Acadia Realty Trust (AKR) 10-Q 27 Jul 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 27, 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	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		75,670,695

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Operating real estate
Land	$ 477,205	$ 514,120
Buildings and improvements	1,499,033	1,593,350
Construction in progress	24,365	19,239
Gross operating real estate	2,000,603	2,126,709
Less: accumulated depreciation	265,174	298,703
Net operating real estate	1,735,429	1,828,006
Real estate under development	647,142	609,574
Notes receivable and preferred equity investments	273,542	147,188
Investments in and advances to unconsolidated affiliates	284,238	173,277
Cash and cash equivalents	83,853	72,776
Cash in escrow	18,709	26,444
Restricted cash	10,840	10,840
Rents receivable, net	38,217	40,425
Deferred charges, net	23,423	22,568
Acquired lease intangibles, net	61,795	52,593
Prepaid expenses and other assets	57,852	48,628
Total assets	3,235,040	3,032,319
LIABILITIES
Mortgage and other notes payable, net of unamortized loan costs of $9,665 and $10,567, respectively, and unamortized premiums of $1,462 and $1,364, respectively	799,264	1,050,051
Unsecured notes payable, net of unamortized loan costs of $1,225 and $1,155, respectively	445,501	308,555
Distributions in excess of income from, and investments in, unconsolidated affiliates	24,013	13,244
Accounts payable and accrued expenses	38,343	38,754
Dividends and distributions payable	20,162	37,552
Acquired lease intangibles, net	37,489	31,809
Other liabilities	109,351	31,000
Total liabilities	1,474,123	1,510,965
Shareholders' Equity
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 74,772,581 and 70,258,415 shares, respectively	75	70
Additional paid-in capital	1,287,854	1,092,239
Accumulated other comprehensive loss	(15,220)	(4,463)
Retained earnings	22,919	12,642
Total shareholders’ equity	1,295,628	1,100,488
Noncontrolling interests	465,289	420,866
Total equity	1,760,917	1,521,354
Total liabilities and equity	$ 3,235,040	$ 3,032,319

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Jun. 30, 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)	74,772,581	70,258,415
Common stock, shares outstanding (in shares)	74,772,581	70,258,415
Mortgages and other notes payable
Debt Instrument [Line Items]
Unamortized loan costs	$ 9,665	$ 10,567
Unamortized premiums	1,462	1,364
Unsecured Debt
Debt Instrument [Line Items]
Unamortized loan costs	$ 1,225	$ 1,155

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Rental income	$ 35,186	$ 39,784	$ 73,776	$ 77,971
Interest income	7,415	3,985	12,053	7,393
Expense reimbursements	7,769	7,825	15,728	17,891
Other	963	1,567	2,459	2,387
Total revenues	51,333	53,161	104,016	105,642
Operating Expenses
Property operating	5,105	6,196	10,642	13,927
Other operating	538	599	829	2,719
Real estate taxes	5,640	6,419	11,805	12,711
General and administrative	8,521	8,005	17,873	15,537
Depreciation and amortization	14,678	13,903	31,527	27,561
Impairment of asset	0	5,000	0	5,000
Total operating expenses	34,482	40,122	72,676	77,455
Operating income	16,851	13,039	31,340	28,187
Equity in earnings of unconsolidated affiliates	1,740	3,406	3,694	9,999
Gain on disposition of property of unconsolidated affiliates	0	17,105	0	17,105
Loss on debt extinguishment	(15)	(25)	(15)	(134)
Gain on disposition of properties	16,572	61,841	81,965	88,984
Interest and other finance expense	(8,882)	(9,964)	(16,920)	(18,785)
Income before income tax (provision) benefit	26,266	85,402	100,064	125,356
Income tax (provision) benefit	(111)	56	(34)	(1,361)
Net income	26,155	85,458	100,030	123,995
Net income attributable to noncontrolling interests	(8,237)	(58,963)	(53,187)	(80,953)
Net income attributable to Common Shareholders	$ 17,918	$ 26,495	$ 46,843	$ 43,042
Basic and diluted earnings per share (in dollars per share)	$ 0.24	$ 0.38	$ 0.64	$ 0.62

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 26,155	$ 85,458	$ 100,030	$ 123,995
Other comprehensive (loss) income
Unrealized (loss) income on valuation of swap agreements	(5,279)	2,644	(14,098)	(1,655)
Reclassification of realized interest on swap agreements	1,140	2,399	2,186	3,452
Other comprehensive (loss) income	(4,139)	5,043	(11,912)	1,797
Comprehensive income	22,016	90,501	88,118	125,792
Comprehensive income attributable to noncontrolling interests	(7,851)	(60,461)	(52,032)	(82,029)
Comprehensive income attributable to Common Shareholders	$ 14,165	$ 30,040	$ 36,086	$ 43,763

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - 6 months ended Jun. 30, 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 period start 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)			319,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	7,383	$ 1	7,382			(7,383)
Issuance of Common Shares, net of issuance costs (in Shares)			4,170,000
Issuance of Common Shares, net of issuance costs	141,349	141,349	$ 4	141,345
Issuance of OP Units to Acquire Real Estate	29,336						29,336
Dividends declared ($0.50 per Common Share)	(39,498)	(36,566)				(36,566)	(2,932)
Employee and trustee stock compensation, net (in Shares)			26,000
Employee and trustee stock compensation, net	6,076	474		474			5,602
Acquisition of noncontrolling interests	(18,379)	7,569		7,569			(25,948)
Change in control of previously consolidated investment	(75,713)						(75,713)
Noncontrolling interest distributions	(49,135)						(49,135)
Noncontrolling interest contributions	157,409						157,409
Reallocation of noncontrolling interest	0	38,845		38,845			(38,845)
Balance before adjustment towards comprehensive income (in Shares)			74,773,000
Balance before adjustment towards comprehensive income	1,672,799	1,259,542	$ 75	1,287,854	(4,463)	(23,924)	413,257
Comprehensive (loss) income:
Net income	100,030	46,843				46,843	53,187
Unrealized loss on valuation of swap agreements	(14,098)	(12,656)			(12,656)		(1,442)
Reclassification of realized interest on swap agreements	2,186	1,899			1,899		287
Comprehensive income	$ 88,118	36,086			(10,757)	46,843	52,032
Balance (in Shares) at Jun. 30, 2016	74,772,581		74,773,000
Balance at period end at Jun. 30, 2016	$ 1,760,917	$ 1,295,628	$ 75	$ 1,287,854	$ (15,220)	$ 22,919	$ 465,289

CONSOLIDATED STATEMENTS OF SHA7

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals)	6 Months Ended
	Jun. 30, 2016$ / shares
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.50

