 30, 2014 and December 31, 2013; and (iii) 738,367 and 496,047 LTIP Units at June 30, 2014 and December 31, 2013, respectively.

ACQUISITION_OF_REAL_ESTATE_AND

ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2014
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT	'
ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS	'
	ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS

	Acquisitions

	During 2014, the Company acquired the following properties through its Core Portfolio and Fund IV as follows:

	Core Portfolio



	(dollars in millions)
	Property	GLA		Percent Owned		Type	Month of Acquisition	Purchase Price			Location

	11 E Walton	6,738		100	%	Street Retail	January	$	44		Chicago, IL

	61 Main Street	3,400		100	%	Street Retail	February	7.3			Westport, CT

	865 W North Avenue	16,000		100	%	Street Retail	March	14.8			Chicago, IL

	252-256 Greenwich Avenue	9,172		100	%	Street Retail	March	24.5			Greenwich, CT

	152-154 Spring Street	2,936		90	%	Street Retail	April	38			New York, NY

	2520 Flatbush Avenue	29,114		100	%	Urban Retail	May	17.1			Brooklyn, NY

	Total	67,360						$	145.7


	The Company expensed $1.5 million of acquisition costs for the six months ended June 30, 2014, related to the Core Portfolio.

	4. ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)

	Acquisitions (continued)

	Fund IV



	(dollars in millions)
	Property	GLA		Percent Owned		Type	Month of Acquisition	Purchase Price			Location

	Broughton Street Portfolio (18 Properties)	157,383		50	%	Street Retail	Various	$	26		Savannah, GA

	Total	157,383						$	26


	The Company expensed $2.5 million of acquisition costs for the six months ended June 30, 2014, related to Fund IV.

	Purchase Price Allocations

	The above acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and liabilities based on their estimated fair values at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the valuations and complete the purchase price allocations within one year from the dates of acquisition.

	The following table summarizes the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2014 which have yet to be finalized:



	(dollars in thousands)	Preliminary Purchase Price Allocations
	Land	$	44,027

	Buildings and improvements	127,579

	Total consideration	$	171,606


During 2013, the Company acquired properties and recorded the preliminary allocations of the purchase prices to the assets acquired based on provisional measurements of fair value. During 2014, the Company finalized the allocations of the purchase prices and made certain measurement period adjustments. The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2013, and the finalized allocations as adjusted as of June 30, 2014:



(dollars in thousands)	Purchase Price Allocations as Originally Reported			Adjustments			Finalized Purchase Price Allocations
Land	$	41,700		$	8,236		$	49,936

Buildings and improvements	142,618			(20,640		)	121,978

Acquisition-related intangible assets (in Acquired lease intangibles, net)	—			15,716			15,716

Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—			(3,312		)	(3,312		)

Total consideration	$	184,318		$	—		$	184,318


4. ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)

Dispositions

During 2014, the Company disposed of the following properties:



(dollars in millions)
Dispositions	GLA		Sale Price			Gain/Loss on Sale			Month Sold	Owner
Walnut Hill 1	297,905		$	—		$	12.4		March	Core

Sheepshead Bay	96,418		20.2			1.4			April	Fund III

City Point 2	—		26.3			0.6			June	Fund II

Other post-sale adjustments	—		—			(0.9		)

Total	394,323		$	46.5		$	13.5


Note:

(1) This property was subject to $22.9 million of non-recourse debt and was foreclosed upon by the lender during March 2014, resulting in a $12.4 million gain.

(2) Represents the sale of a portion of the residential air rights known as "Tower 2" associated with the Company's City Point development project.

Discontinued Operations

Prior to the Company's adoption of ASU 2014-08, it reported properties held for sale or sold during the periods presented as discontinued operations. The results of discontinued operations are reflected as a separate component within the accompanying Consolidated Balance Sheets and Consolidated Statements of Income for all periods presented. As of June 30, 2014, Sheepshead Bay, a Fund III asset, which was previously reported as a discontinued operation was sold. As a result of the adoption of ASU 2014-08, the sale of operating real estate is no longer considered a discontinued operation so long as it is in the normal course of business and does not reflect a separate component of business. Therefore, the Company has no current assets or liabilities of discontinued operations.

The combined assets and liabilities and the results of operations of the properties classified as discontinued operations are summarized for each period presented as follows:



(dollars in thousands)
BALANCE SHEETS	31-Dec-13
ASSETS
Net real estate	$	17,991

Rents receivable, net	565

Deferred charges, net	38

Prepaid expenses and other assets	1,840

Total assets of discontinued operations	$	20,434

LIABILITIES
Accounts payable and accrued expenses	$	1,473

Other liabilities	1,034

Total liabilities of discontinued operations	$	2,507


4. ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)



	Three Months Ended								Six Months Ended
(dollars in thousands)	June 30,								June 30,
STATEMENT OF INCOME	2014				2013				2014			2013
Total revenues	$	—			$	6,033			$	—		$	12,213

Total expenses	—				4,852				—			9,408

Operating income	—				1,181				—			2,805

Gain on disposition of property	560				4,191				560			4,191

Income from discontinued operations	560				5,372				560			6,996

Income from discontinued operations attributable to noncontrolling interests	(461		)		(4,582		)		(461		)	(6,174		)
Income from discontinued operations attributable to Common Shareholders	$	99			$	790			$	99		$	822

INVESTMENTS_IN_AND_ADVANCES_TO

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	6 Months Ended
	Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Investments in and Advances to Unconsolidated Affiliates	'
	INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES

	Core Portfolio

	The Company owns a 49% interest in a 311,000 square foot shopping center located in White Plains, New York ("Crossroads"), a 50% interest in an approximately 28,000 square foot retail portfolio located in Georgetown, Washington D.C. (the "Georgetown Portfolio") and a 22.22% interest in an approximately 20,000 square foot retail property located in Wilmington, Delaware ("Route 202 Shopping Center"). These investments are accounted for under the equity method.

	Funds

	RCP Venture

	The Funds, together with two unaffiliated partners formed an investment group, the RCP Venture, for the purpose of making investments in surplus or underutilized properties owned by retailers and, in some instances, the retailers' operating company. The RCP Venture is neither a single entity nor a specific investment and the Company has no control or rights with respect to the formation and operation of these investments. The Company has made these investments through its subsidiaries, Mervyns I, Mervyns II and Fund II, (together the "Acadia Investors"), all on a non-recourse basis. Through June 30, 2014, the Acadia Investors have made investments in Mervyns Department Stores ("Mervyns") and Albertsons including additional investments in locations that are separate from these original investments ("Add-On Investments"). Additionally, they have invested in Shopko, Marsh and Rex Stores Corporation (collectively "Other RCP Investments"). The Company accounts for its investments in Mervyns and Albertsons on the equity method as it has the ability to exercise significant influence, but does not have any rights with respect to financial or operating control. The Company accounts for its investments in its Add-On Investments and Other RCP Investments on the cost method as it does not have any influence over such entities' operating and financial policies nor any rights with respect to the control and operation of these entities. During the six months ended June 30, 2014, the Company received distributions from Rex Stores of $1.2 million, respectively of which the Operating Partnership's share was $0.2 million.


	5	INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued)

	The following table summarizes activity related to the RCP Venture investments from inception through June 30, 2014:


	(dollars in thousands)		Investment Group Share								Operating Partnership Share
	Investment	Year Acquired	Invested								Invested
			Capital				Distributions				Capital				Distributions
			and Advances								and Advances
	Mervyns	2004	$	26,058			$	46,916			$	4,901			$	11,451

	Mervyns Add-On investments	2005/2008	7,547				5,935				1,252				1,321

	Albertsons	2006	20,717				81,594				4,239				16,318

	Albertsons Add-On investments	2006/2007	2,416				4,864				388				972

	Shopko	2006	1,108				2,460				222				492

	Marsh and Add-On investments	2006/2008	2,667				2,639				533				528

	Rex Stores	2007	2,701				1,956				535				392

			$	63,214			$	146,364			$	12,070			$	31,474


	Other Fund Investments

	During 2014, Fund IV, entered into a joint venture (the "Broughton Street Portfolio") with an unaffiliated entity, to acquire and operate properties located in Savannah, Georgia. Fund IV invested $7.1 million of equity and made a loan commitment of up to $45.8 million of which $21.0 million was funded to the joint venture as of June 30, 2014. As of June 30, 2014, the joint venture had acquired 18 properties for an aggregate purchase price of $26.0 million.

	The unaffiliated partners for Fund II's investment in Albee Tower I Owners, Fund III's investments in Lincoln Road, Parkway Crossing, Arundel Plaza and the White City Shopping Center as well as Fund IV's investments in Lincoln Road, 1701 Belmont Avenue, 2819 Kennedy Boulevard, Promenade at Manassas and the Broughton Street Portfolio maintain control over these entities. The Company accounts for these investments under the equity method as it has the ability to exercise significant influence, but does not have any rights with respect to financial or operating control.

	Self-Storage Management, a Fund III investment, was determined to be a variable interest entity. Management has evaluated the applicability of ASC Topic 810 to this joint venture and determined that the Company is not the primary beneficiary and, therefore, consolidation of this venture is not required. The Company accounts for this investment using the equity method of accounting.

	Summary of Investments in Unconsolidated Affiliates

	The following Combined and Condensed Balance Sheets and Statements of Income, summarize the financial information of the Company’s investments in unconsolidated affiliates:
	5. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued)



	(dollars in thousands)	June 30,				December 31,
		2014				2013
	Combined and Condensed Balance Sheets
	Assets
	Rental property, net	$	400,891			$	380,268

	Real estate under development	38,316				5,573

	Investment in unconsolidated affiliates	21,394				63,745

Other assets	53,985				66,895

Total assets	$	514,586			$	516,481

Liabilities and partners’ equity

Mortgage notes payable	$	303,987			$	265,982

Other liabilities	54,916				43,733

Partners’ equity	155,683				206,766

Total liabilities and partners’ equity	$	514,586			$	516,481

Company’s investment in and advances to unconsolidated affiliates	$	182,721			$	181,322

Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	$	(8,491	)		$	(8,701	)



	Three Months Ended								Six Months Ended
	June 30,								June 30,
(dollars in thousands)	2014				2013				2014				2013
Combined and Condensed Statements of Income
Total revenues	$	12,247			$	10,846			$	24,352			$	21,845

Operating and other expenses	(5,503		)		(4,698		)		(9,318		)		(8,979		)
Interest and other finance expense	(2,975		)		(2,056		)		(5,500		)		(4,087		)
Equity in earnings (losses) of unconsolidated affiliates	—				6,581				(328		)		5,870

Depreciation and amortization	(3,475		)		(2,608		)		(6,181		)		(4,688		)
Loss on debt extinguishment	—				—				(187		)		—

Gain on disposition of property	239				—				239				—

Net income	$	533			$	8,065			$	3,077			$	9,961



Company’s share of net income	$	1,528			$	913			$	4,655			$	3,261

Amortization of excess investment	(98		)		(98		)		(196		)		(196		)
Company’s equity in earnings of unconsolidated affiliates	$	1,430			$	815			$	4,459			$	3,065

NOTES_RECEIVABLE_AND_PREFERRED

NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET	6 Months Ended
	Jun. 30, 2014
Mortgage Loans on Real Estate [Abstract]	'
NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET	'
	NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET

	As of June 30, 2014, the Company’s notes receivable and preferred equity investments, net, aggregated $96.3 million, and were collateralized either by underlying properties, the borrowers' ownership interests in the entities that own properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:


	(dollars in thousands)
	Description	Effective interest rate (1)	First Priority liens	Net Carrying Amounts of Notes Receivable as of June 30, 2014		Net Carrying Amounts of Notes Receivable as of December 31, 2013		Maturity date
	First Mortgage Loan	6.00%	—	$	—	$	6,400	Demand

	Mezzanine Loan 2	10.00%	89,566	9,089		9,089		Demand

	First Mortgage Loan	5.50%	—	4,000		42,000		4/1/16

	Zero Coupon Loan 3	24.00%	166,200	4,708		4,431		1/3/16

	Mezzanine Loan	15.00%	—	30,879		30,879		11/9/20

	Mezzanine Loan	15.00%	—	—		3,834		Upon Capital Event

	Preferred Equity	8.10%	20,855	13,000		13,000		9/1/17

	Construction Loan	7.70%	—	12,000		12,000		1/1/15

	Mezzanine Loan	12.70%	—	13,000		—		10/3/15

	Preferred Equity	13.50%	—	4,000		—		5/9/16

	Mezzanine Loan	2.5% + Libor	—	3,000		3,000		12/30/20

	Individually less than 3% 4	2.7% to 11.6%	—	2,631		2,023		12/31/14 to 5/1/2024

	Total			$	96,307	$	126,656

	Notes:

	(1) Includes origination and exit fees
	(2) Comprised of three cross-collateralized loans from one borrower, which are non-performing
	(3) The principal balance for this accrual only loan is increased by the interest accrued
	(4) Consists of three loans as of June 30, 2014.

	During January 2014, the Company received a repayment of $6.4 million, representing the full principal amount on a note receivable.

	During January 2014, the Company also received a payment of $1.4 million for a mezzanine loan with a carrying value, net of reserves, of $0.7 million. The Company recognized income of approximately $0.7 million relating to the payoff, which is included in Other, a component of income in the accompanying Consolidated Statement of Income.

	During April 2014, the Company made a $13.0 million loan, which is collateralized by a property and bears interest at 12.7% and matures October 2015.

	During April 2014, the Company made a $1.9 million loan, which is collateralized by a property and bears interest at Libor plus 375 basis points and matures May 2024.

	During April 2014, the Company converted a $38.0 million loan into an equity interest in 152-154 Spring Street (Note 4).

	During April 2014, the Company received payment of $10.3 million representing principal and accrued interest on a mezzanine loan for which the Company had a carrying value of $8.5 million, net of a $2.0 million reserve. Following the full collection of all amounts due under this note, the Company recognized income of approximately $2.0 million, which is included in Other, a component of income in the accompanying Consolidated Statement of Income.

	6. NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET (continued)

	During May 2014, the Company made a $4.0 million preferred equity investment in an entity which owns a property located in the Bronx. The investment has a preferred return of 13.5% and matures May 9, 2016.

	The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral and the prospects of the borrower. As of June 30, 2014, the Company held three non-performing notes aggregating $9.1 million for which payment was delinquent. Based primarily on the indicators noted above, the Company has no reserve established as of June 30, 2014 related to these notes. The following table reconciles the allowance for notes receivable from December 31, 2013 to June 30, 2014:



	(dollars in thousands)	Allowance for Notes Receivable
	Balance at December 31, 2013	$	3,681

Additional reserves	—

Recoveries	(3,681		)
Charge-offs and reclassifications	—

Balance at June 30, 2014	$	—

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivative Financial Instruments	'
	DERIVATIVE FINANCIAL INSTRUMENTS

	As of June 30, 2014, the Company's derivative financial instruments consisted of 12 interest rate swaps with an aggregate notional value of $192.7 million, which effectively fix London Inter-Bank Offer Rate ("LIBOR") at rates ranging from 0.70% to 3.77% and mature between May 2015 and April 2023. The Company also has four derivative financial instruments with a notional value of $140.2 million which cap LIBOR at rates ranging from 3.0% to 4.3% and mature between July 2015 and April 2018. The fair value of these derivative instruments that represent liabilities are included in Other liabilities in the Consolidated Balance Sheets and totaled $3.2 million and $2.0 million at June 30, 2014 and December 31, 2013, respectively. The fair value of these derivative instruments representing assets are included in Prepaid expenses and other assets in the Consolidated Balance Sheets and totaled $0.9 million and $3.1 million at June 30, 2014 and December 31, 2013, 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 of variable-rate interest payments on mortgage debt. Such instruments are reported at their fair values as stated above. As of June 30, 2014 and December 31, 2013, unrealized (losses)/income totaling $(2.1) million and $1.1 million, respectively, were reflected in Accumulated other comprehensive (loss) income on the Consolidated Balance Sheets.

	As of June 30, 2014 and December 31, 2013, no derivatives were designated as fair value hedges, hedges of net investments in foreign operations or considered to be ineffective. Additionally, the Company does not use derivatives for trading or speculative purposes.

MORTGAGE_AND_OTHER_NOTES_PAYAB

MORTGAGE AND OTHER NOTES PAYABLE	6 Months Ended
MORTGAGE AND OTHER NOTES PAYABLE	Jun. 30, 2014
Mortgage Loans on Real Estate [Abstract]	'
MORTGAGE AND OTHER NOTES PAYABLE	'
	MORTGAGE AND OTHER NOTES PAYABLE

	The Company completed the following transactions related to mortgage and other notes payable and credit facilities during the six months ended June 30, 2014:

	During the six months ended June 30, 2014, the Company borrowed $15.0 million on its unsecured credit facility and paid down $15.0 million. As of June 30, 2014, there was no outstanding balance under this facility.

	During January 2014, the Company drew the remaining $1.5 million on its loan collateralized by a property. The loan bears interest at LIBOR plus 225 basis points and matures on November 10, 2015.

	During January 2014, the Company borrowed $45.0 million on its loan collateralized by a property. The loan bears interest at LIBOR plus 165 basis points and matures on June 28, 2018.

	During February 2014, the Company refinanced a $20.9 million loan collateralized by a property, bearing interest at LIBOR plus 225 basis points, with a new $24.5 million loan. The new loan bears interest at LIBOR plus 155 basis points and matures on February 28, 2016. In connection with this refinancing, the Company expensed $0.2 million in unamortized loan costs relating to the original loan.

	During the six months ended June 30, 2014, the Company borrowed $6.5 million on its Fund IV subscription line and paid down $52.1 million. The outstanding balance under this facility is $28.1 million as of June 30, 2014.

	During March 2014, the Company closed on two loans aggregating $9.0 million that are collateralized by a property. The loans bear interest at a blended rate of LIBOR plus 188 basis points and mature on March 7, 2017, and each have two one-year extension options.

	During March 2014, the Company closed on a $19.0 million loan collateralized by a property, of which $12.6 million was drawn as of June 30, 2014. The loan bears interest at LIBOR plus 170 basis points and matures on February 20, 2019.

	During April 2014, the Company paid off a $4.2 million loan collateralized by a property. The loan bore interest at 6.35% and was scheduled to mature July 1, 2014.

	During April 2014, the Company closed on a $15.5 million loan collateralized by a property. The loan bears interest at LIBOR plus 215 basis points and matures on May1, 2019.

	During April 2014, the Company refinanced a $7.7 million loan collateralized by a property. The initial loan bore interest at LIBOR plus 225 basis points and was scheduled to mature during November 2015. The new $12.0 million loan bears interest at LIBOR plus 185 basis points and matures on May 1, 2017.

	During May 2014, 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 May 1, 2017, with a one-year extension option.

	During June 2014, the Company closed on a $12.5 million loan collateralized by a property. The loan bears interest at LIBOR plus 175 basis points and matures on June 3, 2017, with two one-year extension options.

	During June 2014, the Company paid off a $13.3 million loan collateralized by a property. The loan bore interest at 5.64% and was scheduled to mature September 6, 2014.

	As of June 30, 2014, $198.5 million of funds have been released under the Company's EB-5 loan relating to its City Point project into a restricted cash account. $127.2 million has been drawn to fund construction activities, with $71.3 million remaining in the restricted cash account at June 30, 2014.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	FAIR VALUE MEASUREMENTS

	The FASB's fair value measurements and disclosure guidance requires the valuation of certain of the Company's financial assets and liabilities, based on a three-level fair value hierarchy. Market value 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 value 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 June 30, 2014:


	(dollars in thousands)	Level 1		Level 2		Level 3
	Assets
	Derivative financial instruments (Note 7)	$	—	$	882	$	—

	Liabilities
	Derivative financial instruments (Note 7)	$	—	$	3,174	$	—


	In addition to items that are measured at fair value on a recurring basis, the Company also has assets and liabilities on its consolidated balance sheet that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the table above. Assets and liabilities that are measured at fair value on a nonrecurring basis include assets acquired and liabilities assumed in business combinations (Note 4).

	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 approximate their fair values.

	The Company has determined the estimated fair values of the following financial instruments within Level 2 of the hierarchy by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date:


	(dollars in thousands)	June 30, 2014				December 31, 2013
		Carrying		Estimated Fair Value		Carrying		Estimated Fair Value
		Amount				Amount
	Notes Receivable and Preferred Equity Investments	$	96,307	$	96,307	$	126,656	$	126,656

	Mortgage, Convertible Notes and Other Notes Payable	$	1,074,029	$	1,092,818	$	1,039,997	$	1,056,457

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions	'
	RELATED PARTY TRANSACTIONS

	The Company earned property management fees, construction, legal and leasing fees from its investments in unconsolidated affiliates totaling $0.06 million and $0.03 million for the three months ended June 30, 2014 and 2013, respectively, and $0.04 million and $0.04 million for the six months ended June 30, 2014 and 2013, respectively.

	Lee Wielansky, the Lead Trustee of the Company, was paid a consulting fee of $0.025 million for the three months ended June 30, 2013 and $0.05 million for the six months ended June 30, 2013. The consulting agreement was terminated as of December 31, 2013 and no such fees were incurred during the three or six months ended June 30, 2014.

SEGMENT_REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Segment Reporting	'
	SEGMENT REPORTING

	The Company has three reportable segments: Core Portfolio, Funds and Structured Financing. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company evaluates property performance primarily based on net operating income before depreciation, amortization and certain nonrecurring items. Investments in the Core Portfolio are typically held long-term. Given the contemplated finite life of the Funds, these investments are typically held for shorter terms. Fees earned by the Company as the general partner/managing member of the Funds are eliminated in the Company's consolidated financial statements. Structured Financing represents the Company's investments in notes receivable and preferred equity. The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three months and six months ended June 30, 2014 and 2013, and does not include unconsolidated affiliates:

	Three Months Ended June 30, 2014


	(dollars in thousands)		Core Portfolio				Funds				Structured Financing			Total
	Revenues		$	30,535			$	13,934			$	5,042		$	49,511

	Property operating expenses, other operating and real estate taxes		(7,587		)		(4,627		)		—			(12,214		)

	General and administrative expenses		(6,238		)		(641		)		—			(6,879		)

	Depreciation and amortization		(8,300		)		(3,284		)		—			(11,584		)

	Operating income		8,410				5,382				5,042			18,834

	Equity in earnings of unconsolidated affiliates		227				1,203				—			1,430

	Loss on debt extinguishment		(3		)		(63		)		—			(66		)

	Gain on disposition of property		—				561				—			561

	Interest and other finance expense		(6,962		)		(2,572		)		—			(9,534		)

	Income tax benefit (provision)		91				(8		)		—			83

	Income from continuing operations		1,763				4,503				5,042			11,308

	Discontinued operations
	Gain on disposition of property		—				560				—			560

	Net Income		1,763				5,063				5,042			11,868

	Noncontrolling interests
	(Income) loss from continuing operations		(1,036		)		1,093				—			57

	Income from discontinued operations		(4		)		(457		)		—			(461		)

	Net (income) loss attributable to noncontrolling interests		(1,040		)		636				—			(404		)

	Net income attributable to Common Shareholders		$	723			$	5,699			$	5,042		$	11,464


	Real Estate at Cost		$	1,184,956			$	797,673			$	—		$	1,982,629

	Total Assets		$	1,153,586			$	1,122,303			$	96,307		$	2,372,196

	Acquisition of Real Estate		$	17,100			$	—			$	—		$	17,100

	Investment in Redevelopment and Improvements		$	754			$	30,052			$	—		$	30,806


	11. SEGMENT REPORTING (continued)

	Three Months Ended June 30, 2013


	(dollars in thousands)		Core Portfolio				Funds				Structured Financing			Total
	Revenues		$	27,659			$	9,751			$	3,398		$	40,808

	Property operating expenses, other operating and real estate taxes		(6,500		)		(3,544		)		—			(10,044		)

General and administrative expenses		(5,925		)		(377		)		—			(6,302		)

Depreciation and amortization		(6,909		)		(2,690		)		—			(9,599		)

Operating income		8,325				3,140				3,398			14,863

Equity in (losses) earnings of unconsolidated affiliates		(42		)		857				—			815

Impairment of asset		(1,500		)		—				—			(1,500		)

Interest and other finance expense		(6,329		)		(3,597		)		—			(9,926		)

Income tax benefit (provision)		146				(156		)		—			(10		)

Income from continuing operations		600				244				3,398			4,242

Discontinued operations
Operating income from discontinued operations		112				1,069				—			1,181

Gain on disposition of property		—				4,191				—			4,191

Net income		712				5,504				3,398			9,614

Noncontrolling interests
(Income) loss from continuing operations		(490		)		4,215				—			3,725

Income from discontinued operations		(54		)		(4,528		)		—			(4,582		)

Net (income) loss attributable to noncontrolling interests		(544		)		(313		)		—			(857		)

Net income attributable to Common Shareholders		$	168			$	5,191			$	3,398		$	8,757


Real Estate at Cost		$	982,323			$	628,099			$	—		$	1,610,422

Total Assets		$	1,100,356			$	1,104,704			$	105,484		$	2,310,544

Acquisition of Real Estate		$	22,500			$	—			$	—		$	22,500

Investment in Redevelopment and Improvements		$	3,255			$	22,371			$	—		$	25,626


11. SEGMENT REPORTING (continued)

Six Months Ended June 30, 2014


(dollars in thousands)		Core Portfolio				Funds				Structured Financing			Total
Revenues		$	60,684			$	26,576			$	8,936		$	96,196

Property operating expenses, other operating and real estate taxes		(15,493		)		(10,202		)		—			(25,695		)

General and administrative expenses		(12,651		)		(1,124		)		—			(13,775		)

Depreciation and amortization		(16,633		)		(6,538		)		—			(23,171		)

Operating Income		15,907				8,712				8,936			33,555

Equity in earnings of unconsolidated affiliates		323				4,136				—			4,459

Loss on debt extinguishment		(3		)		(266		)		—			(269		)

Interest and other finance expense		(14,162		)		(6,023		)		—			(20,185		)

Income tax provision		(13		)		(72		)		—			(85		)

Gain on disposition of property		12,387				561				—			12,948

Income from continuing operations		14,439				7,048				8,936			30,423

Discontinued operations
Gain on disposition of property		—				560				—			560

Net income		14,439				7,608				8,936			30,983

Noncontrolling interests
(Income) loss from continuing operations		(1,453		)		3,990				—			2,537

Income from discontinued operations		(4		)		(457		)		—			(461		)

Net (income) loss attributable to noncontrolling interests		(1,457		)		3,533				—			2,076

Net income attributable to Common Shareholders		$	12,982			$	11,141			$	8,936		$	33,059


Real Estate at Cost		$	1,184,956			$	797,673			$	—		$	1,982,629

Total Assets		$	1,153,586			$	1,122,303			$	96,307		$	2,372,196

Acquisition of Real Estate		$	107,600			$	—			$	—		$	107,600

Investment in Redevelopment and Improvements		$	2,182			$	66,129			$	—		$	68,311

11. SEGMENT REPORTING (continued)

Six Months Ended June 30, 2013


(dollars in thousands)		Core Portfolio				Funds				Structured Financing			Total
Revenues		$	54,138			$	22,663			$	6,296		$	83,097

Property operating expenses, other operating and real estate taxes		(13,372		)		(7,655		)		—			(21,027		)

General and administrative expenses		(11,185		)		(743		)		—			(11,928		)

Depreciation and amortization		(13,298		)		(5,530		)		—			(18,828		)

Operating Income		16,283				8,735				6,296			31,314

Equity in (losses) earnings of unconsolidated affiliates		(47		)		3,112				—			3,065

Impairment of asset		(1,500		)		—				—			(1,500		)

Interest and other finance expense		(12,486		)		(6,725		)		—			(19,211		)

Income tax benefit (provision)		238				(109		)		—			129

Income from continuing operations		2,488				5,013				6,296			13,797

Discontinued operations
Operating income from discontinued operations		213				2,592				—			2,805

Gain on disposition of property		—				4,191				—			4,191

Net income		2,701				11,796				6,296			20,793

Noncontrolling interests
(Income) loss from continuing operations		(926		)		4,687				—			3,761

Income from discontinued operations		(94		)		(6,080		)		—			(6,174		)

Net (income) loss attributable to noncontrolling interests		(1,020		)		(1,393		)		—			(2,413		)

Net income attributable to Common Shareholders		$	1,681			$	10,403			$	6,296		$	18,380


Real Estate at Cost		$	982,323			$	628,099			$	—		$	1,610,422

Total Assets		$	1,100,356			$	1,104,704			$	105,484		$	2,310,544

Acquisition of Real Estate		$	109,100			$	—			$	—		$	109,100

Investment in Redevelopment and Improvements		$	3,711			$	39,856			$	—		$	43,567

LONGTERM_INCENTIVE_COMPENSATIO

LONG-TERM INCENTIVE COMPENSATION	6 Months Ended
LONG-TERM INCENTIVE COMPENSATION	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Long-Term Incentive Compensation	'
	LONG-TERM INCENTIVE COMPENSATION

	On February 28, 2014, the Company issued a total of 326,230 LTIP Units and 918 Restricted Share Units to officers of the Company and 10,527 Restricted Share Units to other employees of the Company pursuant to its Amended and Restated 2006 Share Incentive Plan (the "Share Incentive Plan"). Vesting with respect to these awards is generally recognized ratably over the five annual anniversaries following the issuance date. Vesting with respect to 16% of the awards issued to officers is also generally subject to achieving certain Company performance measures. Unvested LTIP Units provide for non-forfeitable rights to dividend equivalent payments (Note 2).

	On March 31, 2014 , the Company entered into an Amended and Restated Employment Agreement with Kenneth Bernstein, Chief Executive Officer, and issued an additional 114,198 LTIP Units which are subject to a five-year vesting period.

	These awards were measured at their fair value on the grant date. Fair value was established as the market price of the Company's Common Shares as of the close of trading on the day preceding the grant date. The total value of the above Restricted Share Units and LTIP Units as of their respective grant dates was $11.9 million, of which $0.5 million was recognized as compensation expense in 2013, and $11.4 million will be recognized as compensation expense over the vesting period. Compensation expense of $0.6 million and $1.0 million has been recognized in the accompanying consolidated statements of income related to these awards for the three and six months ended June 30, 2014.

	Total long-term incentive compensation expense, including the expense related to the above-mentioned plans, was $1.6 million and $1.3 million for the three months ended June 30, 2014 and 2013, respectively, and $3.0 million and $2.6 million for the six months ended June 30, 2014 and 2013, respectively.

	On June 4, 2014, the Company issued 17,118 Restricted Shares and 1,518 LTIP Units to Trustees of the Company in connection with Trustee fees. Vesting with respect to 6,276 of the Restricted Shares and 1,518 of the LTIP Units will be on the first anniversary of the date of issuance and 10,842 of the Restricted Shares vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares, but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Trustee fee expense of $0.04 million for the three months ended June 30, 2014 has been recognized in the accompanying consolidated statement of income related to this issuance.

	In 2009, the Company adopted the Long Term Investment Alignment Program (the "Program") pursuant to which the Company may award units primarily to senior executives which would entitle them to receive up to 25% of any future Fund III Promote or Fund IV Promote when and if such Promotes are ultimately realized. The Company has awarded all of the units under the Program related to the Fund III Promote and 10% of the units related to the Fund IV Promote. These units were determined to have no value at issuance or as of June 30, 2014. In accordance with ASC Topic 718, "Compensation - Stock Compensation," compensation relating to these awards will be recorded based on the change in the estimated fair value at each reporting period.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	SUBSEQUENT EVENTS

	During July 2014, the Company completed the acquisition of the Bedford Green shopping center located in Bedford Hills, New York for a purchase price of $46.8 million. In connection with this acquisition, the Company assumed $29.8 million of debt collateralized by the property. The loan bears interest at 5.1% and matures on September 5, 2017.

	During July 2014, Fund IV completed the acquisition of the Eden Square shopping center located in Bear, Delaware for a purchase price of $25.4 million.

ORGANIZATION_AND_BASIS_OF_PRES1

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION (Policies)	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	Basis of Presentation

	The consolidated financial statements include the consolidated accounts of the Company and its investments in entities in which the Company is presumed to have control in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). Investments in entities for which the Company has the ability to exercise significant influence but does not have financial or operating control are accounted for under the equity method of accounting. Accordingly, the Company's share of the net earnings (or losses) of entities accounted for under the equity method are included in consolidated net income under the caption, Equity in Earnings of Unconsolidated Affiliates. Investments in entities for which the Company does not have the ability to exercise any influence are accounted for under the cost method.

	The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Operating results for the three months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. These consolidated financial statements should be read in conjunction with the Company's 2013 Annual Report on Form 10-K, as filed with the SEC on February 26, 2014.
Reclassifications	'
	Reclassifications

	Certain reclassifications have been made to the 2013 financial statements to conform to the 2014 presentation.
Real Estate	'
	Real Estate

	The Company reviews its long-lived assets for impairment when there is an event or 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 cost to fair value, and for properties held-for-sale, the Company reduces its carrying value to the fair value less costs to dispose. Management does not believe that the carrying values of any of its properties are impaired as of June 30, 2014.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements

	During June 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-12, "Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period." ASU 2014-12 provides explicit guidance on how to account for share-based payments that require a specific performance target to be achieved which may be achieved after an employee completes the requisite service period. ASU 2014-12 is effective for periods beginning after December 15, 2015 and may be applied either prospectively or retrospectively. ASU 2014-12 is not expected to have a material impact on the Company's financial statements.

	During May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers", which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating
	1. ORGANIZATION AND BASIS OF PRESENTATION (continued)

	the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017.

	During April 2014, the FASB issued ASU No. 2014-08, "Presentation of Financial Statements and Property, Plant and Equipment; Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 modifies the requirements for reporting discontinued operations. Under the amendments in ASU 2014-08, the definition of discontinued operation has been modified to only include those disposals of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. ASU 2014-08 shall be applied prospectively for periods beginning on or after December 15, 2014, with early adoption permitted. The Company adopted ASU 2014-08 for the quarter ended March 31, 2014. The Company has adopted this standard on a prospective basis for transactions that have occurred after the adoption date. The adoption of ASU 2014-08 did not have an effect on the Company's financial position or results of operations.

ORGANIZATION_AND_BASIS_OF_PRES2

ORGANIZATION AND BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Schedule of Noncontrolling Interest In Individual Investee	'
	Following is a table summarizing the general terms and the Operating Partnership's equity interests in the Funds and Mervyns I and II:



	Entity	Formation Date	Operating Partnership Share of Capital		Committed Capital (2)		Capital Called as of June 30, 2014 (3)		Equity Interest Held By Operating Partnership		Preferred Return		Capital Returned as of June 30, 2014 (3)
	Fund I and Mervyns I (1)	Sep-01	22.22	%	$	90	$	86.6	37.78	%	9	%	$	86.6

	Fund II and Mervyns II (2)	Jun-04	20	%	300		300		20	%	8	%	131.6

	Fund III	May-07	19.9	%	475		366.6		19.9	%	6	%	262.6

	Fund IV	May-12	23.12	%	540.6		121		23.12	%	6	%	—

	Notes:
	(1) Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions.
	(2) During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects.
	(3) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares.

EARNINGS_PER_COMMON_SHARE_Tabl

EARNINGS PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Computation of Basic and Diluted Earnings Per Share from Continuing Operations	'
	The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated:

	2. EARNINGS PER COMMON SHARE (continued)


		Three Months Ended						Six Months Ended
		June 30,						June 30,
	(dollars in thousands, except per share amounts)	2014			2013			2014			2013
	Numerator
	Income from continuing operations	$	11,365		$	7,967		$	32,960		$	17,558

	Less: net income attributable to participating securities	(197		)	(140		)	(585		)	(311		)
	Income from continuing operations, net of income attributable to participating securities	11,168			7,827			32,375			17,247


	Denominator

	Weighted average shares for basic earnings per share	58,013			55,171			56,989			54,309

	Effect of dilutive securities:

	Employee Restricted Share Units and share options	19			37			28			48

	Convertible Preferred OP Units	—			—			25			—

	Denominator for diluted earnings per share	58,032			55,208			57,042			54,357


	Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.19		$	0.14		$	0.57		$	0.32

	Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.19		$	0.14		$	0.57		$	0.32

ACQUISITION_OF_REAL_ESTATE_AND1

ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2014
Restructuring Cost and Reserve [Line Items]	'
Schedule of Business Acquisitions, by Acquisition	'
	The Company expensed $1.5 million of acquisition costs for the six months ended June 30, 2014, related to the Core Portfolio.

	4. ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)

	Acquisitions (continued)

	Fund IV



	(dollars in millions)
	Property	GLA		Percent Owned		Type	Month of Acquisition	Purchase Price			Location

	Broughton Street Portfolio (18 Properties)	157,383		50	%	Street Retail	Various	$	26		Savannah, GA

	Total	157,383						$	26

	During 2014, the Company acquired the following properties through its Core Portfolio and Fund IV as follows:

	Core Portfolio



	(dollars in millions)
	Property	GLA		Percent Owned		Type	Month of Acquisition	Purchase Price			Location

	11 E Walton	6,738		100	%	Street Retail	January	$	44		Chicago, IL

	61 Main Street	3,400		100	%	Street Retail	February	7.3			Westport, CT

	865 W North Avenue	16,000		100	%	Street Retail	March	14.8			Chicago, IL

	252-256 Greenwich Avenue	9,172		100	%	Street Retail	March	24.5			Greenwich, CT

	152-154 Spring Street	2,936		90	%	Street Retail	April	38			New York, NY

	2520 Flatbush Avenue	29,114		100	%	Urban Retail	May	17.1			Brooklyn, NY

	Total	67,360						$	145.7

Combined Assets and Liabilities and Results of Operations of the Properties Classified as Discontinued Operations	'
	The combined assets and liabilities and the results of operations of the properties classified as discontinued operations are summarized for each period presented as follows:



	(dollars in thousands)
	BALANCE SHEETS	31-Dec-13
	ASSETS
	Net real estate	$	17,991

	Rents receivable, net	565

	Deferred charges, net	38

	Prepaid expenses and other assets	1,840

	Total assets of discontinued operations	$	20,434

	LIABILITIES
	Accounts payable and accrued expenses	$	1,473

	Other liabilities	1,034

	Total liabilities of discontinued operations	$	2,507


	4. ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS (continued)



		Three Months Ended								Six Months Ended
	(dollars in thousands)	June 30,								June 30,
	STATEMENT OF INCOME	2014				2013				2014			2013
	Total revenues	$	—			$	6,033			$	—		$	12,213

	Total expenses	—				4,852				—			9,408

	Operating income	—				1,181				—			2,805

	Gain on disposition of property	560				4,191				560			4,191

	Income from discontinued operations	560				5,372				560			6,996

	Income from discontinued operations attributable to noncontrolling interests	(461		)		(4,582		)		(461		)	(6,174		)
	Income from discontinued operations attributable to Common Shareholders	$	99			$	790			$	99		$	822

Schedule Of Property Dispositions	'
	During 2014, the Company disposed of the following properties:



	(dollars in millions)
	Dispositions	GLA		Sale Price			Gain/Loss on Sale			Month Sold	Owner
	Walnut Hill 1	297,905		$	—		$	12.4		March	Core

	Sheepshead Bay	96,418		20.2			1.4			April	Fund III

	City Point 2	—		26.3			0.6			June	Fund II

	Other post-sale adjustments	—		—			(0.9		)

	Total	394,323		$	46.5		$	13.5


	Note:

	(1) This property was subject to $22.9 million of non-recourse debt and was foreclosed upon by the lender during March 2014, resulting in a $12.4 million gain.

	(2) Represents the sale of a portion of the residential air rights known as "Tower 2" associated with the Company's City Point development project.
Acquisitions In 2014	'
Restructuring Cost and Reserve [Line Items]	'
Schedule of Business Acquisitions, by Acquisition	'
	The following table summarizes the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2014 which have yet to be finalized:



	(dollars in thousands)	Preliminary Purchase Price Allocations
	Land	$	44,027

	Buildings and improvements	127,579

	Total consideration	$	171,606

Acquisitions in 2013	'
Restructuring Cost and Reserve [Line Items]	'
Schedule of Business Acquisitions, by Acquisition	'
	The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2013, and the finalized allocations as adjusted as of June 30, 2014:



	(dollars in thousands)	Purchase Price Allocations as Originally Reported			Adjustments			Finalized Purchase Price Allocations
	Land	$	41,700		$	8,236		$	49,936

	Buildings and improvements	142,618			(20,640		)	121,978

	Acquisition-related intangible assets (in Acquired lease intangibles, net)	—			15,716			15,716

	Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—			(3,312		)	(3,312		)

	Total consideration	$	184,318		$	—		$	184,318

INVESTMENTS_IN_AND_ADVANCES_TO1

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)	6 Months Ended
	Jun. 30, 2014
Equity Method Investments and Joint Ventures [Abstract]	'
Summary activity related to the RCP Venture Investments from Inception	'
	The following table summarizes activity related to the RCP Venture investments from inception through June 30, 2014:


	(dollars in thousands)		Investment Group Share						Operating Partnership Share
	Investment	Year Acquired	Invested						Invested
			Capital			Distributions			Capital			Distributions
			and Advances						and Advances
	Mervyns	2004	$	26,058		$	46,916		$	4,901		$	11,451

	Mervyns Add-On investments	2005/2008	7,547			5,935			1,252			1,321

	Albertsons	2006	20,717			81,594			4,239			16,318

	Albertsons Add-On investments	2006/2007	2,416			4,864			388			972

	Shopko	2006	1,108			2,460			222			492

	Marsh and Add-On investments	2006/2008	2,667			2,639			533			528

	Rex Stores	2007	2,701			1,956			535			392

			$	63,214		$	146,364		$	12,070		$	31,474

Summary of Balance Sheet of the Companyâ€™s investments in unconsolidated affiliates	'
	The following Combined and Condensed Balance Sheets and Statements of Income, summarize the financial information of the Company’s investments in unconsolidated affiliates:
	5. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued)



	(dollars in thousands)	June 30,			December 31,
		2014			2013
	Combined and Condensed Balance Sheets
	Assets
	Rental property, net	$	400,891		$	380,268

	Real estate under development	38,316			5,573

	Investment in unconsolidated affiliates	21,394			63,745

	Other assets	53,985			66,895

	Total assets	$	514,586		$	516,481

	Liabilities and partners’ equity

	Mortgage notes payable	$	303,987		$	265,982

	Other liabilities	54,916			43,733

	Partners’ equity	155,683			206,766

	Total liabilities and partners’ equity	$	514,586		$	516,481

	Company’s investment in and advances to unconsolidated affiliates	$	182,721		$	181,322

	Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	$	(8,491	)	$	(8,701	)
Summary of Statement of Income of the Companyâ€™s investments in unconsolidated affiliates	'


		Three Months Ended						Six Months Ended
		June 30,						June 30,
	(dollars in thousands)	2014			2013			2014			2013
	Combined and Condensed Statements of Income
	Total revenues	$	12,247		$	10,846		$	24,352		$	21,845

	Operating and other expenses	(5,503		)	(4,698		)	(9,318		)	(8,979		)
	Interest and other finance expense	(2,975		)	(2,056		)	(5,500		)	(4,087		)
	Equity in earnings (losses) of unconsolidated affiliates	—			6,581			(328		)	5,870

	Depreciation and amortization	(3,475		)	(2,608		)	(6,181		)	(4,688		)
	Loss on debt extinguishment	—			—			(187		)	—

	Gain on disposition of property	239			—			239			—

	Net income	$	533		$	8,065		$	3,077		$	9,961



	Company’s share of net income	$	1,528		$	913		$	4,655		$	3,261

	Amortization of excess investment	(98		)	(98		)	(196		)	(196		)
	Company’s equity in earnings of unconsolidated affiliates	$	1,430		$	815		$	4,459		$	3,065

NOTES_RECEIVABLE_AND_PREFERRED1

NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET (Tables)	6 Months Ended
	Jun. 30, 2014
Mortgage Loans on Real Estate [Abstract]	'
Schedule of Accounts, Notes, Loans and Financing Receivable	'
	As of June 30, 2014, the Company’s notes receivable and preferred equity investments, net, aggregated $96.3 million, and were collateralized either by underlying properties, the borrowers' ownership interests in the entities that own properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:


	(dollars in thousands)
	Description	Effective interest rate (1)	First Priority liens		Net Carrying Amounts of Notes Receivable as of June 30, 2014		Net Carrying Amounts of Notes Receivable as of December 31, 2013		Maturity date
	First Mortgage Loan	6.00%	—		$	—	$	6,400	Demand

	Mezzanine Loan 2	10.00%	89,566		9,089		9,089		Demand

	First Mortgage Loan	5.50%	—		4,000		42,000		4/1/16

	Zero Coupon Loan 3	24.00%	166,200		4,708		4,431		1/3/16

	Mezzanine Loan	15.00%	—		30,879		30,879		11/9/20

	Mezzanine Loan	15.00%	—		—		3,834		Upon Capital Event

	Preferred Equity	8.10%	20,855		13,000		13,000		9/1/17

	Construction Loan	7.70%	—		12,000		12,000		1/1/15

	Mezzanine Loan	12.70%	—		13,000		—		10/3/15

	Preferred Equity	13.50%	—		4,000		—		5/9/16

	Mezzanine Loan	2.5% + Libor	—		3,000		3,000		12/30/20

	Individually less than 3% 4	2.7% to 11.6%	—		2,631		2,023		12/31/14 to 5/1/2024

	Total				$	96,307	$	126,656

	Notes:

	(1) Includes origination and exit fees
	(2) Comprised of three cross-collateralized loans from one borrower, which are non-performing
	(3) The principal balance for this accrual only loan is increased by the interest accrued
	(4) Consists of three loans as of June 30, 2014.
Allowance for Notes Receivable	'
	The following table reconciles the allowance for notes receivable from December 31, 2013 to June 30, 2014:



	(dollars in thousands)	Allowance for Notes Receivable
	Balance at December 31, 2013	$	3,681

	Additional reserves	—

	Recoveries	(3,681		)
	Charge-offs and reclassifications	—

	Balance at June 30, 2014	$	—

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Company's fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis	'
	The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of June 30, 2014:


	(dollars in thousands)	Level 1		Level 2		Level 3
	Assets
	Derivative financial instruments (Note 7)	$	—	$	882	$	—

