Acadia Realty Trust (AKR) 10-Q 1 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	1-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	ACADIA REALTY TRUST
Entity Central Index Key	899629
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Entity Common Stock, Shares Outstanding		68,785,193

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Operating real estate
Land	$498,321	$424,661
Buildings and improvements	1,510,444	1,329,080
Construction in progress	10,861	7,464
Gross operating real estate	2,019,626	1,761,205
Less: accumulated depreciation	270,372	256,015
Net operating real estate	1,749,254	1,505,190
Real estate under development	484,676	447,390
Notes receivable and preferred equity investments, net	98,560	102,286
Investments in and advances to unconsolidated affiliates	184,500	184,352
Cash and cash equivalents	119,555	217,580
Cash in escrow	59,508	20,358
Restricted cash	5,401	30,604
Rents receivable, net	38,380	36,962
Deferred charges, net	32,042	30,679
Acquired lease intangibles, net	45,660	44,618
Prepaid expenses and other assets	53,330	56,508
Assets of properties held for sale	0	56,073
Total assets	2,870,866	2,732,600
LIABILITIES
Mortgage and other notes payable	1,304,739	1,130,481
Distributions in excess of income from, and investments in, unconsolidated affiliates	12,361	12,564
Accounts payable and accrued expenses	36,454	34,026
Dividends and distributions payable	17,675	39,339
Acquired lease intangibles, net	30,713	29,585
Other liabilities	27,196	25,148
Liabilities of properties held for sale	0	25,500
Total liabilities	1,429,138	1,296,643
Shareholders' Equity
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 68,731,681 and 68,109,287 shares, respectively	69	68
Additional paid-in capital	1,048,457	1,027,861
Accumulated other comprehensive loss	-6,848	-4,005
Retained earnings	31,678	31,617
Total shareholders’ equity	1,073,356	1,055,541
Noncontrolling interests	368,372	380,416
Total equity	1,441,728	1,435,957
Total liabilities and equity	$2,870,866	$2,732,600

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	68,731,681	68,109,287
Common stock, shares outstanding	68,731,681	68,109,287

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues
Rental income	$38,187	$33,818
Interest income	3,408	3,164
Expense reimbursements	10,066	8,790
Other	820	913
Total revenues	52,481	46,685
Operating Expenses
Property operating	7,731	7,124
Other operating	2,120	687
Real estate taxes	6,292	5,670
General and administrative	7,532	6,896
Depreciation and amortization	13,658	11,587
Total operating expenses	37,333	31,964
Operating income	15,148	14,721
Equity in earnings of unconsolidated affiliates	6,593	3,029
Loss on debt extinguishment	-109	-203
Gain on disposition of property	27,143	12,387
Interest and other finance expense	-8,821	-10,651
Income from continuing operations before income tax provision	39,954	19,283
Income tax provision	-1,417	-168
Net income	38,537	19,115
Net (income) loss attributable to noncontrolling interests	-21,990	2,480
Net income attributable to Common Shareholders	$16,547	$21,595
Basic and diluted earnings per share	$0.24	$0.38

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$38,537	$19,115
Other comprehensive (loss) income
Unrealized (loss) on valuation of swap agreements	-4,319	-2,329
Reclassification of realized interest on swap agreements	1,053	837
Other comprehensive (loss)	-3,266	-1,492
Comprehensive income	35,271	17,623
Comprehensive (income) loss attributable to noncontrolling interests	-21,567	2,433
Comprehensive income attributable to Common Shareholders	$13,704	$20,056

CONSOLIDATED_STATEMENTS_OF_SHA

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $)	Total	Total Shareholders’ Equity	Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Noncontrolling Interests
In Thousands, except Share data, unless otherwise specified
Balance at Dec. 31, 2014	$1,435,957	$1,055,541	$68	$1,027,861	($4,005)	$31,617	$380,416
Balance (in Shares) at Dec. 31, 2014	68,109,287		68,109
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)			44
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	1,094		1,094			-1,094
Issuance of Common Shares, net of issuance costs (in Shares)			571
Issuance of Common Shares, net of issuance costs	19,333	19,333	1	19,332
Dividends declared ($0.24 per Common Share)	-17,672	-16,486				-16,486	-1,186
Vesting of employee Restricted Share and LTIP awards (in Shares)			8
Employee and trustee stock compensation, net	1,878	170		170			1,708
Noncontrolling interest distributions	-33,089						-33,089
Noncontrolling interest contributions	50						50
Balance before adjustment towards comprehensive income (in Shares)			68,732
Balance before adjustment towards comprehensive income	1,406,457	1,059,652	69	1,048,457	-4,005	15,131	346,805
Comprehensive (loss) income:
Net income	38,537	16,547				16,547	21,990
Unrealized loss on valuation of swap agreements	-4,319	-3,536			-3,536		-783
Reclassification of realized interest on swap agreements	1,053	693			693		360
Comprehensive income	35,271	13,704			-2,843	16,547	21,567
Balance at Mar. 31, 2015	$1,441,728	$1,073,356	$69	$1,048,457	($6,848)	$31,678	$368,372
Balance (in Shares) at Mar. 31, 2015	68,731,681		68,732

CONSOLIDATED_STATEMENTS_OF_SHA1

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (USD $)	3 Months Ended
	Mar. 31, 2015
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$0.24

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$38,537	$19,115
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	13,658	11,587
Amortization of financing costs	768	688
Gain on disposition of property	-27,143	-12,387
Share compensation expense	1,889	2,087
Equity in earnings of unconsolidated affiliates	-6,593	-3,029
Distributions of operating income from unconsolidated affiliates	5,889	2,562
Other, net	-1,346	-648
Changes in assets and liabilities
Cash in escrow	-6,232	-141
Rents receivable, net	-1,354	-486
Prepaid expenses and other assets	8,015	-23
Accounts payable and accrued expenses	2,437	2,507
Other liabilities	-1,908	345
Net cash provided by operating activities	26,617	22,177
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	-220,271	-90,500
Cash in escrow for property acquisitions	-33,000	0
Redevelopment and property improvement costs	-40,494	-37,505
Deferred leasing costs	-2,805	-369
Investments in and advances to unconsolidated affiliates	-3,151	-21,568
Return of capital from unconsolidated affiliates	1,946	22,491
Proceeds from notes receivable	0	7,156
Issuance of notes receivable	-550	0
Proceeds from sale of properties, net	63,224	0
Net cash used in investing activities	-235,101	-120,295
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	-30,390	-38,972
Proceeds received from mortgage and other notes	169,720	130,700
Loan proceeds held as restricted cash	25,203	15,058
Deferred financing and other costs	-1,232	-921
Capital contributions from noncontrolling interests	50	8,712
Distributions to noncontrolling interests	-34,718	-33,577
Dividends paid to Common Shareholders	-36,779	-12,798
Proceeds from issuance of Common Shares, net of issuance costs of $440 and $429, respectively	18,605	23,519
Net cash provided by financing activities	110,459	91,721
Decrease in cash and cash equivalents	-98,025	-6,397
Cash and cash equivalents, beginning of period	217,580	79,189
Cash and cash equivalents, end of period	119,555	72,792
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $3,673 and $2,892, respectively	13,344	12,173
Cash paid for income taxes	902	281
Supplemental disclosure of non-cash investing activities
Acquisition of real estate through assumption of debt	9,765	0
Disposition of real estate through cancellation of debt	$0	($22,865)

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Cash Flows [Abstract]
Stock issuance costs	$440	$429
Cash paid for capitalized interest	$3,673	$2,892

