Acadia Realty Trust (AKR) 10-Q 31 Jul 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ACADIA REALTY TRUST
Entity Central Index Key	899,629
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		68,829,489

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Operating real estate
Land	$ 507,952	$ 424,661
Buildings and improvements	1,522,127	1,329,080
Construction in progress	15,206	7,464
Gross operating real estate	2,045,285	1,761,205
Less: accumulated depreciation	277,678	256,015
Net operating real estate	1,767,607	1,505,190
Real estate under development	533,295	447,390
Notes receivable and preferred equity investments, net	168,931	102,286
Investments in and advances to unconsolidated affiliates	166,632	184,352
Cash and cash equivalents	104,651	217,580
Cash in escrow	31,781	20,358
Restricted cash	29,192	30,604
Rents receivable, net	37,887	36,962
Deferred charges, net	32,984	30,679
Acquired lease intangibles, net	47,683	44,618
Prepaid expenses and other assets	53,056	56,508
Assets of properties held for sale	0	56,073
Total assets	2,973,699	2,732,600
LIABILITIES
Mortgage and other notes payable	1,326,667	1,130,481
Distributions in excess of income from, and investments in, unconsolidated affiliates	13,161	12,564
Accounts payable and accrued expenses	37,551	34,026
Dividends and distributions payable	17,697	39,339
Acquired lease intangibles, net	31,137	29,585
Other liabilities	27,616	25,148
Liabilities of properties held for sale	0	25,500
Total liabilities	1,453,829	1,296,643
Shareholders' Equity
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 68,828,560 and 68,109,287 shares, respectively	69	68
Additional paid-in capital	1,050,385	1,027,861
Accumulated other comprehensive loss	(3,284)	(4,005)
Retained earnings	41,654	31,617
Total shareholders’ equity	1,088,824	1,055,541
Noncontrolling interests	431,046	380,416
Total equity	1,519,870	1,435,957
Total liabilities and equity	$ 2,973,699	$ 2,732,600

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	68,828,560	68,109,287
Common stock, shares outstanding	68,828,560	68,109,287

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Rental income	$ 39,784	$ 36,112	$ 77,971	$ 69,930
Interest income	3,985	3,049	7,393	6,213
Expense reimbursements	7,825	7,832	17,891	16,622
Other	1,567	2,518	2,387	3,431
Total revenues	53,161	49,511	105,642	96,196
Operating Expenses
Property operating	6,196	5,737	13,927	12,861
Other operating	599	908	2,719	1,595
Real estate taxes	6,419	5,569	12,711	11,239
General and administrative	8,005	6,879	15,537	13,775
Depreciation and amortization	13,903	11,584	27,561	23,171
Total operating expenses	40,122	30,677	77,455	62,641
Operating income	13,039	18,834	28,187	33,555
Equity in earnings of unconsolidated affiliates	3,406	1,430	9,999	4,459
Gain on disposition of property of unconsolidated affiliates	17,105	0	17,105	0
Loss on debt extinguishment	(25)	(66)	(134)	(269)
Impairment of asset	(5,000)	0	(5,000)	0
Gain on disposition of properties	61,841	561	88,984	12,948
Interest and other finance expense	(9,964)	(9,534)	(18,785)	(20,185)
Income from continuing operations before income tax benefit (provision)	85,402	11,225	125,356	30,508
Income tax benefit (provision)	56	83	(1,361)	(85)
Income from continuing operations	85,458	11,308	123,995	30,423
Discontinued Operations
Gain on disposition of property	0	560	0	560
Income from discontinued operations	0	560	0	560
Net income	85,458	11,868	123,995	30,983
Continuing operations	(58,963)	57	(80,953)	2,537
Discontinued operations	0	(461)	0	(461)
Net (income) loss attributable to noncontrolling interests	(58,963)	(404)	(80,953)	2,076
Net income attributable to Common Shareholders	$ 26,495	$ 11,464	$ 43,042	$ 33,059
Basic and diluted earnings per share	$ 0.38	$ 0.19	$ 0.62	$ 0.57

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 85,458	$ 11,868	$ 123,995	$ 30,983
Other comprehensive income (loss)
Unrealized income (loss) on valuation of swap agreements	2,644	(2,782)	(1,655)	(5,112)
Reclassification of realized interest on swap agreements	2,399	936	3,452	1,773
Other comprehensive income (loss)	5,043	(1,846)	1,797	(3,339)
Comprehensive income	90,501	10,022	125,792	27,644
Comprehensive income attributable to noncontrolling interests	(60,461)	(4,640)	(82,029)	(2,207)
Comprehensive income attributable to Common Shareholders	$ 30,040	$ 5,382	$ 43,763	$ 25,437

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Total Shareholders’ Equity	Common Shares	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Noncontrolling Interests
Balance (in Shares) at Dec. 31, 2014	68,109,287		68,109,000
Balance at Dec. 31, 2014	$ 1,435,957	$ 1,055,541	$ 68	$ 1,027,861	$ (4,005)	$ 31,617	$ 380,416
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)			67,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	1,655		1,655			(1,655)
Issuance of Common Shares, net of issuance costs (in Shares)			624,000
Issuance of Common Shares, net of issuance costs	21,080	21,080	$ 1	21,079
Dividends declared ($0.48 per Common Share)	(35,368)	(33,005)				(33,005)	(2,363)
Employee and trustee stock compensation, net (in Shares)			29,000
Employee and trustee stock compensation, net	3,844	452		452			3,392
Acquisition of noncontrolling interests	(662)
Noncontrolling interest distributions	(60,907)						(60,907)
Noncontrolling interest contributions	30,134						30,134
Balance before adjustment towards comprehensive income (in Shares)			68,829,000
Balance before adjustment towards comprehensive income	1,394,078	1,045,061	$ 69	1,050,385	(4,005)	(1,388)	349,017
Comprehensive (loss) income:
Net income	123,995	43,042				43,042	80,953
Unrealized loss on valuation of swap agreements	(1,655)	(1,097)			(1,097)		(558)
Reclassification of realized interest on swap agreements	3,452	1,818			1,818		1,634
Total comprehensive income	$ 125,792	43,763			721	43,042	82,029
Balance (in Shares) at Jun. 30, 2015	68,828,560		68,829,000
Balance at Jun. 30, 2015	$ 1,519,870	$ 1,088,824	$ 69	$ 1,050,385	$ (3,284)	$ 41,654	$ 431,046

CONSOLIDATED STATEMENTS OF SHA7

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals)	6 Months Ended
	Jun. 30, 2015$ / shares
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.48

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 123,995	$ 30,983
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	27,561	23,171
Amortization of financing costs	1,546	1,468
Gain on disposition of properties	(88,984)	(13,508)
Impairment of asset	5,000	0
Share compensation expense	3,746	3,833
Equity in earnings of unconsolidated affiliates	(9,999)	(4,459)
Gain on disposition of property of unconsolidated affiliates	(17,105)	0
Distributions of operating income from unconsolidated affiliates	10,035	5,550
Other, net	(2,645)	(1,737)
Changes in assets and liabilities
Cash in escrow	(11,505)	(5,691)
Rents receivable, net	(2,401)	(834)
Prepaid expenses and other assets	7,928	7,570
Accounts payable and accrued expenses	3,828	597
Other liabilities	2,751	(941)
Net cash provided by operating activities	53,751	46,002
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(273,071)	(107,600)
Redevelopment and property improvement costs	(105,245)	(68,311)
Deferred leasing costs	(4,274)	(1,224)
Investments in and advances to unconsolidated affiliates	(6,505)	(28,100)
Return of capital from unconsolidated affiliates	5,660	24,326
Proceeds from disposition of property of unconsolidated affiliates	25,604	0
Proceeds from notes receivable	0	11,990
Issuance of notes receivable	(48,200)	(19,362)
Proceeds from sale of properties, net	197,882	19,158
Net cash used in investing activities	(208,149)	(169,123)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	(188,166)	(132,452)
Proceeds received from mortgage and other notes	268,761	189,700
Loan proceeds held as restricted cash	30,324	38,513
Deferred financing and other costs	(2,746)	(2,033)
Capital contributions from noncontrolling interests	30,134	31,046
Distributions to noncontrolling interests	(64,648)	(56,730)
Dividends paid to Common Shareholders	(53,270)	(25,814)
Proceeds from issuance of Common Shares, net of issuance costs of $522 and $1,495, respectively	21,080	88,499
Net cash provided by financing activities	41,469	130,729
(Decrease) increase in cash and cash equivalents	(112,929)	7,608
Cash and cash equivalents, beginning of period	217,580	79,189
Cash and cash equivalents, end of period	104,651	86,797
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $7,465 and $6,095, respectively	22,735	23,486
Cash paid for income taxes	1,573	316
Supplemental disclosure of non-cash investing activities
Acquisition of real estate through assumption of debt	90,765	0
Disposition of real estate through cancellation of debt	0	(22,865)
Acquisition of real estate through conversion of notes receivable	6,886	38,000
Acquisition of real estate through assumption of restricted cash	28,192	0
Disposition of air rights through issuance of notes receivable	$ (29,793)	$ 0

CONSOLIDATED STATEMENTS OF CAS9

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement of Cash Flows [Abstract]
Stock issuance costs	$ 522	$ 1,495
Cash paid for capitalized interest	$ 7,465	$ 6,095

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 Fund Size Capital Called as of June 30, 2015 (3) Unfunded Commitment Equity Interest Held By Operating Partnership Preferred Return Total Distributions as of June 30, 2015 (3) Fund I and Mervyns I (1) 9/2001 22.22% $90.0 $86.6 $— 37.78% 9% $194.4 Fund II and Mervyns II (2) 6/2004 20.00% 300.0 300.0 47.1 20.00% 8% 131.6 Fund III 5/2007 19.90% 502.5 381.6 68.4 19.90% 6% 429.1 Fund IV 5/2012 23.12% 540.6 179.4 361.2 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 and six months ended June 30, 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. During the quarter ended June 30, 2015, as a result of the loss of a key anchor tenant, one of the properties in the Company's Brandywine Portfolio, in which an unaffiliated third party has a 77.78% noncontrolling interest, did not generate sufficient cash flow to meet the full debt service requirements leading to a default on the mortgage loan. Management performed an analysis and determined that the carrying amount of this property was not recoverable. Accordingly, the Company recorded an impairment charge of $5.0 million , which is included in the statement of income for the six months ended June 30, 2015. The Operating Partnership's share of this charge, net of the noncontrolling interest, was $1.1 million . The property is collateral for $26.3 million of non-recourse mortgage debt which matures July 1, 2016. Management does not believe that the carrying values of any of its other properties are impaired as of June 30, 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. 2015-05, "Intangibles - Goodwill and Other - Internal-Use Software." ASU 2015-05 provides guidance to help an entity evaluate the accounting for fees paid in a cloud computing arrangement. ASU 2015-05 is effective for periods beginning after December 15, 2015, with early adoption permitted and may be applied either prospectively or retrospectively. ASU 2015-05 is not expected to have a material impact on the Company's consolidated financial statements. During April 2015, the FASB issued 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2015 and for the six months ended June 30, 2015 and June 30, 2014. Conversely, the assumed conversion of these would be anti-dilutive and are therefore not included in the computation of diluted earnings per share for the three months ended June 30, 2014. 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 Six Months Ended June 30, June 30, (dollars in thousands, except per share amounts) 2015 2014 2015 2014 Numerator Income from continuing operations $ 26,495 $ 11,365 $ 43,042 $ 32,960 Less: net income attributable to participating securities (238 ) (197 ) (478 ) (585 ) Income from continuing operations, net of income attributable to participating securities 26,257 11,168 42,564 32,375 Denominator Weighted average shares for basic earnings per share 68,825 58,013 68,561 56,989 Effect of dilutive securities: Employee Restricted Share Units and share options 19 19 30 28 Convertible Preferred OP Units 25 — 25 25 Denominator for diluted earnings per share 68,869 58,032 68,616 57,042 Basic and diluted earnings per Common Share from continuing operations attributable to Common Shareholders $ 0.38 $ 0.19 $ 0.62 $ 0.57

SHAREHOLDERS' EQUITY AND NONCON

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Shareholders' Equity And Noncontrolling Interests	SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS For the six months ended June 30, 2015, the Company issued 0.6 million Common Shares under its at-the-market ("ATM") equity program, generating gross proceeds of $21.6 million and net proceeds of $21.1 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’ 2,961,517 and 2,988,277 Common OP Units at June 30, 2015 and December 31, 2014 ; (ii) 188 Series A Preferred OP Units at June 30, 2015 and December 31, 2014 ; and (iii) 929,169 and 675,367 LTIP Units at June 30, 2015 and December 31, 2014 , respectively.

ACQUISITION AND DISPOSITION OF

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE	6 Months Ended
	Jun. 30, 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, Fund II, and Fund IV: (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 Route 202 Shopping Center (1) 20,000 100 % Suburban Shopping Center April 5,643 Wilmington, DE — Total Core Portfolio 265,500 $ 184,643 $ 9,765 Fund II: City Point - Tower I (2) — 95 % Urban Development May $ 100,800 Brooklyn, NY $ 81,000 Total Fund II — $ 100,800 $ 81,000 Fund IV: 1035 Third Avenue (3) 53,294 100 % Street Retail January $ 51,036 New York, NY $ — 801 Madison Avenue 6,375 100 % Street Retail April 33,000 New York, NY — Total Fund IV 59,669 $ 84,036 $ — Total 325,169 $ 369,479 $ 90,765 Notes: (1) Purchase price represents the 77.78% interest acquired from an unaffiliated third party. (2) Fund II previously held a 52% interest in this unconsolidated affiliate. In connection with the disposition of Phase III of this project discussed below, Fund II acquired an additional 43% interest in Tower I of this development project. In total, Fund II now owns 95% of this investment, which is a residential project anticipated to include 250 residential units. (3) GLA includes a portion of office space and a below-grade operator controlled parking garage. In addition, during the second quarter, the Company acquired the remaining 10% interest in a property from an unaffiliated joint venture partner in exchange for $4.2 million , including the conversion of a $1.9 million note receivable (Note 6). The Company expensed $0.7 million of acquisition costs for the six months ended June 30, 2015, related to the Core Portfolio and $2.0 million of acquisition costs for the six months ended June 30, 2015, related to Fund IV. Purchase Price Allocations With the exception of the acquisition of City Point - Tower I, which was an asset acquisition, 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. 4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE(continued) Acquisitions (continued) 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 $ 65,759 Buildings and improvements 204,532 Above-below market debt assumed (included in Mortgage and other notes payable) (9,765 ) Total consideration $ 260,526 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 June 30, 2015: (dollars in thousands) Purchase Price Allocations as Originally Reported Adjustments Finalized Purchase Price Allocations Land $ 43,820 $ 16,751 $ 60,571 Buildings and improvements 126,955 (21,578 ) 105,377 Acquisition-related intangible assets (in Acquired lease intangibles, net) — 9,836 9,836 Acquisition-related intangible liabilities (in Acquired lease intangibles, net) — (5,009 ) (5,009 ) Total consideration $ 170,775 $ — $ 170,775 Dispositions During 2015, the Company disposed of the following properties: (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 White City Shopping Center (1) 249,549 96,750 17,105 April Fund III City Point - Air Rights (2) — 115,600 49,884 May Fund II Liberty Avenue 26,117 24,000 11,957 May Fund II Total 337,427 $ 300,350 $ 106,089 Note: (1) Fund III's White City Shopping Center was unconsolidated and as such, the Company's share of gains related to this sale is included in gain on disposition of property of unconsolidated affiliates in the 2015 Consolidated Statement of Income. (2) Represents the disposition of air rights at Phase III of Fund II's City Point project. 4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (continued) Properties Held For Sale At June 30, 2015, no assets were held for sale. At December 31, 2014, The Company had two properties classified as held-for-sale.

INVESTMENTS IN AND ADVANCES TO

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	6 Months Ended
	Jun. 30, 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 88.43% tenancy-in-common interest in an 87,000 square foot retail property located in Chicago, Illinois. Due to the level of operating control maintained by the unaffiliated partners in these investments, they are accounted for under the equity method. During the quarter, the Company acquired the remaining 77.78% outstanding interest of an approximately 20,000 square foot retail property located in Wilmington, Delaware ("Route 202 Shopping Center") that was previously accounted for under the equity method from an unaffiliated partner. As a result of the transaction, the Company now consolidates this investment. Funds RCP Venture The Funds, together with two unaffiliated partners formed an investment group, the RCP Venture, for the purpose of making investments in surplus or underutilized properties owned by retailers and, in some instances, the retailers' operating company. The RCP Venture is neither a single entity nor a specific investment and the Company has no control or rights with respect to the formation and operation of these investments. The Company has made these investments through its subsidiaries, Mervyns I, Mervyns II and Fund II, (together the "Acadia Investors"), all on a non-recourse basis. Through June 30, 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 six months ended June 30, 2015, the Company received distributions from its RCP Venture of $5.7 million , of which the Operating Partnership's aggregate share was $1.2 million . The following table summarizes activity related to the RCP Venture investments from inception through June 30, 2015 : 5. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued) (dollars in thousands) Investment Group Share Operating Partnership Share Investment Year Acquired Invested Capital and Advances Distributions Invested Capital and Advances Distributions 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 3,358 222 672 Marsh and Add-On investments 2006/2008 2,667 2,941 533 588 Rex Stores 2007 2,701 4,727 535 946 $ 63,216 $ 155,303 $ 12,070 $ 33,314 Other Fund Investments During April 2015, Fund III's White City Shopping Center was sold for $96.8 million . Fund III's $17.3 million share of the gain was recognized in gain on disposition of property of unaffiliated affiliates within the Consolidated Statements of Income. The unaffiliated partners in Fund III's investments in Parkway Crossing and Arundel Plaza 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) June 30, December 31, Combined and Condensed Balance Sheets Assets Rental property, net $ 322,352 $ 387,739 Real estate under development — 60,476 Investment in unconsolidated affiliates 7,548 11,154 Other assets 59,917 62,862 Total assets $ 389,817 $ 522,231 Liabilities and partners’ equity Mortgage notes payable $ 266,109 $ 315,897 Other liabilities 17,714 66,116 Partners’ equity 105,994 140,218 Total liabilities and partners’ equity $ 389,817 $ 522,231 Company’s investment in and advances to unconsolidated affiliates $ 166,632 $ 184,352 Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates $ (13,161 ) $ (12,564 ) 5. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued) Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands) 2015 2014 2015 2014 Combined and Condensed Statements of Income Total revenues $ 10,342 $ 12,247 $ 22,015 $ 24,352 Operating and other expenses (3,102 ) (5,503 ) (6,833 ) (9,318 ) Interest and other finance expense (2,259 ) (2,975 ) (4,897 ) (5,500 ) Equity in earnings (losses) of unconsolidated affiliates — — 66,655 (328 ) Depreciation and amortization (2,787 ) (3,475 ) (5,037 ) (6,181 ) Loss on debt extinguishment — — — (187 ) Gain on disposition of property 25,208 239 25,208 239 Net income $ 27,402 $ 533 $ 97,111 $ 3,077 Company’s share of net income $ 20,609 $ 1,528 $ 27,300 $ 4,655 Amortization of excess investment (98 ) (98 ) (196 ) (196 ) Company’s equity in earnings of unconsolidated affiliates $ 20,511 $ 1,430 $ 27,104 $ 4,459

STRUCTURED FINANCINGS, NET

STRUCTURED FINANCINGS, NET	6 Months Ended
	Jun. 30, 2015
Mortgage Loans on Real Estate [Abstract]
NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET	STRUCTURED FINANCINGS, NET As of June 30, 2015 , the Company’s structured financing portfolio, net consisted of notes receivable and preferred equity investments, aggregating $168.9 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 Notes Effective interest rate (1) First Priority liens Net Carrying Amounts of Structured Financing Investments as of June 30, 2015 Net Carrying Amounts of Structured Financing Investments as of December 31, 2014 Maturity date Extension Options First Mortgage Loan 7.7% $ 12,000 $ 12,000 7/15/2015 Mezzanine Loan 12.7% 18,900 8,000 8,000 10/3/2015 First Mortgage Loan 8.8% 7,500 7,500 10/31/2015 1 x 12 Months Zero Coupon Loan (2) (3) 24.0% 166,200 — 4,986 1/3/2016 First Mortgage Loan 5.5% 4,000 4,000 4/1/2016 1 x 6 Months First Mortgage Loan (4) 6.0% 15,000 — 5/1/2016 1 x 12 Months Preferred Equity 13.5% 4,000 4,000 5/9/2016 Other (5) 17.0% 6,500 — 6/1/2016 Other 18.0% 3,607 3,307 7/1/2017 Preferred Equity 8.1% 20,855 13,000 13,000 9/1/2017 First Mortgage Loan (6) LIBOR + 7.1% 26,000 — 6/25/2018 1 x 12 Months Zero Coupon Loan (2) (7) 2.5% 29,793 — 5/31/2020 Mezzanine Loan 15.0% 30,879 30,879 11/9/2020 Other LIBOR + 2.5% — 4,000 12/30/2020 Mezzanine Loan (8) 10.0% 87,477 7,983 7,983 Demand Individually less than 3% (9) (10) (11) 11.6% 669 2,631 12/31/2015 Total $ 168,931 $ 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) During April 2015, the Company converted a $5.6 million loan into an equity interest in a shopping center (Note 4). (4) During May 2015, the Company made a $15.0 million loan, which is collateralized by a property, bears interest at 6.0% and matures May 1, 2016 . (5) During June 2015, the Company made a $6.5 million loan, which bears interest at 17.0% and matures June 1, 2016 . (6) During June 2015, the Company made a $26.0 million loan, which is collateralized by a property, bears interest at LIBOR + 7.1% and matures June 25, 2018 . 6. STRUCTURED FINANCINGS, NET (continued) (7) During June 2015, the Company made a $29.8 million loan in connection with the disposition of City Point's Phase III (Note 4), which is collateralized by the purchaser's interest of the property. The loan bears interest at 2.5% and matures May 31, 2020 . (8) Comprised of three cross-collateralized loans from one borrower, which are non-performing. Subsequent to June 30, 2015, these notes were repaid in full (Note 13). (9) Consists of one loan as of June 30, 2015 . (10) During February 2015, the Company advanced an additional $0.4 million on this loan collateralized by a property. (11) During June 2015, the Company converted a $1.9 million loan into an equity interest in the remaining 10% of 152-154 Spring Street (Note 4). The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral and the prospects of the borrower. As of June 30, 2015 , the Company held three non-performing notes.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS As of June 30, 2015 , the Company's derivative financial instruments consisted of 14 interest rate swaps with an aggregate notional value of $207.9 million , which effectively fix the London Inter-Bank Offer Rate ("LIBOR") at rates ranging from 1.4% to 3.8% and mature between July 2018 and March 2025 . The Company also has four derivative financial instruments with an aggregate notional value of $139.0 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 $4.0 million and $4.6 million at June 30, 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 $0.3 million and $0.2 million at June 30, 2015 and 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 June 30, 2015 and December 31, 2014 , unrealized losses totaling $(3.3) million and $(4.0) million , respectively, were reflected in accumulated other comprehensive loss on the Consolidated Balance Sheets. As of June 30, 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 PAYABL

MORTGAGE AND OTHER NOTES PAYABLE	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2015 : Secured Debt: (dollars in thousands) Borrowings Repayments Property Date Description Amount Interest Rate Maturity Date Amount Interest Rate 1035 Third Avenue January New Borrowing $ 42,000 LIBOR+2.35% 1/28/2021 $ — Lincoln Park Centre January Repayment 28,000 LIBOR+1.45% 163 Highland Avenue March Assumption 9,765 4.66% 3/1/2024 Broughton Street Portfolio (1) May New Borrowing 20,000 LIBOR+3.00% 5/5/2016 City Point June Assumption 19,000 1.25% 12/1/2016 City Point June Assumption 62,000 SIFMA+1.60% 12/1/2016 City Point June Repayment 20,650 LIBOR+4.00% 17 E. 71st Street June New Borrowing 19,000 LIBOR+1.90% 6/9/2020 Crescent Plaza June Repayment 16,326 4.98% Total $ 171,765 $ 64,976 Notes: (1) This loan is collateralized by properties in an unconsolidated joint venture. Fund IV has fully indemnified the unaffiliated joint venture partner and as such, this loan is included as consolidated debt. Unsecured Debt: During the six months ended June 30, 2015 , the Company redeemed the remaining $0.4 million of its outstanding convertible notes at par value. During the six months ended June 30, 2015 , the Company borrowed $83.5 million on its unsecured credit facility. The outstanding balance under this facility is $83.5 million as of June 30, 2015 . During the six months ended June 30, 2015 , the Company repaid $54.7 million on its Fund IV subscription line. The outstanding balance under this facility is $22.4 million as of June 30, 2015 . During May 2015, Fund II closed on a $25.0 million unsecured credit facility. At closing, Fund II drew $12.5 million . The facility bears interest at LIBOR plus 275 basis points , bears an unused fee of 275 basis points if the amount drawn is less than $12.5 million . The loan matures October 19, 2016 . Along with a guarantee with respect to customary non-recourse carve outs, the Operating Partnership, as the managing member of Fund II, has provided a guarantee of principal, interest and fees upon a default as a result of Fund II’s breach of certain specified financial covenants. During March 2015, Fund IV closed on a $50.0 million unsecured credit facility. The current balance outstanding at June 30, 2015 is $34.5 million . The facility bears interest at LIBOR plus 275 basis points , bears an unused fee of 100 basis points if the unused amount is greater than $20.0 million and an unused fee of 275 basis points if the unused amount is less than $20.0 million . The loan 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	6 Months Ended
	Jun. 30, 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 June 30, 2015 : (dollars in thousands) Level 1 Level 2 Level 3 Assets Derivative financial instruments (Note 7) $ — $ 289 $ — Liabilities Derivative financial instruments (Note 7) $ — $ 3,997 $ — 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). During the quarter ended June 30, 2015, the Company determined that the value of one of the properties in its Brandywine Portfolio was impaired and recorded an impairment loss of $5.0 million (Note 1), of which the Operating Partnership's pro-rata share was $1.1 million . The Company estimated the fair value by using projected future cash flows, which it determined were not sufficient to recover the property's net book value. The inputs used to determine this fair value are classified within Level 3 of the hierarchy. Financial Instruments Certain of the Company’s assets and liabilities meet the definition of financial instruments. Except as disclosed below, the carrying amounts of these financial instruments approximate their fair values. The Company has determined the estimated fair values of the following financial instruments within Level 2 of the hierarchy by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date: (dollars in thousands) June 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes receivable and preferred equity investments, net $ 168,931 $ 168,931 $ 102,286 $ 102,286 Mortgage and other notes payable $ 1,326,667 $ 1,345,446 $ 1,130,481 $ 1,141,371

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 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 $0.07 million and $0.06 million for the three months ended June 30, 2015 and 2014, respectively, and $0.18 million and $0.04 million for the six months ended June 30, 2015 and 2014, respectively.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and 2014, and does not include unconsolidated affiliates: Three Months Ended June 30, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Total Revenues $ 37,593 $ 11,583 $ 3,985 $ 53,161 Property operating expenses, other operating and real estate taxes (8,235 ) (4,979 ) — (13,214 ) General and administrative expenses (7,397 ) (608 ) — (8,005 ) Depreciation and amortization (10,568 ) (3,335 ) — (13,903 ) Impairment of asset (5,000 ) — — (5,000 ) Operating income 6,393 2,661 3,985 13,039 Equity in earnings of unconsolidated affiliates 699 2,707 — 3,406 Gain on disposition of property of unconsolidated affiliates — 17,105 — 17,105 Loss on debt extinguishment — (25 ) — (25 ) Gain on disposition of properties — 61,841 — 61,841 Interest and other finance expense (7,329 ) (2,635 ) — (9,964 ) Income tax benefit (provision) 75 (19 ) — 56 Net (loss) income $ (162 ) $ 81,635 $ 3,985 $ 85,458 Noncontrolling interests Net loss (income) attributable to noncontrolling interests $ 2,205 $ (61,168 ) $ — $ (58,963 ) Net income attributable to Common Shareholders $ 2,043 $ 20,467 $ 3,985 $ 26,495 Real Estate at Cost $ 1,553,174 $ 1,025,406 $ — $ 2,578,580 Total Assets $ 1,650,555 $ 1,154,213 $ 168,931 $ 2,973,699 Acquisition of Real Estate $ — $ 52,800 $ — $ 52,800 Investment in Redevelopment and Improvements $ 3,271 $ 61,480 $ — $ 64,751 11. SEGMENT REPORTING (continued) Three Months Ended June 30, 2014 (dollars in thousands) Core Portfolio Funds Structured Financing Total Revenues $ 30,535 $ 13,934 $ 5,042 $ 49,511 Property operating expenses, other operating and real estate taxes (7,587 ) (4,627 ) — (12,214 ) General and administrative expenses (6,238 ) (641 ) — (6,879 ) Depreciation and amortization (8,300 ) (3,284 ) — (11,584 ) Operating income 8,410 5,382 5,042 18,834 Equity in earnings of unconsolidated affiliates 227 1,203 — 1,430 Loss on debt extinguishment (3 ) (63 ) — (66 ) Gain on disposition of property — 561 — 561 Interest and other finance expense (6,627 ) (2,907 ) — (9,534 ) Income tax benefit (provision) 91 (8 ) — 83 Income from continuing operations 2,098 4,168 5,042 11,308 Discontinued operations Gain on disposition of property — 560 — 560 Net income $ 2,098 $ 4,728 $ 5,042 $ 11,868 Noncontrolling interests Continuing operations $ (1,036 ) $ 1,093 $ — $ 57 Discontinued operations (4 ) (457 ) — (461 ) Net (income) loss attributable to noncontrolling interests $ (1,040 ) $ 636 $ — $ (404 ) Net income attributable to Common Shareholders $ 1,058 $ 5,364 $ 5,042 $ 11,464 Real Estate at Cost $ 1,184,956 $ 797,673 $ — $ 1,982,629 Total Assets $ 1,153,586 $ 1,122,303 $ 96,307 $ 2,372,196 Acquisition of Real Estate $ 17,100 $ — $ — $ 17,100 Investment in Redevelopment and Improvements $ 754 $ 30,052 $ — $ 30,806 11. SEGMENT REPORTING (continued) Six Months Ended June 30, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Total Revenues $ 73,186 $ 25,063 $ 7,393 $ 105,642 Property operating expenses, other operating and real estate taxes (17,926 ) (11,431 ) — (29,357 ) General and administrative expenses (14,208 ) (1,329 ) — (15,537 ) Depreciation and amortization (20,475 ) (7,086 ) — (27,561 ) Impairment of asset (5,000 ) — — (5,000 ) Operating income 15,577 5,217 7,393 28,187 Equity in earnings of unconsolidated affiliates 1,133 8,866 — 9,999 Gain on disposition of property of unconsolidated affiliates — 17,105 — 17,105 Loss on debt extinguishment — (134 ) — (134 ) Gain on disposition of property — 88,984 — 88,984 Interest and other finance expense (13,797 ) (4,988 ) — (18,785 ) Income tax provision (405 ) (956 ) — (1,361 ) Net income $ 2,508 $ 114,094 $ 7,393 $ 123,995 Noncontrolling interests Net loss (income) attributable to noncontrolling interests $ 2,026 $ (82,979 ) $ — $ (80,953 ) Net income attributable to Common Shareholders $ 4,534 $ 31,115 $ 7,393 $ 43,042 Real Estate at Cost $ 1,553,174 $ 1,025,406 $ — $ 2,578,580 Total Assets $ 1,650,555 $ 1,154,213 $ 168,931 $ 2,973,699 Acquisition of Real Estate $ 169,235 $ 103,836 $ — $ 273,071 Investment in Redevelopment and Improvements $ 9,624 $ 95,621 $ — $ 105,245 11. SEGMENT REPORTING (continued) Six Months Ended June 30, 2014 (dollars in thousands) Core Portfolio Funds Structured Financing Total Revenues $ 60,684 $ 26,576 $ 8,936 $ 96,196 Property operating expenses, other operating and real estate taxes (15,493 ) (10,202 ) — (25,695 ) General and administrative expenses (12,651 ) (1,124 ) — (13,775 ) Depreciation and amortization (16,633 ) (6,538 ) — (23,171 ) Operating income 15,907 8,712 8,936 33,555 Equity in earnings of unconsolidated affiliates 323 4,136 — 4,459 Loss on debt extinguishment (3 ) (266 ) — (269 ) Gain on disposition of property 12,387 561 — 12,948 Interest and other finance expense (13,510 ) (6,675 ) — (20,185 ) Income tax provision (13 ) (72 ) — (85 ) Income from continuing operations 15,091 6,396 8,936 30,423 Discontinued operations Gain on disposition of property — 560 — 560 Net income 15,091 6,956 8,936 30,983 Noncontrolling interests Continuing operations (1,453 ) 3,990 — 2,537 Discontinued operations (4 ) (457 ) — (461 ) Net (income) loss attributable to noncontrolling interests (1,457 ) 3,533 — 2,076 Net income attributable to Common Shareholders $ 13,634 $ 10,489 $ 8,936 $ 33,059 Real Estate at Cost $ 1,184,956 $ 797,673 $ — $ 1,982,629 Total Assets $ 1,153,586 $ 1,122,303 $ 96,307 $ 2,372,196 Acquisition of Real Estate $ 107,600 $ — $ — $ 107,600 Investment in Redevelopment and Improvements $ 2,182 $ 66,129 $ — $ 68,311

LONG-TERM INCENTIVE COMPENSATIO

LONG-TERM INCENTIVE COMPENSATION	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Long-Term Incentive Compensation	LONG-TERM INCENTIVE COMPENSATION During the six months ended June 30, 2015, the Company issued 247,863 LTIP Units and 8,640 Restricted Share Units to employees of the Company pursuant to its Amended and Restated 2006 Share Incentive Plan (the "Share Incentive Plan"). These awards were measured at their fair value on the grant date, which was established as the market price of the Company's Common Shares as of the close of trading on the day preceding the grant date. The value of the above Restricted Share Units and LTIP Units will be recognized as compensation expense over the vesting period. Compensation expense of $0.4 million and $0.9 million has been recognized in the accompanying consolidated statements of income related to these awards for the three and six months ended June 30, 2015 , respectively. Total long-term incentive compensation expense, including the expense related to the above-mentioned plans, was $1.7 million and $1.6 million for the three months ended June 30, 2015 and 2014, respectively, and $3.5 million and $3.0 million for the six months ended June 30, 2015 and 2014, respectively. In addition, members of the Board of Trustees (the "Board") have been issued units under the Share Incentive Plan. During the quarter ended June 30, 2015 the Company issued 14,179 Restricted Shares and 6,986 LTIP Units to Trustees of the Company in connection with Trustee fees. Vesting with respect to 6,469 of the Restricted Shares and 4,416 of the LTIP Units will be on the first anniversary of the date of issuance and 7,710 of the Restricted Shares and 2,570 of the LTIP Unites vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares, but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Trustee fee expense related to this issuance was $0.03 million for the three months ended June 30, 2015 . 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. During the quarter ended June 30, 2015 , the Company amended the Program to require Board approval for all amounts paid in connection with units awarded to senior executives. Compensation relating to these awards will be recognized in each reporting period in which Board approval is granted. This amendment to the Program was not applicable to awards issued to non-senior executives of the Company. In accordance with ASC Topic 718, "Compensation - Stock Compensation," compensation relating to these non-senior executive awards will be recorded based on the change in the estimated fair value at each reporting period. During the quarter ended June 30, 2015, compensation expense of $0.7 million was recognized in connection with the Fund III awards and the units awarded in connection with Fund IV were determined to have no value.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS During July 2015, the Company received a repayment of $9.8 million , representing the full principal repayment on an $8.0 million note receivable and $1.8 million of accrued interest. During July 2015, the Company received a repayment of $12.0 million related to three non-performing loans. These loans had an aggregate carrying value of $8.0 million as of June 30, 2015.

ORGANIZATION AND BASIS OF PRE23

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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. During the quarter ended June 30, 2015, as a result of the loss of a key anchor tenant, one of the properties in the Company's Brandywine Portfolio, in which an unaffiliated third party has a 77.78% noncontrolling interest, did not generate sufficient cash flow to meet the full debt service requirements leading to a default on the mortgage loan. Management performed an analysis and determined that the carrying amount of this property was not recoverable. Accordingly, the Company recorded an impairment charge of $5.0 million , which is included in the statement of income for the six months ended June 30, 2015. The Operating Partnership's share of this charge, net of the noncontrolling interest, was $1.1 million . The property is collateral for $26.3 million of non-recourse mortgage debt which matures July 1, 2016. Management does not believe that the carrying values of any of its other properties are impaired as of June 30, 2015 .
Recent Accounting Pronouncements	Recent Accounting Pronouncements During April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-05, "Intangibles - Goodwill and Other - Internal-Use Software." ASU 2015-05 provides guidance to help an entity evaluate the accounting for fees paid in a cloud computing arrangement. ASU 2015-05 is effective for periods beginning after December 15, 2015, with early adoption permitted and may be applied either prospectively or retrospectively. ASU 2015-05 is not expected to have a material impact on the Company's consolidated financial statements. During April 2015, the FASB issued 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 PRE24

ORGANIZATION AND BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 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 Fund Size Capital Called as of June 30, 2015 (3) Unfunded Commitment Equity Interest Held By Operating Partnership Preferred Return Total Distributions as of June 30, 2015 (3) Fund I and Mervyns I (1) 9/2001 22.22% $90.0 $86.6 $— 37.78% 9% $194.4 Fund II and Mervyns II (2) 6/2004 20.00% 300.0 300.0 47.1 20.00% 8% 131.6 Fund III 5/2007 19.90% 502.5 381.6 68.4 19.90% 6% 429.1 Fund IV 5/2012 23.12% 540.6 179.4 361.2 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)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, (dollars in thousands, except per share amounts) 2015 2014 2015 2014 Numerator Income from continuing operations $ 26,495 $ 11,365 $ 43,042 $ 32,960 Less: net income attributable to participating securities (238 ) (197 ) (478 ) (585 ) Income from continuing operations, net of income attributable to participating securities 26,257 11,168 42,564 32,375 Denominator Weighted average shares for basic earnings per share 68,825 58,013 68,561 56,989 Effect of dilutive securities: Employee Restricted Share Units and share options 19 19 30 28 Convertible Preferred OP Units 25 — 25 25 Denominator for diluted earnings per share 68,869 58,032 68,616 57,042 Basic and diluted earnings per Common Share from continuing operations attributable to Common Shareholders $ 0.38 $ 0.19 $ 0.62 $ 0.57

ACQUISITION AND DISPOSITION O26

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2015
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT
Schedule of Business Acquisitions, by Acquisition	The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2014, and the finalized allocations as adjusted as of June 30, 2015: (dollars in thousands) Purchase Price Allocations as Originally Reported Adjustments Finalized Purchase Price Allocations Land $ 43,820 $ 16,751 $ 60,571 Buildings and improvements 126,955 (21,578 ) 105,377 Acquisition-related intangible assets (in Acquired lease intangibles, net) — 9,836 9,836 Acquisition-related intangible liabilities (in Acquired lease intangibles, net) — (5,009 ) (5,009 ) Total consideration $ 170,775 $ — $ 170,775 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 $ 65,759 Buildings and improvements 204,532 Above-below market debt assumed (included in Mortgage and other notes payable) (9,765 ) Total consideration $ 260,526 During 2015, the Company acquired the following properties through its Core Portfolio, Fund II, and Fund IV: (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 Route 202 Shopping Center (1) 20,000 100 % Suburban Shopping Center April 5,643 Wilmington, DE — Total Core Portfolio 265,500 $ 184,643 $ 9,765 Fund II: City Point - Tower I (2) — 95 % Urban Development May $ 100,800 Brooklyn, NY $ 81,000 Total Fund II — $ 100,800 $ 81,000 Fund IV: 1035 Third Avenue (3) 53,294 100 % Street Retail January $ 51,036 New York, NY $ — 801 Madison Avenue 6,375 100 % Street Retail April 33,000 New York, NY — Total Fund IV 59,669 $ 84,036 $ — Total 325,169 $ 369,479 $ 90,765 Notes: (1) Purchase price represents the 77.78% interest acquired from an unaffiliated third party. (2) Fund II previously held a 52% interest in this unconsolidated affiliate. In connection with the disposition of Phase III of this project discussed below, Fund II acquired an additional 43% interest in Tower I of this development project. In total, Fund II now owns 95% of this investment, which is a residential project anticipated to include 250 residential units. (3) 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 properties: (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 White City Shopping Center (1) 249,549 96,750 17,105 April Fund III City Point - Air Rights (2) — 115,600 49,884 May Fund II Liberty Avenue 26,117 24,000 11,957 May Fund II Total 337,427 $ 300,350 $ 106,089
Disclosure of Long Lived Assets Held-for-sale

INVESTMENTS IN AND ADVANCES T27

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 : 5. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued) (dollars in thousands) Investment Group Share Operating Partnership Share Investment Year Acquired Invested Capital and Advances Distributions Invested Capital and Advances Distributions 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 3,358 222 672 Marsh and Add-On investments 2006/2008 2,667 2,941 533 588 Rex Stores 2007 2,701 4,727 535 946 $ 63,216 $ 155,303 $ 12,070 $ 33,314
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) June 30, December 31, Combined and Condensed Balance Sheets Assets Rental property, net $ 322,352 $ 387,739 Real estate under development — 60,476 Investment in unconsolidated affiliates 7,548 11,154 Other assets 59,917 62,862 Total assets $ 389,817 $ 522,231 Liabilities and partners’ equity Mortgage notes payable $ 266,109 $ 315,897 Other liabilities 17,714 66,116 Partners’ equity 105,994 140,218 Total liabilities and partners’ equity $ 389,817 $ 522,231 Company’s investment in and advances to unconsolidated affiliates $ 166,632 $ 184,352 Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates $ (13,161 ) $ (12,564 )
Summary of Statement of Income of the Company’s investments in unconsolidated affiliates	Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands) 2015 2014 2015 2014 Combined and Condensed Statements of Income Total revenues $ 10,342 $ 12,247 $ 22,015 $ 24,352 Operating and other expenses (3,102 ) (5,503 ) (6,833 ) (9,318 ) Interest and other finance expense (2,259 ) (2,975 ) (4,897 ) (5,500 ) Equity in earnings (losses) of unconsolidated affiliates — — 66,655 (328 ) Depreciation and amortization (2,787 ) (3,475 ) (5,037 ) (6,181 ) Loss on debt extinguishment — — — (187 ) Gain on disposition of property 25,208 239 25,208 239 Net income $ 27,402 $ 533 $ 97,111 $ 3,077 Company’s share of net income $ 20,609 $ 1,528 $ 27,300 $ 4,655 Amortization of excess investment (98 ) (98 ) (196 ) (196 ) Company’s equity in earnings of unconsolidated affiliates $ 20,511 $ 1,430 $ 27,104 $ 4,459

STRUCTURED FINANCINGS, NET (Tab

STRUCTURED FINANCINGS, NET (Tables)	6 Months Ended
	Jun. 30, 2015
Mortgage Loans on Real Estate [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	As of June 30, 2015 , the Company’s structured financing portfolio, net consisted of notes receivable and preferred equity investments, aggregating $168.9 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 Notes Effective interest rate (1) First Priority liens Net Carrying Amounts of Structured Financing Investments as of June 30, 2015 Net Carrying Amounts of Structured Financing Investments as of December 31, 2014 Maturity date Extension Options First Mortgage Loan 7.7% $ 12,000 $ 12,000 7/15/2015 Mezzanine Loan 12.7% 18,900 8,000 8,000 10/3/2015 First Mortgage Loan 8.8% 7,500 7,500 10/31/2015 1 x 12 Months Zero Coupon Loan (2) (3) 24.0% 166,200 — 4,986 1/3/2016 First Mortgage Loan 5.5% 4,000 4,000 4/1/2016 1 x 6 Months First Mortgage Loan (4) 6.0% 15,000 — 5/1/2016 1 x 12 Months Preferred Equity 13.5% 4,000 4,000 5/9/2016 Other (5) 17.0% 6,500 — 6/1/2016 Other 18.0% 3,607 3,307 7/1/2017 Preferred Equity 8.1% 20,855 13,000 13,000 9/1/2017 First Mortgage Loan (6) LIBOR + 7.1% 26,000 — 6/25/2018 1 x 12 Months Zero Coupon Loan (2) (7) 2.5% 29,793 — 5/31/2020 Mezzanine Loan 15.0% 30,879 30,879 11/9/2020 Other LIBOR + 2.5% — 4,000 12/30/2020 Mezzanine Loan (8) 10.0% 87,477 7,983 7,983 Demand Individually less than 3% (9) (10) (11) 11.6% 669 2,631 12/31/2015 Total $ 168,931 $ 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) During April 2015, the Company converted a $5.6 million loan into an equity interest in a shopping center (Note 4). (4) During May 2015, the Company made a $15.0 million loan, which is collateralized by a property, bears interest at 6.0% and matures May 1, 2016 . (5) During June 2015, the Company made a $6.5 million loan, which bears interest at 17.0% and matures June 1, 2016 . (6) During June 2015, the Company made a $26.0 million loan, which is collateralized by a property, bears interest at LIBOR + 7.1% and matures June 25, 2018 . 6. STRUCTURED FINANCINGS, NET (continued) (7) During June 2015, the Company made a $29.8 million loan in connection with the disposition of City Point's Phase III (Note 4), which is collateralized by the purchaser's interest of the property. The loan bears interest at 2.5% and matures May 31, 2020 . (8) Comprised of three cross-collateralized loans from one borrower, which are non-performing. Subsequent to June 30, 2015, these notes were repaid in full (Note 13). (9) Consists of one loan as of June 30, 2015 .

MORTGAGE AND OTHER NOTES PAYA29

MORTGAGE AND OTHER NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2015 : Secured Debt: (dollars in thousands) Borrowings Repayments Property Date Description Amount Interest Rate Maturity Date Amount Interest Rate 1035 Third Avenue January New Borrowing $ 42,000 LIBOR+2.35% 1/28/2021 $ — Lincoln Park Centre January Repayment 28,000 LIBOR+1.45% 163 Highland Avenue March Assumption 9,765 4.66% 3/1/2024 Broughton Street Portfolio (1) May New Borrowing 20,000 LIBOR+3.00% 5/5/2016 City Point June Assumption 19,000 1.25% 12/1/2016 City Point June Assumption 62,000 SIFMA+1.60% 12/1/2016 City Point June Repayment 20,650 LIBOR+4.00% 17 E. 71st Street June New Borrowing 19,000 LIBOR+1.90% 6/9/2020 Crescent Plaza June Repayment 16,326 4.98% Total $ 171,765 $ 64,976

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2015 : (dollars in thousands) Level 1 Level 2 Level 3 Assets Derivative financial instruments (Note 7) $ — $ 289 $ — Liabilities Derivative financial instruments (Note 7) $ — $ 3,997 $ —
Fair value of financial instruments, Assets and Liabilities	The Company has determined the estimated fair values of the following financial instruments within Level 2 of the hierarchy by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date: (dollars in thousands) June 30, 2015 December 31, 2014 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes receivable and preferred equity investments, net $ 168,931 $ 168,931 $ 102,286 $ 102,286 Mortgage and other notes payable $ 1,326,667 $ 1,345,446 $ 1,130,481 $ 1,141,371

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2015 and 2014, and does not include unconsolidated affiliates: Three Months Ended June 30, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Total Revenues $ 37,593 $ 11,583 $ 3,985 $ 53,161 Property operating expenses, other operating and real estate taxes (8,235 ) (4,979 ) — (13,214 ) General and administrative expenses (7,397 ) (608 ) — (8,005 ) Depreciation and amortization (10,568 ) (3,335 ) — (13,903 ) Impairment of asset (5,000 ) — — (5,000 ) Operating income 6,393 2,661 3,985 13,039 Equity in earnings of unconsolidated affiliates 699 2,707 — 3,406 Gain on disposition of property of unconsolidated affiliates — 17,105 — 17,105 Loss on debt extinguishment — (25 ) — (25 ) Gain on disposition of properties — 61,841 — 61,841 Interest and other finance expense (7,329 ) (2,635 ) — (9,964 ) Income tax benefit (provision) 75 (19 ) — 56 Net (loss) income $ (162 ) $ 81,635 $ 3,985 $ 85,458 Noncontrolling interests Net loss (income) attributable to noncontrolling interests $ 2,205 $ (61,168 ) $ — $ (58,963 ) Net income attributable to Common Shareholders $ 2,043 $ 20,467 $ 3,985 $ 26,495 Real Estate at Cost $ 1,553,174 $ 1,025,406 $ — $ 2,578,580 Total Assets $ 1,650,555 $ 1,154,213 $ 168,931 $ 2,973,699 Acquisition of Real Estate $ — $ 52,800 $ — $ 52,800 Investment in Redevelopment and Improvements $ 3,271 $ 61,480 $ — $ 64,751 11. SEGMENT REPORTING (continued) Three Months Ended June 30, 2014 (dollars in thousands) Core Portfolio Funds Structured Financing Total Revenues $ 30,535 $ 13,934 $ 5,042 $ 49,511 Property operating expenses, other operating and real estate taxes (7,587 ) (4,627 ) — (12,214 ) General and administrative expenses (6,238 ) (641 ) — (6,879 ) Depreciation and amortization (8,300 ) (3,284 ) — (11,584 ) Operating income 8,410 5,382 5,042 18,834 Equity in earnings of unconsolidated affiliates 227 1,203 — 1,430 Loss on debt extinguishment (3 ) (63 ) — (66 ) Gain on disposition of property — 561 — 561 Interest and other finance expense (6,627 ) (2,907 ) — (9,534 ) Income tax benefit (provision) 91 (8 ) — 83 Income from continuing operations 2,098 4,168 5,042 11,308 Discontinued operations Gain on disposition of property — 560 — 560 Net income $ 2,098 $ 4,728 $ 5,042 $ 11,868 Noncontrolling interests Continuing operations $ (1,036 ) $ 1,093 $ — $ 57 Discontinued operations (4 ) (457 ) — (461 ) Net (income) loss attributable to noncontrolling interests $ (1,040 ) $ 636 $ — $ (404 ) Net income attributable to Common Shareholders $ 1,058 $ 5,364 $ 5,042 $ 11,464 Real Estate at Cost $ 1,184,956 $ 797,673 $ — $ 1,982,629 Total Assets $ 1,153,586 $ 1,122,303 $ 96,307 $ 2,372,196 Acquisition of Real Estate $ 17,100 $ — $ — $ 17,100 Investment in Redevelopment and Improvements $ 754 $ 30,052 $ — $ 30,806 11. SEGMENT REPORTING (continued) Six Months Ended June 30, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Total Revenues $ 73,186 $ 25,063 $ 7,393 $ 105,642 Property operating expenses, other operating and real estate taxes (17,926 ) (11,431 ) — (29,357 ) General and administrative expenses (14,208 ) (1,329 ) — (15,537 ) Depreciation and amortization (20,475 ) (7,086 ) — (27,561 ) Impairment of asset (5,000 ) — — (5,000 ) Operating income 15,577 5,217 7,393 28,187 Equity in earnings of unconsolidated affiliates 1,133 8,866 — 9,999 Gain on disposition of property of unconsolidated affiliates — 17,105 — 17,105 Loss on debt extinguishment — (134 ) — (134 ) Gain on disposition of property — 88,984 — 88,984 Interest and other finance expense (13,797 ) (4,988 ) — (18,785 ) Income tax provision (405 ) (956 ) — (1,361 ) Net income $ 2,508 $ 114,094 $ 7,393 $ 123,995 Noncontrolling interests Net loss (income) attributable to noncontrolling interests $ 2,026 $ (82,979 ) $ — $ (80,953 ) Net income attributable to Common Shareholders $ 4,534 $ 31,115 $ 7,393 $ 43,042 Real Estate at Cost $ 1,553,174 $ 1,025,406 $ — $ 2,578,580 Total Assets $ 1,650,555 $ 1,154,213 $ 168,931 $ 2,973,699 Acquisition of Real Estate $ 169,235 $ 103,836 $ — $ 273,071 Investment in Redevelopment and Improvements $ 9,624 $ 95,621 $ — $ 105,245 11. SEGMENT REPORTING (continued) Six Months Ended June 30, 2014 (dollars in thousands) Core Portfolio Funds Structured Financing Total Revenues $ 60,684 $ 26,576 $ 8,936 $ 96,196 Property operating expenses, other operating and real estate taxes (15,493 ) (10,202 ) — (25,695 ) General and administrative expenses (12,651 ) (1,124 ) — (13,775 ) Depreciation and amortization (16,633 ) (6,538 ) — (23,171 ) Operating income 15,907 8,712 8,936 33,555 Equity in earnings of unconsolidated affiliates 323 4,136 — 4,459 Loss on debt extinguishment (3 ) (266 ) — (269 ) Gain on disposition of property 12,387 561 — 12,948 Interest and other finance expense (13,510 ) (6,675 ) — (20,185 ) Income tax provision (13 ) (72 ) — (85 ) Income from continuing operations 15,091 6,396 8,936 30,423 Discontinued operations Gain on disposition of property — 560 — 560 Net income 15,091 6,956 8,936 30,983 Noncontrolling interests Continuing operations (1,453 ) 3,990 — 2,537 Discontinued operations (4 ) (457 ) — (461 ) Net (income) loss attributable to noncontrolling interests (1,457 ) 3,533 — 2,076 Net income attributable to Common Shareholders $ 13,634 $ 10,489 $ 8,936 $ 33,059 Real Estate at Cost $ 1,184,956 $ 797,673 $ — $ 1,982,629 Total Assets $ 1,153,586 $ 1,122,303 $ 96,307 $ 2,372,196 Acquisition of Real Estate $ 107,600 $ — $ — $ 107,600 Investment in Redevelopment and Improvements $ 2,182 $ 66,129 $ — $ 68,311

ORGANIZATION AND BASIS OF PRE32

ORGANIZATION AND BASIS OF PRESENTATION (Details) - Entity [Domain] $ in Thousands	6 Months Ended
	Jun. 30, 2015USD ($)opportunity_fundproperty	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties (in properties)	145
Number of opportunity funds | opportunity_fund	4
Brandywine Portfolio
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Noncontrolling interest, ownership percentage		77.78%
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
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
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Remaining funds rate of distribution to all partners	80.00%
Mortgages
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument face amount | $	$ 171,765
Non-Recourse Mortgage Debt Due 2016 | Mortgages
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument face amount | $	$ 26,300

ORGANIZATION AND BASIS OF PRE33

ORGANIZATION AND BASIS OF PRESENTATION - Summary of General Terms and Operating Partnership's Equity Interests (Details) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2013
Fund II
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Payments of dividends			$ 47.1
Operating Partnership | Fund I and Mervyns I
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital	[1]	22.22%
Fund Size	[1]	$ 90
Capital Called	[1],[2]	86.6
Unfunded Commitment	[1]	$ 0
Equity Interest Held By Operating Partnership	[1]	37.78%
Preferred Return	[1]	9.00%
Capital Returned	[1],[2]	$ 194.4
Operating Partnership | Fund II and Mervyns II
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital	[3]	20.00%
Fund Size	[3]	$ 300
Capital Called	[2],[3]	300
Unfunded Commitment	[3]	$ 47.1
Equity Interest Held By Operating Partnership	[3]	20.00%
Preferred Return	[3]	8.00%
Capital Returned	[2],[3]	$ 131.6
Operating Partnership | Fund III
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital		19.90%
Fund Size	[3]	$ 502.5
Capital Called	[2]	381.6
Unfunded Commitment		$ 68.4
Equity Interest Held By Operating Partnership		19.90%
Preferred Return		6.00%
Capital Returned	[2]	$ 429.1
Operating Partnership | Fund IV
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital		23.12%
Fund Size	[3]	$ 540.6
Capital Called	[2]	179.4
Unfunded Commitment		$ 361.2
Equity Interest Held By Operating Partnership		23.12%
Preferred Return		6.00%
Capital Returned	[2]	$ 101.9
[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 - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
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)	2,961,517		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
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

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator
Income from continuing operations	$ 26,495	$ 11,365	$ 43,042	$ 32,960
Less: net income attributable to participating securities	(238)	(197)	(478)	(585)
Income from continuing operations, net of income attributable to participating securities	$ 26,257	$ 11,168	$ 42,564	$ 32,375
Denominator
Weighted average shares for basic earnings per share (in shares)	68,825	58,013	68,561	56,989
Effect of dilutive securities:
Employee Restricted Share Units and share options (in shares)	19	19	30	28
Convertible Preferred OP Units (in shares)	25	0	25	25
Denominator for diluted earnings per share (in shares)	68,869	58,032	68,616	57,042
Earnings Per Share, Basic, Undistributed	$ 0.38	$ 0.19	$ 0.62	$ 0.57

SHAREHOLDERS' EQUITY AND NONC36

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Proceeds from issuance of common stock	$ 21,080	$ 88,499
Operating Partnership, as General Partner or Managing Member
Noncontrolling Interest [Line Items]
Limited partners' common OP units (in shares)	2,961,517		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	$ 21,600
Proceeds from issuance of common stock	$ 21,100
LTIP Units
Noncontrolling Interest [Line Items]
Share-based compensation, outstanding (in shares)	929,169		675,367

ACQUISITION AND DISPOSITION O37

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE - Acquisition (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2015USD ($)ft²residential_unit	Jun. 30, 2015USD ($)ft²residential_unit	May. 31, 2015	Apr. 30, 2015	Mar. 31, 2015	Dec. 31, 2014USD ($)
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	337,427	337,427
Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	265,500	265,500
Purchase Price		$ 184,643
Assumption of Debt		9,765
Acquisition costs		$ 700
Fund II
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	0	0
Purchase Price		$ 100,800
Assumption of Debt		$ 81,000
Fund IV
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	59,669	59,669
Purchase Price		$ 84,036
Assumption of Debt		0
Acquisition costs		$ 2,000
City Center | San Fransisco, CA | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	205,000	205,000
Percentage of interests acquired	100.00%	100.00%
Purchase Price		$ 155,000
Assumption of Debt		$ 0
163 Highland Avenue | Needham, MA | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	40,500	40,500
Percentage of interests acquired	100.00%	100.00%
Purchase Price		$ 24,000
Assumption of Debt		$ 9,765
Route 202 Shopping Center | Wilmington, DE | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	20,000	20,000
Percentage of interests acquired	100.00%	100.00%		77.78%
Purchase Price		$ 5,643
Assumption of Debt		$ 0
City Point - Tower I | Brooklyn, NY | Fund II
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	0	0
Percentage of interests acquired	95.00%	95.00%	43.00%
Purchase Price		$ 100,800
Assumption of Debt		$ 81,000
Ownership interest in investment, percentage					52.00%
Total investment, percentage	95.00%	95.00%
Number of residential units | residential_unit	250	250
1035 Third Avenue | New York, NY | Fund IV
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	53,294	53,294
Percentage of interests acquired	100.00%	100.00%
Purchase Price		$ 51,036
Assumption of Debt		$ 0
801 Madison Avenue | New York, NY | Fund IV
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	6,375	6,375
Percentage of interests acquired	100.00%	100.00%
Purchase Price		$ 33,000
Assumption of Debt		$ 0
Acquisitions in 2015
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	325,169	325,169
Purchase Price		$ 369,479
Assumption of Debt		90,765
Purchase Price Allocations
Land	$ 65,759	65,759
Buildings and improvements	204,532	204,532
Above-below market debt assumed (included in Mortgage and other notes payable)	9,765	9,765
Total consideration	260,526	260,526
Acquisitions In 2014
Purchase Price Allocations
Land	60,571	60,571				$ 43,820
Buildings and improvements	105,377	105,377				126,955
Acquisition-related intangible assets (in Acquired lease intangibles, net)	9,836	9,836				0
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	5,009	5,009				0
Total consideration	$ 170,775	170,775				$ 170,775
Adjustments
Land		16,751
Buildings and improvements		(21,578)
Acquisition-related intangible assets (in Acquired lease intangibles, net)		9,836
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)		(5,009)
Total consideration		$ 0
Corporate Joint Venture
Business Acquisition [Line Items]
Percentage of interests acquired	10.00%	10.00%
Purchase Price	$ 4,200
Individually Less Than 3 Percent, Variable Interest Rate
Business Acquisition [Line Items]
Loans converted	1,900	$ 1,900
Individually Less Than 3 Percent, Variable Interest Rate | Corporate Joint Venture
Business Acquisition [Line Items]
Loans converted	$ 1,900	$ 1,900

ACQUISITION AND DISPOSITION O38

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE - Dispositions (Details) - Jun. 30, 2015 $ in Thousands	USD ($)ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (in square feet) | ft²	337,427
Sale Price	$ 300,350
Gain on Sale	$ 106,089
Lincoln Park Centre
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (in square feet) | ft²	61,761
Sale Price	$ 64,000
Gain on Sale	$ 27,143
White City
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (in square feet) | ft²	249,549
Sale Price	$ 96,750
Gain on Sale	$ 17,105
City Point
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (in square feet) | ft²	0
Sale Price	$ 115,600
Gain on Sale	$ 49,884
Liberty Avenue
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (in square feet) | ft²	26,117
Sale Price	$ 24,000
Gain on Sale	$ 11,957

ACQUISITION AND DISPOSITION O39

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE - Assets Held For Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
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 T40

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Core Portfolio (Details) - Jun. 30, 2015 - Core Portfolio - ft² ft² in Thousands	Total
Crossroads
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage	49.00%
Square footage of real estate property (in square feet)	311
Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage	50.00%
Square footage of real estate property (in square feet)	28
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
Route 202 Shopping Center
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in square feet)	20
Percentage of interests acquired	77.78%

INVESTMENTS IN AND ADVANCES T41

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Funds (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)partner	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates		$ 166,632		$ 166,632		$ 184,352
Gain on disposition of property of unconsolidated affiliates		17,105	$ 0	$ 17,105	$ 0
White City
Schedule of Equity Method Investments [Line Items]
Net sales proceeds	$ 96,800
Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Number of unaffiliated partners | partner				2
Gain on disposition of property of unconsolidated affiliates		17,105		$ 17,105
Fund III | White City
Schedule of Equity Method Investments [Line Items]
Gain on disposition of property of unconsolidated affiliates	$ 17,300
Mervyns I and Mervyns II | Opportunity Funds | KLA/Mervyns LLC
Schedule of Equity Method Investments [Line Items]
Distributions, equity method investment				48,547
Equity Method Investments		26,058		26,058
Mervyns I | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Distributions, equity method investment				5,700
Mervyns II | Opportunity Funds | KLA A Markets LLC
Schedule of Equity Method Investments [Line Items]
Distributions, equity method investment				81,594
Equity Method Investments		$ 20,717		$ 20,717
Corporate Joint Venture
Schedule of Equity Method Investments [Line Items]
Gain on the disposition of property		10.00%		10.00%
Corporate Joint Venture | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Distributions				$ 155,303
Investments in and advances to unconsolidated affiliates		$ 63,216		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		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		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		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		1,110
Distributions				3,358
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		2,667
Distributions				2,941
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]
Distributions, equity method investment				11,801
Equity Method Investments		4,901		4,901
Operating Partnership, as General Partner or Managing Member | Mervyns II | Opportunity Funds | KLA A Markets LLC
Schedule of Equity Method Investments [Line Items]
Distributions, equity method investment				16,318
Equity Method Investments		4,239		4,239
Operating Partnership, as General Partner or Managing Member | Corporate Joint Venture | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Distributions				33,314
Investments in and advances to unconsolidated affiliates		12,070		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		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				1,200
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		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		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		222
Distributions				672
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		533
Distributions				$ 588

INVESTMENTS IN AND ADVANCES T42

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Summary of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Real estate under development	$ 533,295		$ 533,295		$ 447,390
Investments in and advances to unconsolidated affiliates	166,632		166,632		184,352
Total assets	2,973,699		2,973,699		2,732,600
Other liabilities	27,616		27,616		25,148
Total liabilities and equity	2,973,699		2,973,699		2,732,600
Distributions in excess of income from, and investments in, unconsolidated affiliates	(13,161)		(13,161)		(12,564)
Total revenues	53,161	$ 49,511	105,642	$ 96,196
Operating Expenses	(40,122)	(30,677)	(77,455)	(62,641)
Equity in earnings of unconsolidated affiliates	3,406	1,430	9,999	4,459
Depreciation and amortization	(13,903)	(11,584)	(27,561)	(23,171)
Loss on debt extinguishment	(25)	(66)	(134)	(269)
Income from continuing operations	85,458	11,308	123,995	30,423
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Rental property, net	322,352		322,352		387,739
Real estate under development	0		0		60,476
Investments in and advances to unconsolidated affiliates	7,548		7,548		11,154
Other assets	59,917		59,917		62,862
Total assets	389,817		389,817		522,231
Loans Payable to Bank	266,109		266,109		315,897
Other liabilities	17,714		17,714		66,116
Partners’ equity	105,994		105,994		140,218
Total liabilities and equity	389,817		389,817		$ 522,231
Total revenues	10,342	12,247	22,015	24,352
Operating Expenses	(3,102)	(5,503)	(6,833)	(9,318)
Interest Expense	(2,259)	(2,975)	(4,897)	(5,500)
Equity in earnings of unconsolidated affiliates	0	0	66,655	(328)
Depreciation and amortization	(2,787)	(3,475)	(5,037)	(6,181)
Loss on debt extinguishment	0	0	0	(187)
Gain (Loss) On Disposition Of Property Of Equity Method Investment	25,208	239	25,208	239
Income from continuing operations	27,402	533	97,111	3,077
Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Equity in earnings of unconsolidated affiliates	20,511	1,430	27,104	4,459
Company’s share of net income	20,609	1,528	27,300	4,655
Amortization of Excess Investment	$ (98)	$ (98)	$ (196)	$ (196)

STRUCTURED FINANCINGS, NET - Sc

STRUCTURED FINANCINGS, NET - Schedule of Notes Receivable (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Feb. 28, 2015USD ($)	Jun. 30, 2015USD ($)debtinstrumentloanextension_optionCustomer	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Net carrying amounts of notes receivable		$ 168,931	$ 102,286
Number of cross collateralized loans | loan		3
Number of borrowers | Customer		1
Additional investment	$ 400
First Mortgage Loan, 7.7% Loan Due 2015
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		7.70%
Net carrying amounts of notes receivable		$ 12,000	12,000
Mezzanine Loan, 12.7% Loan, Due 2015
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		12.70%
First priority liens		$ 18,900
Net carrying amounts of notes receivable		$ 8,000	8,000
First Mortgage Loan, 8.8% Loan, Due 2015
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		8.80%
Net carrying amounts of notes receivable		$ 7,500	7,500
Extension options | extension_option		1
Extension options, length of term		12 months
Zero Coupon Loan Due 2016
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		24.00%
First priority liens		$ 166,200
Net carrying amounts of notes receivable		0	4,986
Loans converted		$ 5,600
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	4,000
Extension options | extension_option		1
Extension options, length of term		6 months
First Mortgage Loan, 6% Loan Due On Demand
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		6.00%
Net carrying amounts of notes receivable		$ 15,000	0
Extension options | extension_option		1
Extension options, length of term		12 months
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	4,000
Other Loan 17% Due 2016
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		17.00%
Net carrying amounts of notes receivable		$ 6,500	0
Other Loan, 18%, Due 2017
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		18.00%
Net carrying amounts of notes receivable		$ 3,607	3,307
Preferred Equity, 8.1% Loan, Due 2017
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		8.10%
First priority liens		$ 20,855
Net carrying amounts of notes receivable		13,000	13,000
First Mortgage Loan LIBOR Plus 7.1% Due 2018
Mortgage Loans on Real Estate [Line Items]
Net carrying amounts of notes receivable		$ 26,000	0
Extension options | extension_option		1
Extension options, length of term		12 months
First Mortgage Loan LIBOR Plus 7.1% Due 2018 | LIBOR
Mortgage Loans on Real Estate [Line Items]
Loans receivable, basis spread on variable rate		7.10%
Zero Coupon Loan Due 2020
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		2.50%
Net carrying amounts of notes receivable		$ 29,793	0
Mezzanine Loan, Eighteen Percent, Due 2017 [Member]
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		15.00%
Net carrying amounts of notes receivable		$ 30,879	30,879
Other Loan, 15%, Loan Due 2020
Mortgage Loans on Real Estate [Line Items]
Net carrying amounts of notes receivable		$ 0	4,000
Other Loan, 15%, Loan Due 2020 | LIBOR
Mortgage Loans on Real Estate [Line Items]
Loans receivable, basis spread on variable rate		2.50%
Mezzanine Loan, 10% Due On Demand
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		10.00%
First priority liens		$ 87,477
Net carrying amounts of notes receivable		$ 7,983	7,983
Individually Less Than 3 Percent, Variable Interest Rate
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		11.60%
Net carrying amounts of notes receivable		$ 669	2,631
Loans converted		$ 1,900
Number of loans | loan		1
Nonperforming Financing Receivable
Mortgage Loans on Real Estate [Line Items]
Number of instruments held | debtinstrument		3
152 -154 Spring St
Mortgage Loans on Real Estate [Line Items]
Percentage of interests acquired		10.00%
Carrying Amount
Mortgage Loans on Real Estate [Line Items]
Notes receivable and preferred equity investments, net		$ 168,931	$ 102,286

DERIVATIVE FINANCIAL INSTRUME44

DERIVATIVE FINANCIAL INSTRUMENTS (Details) $ in Millions	Jun. 30, 2015USD ($)derivativeinterest_rate_swap	Dec. 31, 2014USD ($)
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income - unrealized loss on valuation of swap agreements	$ (3.3)	$ (4)
Other Liabilities | Level 2
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	4	4.6
Prepaid Expenses and Other Assets | Level 2
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	$ 0.3	$ 0.2
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	4.25%
Interest Rate Swap | Cash Flow Hedging | Fixed-Rate Derivatives
Derivatives, Fair Value [Line Items]
Number of interest rate swaps (in interest rate swaps) | interest_rate_swap	14
Notional amount of interest rate cash flow hedge derivatives	$ 207.9
Interest Rate Swap | Cash Flow Hedging | Fixed-Rate Derivatives | Minimum
Derivatives, Fair Value [Line Items]
Derivative, fixed interest rate	1.40%
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
Derivative, number of instruments held | derivative	4

MORTGAGE AND OTHER NOTES PAYA45

MORTGAGE AND OTHER NOTES PAYABLE - MORTGAGE BY PROPERTY (Details) - Jun. 30, 2015 - Mortgages - USD ($) $ in Thousands	Total
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 171,765
Repayments of long-term debt	64,976
Libor Plus 2.25% Mortgage Note | 1035 Third Avenue
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 42,000
Description of variable rate basis	LIBOR
Libor Plus 2.25% Mortgage Note | 1035 Third Avenue | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.35%
Libor Plus 1.45% Mortgage Note | Lincoln Park Centre
Mortgage Loans on Real Estate [Line Items]
Description of variable rate basis	LIBOR
Repayments of long-term debt	$ 28,000
Libor Plus 1.45% Mortgage Note | Lincoln Park Centre | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	1.45%
4.66% Mortgage note | 163 Highland Avenue
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 9,765
Stated interest rate percentage	4.66%
Libor Plus 3% Mortgage Note | Broughton Street Portfolio
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 20,000
Libor Plus 3% Mortgage Note | Broughton Street Portfolio | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.00%
1.25% Mortgage Note | City Point
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 19,000
Stated interest rate percentage	1.25%
Sifma Plus 1.6% Mortgage Note | City Point
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 62,000
Sifma Plus 1.6% Mortgage Note | City Point | SIFMA
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	1.60%
Libor Plus 4% Mortgage Note | City Point
Mortgage Loans on Real Estate [Line Items]
Repayments of long-term debt	$ 20,650
Libor Plus 4% Mortgage Note | City Point | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	4.00%
Libor Plus 1.9% Mortgage Note | 17 E. 71st Street
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 19,000
Libor Plus 1.9% Mortgage Note | 17 E. 71st Street | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	1.90%
4.98% Mortgage Note | Crescent Plaza
Mortgage Loans on Real Estate [Line Items]
Stated interest rate percentage	4.98%
Repayments of long-term debt	$ 16,326

MORTGAGE AND OTHER NOTES PAYA46

MORTGAGE AND OTHER NOTES PAYABLE (Details)	1 Months Ended		6 Months Ended
	May. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)extension_option	Dec. 31, 2014USD ($)
Mortgage Loans on Real Estate [Line Items]
Mortgage and other notes payable			$ 1,326,667,000	$ 1,130,481,000
Number of loan extensions | extension_option			1
Length of loan extension		6 months
Unsecured credit facility | Line of Credit
Mortgage Loans on Real Estate [Line Items]
Amount borrowed from credit facility			$ 83,500,000
Outstanding balance under credit facility			83,500,000
Unsecured credit facility | Line of Credit | Fund IV
Mortgage Loans on Real Estate [Line Items]
New mortgage loans			50,000,000
Commitment fee threshold amount		$ 20,000,000
Line of credit			34,500,000
Line of Credit Facility, Unused Capacity Over Threshold Amount, Commitment Fee Percentage		1.00%
Line of Credit Facility, Unused Capacity Under Threshold Amount, Commitment Fee Percentage		2.75%
Unsecured credit facility | Line of Credit | Fund IV | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate		2.75%
Unsecured credit facility | Line of Credit | Fund II
Mortgage Loans on Real Estate [Line Items]
Amount borrowed from credit facility	$ 12,500,000
New mortgage loans	25,000,000
Commitment fee threshold amount	$ 12,500,000
Commitment fee percentage	2.75%
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]
Repayment of line of credit			(54,700,000)
Mortgage and other notes payable			$ 22,400,000

FAIR VALUE MEASUREMENTS Schedul

FAIR VALUE MEASUREMENTS Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate	$ 5,000	$ 0	$ 5,000	$ 0
Fair Value, Measurements, Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, assets	0		0
Derivative financial instruments, liabilities	0		0
Fair Value, Measurements, Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, assets	289		289
Derivative financial instruments, liabilities	3,997		3,997
Fair Value, Measurements, Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, assets	0		0
Derivative financial instruments, liabilities	0		0
Brandywine Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate	$ 5,000		5,000
Operating Partnership | Brandywine Portfolio
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment of real estate			$ 1,100

FAIR VALUE MEASUREMENTS Fair Va

FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable and preferred equity investments, net	$ 168,931	$ 102,286
Mortgage and other notes payable	1,326,667	1,130,481
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable and preferred equity investments, net	168,931	102,286
Mortgage and other notes payable	$ 1,345,446	$ 1,141,371

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Unconsolidated Affiliates
Related Party Transaction [Line Items]
Revenue from related parties	$ 70	$ 60	$ 180	$ 40

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)segment	Jun. 30, 2014USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Revenues	$ 53,161	$ 49,511	$ 105,642	$ 96,196
Property operating expenses, other operating and real estate taxes	(13,214)	(12,214)	(29,357)	(25,695)
General and administrative expenses	(8,005)	(6,879)	(15,537)	(13,775)
Depreciation and amortization	(13,903)	(11,584)	(27,561)	(23,171)
Operating income	13,039	18,834	28,187	33,555
Equity in earnings of unconsolidated affiliates	3,406	1,430	9,999	4,459
Gain on disposition of property of unconsolidated affiliates	17,105	0	17,105	0
Loss on debt extinguishment	(25)	(66)	(134)	(269)
Impairment of asset	(5,000)	0	(5,000)	0
Gain on disposition of properties	61,841	561	88,984	12,948
Interest and other finance expense	(9,964)	(9,534)	(18,785)	(20,185)
Income tax benefit (provision)	56	83	(1,361)	(85)
Income from continuing operations	85,458	11,308	123,995	30,423
Net income	85,458	11,868	123,995	30,983
Gain on disposition of property	0	560	0	560
Continuing operations	(58,963)	57	(80,953)	2,537
Discontinued operations	0	(461)	0	(461)
Net loss (income) attributable to noncontrolling interests	(58,963)	(404)	(80,953)	2,076
Net income attributable to Common Shareholders	26,495	11,464	43,042	33,059
Real Estate at Cost	2,578,580	1,982,629	2,578,580	1,982,629
Total Assets	2,973,699	2,372,196	2,973,699	2,372,196
Acquisition of Real Estate	52,800	17,100	273,071	107,600
Investment in Redevelopment and Improvements	64,751	30,806	105,245	68,311
Core Portfolio
Segment Reporting Information [Line Items]
Revenues	37,593	30,535	73,186	60,684
Property operating expenses, other operating and real estate taxes	(8,235)	(7,587)	(17,926)	(15,493)
General and administrative expenses	(7,397)	(6,238)	(14,208)	(12,651)
Depreciation and amortization	(10,568)	(8,300)	(20,475)	(16,633)
Operating income	6,393	8,410	15,577	15,907
Equity in earnings of unconsolidated affiliates	699	227	1,133	323
Gain on disposition of property of unconsolidated affiliates	0		0
Loss on debt extinguishment	0	(3)	0	(3)
Impairment of asset	(5,000)		(5,000)
Gain on disposition of properties	0	0	0	12,387
Interest and other finance expense	(7,329)	(6,627)	(13,797)	(13,510)
Income tax benefit (provision)	75	91	(405)	(13)
Income from continuing operations		2,098		15,091
Net income	(162)	2,098	2,508	15,091
Gain on disposition of property		0		0
Continuing operations		(1,036)		(1,453)
Discontinued operations		(4)		(4)
Net loss (income) attributable to noncontrolling interests	2,205	(1,040)	2,026	(1,457)
Net income attributable to Common Shareholders	2,043	1,058	4,534	13,634
Real Estate at Cost	1,553,174	1,184,956	1,553,174	1,184,956
Total Assets	1,650,555	1,153,586	1,650,555	1,153,586
Acquisition of Real Estate	0	17,100	169,235	107,600
Investment in Redevelopment and Improvements	3,271	754	9,624	2,182
Funds
Segment Reporting Information [Line Items]
Revenues	11,583	13,934	25,063	26,576
Property operating expenses, other operating and real estate taxes	(4,979)	(4,627)	(11,431)	(10,202)
General and administrative expenses	(608)	(641)	(1,329)	(1,124)
Depreciation and amortization	(3,335)	(3,284)	(7,086)	(6,538)
Operating income	2,661	5,382	5,217	8,712
Equity in earnings of unconsolidated affiliates	2,707	1,203	8,866	4,136
Gain on disposition of property of unconsolidated affiliates	17,105		17,105
Loss on debt extinguishment	(25)	(63)	(134)	(266)
Impairment of asset	0		0
Gain on disposition of properties	61,841	561	88,984	561
Interest and other finance expense	(2,635)	(2,907)	(4,988)	(6,675)
Income tax benefit (provision)	(19)	(8)	(956)	(72)
Income from continuing operations		4,168		6,396
Net income	81,635	4,728	114,094	6,956
Gain on disposition of property		560		560
Continuing operations		1,093		3,990
Discontinued operations		(457)		(457)
Net loss (income) attributable to noncontrolling interests	(61,168)	636	(82,979)	3,533
Net income attributable to Common Shareholders	20,467	5,364	31,115	10,489
Real Estate at Cost	1,025,406	797,673	1,025,406	797,673
Total Assets	1,154,213	1,122,303	1,154,213	1,122,303
Acquisition of Real Estate	52,800	0	103,836	0
Investment in Redevelopment and Improvements	61,480	30,052	95,621	66,129
Structured Financing
Segment Reporting Information [Line Items]
Revenues	3,985	5,042	7,393	8,936
Property operating expenses, other operating and real estate taxes	0	0	0	0
General and administrative expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
Operating income	3,985	5,042	7,393	8,936
Equity in earnings of unconsolidated affiliates	0	0	0	0
Gain on disposition of property of unconsolidated affiliates	0		0
Loss on debt extinguishment	0	0	0	0
Impairment of asset	0		0
Gain on disposition of properties	0	0	0	0
Interest and other finance expense	0	0	0	0
Income tax benefit (provision)	0	0	0	0
Income from continuing operations		5,042		8,936
Net income	3,985	5,042	7,393	8,936
Gain on disposition of property		0		0
Continuing operations		0		0
Discontinued operations		0		0
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Common Shareholders	3,985	5,042	7,393	8,936
Real Estate at Cost	0	0	0	0
Total Assets	168,931	96,307	168,931	96,307
Acquisition of Real Estate	0	0	0	0
Investment in Redevelopment and Improvements	$ 0	$ 0	$ 0	$ 0

LONG-TERM INCENTIVE COMPENSAT51

LONG-TERM INCENTIVE COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 3,746	$ 3,833
Trustee fee expense	$ 0
Fund III
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 700
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
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
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)	6,986		247,863
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)	14,179		8,640
LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 400		$ 900
Long term incentive and share based compensation expense	$ 1,700	$ 1,600	$ 3,500	$ 3,000
Vesting at the end of year three | 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)	4,416
Vesting at the end of year three | 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)	6,469
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	33.00%
Share-based compensation arrangement by share-based payment award, award vesting period	3 years
Vesting ratably over last two years | 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)	2,570
Vesting ratably over last two years | 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)	7,710

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jul. 31, 2015USD ($)loan	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jul. 01, 2015USD ($)
Subsequent Event [Line Items]
Proceeds from notes receivable		$ 0	$ 11,990
Subsequent Event
Subsequent Event [Line Items]
Proceeds from notes receivable	$ 9,800
Principal amount of receivable				$ 8,000
Accrued interest				1,800
Nonperforming Financing Receivable | Subsequent Event
Subsequent Event [Line Items]
Proceeds from notes receivable	$ 12,000
Principal amount of receivable				$ 8,000
Number of loans | loan	3