	Liabilities
	Derivative financial instruments (Note 7)	$	—	$	3,174	$	—

Fair value of financial instruments, Assets and Liabilities	'
	The Company has determined the estimated fair values of the following financial instruments within Level 2 of the hierarchy by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date:


	(dollars in thousands)	June 30, 2014				December 31, 2013
		Carrying		Estimated Fair Value		Carrying		Estimated Fair Value
		Amount				Amount
	Notes Receivable and Preferred Equity Investments	$	96,307	$	96,307	$	126,656	$	126,656

	Mortgage, Convertible Notes and Other Notes Payable	$	1,074,029	$	1,092,818	$	1,039,997	$	1,056,457

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Reconciliation of Certain Segment Information from Segments to Consolidated [Table Text Block]	'
	The following tables set forth certain segment information for the Company, reclassified for discontinued operations, as of and for the three months and six months ended June 30, 2014 and 2013, and does not include unconsolidated affiliates:

	Three Months Ended June 30, 2014


	(dollars in thousands)		Core Portfolio				Funds				Structured Financing			Total
	Revenues		$	30,535			$	13,934			$	5,042		$	49,511

	Property operating expenses, other operating and real estate taxes		(7,587		)		(4,627		)		—			(12,214		)

	General and administrative expenses		(6,238		)		(641		)		—			(6,879		)

	Depreciation and amortization		(8,300		)		(3,284		)		—			(11,584		)

	Operating income		8,410				5,382				5,042			18,834

	Equity in earnings of unconsolidated affiliates		227				1,203				—			1,430

	Loss on debt extinguishment		(3		)		(63		)		—			(66		)

	Gain on disposition of property		—				561				—			561

	Interest and other finance expense		(6,962		)		(2,572		)		—			(9,534		)

	Income tax benefit (provision)		91				(8		)		—			83

	Income from continuing operations		1,763				4,503				5,042			11,308

	Discontinued operations
	Gain on disposition of property		—				560				—			560

	Net Income		1,763				5,063				5,042			11,868

	Noncontrolling interests
	(Income) loss from continuing operations		(1,036		)		1,093				—			57

	Income from discontinued operations		(4		)		(457		)		—			(461		)

	Net (income) loss attributable to noncontrolling interests		(1,040		)		636				—			(404		)

	Net income attributable to Common Shareholders		$	723			$	5,699			$	5,042		$	11,464


	Real Estate at Cost		$	1,184,956			$	797,673			$	—		$	1,982,629

	Total Assets		$	1,153,586			$	1,122,303			$	96,307		$	2,372,196

	Acquisition of Real Estate		$	17,100			$	—			$	—		$	17,100

	Investment in Redevelopment and Improvements		$	754			$	30,052			$	—		$	30,806


	11. SEGMENT REPORTING (continued)

	Three Months Ended June 30, 2013


	(dollars in thousands)		Core Portfolio				Funds				Structured Financing			Total
	Revenues		$	27,659			$	9,751			$	3,398		$	40,808

	Property operating expenses, other operating and real estate taxes		(6,500		)		(3,544		)		—			(10,044		)

	General and administrative expenses		(5,925		)		(377		)		—			(6,302		)

Depreciation and amortization		(6,909		)		(2,690		)		—			(9,599		)

Operating income		8,325				3,140				3,398			14,863

Equity in (losses) earnings of unconsolidated affiliates		(42		)		857				—			815

Impairment of asset		(1,500		)		—				—			(1,500		)

Interest and other finance expense		(6,329		)		(3,597		)		—			(9,926		)

Income tax benefit (provision)		146				(156		)		—			(10		)

Income from continuing operations		600				244				3,398			4,242

Discontinued operations
Operating income from discontinued operations		112				1,069				—			1,181

Gain on disposition of property		—				4,191				—			4,191

Net income		712				5,504				3,398			9,614

Noncontrolling interests
(Income) loss from continuing operations		(490		)		4,215				—			3,725

Income from discontinued operations		(54		)		(4,528		)		—			(4,582		)

Net (income) loss attributable to noncontrolling interests		(544		)		(313		)		—			(857		)

Net income attributable to Common Shareholders		$	168			$	5,191			$	3,398		$	8,757


Real Estate at Cost		$	982,323			$	628,099			$	—		$	1,610,422

Total Assets		$	1,100,356			$	1,104,704			$	105,484		$	2,310,544

Acquisition of Real Estate		$	22,500			$	—			$	—		$	22,500

Investment in Redevelopment and Improvements		$	3,255			$	22,371			$	—		$	25,626


11. SEGMENT REPORTING (continued)

Six Months Ended June 30, 2014


(dollars in thousands)		Core Portfolio				Funds				Structured Financing			Total
Revenues		$	60,684			$	26,576			$	8,936		$	96,196

Property operating expenses, other operating and real estate taxes		(15,493		)		(10,202		)		—			(25,695		)

General and administrative expenses		(12,651		)		(1,124		)		—			(13,775		)

Depreciation and amortization		(16,633		)		(6,538		)		—			(23,171		)

Operating Income		15,907				8,712				8,936			33,555

Equity in earnings of unconsolidated affiliates		323				4,136				—			4,459

Loss on debt extinguishment		(3		)		(266		)		—			(269		)

Interest and other finance expense		(14,162		)		(6,023		)		—			(20,185		)

Income tax provision		(13		)		(72		)		—			(85		)

Gain on disposition of property		12,387				561				—			12,948

Income from continuing operations		14,439				7,048				8,936			30,423

Discontinued operations
Gain on disposition of property		—				560				—			560

Net income		14,439				7,608				8,936			30,983

Noncontrolling interests
(Income) loss from continuing operations		(1,453		)		3,990				—			2,537

Income from discontinued operations		(4		)		(457		)		—			(461		)

Net (income) loss attributable to noncontrolling interests		(1,457		)		3,533				—			2,076

Net income attributable to Common Shareholders		$	12,982			$	11,141			$	8,936		$	33,059


Real Estate at Cost		$	1,184,956			$	797,673			$	—		$	1,982,629

Total Assets		$	1,153,586			$	1,122,303			$	96,307		$	2,372,196

Acquisition of Real Estate		$	107,600			$	—			$	—		$	107,600

Investment in Redevelopment and Improvements		$	2,182			$	66,129			$	—		$	68,311

11. SEGMENT REPORTING (continued)

Six Months Ended June 30, 2013


(dollars in thousands)		Core Portfolio				Funds				Structured Financing			Total
Revenues		$	54,138			$	22,663			$	6,296		$	83,097

Property operating expenses, other operating and real estate taxes		(13,372		)		(7,655		)		—			(21,027		)

General and administrative expenses		(11,185		)		(743		)		—			(11,928		)

Depreciation and amortization		(13,298		)		(5,530		)		—			(18,828		)

Operating Income		16,283				8,735				6,296			31,314

Equity in (losses) earnings of unconsolidated affiliates		(47		)		3,112				—			3,065

Impairment of asset		(1,500		)		—				—			(1,500		)

Interest and other finance expense		(12,486		)		(6,725		)		—			(19,211		)

Income tax benefit (provision)		238				(109		)		—			129

Income from continuing operations		2,488				5,013				6,296			13,797

Discontinued operations
Operating income from discontinued operations		213				2,592				—			2,805

Gain on disposition of property		—				4,191				—			4,191

Net income		2,701				11,796				6,296			20,793

Noncontrolling interests
(Income) loss from continuing operations		(926		)		4,687				—			3,761

Income from discontinued operations		(94		)		(6,080		)		—			(6,174		)

Net (income) loss attributable to noncontrolling interests		(1,020		)		(1,393		)		—			(2,413		)

Net income attributable to Common Shareholders		$	1,681			$	10,403			$	6,296		$	18,380


Real Estate at Cost		$	982,323			$	628,099			$	—		$	1,610,422

Total Assets		$	1,100,356			$	1,104,704			$	105,484		$	2,310,544

Acquisition of Real Estate		$	109,100			$	—			$	—		$	109,100

Investment in Redevelopment and Improvements		$	3,711			$	39,856			$	—		$	43,567

ORGANIZATION_AND_BASIS_OF_PRES3

ORGANIZATION AND BASIS OF PRESENTATION (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2014		Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014
In Millions, unless otherwise specified	property	Fund I and Mervyns I		Core Portfolio	Opportunity Funds	Fund II	Operating Partnership, as General Partner or Managing Member	Institutional Investors [Member]
	opportunity_fund			property	property
Organization, Consolidation and Presentation of Financial Statements [Line Items]	'	'		'	'	'	'	'
Ownership interest by general partner or managing partner	'	37.78%	[1]	'	'	'	96.00%	'
Number of retail properties (in properties)	135	'		82	53	'	'	'
Number of opportunity funds	4	'		'	'	'	'	'
Remaining funds rate of distribution to partnership	'	'		'	'	'	20.00%	'
Remaining funds rate of distribution to all partners	'	'		'	'	'	'	80.00%
Payments of dividends	'	'		'	'	$47.10	'	'

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

ORGANIZATION_AND_BASIS_OF_PRES4

ORGANIZATION AND BASIS OF PRESENTATION Summary of General Terms and Operating Partnership's Equity Interests (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
Fund I and Mervyns I	'
Organization, Consolidation and Presentation of Financial Statements [Line Items]	'
Operating Partnership Share of Capital	22.22%	[1]
Committed Capital	$90	[1]
Capital Called as of June 30, 2013	86.6	[1],[2]
Ownership Interest By General Partner or Managing Partner	37.78%	[1]
Preferred Return	9.00%	[1]
Capital Returned as of June 30, 2013	86.6	[1],[2]
Fund II and Mervyns II	'
Organization, Consolidation and Presentation of Financial Statements [Line Items]	'
Operating Partnership Share of Capital	20.00%	[3]
Committed Capital	300	[3]
Capital Called as of June 30, 2013	300	[2],[3]
Ownership Interest By General Partner or Managing Partner	20.00%	[3]
Preferred Return	8.00%	[3]
Capital Returned as of June 30, 2013	131.6	[2],[3]
Fund III	'
Organization, Consolidation and Presentation of Financial Statements [Line Items]	'
Operating Partnership Share of Capital	19.90%
Committed Capital	475	[3]
Capital Called as of June 30, 2013	366.6	[2]
Ownership Interest By General Partner or Managing Partner	19.90%
Preferred Return	6.00%
Capital Returned as of June 30, 2013	262.6	[2]
Fund IV	'
Organization, Consolidation and Presentation of Financial Statements [Line Items]	'
Operating Partnership Share of Capital	23.12%
Committed Capital	540.6	[3]
Capital Called as of June 30, 2013	121	[2]
Ownership Interest By General Partner or Managing Partner	23.12%
Preferred Return	6.00%
Capital Returned as of June 30, 2013	$0	[2]

[1]	Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions.
[2]	Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares.
[3]	During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects.

EARNINGS_PER_COMMON_SHARE_Deta

EARNINGS PER COMMON SHARE (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
					Common stock	Operating Partnership, as General Partner or Managing Member	Operating Partnership, as General Partner or Managing Member	Operating Partnership, as General Partner or Managing Member	Operating Partnership, as General Partner or Managing Member
								Series A Preferred Stock	Series A Preferred Stock
Schedule of Earnings Per Share, Basic and Diluted [Line Items]	'	'	'	'	'	'	'	'	'
Limited partners' common OP units	'	'	'	'	'	1,457,467	1,457,467	188	188
Antidilutive securities excluded from computation of earnings per share, amount	'	'	'	'	25,067	'	'	'	'
Numerator:	'	'	'	'	'	'	'	'	'
Income from continuing operations	$11,365	$7,967	$32,960	$17,558	'	'	'	'	'
Less: net income attributable to participating securities	-197	-140	-585	-311	'	'	'	'	'
Income from continuing operations net of income attributable to participating securities	$11,168	$7,827	$32,375	$17,247	'	'	'	'	'
Denominator	'	'	'	'	'	'	'	'	'
Weighted average shares for basic earnings per share (in shares)	58,013,000	55,171,000	56,989,000	54,309,000	'	'	'	'	'
Effect of dilutive securities:	'	'	'	'	'	'	'	'	'
Employee Restricted Share Units and share options (in shares)	19,000	37,000	28,000	48,000	'	'	'	'	'
Convertible Preferred OP Units (in shares)	0	0	25,000	0	'	'	'	'	'
Denominator for diluted earnings per share (in shares)	58,032,000	55,208,000	57,042,000	54,357,000	'	'	'	'	'
Basic earnings per Common Share from continuing operations attributable to Common Shareholders	$0.19	$0.14	$0.57	$0.32	'	'	'	'	'
Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$0.19	$0.14	$0.57	$0.32	'	'	'	'	'

SHAREHOLDERS_EQUITY_AND_NONCON1

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) (USD $)	6 Months Ended						6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013
			Operating Partnership, as General Partner or Managing Member	Operating Partnership, as General Partner or Managing Member	Series A Preferred Stock	Series A Preferred Stock	At The Market Equity Program	LTIP Units	LTIP Units
					Operating Partnership, as General Partner or Managing Member	Operating Partnership, as General Partner or Managing Member	Common stock
Noncontrolling Interest [Line Items]	'	'	'	'	'	'	'	'	'
Common stock issued during the period	'	'	'	'	'	'	3,400,000	'	'
Gross proceeds from issuance of common stock	'	'	'	'	'	'	$92,500,000	'	'
Proceeds from issuance of common stock	$88,499,000	$75,871,000	'	'	'	'	$91,200,000	'	'
Limited partners' common OP units	'	'	1,457,467	1,457,467	188	188	'	'	'
Share-based compensation, outstanding (in shares)	'	'	'	'	'	'	'	738,367	496,047

ACQUISITION_OF_REAL_ESTATE_AND2

ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Acquisitions (Details) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Business Acquisition [Line Items]	'	'
Gross leasable area	394,323	'
Core Portfolio	'	'
Business Acquisition [Line Items]	'	'
Gross leasable area	67,360	'
Purchase Price	$145,700,000	'
Acquisition costs	1,500,000	'
Fund IV	'	'
Business Acquisition [Line Items]	'	'
Gross leasable area	157,383	'
Purchase Price	26,000,000	'
Acquisition costs	2,500,000	'
11 E Walton \| Chicago, IL \| Core Portfolio	'	'
Business Acquisition [Line Items]	'	'
Gross leasable area	6,738	'
Percent Owned	100.00%	'
Purchase Price	44,000,000	'
61 Main Street \| Westport, CT \| Core Portfolio	'	'
Business Acquisition [Line Items]	'	'
Gross leasable area	3,400	'
Percent Owned	100.00%	'
Purchase Price	7,300,000	'
865 W North Avenue \| Chicago, IL \| Core Portfolio	'	'
Business Acquisition [Line Items]	'	'
Gross leasable area	16,000	'
Percent Owned	100.00%	'
Purchase Price	14,800,000	'
252-256 Greenwich Avenue \| Greenwich, CT \| Core Portfolio	'	'
Business Acquisition [Line Items]	'	'
Gross leasable area	9,172	'
Percent Owned	100.00%	'
Purchase Price	24,500,000	'
152-154 Spring Street \| New York, NY \| Core Portfolio	'	'
Business Acquisition [Line Items]	'	'
Gross leasable area	2,936	'
Percent Owned	90.00%	'
Purchase Price	38,000,000	'
2520 Flatbush Avenue \| Brooklyn, NY \| Core Portfolio	'	'
Business Acquisition [Line Items]	'	'
Gross leasable area	29,114	'
Percent Owned	100.00%	'
Purchase Price	17,100,000	'
Broughton Street Portfolio (18 Properties) \| Savannah, GA \| Fund IV	'	'
Business Acquisition [Line Items]	'	'
Gross leasable area	157,383	'
Percent Owned	50.00%	'
Purchase Price	26,000,000	'
Number of properties acquired	18,000	'
Acquisitions In 2014	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	'	'
Land	44,027,000	'
Buildings and improvements	127,579,000	'
Total consideration	171,606,000	'
Acquisitions in 2013	'	'
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	'	'
Land	49,936,000	41,700,000
Buildings and improvements	121,978,000	142,618,000
Acquisition-related intangible assets (in Acquired lease intangibles, net)	15,716,000	0
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	-3,312,000	0
Total consideration	184,318,000	184,318,000
Adjustments [Abstract]	'	'
Land	8,236,000	'
Buildings and improvements	-20,640,000	'
Acquisition-related intangible assets (in Acquired lease intangibles, net)	15,716,000	'
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	-3,312,000	'
Total consideration	$0	'

ACQUISITION_OF_REAL_ESTATE_AND3

ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Dispositions (Details) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014
	sqft
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Gross leasable area	394,323
Proceeds from sale of real estate held-for-investment, gross	$46.50
Gain on disposition of property	13.5
Walnut Hill	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Non-recourse Debt	22.9
Other post-sale adjustments	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Gross leasable area	0
Proceeds from sale of real estate held-for-investment, gross	0
Gain on disposition of property	-0.9
Core Portfolio \| Walnut Hill	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Gross leasable area	297,905	[1]
Proceeds from sale of real estate held-for-investment, gross	0	[1]
Gain on disposition of property	12.4	[1]
Fund III \| Sheepshead Bay	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Gross leasable area	96,418
Proceeds from sale of real estate held-for-investment, gross	20.2
Gain on disposition of property	1.4
Fund II \| City Point	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Gross leasable area	0	[2]
Proceeds from sale of real estate held-for-investment, gross	26.3	[2]
Gain on disposition of property	$0.60	[2]

[1]	This property was subject to $22.9 million of non-recourse debt and was foreclosed upon by the lender during March 2014, resulting in a $12.4 million gain.
[2]	Represents the sale of a portion of the residential air rights known as "Tower 2" associated with the Company's City Point development project.

ACQUISITION_OF_REAL_ESTATE_AND4

ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS Discontinued Operations Results of Operations (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
ASSETS	'	'	'	'	'
Net real estate	'	'	'	'	$17,991
Rents receivable, net	'	'	'	'	565
Deferred charges, net	'	'	'	'	38
Prepaid expenses and other assets	'	'	'	'	1,840
Total assets of discontinued operations	0	'	0	'	20,434
LIABILITIES	'	'	'	'	'
Accounts payable and accrued expenses	'	'	'	'	1,473
Other liabilities	'	'	'	'	1,034
Total liabilities of discontinued operations	0	'	0	'	2,507
STATEMENTS OF OPERATIONS	'	'	'	'	'
Total revenues	0	6,033	0	12,213	'
Total expenses	0	4,852	0	9,408	'
Operating income	0	1,181	0	2,805	'
Gain on disposition of property	560	4,191	560	4,191	'
Income from discontinued operations	560	5,372	560	6,996	'
Income from discontinued operations attributable to noncontrolling interests	-461	-4,582	-461	-6,174	'
Income from discontinued operations attributable to Common Shareholders	$99	$790	$99	$822	'

INVESTMENTS_IN_AND_ADVANCES_TO2

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Investments in and advances to unconsolidated affiliates	$182,721,000	'	$182,721,000	'	$181,322,000
Assets	'	'	'	'	'
Real estate under development	364,360,000	'	364,360,000	'	337,353,000
Investments in and advances to unconsolidated affiliates	182,721,000	'	182,721,000	'	181,322,000
Total assets	2,372,196,000	'	2,372,196,000	'	2,264,957,000
Liabilities and Equity	'	'	'	'	'
Other liabilities	19,543,000	'	19,543,000	'	18,265,000
Total liabilities and equity	2,372,196,000	'	2,372,196,000	'	2,264,957,000
Investments in and advances to unconsolidated affiliates	182,721,000	'	182,721,000	'	181,322,000
Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	-8,491,000	'	-8,491,000	'	-8,701,000
Combined and Condensed Statements of Operations	'	'	'	'	'
Total revenues	49,511,000	40,808,000	96,196,000	83,097,000	'
Operating and other expenses	-30,677,000	-25,945,000	-62,641,000	-51,783,000	'
Equity in (losses) earnings of unconsolidated affiliates	1,430,000	815,000	4,459,000	3,065,000	'
Depreciation and amortization	-11,584,000	-9,599,000	-23,171,000	-18,828,000	'
Loss on debt extinguishment	-66,000	0	-269,000	0	'
Gain on disposition of property	560,000	4,191,000	560,000	4,191,000	'
Income from continuing operations	11,308,000	4,242,000	30,423,000	13,797,000	'
Unconsolidated Affiliates	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Investments in and advances to unconsolidated affiliates	21,394,000	'	21,394,000	'	63,745,000
Assets	'	'	'	'	'
Rental property, net	400,891,000	'	400,891,000	'	380,268,000
Real estate under development	38,316,000	'	38,316,000	'	5,573,000
Investments in and advances to unconsolidated affiliates	21,394,000	'	21,394,000	'	63,745,000
Other assets	53,985,000	'	53,985,000	'	66,895,000
Total assets	514,586,000	'	514,586,000	'	516,481,000
Liabilities and Equity	'	'	'	'	'
Mortgage notes payable	303,987,000	'	303,987,000	'	265,982,000
Other liabilities	54,916,000	'	54,916,000	'	43,733,000
Partners' equity	155,683,000	'	155,683,000	'	206,766,000
Total liabilities and equity	514,586,000	'	514,586,000	'	516,481,000
Investments in and advances to unconsolidated affiliates	21,394,000	'	21,394,000	'	63,745,000
Combined and Condensed Statements of Operations	'	'	'	'	'
Total revenues	12,247,000	10,846,000	24,352,000	21,845,000	'
Operating and other expenses	-5,503,000	-4,698,000	-9,318,000	-8,979,000	'
Interest expense	-2,975,000	-2,056,000	-5,500,000	-4,087,000	'
Equity in (losses) earnings of unconsolidated affiliates	0	6,581,000	-328,000	5,870,000	'
Depreciation and amortization	-3,475,000	-2,608,000	-6,181,000	-4,688,000	'
Loss on debt extinguishment	0	0	-187,000	0	'
Gain on disposition of property	239,000	0	239,000	0	'
Income from continuing operations	533,000	8,065,000	3,077,000	9,961,000	'
Operating Partnership, as General Partner or Managing Member	'	'	'	'	'
Combined and Condensed Statements of Operations	'	'	'	'	'
Equity in (losses) earnings of unconsolidated affiliates	1,430,000	815,000	4,459,000	3,065,000	'
Company's share of net income (loss)	1,528,000	913,000	4,655,000	3,261,000	'
Amortization of excess investment	-98,000	-98,000	-196,000	-196,000	'
Core Portfolio	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Purchase Price	'	'	145,700,000	'	'
Combined and Condensed Statements of Operations	'	'	'	'	'
Total revenues	30,535,000	27,659,000	60,684,000	54,138,000	'
Equity in (losses) earnings of unconsolidated affiliates	227,000	-42,000	323,000	-47,000	'
Depreciation and amortization	-8,300,000	-6,909,000	-16,633,000	-13,298,000	'
Loss on debt extinguishment	-3,000	'	-3,000	'	'
Gain on disposition of property	0	0	0	0	'
Income from continuing operations	1,763,000	600,000	14,439,000	2,488,000	'
Core Portfolio \| Crossroads	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Equity Method Investment, Ownership Percentage	49.00%	'	49.00%	'	'
Square Footage of Real Estate Property (in square feet)	311,000	'	311,000	'	'
Core Portfolio \| Georgetown Portfolio	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Equity Method Investment, Ownership Percentage	50.00%	'	50.00%	'	'
Square Footage of Real Estate Property (in square feet)	28,000	'	28,000	'	'
Core Portfolio \| Route 202 Shopping Center [Member]	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Equity Method Investment, Ownership Percentage	22.22%	'	22.22%	'	'
Square Footage of Real Estate Property (in square feet)	20,000	'	20,000	'	'
Funds	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Number of Unaffiliated Partners	'	'	2	'	'
Combined and Condensed Statements of Operations	'	'	'	'	'
Total revenues	13,934,000	9,751,000	26,576,000	22,663,000	'
Equity in (losses) earnings of unconsolidated affiliates	1,203,000	857,000	4,136,000	3,112,000	'
Depreciation and amortization	-3,284,000	-2,690,000	-6,538,000	-5,530,000	'
Loss on debt extinguishment	-63,000	'	-266,000	'	'
Gain on disposition of property	560,000	4,191,000	560,000	4,191,000	'
Income from continuing operations	4,503,000	244,000	7,048,000	5,013,000	'
Funds \| KLAC Rex Venture LLC	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Equity Method Investment, Dividends or Distributions	'	'	1,200,000	'	'
Funds \| KLAC Rex Venture LLC \| Operating Partnership, as General Partner or Managing Member	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Equity Method Investment, Dividends or Distributions	'	'	200,000	'	'
Funds \| Corporate Joint Venture	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Investments in and advances to unconsolidated affiliates	63,214,000	'	63,214,000	'	'
Investment Income, Dividend	'	'	146,364,000	'	'
Assets	'	'	'	'	'
Investments in and advances to unconsolidated affiliates	63,214,000	'	63,214,000	'	'
Liabilities and Equity	'	'	'	'	'
Investments in and advances to unconsolidated affiliates	63,214,000	'	63,214,000	'	'
Funds \| Corporate Joint Venture \| Operating Partnership, as General Partner or Managing Member	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Investments in and advances to unconsolidated affiliates	12,070,000	'	12,070,000	'	'
Investment Income, Dividend	'	'	31,474,000	'	'
Assets	'	'	'	'	'
Investments in and advances to unconsolidated affiliates	12,070,000	'	12,070,000	'	'
Liabilities and Equity	'	'	'	'	'
Investments in and advances to unconsolidated affiliates	12,070,000	'	12,070,000	'	'
Funds \| Mervyns I and Mervyns II \| KLA/Mervyns LLC Add-On Investments	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Cost Method Investments	7,547,000	'	7,547,000	'	'
Investment Income, Dividend	'	'	5,935,000	'	'
Funds \| Mervyns I and Mervyns II \| KLA/Mervyns LLC Add-On Investments \| Operating Partnership, as General Partner or Managing Member	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Cost Method Investments	1,252,000	'	1,252,000	'	'
Investment Income, Dividend	'	'	1,321,000	'	'
Funds \| Mervyns II \| KLA A Markets LLC Add-On Investments	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Cost Method Investments	2,416,000	'	2,416,000	'	'
Investment Income, Dividend	'	'	4,864,000	'	'
Funds \| Mervyns II \| KLA A Markets LLC Add-On Investments \| Operating Partnership, as General Partner or Managing Member	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Cost Method Investments	388,000	'	388,000	'	'
Investment Income, Dividend	'	'	972,000	'	'
Funds \| Mervyns II \| KLAC Rex Venture LLC	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Cost Method Investments	2,701,000	'	2,701,000	'	'
Investment Income, Dividend	'	'	1,956,000	'	'
Funds \| Mervyns II \| KLAC Rex Venture LLC \| Operating Partnership, as General Partner or Managing Member	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Cost Method Investments	535,000	'	535,000	'	'
Investment Income, Dividend	'	'	392,000	'	'
Funds \| Fund II \| KA-Shopko LLC	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Cost Method Investments	1,108,000	'	1,108,000	'	'
Investment Income, Dividend	'	'	2,460,000	'	'
Funds \| Fund II \| KA-Shopko LLC \| Operating Partnership, as General Partner or Managing Member	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Cost Method Investments	222,000	'	222,000	'	'
Investment Income, Dividend	'	'	492,000	'	'
Funds \| Fund II \| Marsh and Add-On Investments	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Cost Method Investments	2,667,000	'	2,667,000	'	'
Investment Income, Dividend	'	'	2,639,000	'	'
Funds \| Fund II \| Marsh and Add-On Investments \| Operating Partnership, as General Partner or Managing Member	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Cost Method Investments	533,000	'	533,000	'	'
Investment Income, Dividend	'	'	528,000	'	'
Funds \| KLA/Mervyns LLC \| Mervyns I and Mervyns II	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Equity Method Investments	26,058,000	'	26,058,000	'	'
Equity Method Investment, Dividends or Distributions	'	'	46,916,000	'	'
Funds \| KLA/Mervyns LLC \| Mervyns I and Mervyns II \| Operating Partnership, as General Partner or Managing Member	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Equity Method Investments	4,901,000	'	4,901,000	'	'
Equity Method Investment, Dividends or Distributions	'	'	11,451,000	'	'
Funds \| KLA A Markets LLC \| Mervyns II	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Equity Method Investments	20,717,000	'	20,717,000	'	'
Equity Method Investment, Dividends or Distributions	'	'	81,594,000	'	'
Funds \| KLA A Markets LLC \| Mervyns II \| Operating Partnership, as General Partner or Managing Member	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Equity Method Investments	4,239,000	'	4,239,000	'	'
Equity Method Investment, Dividends or Distributions	'	'	16,318,000	'	'
Fund IV	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Purchase Price	'	'	26,000,000	'	'
Fund IV \| Savannah, GA	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Investments in and advances to unconsolidated affiliates	7,100,000	'	7,100,000	'	'
Investments in affiliates subsidiaries associates and joint ventures, loan commitment	45,800,000	'	45,800,000	'	'
Number of properties acquired	'	'	18	'	'
Purchase Price	'	'	26,000,000	'	'
Assets	'	'	'	'	'
Investments in and advances to unconsolidated affiliates	7,100,000	'	7,100,000	'	'
Liabilities and Equity	'	'	'	'	'
Investments in and advances to unconsolidated affiliates	7,100,000	'	7,100,000	'	'
Fund IV \| Corporate Joint Venture \| Savannah, GA	'	'	'	'	'
Schedule of Equity Method Investments [Line Items]	'	'	'	'	'
Investments in affiliates subsidiaries associates and joint ventures, loan commitment	$21,000,000	'	$21,000,000	'	'

NOTES_RECEIVABLE_AND_PREFERRED2

NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET Schedule of Notes Receivable (Details) (USD $)

6 Months Ended

1 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Apr. 30, 2014

Dec. 31, 2013

Apr. 30, 2014

Jun. 30, 2014

31-May-14

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Jan. 31, 2014

Apr. 30, 2014

Jan. 31, 2014

Apr. 30, 2014

loan

Construction Loan, 7.0% Percent, Due 2015

First Mortgage Loan, 6% Loan Due On Demand

Mezzanine Loan, 10% Due On Demand

First Mortgage Loan, 5.5% Loan Due 2016

Zero Coupon Loan

Mezzanine Loan, 15% Due 2020

Mezzanine Loan Due With Capital Event

Preferred Equity, 8.1% Loan, Due 2017

Mezzanine Loan, 12.7% Loan, Due 2015

Mortgage Loan, Libor Plus 3.75% Loan, Due 2024

Preferred Equity, 13.5% Loan, Due 2016

Mezzanine Loan, 2.5% Plus LIBOR Variable Interest Rate, Due 2020

Individually Less Than 3 Percent, Variable Interest Rate Due 2014 to Capital Event

First Mortgage Loan, 8.0% Loan Due 2013

Mezzanine Loan

152-154 Spring Street

loan

LIBOR

loan

Minimum

Maximum

LIBOR

borrower

Mortgage Loans on Real Estate [Line Items]

Net carrying amount

$96,300,000

Effective interest rate

7.70%

[1]

6.00%

[1]

10.00%

[1],[2]

5.50%

[1]

24.00%

[1],[3]

15.00%

[1]

15.00%

[1]

8.10%

[1]

12.70%

[1]

12.70%

13.50%

[1]

13.50%

[1]

2.70%

[1]

11.60%

[1]

Prior liens

89,566,000

[2]

166,200,000

[3]

20,855,000

[4]

Carrying amount of mortgages

96,307,000

126,656,000

12,000,000

6,400,000

9,089,000

[2]

9,089,000

[2]

4,000,000

42,000,000

4,708,000

[3]

4,431,000

[3]

30,879,000

3,834,000

13,000,000

1,900,000

4,000,000

3,000,000

2,631,000

[4]

2,023,000

[4]

8,500,000

Loans receivable, basis spread on variable rate

2.50%

3.75%

Number of cross collateralized loans

Number of borrowers

Number of loans

Proceeds from notes receivable

11,990,000

5,529,000

6,400,000

10,300,000

1,400,000

Mortgage loans on real estate, collections of principal

700,000

Income related to the payoff of notes receivable

700,000

Mortgage loans on real estate, exchange of mortgage for investment

38,000,000

Mortgage loans on real estate, write-down or reserve, amount

2,000,000

Number of non-performing loans

Mortgage loans on real estate, nonperforming loans, amount

$9,100,000

[1]

ncludes origination and exit fees

[2]

Comprised of three cross-collateralized loans from one borrower, which are non-performing

[3]

The principal balance for this accrual only loan is increased by the interest accrued

[4]

Consists of three loans as of June 30, 2014.

NOTES_RECEIVABLE_AND_PREFERRED3

NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET Allowance for Notes Receivable (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014
Financing Receivable, Allowance for Credit Losses [Roll Forward]	'
Balance at beginning of period	$3,681
Additional reserves	0
Recoveries	-3,681
Charge-offs and reclassifications	0
Balance at period end	$0

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Derivatives, Fair Value [Line Items]	'	'
Accumulated other comprehensive income - unrealized loss on valuation of swap agreements	($2,100,000)	$1,100,000
Other Liabilities [Member] \| Level 2	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative financial instruments	3,200,000	2,000,000
Prepaid Expenses and Other Current Assets [Member] \| Level 2	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative financial instruments	900,000	3,100,000
Cash Flow Hedging \| Variable-Rate Derivatives, Maturing in October 2012	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative, Cap Interest Rate	3.00%	'
Cash Flow Hedging \| Variable Rate Derivatives Maturing in July 2015 [Member]	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative, Cap Interest Rate	4.25%	'
Interest Rate Swap \| Cash Flow Hedging \| Fixed-Rate Derivatives, Maturing between November 2012 and December 2022	'	'
Derivatives, Fair Value [Line Items]	'	'
Number of interest rate swaps (in interest rate swaps)	12	'
Notional Amount of Interest Rate Cash Flow Hedge Derivatives	192,700,000	'
Interest Rate Swap \| Cash Flow Hedging \| Fixed-Rate Derivatives, Maturing between November 2012 and December 2022 \| Minimum	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative, Fixed Interest Rate	0.70%	'
Interest Rate Swap \| Cash Flow Hedging \| Fixed-Rate Derivatives, Maturing between November 2012 and December 2022 \| Maximum	'	'
Derivatives, Fair Value [Line Items]	'	'
Derivative, Fixed Interest Rate	3.77%	'
Interest Rate Swap \| Cash Flow Hedging \| Variable-Rate Derivatives	'	'
Derivatives, Fair Value [Line Items]	'	'
Notional Amount of Interest Rate Cash Flow Hedge Derivatives	$140,200,000	'
Derivative, Number of Instruments Held	4	'

MORTGAGE_AND_OTHER_NOTES_PAYAB1

MORTGAGE AND OTHER NOTES PAYABLE (Details) (USD $)

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Feb. 28, 2014

Jan. 31, 2014

Feb. 28, 2014

Jun. 30, 2014

Apr. 30, 2014

Jun. 30, 2014

Apr. 30, 2014

Feb. 28, 2014

Jan. 31, 2014

Feb. 28, 2014

Mar. 31, 2014

Jun. 30, 2014

Mar. 31, 2014

Apr. 30, 2014

31-May-14

Jun. 30, 2014

31-May-14

Jun. 30, 2014

Unsecured Debt

Secured Debt

Subscription Line

Mortgages

Construction Loans

Unsecured credit facility

Libor Plus 2.25% Mortgage Note

LIBOR Plus 1.65% Mortgage Note

Libor Plus 1.55% Mortgage Note

Fund IV

6.35% Mortgage Note

5.65% Mortgage Note

Libor Plus 2.25% Mortgage Note

LIBOR Plus 1.65% Mortgage Note

Libor Plus 1.55% Mortgage Note

LIBOR Plus 1.88%, Mortgage Note

LIBOR Plus 1.70% Mortgage Note

LIBOR Plus 2.15% Mortgage Note

LIBOR Plus 1.85% Mortgage Note

LIBOR Plus 2.35% Mortgage Note

LIBOR Plus 1.75%, Mortgage Note

Construction Loan Under the United States Imigration Investment Program

Line of Credit [Member]

LIBOR

extension_option

Mortgage Loans on Real Estate [Line Items]

Proceeds from lines of credit

$15,000,000

Description of variable rate basis

'LIBOR

Basis spread on variable rate

2.25%

1.65%

155.00%

2.25%

1.88%

1.70%

2.15%

1.85%

2.35%

1.75%

New mortgage loans

6,500,000

1,500,000

45,000,000

24,500,000

9,000,000

19,000,000

15,500,000

12,000,000

12,500,000

Long-term debt refinanced

7,700,000

20,900,000

Expensed unamortized loan costs

200,000

Repayments of long-term debt

15,000,000

52,100,000

Mortgage and other notes payable

1,074,029,000

1,039,997,000

28,100,000

Proceeds from secured notes payable

12,600,000

Extinguishment of debt, amount

4,200,000

13,300,000

Stated interest rate percentage

6.35%

5.64%

Length of loan extension

'1 year

Number of loan extensions

Construction loan, amount released into restricted cash

198,500,000

Construction loan, amount withdrawn from restricted cash

127,200,000

Construction loan, amount released into restricted Cash, amount available

$71,300,000

FAIR_VALUE_MEASUREMENTS_Schedu

FAIR VALUE MEASUREMENTS Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (Fair Value, Measurements, Recurring, USD $)	Jun. 30, 2014
In Thousands, unless otherwise specified	Jun. 30, 2014
Level 1	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Derivative financial instruments	$0
Derivative financial instruments	0
Level 2	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Derivative financial instruments	882
Derivative financial instruments	3,174
Level 3	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Derivative financial instruments	0
Derivative financial instruments	$0

FAIR_VALUE_MEASUREMENTS_Fair_V

FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Carrying (Reported) Amount, Fair Value Disclosure	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Notes Receivable and Preferred Equity Investments	$96,307	$126,656
Mortgage, Convertible Notes and Other Notes Payable	1,074,029	1,039,997
Estimate of Fair Value, Fair Value Disclosure	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Notes Receivable and Preferred Equity Investments	96,307	126,656
Mortgage, Convertible Notes and Other Notes Payable	$1,092,818	$1,056,457

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Lead Trustee	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Related party transaction expense	$0	$25,000	$0	$50,000
Unconsolidated Affiliates	'	'	'	'
Related Party Transaction [Line Items]	'	'	'	'
Revenue from related parties	$60,000	$30,000	$40,000	$40,000

SEGMENT_REPORTING_Details

SEGMENT REPORTING (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
	Jun. 30, 2014	Jun. 30, 2013	segment	Jun. 30, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Number of reportable segments	'	'	3	'
Revenues	$49,511	$40,808	$96,196	$83,097
Property operating expenses, other operating and real estate taxes	-12,214	-10,044	-25,695	-21,027
General and administrative	-6,879	-6,302	-13,775	-11,928
Depreciation and amortization	-11,584	-9,599	-23,171	-18,828
Operating income	18,834	14,863	33,555	31,314
Equity in (losses) earnings of unconsolidated affiliates	1,430	815	4,459	3,065
Impairment of asset	0	-1,500	0	-1,500
Loss on debt extinguishment	-66	0	-269	0
Gain on disposition of property	561	0	12,948	0
Interest and other finance expense	-9,534	-9,926	-20,185	-19,211
Income tax benefit (provision)	83	-10	-85	129
Income from continuing operations	11,308	4,242	30,423	13,797
Operating income from discontinued operations	0	1,181	0	2,805
Gain on disposition of property	560	4,191	560	4,191
Net income	11,868	9,614	30,983	20,793
(Income) loss from continuing operations	57	3,725	2,537	3,761
Income from discontinued operations	-461	-4,582	-461	-6,174
Net (income) loss attributable to noncontrolling interests	-404	-857	2,076	-2,413
Net income attributable to Common Shareholders	11,464	8,757	33,059	18,380
Real Estate at Cost	1,982,629	1,610,422	1,982,629	1,610,422
Total Assets	2,372,196	2,310,544	2,372,196	2,310,544
Acquisition of Real Estate	17,100	22,500	107,600	109,100
Investment in Redevelopment and Improvements	30,806	25,626	68,311	43,567
Core Portfolio	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	30,535	27,659	60,684	54,138
Property operating expenses, other operating and real estate taxes	-7,587	-6,500	-15,493	-13,372
General and administrative	-6,238	-5,925	-12,651	-11,185
Depreciation and amortization	-8,300	-6,909	-16,633	-13,298
Operating income	8,410	8,325	15,907	16,283
Equity in (losses) earnings of unconsolidated affiliates	227	-42	323	-47
Impairment of asset	'	-1,500	'	-1,500
Loss on debt extinguishment	-3	'	-3	'
Gain on disposition of property	0	'	12,387	'
Interest and other finance expense	-6,962	-6,329	-14,162	-12,486
Income tax benefit (provision)	91	146	-13	238
Income from continuing operations	1,763	600	14,439	2,488
Operating income from discontinued operations	'	112	'	213
Gain on disposition of property	0	0	0	0
Net income	1,763	712	14,439	2,701
(Income) loss from continuing operations	-1,036	-490	-1,453	-926
Income from discontinued operations	-4	-54	-4	-94
Net (income) loss attributable to noncontrolling interests	-1,040	-544	-1,457	-1,020
Net income attributable to Common Shareholders	723	168	12,982	1,681
Real Estate at Cost	1,184,956	982,323	1,184,956	982,323
Total Assets	1,153,586	1,100,356	1,153,586	1,100,356
Acquisition of Real Estate	17,100	22,500	107,600	109,100
Investment in Redevelopment and Improvements	754	3,255	2,182	3,711
Opportunity Funds	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	13,934	9,751	26,576	22,663
Property operating expenses, other operating and real estate taxes	-4,627	-3,544	-10,202	-7,655
General and administrative	-641	-377	-1,124	-743
Depreciation and amortization	-3,284	-2,690	-6,538	-5,530
Operating income	5,382	3,140	8,712	8,735
Equity in (losses) earnings of unconsolidated affiliates	1,203	857	4,136	3,112
Impairment of asset	'	0	'	0
Loss on debt extinguishment	-63	'	-266	'
Gain on disposition of property	561	'	561	'
Interest and other finance expense	-2,572	-3,597	-6,023	-6,725
Income tax benefit (provision)	-8	-156	-72	-109
Income from continuing operations	4,503	244	7,048	5,013
Operating income from discontinued operations	'	1,069	'	2,592
Gain on disposition of property	560	4,191	560	4,191
Net income	5,063	5,504	7,608	11,796
(Income) loss from continuing operations	1,093	4,215	3,990	4,687
Income from discontinued operations	-457	-4,528	-457	-6,080
Net (income) loss attributable to noncontrolling interests	636	-313	3,533	-1,393
Net income attributable to Common Shareholders	5,699	5,191	11,141	10,403
Real Estate at Cost	797,673	628,099	797,673	628,099
Total Assets	1,122,303	1,104,704	1,122,303	1,104,704
Acquisition of Real Estate	0	0	0	0
Investment in Redevelopment and Improvements	30,052	22,371	66,129	39,856
Structured Financing	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Revenues	5,042	3,398	8,936	6,296
Property operating expenses, other operating and real estate taxes	0	0	0	0
General and administrative	0	0	0	0
Depreciation and amortization	0	0	0	0
Operating income	5,042	3,398	8,936	6,296
Equity in (losses) earnings of unconsolidated affiliates	0	0	0	0
Impairment of asset	'	0	'	0
Loss on debt extinguishment	0	'	0	'
Gain on disposition of property	0	'	0	'
Interest and other finance expense	0	0	0	0
Income tax benefit (provision)	0	0	0	0
Income from continuing operations	5,042	3,398	8,936	6,296
Operating income from discontinued operations	'	0	'	0
Gain on disposition of property	0	0	0	0
Net income	5,042	3,398	8,936	6,296
(Income) loss from continuing operations	0	0	0	0
Income from discontinued operations	0	0	0	0
Net (income) loss attributable to noncontrolling interests	0	0	0	0
Net income attributable to Common Shareholders	5,042	3,398	8,936	6,296
Real Estate at Cost	0	0	0	0
Total Assets	96,307	105,484	96,307	105,484
Acquisition of Real Estate	0	0	0	0
Investment in Redevelopment and Improvements	$0	$0	$0	$0

LONGTERM_INCENTIVE_COMPENSATIO1

LONG-TERM INCENTIVE COMPENSATION (Details) (USD $)

6 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

3 Months Ended

Jun. 30, 2014

Jun. 30, 2013

Feb. 28, 2014

Dec. 31, 2009

Feb. 28, 2014

Mar. 31, 2014

Jun. 04, 2014

Feb. 28, 2014

Jun. 04, 2014

Jun. 30, 2014

Mar. 31, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Officer

Senior Executives

LTIP Units

Restricted Stock

LTIP Units and Restricted Stock

Long Term Investment Alignment Program

Fund IV

Officer

Kenneth Bernstein

Trustee

Officer

Other Employees

Trustee

Long Term Investment Alignment Program

Vesting on first anniversary

Vesting over each of next three years

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock issued during period, shares, share-based compensation, net of forfeitures (in shares)

326,230

114,198

1,518

918

10,527

17,118

6,276

10,842

Percent of awards issued to officers subject to performance measures

16.00%

Stock granted during period, value, share-based compensation, net of forfeitures

$11,900,000

$11,400,000

Share-based compensation expense

3,833,000

2,786,000

600,000

1,000,000

Long term incentive and share based compensation expense

1,600,000

1,300,000

3,000,000

2,600,000

500,000

Share-based compensation arrangement by share-based payment award, award vesting period

'3 years

Share-based compensation arrangement by share-based payment award, award vesting rights, percentage

33.00%

Trustee fee expense

$40,000

Maximum percentage of promote to be awarded as share based compensation awards

25.00%

10.00%

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	6 Months Ended	1 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2014	Jul. 31, 2014	Jul. 31, 2014	Jul. 31, 2014
	Fund IV	Subsequent Event	Subsequent Event	Subsequent Event
		Bedford Green Shopping Center	Bedford Green Shopping Center	Eden Square Shopping Center
		Bedford Hills, NY	Bedford Hills, NY	Bear, DE
			Mortgages	Fund IV
			5.1% Mortgage Note [Member]
Subsequent Event [Line Items]	'	'	'	'
Purchase Price	$26	$46.80	'	$25.40
Business combination, consideration transferred, liabilities incurred	'	'	$29.80	'
Stated interest rate percentage	'	'	5.10%	'