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2015
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 ownership, acquisition, redevelopment and management of high-quality retail properties located primarily in high-barrier-to-entry, supply-constrained, densely-populated metropolitan areas in the United States.
	All of the Company's assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") and entities in which the Operating Partnership owns an interest. As of March 31, 2015, the Trust controlled approximately 95% of the Operating Partnership as the sole general partner. As the general partner, the Trust is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest ("Common OP Units" or "Preferred OP Units") and employees who have been awarded restricted 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 March 31, 2015, the Company has ownership interests in 89 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 (the "Core Portfolio"). The Company also has ownership interests in 56 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 145 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, Mervyns I and Mervyns 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 March 31, 2015 (3)		Equity Interest Held By Operating Partnership		Preferred Return		Total Distributions as of March 31, 2015 (3)
	Fund I and Mervyns I (1)	Sep-01	22.22	%	$	90	$	86.6	37.78	%	9	%	$	192.3
	Fund II and Mervyns II (2)	Jun-04	20	%	300		300		20	%	8	%	131.6
	Fund III	May-07	19.9	%	475		381.6		19.9	%	6	%	403.1
	Fund IV	May-12	23.12	%	540.6		140.2		23.12	%	6	%	101.9
	1.    ORGANIZATION AND BASIS OF PRESENTATION (continued)
	Notes:
	(1) Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions.
	(2) During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects.
	(3) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares.
	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 March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items. These consolidated financial statements should be read in conjunction with the Company's 2014 Annual Report on Form 10-K, as filed with the SEC on February 20, 2015.
	Reclassifications
	Certain reclassifications have been made to the 2014 financial statements to conform to the 2015 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 March 31, 2015.
	1.    ORGANIZATION AND BASIS OF PRESENTATION (continued)
	Recent Accounting Pronouncements
	During April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. ASU 2015-03 is not expected to have a material impact on the Company's consolidated financial statements.
	During February 2015, the FASB issued ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis." ASU 2015-02 (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIE’s"), (ii) eliminates the presumption that a general partner should consolidate a limited partnership and (iii) affects the consolidation analysis of reporting entities that are involved with VIE’s, particularly those with fee arrangements and related party relationships. ASU 2015-02 is effective for periods beginning after December 15, 2015, with early adoption permitted. The Company is in the process of evaluating the impact the adoption of ASU 2015-02 will have on the consolidated financial statements.
	During January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items." ASU 2015-01 eliminates the concept of extraordinary items. However, the presentation and disclosure requirements for items that are either unusual in nature or infrequent in occurrence remain and will be expanded to include items that are both unusual in nature and infrequent in occurrence. ASU 2015-01 is effective for periods beginning after December 15, 2015. ASU 2015-01 is not expected to have a material impact on the Company's consolidated financial statements.

EARNINGS_PER_COMMON_SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015, 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 three months ended March 31, 2015 and 2014.
	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 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
		March 31,
	(dollars in thousands, except per share amounts)	2015			2014
	Numerator
	Income from continuing operations	$	16,547		$	21,595
	Less: net income attributable to participating securities	(240		)	(392		)
	Income from continuing operations, net of income attributable to participating securities	16,307			21,203
	Denominator
	Weighted average shares for basic earnings per share	68,295			55,953
	Effect of dilutive securities:
	Employee Restricted Share Units and share options	40			40
	Convertible Preferred OP Units	25			25
	Denominator for diluted earnings per share	68,360			56,018
	Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.24		$	0.38

SHAREHOLDERS_EQUITY_AND_NONCON

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2015
Noncontrolling Interest [Abstract]
Shareholders' Equity And Noncontrolling Interests	SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS
	For the three months ended March 31, 2015, the Company issued 0.6 million Common Shares under its at-the-market ("ATM") equity program, generating gross proceeds of $19.8 million and net proceeds of $19.5 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 Core Portfolio acquisitions, its capital contributions to the Funds and for general corporate purposes.
	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’ 2,975,277 and 2,988,277 Common OP Units at March 31, 2015 and December 31, 2014; (ii) 188 Series A Preferred OP Units at March 31, 2015 and December 31, 2014; and (iii) 937,651 and 675,367 LTIP Units at March 31, 2015 and December 31, 2014, respectively.

ACQUISITION_AND_DISPOSITION_OF

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE	3 Months Ended
	Mar. 31, 2015
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT
ACQUISITION OF REAL ESTATE AND DISCONTINUED OPERATIONS	ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE
	Acquisitions
	During 2015, the Company acquired the following properties through its Core Portfolio and Fund IV as follows:
	(dollars in thousands)
	Property	GLA		Percent Owned		Type	Month of Acquisition	Purchase Price			Location	Assumption of Debt
	Core Portfolio:
	City Center	205,000		100	%	Urban Retail Center	March	$	155,000		San Fransisco, CA	$	—
	163 Highland Avenue	40,500		100	%	Suburban Shopping Center	March	24,000			Needham, MA	9,765
	Total Core Portfolio	245,500						$	179,000			$	9,765
	Fund IV:
	1035 Third Avenue (1)	53,294		100	%	Street Retail	January	$	51,036		New York, NY	$	—
	Total Fund IV	53,294						$	51,036			$	—
	Total	298,794						$	230,036			$	9,765
	Note:
	(1) GLA includes a portion of office space and a below-grade operator controlled parking garage.
	The Company expensed $0.6 million of acquisition costs for the three months ended March 31, 2015, related to the Core Portfolio and $1.6 million of acquisition costs for the three months ended March 31, 2015, 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 assumed liabilities based on their estimated fair values at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the valuations and complete the purchase price allocations within one year from the dates of acquisition.
	The following table summarizes the Company's preliminary allocations of the purchase prices of assets acquired and liabilities assumed during 2015 which have yet to be finalized:
	(dollars in thousands)	Preliminary Purchase Price Allocations
	Land	$	57,509
	Buildings and improvements	172,527
	Above-below market debt assumed (included in Mortgage and other notes payable)	(9,765		)
	Total consideration	$	220,271
	4.    ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE(continued)
	Acquisitions (continued)
	During 2014, the Company acquired properties and recorded the preliminary allocations of the purchase prices to the assets acquired and liabilities assumed based on provisional measurements of fair value. During 2015, 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, 2014, and the finalized allocations as adjusted as of March 31, 2015:
	(dollars in thousands)	Purchase Price Allocations as Originally Reported			Adjustments			Finalized Purchase Price Allocations
	Land	$	22,625		$	10,765		$	33,390
	Buildings and improvements	67,875			(12,626		)	55,249
	Acquisition-related intangible assets (in Acquired lease intangibles, net)	—			4,705			4,705
	Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—			(2,844		)	(2,844		)
	Total consideration	$	90,500		$	—		$	90,500
	Dispositions
	During 2015, the Company disposed of the following property:
	(dollars in thousands)
	Dispositions	GLA		Sale Price			Gain on Sale			Month Sold	Owner
	Lincoln Park Centre	61,761		$	64,000		$	27,143		January	Fund III
	Properties Held For Sale
	At March 31, 2015, no assets were held for sale. At December 31, 2014, The Company had two properties classified as held-for-sale. The assets and liabilities relating to those properties are summarized as follows:
	(dollars in thousands)	31-Dec-14
	Assets of properties held for sale	$	56,073
	Liabilities of properties held for sale	$	25,500

INVESTMENTS_IN_AND_ADVANCES_TO

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	3 Months Ended
	Mar. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Affiliates	INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES
	Core Portfolio
	The Company owns a 49% interest in a 311,000 square foot shopping center located in White Plains, New York ("Crossroads"), a 50% interest in 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") and a 88.43% tenancy in common interest in an 87,000 square foot retail property located in Chicago, Illinois. As our unaffiliated partners in these investments maintain operating control, these 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 March 31, 2015, the Acadia Investors have made investments in Mervyns Department Stores ("Mervyns") and Albertsons including additional investments in locations that are separate from these original investments ("Add-On Investments"). Additionally, they have invested in Shopko, Marsh and Rex Stores Corporation (collectively "Other RCP Investments"). The Company accounts for its investments in Mervyns and Albertsons on the equity method as it has the ability to exercise significant influence, but does not have any rights with respect to financial or operating control. The Company accounts for its investments in its Add-On Investments and Other RCP Investments on the cost method as it does not have any influence over such entities' operating and financial policies nor any rights with respect to the control and operation of these entities. During the three months ended March 31, 2015, the Company received distributions from its RCP Venture of $4.5 million, of which the Operating Partnership's aggregate share was $0.9 million.
	The following table summarizes activity related to the RCP Venture investments from inception through March 31, 2015:
	(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		$	48,547	$	4,901	$	11,801
	Mervyns Add-On investments	2005/2008	7,547			9,272		1,252		2,017
	Albertsons	2006	20,717			81,594		4,239		16,318
	Albertsons Add-On investments	2006/2007	2,416			4,864		388		972
	Shopko	2006	1,110			2,460		222		492
	Marsh and Add-On investments	2006/2008	2,667			2,639		533		528
	Rex Stores	2007	2,701			4,727		535		946
			$	63,216		$	154,103	$	12,070	$	33,074
	5.    INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued)
	Other Fund Investments
	The unaffiliated partners in Fund II's investment in Albee Tower I Owners, Fund III's investments in Parkway Crossing, Arundel Plaza and the White City Shopping Center as well as Fund IV's investments in 1701 Belmont Avenue, 2819 Kennedy Boulevard, Promenade at Manassas, Eden Square 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:
	(dollars in thousands)	March 31,			December 31,
		2015			2014
	Combined and Condensed Balance Sheets
	Assets
	Rental property, net	$	388,590		$	387,739
	Real estate under development	66,942			60,476
	Investment in unconsolidated affiliates	7,548			11,154
	Other assets	63,288			62,862
	Total assets	$	526,368		$	522,231
	Liabilities and partners’ equity
	Mortgage notes payable	$	317,103		$	315,897
	Other liabilities	71,551			66,116
	Partners’ equity	137,714			140,218
	Total liabilities and partners’ equity	$	526,368		$	522,231
	Company’s investment in and advances to unconsolidated affiliates	$	184,500		$	184,352
	Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	$	(12,361	)	$	(12,564	)
	5.    INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued)
		Three Months Ended
		March 31,
	(dollars in thousands)	2015			2014
	Combined and Condensed Statements of Income
	Total revenues	$	11,930		$	12,105
	Operating and other expenses	(3,857		)	(3,815		)
	Interest and other finance expense	(2,638		)	(2,524		)
	Equity in earnings (losses) of unconsolidated affiliates	66,655			(328		)
	Depreciation and amortization	(2,307		)	(2,706		)
	Loss on debt extinguishment	—			(187		)
	Net income	$	69,783		$	2,545
	Company’s share of net income	$	6,691		$	3,127
	Amortization of excess investment	(98		)	(98		)
	Company’s equity in earnings of unconsolidated affiliates	$	6,593		$	3,029

STRUCTURED_FINANCINGS_NET

STRUCTURED FINANCINGS, NET	3 Months Ended
	Mar. 31, 2015
Mortgage Loans on Real Estate [Abstract]
NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET	STRUCTURED FINANCINGS, NET
	As of March 31, 2015, the Company’s structured financing portfolio, net consisted of notes receivable and preferred equity investments, aggregating $98.6 million. These investments 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 March 31, 2015		Net Carrying Amounts of Notes Receivable as of December 31, 2014		Maturity date	Extension Options
	First Mortgage Loan	7.70%		$	12,000	$	12,000	Demand
	Mezzanine Loan	12.70%	18,900	8,000		8,000		10/3/15
	First Mortgage Loan	8.80%		7,500		7,500		10/31/15	1 x 12 Months
	Zero Coupon Loan (2)	24.00%	166,200	5,149		4,986		1/3/16
	First Mortgage Loan	5.50%		4,000		4,000		4/1/16	1 x 6 Months
	Preferred Equity	13.50%		4,000		4,000		5/9/16
	Other	18.00%		3,457		3,307		7/1/17
	Preferred Equity	8.10%	20,855	13,000		13,000		9/1/17
	Other	15.00%		30,879		30,879		11/9/20
	Other	LIBOR + 2.5%		—		4,000		12/30/20
	Mezzanine Loan (3)	10.00%	87,477	7,983		7,983		Demand
	Individually less than 3% (4)	3.9% to 11.6%		2,592		2,631		12/31/2015 to 5/1/2024
	Total			$	98,560	$	102,286
	Notes:
	(1) Includes origination and exit fees
	(2) The principal balance for this accrual-only loan is increased by the interest accrued
	(3) Comprised of three cross-collateralized loans from one borrower, which are non-performing
	(4) Consists of two loans as of March 31, 2015
	During February 2015, the Company made an additional investment of $0.4 million to an already existing loan collateralized by a property.
	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 March 31, 2015, the Company held three non-performing notes.

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS
	As of March 31, 2015, the Company's derivative financial instruments consisted of 16 interest rate swaps with an aggregate notional value of $272.6 million, which effectively fix the London Inter-Bank Offer Rate ("LIBOR") at rates ranging from 0.7% to 3.8% and mature between May 2015 and March 2025. The Company also has four derivative financial instruments with an aggregate notional value of $139.3 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 $7.5 million and $4.6 million at March 31, 2015 and December 31, 2014, 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 $0.2 million at December 31, 2014. 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 and other debt. Such instruments are reported at their fair values as stated above. As of March 31, 2015 and December 31, 2014, unrealized losses totaling $(6.8) million and $(4.0) million, respectively, were reflected in accumulated other comprehensive loss on the Consolidated Balance Sheets.
	As of March 31, 2015 and December 31, 2014, 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	3 Months Ended
	Mar. 31, 2015
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 three months ended March 31, 2015:
	Secured Debt:
	(dollars in thousands)			Borrowings				Repayments
	Property	Date	Description	Amount		Interest Rate	Maturity Date	Amount		Interest Rate
	1035 Third Ave	January	New Borrowing	$	42,000	2.52% (LIBOR+2.35%)	1/27/21	$	—
	Lincoln Park Centre	January	Repayment	—			12/3/16	28,000		1.62% (LIBOR+1.45%)
	163 Highland Avenue	March	Assumption	9,765		4.66%	2/1/24	—
	Total			$	51,765			$	28,000
	8	MORTGAGE AND OTHER NOTES PAYABLE (continued)
	Unsecured Debt:
	During the three months ended March 31, 2015, the Company redeemed the remaining $0.4 million of its outstanding convertible notes at par value.
	During the three months ended March 31, 2015, the Company borrowed $50.0 million on its unsecured credit facility. The outstanding balance under this facility is $50.0 million as of March 31, 2015.
	During the three months ended March 31, 2015, the Company borrowed $46.6 million on its Fund IV subscription line. The outstanding balance under this facility is $123.7 million as of March 31, 2015.
	During March 2015, Fund IV closed on a $50.0 million unsecured credit facility. At closing, Fund IV drew down $31.0 million. The facility bears interest at LIBOR plus 275 basis points and matures February 9, 2017 with one 6-month extension option. Along with a guarantee with respect to customary non-recourse carve outs, the Operating Partnership, as the managing member of Fund IV, has provided a guarantee of principal, interest and fees upon a default as a result of Fund IV’s breach of certain specified financial covenants.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015:
	(dollars in thousands)	Level 1		Level 2		Level 3
	Assets
	Derivative financial instruments (Note 7)	$	—	$	—	$	—
	Liabilities
	Derivative financial instruments (Note 7)	$	—	$	7,504	$	—
	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 sheets 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)	March 31, 2015				31-Dec-14
		Carrying		Estimated Fair Value		Carrying		Estimated Fair Value
		Amount				Amount
	Notes receivable and preferred equity investments, net	$	98,560	$	98,560	$	102,286	$	102,286
	Mortgage and other notes payable	$	1,304,739	$	1,318,299	$	1,130,481	$	1,141,371

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2015
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 $0.1 million for the three months ended March 31, 2015.