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 100,030	$ 123,995
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	31,527	27,561
Amortization of financing costs	1,192	1,546
Gain on disposition of properties	(81,965)	(88,984)
Impairment of asset	0	5,000
Stock compensation expense	4,150	3,746
Equity in earnings of unconsolidated affiliates	(3,694)	(9,999)
Gain on disposition of property of unconsolidated affiliates	0	(17,105)
Distributions of operating income from unconsolidated affiliates	2,974	10,035
Other, net	(3,812)	(2,645)
Changes in assets and liabilities
Cash in escrow	5,139	(11,505)
Rents receivable, net	(886)	(2,401)
Prepaid expenses and other assets	(4,546)	7,928
Accounts payable and accrued expenses	1,794	3,828
Other liabilities	(9,144)	2,751
Net cash provided by operating activities	42,759	53,751
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(18,537)	(273,071)
Deposits for properties under contract	(17,500)	0
Redevelopment and property improvement costs	(55,890)	(105,245)
Deferred leasing costs	(2,915)	(4,274)
Investments in and advances to unconsolidated affiliates	(63,034)	(6,505)
Return of capital from unconsolidated affiliates	35,608	5,660
Proceeds from disposition of property of unconsolidated affiliates	0	25,604
Change in control of previously consolidated investment	(2,578)	0
Proceeds from notes receivable	24,500	0
Issuance of notes receivable	(136,803)	(48,200)
Proceeds from sale of properties, net	150,379	197,882
Net cash used in investing activities	(86,770)	(208,149)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	(275,620)	(78,351)
Principal payments on unsecured debt	(471,500)	(109,815)
Proceeds received from mortgage and other notes	22,371	83,161
Proceeds received from unsecured debt	608,515	185,600
Loan proceeds held as restricted cash	0	30,324
Deferred financing and other costs	(3,024)	(2,746)
Capital contributions from noncontrolling interests	157,409	30,134
Distributions to noncontrolling interests	(71,432)	(64,648)
Dividends paid to Common Shareholders	(52,980)	(53,270)
Proceeds from issuance of Common Shares, net of issuance costs of $3,383 and $522, respectively	141,349	21,080
Net cash provided by financing activities	55,088	41,469
Increase (decrease) in cash and cash equivalents	11,077	(112,929)
Cash and cash equivalents, beginning of period	72,776	217,580
Cash and cash equivalents, end of period	83,853	104,651
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $9,771 and $7,465, respectively	19,246	22,735
Cash paid for income taxes	(1,267)	1,573
Supplemental disclosure of non-cash investing activities
Acquisition of real estate through assumption of debt	1,463	90,765
Acquisition of capital lease obligation	76,461	0
Acquisition of real estate through issuance of OP Units	29,336	0
Acquisition of real estate through conversion of notes receivable	0	6,886
Acquisition of real estate through assumption of restricted cash	0	28,192
Disposition of air rights through issuance of notes receivable	0	(29,793)
Change in control of previously consolidated investment
Real estate, net	90,559	0
Investment in unconsolidated affiliates	(21,421)	0
Other assets and liabilities	3,997	0
Noncontrolling interest	(75,713)	0
Change in control of previously consolidated investment	$ (2,578)	$ 0

CONSOLIDATED STATEMENTS OF CAS9

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement of Cash Flows [Abstract]
Stock issuance costs	$ 3,383	$ 522
Cash paid for capitalized interest	$ 9,771	$ 7,465

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2016 , the Company has ownership interests in 110 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 58 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 168 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 managing member of the Funds, Mervyns I and Mervyns II and earns fees or priority distributions for asset management, property management, construction, redevelopment, leasing and legal services. Cash from the Funds and RCP Venture is distributed pro-rata to the respective partners and members (including the Operating Partnership) until each receives a certain cumulative return ("Preferred Return"), and the return of all capital contributions. Thereafter, remaining cash flow is distributed 20% to the Operating Partnership ("Promote") and 80% to the partners or members (including the Operating Partnership). Following is a table summarizing the general terms and the Operating Partnership's equity interests in the Funds and Mervyns I and II: Entity Formation Date Operating Partnership Share of Capital Fund Size Capital Called as of June 30, 2016 (4) Unfunded Commitment Equity Interest Held By Operating Partnership Preferred Return Total Distributions as of June 30, 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% 509.8 Fund IV 5/2012 23.12% 540.6 239.3 301.2 23.12% 6% 101.9 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. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) (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 and six months ended June 30, 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. During the three months ended June 30, 2016, management determined that certain transactions involving the issuance of Common Shares of the Trust and Common OP Units, Preferred OP Units, and LTIP Units of the Operating Partnership, should have resulted in an adjustment to the Operating Partnership’s non-controlling interest ("OPU NCI") and the Trust’s Additional Paid-in-Capital ("APIC") to reflect the difference between the fair value of the consideration received or paid and the book value of the Common Shares, Common OP Units, Preferred OP Units, and LTIP Units involving these changes in ownership (the "Rebalancing"). During the three months ended June 30, 2016, the Trust increased its APIC with an offsetting reduction to the OPU NCI of approximately $38.8 million , of which approximately $31.8 million of this Rebalancing related to prior years. Management concluded that the Rebalancing adjustments were not meaningful to the Company’s financial position for any of the prior years, and the quarterly periods in 2016, and as such, this cumulative change was recorded in the consolidated balance sheet and statement of shareholder’s equity in the second quarter of 2016 as an out-of-period adjustment. The misclassification had no impact on the previously-reported consolidated assets, liabilities or total equity or on the consolidated statements of income, comprehensive income, or cash flows. 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 matured July 1, 2016. Management does not believe that the carrying values of any of its other properties are impaired as of June 30, 2016 . 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Recent Accounting Pronouncements During June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments - Credit Losses." ASU 2016-13 requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected. ASU 2016-13 is effective for periods beginning after December 15, 2019, with adoption permitted for fiscal years beginning after December 15, 2018. Retrospective adjustments shall be applied through a cumulative-effect adjustment to retained earnings. The Company is in the process of evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements. During February 2016, the FASB issued 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. During August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern." ASU 2014-15 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements. During May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017.

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHARE	6 Months Ended
	Jun. 30, 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 June 30, 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") awards issued under the Company's Share Incentive Plans (Note 13). The effect of the assumed conversion of 188 Series A Preferred OP Units into 25,067 Common Shares, would be anti-dilutive and therefore not included for the three months ended June 30, 2016. Conversely, the assumed conversion of these would be dilutive and included in the computation of diluted earning per share for the three months ended June 30, 2015 and six months ended June 30, 2016 and June 30, 2015. The effect of the assumed conversion of 141,593 Series C Preferred OP Units into 402,252 Common Shares, would be anti-dilutive and therefore not included in the computation of diluted earnings per share for the three and six months ended June 30, 2016 and June 30, 2015, respectively. Additionally, the 3,600,000 Common Shares that were subject to the forward sales agreement entered into in April 2016 were not included in the computation of diluted earnings per share for the three and six months ended June 30, 2016 as they were anti-dilutive. 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 Six Months Ended June 30, June 30, (dollars in thousands, except per share amounts) 2016 2015 2016 2015 Numerator Net income attributable to Common Shareholders $ 17,918 $ 26,495 $ 46,843 $ 43,042 Less: net income attributable to participating securities (223 ) (377 ) (589 ) (615 ) Net income attributable to Common Shareholders, net of income attributable to participating securities 17,695 26,118 46,254 42,427 Denominator Weighted average shares for basic earnings per share 72,896 68,825 71,826 68,561 Effect of dilutive securities: Employee Restricted Share Units and share options — 19 — 30 Convertible Preferred OP Units — 25 25 25 Denominator for diluted earnings per share 72,896 68,869 71,851 68,616 Basic and diluted earnings per Common Share attributable to Common Shareholders $ 0.24 $ 0.38 $ 0.64 $ 0.62

SHAREHOLDERS' EQUITY AND NONCON

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2016
Noncontrolling Interest [Abstract]
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS During the six months ended June 30, 2016, the Company issued 3.3 million Common Shares under its $200.0 million at-the-market ("ATM") equity program, generating gross proceeds of $114.2 million and net proceeds of $112.7 million . As of June 30, 2016, there was $14.4 million remaining under this program. During the six months ended June 30, 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. The Series C Preferred OP Units are convertible into Common OP Units at a rate based on the share price at the time of conversion. During April 2016, the Company entered into a forward sale agreement to issue 3,600,000 Common Shares for net proceeds of $124.5 million . As of June 30, 2016, 867,612 of these shares have been physically settled, generating net proceeds of $30.0 million . Subject to the Company's right to elect cash or net share settlement, the Company expects to physically settle the forward sale agreement in conjunction with the closing of its acquisitions. The forward sale agreement expires during April 2017. 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’ 3,317,760 and 2,931,198 Common OP Units at June 30, 2016 and December 31, 2015 , respectively; (ii) 188 Series A Preferred OP Units at June 30, 2016 and December 31, 2015 , respectively; (iii) 141,593 Series C Preferred OP Units at June 30, 2016 and (iv) 1,045,146 and 929,169 LTIP Units at June 30, 2016 and December 31, 2015 , respectively.

ACQUISITION AND DISPOSITION OF

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE	6 Months Ended
	Jun. 30, 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 76,628 New York, NY — 165 Newbury Street 1,588 100 % Street Retail May 6,250 Boston, MA — Renaissance Portfolio (3) 305,000 20 % Street Retail June 67,600 Washington, D.C. 20,000 Total Core Portfolio 436,410 $ 190,286 $ 30,472 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 455,938 $ 204,036 $ 31,935 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 six months ended June 30, 2016 , lease payments totaling $7.2 million were made under this lease. (3) The Company acquired a 20% membership interest in an existing joint venture for $67.6 million . The Company's pro-rata share of debt assumed was $20.0 million of debt. The assets and liabilities of the underlying entity are stated at historical cost basis. The difference between the Company's investment and the historical cost basis will be allocated over the fair value of the underlying assets and liabilities and amortized over their respective lives. For the six months ended June 30, 2016 , the Company expensed $1.9 million of acquisition costs in the Core Portfolio and $0.2 million of acquisition costs in 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 $ 30,419 Buildings and improvements 296,534 Debt assumed (included in Mortgage and other notes payable) (121,371 ) Total consideration $ 205,582 During 2015 and 2016, 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. These allocation adjustments resulted in an increase to depreciation and amortization expense of $1.9 million and a reduction to rental income of $0.1 million for the six months ended June 30, 2016, which related to 2015. 4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE(continued) Acquisitions (continued) The following table summarizes the preliminary allocations of the purchase prices of these properties and the finalized allocations as adjusted as of June 30, 2016 : (dollars in thousands) Purchase Price Allocations as Originally Reported Adjustments Finalized Purchase Price Allocations Land $ 86,765 $ 2,344 $ 89,109 Buildings and improvements 267,551 (11,743 ) 255,808 Acquisition-related intangible assets (in Acquired lease intangibles, net) — 23,071 23,071 Acquisition-related intangible liabilities (in Acquired lease intangibles, net) — (12,951 ) (12,951 ) Below market debt assumed (in Mortgage and other notes payable) (10,885 ) (721 ) (11,606 ) Total consideration $ 343,431 $ — $ 343,431 Dispositions During 2016, the Company disposed of the following properties: (dollars in thousands) Dispositions GLA Sales Price Gain on Sale Month Sold Owner Cortlandt Town Center (1) — $ 107,250 $ 65,393 January Fund III Heritage Shops 82,098 46,500 16,572 April Fund III Total 82,098 $ 153,750 $ 81,965 Note: (1) Fund III sold a 65% controlling interest in Cortlandt Town Center for $107,250 , resulting in a gain on sale of $65,393 . Properties Held For Sale At June 30, 2016 and 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	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN AND ADVANCES TO UNCOLSOLIDATED 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 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 non-recourse 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 financial or operating control. During May 2016, the Company completed the acquisition of a 20% interest in a portfolio of 17 mixed-use properties, 16 of which are located in Georgetown, Washington D.C. and one which is located in Alexandria, Virginia (the "Renaissance Portfolio"). The Company accounts for this investment under the equity method as it has the ability to exercise significant influence, but does not have financial or operating control. The Company owns a 22.22% interest in an approximately one million square foot retail portfolio (the "Brandywine Portfolio") located in Wilmington, Delaware. Prior to the second quarter of 2016, the Company had a controlling interest in the Brandywine Portfolio, and it was therefore consolidated within the Company’s financial statements. During the second quarter of 2016, the arrangement with the partners of the Brandywine Portfolio was modified to change the legal ownership from a partnership to a tenancy in common (“TIC”), as well as to provide certain participating rights to the outside partners. As a result of these modifications, the Company deconsolidated the Brandywine Portfolio and accounts for its interest under the equity method of accounting. Furthermore, as the owners of the Brandywine Portfolio had consistent ownership interests before and after the modification and the underlying nets assets are unchanged, the Company has reflected the change from consolidation to equity method based upon its historical cost. Additionally, during the quarter ended June 30, 2016, the outstanding balance of $140.0 million of non-recourse debt collateralized by the Brandywine Portfolio was repaid. The Company provided a loan collateralized by the partners’ ownership interest in the TIC, as further described in Note 6, for their proportionate share of the repayment. Funds RCP Venture The Funds, together with two unaffiliated partners formed an investment group, the RCP Venture, for the purpose of making investments in surplus or underutilized properties owned by retailers and, in some instances, the retailers' operating company. The RCP Venture is neither a single entity nor a specific investment and the Company has no control or rights with respect to the formation and operation of these investments. The Company has made these investments through its subsidiaries, Mervyns I, Mervyns II and Fund II, (together the "Acadia Investors"), all on a non-recourse basis. Through June 30, 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 six months ended June 30, 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 . 5. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued) The following table summarizes activity related to the RCP Venture investments from inception through June 30, 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, 650 Bald Hill Road 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 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 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) June 30, December 31, Aggregate and Condensed Balance Sheets Assets Rental property, net $ 723,344 $ 302,976 Real estate under development 40,830 35,743 Investment in unconsolidated affiliates 6,853 6,853 Other assets 86,321 47,083 Total assets $ 857,348 $ 392,655 Liabilities and partners’ equity Mortgage notes payable $ 440,407 $ 192,684 Other liabilities 27,266 21,945 Partners’ equity 389,675 178,026 Total liabilities and partners’ equity $ 857,348 $ 392,655 Company’s investment in and advances to unconsolidated affiliates $ 284,238 $ 173,277 Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates $ (24,013 ) $ (13,244 ) Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands) 2016 2015 2016 2015 Aggregate and Condensed Statements of Income Total revenues $ 19,022 $ 10,342 $ 32,394 $ 22,015 Operating and other expenses (7,286 ) (3,102 ) (11,016 ) (6,833 ) Interest and other finance expense (3,377 ) (2,259 ) (6,113 ) (4,897 ) Equity in earnings of unconsolidated affiliates — — — 66,655 Depreciation and amortization (4,984 ) (2,787 ) (8,864 ) (5,037 ) Gain on disposition of property — 25,208 — 25,208 Net income $ 3,375 $ 27,402 $ 6,401 $ 97,111 Company’s share of net income $ 1,838 $ 20,609 $ 3,890 $ 27,300 Amortization of excess investment (98 ) (98 ) (196 ) (196 ) Company’s equity in earnings of unconsolidated affiliates $ 1,740 $ 20,511 $ 3,694 $ 27,104

STRUCTURED FINANCING PORTFOLIO

STRUCTURED FINANCING PORTFOLIO	6 Months Ended
	Jun. 30, 2016
Mortgage Loans on Real Estate [Abstract]
STRUCTURED FINANCING PORTFOLIO	STRUCTURED FINANCING PORTFOLIO As of June 30, 2016 , the Company’s structured financing portfolio, consisted of notes receivable and preferred equity investments, aggregating $273.5 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) Net Carrying Amounts of Structured Financing Portfolio as of June 30, 2016 Net Carrying Amounts of Structured Financing Portfolio as of December 31, 2015 Maturity date Extension Options 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 First Mortgage Loan 6.0% 15,000 15,000 5/1/2017 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 First Mortgage Loan (5) 8.1% 153,400 30,879 4/30/2019 Zero Coupon Loan (6) 2.5% 30,617 30,234 5/31/2020 Preferred Equity (7) 15.3% 14,000 — 1/13/2021 2 x 12 Months First Mortgage Loan (8) 9.0% 12,000 12,000 Demand Individually less than 3% (9) (10) (11) 5.5% to 18.0% 9,275 12,575 12/31/2016 to 7/1/2017 Total $ 273,542 $ 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) During April 2016, the Company restructured a $30.9 million mezzanine loan, which bore interest at 15% , and replaced it with a new $153.4 million loan collateralized by a first mortgage in the borrower's TIC interest. The new loan bears interest at 8.1% and matures April 30, 2019 (Note 5). (6) The principal balance for this loan, which requires no current payments of interest, is increased by the interest accrued. (7) 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% . (8) Loan was non-performing as of June 30, 2016 . Based on the value of the underlying collateral, no reserve has been established against this loan. (9) During 2016, the Company advanced an additional $0.7 million on two loans collateralized by properties. (10) Consists of three loans as of June 30, 2016 . (11) During June 2016, the Company received full principal repayment of a $4.0 million preferred equity investment. 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 June 30, 2016 , the Company held one non-performing note.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS As of June 30, 2016 , the Company's derivative financial instruments consisted of 17 interest rate swaps with an aggregate notional amount of $317.0 million , which effectively fix the London Inter-Bank Offer Rate ("LIBOR") at rates ranging from 1.2% to 3.8% and mature between July 2018 and June 2026 . The Company is also a party to one forward interest rate swap transaction with respect to $50.0 million of LIBOR-based variable-rate debt. 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 $16.4 million and $5.9 million at June 30, 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 June 30, 2016 and December 31, 2015 , unrealized losses totaling $15.2 million and $4.5 million , respectively, were reflected in accumulated other comprehensive loss on the Consolidated Balance Sheets. It is estimated that approximately $4.8 million included in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense in the next 12 months. As of June 30, 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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+1.65% 1964 Union Street January Assumption 1,463 3.8% 10/1/2025 — Chicago Street Retail Portfolio January Repayment — — 14,955 5.62% Heritage Shops April Repayment — — 24,456 LIBOR+1.55% 330-340 River Street May Refinancing 12,000 LIBOR+1.70% 6/1/2026 10,336 5.24% 2208-2216 Fillmore Street June New borrowing 5,606 3.4% 6/1/2026 — 1861 Union Street June New borrowing 2,315 3.4% 6/1/2026 — Brandywine Portfolio June Repayment — 139,950 6.0% Total $ 21,384 $ 272,767 Additionally, the Company is in default on one loan with respect to $26.3 million of non-recourse mortgage debt which is collateralized by a property.

UNSECURED NOTES PAYABLE

UNSECURED NOTES PAYABLE	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
UNSECURED NOTES PAYABLE	UNSECURED NOTES PAYABLE The Company completed the following transactions related to its unsecured credit facilities during the six months ended June 30, 2016 : The Company repaid the remaining $20.8 million of its revolving unsecured credit facility. During June 2016, the Company canceled the existing credit facility and entered into a new $150.0 million revolving unsecured credit facility. The new facility bears interest at LIBOR plus 140 basis points and matures June 27, 2020 with a one-year extension option. There is no outstanding balance as of June 30, 2016. The Company repaid the $50.0 million term loan and closed on a new $150.0 million unsecured term loan. The facility bears interest at LIBOR+1.30% and matures June 27, 2021 . The Company borrowed $7.5 million on its Fund II credit facility. The outstanding balance under this facility is $20.0 million as of June 30, 2016 . The Company repaid $5.3 million on its Fund IV subscription line. The outstanding balance under this facility is $86.6 million as of June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 June 30, 2016 : (dollars in thousands) Level 1 Level 2 Level 3 Liabilities Derivative financial instruments (Note 7) $ — $ 16,380 $ — 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) June 30, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes receivable and preferred equity investments, net $ 273,542 $ 273,542 $ 147,188 $ 147,188 Mortgage and other notes payable $ 1,244,765 $ 1,272,251 $ 1,358,606 $ 1,382,318

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 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 $0.4 million and $0.1 million for each of the three months ended June 30, 2016 and 2015, respectively and $0.6 million and $0.2 million for the six months ended June 30, 2016 and 2015, respectively. As further described in Notes 5 and 6, the Company provided a loan of $153.4 million to the owners of a TIC interest in the Brandywine Portfolio.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015, and does not include unconsolidated affiliates: Three Months Ended June 30, 2016 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 34,693 $ 9,225 $ 7,415 $ 51,333 Property operating expenses, other operating and real estate taxes (8,286 ) (2,997 ) — (11,283 ) General and administrative expenses (7,967 ) (554 ) — (8,521 ) Depreciation and amortization (11,706 ) (2,972 ) — (14,678 ) Operating income 6,734 2,702 7,415 16,851 Equity in earnings of unconsolidated affiliates 581 1,159 — 1,740 Loss on debt extinguishment — (15 ) — (15 ) Gain on disposition of properties — 16,572 — 16,572 Interest and other finance expense (7,113 ) (1,769 ) — (8,882 ) Income tax provision (87 ) (24 ) — (111 ) Net income $ 115 $ 18,625 $ 7,415 $ 26,155 Noncontrolling interests Net income attributable to noncontrolling interests $ (9 ) $ (8,228 ) $ — $ (8,237 ) Net income attributable to Common Shareholders $ 106 $ 10,397 $ 7,415 $ 17,918 Real Estate at Cost $ 1,528,848 $ 1,118,897 $ — $ 2,647,745 Total Assets $ 1,809,395 $ 1,152,103 $ 273,542 $ 3,235,040 Acquisition of Real Estate $ 6,250 $ — $ — $ 6,250 Investment in Redevelopment and Improvements $ 6,975 $ 11,452 $ — $ 18,427 12. SEGMENT REPORTING (continued) Three Months Ended June 30, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 37,593 $ 11,583 $ 3,985 $ 53,161 Property operating expenses, other operating and real estate taxes (8,235 ) (4,979 ) — (13,214 ) General and administrative expenses (7,397 ) (608 ) — (8,005 ) Depreciation and amortization (10,568 ) (3,335 ) — (13,903 ) Impairment of asset (5,000 ) — — (5,000 ) Operating income 6,393 2,661 3,985 13,039 Equity in earnings of unconsolidated affiliates 699 2,707 — 3,406 Gain on disposition of property of unconsolidated affiliates — 17,105 — 17,105 Loss on debt extinguishment — (25 ) — (25 ) Gain on disposition of properties — 61,841 — 61,841 Interest and other finance expense (7,329 ) (2,635 ) — (9,964 ) Income tax benefit (provision) 75 (19 ) — 56 Net (loss) income $ (162 ) $ 81,635 $ 3,985 $ 85,458 Noncontrolling interests Net loss (income) attributable to noncontrolling interests $ 2,205 $ (61,168 ) $ — $ (58,963 ) Net income attributable to Common Shareholders $ 2,043 $ 20,467 $ 3,985 $ 26,495 Real Estate at Cost $ 1,553,174 $ 1,025,406 $ — $ 2,578,580 Total Assets $ 1,650,555 $ 1,154,213 $ 168,931 $ 2,973,699 Acquisition of Real Estate $ — $ 52,800 $ — $ 52,800 Investment in Redevelopment and Improvements $ 3,271 $ 61,480 $ — $ 64,751 12. SEGMENT REPORTING (continued) Six Months Ended June 30, 2016 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 72,800 $ 19,163 $ 12,053 $ 104,016 Property operating expenses, other operating and real estate taxes (16,848 ) (6,428 ) — (23,276 ) General and administrative expenses (17,040 ) (833 ) — (17,873 ) Depreciation and amortization (25,201 ) (6,326 ) — (31,527 ) Operating income 13,711 5,576 12,053 31,340 Equity in earnings of unconsolidated affiliates 1,173 2,521 — 3,694 Loss on debt extinguishment — (15 ) — (15 ) Gain on disposition of properties — 81,965 — 81,965 Interest and other finance expense (13,877 ) (3,043 ) — (16,920 ) Income tax provision (10 ) (24 ) — (34 ) Net income $ 997 $ 86,980 $ 12,053 $ 100,030 Noncontrolling interests Net income attributable to noncontrolling interests $ (2,831 ) $ (50,356 ) $ — $ (53,187 ) Net (loss) income attributable to Common Shareholders $ (1,834 ) $ 36,624 $ 12,053 $ 46,843 Real Estate at Cost $ 1,528,848 $ 1,118,897 $ — $ 2,647,745 Total Assets $ 1,809,395 $ 1,152,103 $ 273,542 $ 3,235,040 Acquisition of Real Estate $ 6,250 $ 12,287 $ — $ 18,537 Investment in Redevelopment and Improvements $ 10,222 $ 45,668 $ — $ 55,890 12. SEGMENT REPORTING (continued) Six Months Ended June 30, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 73,186 $ 25,063 $ 7,393 $ 105,642 Property operating expenses, other operating and real estate taxes (17,926 ) (11,431 ) — (29,357 ) General and administrative expenses (14,208 ) (1,329 ) — (15,537 ) Depreciation and amortization (20,475 ) (7,086 ) — (27,561 ) Impairment of asset (5,000 ) — — (5,000 ) Operating income 15,577 5,217 7,393 28,187 Equity in earnings of unconsolidated affiliates 1,133 8,866 — 9,999 Gain on disposition of property of unconsolidated affiliates — 17,105 — 17,105 Loss on debt extinguishment — (134 ) — (134 ) Gain on disposition of properties — 88,984 — 88,984 Interest and other finance expense (13,797 ) (4,988 ) — (18,785 ) Income tax provision (405 ) (956 ) — (1,361 ) Net income $ 2,508 $ 114,094 $ 7,393 $ 123,995 Noncontrolling interests Net loss (income) attributable to noncontrolling interests $ 2,026 $ (82,979 ) $ — $ (80,953 ) Net income attributable to Common Shareholders $ 4,534 $ 31,115 $ 7,393 $ 43,042 Real Estate at Cost $ 1,553,174 $ 1,025,406 $ — $ 2,578,580 Total Assets $ 1,650,555 $ 1,154,213 $ 168,931 $ 2,973,699 Acquisition of Real Estate $ 169,235 $ 103,836 $ — $ 273,071 Investment in Redevelopment and Improvements $ 9,624 $ 95,621 $ — $ 105,245

LONG-TERM INCENTIVE COMPENSATIO

LONG-TERM INCENTIVE COMPENSATION	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
LONG-TERM INCENTIVE COMPENSATION	LONG-TERM INCENTIVE COMPENSATION During the six months ended June 30, 2016, the Company issued 319,242 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. The total value of the above Restricted Share Units and LTIP Units as of the grant date was $10.1 million , of which $1.9 million was recognized as compensation expense in 2015, and $8.2 million will be recognized as compensation expense over the vesting period. Compensation expense of $0.8 million has been recognized in the accompanying consolidated statements of income related to these awards for the six months ended June 30, 2016 . Total long-term incentive compensation expense, including the expense related to the above-mentioned plans, was $3.7 million and $3.5 million for the six months ended June 30, 2016 and 2015, respectively. In addition, members of the Board of Trustees (the "Board") have been issued units under the Share Incentive Plan. During the quarter ended June 30, 2016 the Company issued 13,491 Restricted Shares and 10,822 LTIP Units to Trustees of the Company in connection with Trustee fees. Vesting with respect to 4,674 of the Restricted Shares and 5,532 of the LTIP Units will be on the first anniversary of the date of issuance and 8,817 of the Restricted Shares and 5,290 of the LTIP Unites vest over three years with 33% vesting on each of the next three anniversaries of the issuance date. The Restricted Shares do not carry voting rights or other rights of Common Shares until vesting and may not be transferred, assigned or pledged until the recipients have a vested non-forfeitable right to such shares. Dividends are not paid currently on unvested Restricted Shares, but are paid cumulatively from the issuance date through the applicable vesting date of such Restricted Shares. Total trustee fee expense, included the expense related to the above-mentioned plans, was $0.5 million and $0.4 million for the six months ended June 30, 2016 and 2015, respectively. 13. LONG-TERM INCENTIVE COMPENSATION (continued) 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% 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. 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 six months ended June 30, 2016, compensation expense of $2.5 million was recognized related to the Program in connection with Fund III. The awards in connection with Fund IV were determined to have no intrinsic value as of June 30, 2016.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS During July 2016, the Company canceled the remaining amount on its $200 million ATM program and entered into a new ATM program with aggregate offerings of up to $250.0 million .

ORGANIZATION AND BASIS OF PRE24

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, "Financial Instruments - Credit Losses." ASU 2016-13 requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected. ASU 2016-13 is effective for periods beginning after December 15, 2019, with adoption permitted for fiscal years beginning after December 15, 2018. Retrospective adjustments shall be applied through a cumulative-effect adjustment to retained earnings. The Company is in the process of evaluating the impact the adoption of ASU 2016-13 will have on its consolidated financial statements. During February 2016, the FASB issued 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. During August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial Statements - Going Concern." ASU 2014-15 requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for periods beginning after December 15, 2016. ASU 2014-15 is not expected to have a material impact on the Company's financial statements. During May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers," which supersedes nearly all existing revenue recognition guidance under GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). The Company is currently evaluating the impact of its pending adoption of ASU 2014-09 on its consolidated financial statements and has not yet determined the method by which the standard will be adopted in 2017.

ORGANIZATION AND BASIS OF PRE25

ORGANIZATION AND BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 (4) Unfunded Commitment Equity Interest Held By Operating Partnership Preferred Return Total Distributions as of June 30, 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% 509.8 Fund IV 5/2012 23.12% 540.6 239.3 301.2 23.12% 6% 101.9 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. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) (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)	6 Months Ended
	Jun. 30, 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 Six Months Ended June 30, June 30, (dollars in thousands, except per share amounts) 2016 2015 2016 2015 Numerator Net income attributable to Common Shareholders $ 17,918 $ 26,495 $ 46,843 $ 43,042 Less: net income attributable to participating securities (223 ) (377 ) (589 ) (615 ) Net income attributable to Common Shareholders, net of income attributable to participating securities 17,695 26,118 46,254 42,427 Denominator Weighted average shares for basic earnings per share 72,896 68,825 71,826 68,561 Effect of dilutive securities: Employee Restricted Share Units and share options — 19 — 30 Convertible Preferred OP Units — 25 25 25 Denominator for diluted earnings per share 72,896 68,869 71,851 68,616 Basic and diluted earnings per Common Share attributable to Common Shareholders $ 0.24 $ 0.38 $ 0.64 $ 0.62

ACQUISITION AND DISPOSITION O27

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (Tables)	6 Months Ended
	Jun. 30, 2016
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT
Schedule of Business Acquisitions, by 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 $ 30,419 Buildings and improvements 296,534 Debt assumed (included in Mortgage and other notes payable) (121,371 ) Total consideration $ 205,582 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 76,628 New York, NY — 165 Newbury Street 1,588 100 % Street Retail May 6,250 Boston, MA — Renaissance Portfolio (3) 305,000 20 % Street Retail June 67,600 Washington, D.C. 20,000 Total Core Portfolio 436,410 $ 190,286 $ 30,472 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 455,938 $ 204,036 $ 31,935 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 six months ended June 30, 2016 , lease payments totaling $7.2 million were made under this lease. (3) The Company acquired a 20% membership interest in an existing joint venture for $67.6 million . The Company's pro-rata share of debt assumed was $20.0 million of debt. The assets and liabilities of the underlying entity are stated at historical cost basis. The difference between the Company's investment and the historical cost basis will be allocated over the fair value of the underlying assets and liabilities and amortized over their respective lives. The following table summarizes the preliminary allocations of the purchase prices of these properties and the finalized allocations as adjusted as of June 30, 2016 : (dollars in thousands) Purchase Price Allocations as Originally Reported Adjustments Finalized Purchase Price Allocations Land $ 86,765 $ 2,344 $ 89,109 Buildings and improvements 267,551 (11,743 ) 255,808 Acquisition-related intangible assets (in Acquired lease intangibles, net) — 23,071 23,071 Acquisition-related intangible liabilities (in Acquired lease intangibles, net) — (12,951 ) (12,951 ) Below market debt assumed (in Mortgage and other notes payable) (10,885 ) (721 ) (11,606 ) Total consideration $ 343,431 $ — $ 343,431
Schedule Of Property Dispositions	During 2016, the Company disposed of the following properties: (dollars in thousands) Dispositions GLA Sales Price Gain on Sale Month Sold Owner Cortlandt Town Center (1) — $ 107,250 $ 65,393 January Fund III Heritage Shops 82,098 46,500 16,572 April Fund III Total 82,098 $ 153,750 $ 81,965 Note: (1) Fund III sold a 65% controlling interest in Cortlandt Town Center for $107,250 , resulting in a gain on sale of $65,393 .

INVESTMENTS IN AND ADVANCES T28

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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) June 30, December 31, Aggregate and Condensed Balance Sheets Assets Rental property, net $ 723,344 $ 302,976 Real estate under development 40,830 35,743 Investment in unconsolidated affiliates 6,853 6,853 Other assets 86,321 47,083 Total assets $ 857,348 $ 392,655 Liabilities and partners’ equity Mortgage notes payable $ 440,407 $ 192,684 Other liabilities 27,266 21,945 Partners’ equity 389,675 178,026 Total liabilities and partners’ equity $ 857,348 $ 392,655 Company’s investment in and advances to unconsolidated affiliates $ 284,238 $ 173,277 Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates $ (24,013 ) $ (13,244 )
Summary of Statement of Income of the Company’s investments in unconsolidated affiliates	Three Months Ended Six Months Ended June 30, June 30, (dollars in thousands) 2016 2015 2016 2015 Aggregate and Condensed Statements of Income Total revenues $ 19,022 $ 10,342 $ 32,394 $ 22,015 Operating and other expenses (7,286 ) (3,102 ) (11,016 ) (6,833 ) Interest and other finance expense (3,377 ) (2,259 ) (6,113 ) (4,897 ) Equity in earnings of unconsolidated affiliates — — — 66,655 Depreciation and amortization (4,984 ) (2,787 ) (8,864 ) (5,037 ) Gain on disposition of property — 25,208 — 25,208 Net income $ 3,375 $ 27,402 $ 6,401 $ 97,111 Company’s share of net income $ 1,838 $ 20,609 $ 3,890 $ 27,300 Amortization of excess investment (98 ) (98 ) (196 ) (196 ) Company’s equity in earnings of unconsolidated affiliates $ 1,740 $ 20,511 $ 3,694 $ 27,104

STRUCTURED FINANCING PORTFOLIO

STRUCTURED FINANCING PORTFOLIO (Tables)	6 Months Ended
	Jun. 30, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule of Notes Receivable and Preferred Equity Investments	As of June 30, 2016 , the Company’s structured financing portfolio, consisted of notes receivable and preferred equity investments, aggregating $273.5 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) Net Carrying Amounts of Structured Financing Portfolio as of June 30, 2016 Net Carrying Amounts of Structured Financing Portfolio as of December 31, 2015 Maturity date Extension Options 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 First Mortgage Loan 6.0% 15,000 15,000 5/1/2017 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 First Mortgage Loan (5) 8.1% 153,400 30,879 4/30/2019 Zero Coupon Loan (6) 2.5% 30,617 30,234 5/31/2020 Preferred Equity (7) 15.3% 14,000 — 1/13/2021 2 x 12 Months First Mortgage Loan (8) 9.0% 12,000 12,000 Demand Individually less than 3% (9) (10) (11) 5.5% to 18.0% 9,275 12,575 12/31/2016 to 7/1/2017 Total $ 273,542 $ 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) During April 2016, the Company restructured a $30.9 million mezzanine loan, which bore interest at 15% , and replaced it with a new $153.4 million loan collateralized by a first mortgage in the borrower's TIC interest. The new loan bears interest at 8.1% and matures April 30, 2019 (Note 5). (6) The principal balance for this loan, which requires no current payments of interest, is increased by the interest accrued. (7) 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% . (8) Loan was non-performing as of June 30, 2016 . Based on the value of the underlying collateral, no reserve has been established against this loan. (9) During 2016, the Company advanced an additional $0.7 million on two loans collateralized by properties. (10) Consists of three loans as of June 30, 2016 . (11) During June 2016, the Company received full principal repayment of a $4.0 million preferred equity investment.

MORTGAGE AND OTHER NOTES PAYA30

MORTGAGE AND OTHER NOTES PAYABLE (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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+1.65% 1964 Union Street January Assumption 1,463 3.8% 10/1/2025 — Chicago Street Retail Portfolio January Repayment — — 14,955 5.62% Heritage Shops April Repayment — — 24,456 LIBOR+1.55% 330-340 River Street May Refinancing 12,000 LIBOR+1.70% 6/1/2026 10,336 5.24% 2208-2216 Fillmore Street June New borrowing 5,606 3.4% 6/1/2026 — 1861 Union Street June New borrowing 2,315 3.4% 6/1/2026 — Brandywine Portfolio June Repayment — 139,950 6.0% Total $ 21,384 $ 272,767 Additionally, the Company is in default on one loan with respect to $26.3 million of non-recourse mortgage debt which is collateralized by a property.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2016 : (dollars in thousands) Level 1 Level 2 Level 3 Liabilities Derivative financial instruments (Note 7) $ — $ 16,380 $ —
Fair value of financial instruments, Assets and Liabilities	The Company has determined the estimated fair values of the following financial instruments within Level 2 of the hierarchy by discounting future cash flows utilizing a discount rate equivalent to the rate at which similar financial instruments would be originated at the reporting date: (dollars in thousands) June 30, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes receivable and preferred equity investments, net $ 273,542 $ 273,542 $ 147,188 $ 147,188 Mortgage and other notes payable $ 1,244,765 $ 1,272,251 $ 1,358,606 $ 1,382,318

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015, and does not include unconsolidated affiliates: Three Months Ended June 30, 2016 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 34,693 $ 9,225 $ 7,415 $ 51,333 Property operating expenses, other operating and real estate taxes (8,286 ) (2,997 ) — (11,283 ) General and administrative expenses (7,967 ) (554 ) — (8,521 ) Depreciation and amortization (11,706 ) (2,972 ) — (14,678 ) Operating income 6,734 2,702 7,415 16,851 Equity in earnings of unconsolidated affiliates 581 1,159 — 1,740 Loss on debt extinguishment — (15 ) — (15 ) Gain on disposition of properties — 16,572 — 16,572 Interest and other finance expense (7,113 ) (1,769 ) — (8,882 ) Income tax provision (87 ) (24 ) — (111 ) Net income $ 115 $ 18,625 $ 7,415 $ 26,155 Noncontrolling interests Net income attributable to noncontrolling interests $ (9 ) $ (8,228 ) $ — $ (8,237 ) Net income attributable to Common Shareholders $ 106 $ 10,397 $ 7,415 $ 17,918 Real Estate at Cost $ 1,528,848 $ 1,118,897 $ — $ 2,647,745 Total Assets $ 1,809,395 $ 1,152,103 $ 273,542 $ 3,235,040 Acquisition of Real Estate $ 6,250 $ — $ — $ 6,250 Investment in Redevelopment and Improvements $ 6,975 $ 11,452 $ — $ 18,427 12. SEGMENT REPORTING (continued) Three Months Ended June 30, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 37,593 $ 11,583 $ 3,985 $ 53,161 Property operating expenses, other operating and real estate taxes (8,235 ) (4,979 ) — (13,214 ) General and administrative expenses (7,397 ) (608 ) — (8,005 ) Depreciation and amortization (10,568 ) (3,335 ) — (13,903 ) Impairment of asset (5,000 ) — — (5,000 ) Operating income 6,393 2,661 3,985 13,039 Equity in earnings of unconsolidated affiliates 699 2,707 — 3,406 Gain on disposition of property of unconsolidated affiliates — 17,105 — 17,105 Loss on debt extinguishment — (25 ) — (25 ) Gain on disposition of properties — 61,841 — 61,841 Interest and other finance expense (7,329 ) (2,635 ) — (9,964 ) Income tax benefit (provision) 75 (19 ) — 56 Net (loss) income $ (162 ) $ 81,635 $ 3,985 $ 85,458 Noncontrolling interests Net loss (income) attributable to noncontrolling interests $ 2,205 $ (61,168 ) $ — $ (58,963 ) Net income attributable to Common Shareholders $ 2,043 $ 20,467 $ 3,985 $ 26,495 Real Estate at Cost $ 1,553,174 $ 1,025,406 $ — $ 2,578,580 Total Assets $ 1,650,555 $ 1,154,213 $ 168,931 $ 2,973,699 Acquisition of Real Estate $ — $ 52,800 $ — $ 52,800 Investment in Redevelopment and Improvements $ 3,271 $ 61,480 $ — $ 64,751 12. SEGMENT REPORTING (continued) Six Months Ended June 30, 2016 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 72,800 $ 19,163 $ 12,053 $ 104,016 Property operating expenses, other operating and real estate taxes (16,848 ) (6,428 ) — (23,276 ) General and administrative expenses (17,040 ) (833 ) — (17,873 ) Depreciation and amortization (25,201 ) (6,326 ) — (31,527 ) Operating income 13,711 5,576 12,053 31,340 Equity in earnings of unconsolidated affiliates 1,173 2,521 — 3,694 Loss on debt extinguishment — (15 ) — (15 ) Gain on disposition of properties — 81,965 — 81,965 Interest and other finance expense (13,877 ) (3,043 ) — (16,920 ) Income tax provision (10 ) (24 ) — (34 ) Net income $ 997 $ 86,980 $ 12,053 $ 100,030 Noncontrolling interests Net income attributable to noncontrolling interests $ (2,831 ) $ (50,356 ) $ — $ (53,187 ) Net (loss) income attributable to Common Shareholders $ (1,834 ) $ 36,624 $ 12,053 $ 46,843 Real Estate at Cost $ 1,528,848 $ 1,118,897 $ — $ 2,647,745 Total Assets $ 1,809,395 $ 1,152,103 $ 273,542 $ 3,235,040 Acquisition of Real Estate $ 6,250 $ 12,287 $ — $ 18,537 Investment in Redevelopment and Improvements $ 10,222 $ 45,668 $ — $ 55,890 12. SEGMENT REPORTING (continued) Six Months Ended June 30, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 73,186 $ 25,063 $ 7,393 $ 105,642 Property operating expenses, other operating and real estate taxes (17,926 ) (11,431 ) — (29,357 ) General and administrative expenses (14,208 ) (1,329 ) — (15,537 ) Depreciation and amortization (20,475 ) (7,086 ) — (27,561 ) Impairment of asset (5,000 ) — — (5,000 ) Operating income 15,577 5,217 7,393 28,187 Equity in earnings of unconsolidated affiliates 1,133 8,866 — 9,999 Gain on disposition of property of unconsolidated affiliates — 17,105 — 17,105 Loss on debt extinguishment — (134 ) — (134 ) Gain on disposition of properties — 88,984 — 88,984 Interest and other finance expense (13,797 ) (4,988 ) — (18,785 ) Income tax provision (405 ) (956 ) — (1,361 ) Net income $ 2,508 $ 114,094 $ 7,393 $ 123,995 Noncontrolling interests Net loss (income) attributable to noncontrolling interests $ 2,026 $ (82,979 ) $ — $ (80,953 ) Net income attributable to Common Shareholders $ 4,534 $ 31,115 $ 7,393 $ 43,042 Real Estate at Cost $ 1,553,174 $ 1,025,406 $ — $ 2,578,580 Total Assets $ 1,650,555 $ 1,154,213 $ 168,931 $ 2,973,699 Acquisition of Real Estate $ 169,235 $ 103,836 $ — $ 273,071 Investment in Redevelopment and Improvements $ 9,624 $ 95,621 $ — $ 105,245

ORGANIZATION AND BASIS OF PRE33

ORGANIZATION AND BASIS OF PRESENTATION (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)property	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)property	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Reallocation of noncontrolling interest	$ 38,800,000		$ 0		$ 31,800,000
Number of retail properties (in properties) | property	168		168
Impairment of asset	$ 0	$ 5,000,000	$ 0	$ 5,000,000
Brandywine Portfolio
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Noncontrolling interest, ownership percentage		77.78%		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	110		110
Impairment of asset		5,000,000		$ 5,000,000
Opportunity Funds
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties (in properties) | property	58		58
Impairment of asset		0		$ 0
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	$ 21,384,000		$ 21,384,000
Non-Recourse Mortgage Debt Due 2016 | Mortgages
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Debt instrument face amount	$ 26,300,000		$ 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%		20.00%
Institutional Investors
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Remaining funds rate of distribution to all partners	80.00%		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	6 Months Ended	12 Months Ended
	Jun. 30, 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	$ 509.8
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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)	3,600,000		3,600,000
Series A Preferred Stock | 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)			25,067
Series C Preferred Stock | 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)	402,252	402,252	402,252	402,252
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)	3,317,760		3,317,760		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		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	141,593	141,593	141,593

EARNINGS PER COMMON SHARE (Deta

EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator
Net income attributable to Common Shareholders	$ 17,918	$ 26,495	$ 46,843	$ 43,042
Less: net income attributable to participating securities	(223)	(377)	(589)	(615)
Net income attributable to Common Shareholders, net of income attributable to participating securities	$ 17,695	$ 26,118	$ 46,254	$ 42,427
Denominator
Weighted average shares for basic earnings per share (in shares)	72,896	68,825	71,826	68,561
Effect of dilutive securities:
Employee Restricted Share Units and share options (in shares)	0	19	0	30
Convertible Preferred OP Units (in shares)	0	25	25	25
Denominator for diluted earnings per share (in shares)	72,896	68,869	71,851	68,616
Basic and diluted earnings per share (in dollars per share)	$ 0.24	$ 0.38	$ 0.64	$ 0.62

SHAREHOLDERS' EQUITY AND NONC37

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 29, 2016	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Noncontrolling Interest [Line Items]
Proceeds from issuance of common stock			$ 141,349,000	$ 21,080,000
Operating Partnership, as General Partner or Managing Member
Noncontrolling Interest [Line Items]
Limited partners' capital account, units issued (in shares)		442,478	442,478
Limited partners' common OP units (in shares)		3,317,760	3,317,760		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		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	141,593
Limited partners' value per unit (in dollars per share)		$ 100	$ 100
Limited partners' quarterly distribution (in dollars per share)		$ 0.9375
Limited partners' common OP units (in shares)		141,593	141,593	141,593
At The Market Equity Program
Noncontrolling Interest [Line Items]
Common stock, shares authorized not issued, value		$ 200,000,000	$ 200,000,000
At The Market Equity Program | