Acadia Realty Trust (AKR) 10-Q 29 Apr 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 29, 2016
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		71,606,804

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Operating real estate
Land	$ 497,830	$ 514,120
Buildings and improvements	1,586,398	1,593,350
Construction in progress	22,227	19,239
Gross operating real estate	2,106,455	2,126,709
Less: accumulated depreciation	286,880	298,703
Net operating real estate	1,819,575	1,828,006
Real estate under development	639,759	609,574
Notes receivable and preferred equity investments	154,679	147,188
Investments in and advances to unconsolidated affiliates	210,309	173,277
Cash and cash equivalents	84,860	72,776
Cash in escrow	23,185	26,444
Restricted cash	10,840	10,840
Rents receivable, net	41,844	40,425
Deferred charges, net	21,776	22,568
Acquired lease intangibles, net	64,396	52,593
Prepaid expenses and other assets	50,791	48,628
Assets of properties held for sale	26,313	0
Total assets	3,148,327	3,032,319
LIABILITIES
Mortgage and other notes payable, net of unamortized loan costs of $9,884 and $10,567, respectively and unamortized premiums of $1,726 and $1,364, respectively	955,003	1,050,051
Unsecured notes payable, net of unamortized loan costs of $1,271 and $1,155, respectively	341,555	308,555
Distributions in excess of income from, and investments in, unconsolidated affiliates	23,613	13,244
Accounts payable and accrued expenses	37,962	38,754
Dividends and distributions payable	19,343	37,552
Acquired lease intangibles, net	36,373	31,809
Other liabilities	106,002	31,000
Total liabilities	1,519,851	1,510,965
Shareholders' Equity
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 71,566,457 and 70,258,415 shares, respectively	72	70
Additional paid-in capital	1,140,914	1,092,239
Accumulated other comprehensive loss	(11,467)	(4,463)
Retained earnings	23,695	12,642
Total shareholders’ equity	1,153,214	1,100,488
Noncontrolling interests	475,262	420,866
Total equity	1,628,476	1,521,354
Total liabilities and equity	$ 3,148,327	$ 3,032,319

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	71,566,457	70,258,415
Common stock, shares outstanding (in shares)	71,566,457	70,258,415
Mortgages and other notes payable
Debt Instrument [Line Items]
Unamortized loan costs	$ 9,884	$ 10,567
Unamortized premiums	1,726	1,364
Unsecured Debt
Debt Instrument [Line Items]
Unamortized loan costs	$ 1,271	$ 1,155

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Rental income	$ 38,590	$ 38,187
Interest income	4,638	3,408
Expense reimbursements	7,959	10,066
Other	1,496	820
Total revenues	52,683	52,481
Operating Expenses
Property operating	5,537	7,731
Other operating	291	2,120
Real estate taxes	6,165	6,292
General and administrative	9,352	7,532
Depreciation and amortization	16,849	13,658
Total operating expenses	38,194	37,333
Operating income	14,489	15,148
Equity in earnings of unconsolidated affiliates	1,954	6,593
Loss on debt extinguishment	0	(109)
Gain on disposition of properties	65,393	27,143
Interest and other finance expense	(8,038)	(8,821)
Income before income tax benefit (provision)	73,798	39,954
Income tax benefit (provision)	77	(1,417)
Net income	73,875	38,537
Net income attributable to noncontrolling interests	(44,950)	(21,990)
Net income attributable to Common Shareholders	$ 28,925	$ 16,547
Basic and diluted earnings per share (in dollars per share)	$ 0.40	$ 0.24

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 73,875	$ 38,537
Other comprehensive loss
Unrealized loss on valuation of swap agreements	(8,819)	(4,319)
Reclassification of realized interest on swap agreements	1,046	1,053
Other comprehensive loss	(7,773)	(3,266)
Comprehensive income	66,102	35,271
Comprehensive income attributable to noncontrolling interests	(44,181)	(21,567)
Comprehensive income attributable to Common Shareholders	$ 21,921	$ 13,704

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - 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, 2015	70,258,415		70,258,000
Balance at Dec. 31, 2015	$ 1,521,354	$ 1,100,488	$ 70	$ 1,092,239	$ (4,463)	$ 12,642	$ 420,866
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership (in Shares)			249,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	5,680	$ 1	5,679			(5,680)
Issuance of Common Shares, net of issuance costs (in Shares)			1,050,000
Issuance of Common Shares, net of issuance costs	35,220	35,220	$ 1	35,219
Issuance of OP Units to Acquire Real Estate	29,336						29,336
Dividends declared ($0.25 per Common Share)	(19,345)	(17,872)				(17,872)	(1,473)
Employee and trustee stock compensation, net (in Shares)			9,000
Employee and trustee stock compensation, net	4,019	208		208			3,811
Acquisition of noncontrolling interests	(18,379)	7,569		7,569			(25,948)
Noncontrolling interest distributions	(36,174)						(36,174)
Noncontrolling interest contributions	46,343						46,343
Balance before adjustment towards comprehensive income (in Shares)			71,566,000
Balance before adjustment towards comprehensive income	1,562,374	1,131,293	$ 72	1,140,914	(4,463)	(5,230)	431,081
Comprehensive income(loss):
Net income	73,875	28,925				28,925	44,950
Unrealized loss on valuation of swap agreements	(8,819)	(7,905)			(7,905)		(914)
Reclassification of realized interest on swap agreements	1,046	901			901		145
Comprehensive income	$ 66,102	21,921			(7,004)	28,925	44,181
Balance (in Shares) at Mar. 31, 2016	71,566,457		71,566,000
Balance at Mar. 31, 2016	$ 1,628,476	$ 1,153,214	$ 72	$ 1,140,914	$ (11,467)	$ 23,695	$ 475,262

CONSOLIDATED STATEMENTS OF SHA7

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals)	3 Months Ended
	Mar. 31, 2016$ / shares
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.25

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 73,875	$ 38,537
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	16,849	13,658
Amortization of financing costs	625	768
Gain on disposition of properties	(65,393)	(27,143)
Stock compensation expense	4,019	1,889
Equity in earnings of unconsolidated affiliates	(1,954)	(6,593)
Distributions of operating income from unconsolidated affiliates	1,082	5,889
Other, net	(2,031)	(1,346)
Changes in assets and liabilities
Cash in escrow	3,259	(6,232)
Rents receivable, net	(3,596)	(1,354)
Prepaid expenses and other assets	881	8,015
Accounts payable and accrued expenses	(792)	2,437
Other liabilities	(8,849)	(1,908)
Net cash provided by operating activities	17,975	26,617
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(12,287)	(220,271)
Cash in escrow for property acquisitions	0	(33,000)
Redevelopment and property improvement costs	(37,463)	(40,494)
Deferred leasing costs	(847)	(2,805)
Investments in and advances to unconsolidated affiliates	(8,034)	(3,151)
Return of capital from unconsolidated affiliates	34,235	1,946
Proceeds from notes receivable	20,500	0
Issuance of notes receivable	(27,800)	(550)
Proceeds from sale of properties, net	104,458	63,224
Net cash provided by (used in) investing activities	72,762	(235,101)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	(99,501)	(30,390)
Principal payments on unsecured debt	(101,500)	0
Proceeds received from mortgage and other notes	1,945	42,120
Proceeds received from unsecured debt	134,616	127,600
Loan proceeds held as restricted cash	0	25,203
Deferred financing and other costs	(475)	(1,232)
Capital contributions from noncontrolling interests	46,343	50
Distributions to noncontrolling interests	(56,995)	(34,718)
Dividends paid to Common Shareholders	(35,112)	(36,779)
Proceeds from issuance of Common Shares, net of issuance costs of $1,654 and $440, respectively	32,026	18,605
Net cash (used in) provided by financing activities	(78,653)	110,459
Increase (decrease) in cash and cash equivalents	12,084	(98,025)
Cash and cash equivalents, beginning of period	72,776	217,580
Cash and cash equivalents, end of period	84,860	119,555
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $5,115 and $3,673, respectively	8,437	13,344
Cash paid for income taxes	(256)	902
Supplemental disclosure of non-cash investing activities
Acquisition of real estate through assumption of debt	1,463	9,765
Acquisition of capital lease obligation	76,461	0
Acquisition of real estate through issuance of OP Units	$ 29,336	$ 0

CONSOLIDATED STATEMENTS OF CAS9

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Cash Flows [Abstract]
Stock issuance costs	$ 1,654	$ 440
Cash paid for capitalized interest	$ 5,115	$ 3,673

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	ORGANIZATION AND BASIS OF PRESENTATION Business and Organization Acadia Realty Trust (the "Trust") and subsidiaries (collectively, the "Company") is a fully-integrated equity real estate investment trust ("REIT") focused on the ownership, acquisition, redevelopment and management of high-quality retail properties located primarily in high-barrier-to-entry, supply-constrained, densely-populated metropolitan areas in the United States. All of the Company's assets are held by, and all of its operations are conducted through, Acadia Realty Limited Partnership (the "Operating Partnership") and entities in which the Operating Partnership owns an interest. As of March 31, 2016 , the Trust controlled approximately 94% 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 13). Limited partners holding Common OP Units are generally entitled to exchange their units on a one-for-one basis for common shares of beneficial interest of the Trust ("Common Shares"). As of March 31, 2016 , the Company has ownership interests in 92 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 59 properties within its opportunity funds, 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 II and III, the "Funds"). The 151 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. The Company 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 March 31, 2016 (4) Unfunded Commitment Equity Interest Held By Operating Partnership Preferred Return Total Distributions as of March 31, 2016 (4) Mervyns I (1) 9/2001 22.22% $90.0 $86.6 $— 37.78% 9% $194.5 Fund II and Mervyns II (2) 6/2004 28.33% 300.0 300.0 47.1 28.33% 8% 131.6 Fund III (3) 5/2007 24.54% 502.5 387.5 62.5 39.63% 6% 497.7 Fund IV 5/2012 23.12% 540.6 239.3 301.2 23.12% 6% 101.9 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Notes: (1) Mervyns I was originally formed in conjunction with Acadia Strategic Opportunity Fund, LP ("Fund I"). Fund I was liquidated and dissolved as of December 31, 2015. The above table reflects the combined activity of Fund I and Mervyns I. Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is entitled to a Promote on all future cash distributions from Mervyns I. (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) Fund III has returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions. (4) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares. Basis of Presentation The consolidated financial statements include the consolidated accounts of the Company and its investments in entities in which the Company is presumed to have control in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). Investments in entities for which the Company has the ability to exercise significant influence but does not have financial or operating control are accounted for under the equity method of accounting. Accordingly, the Company's share of the net earnings (or losses) of entities accounted for under the equity method are included in consolidated net income under the caption, Equity in Earnings of Unconsolidated Affiliates. Investments in entities for which the Company does not have the ability to exercise any influence are accounted for under the cost method. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016 . 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 2015 Annual Report on Form 10-K, as filed with the SEC on February 19, 2016. 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 during the quarter 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 March 31, 2016 . 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Recent Accounting Pronouncements During February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, "Leases." ASU 2016-02 requires that a lessee should recognize the assets and liabilities that arise from leases. ASU 2016-02 is effective for periods beginning after December 15, 2018, with early adoption permitted and shall be applied retrospectively. The Company is in the process of evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements. On January 1, 2016, the Company adopted ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis," which modified the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIE's"), particularly those with fee arrangements and related party relationships. There were no entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. Accordingly, the adoption of ASU 2015-02 had no impact on the Company's consolidated financial statements.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Common Share	EARNINGS PER COMMON SHARE Basic earnings per Common Share is computed by dividing net income attributable to Common Shareholders by the weighted average Common Shares outstanding. At March 31, 2016 , the Company has unvested LTIP Units (Note 13) 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 13). The effect of the assumed conversion of 188 Series A Preferred OP Units and 141,593 Series C Preferred OP Units into an aggregate 428,121 and 25,067 Common Shares, for the three months ended March 31, 2016 and March 31, 2015, respectively, would be dilutive and therefore are included in the computation of diluted earnings per share. 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: Three Months Ended March 31, (dollars in thousands, except per share amounts) 2016 2015 Numerator Net income attributable to Common Shareholders $ 28,925 $ 16,547 Less: net income attributable to participating securities (365 ) (240 ) Net income attributable to Common Shareholders, net of income attributable to participating securities 28,560 16,307 Denominator Weighted average shares for basic earnings per share 70,756 68,295 Effect of dilutive securities: Employee Restricted Share Units and share options 16 40 Convertible Preferred OP Units 428 25 Denominator for diluted earnings per share 71,200 68,360 Basic and diluted earnings per Common Share attributable to Common Shareholders $ 0.40 $ 0.24

SHAREHOLDERS' EQUITY AND NONCON

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2016
Noncontrolling Interest [Abstract]
Shareholders' Equity And Noncontrolling Interests	SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS During the three months ended March 31, 2016, the Company issued 1.1 million Common Shares under its $200.0 million at-the-market ("ATM") equity program, generating gross proceeds of $35.7 million and net proceeds of $35.2 million . As of March 31, 2016, there is $91.6 million remaining under this program. 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. During the three months ended March 31, 2016, the Company issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to acquire real estate. The Series C Preferred OP Units have a value of $100.00 per unit and are entitled to a preferred quarterly distribution of $0.9375 per unit. 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’ 3,357,760 and 2,931,198 Common OP Units at March 31, 2016 and December 31, 2015 , respectively; (ii) 188 Series A Preferred OP Units at March 31, 2016 and December 31, 2015 , respectively; (iii) 141,593 Series C Preferred OP Units at March 31, 2016 and (iv) 1,069,813 and 929,169 LTIP Units at March 31, 2016 and December 31, 2015 , respectively.

ACQUISITION AND DISPOSITION OF

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE	3 Months Ended
	Mar. 31, 2016
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT
ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE	ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE Acquisitions During 2016, the Company acquired the following properties through its Core Portfolio and Fund IV: (dollars in thousands) Property GLA Percent Owned Type Month of Acquisition Purchase Price Location Assumption of Debt Core Portfolio: Gotham Plaza (1) 122,902 49 % Urban Retail Center January $ 39,808 New York, NY $ 10,472 991 Madison Avenue (2) 6,920 100 % Street Retail March 76,461 New York, NY — Total Core Portfolio 129,822 $ 116,269 $ 10,472 Fund IV: 1964 Union Street 3,817 90 % Street Retail January $ 2,250 San Francisco, CA $ 1,463 Restaurants at Fort Point 15,711 100 % Urban Retail Center January 11,500 Boston, MA — Total Fund IV 19,528 $ 13,750 $ 1,463 Total 149,350 $ 130,019 $ 11,935 4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE(continued) Acquisitions (continued) Notes: (1) The Company acquired a 49% membership interest in this property for $39.8 million . The Company's pro-rata share of debt assumed was $10.5 million . In connection with this acquisition, the Company issued 442,478 Common OP Units and 141,593 Preferred OP Units. (2) The purchase price represents the total discounted payments pursuant to a 49 -year master lease entered into by the Company, which is accounted for as a capital lease. During the three months ended March 31, 2016, lease payments totaling $7.2 million were made under this lease. For the three months ended March 31, 2016, the Company expensed $0.2 million of acquisition costs in each of the Core Portfolio and Fund IV. Purchase Price Allocations With the exception of 1964 Union Street, which was an asset acquisition, and 991 Madison Avenue, a master lease position, the above acquisitions have been accounted for as business combinations. The purchase prices were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The preliminary measurements of fair value reflected below are subject to change. The Company expects to finalize the valuations and complete the purchase price allocations within one year from the dates of acquisition. The following table summarizes the Company's preliminary estimated allocations of the purchase prices of assets acquired and liabilities assumed during 2016 which have yet to be finalized: (dollars in thousands) Preliminary Purchase Price Allocations Land $ 23,192 Buildings and improvements 69,575 Debt assumed (included in Mortgage and other notes payable) (21,371 ) Total consideration $ 71,396 4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE(continued) Acquisitions (continued) During 2015, 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 2016, 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, 2015, and the finalized allocations as adjusted as of March 31, 2016: (dollars in thousands) Purchase Price Allocations as Originally Reported Adjustments Finalized Purchase Price Allocations Land $ 65,759 $ 1,258 $ 67,017 Buildings and improvements 204,532 (12,060 ) 192,472 Acquisition-related intangible assets (in Acquired lease intangibles, net) — 20,326 20,326 Acquisition-related intangible liabilities (in Acquired lease intangibles, net) — (8,809 ) (8,809 ) Below market debt assumed (in Mortgage and other notes payable) (9,765 ) (715 ) (10,480 ) Total consideration $ 260,526 $ — $ 260,526 Dispositions During 2016, Fund III sold a 65% interest in Cortlandt Town Center for $107,250 , resulting in a gain on sale of $65,393 . Properties Held For Sale At March 31, 2016, the Company had one property classified as held-for-sale. At December 31, 2015, the Company had no properties classified as held-for-sale.

INVESTMENTS IN AND ADVANCES TO

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	3 Months Ended
	Mar. 31, 2016
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 an 88.43% tenancy-in-common interest in an 87,000 square foot retail property located in Chicago, Illinois ("840 N. Michigan"). 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. During January 2016, the Company completed the acquisition of a 49% interest in an approximately 123,000 square foot retail property located in Manhattan, New York ("Gotham Plaza"), for a purchase price of $39.8 million . Consideration for this purchase consisted of the assumption of 49% of the existing debt of $21.4 million and the issuance of both Common and Preferred OP Units. The Company accounts for this investment 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. 5. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued) Funds RCP Venture The Funds, together with two unaffiliated partners formed an investment group, the RCP Venture, for the purpose of making investments in surplus or underutilized properties owned by retailers and, in some instances, the retailers' operating company. The RCP Venture is neither a single entity nor a specific investment and the Company has no control or rights with respect to the formation and operation of these investments. The Company has made these investments through its subsidiaries, Mervyns I, Mervyns II and Fund II, (together the "Acadia Investors"), all on a non-recourse basis. Through March 31, 2016 , the Acadia Investors have made investments in Mervyns Department Stores ("Mervyns") and Albertsons including additional investments in locations that are separate from these original investments ("Add-On Investments"). Additionally, they have invested in Shopko, Marsh and Rex Stores Corporation (collectively "Other RCP Investments"). The Company accounts for its investments in Mervyns and Albertsons on the equity method as it has the ability to exercise significant influence, but does not have any rights with respect to financial or operating control. The Company accounts for its investments in its Add-On Investments and Other RCP Investments on the cost method as it does not have any influence over such entities' operating and financial policies nor any rights with respect to the control and operation of these entities. During the three months ended March 31, 2016 , the Company received distributions from its RCP Venture of $0.1 million , of which the Operating Partnership's aggregate share was $0.02 million . The following table summarizes activity related to the RCP Venture investments from inception through March 31, 2016 : (dollars in thousands) Fund Share Operating Partnership Share Investment Year Acquired Invested Capital and Advances Distributions Invested Capital and Advances Distributions Mervyns 2004 $ 26,058 $ 48,648 $ 4,901 $ 11,821 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 4,927 535 986 Total $ 63,216 $ 155,604 $ 12,070 $ 33,374 Other Fund Investments The unaffiliated partners in Fund III's investments in 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. During January 2016, Fund III completed the disposition of a 65% interest in Cortlandt Town Center for a sales price of $107.3 million . The Company now accounts for this investment 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. 5. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued) Summary of Investments in Unconsolidated Affiliates The following Aggregate and Condensed Balance Sheets and Statements of Income summarize the financial information of the Company’s investments in unconsolidated affiliates: (dollars in thousands) March 31, December 31, Aggregate and Condensed Balance Sheets Assets Rental property, net $ 553,827 $ 302,976 Real estate under development 40,059 35,743 Investment in unconsolidated affiliates 6,853 6,853 Other assets 47,813 47,083 Total assets $ 648,552 $ 392,655 Liabilities and partners’ equity Mortgage notes payable $ 340,417 $ 192,684 Other liabilities 22,950 21,945 Partners’ equity 285,185 178,026 Total liabilities and partners’ equity $ 648,552 $ 392,655 Company’s investment in and advances to unconsolidated affiliates $ 210,309 $ 173,277 Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates $ (23,613 ) $ (13,244 ) Three Months Ended March 31, (dollars in thousands) 2016 2015 Aggregate and Condensed Statements of Income Total revenues $ 13,372 $ 11,930 Operating and other expenses (3,730 ) (3,857 ) Interest and other finance expense (2,736 ) (2,638 ) Equity in earnings of unconsolidated affiliates — 66,655 Depreciation and amortization (3,880 ) (2,307 ) Net income $ 3,026 $ 69,783 Company’s share of net income $ 2,052 $ 6,691 Amortization of excess investment (98 ) (98 ) Company’s equity in earnings of unconsolidated affiliates $ 1,954 $ 6,593

STRUCTURED FINANCING PORTFOLIO

STRUCTURED FINANCING PORTFOLIO	3 Months Ended
	Mar. 31, 2016
Mortgage Loans on Real Estate [Abstract]
STRUCTURED FINANCING PORTFOLIO	STRUCTURED FINANCING PORTFOLIO As of March 31, 2016 , the Company’s structured financing portfolio, consisted of notes receivable and preferred equity investments, aggregating $154.7 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 subordinate, 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 Portfolio as of March 31, 2016 Net Carrying Amounts of Structured Financing Portfolio as of December 31, 2015 Maturity date Extension Options First Mortgage Loan 6.0% $ 15,000 $ 15,000 5/1/2016 1 x 12 Months First Mortgage Loan (2) 7.0% 13,250 — 7/13/2016 1 x 3 Months First Mortgage Loan (3) 8.8% — 7,500 11/1/2016 Preferred Equity (4) 8.1% — 13,000 9/1/2017 First Mortgage Loan LIBOR + 7.1% 26,000 26,000 6/25/2018 1 x 12 Months Zero Coupon Loan (5) 2.5% 30,424 30,234 5/31/2020 Mezzanine Loan 15.0% 166,200 30,879 30,879 11/9/2020 Preferred Equity (6) 15.3% 14,000 — 1/13/2021 2 x 12 Months First Mortgage Loan (7) 7.7% 12,000 12,000 Demand Individually less than 3% (8) (9) 5.5% to 18.0% 13,126 12,575 4/1/2016 to 7/1/2017 Total $ 154,679 $ 147,188 Notes: (1) Includes origination and exit fees (2) During January 2016, Fund IV made a $13.3 million loan, which is collateralized by a property, bears interest at 7.0% and matures on July 13, 2016 . (3) During February 2016, the Company received full principal repayment of this $7.5 million note. (4) During February 2016, the Company received a payment of $13.4 million , which included $13.0 million of full principal repayment and $0.4 million of prepayment penalty representing interest through June 2016 on this preferred equity investment that was originally scheduled to mature on September 1, 2017 . (5) The principal balance for this loan, which requires no current payments of interest, is increased by the interest accrued. (6) During January 2016, Fund IV made a preferred equity investment in a joint venture for $14.0 million . The investment has a mandatory redemption date of January 13, 2021 and earns a preferred return rate of 15.3% . (7) Loan was non-performing as of March 31, 2016 . Based on the value of the underlying collateral, no reserve has been established against this loan. (8) During 2016, the Company advanced an additional $0.4 million on a loan collateralized by a property. (9) Consists of four loans as of March 31, 2016 . 6. STRUCTURED FINANCING PORTFOLIO (continued) The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral and the prospects of the borrower. As of March 31, 2016 , the Company held one non-performing note.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS As of March 31, 2016 , the Company's derivative financial instruments consisted of 16 interest rate swaps with an aggregate notional value of $305.7 million , which effectively fix the London Inter-Bank Offer Rate ("LIBOR") at rates ranging from 1.3% to 3.8% and mature between July 2018 and March 2025 . The Company also has one derivative financial instrument with a notional value of $29.5 million which caps LIBOR at 4.0% and matures April 2018 . The fair value of these derivative instruments that represent liabilities are included in other liabilities in the Consolidated Balance Sheets and totaled $12.4 million and $5.9 million at March 31, 2016 and December 31, 2015 , 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 $0.8 million at December 31, 2015 . The notional value does not represent exposure to credit, interest rate, or market risks. These derivative instruments have been designated as cash flow hedges and hedge the future cash outflows of variable-rate interest payments on mortgage and other debt. Such instruments are reported at their fair values as stated above. As of March 31, 2016 and December 31, 2015 , unrealized losses totaling $11.5 million and $4.5 million , respectively, were reflected in accumulated other comprehensive loss on the Consolidated Balance Sheets. As of March 31, 2016 and December 31, 2015 , 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	3 Months Ended
	Mar. 31, 2016
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 notes payable during the three months ended March 31, 2016 : (dollars in thousands) Borrowings Repayments Property Date Description Amount Interest Rate Maturity Date Amount Interest Rate Cortlandt Town Center January Repayment $ — $ 83,070 LIBOR+1.85% 1964 Union Street January Assumption 1,463 3.8% 10/1/2025 — Chicago Street Retail Portfolio January Repayment — 14,955 5.62% Total $ 1,463 $ 98,025

UNSECURED NOTES PAYABLE

UNSECURED NOTES PAYABLE	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Unsecured Notes Payable	UNSECURED NOTES PAYABLE The Company completed the following transactions related to its unsecured credit facilities during the three months ended March 31, 2016 : The Company repaid the remaining $20.8 million of its revolving unsecured credit facility. The Company borrowed $7.5 million on its Fund II credit facility. The outstanding balance under this facility is $20.0 million as of March 31, 2016 . The Company repaid $9.2 million on its Fund IV subscription line. The outstanding balance under this facility is $82.7 million as of March 31, 2016 . The Company borrowed $5.6 million on its Fund IV term loan. The outstanding balance under this facility is $40.1 million as of March 31, 2016 . During January 2016, the Company closed on a $50.0 million unsecured term loan. The facility bears interest at LIBOR+1.30% and matures January 4, 2021 .

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The FASB's fair value measurements and disclosure guidance requires the valuation of certain of the Company's financial assets and liabilities, based on a three-level fair value hierarchy. Market value assumptions obtained from sources independent of the Company are observable inputs that are classified within Levels 1 and 2 of the hierarchy, and the Company's own assumptions about market value assumptions are unobservable inputs classified within Level 3 of the hierarchy. The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 : (dollars in thousands) Level 1 Level 2 Level 3 Liabilities Derivative financial instruments (Note 7) $ — $ 12,450 $ — 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 as well as any assets that have been impaired (Note 4). Financial Instruments Certain of the Company’s assets and liabilities meet the definition of financial instruments. Except as disclosed below, the carrying amounts of these financial instruments approximate their fair values. The Company has determined the estimated fair values of the following financial instruments within Level 2 of the hierarchy by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date: (dollars in thousands) March 31, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes receivable and preferred equity investments, net $ 154,679 $ 154,679 $ 147,188 $ 147,188 Mortgage and other notes payable $ 1,296,558 $ 1,323,937 $ 1,358,606 $ 1,382,318

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS The Company earned property management fees, construction, legal and leasing fees from its investments in unconsolidated affiliates totaling $0.1 million for each of the three months ended March 31, 2016 and 2015, respectively.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING The Company has three reportable segments: Core Portfolio, Funds and Structured Financing Portfolio. 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. The Structured Financing Portfolio represents the Company's investments in notes receivable and preferred equity. The following tables set forth certain segment information for the Company, as of and for the three months ended March 31, 2016 and 2015, and does not include unconsolidated affiliates: Three Months Ended March 31, 2016 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 38,107 $ 9,938 $ 4,638 $ 52,683 Property operating expenses, other operating and real estate taxes (8,562 ) (3,431 ) — (11,993 ) General and administrative expenses (9,073 ) (279 ) — (9,352 ) Depreciation and amortization (13,495 ) (3,354 ) — (16,849 ) Operating income 6,977 2,874 4,638 14,489 Equity in earnings of unconsolidated affiliates 592 1,362 — 1,954 Gain on disposition of properties — 65,393 — 65,393 Interest and other finance expense (6,764 ) (1,274 ) — (8,038 ) Income tax benefit 77 — — 77 Net income $ 882 $ 68,355 $ 4,638 $ 73,875 Noncontrolling interests Net income attributable to noncontrolling interests $ (2,822 ) $ (42,128 ) $ — $ (44,950 ) Net income attributable to Common Shareholders $ (1,940 ) $ 26,227 $ 4,638 $ 28,925 Real Estate at Cost $ 1,641,312 $ 1,104,902 $ — $ 2,746,214 Total Assets $ 1,827,059 $ 1,166,589 $ 154,679 $ 3,148,327 Acquisition of Real Estate $ — $ 12,287 $ — $ 12,287 Investment in Redevelopment and Improvements $ 3,248 $ 34,215 $ — $ 37,463 12. SEGMENT REPORTING (continued) Three Months Ended March 31, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 35,593 $ 13,480 $ 3,408 $ 52,481 Property operating expenses, other operating and real estate taxes (9,691 ) (6,452 ) — (16,143 ) General and administrative expenses (6,811 ) (721 ) — (7,532 ) Depreciation and amortization (9,907 ) (3,751 ) — (13,658 ) Operating income 9,184 2,556 3,408 15,148 Equity in earnings of unconsolidated affiliates 434 6,159 — 6,593 Loss on debt extinguishment — (109 ) — (109 ) Gain on disposition of property — 27,143 — 27,143 Interest and other finance expense (6,468 ) (2,353 ) — (8,821 ) Income tax provision (480 ) (937 ) — (1,417 ) Net income $ 2,670 $ 32,459 $ 3,408 $ 38,537 Noncontrolling interests Net income attributable to noncontrolling interests $ (179 ) $ (21,811 ) $ — $ (21,990 ) Net income attributable to Common Shareholders $ 2,491 $ 10,648 $ 3,408 $ 16,547 Real Estate at Cost $ 1,550,695 $ 953,607 $ — $ 2,504,302 Total Assets $ 1,666,987 $ 1,105,319 $ 98,560 $ 2,870,866 Acquisition of Real Estate $ 169,235 $ 51,036 $ — $ 220,271 Investment in Redevelopment and Improvements $ 6,353 $ 34,141 $ — $ 40,494

LONG-TERM INCENTIVE COMPENSATIO

LONG-TERM INCENTIVE COMPENSATION	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Long-Term Incentive Compensation	LONG-TERM INCENTIVE COMPENSATION During the three months ended March 31, 2016, the Company issued 289,925 LTIP Units and 11,094 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 total value of the above Restricted Share Units and LTIP Units as of the grant date was $10.4 million , of which $1.9 million was recognized as compensation expense in 2015, and $8.5 million will be recognized as compensation expense over the vesting period. Compensation expense of $0.5 million has been recognized in the accompanying consolidated statements of income related to these awards for the three months ended March 31, 2016 . Total long-term incentive compensation expense, including the expense related to the above-mentioned plans, was $1.9 million and $1.8 million for the three months ended March 31, 2016 and 2015, respectively. In addition, members of the Board of Trustees have been issued units under the Share Incentive Plan. Total trustee fee expense related to these issuances was $0.2 million for each of the three months ended March 31, 2016 and 2015, respectively. In 2009, the Company adopted the Long Term Investment Alignment Program (the "Program") pursuant to which the Company may grant awards to employees, entitling them to receive up to 25% of any potential future payments of Promote to the Operating Partnership from Funds III and IV. The Company has awarded units to employees representing 25.0% of the potential Promote payments from Fund III to the Operating Partnership and 9.3% of the potential Promote payments from Fund IV to the Operating Partnership. Payments to senior executives under the Program require further Board approval at the time any potential payments are due pursuant to these grants. Compensation relating to these awards will be recognized in each reporting period in which Board approval is granted. 13. LONG-TERM INCENTIVE COMPENSATION (continued) As payments to other employees are not subject to further Board approval, compensation relating to these awards will be recorded based on the change in the estimated fair value at each reporting period in accordance with ASC Topic 718, "Compensation - Stock Compensation." During the three months ended March 31, 2016, compensation expense of $1.5 million was recognized related to the Program in connection with Fund III. The awards in connection with Fund IV were determined to have no value as of March 31, 2016.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS During April 2016, the Company entered into a forward sale and an underwritten public offering of 3.6 million Common Shares, which, if settled in Common Shares, will result in gross proceeds of approximately $125.0 million , before any underwriting discount and offering expenses. The forward sale will settle on one or more dates occurring no later than approximately 12 months after the date of the offering. During April 2016, Fund III completed the disposition of Heritage Shops in Chicago, Illinois for a sales price of $46.5 million . During April 2016, the Company borrowed $130.0 million under its unsecured credit facility, and repaid $140.0 million of secured debt that was scheduled to mature July 1, 2016. Additionally, the Company received repayment on a note receivable with accrued interest to an affiliated third party of $42.7 million that was scheduled to mature November 9, 2020 and issued a new note for $153.4 million , which is secured by the affiliates interest in the related property, bears interest at 8.1% and matures April 30, 2019.

ORGANIZATION AND BASIS OF PRE24

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the consolidated accounts of the Company and its investments in entities in which the Company is presumed to have control in accordance with the consolidation guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC"). Investments in entities for which the Company has the ability to exercise significant influence but does not have financial or operating control are accounted for under the equity method of accounting. Accordingly, the Company's share of the net earnings (or losses) of entities accounted for under the equity method are included in consolidated net income under the caption, Equity in Earnings of Unconsolidated Affiliates. Investments in entities for which the Company does not have the ability to exercise any influence are accounted for under the cost method. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and with the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016 . 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 2015 Annual Report on Form 10-K, as filed with the SEC on February 19, 2016.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements During February 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-02, "Leases." ASU 2016-02 requires that a lessee should recognize the assets and liabilities that arise from leases. ASU 2016-02 is effective for periods beginning after December 15, 2018, with early adoption permitted and shall be applied retrospectively. The Company is in the process of evaluating the impact the adoption of ASU 2016-02 will have on its consolidated financial statements. On January 1, 2016, the Company adopted ASU No. 2015-02, "Consolidation - Amendments to the Consolidation Analysis," which modified the evaluation of whether limited partnerships and similar legal entities are variable interest entities ("VIE's"), particularly those with fee arrangements and related party relationships. There were no entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. Accordingly, the adoption of ASU 2015-02 had no impact on the Company's consolidated financial statements.

ORGANIZATION AND BASIS OF PRE25

ORGANIZATION AND BASIS OF PRESENTATION (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 (4) Unfunded Commitment Equity Interest Held By Operating Partnership Preferred Return Total Distributions as of March 31, 2016 (4) Mervyns I (1) 9/2001 22.22% $90.0 $86.6 $— 37.78% 9% $194.5 Fund II and Mervyns II (2) 6/2004 28.33% 300.0 300.0 47.1 28.33% 8% 131.6 Fund III (3) 5/2007 24.54% 502.5 387.5 62.5 39.63% 6% 497.7 Fund IV 5/2012 23.12% 540.6 239.3 301.2 23.12% 6% 101.9 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Notes: (1) Mervyns I was originally formed in conjunction with Acadia Strategic Opportunity Fund, LP ("Fund I"). Fund I was liquidated and dissolved as of December 31, 2015. The above table reflects the combined activity of Fund I and Mervyns I. Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is entitled to a Promote on all future cash distributions from Mervyns I. (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) Fund III has returned all capital and preferred return. The Operating Partnership is now entitled to a Promote on all future cash distributions. (4) Represents the total for the Funds, including the Operating Partnership and noncontrolling interests' shares.

EARNINGS PER COMMON SHARE (Tabl

EARNINGS PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2016
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: Three Months Ended March 31, (dollars in thousands, except per share amounts) 2016 2015 Numerator Net income attributable to Common Shareholders $ 28,925 $ 16,547 Less: net income attributable to participating securities (365 ) (240 ) Net income attributable to Common Shareholders, net of income attributable to participating securities 28,560 16,307 Denominator Weighted average shares for basic earnings per share 70,756 68,295 Effect of dilutive securities: Employee Restricted Share Units and share options 16 40 Convertible Preferred OP Units 428 25 Denominator for diluted earnings per share 71,200 68,360 Basic and diluted earnings per Common Share attributable to Common Shareholders $ 0.40 $ 0.24

ACQUISITION AND DISPOSITION O27

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (Tables)	3 Months Ended
	Mar. 31, 2016
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT
Schedule of Business Acquisitions, by Acquisition	During 2016, the Company acquired the following properties through its Core Portfolio and Fund IV: (dollars in thousands) Property GLA Percent Owned Type Month of Acquisition Purchase Price Location Assumption of Debt Core Portfolio: Gotham Plaza (1) 122,902 49 % Urban Retail Center January $ 39,808 New York, NY $ 10,472 991 Madison Avenue (2) 6,920 100 % Street Retail March 76,461 New York, NY — Total Core Portfolio 129,822 $ 116,269 $ 10,472 Fund IV: 1964 Union Street 3,817 90 % Street Retail January $ 2,250 San Francisco, CA $ 1,463 Restaurants at Fort Point 15,711 100 % Urban Retail Center January 11,500 Boston, MA — Total Fund IV 19,528 $ 13,750 $ 1,463 Total 149,350 $ 130,019 $ 11,935 4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE(continued) Acquisitions (continued) Notes: (1) The Company acquired a 49% membership interest in this property for $39.8 million . The Company's pro-rata share of debt assumed was $10.5 million . In connection with this acquisition, the Company issued 442,478 Common OP Units and 141,593 Preferred OP Units. (2) The purchase price represents the total discounted payments pursuant to a 49 -year master lease entered into by the Company, which is accounted for as a capital lease. During the three months ended March 31, 2016, lease payments totaling $7.2 million were made under this lease. The following table summarizes the Company's preliminary estimated allocations of the purchase prices of assets acquired and liabilities assumed during 2016 which have yet to be finalized: (dollars in thousands) Preliminary Purchase Price Allocations Land $ 23,192 Buildings and improvements 69,575 Debt assumed (included in Mortgage and other notes payable) (21,371 ) Total consideration $ 71,396 The following table summarizes the preliminary allocations of the purchase prices of these properties as recorded as of December 31, 2015, and the finalized allocations as adjusted as of March 31, 2016: (dollars in thousands) Purchase Price Allocations as Originally Reported Adjustments Finalized Purchase Price Allocations Land $ 65,759 $ 1,258 $ 67,017 Buildings and improvements 204,532 (12,060 ) 192,472 Acquisition-related intangible assets (in Acquired lease intangibles, net) — 20,326 20,326 Acquisition-related intangible liabilities (in Acquired lease intangibles, net) — (8,809 ) (8,809 ) Below market debt assumed (in Mortgage and other notes payable) (9,765 ) (715 ) (10,480 ) Total consideration $ 260,526 $ — $ 260,526

INVESTMENTS IN AND ADVANCES T28

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)	3 Months Ended
	Mar. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Summary activity related to the RCP Venture Investments from Inception	The following table summarizes activity related to the RCP Venture investments from inception through March 31, 2016 : (dollars in thousands) Fund Share Operating Partnership Share Investment Year Acquired Invested Capital and Advances Distributions Invested Capital and Advances Distributions Mervyns 2004 $ 26,058 $ 48,648 $ 4,901 $ 11,821 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 4,927 535 986 Total $ 63,216 $ 155,604 $ 12,070 $ 33,374
Summary of Balance Sheet of the Company’s investments in unconsolidated affiliates	The following Aggregate and Condensed Balance Sheets and Statements of Income summarize the financial information of the Company’s investments in unconsolidated affiliates: (dollars in thousands) March 31, December 31, Aggregate and Condensed Balance Sheets Assets Rental property, net $ 553,827 $ 302,976 Real estate under development 40,059 35,743 Investment in unconsolidated affiliates 6,853 6,853 Other assets 47,813 47,083 Total assets $ 648,552 $ 392,655 Liabilities and partners’ equity Mortgage notes payable $ 340,417 $ 192,684 Other liabilities 22,950 21,945 Partners’ equity 285,185 178,026 Total liabilities and partners’ equity $ 648,552 $ 392,655 Company’s investment in and advances to unconsolidated affiliates $ 210,309 $ 173,277 Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates $ (23,613 ) $ (13,244 )
Summary of Statement of Income of the Company’s investments in unconsolidated affiliates	Three Months Ended March 31, (dollars in thousands) 2016 2015 Aggregate and Condensed Statements of Income Total revenues $ 13,372 $ 11,930 Operating and other expenses (3,730 ) (3,857 ) Interest and other finance expense (2,736 ) (2,638 ) Equity in earnings of unconsolidated affiliates — 66,655 Depreciation and amortization (3,880 ) (2,307 ) Net income $ 3,026 $ 69,783 Company’s share of net income $ 2,052 $ 6,691 Amortization of excess investment (98 ) (98 ) Company’s equity in earnings of unconsolidated affiliates $ 1,954 $ 6,593

STRUCTURED FINANCING PORTFOLIO

STRUCTURED FINANCING PORTFOLIO (Tables)	3 Months Ended
	Mar. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule of Notes Receivable and Preferred Equity Investments	As of March 31, 2016 , the Company’s structured financing portfolio, consisted of notes receivable and preferred equity investments, aggregating $154.7 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 subordinate, 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 Portfolio as of March 31, 2016 Net Carrying Amounts of Structured Financing Portfolio as of December 31, 2015 Maturity date Extension Options First Mortgage Loan 6.0% $ 15,000 $ 15,000 5/1/2016 1 x 12 Months First Mortgage Loan (2) 7.0% 13,250 — 7/13/2016 1 x 3 Months First Mortgage Loan (3) 8.8% — 7,500 11/1/2016 Preferred Equity (4) 8.1% — 13,000 9/1/2017 First Mortgage Loan LIBOR + 7.1% 26,000 26,000 6/25/2018 1 x 12 Months Zero Coupon Loan (5) 2.5% 30,424 30,234 5/31/2020 Mezzanine Loan 15.0% 166,200 30,879 30,879 11/9/2020 Preferred Equity (6) 15.3% 14,000 — 1/13/2021 2 x 12 Months First Mortgage Loan (7) 7.7% 12,000 12,000 Demand Individually less than 3% (8) (9) 5.5% to 18.0% 13,126 12,575 4/1/2016 to 7/1/2017 Total $ 154,679 $ 147,188 Notes: (1) Includes origination and exit fees (2) During January 2016, Fund IV made a $13.3 million loan, which is collateralized by a property, bears interest at 7.0% and matures on July 13, 2016 . (3) During February 2016, the Company received full principal repayment of this $7.5 million note. (4) During February 2016, the Company received a payment of $13.4 million , which included $13.0 million of full principal repayment and $0.4 million of prepayment penalty representing interest through June 2016 on this preferred equity investment that was originally scheduled to mature on September 1, 2017 . (5) The principal balance for this loan, which requires no current payments of interest, is increased by the interest accrued. (6) During January 2016, Fund IV made a preferred equity investment in a joint venture for $14.0 million . The investment has a mandatory redemption date of January 13, 2021 and earns a preferred return rate of 15.3% . (7) Loan was non-performing as of March 31, 2016 . Based on the value of the underlying collateral, no reserve has been established against this loan. (8) During 2016, the Company advanced an additional $0.4 million on a loan collateralized by a property. (9) Consists of four loans as of March 31, 2016 .

MORTGAGE AND OTHER NOTES PAYA30

MORTGAGE AND OTHER NOTES PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule of Mortgage Notes Payable	The Company completed the following transactions related to mortgage notes payable during the three months ended March 31, 2016 : (dollars in thousands) Borrowings Repayments Property Date Description Amount Interest Rate Maturity Date Amount Interest Rate Cortlandt Town Center January Repayment $ — $ 83,070 LIBOR+1.85% 1964 Union Street January Assumption 1,463 3.8% 10/1/2025 — Chicago Street Retail Portfolio January Repayment — 14,955 5.62% Total $ 1,463 $ 98,025

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Company's fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis	The following table presents the Company’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of March 31, 2016 : (dollars in thousands) Level 1 Level 2 Level 3 Liabilities Derivative financial instruments (Note 7) $ — $ 12,450 $ —
Fair value of financial instruments, Assets and Liabilities	The Company has determined the estimated fair values of the following financial instruments within Level 2 of the hierarchy by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date: (dollars in thousands) March 31, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes receivable and preferred equity investments, net $ 154,679 $ 154,679 $ 147,188 $ 147,188 Mortgage and other notes payable $ 1,296,558 $ 1,323,937 $ 1,358,606 $ 1,382,318

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Reconciliation of Certain Segment Information from Segments to Consolidated	The following tables set forth certain segment information for the Company, as of and for the three months ended March 31, 2016 and 2015, and does not include unconsolidated affiliates: Three Months Ended March 31, 2016 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 38,107 $ 9,938 $ 4,638 $ 52,683 Property operating expenses, other operating and real estate taxes (8,562 ) (3,431 ) — (11,993 ) General and administrative expenses (9,073 ) (279 ) — (9,352 ) Depreciation and amortization (13,495 ) (3,354 ) — (16,849 ) Operating income 6,977 2,874 4,638 14,489 Equity in earnings of unconsolidated affiliates 592 1,362 — 1,954 Gain on disposition of properties — 65,393 — 65,393 Interest and other finance expense (6,764 ) (1,274 ) — (8,038 ) Income tax benefit 77 — — 77 Net income $ 882 $ 68,355 $ 4,638 $ 73,875 Noncontrolling interests Net income attributable to noncontrolling interests $ (2,822 ) $ (42,128 ) $ — $ (44,950 ) Net income attributable to Common Shareholders $ (1,940 ) $ 26,227 $ 4,638 $ 28,925 Real Estate at Cost $ 1,641,312 $ 1,104,902 $ — $ 2,746,214 Total Assets $ 1,827,059 $ 1,166,589 $ 154,679 $ 3,148,327 Acquisition of Real Estate $ — $ 12,287 $ — $ 12,287 Investment in Redevelopment and Improvements $ 3,248 $ 34,215 $ — $ 37,463 12. SEGMENT REPORTING (continued) Three Months Ended March 31, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 35,593 $ 13,480 $ 3,408 $ 52,481 Property operating expenses, other operating and real estate taxes (9,691 ) (6,452 ) — (16,143 ) General and administrative expenses (6,811 ) (721 ) — (7,532 ) Depreciation and amortization (9,907 ) (3,751 ) — (13,658 ) Operating income 9,184 2,556 3,408 15,148 Equity in earnings of unconsolidated affiliates 434 6,159 — 6,593 Loss on debt extinguishment — (109 ) — (109 ) Gain on disposition of property — 27,143 — 27,143 Interest and other finance expense (6,468 ) (2,353 ) — (8,821 ) Income tax provision (480 ) (937 ) — (1,417 ) Net income $ 2,670 $ 32,459 $ 3,408 $ 38,537 Noncontrolling interests Net income attributable to noncontrolling interests $ (179 ) $ (21,811 ) $ — $ (21,990 ) Net income attributable to Common Shareholders $ 2,491 $ 10,648 $ 3,408 $ 16,547 Real Estate at Cost $ 1,550,695 $ 953,607 $ — $ 2,504,302 Total Assets $ 1,666,987 $ 1,105,319 $ 98,560 $ 2,870,866 Acquisition of Real Estate $ 169,235 $ 51,036 $ — $ 220,271 Investment in Redevelopment and Improvements $ 6,353 $ 34,141 $ — $ 40,494

ORGANIZATION AND BASIS OF PRE33

ORGANIZATION AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2016USD ($)property	Jun. 30, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties (in properties) | property	151
Brandywine Portfolio
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Noncontrolling interest, ownership percentage		77.78%
Impairment of asset		$ 5,000,000
Core Portfolio
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties (in properties) | property	92
Opportunity Funds
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties (in properties) | property	59
Operating Partnership | Brandywine Portfolio
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Impairment of asset		$ 1,100,000
Mortgages
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument face amount	$ 1,463,000
Non-Recourse Mortgage Debt Due 2016 | Mortgages
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument face amount	$ 26,300,000
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	94.00%
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%

ORGANIZATION AND BASIS OF PRE34

ORGANIZATION AND BASIS OF PRESENTATION - Summary of General Terms and Operating Partnership's Equity Interests (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2016	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	22.22%
Fund Size	$ 90
Capital Called	86.6
Unfunded Commitment	$ 0
Equity Interest Held By Operating Partnership	37.78%
Preferred Return	9.00%
Capital Returned	$ 194.5
Operating Partnership | Fund II and Mervyns II
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital	28.33%
Fund Size	$ 300
Capital Called	300
Unfunded Commitment	$ 47.1
Equity Interest Held By Operating Partnership	28.33%
Preferred Return	8.00%
Capital Returned	$ 131.6
Operating Partnership | Fund III
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital	24.54%
Fund Size	$ 502.5
Capital Called	387.5
Unfunded Commitment	$ 62.5
Equity Interest Held By Operating Partnership	39.63%
Preferred Return	6.00%
Capital Returned	$ 497.7
Operating Partnership | Fund IV
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital	23.12%
Fund Size	$ 540.6
Capital Called	239.3
Unfunded Commitment	$ 301.2
Equity Interest Held By Operating Partnership	23.12%
Preferred Return	6.00%
Capital Returned	$ 101.9

EARNINGS PER COMMON SHARE - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Common stock
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Anti-dilutive securities excluded from computation of diluted earnings per share, amount (in shares)	428,121	25,067
Operating Partnership, as General Partner or Managing Member
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Limited partners' common OP units (in shares)	3,357,760		2,931,198
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
Operating Partnership, as General Partner or Managing Member | Series C Preferred Stock
Schedule of Earnings Per Share, Basic and Diluted [Line Items]
Limited partners' common OP units (in shares)	141,593

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator
Net income attributable to Common Shareholders	$ 28,925	$ 16,547
Less: net income attributable to participating securities	(365)	(240)
Net income attributable to Common Shareholders, net of income attributable to participating securities	$ 28,560	$ 16,307
Denominator
Weighted average shares for basic earnings per share (in shares)	70,756	68,295
Effect of dilutive securities:
Employee Restricted Share Units and share options (in shares)	16	40
Convertible Preferred OP Units (in shares)	428	25
Denominator for diluted earnings per share (in shares)	71,200	68,360
Basic and diluted earnings per share (in dollars per share)	$ 0.40	$ 0.24

SHAREHOLDERS' EQUITY AND NONC37

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Noncontrolling Interest [Line Items]
Proceeds from issuance of common stock	$ 32,026,000	$ 18,605,000
Operating Partnership, as General Partner or Managing Member
Noncontrolling Interest [Line Items]
Limited partners' capital account, units issued (in shares)	442,478
Limited partners' common OP units (in shares)	3,357,760		2,931,198
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
Series C Preferred Stock | Operating Partnership, as General Partner or Managing Member
Noncontrolling Interest [Line Items]
Limited partners' capital account, units issued (in shares)	141,593
Limited partners' value per unit (in dollars per share)	$ 100
Limited partners' quarterly distribution, per unit	$ 0.9375
Limited partners' common OP units (in shares)	141,593
At The Market Equity Program | Common stock
Noncontrolling Interest [Line Items]
Common stock issued during the period (in shares)	1,100,000
Gross proceeds from issuance of common stock	$ 35,700,000
Proceeds from issuance of common stock	$ 35,200,000
LTIP Units
Noncontrolling Interest [Line Items]
Share-based compensation, outstanding (in shares)	1,069,813		929,169
At The Market Equity Program
Noncontrolling Interest [Line Items]
Common stock, shares authorized not issued, value	$ 91,600,000			$ 200,000,000

ACQUISITION AND DISPOSITION O38

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE - Acquisition (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)ft²shares	Dec. 31, 2015USD ($)
Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	129,822
Purchase Price	$ 116,269
Assumption of Debt	10,472
Acquisition costs	$ 200
Fund IV
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	19,528
Purchase Price	$ 13,750
Assumption of Debt	$ 1,463
Gotham Plaza | New York, NY | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	122,902
Percentage of interests acquired	49.00%
Purchase Price	$ 39,808
Assumption of Debt	$ 10,472
991 Madison Avenue | New York, NY | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	6,920
Percentage of interests acquired	100.00%
Purchase Price	$ 76,461
Assumption of Debt	$ 0
1964 Union Street | San Francisco, CA | Fund IV
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	3,817
Percentage of interests acquired	90.00%
Purchase Price	$ 2,250
Assumption of Debt	$ 1,463
Restaurants at Fort Point | Boston, MA | Fund IV
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	15,711
Percentage of interests acquired	100.00%
Purchase Price	$ 11,500
Assumption of Debt	$ 0
Acquisitions in 2015
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	149,350
Purchase Price	$ 130,019
Assumption of Debt	11,935
Purchase Price Allocations
Land	67,017	$ 65,759
Buildings and improvements	192,472	204,532
Acquisition-related intangible assets (in Acquired lease intangibles, net)	20,326	0
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(8,809)	0
Below market debt assumed (in Mortgage and other notes payable)	(10,480)	(9,765)
Total consideration	260,526	$ 260,526
Adjustments
Land	1,258
Buildings and improvements	(12,060)
Acquisition-related intangible assets (in Acquired lease intangibles, net)	20,326
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(8,809)
Below market debt assumed (in Mortgage and other notes payable)	(715)
Total consideration	0
Acquisitions in 2016
Purchase Price Allocations
Land	23,192
Buildings and improvements	69,575
Debt assumed (included in Mortgage and other notes payable)	(21,371)
Total consideration	$ 71,396
Operating Partnership, as General Partner or Managing Member
Business Acquisition [Line Items]
Limited partners' capital account, units issued (in shares) | shares	442,478
Series C Preferred Stock | Operating Partnership, as General Partner or Managing Member
Business Acquisition [Line Items]
Limited partners' capital account, units issued (in shares) | shares	141,593
Capital Lease Obligations | 991 Madison Avenue
Business Acquisition [Line Items]
Lease term	49 years
Capital lease payments	$ 7,200

ACQUISITION AND DISPOSITION O39

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE - Dispositions & Properties Held For Sale (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)property	Dec. 31, 2015property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties held for sale | property	1	0
Fund III | Cortlandt Town Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, percentage	65.00%
Sale Price	$ 107,250
Gain on Sale	$ 65,393

INVESTMENTS IN AND ADVANCES T40

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Core Portfolio (Details) ft² in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2016USD ($)	Mar. 31, 2016USD ($)ft²
Gotham Plaza
Schedule of Equity Method Investments [Line Items]
Percentage of interests acquired	49.00%
Percentage of long-term debt assumed	49.00%
Core Portfolio
Schedule of Equity Method Investments [Line Items]
Consideration transferred | $		$ 116,269
Core Portfolio | Crossroads
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage		49.00%
Square footage of real estate property (in square feet)		311
Core Portfolio | Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage		50.00%
Square footage of real estate property (in square feet)		28
Core Portfolio | 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
Core Portfolio | Gotham Plaza
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in square feet)		123
Consideration transferred | $	$ 39,800
Debt assumed (included in Mortgage and other notes payable) | $	$ 21,400

INVESTMENTS IN AND ADVANCES T41

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Funds (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2016USD ($)	Mar. 31, 2016USD ($)partner	Dec. 31, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates		$ 210,309	$ 173,277
Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Number of unaffiliated partners | partner		2
Mervyns I and Mervyns II | Opportunity Funds | KLA/Mervyns LLC
Schedule of Equity Method Investments [Line Items]
Distributions, equity method investment		$ 48,648
Equity method investments		26,058
Mervyns I | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Distributions, equity method investment		100
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
Corporate Joint Venture | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Distributions		155,604
Investments in and advances to unconsolidated affiliates		63,216
Fund III | Cortlandt Town Center
Schedule of Equity Method Investments [Line Items]
Disposal group, percentage	65.00%
Disposal group, consideration	$ 107,300
KLA/Mervyns LLC Add-On Investments | Mervyns I and Mervyns II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments		7,547
Distributions		9,272
KLA A Markets LLC Add-On Investments | Mervyns II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments		2,416
Distributions		4,864
KA-Shopko LLC | Fund II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments		1,110
Distributions		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
Distributions		2,941
KLAC Rex Venture LLC | Mervyns II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments		2,701
Distributions		4,927
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		11,821
Equity method investments		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
Operating Partnership, as General Partner or Managing Member | Corporate Joint Venture | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Distributions		33,374
Investments in and advances to unconsolidated affiliates		12,070
Operating Partnership, as General Partner or Managing Member | KLA/Mervyns LLC Add-On Investments | Mervyns I and Mervyns II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments		1,252
Distributions		2,017
Operating Partnership, as General Partner or Managing Member | KLA A Markets LLC Add-On Investments | Mervyns II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments		388
Distributions		972
Operating Partnership, as General Partner or Managing Member | KA-Shopko LLC | Fund II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments		222
Distributions		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
Distributions		588
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		20
Operating Partnership, as General Partner or Managing Member | KLAC Rex Venture LLC | Mervyns II | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Invested Capital and Advances, cost method investments		535
Distributions		$ 986

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
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Real estate under development	$ 639,759		$ 609,574
Investments in and advances to unconsolidated affiliates	210,309		173,277
Total assets	3,148,327		3,032,319
Other liabilities	106,002		31,000
Total liabilities and equity	3,148,327		3,032,319
Distributions in excess of income from, and investments in, unconsolidated affiliates	(23,613)		(13,244)
Total revenues	52,683	$ 52,481
Operating Expenses	(38,194)	(37,333)
Equity in earnings of unconsolidated affiliates	1,954	6,593
Depreciation and amortization	(16,849)	(13,658)
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Rental property, net	553,827		302,976
Real estate under development	40,059		35,743
Investments in and advances to unconsolidated affiliates	6,853		6,853
Other assets	47,813		47,083
Total assets	648,552		392,655
Loans Payable to Bank	340,417		192,684
Other liabilities	22,950		21,945
Partners’ equity	285,185		178,026
Total liabilities and equity	648,552		$ 392,655
Total revenues	13,372	11,930
Operating Expenses	(3,730)	(3,857)
Interest Expense	(2,736)	(2,638)
Equity in earnings of unconsolidated affiliates	0	66,655
Depreciation and amortization	(3,880)	(2,307)
Income from continuing operations	3,026	69,783
Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Equity in earnings of unconsolidated affiliates	1,954	6,593
Company’s share of net income	2,052	6,691
Amortization of Excess Investment	$ (98)	$ (98)

STRUCTURED FINANCING PORTFOLI43

STRUCTURED FINANCING PORTFOLIO - Schedule of Notes Receivable (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2016USD ($)	Mar. 31, 2016USD ($)debtinstrumentloanextension_option	Mar. 31, 2015USD ($)	Jan. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
Net carrying amounts of notes receivable		$ 154,679			$ 147,188
Proceeds from notes receivable		$ 20,500	$ 0
Nonperforming Financing Receivable
Mortgage Loans on Real Estate [Line Items]
Number of instruments held | debtinstrument		1
First Mortgage Loan, 6% Loan, Due 2016
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		6.00%
Net carrying amounts of notes receivable		$ 15,000			15,000
Extension options | extension_option		1
Extension options, length of term		12 months
First Mortgagee Loan, 7% Loan, Due 2016
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		7.00%		7.00%
Net carrying amounts of notes receivable		$ 13,250		$ 13,300	0
Extension options | extension_option		1
Extension options, length of term		3 years
First Mortgage Loan, 8.8% Loan, Due 2016
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		8.80%
Net carrying amounts of notes receivable		$ 0			7,500
Proceeds from notes receivable	$ 7,500
Preferred Equity, 8.1% Loan, Due 2017
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		8.10%
Net carrying amounts of notes receivable	13,000	$ 0			13,000
Payment amount	13,400
Prepayment penalty	$ 400
First Mortgage Loan LIBOR Plus 7.1% Due 2018
Mortgage Loans on Real Estate [Line Items]
Net carrying amounts of notes receivable		$ 26,000			26,000
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, 2.5% Loan, Due 2020
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		2.50%
Net carrying amounts of notes receivable		$ 30,424			30,234
Mezzanine Loan, 15% Loan, Due 2020
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		15.00%
First priority liens		$ 166,200
Net carrying amounts of notes receivable		$ 30,879			30,879
Preferred Equity, 15.3% Loan, Due 2021
Mortgage Loans on Real Estate [Line Items]
Effective interest rate		15.30%		15.30%
Net carrying amounts of notes receivable		$ 14,000		$ 14,000	0
Extension options | extension_option		2,000
Extension options, length of term		12 years
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
Individually Less Than 3 Percent, Variable Interest Rate
Mortgage Loans on Real Estate [Line Items]
Threshold to disclose debt individually		3.00%
Net carrying amounts of notes receivable		$ 13,126			12,575
Additional investment		$ 400
Number of loans | loan		4
Carrying Amount
Mortgage Loans on Real Estate [Line Items]
Notes receivable and preferred equity investments, net		$ 154,679			$ 147,188
Minimum | Individually Less Than 3 Percent, Variable Interest Rate
Mortgage Loans on Real Estate [Line Items]
Loans receivable, basis spread on variable rate		5.50%
Maximum | Individually Less Than 3 Percent, Variable Interest Rate
Mortgage Loans on Real Estate [Line Items]
Loans receivable, basis spread on variable rate		18.00%

DERIVATIVE FINANCIAL INSTRUME44

DERIVATIVE FINANCIAL INSTRUMENTS (Details) $ in Millions	Mar. 31, 2016USD ($)interest_rate_swapderivative	Dec. 31, 2015USD ($)
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income - unrealized loss on valuation of swap agreements	$ 11.5	$ 4.5
Other Liabilities | Level 2
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	$ 12.4	5.9
Prepaid Expenses and Other Assets | Level 2
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets		$ 0.8
Cash Flow Hedging | Variable-Rate Derivatives | Minimum
Derivatives, Fair Value [Line Items]
Derivative, cap interest rate	4.00%
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	16
Notional amount of interest rate cash flow hedge derivatives	$ 305.7
Interest Rate Swap | Cash Flow Hedging | Fixed-Rate Derivatives | Minimum
Derivatives, Fair Value [Line Items]
Derivative, fixed interest rate	1.30%
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	$ 29.5
Derivative, number of instruments held (derivative) | derivative	1

MORTGAGE AND OTHER NOTES PAYA45

MORTGAGE AND OTHER NOTES PAYABLE - MORTGAGE BY PROPERTY (Details) - Mortgages $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 1,463
Repayments of long-term debt	98,025
LIBOR plus 1.85% Mortgage Note | Cortlandt Town Center
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	0
Repayments of long-term debt	$ 83,070
Description of variable rate basis	LIBOR
LIBOR plus 1.85% Mortgage Note | Cortlandt Town Center | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	1.85%
3.8% Mortgage Note | 1964 Union Street
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 1,463
Stated interest rate percentage	3.80%
Repayments of long-term debt	$ 0
5.62% Mortgage Note | Chicago Street Retail Portfolio
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 0
Stated interest rate percentage	5.62%
Repayments of long-term debt	$ 14,955

UNSECURED NOTES PAYABLE (Detail

UNSECURED NOTES PAYABLE (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgage and other notes payable, net of unamortized loan costs of $9,884 and $10,567, respectively and unamortized premiums of $1,726 and $1,364, respectively		$ 955,003,000	$ 1,050,051,000
Line of Credit | Unsecured Credit Facility
Debt Instrument [Line Items]
Amount repaid on subscription line		20,800,000
Debt instrument face amount	$ 50,000,000
Fund IV | Line of Credit
Debt Instrument [Line Items]
Amount borrowed on unsecured credit facility		5,600,000
Long-term line of credit		40,100,000
Fund IV | Line of Credit | Subscription Line
Debt Instrument [Line Items]
Amount repaid on subscription line		9,200,000
Fund IV | Line of Credit | Subscription Line | Line of Credit
Debt Instrument [Line Items]
Mortgage and other notes payable, net of unamortized loan costs of $9,884 and $10,567, respectively and unamortized premiums of $1,726 and $1,364, respectively		82,700,000
Fund II | Line of Credit
Debt Instrument [Line Items]
Long-term line of credit		20,000,000
Fund II | Line of Credit | Subscription Line | Line of Credit
Debt Instrument [Line Items]
Amount borrowed on unsecured credit facility		$ 7,500,000
LIBOR | Line of Credit | Unsecured Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%

FAIR VALUE MEASUREMENTS Schedul

FAIR VALUE MEASUREMENTS Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring $ in Thousands	Mar. 31, 2016USD ($)
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, liabilities	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, liabilities	12,450
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments, liabilities	$ 0

FAIR VALUE MEASUREMENTS Fair Va

FAIR VALUE MEASUREMENTS Fair Value by Balance Sheet Grouping (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable and preferred equity investments, net	$ 154,679	$ 147,188
Mortgage and other notes payable	1,296,558	1,358,606
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable and preferred equity investments, net	154,679	147,188
Mortgage and other notes payable	$ 1,323,937	$ 1,382,318

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Unconsolidated Affiliates
Related Party Transaction [Line Items]
Revenue from related parties	$ 0.1	$ 0.1

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)segment	Mar. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	3
Revenues	$ 52,683	$ 52,481
Property operating expenses, other operating and real estate taxes	(11,993)	(16,143)
General and administrative expenses	(9,352)	(7,532)
Depreciation and amortization	(16,849)	(13,658)
Operating income	14,489	15,148
Equity in earnings of unconsolidated affiliates	1,954	6,593
Loss on debt extinguishment	0	(109)
Gain on disposition of properties	65,393	27,143
Interest and other finance expense	(8,038)	(8,821)
Income tax benefit (provision)	77	(1,417)
Net income	73,875	38,537
Net income attributable to noncontrolling interests	(44,950)	(21,990)
Net income attributable to Common Shareholders	28,925	16,547
Real Estate at Cost	2,746,214	2,504,302
Total Assets	3,148,327	2,870,866
Acquisition of Real Estate	12,287	220,271
Investment in Redevelopment and Improvements	37,463	40,494
Core Portfolio
Segment Reporting Information [Line Items]
Revenues	38,107	35,593
Property operating expenses, other operating and real estate taxes	(8,562)	(9,691)
General and administrative expenses	(9,073)	(6,811)
Depreciation and amortization	(13,495)	(9,907)
Operating income	6,977	9,184
Equity in earnings of unconsolidated affiliates	592	434
Loss on debt extinguishment		0
Gain on disposition of properties	0	0
Interest and other finance expense	(6,764)	(6,468)
Income tax benefit (provision)	77	(480)
Net income	882	2,670
Net income attributable to noncontrolling interests	(2,822)	(179)
Net income attributable to Common Shareholders	(1,940)	2,491
Real Estate at Cost	1,641,312	1,550,695
Total Assets	1,827,059	1,666,987
Acquisition of Real Estate	0	169,235
Investment in Redevelopment and Improvements	3,248	6,353
Funds
Segment Reporting Information [Line Items]
Revenues	9,938	13,480
Property operating expenses, other operating and real estate taxes	(3,431)	(6,452)
General and administrative expenses	(279)	(721)
Depreciation and amortization	(3,354)	(3,751)
Operating income	2,874	2,556
Equity in earnings of unconsolidated affiliates	1,362	6,159
Loss on debt extinguishment		(109)
Gain on disposition of properties	65,393	27,143
Interest and other finance expense	(1,274)	(2,353)
Income tax benefit (provision)	0	(937)
Net income	68,355	32,459
Net income attributable to noncontrolling interests	(42,128)	(21,811)
Net income attributable to Common Shareholders	26,227	10,648
Real Estate at Cost	1,104,902	953,607
Total Assets	1,166,589	1,105,319
Acquisition of Real Estate	12,287	51,036
Investment in Redevelopment and Improvements	34,215	34,141
Structured Financing Portfolio
Segment Reporting Information [Line Items]
Revenues	4,638	3,408
Property operating expenses, other operating and real estate taxes	0	0
General and administrative expenses	0	0
Depreciation and amortization	0	0
Operating income	4,638	3,408
Equity in earnings of unconsolidated affiliates	0	0
Loss on debt extinguishment		0
Gain on disposition of properties	0	0
Interest and other finance expense	0	0
Income tax benefit (provision)	0	0
Net income	4,638	3,408
Net income attributable to noncontrolling interests	0	0
Net income attributable to Common Shareholders	4,638	3,408
Real Estate at Cost	0	0
Total Assets	154,679	98,560
Acquisition of Real Estate	0	0
Investment in Redevelopment and Improvements	$ 0	$ 0

LONG-TERM INCENTIVE COMPENSAT51

LONG-TERM INCENTIVE COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4,019	$ 1,889
Fund III
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 1,500
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]
Percentage of Promote Awarded as Share Based Compensation Award				9.30%
Senior Executives | Long Term Investment Alignment Program | Fund III
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of Promote Awarded as Share Based Compensation Award				25.00%
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)	289,925
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)	11,094
LTIP Units and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total value of restricted shares and LTIP units as of the grant date	$ 10,400
Share-based compensation expense	500		$ 1,900
Compensation expense not yet recognized	8,500
Long term incentive and share based compensation expense	1,900	1,800
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Trustee fee expense	$ 200	$ 200

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	Apr. 29, 2016	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Subsequent Event [Line Items]
Proceeds from issuance of common stock		$ 32,026,000	$ 18,605,000
Net carrying amounts of notes receivable		154,679,000		$ 147,188,000
Heritage Shops | Chicago, Illinois | Fund III | Subsequent Event
Subsequent Event [Line Items]
Disposal group, consideration	$ 46,500,000
Forward Sale and Underwritten Public Offering | Subsequent Event
Subsequent Event [Line Items]
Common stock issued during the period (in shares)	3.6
Proceeds from issuance of common stock	$ 125,000,000
Mezzanine Loan, 15% Loan, Due 2020
Subsequent Event [Line Items]
Net carrying amounts of notes receivable		$ 30,879,000		$ 30,879,000
Effective interest rate		15.00%
Unsecured Debt | Unsecured Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Amount borrowed on unsecured credit facility	130,000,000
Secured Debt | Unsecured Credit Facility | Subsequent Event
Subsequent Event [Line Items]
Amount repaid on subscription line	140,000,000
Affiliated Entity | Mezzanine Loan, 15% Loan, Due 2020 | Subsequent Event
Subsequent Event [Line Items]
Payment amount	42,700,000
Affiliated Entity | 8.1% Interest Bearing Note, Due April 30, 2019 | Subsequent Event
Subsequent Event [Line Items]
Net carrying amounts of notes receivable	$ 153,400,000
Effective interest rate	8.10%