SEGMENT_REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2015
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, as of and for the three months ended March 31, 2015 and 2014, and does not include unconsolidated affiliates:
	11.    SEGMENT REPORTING (continued)
	Three Months Ended March 31, 2015
	(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
	Revenues	$	35,593		$	13,480		$	3,408	$	52,481
	Property operating expenses, other operating and real estate taxes	(9,691		)	(6,452		)	—		(16,143		)
	General and administrative expenses	(6,811		)	(721		)	—		(7,532		)
	Depreciation and amortization	(9,907		)	(3,751		)	—		(13,658		)
	Operating income	9,184			2,556			3,408		15,148
	Equity in earnings of unconsolidated affiliates	434			6,159			—		6,593
	Loss on debt extinguishment	—			(109		)	—		(109		)
	Gain on disposition of property	—			27,143			—		27,143
	Interest and other finance expense	(6,468		)	(2,353		)	—		(8,821		)
	Income tax provision	(480		)	(937		)	—		(1,417		)
	Net income	2,670			32,459			3,408		38,537
	Noncontrolling interests
	Net income attributable to noncontrolling interests	(179		)	(21,811		)	—		(21,990		)
	Net income attributable to Common Shareholders	$	2,491		$	10,648		$	3,408	$	16,547
	Real Estate at Cost	$	1,550,695		$	953,607		$	—	$	2,504,302
	Total Assets	$	1,666,987		$	1,105,319		$	98,560	$	2,870,866
	Acquisition of Real Estate	$	169,235		$	51,036		$	—	$	220,271
	Investment in Redevelopment and Improvements	$	6,353		$	34,141		$	—	$	40,494
	11.    SEGMENT REPORTING (continued)
	Three Months Ended March 31, 2014
	(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
	Revenues	$	30,149		$	12,642		$	3,894	$	46,685
	Property operating expenses, other operating and real estate taxes	(7,906		)	(5,575		)	—		(13,481		)
	General and administrative expenses	(6,413		)	(483		)	—		(6,896		)
	Depreciation and amortization	(8,333		)	(3,254		)	—		(11,587		)
	Operating income	7,497			3,330			3,894		14,721
	Equity in earnings of unconsolidated affiliates	95			2,934			—		3,029
	Gain on disposition of property	12,387			—			—		12,387
	Loss on debt extinguishment	—			(203		)	—		(203		)
	Interest and other finance expense	(7,200		)	(3,451		)	—		(10,651		)
	Income tax provision	(104		)	(64		)	—		(168		)
	Net Income	12,675			2,546			3,894		19,115
	Noncontrolling interests
	Net (income) loss attributable to noncontrolling interests	(419		)	2,899			—		2,480
	Net income attributable to Common Shareholders	$	12,256		$	5,445		$	3,894	$	21,595
	Real Estate at Cost	$	1,128,790		$	794,120		$	—	$	1,922,910
	Total Assets	$	1,101,385		$	1,124,838		$	119,639	$	2,345,862
	Acquisition of Real Estate	$	90,500		$	—		$	—	$	90,500
	Investment in Redevelopment and Improvements	$	1,428		$	36,077		$	—	$	37,505

LONGTERM_INCENTIVE_COMPENSATIO

LONG-TERM INCENTIVE COMPENSATION	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Long-Term Incentive Compensation	LONG-TERM INCENTIVE COMPENSATION
	During the quarter ended March 31, 2015, the Company issued 247,863 LTIP Units and 8,357 Restricted Share Units to employees of the Company pursuant to its Amended and Restated 2006 Share Incentive Plan (the "Share Incentive Plan"). Vesting of some of these units is subject to the Company achieving certain performance measures. With respect to the executive officers, these units vest over a 5-year period, with 60% of the units earned at the end of the third year and the remaining 40% vesting ratably over the following two years. With the exception of those units, vesting of all other awards will occur ratably over the vesting period.
		Units Issued
		LTIPs	Restricted Shares	Vesting Period	% Performance Based
	Executive Officers	236,924	—	5 Years	17	%
	Other Officers	7,879	1,308	3 Years	24	%
	Other Employees	3,060	7,049	3 Years	—
	Total	247,863	8,357
	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 $8.8 million, which will be recognized as compensation expense over the vesting period. Compensation expense of $0.5 million has been recognized in the accompanying consolidated statements of income related to these awards for the three months ended March 31, 2015.
	Total long-term incentive compensation expense, including the expense related to the above-mentioned plans, was $1.8 million and $1.4 million for the three months ended March 31, 2015 and 2014, respectively.
	In addition, members of the Board of Trustees have been issued units under the Share Incentive Plan. Total trustee fee expense related to these issuances was $0.2 million and $0.1 million for the three months ended March 31, 2015 and 2014, respectively.
	In 2009, the Company adopted the Long Term Investment Alignment Program (the "Program") pursuant to which the Company may award units primarily to senior executives which would entitle them to receive up to 25% of any future Fund III Promote or Fund IV Promote when and if such Promotes are ultimately realized. The Company has awarded all of the units under the Program related to the Fund III Promote and 20% of the units related to the Fund IV Promote. These units were determined to have no value at issuance or as of March 31, 2015. 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	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS
	During April 2015, Fund III completed the disposition of its White City property located in Shrewsbury, Massachusetts for a sales price of $96.8 million.
	During April 2015, Fund IV completed the acquisition of 801 Madison Avenue located in Manhattan, New York for a purchase price of $33.0 million.
	During April 2015, the Company acquired the remaining 77.78% interest in the Route 202 Shopping Center (Note 5) for $5.6 million. In connection with this transaction, the Company was repaid $5.6 million on an outstanding note receivable.

ORGANIZATION_AND_BASIS_OF_PRES1

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015. The information furnished in the accompanying consolidated financial statements reflects all adjustments that, in the opinion of management, are necessary for a fair presentation of the aforementioned consolidated financial statements for the interim periods. Such adjustments consisted of normal recurring items. These consolidated financial statements should be read in conjunction with the Company's 2014 Annual Report on Form 10-K, as filed with the SEC on February 20, 2015.
Reclassifications	Reclassifications
	Certain reclassifications have been made to the 2014 financial statements to conform to the 2015 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 March 31, 2015.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	During April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-03, "Interest - Imputation of Interest - Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 modifies the treatment of debt issuance costs from a deferred charge to a deduction of the carrying value of the financial liability. ASU 2015-03 is effective for periods beginning after December 15, 2015, with early adoption permitted and retrospective application. ASU 2015-03 is not expected to have a material impact on the Company's consolidated financial statements.
	During February 2015, the FASB issued ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis." ASU 2015-02 (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIE’s"), (ii) eliminates the presumption that a general partner should consolidate a limited partnership and (iii) affects the consolidation analysis of reporting entities that are involved with VIE’s, particularly those with fee arrangements and related party relationships. ASU 2015-02 is effective for periods beginning after December 15, 2015, with early adoption permitted. The Company is in the process of evaluating the impact the adoption of ASU 2015-02 will have on the consolidated financial statements.
	During January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items." ASU 2015-01 eliminates the concept of extraordinary items. However, the presentation and disclosure requirements for items that are either unusual in nature or infrequent in occurrence remain and will be expanded to include items that are both unusual in nature and infrequent in occurrence. ASU 2015-01 is effective for periods beginning after December 15, 2015. ASU 2015-01 is not expected to have a material impact on the Company's consolidated financial statements.

ORGANIZATION_AND_BASIS_OF_PRES2

ORGANIZATION AND BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 (3)		Equity Interest Held By Operating Partnership		Preferred Return		Total Distributions as of March 31, 2015 (3)
	Fund I and Mervyns I (1)	Sep-01	22.22	%	$	90	$	86.6	37.78	%	9	%	$	192.3
	Fund II and Mervyns II (2)	Jun-04	20	%	300		300		20	%	8	%	131.6
	Fund III	May-07	19.9	%	475		381.6		19.9	%	6	%	403.1
	Fund IV	May-12	23.12	%	540.6		140.2		23.12	%	6	%	101.9
	1.    ORGANIZATION AND BASIS OF PRESENTATION (continued)
	Notes:
	(1) Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions.
	(2) During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects.
	(3) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares.

EARNINGS_PER_COMMON_SHARE_Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2015
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
		March 31,
	(dollars in thousands, except per share amounts)	2015			2014
	Numerator
	Income from continuing operations	$	16,547		$	21,595
	Less: net income attributable to participating securities	(240		)	(392		)
	Income from continuing operations, net of income attributable to participating securities	16,307			21,203
	Denominator
	Weighted average shares for basic earnings per share	68,295			55,953
	Effect of dilutive securities:
	Employee Restricted Share Units and share options	40			40
	Convertible Preferred OP Units	25			25
	Denominator for diluted earnings per share	68,360			56,018
	Diluted earnings per Common Share from continuing operations attributable to Common Shareholders	$	0.24		$	0.38

ACQUISITION_AND_DISPOSITION_OF1

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2015
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT
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 2015 which have yet to be finalized:
	(dollars in thousands)	Preliminary Purchase Price Allocations
	Land	$	57,509
	Buildings and improvements	172,527
	Above-below market debt assumed (included in Mortgage and other notes payable)	(9,765		)
	Total consideration	$	220,271
	The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2014, and the finalized allocations as adjusted as of March 31, 2015:
	(dollars in thousands)	Purchase Price Allocations as Originally Reported			Adjustments			Finalized Purchase Price Allocations
	Land	$	22,625		$	10,765		$	33,390
	Buildings and improvements	67,875			(12,626		)	55,249
	Acquisition-related intangible assets (in Acquired lease intangibles, net)	—			4,705			4,705
	Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	—			(2,844		)	(2,844		)
	Total consideration	$	90,500		$	—		$	90,500
	During 2015, the Company acquired the following properties through its Core Portfolio and Fund IV as follows:
	(dollars in thousands)
	Property	GLA		Percent Owned		Type	Month of Acquisition	Purchase Price			Location	Assumption of Debt
	Core Portfolio:
	City Center	205,000		100	%	Urban Retail Center	March	$	155,000		San Fransisco, CA	$	—
	163 Highland Avenue	40,500		100	%	Suburban Shopping Center	March	24,000			Needham, MA	9,765
	Total Core Portfolio	245,500						$	179,000			$	9,765
	Fund IV:
	1035 Third Avenue (1)	53,294		100	%	Street Retail	January	$	51,036		New York, NY	$	—
	Total Fund IV	53,294						$	51,036			$	—
	Total	298,794						$	230,036			$	9,765
	Note:
	(1) GLA includes a portion of office space and a below-grade operator controlled parking garage.
Schedule Of Property Dispositions	During 2015, the Company disposed of the following property:
	(dollars in thousands)
	Dispositions	GLA		Sale Price			Gain on Sale			Month Sold	Owner
	Lincoln Park Centre	61,761		$	64,000		$	27,143		January	Fund III
Disclosure of Long Lived Assets Held-for-sale	The assets and liabilities relating to those properties are summarized as follows:
	(dollars in thousands)	31-Dec-14
	Assets of properties held for sale	$	56,073
	Liabilities of properties held for sale	$	25,500

INVESTMENTS_IN_AND_ADVANCES_TO1

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015:
	(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		$	48,547	$	4,901	$	11,801
	Mervyns Add-On investments	2005/2008	7,547			9,272		1,252		2,017
	Albertsons	2006	20,717			81,594		4,239		16,318
	Albertsons Add-On investments	2006/2007	2,416			4,864		388		972
	Shopko	2006	1,110			2,460		222		492
	Marsh and Add-On investments	2006/2008	2,667			2,639		533		528
	Rex Stores	2007	2,701			4,727		535		946
			$	63,216		$	154,103	$	12,070	$	33,074
Summary of Balance Sheet of the Company’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:
	(dollars in thousands)	March 31,			December 31,
		2015			2014
	Combined and Condensed Balance Sheets
	Assets
	Rental property, net	$	388,590		$	387,739
	Real estate under development	66,942			60,476
	Investment in unconsolidated affiliates	7,548			11,154
	Other assets	63,288			62,862
	Total assets	$	526,368		$	522,231
	Liabilities and partners’ equity
	Mortgage notes payable	$	317,103		$	315,897
	Other liabilities	71,551			66,116
	Partners’ equity	137,714			140,218
	Total liabilities and partners’ equity	$	526,368		$	522,231
	Company’s investment in and advances to unconsolidated affiliates	$	184,500		$	184,352
	Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates	$	(12,361	)	$	(12,564	)
Summary of Statement of Income of the Company’s investments in unconsolidated affiliates
		Three Months Ended
		March 31,
	(dollars in thousands)	2015			2014
	Combined and Condensed Statements of Income
	Total revenues	$	11,930		$	12,105
	Operating and other expenses	(3,857		)	(3,815		)
	Interest and other finance expense	(2,638		)	(2,524		)
	Equity in earnings (losses) of unconsolidated affiliates	66,655			(328		)
	Depreciation and amortization	(2,307		)	(2,706		)
	Loss on debt extinguishment	—			(187		)
	Net income	$	69,783		$	2,545
	Company’s share of net income	$	6,691		$	3,127
	Amortization of excess investment	(98		)	(98		)
	Company’s equity in earnings of unconsolidated affiliates	$	6,593		$	3,029

STRUCTURED_FINANCINGS_NET_Tabl

STRUCTURED FINANCINGS, NET (Tables)	3 Months Ended
	Mar. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	As of March 31, 2015, the Company’s structured financing portfolio, net consisted of notes receivable and preferred equity investments, aggregating $98.6 million. These investments 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 March 31, 2015		Net Carrying Amounts of Notes Receivable as of December 31, 2014		Maturity date	Extension Options
	First Mortgage Loan	7.70%		$	12,000	$	12,000	Demand
	Mezzanine Loan	12.70%	18,900	8,000		8,000		10/3/15
	First Mortgage Loan	8.80%		7,500		7,500		10/31/15	1 x 12 Months
	Zero Coupon Loan (2)	24.00%	166,200	5,149		4,986		1/3/16
	First Mortgage Loan	5.50%		4,000		4,000		4/1/16	1 x 6 Months
	Preferred Equity	13.50%		4,000		4,000		5/9/16
	Other	18.00%		3,457		3,307		7/1/17
	Preferred Equity	8.10%	20,855	13,000		13,000		9/1/17
	Other	15.00%		30,879		30,879		11/9/20
	Other	LIBOR + 2.5%		—		4,000		12/30/20
	Mezzanine Loan (3)	10.00%	87,477	7,983		7,983		Demand
	Individually less than 3% (4)	3.9% to 11.6%		2,592		2,631		12/31/2015 to 5/1/2024
	Total			$	98,560	$	102,286
	Notes:
	(1) Includes origination and exit fees
	(2) The principal balance for this accrual-only loan is increased by the interest accrued
	(3) Comprised of three cross-collateralized loans from one borrower, which are non-performing
	(4) Consists of two loans as of March 31, 2015

MORTGAGE_AND_OTHER_NOTES_PAYAB1

MORTGAGE AND OTHER NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgage Notes Payable	The Company completed the following transactions related to mortgage and other notes payable and credit facilities during the three months ended March 31, 2015:
	Secured Debt:
	(dollars in thousands)			Borrowings				Repayments
	Property	Date	Description	Amount		Interest Rate	Maturity Date	Amount		Interest Rate
	1035 Third Ave	January	New Borrowing	$	42,000	2.52% (LIBOR+2.35%)	1/27/21	$	—
	Lincoln Park Centre	January	Repayment	—			12/3/16	28,000		1.62% (LIBOR+1.45%)
	163 Highland Avenue	March	Assumption	9,765		4.66%	2/1/24	—
	Total			$	51,765			$	28,000

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015:
	(dollars in thousands)	Level 1		Level 2		Level 3
	Assets
	Derivative financial instruments (Note 7)	$	—	$	—	$	—
	Liabilities
	Derivative financial instruments (Note 7)	$	—	$	7,504	$	—
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)	March 31, 2015				31-Dec-14
		Carrying		Estimated Fair Value		Carrying		Estimated Fair Value
		Amount				Amount
	Notes receivable and preferred equity investments, net	$	98,560	$	98,560	$	102,286	$	102,286
	Mortgage and other notes payable	$	1,304,739	$	1,318,299	$	1,130,481	$	1,141,371

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Reconciliation of Certain Segment Information from Segments to Consolidated	The following tables set forth certain segment information for the Company, as of and for the three months ended March 31, 2015 and 2014, and does not include unconsolidated affiliates:
	11.    SEGMENT REPORTING (continued)
	Three Months Ended March 31, 2015
	(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
	Revenues	$	35,593		$	13,480		$	3,408	$	52,481
	Property operating expenses, other operating and real estate taxes	(9,691		)	(6,452		)	—		(16,143		)
	General and administrative expenses	(6,811		)	(721		)	—		(7,532		)
	Depreciation and amortization	(9,907		)	(3,751		)	—		(13,658		)
	Operating income	9,184			2,556			3,408		15,148
	Equity in earnings of unconsolidated affiliates	434			6,159			—		6,593
	Loss on debt extinguishment	—			(109		)	—		(109		)
	Gain on disposition of property	—			27,143			—		27,143
	Interest and other finance expense	(6,468		)	(2,353		)	—		(8,821		)
	Income tax provision	(480		)	(937		)	—		(1,417		)
	Net income	2,670			32,459			3,408		38,537
	Noncontrolling interests
	Net income attributable to noncontrolling interests	(179		)	(21,811		)	—		(21,990		)
	Net income attributable to Common Shareholders	$	2,491		$	10,648		$	3,408	$	16,547
	Real Estate at Cost	$	1,550,695		$	953,607		$	—	$	2,504,302
	Total Assets	$	1,666,987		$	1,105,319		$	98,560	$	2,870,866
	Acquisition of Real Estate	$	169,235		$	51,036		$	—	$	220,271
	Investment in Redevelopment and Improvements	$	6,353		$	34,141		$	—	$	40,494
	11.    SEGMENT REPORTING (continued)
	Three Months Ended March 31, 2014
	(dollars in thousands)	Core Portfolio			Funds			Structured Financing		Total
	Revenues	$	30,149		$	12,642		$	3,894	$	46,685
	Property operating expenses, other operating and real estate taxes	(7,906		)	(5,575		)	—		(13,481		)
	General and administrative expenses	(6,413		)	(483		)	—		(6,896		)
	Depreciation and amortization	(8,333		)	(3,254		)	—		(11,587		)
	Operating income	7,497			3,330			3,894		14,721
	Equity in earnings of unconsolidated affiliates	95			2,934			—		3,029
	Gain on disposition of property	12,387			—			—		12,387
	Loss on debt extinguishment	—			(203		)	—		(203		)
	Interest and other finance expense	(7,200		)	(3,451		)	—		(10,651		)
	Income tax provision	(104		)	(64		)	—		(168		)
	Net Income	12,675			2,546			3,894		19,115
	Noncontrolling interests
	Net (income) loss attributable to noncontrolling interests	(419		)	2,899			—		2,480
	Net income attributable to Common Shareholders	$	12,256		$	5,445		$	3,894	$	21,595
	Real Estate at Cost	$	1,128,790		$	794,120		$	—	$	1,922,910
	Total Assets	$	1,101,385		$	1,124,838		$	119,639	$	2,345,862
	Acquisition of Real Estate	$	90,500		$	—		$	—	$	90,500
	Investment in Redevelopment and Improvements	$	1,428		$	36,077		$	—	$	37,505

LONGTERM_INCENTIVE_COMPENSATIO1

LONG-TERM INCENTIVE COMPENSATION LONG-TERM INCENTIVE COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
		Units Issued
		LTIPs	Restricted Shares	Vesting Period	% Performance Based
	Executive Officers	236,924	—	5 Years	17	%
	Other Officers	7,879	1,308	3 Years	24	%
	Other Employees	3,060	7,049	3 Years	—
	Total	247,863	8,357

ORGANIZATION_AND_BASIS_OF_PRES3

ORGANIZATION AND BASIS OF PRESENTATION (Details) (USD $)	12 Months Ended	3 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties (in properties)		145
Number of opportunity funds		4
Core Portfolio
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties (in properties)		89
Opportunity Funds
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties (in properties)		56
Fund II
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Payments of dividends	$47.10
Operating Partnership, as General Partner or Managing Member
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership interest by general partner or managing partner		95.00%
Remaining funds rate of distribution to partnership		20.00%
Institutional Investors [Member]
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Remaining funds rate of distribution to all partners		80.00%

ORGANIZATION_AND_BASIS_OF_PRES4

ORGANIZATION AND BASIS OF PRESENTATION Summary of General Terms and Operating Partnership's Equity Interests (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
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	86.6	[1],[2]
Equity Interest Held By Operating Partnership	37.78%	[1]
Preferred Return	9.00%	[1]
Capital Returned	192.3	[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	300	[2],[3]
Equity Interest Held By Operating Partnership	20.00%	[3]
Preferred Return	8.00%	[3]
Capital Returned	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	381.6	[2]
Equity Interest Held By Operating Partnership	19.90%
Preferred Return	6.00%
Capital Returned	403.1	[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	140.2	[2]
Equity Interest Held By Operating Partnership	23.12%
Preferred Return	6.00%
Capital Returned	$101.90	[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
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Numerator
Income from continuing operations	$16,547	$21,595
Less: net income attributable to participating securities	-240	-392
Income from continuing operations, net of income attributable to participating securities	$16,307	$21,203
Denominator
Weighted average shares for basic earnings per share (in shares)	68,295,000	55,953,000
Effect of dilutive securities:
Employee Restricted Share Units and share options (in shares)	40,000	40,000
Convertible Preferred OP Units (in shares)	25,000	25,000
Denominator for diluted earnings per share (in shares)	68,360,000	56,018,000
Earnings Per Share, Diluted, Undistributed	$0.24	$0.38
Common stock
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	25,067	25,067
Operating Partnership, as General Partner or Managing Member
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Limited partners' common OP units (in shares)	2,975,277		2,988,277
Operating Partnership, as General Partner or Managing Member | Series A Preferred Stock
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Limited partners' common OP units (in shares)	188		188

SHAREHOLDERS_EQUITY_AND_NONCON1

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Proceeds from issuance of common stock	$18,605,000	$23,519,000
Operating Partnership, as General Partner or Managing Member
Noncontrolling Interest [Line Items]
Limited partners' common OP units (in shares)	2,975,277		2,988,277
Series A Preferred Stock | Operating Partnership, as General Partner or Managing Member
Noncontrolling Interest [Line Items]
Limited partners' common OP units (in shares)	188		188
At The Market Equity Program | Common stock
Noncontrolling Interest [Line Items]
Common stock issued during the period (in shares)	600,000
Gross proceeds from issuance of common stock	19,800,000
Proceeds from issuance of common stock	$19,500,000
LTIP Units
Noncontrolling Interest [Line Items]
Share-based compensation, outstanding (in shares)	937,651		675,367

ACQUISITION_AND_DISPOSITION_OF2

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE - Acquisition (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Gross leasable area (in square feet)	298,794
Purchase Price	$230,036,000
Assumption of Debt	9,765,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net
Land	57,509,000
Buildings and improvements	172,527,000
Total consideration	220,271,000
Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet)	245,500
Purchase Price	179,000,000
Assumption of Debt	9,765,000
Acquisition costs	600,000
Fund IV
Business Acquisition [Line Items]
Gross leasable area (in square feet)	53,294
Purchase Price	51,036,000
Assumption of Debt	0
Acquisition costs	1,600,000
City Center | San Fransisco, CA | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet)	205,000
Percent Owned	100.00%
Purchase Price	155,000,000
Assumption of Debt	0
163 Highland Avenue | Needham, MA | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet)	40,500
Percent Owned	100.00%
Purchase Price	24,000,000
Assumption of Debt	9,765,000
1035 Third Avenue | New York, NY | Fund IV
Business Acquisition [Line Items]
Gross leasable area (in square feet)	53,294
Percent Owned	100.00%
Purchase Price	51,036,000
Assumption of Debt	0
Acquisitions In 2014
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net
Land	33,390,000	22,625,000
Buildings and improvements	55,249,000	67,875,000
Acquisition-related intangible assets (in Acquired lease intangibles, net)	4,705,000	0
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	2,844,000	0
Total consideration	90,500,000	90,500,000
Adjustments [Abstract]
Land	10,765,000
Buildings and improvements	-12,626,000
Acquisition-related intangible assets (in Acquired lease intangibles, net)	4,705,000
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	-2,844,000
Total consideration	$0

ACQUISITION_AND_DISPOSITION_OF3

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE - Dispositions (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
	sqft
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (in square feet)	298,794
Lincoln Park Centre
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (in square feet)	61,761
Sale Price	$64,000
Gain on Sale	$27,143

ACQUISITION_AND_DISPOSITION_OF4

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE - Assets Held For Sale (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT
Assets of properties held for sale	$0	$56,073
Liabilities of properties held for sale	$0	$25,500

INVESTMENTS_IN_AND_ADVANCES_TO2

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Core Portfolio (Details) (Core Portfolio)	Mar. 31, 2015
	sqft
Crossroads
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage	49.00%
Square footage of real estate property (in square feet)	311,000
Route 202 Shopping Center
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage	22.22%
Square footage of real estate property (in square feet)	20,000
Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage	50.00%
Square footage of real estate property (in square feet)	28,000
Chicago Street Retail Portfolio
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage	88.43%
Square footage of real estate property (in square feet)	87,000

INVESTMENTS_IN_AND_ADVANCES_TO3

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Funds (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
	partner
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates	184,500	$184,352
Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Number of unaffiliated partners	2
Mervyns I and Mervyns II | Opportunity Funds | KLA/Mervyns LLC
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	26,058
Distributions, equity method investment	48,547
Mervyns I | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Distributions, equity method investment	4,500
Mervyns II | Opportunity Funds | KLA A Markets LLC
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	20,717
Distributions, equity method investment	81,594
Corporate Joint Venture | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Distributions	154,103
Investments in and advances to unconsolidated affiliates	63,216
KLA/Mervyns LLC Add-On Investments | Mervyns I and Mervyns II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	7,547
Distributions	9,272
KLAC Rex Venture LLC | Mervyns II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	2,701
Distributions	4,727
KLA A Markets LLC Add-On Investments | Mervyns II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	2,416
Distributions	4,864
KA-Shopko LLC | Fund II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	1,110
Distributions	2,460
Marsh and Add-On Investments | Fund II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	2,667
Distributions	2,639
Operating Partnership, as General Partner or Managing Member | Mervyns I and Mervyns II | Opportunity Funds | KLA/Mervyns LLC
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	4,901
Distributions, equity method investment	11,801
Operating Partnership, as General Partner or Managing Member | Mervyns II | Opportunity Funds | KLA A Markets LLC
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	4,239
Distributions, equity method investment	16,318
Operating Partnership, as General Partner or Managing Member | Corporate Joint Venture | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Distributions	33,074
Investments in and advances to unconsolidated affiliates	12,070
Operating Partnership, as General Partner or Managing Member | KLA/Mervyns LLC Add-On Investments | Mervyns I and Mervyns II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	1,252
Distributions	2,017
Operating Partnership, as General Partner or Managing Member | KLAC Rex Venture LLC | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Distributions, equity method investment	900
Operating Partnership, as General Partner or Managing Member | KLAC Rex Venture LLC | Mervyns II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	535
Distributions	946
Operating Partnership, as General Partner or Managing Member | KLA A Markets LLC Add-On Investments | Mervyns II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	388
Distributions	972
Operating Partnership, as General Partner or Managing Member | KA-Shopko LLC | Fund II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	222
Distributions	492
Operating Partnership, as General Partner or Managing Member | Marsh and Add-On Investments | Fund II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments	533
Distributions	528

INVESTMENTS_IN_AND_ADVANCES_TO4

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Summary of Investments in Unconsolidated Affiliates (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Real estate under development	$484,676		$447,390
Investments in and advances to unconsolidated affiliates	184,500		184,352
Total assets	2,870,866		2,732,600
Other liabilities	27,196		25,148
Total liabilities and equity	2,870,866		2,732,600
Distributions in excess of income from, and investments in, unconsolidated affiliates	-12,361		-12,564
Total revenues	52,481	46,685
Operating Expenses	-37,333	-31,964
Equity in earnings of unconsolidated affiliates	6,593	3,029
Depreciation and amortization	-13,658	-11,587
Loss on debt extinguishment	-109	-203
Net income	38,537	19,115
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Rental property, net	388,590		387,739
Real estate under development	66,942		60,476
Investments in and advances to unconsolidated affiliates	7,548		11,154
Other assets	63,288		62,862
Total assets	526,368		522,231
Loans Payable to Bank	317,103		315,897
Other liabilities	71,551		66,116
Partners’ equity	137,714		140,218
Total liabilities and equity	526,368		522,231
Total revenues	11,930	12,105
Operating Expenses	-3,857	-3,815
Interest Expense	-2,638	-2,524
Equity in earnings of unconsolidated affiliates	66,655	-328
Depreciation and amortization	-2,307	-2,706
Loss on debt extinguishment	0	-187
Net income	69,783	2,545
Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Equity in earnings of unconsolidated affiliates	6,593	3,029
Company’s share of net income	6,691	3,127
Amortization of Excess Investment	($98)	($98)

STRUCTURED_FINANCINGS_NET_Sche

STRUCTURED FINANCINGS, NET - Schedule of Notes Receivable (Details) (USD $)	1 Months Ended	3 Months Ended
	Feb. 28, 2015	Mar. 31, 2015		Dec. 31, 2014
		loan
Mortgage Loans on Real Estate [Line Items]
Net carrying amounts of notes receivable		$98,560,000		$102,286,000
Number of cross collateralized loans		3
Number of borrowers		1
Additional investment	400,000
First Mortgage Loan, 6% Loan Due On Demand
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		7.70%
Net carrying amounts of notes receivable		12,000,000		12,000,000
Mezzanine Loan, 10% Due On Demand
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		10.00%
First Priority liens		87,477,000,000
Net carrying amounts of notes receivable		7,983,000		7,983,000
First Mortgage Loan, 5.5% Loan Due 2016
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		5.50%
Net carrying amounts of notes receivable		4,000,000		4,000,000
Zero Coupon Loan
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		24.00%
First Priority liens		166,200,000,000
Net carrying amounts of notes receivable		5,149,000		4,986,000
Preferred Equity, 8.1% Loan, Due 2017
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		8.10%
First Priority liens		20,855,000,000
Net carrying amounts of notes receivable		13,000,000		13,000,000
Other Loan, 15%, Loan Due 2020 [Member]
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		15.00%
Net carrying amounts of notes receivable		30,879,000		30,879,000
Mezzanine Loan, 12.7% Loan, Due 2015
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		12.70%
First Priority liens		18,900,000,000
Net carrying amounts of notes receivable		8,000,000		8,000,000
First Mortgage Loan, Eight Point Eight Percent Loan, Due 2015 [Member]
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		8.80%
Net carrying amounts of notes receivable		7,500,000		7,500,000
Preferred Equity, 13.5% Loan, Due 2016
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		13.50%
Net carrying amounts of notes receivable		4,000,000		4,000,000
Other Loan, 2.5% Plus LIBOR Variable Interest Rate, Due 2020
Mortgage Loans on Real Estate [Line Items]
Net carrying amounts of notes receivable		0		4,000,000
Other Loan, 2.5% Plus LIBOR Variable Interest Rate, Due 2020 | LIBOR
Mortgage Loans on Real Estate [Line Items]
Loans receivable, basis spread on variable rate		2.50%
Other Loan, 18%, Due 2017
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		18.00%
Net carrying amounts of notes receivable		3,457,000		3,307,000
Individually Less Than 3 Percent, Variable Interest Rate
Mortgage Loans on Real Estate [Line Items]
First Priority liens
Net carrying amounts of notes receivable		$2,592,000		$2,631,000
Number of loans		2
Individually Less Than 3 Percent, Variable Interest Rate | Minimum
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		3.90%	[1]
Individually Less Than 3 Percent, Variable Interest Rate | Maximum
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		11.60%	[1]
Nonperforming Financing Receivable [Member]
Mortgage Loans on Real Estate [Line Items]
Number of instruments held		3
[1]	Includes origination and exit fees

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income - unrealized loss on valuation of swap agreements	($6,800,000)	($4,000,000)
Other Liabilities | Level 2
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	7,500,000	4,600,000
Prepaid Expenses and Other Assets | Level 2
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets		200,000
Cash Flow Hedging | Variable-Rate Derivatives | Minimum
Derivatives, Fair Value [Line Items]
Derivative, cap interest rate	3.00%
Cash Flow Hedging | Variable-Rate Derivatives | Maximum
Derivatives, Fair Value [Line Items]
Derivative, cap interest rate	4.30%
Interest Rate Swap | Cash Flow Hedging | Fixed-Rate Derivatives
Derivatives, Fair Value [Line Items]
Number of interest rate swaps (in interest rate swaps)	16
Notional amount of interest rate cash flow hedge derivatives	272,600,000
Interest Rate Swap | Cash Flow Hedging | Fixed-Rate Derivatives | Minimum
Derivatives, Fair Value [Line Items]
Derivative, fixed interest rate	0.70%
Interest Rate Swap | Cash Flow Hedging | Fixed-Rate Derivatives | Maximum
Derivatives, Fair Value [Line Items]
Derivative, fixed interest rate	3.80%
Interest Rate Swap | Cash Flow Hedging | Variable-Rate Derivatives
Derivatives, Fair Value [Line Items]
Notional amount of interest rate cash flow hedge derivatives	$139,300,000
Derivative, number of instruments held	4

MORTGAGE_AND_OTHER_NOTES_PAYAB2

MORTGAGE AND OTHER NOTES PAYABLE - MORTGAGE BY PROPERTY (Details) (Mortgages, USD $)	3 Months Ended
	Mar. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$51,765,000
Repayments of long-term debt	28,000,000
Libor Plus 2.25% Mortgage Note | 1035 Third Ave
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	42,000,000
Description of variable rate basis	LIBOR
Basis spread on variable rate	2.35%
Effective rate	2.52%
Libor Plus 1.55% Mortgage Note | Lincoln Park Centre
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	0
Description of variable rate basis	LIBOR
Basis spread on variable rate	1.45%
Effective rate	1.62%
Repayments of long-term debt	28,000,000
4.66% Mortgage note | 163 Highland Avenue
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$9,765,000
Stated interest rate percentage	4.66%

MORTGAGE_AND_OTHER_NOTES_PAYAB3

MORTGAGE AND OTHER NOTES PAYABLE (Details) (USD $)	1 Months Ended	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
	extension_option
Mortgage Loans on Real Estate [Line Items]
Mortgage and other notes payable	$1,304,739,000	1,304,739,000	$1,130,481,000
Number of Loan Extensions	1	1
Length of Loan Extension	6 years
Unsecured credit facility | Line of Credit
Mortgage Loans on Real Estate [Line Items]
Mortgage and other notes payable	50,000,000	50,000,000
New mortgage loans	50,000,000	50,000,000
Unsecured credit facility | Line of Credit | Fund IV
Mortgage Loans on Real Estate [Line Items]
New mortgage loans	50,000,000	50,000,000
Line of credit	31,000,000	31,000,000
Unsecured credit facility | Line of Credit | Fund IV | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate		2.75%
Convertible Debt [Member]
Mortgage Loans on Real Estate [Line Items]
Redemption of debt		400,000
Line of Credit | Subscription Line | Line of Credit | Fund IV
Mortgage Loans on Real Estate [Line Items]
Mortgage and other notes payable	123,700,000	123,700,000
New mortgage loans	$46,600,000	46,600,000

FAIR_VALUE_MEASUREMENTS_Schedu

FAIR VALUE MEASUREMENTS Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (Fair Value, Measurements, Recurring, USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, assets	$0
Derivative financial instruments, liabilities	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, assets	0
Derivative financial instruments, liabilities	7,504
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, assets	0
Derivative financial instruments, liabilities	$0

FAIR_VALUE_MEASUREMENTS_Fair_V

FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable and preferred equity investments, net	$98,560	$102,286
Mortgage and other notes payable	1,304,739	1,130,481
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable and preferred equity investments, net	98,560	102,286
Mortgage and other notes payable	$1,318,299	$1,141,371

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (Unconsolidated Affiliates, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Unconsolidated Affiliates
Related Party Transaction [Line Items]
Revenue from related parties	$0.10

SEGMENT_REPORTING_Details

SEGMENT REPORTING (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
	segment
Segment Reporting Information [Line Items]
Number of reportable segments	3
Revenues	$52,481	$46,685
Property operating expenses, other operating and real estate taxes	-16,143	-13,481
General and administrative expenses	-7,532	-6,896
Depreciation and amortization	-13,658	-11,587
Operating income	15,148	14,721
Equity in (losses) earnings of unconsolidated affiliates	6,593	3,029
Gain on disposition of property		12,387
Loss on debt extinguishment	-109	-203
Gain on disposition of property	27,143	12,387
Interest and other finance expense	-8,821	-10,651
Income tax provision	-1,417	-168
Net income	38,537	19,115
Net income	38,537	19,115
Net (income) loss attributable to noncontrolling interests	-21,990	2,480
Net income attributable to Common Shareholders	16,547	21,595
Real Estate at Cost	2,504,302	1,922,910
Total Assets	2,870,866	2,345,862
Acquisition of Real Estate	220,271	90,500
Investment in Redevelopment and Improvements	40,494	37,505
Core Portfolio
Segment Reporting Information [Line Items]
Revenues	35,593	30,149
Property operating expenses, other operating and real estate taxes	-9,691	-7,906
General and administrative expenses	-6,811	-6,413
Depreciation and amortization	-9,907	-8,333
Operating income	9,184	7,497
Equity in (losses) earnings of unconsolidated affiliates	434	95
Gain on disposition of property		12,387
Loss on debt extinguishment	0	0
Gain on disposition of property	0
Interest and other finance expense	-6,468	-7,200
Income tax provision	-480	-104
Net income	2,670
Net income		12,675
Net (income) loss attributable to noncontrolling interests	-179	-419
Net income attributable to Common Shareholders	2,491	12,256
Real Estate at Cost	1,550,695	1,128,790
Total Assets	1,666,987	1,101,385
Acquisition of Real Estate	169,235	90,500
Investment in Redevelopment and Improvements	6,353	1,428
Funds
Segment Reporting Information [Line Items]
Revenues	13,480	12,642
Property operating expenses, other operating and real estate taxes	-6,452	-5,575
General and administrative expenses	-721	-483
Depreciation and amortization	-3,751	-3,254
Operating income	2,556	3,330
Equity in (losses) earnings of unconsolidated affiliates	6,159	2,934
Gain on disposition of property		0
Loss on debt extinguishment	-109	-203
Gain on disposition of property	27,143
Interest and other finance expense	-2,353	-3,451
Income tax provision	-937	-64
Net income	32,459
Net income		2,546
Net (income) loss attributable to noncontrolling interests	-21,811	2,899
Net income attributable to Common Shareholders	10,648	5,445
Real Estate at Cost	953,607	794,120
Total Assets	1,105,319	1,124,838
Acquisition of Real Estate	51,036	0
Investment in Redevelopment and Improvements	34,141	36,077
Structured Financing
Segment Reporting Information [Line Items]
Revenues	3,408	3,894
Property operating expenses, other operating and real estate taxes	0	0
General and administrative expenses	0	0
Depreciation and amortization	0	0
Operating income	3,408	3,894
Equity in (losses) earnings of unconsolidated affiliates	0	0
Gain on disposition of property		0
Loss on debt extinguishment	0	0
Gain on disposition of property	0
Interest and other finance expense	0	0
Income tax provision	0	0
Net income	3,408
Net income		3,894
Net (income) loss attributable to noncontrolling interests	0	0
Net income attributable to Common Shareholders	3,408	3,894
Real Estate at Cost	0	0
Total Assets	98,560	119,639
Acquisition of Real Estate	0	0
Investment in Redevelopment and Improvements	$0	$0

LONGTERM_INCENTIVE_COMPENSATIO2

LONG-TERM INCENTIVE COMPENSATION (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	5 years
Share-based compensation expense	$1,889,000	$2,087,000
Trustee fee expense	200,000	100,000
Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	5 years
Percent of awards issued to officers subject to performance measures	17.00%
Other Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Percent of awards issued to officers subject to performance measures	24.00%
Other Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Senior Executives | Long Term Investment Alignment Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of promote to be awarded as share based compensation awards			25.00%
Senior Executives | Long Term Investment Alignment Program | Fund IV
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum percentage of promote to be awarded as share based compensation awards			20.00%
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, share-based compensation, net of forfeitures (in shares)	247,863
LTIP Units | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, share-based compensation, net of forfeitures (in shares)	236,924
LTIP Units | Other Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, share-based compensation, net of forfeitures (in shares)	7,879
LTIP Units | Other Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, share-based compensation, net of forfeitures (in shares)	3,060
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, share-based compensation, net of forfeitures (in shares)	8,357
Restricted Stock | Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, share-based compensation, net of forfeitures (in shares)	0
Restricted Stock | Other Officers
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, share-based compensation, net of forfeitures (in shares)	1,308
Restricted Stock | Other Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, share-based compensation, net of forfeitures (in shares)	7,049
LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted during period, value, share-based compensation, net of forfeitures	8,800,000
Share-based compensation expense	500,000
Long term incentive and share based compensation expense	$1,800,000	$1,400,000
Vesting at the end of year three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	60.00%
Vesting ratably over last two years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	40.00%

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	3 Months Ended		1 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Apr. 30, 2015
Subsequent Event [Line Items]
Purchase price	$230,036,000
Proceeds from notes receivable	0	7,156,000
White City | Subsequent Event
Subsequent Event [Line Items]
Sale price of property			96,800,000
801 Madison Avenue | Subsequent Event
Subsequent Event [Line Items]
Purchase price			33,000,000
Route 202 Shopping Center | Subsequent Event
Subsequent Event [Line Items]
Purchase price			5,600,000
Percentage of interests acquired			77.78%
Proceeds from notes receivable			$5,600,000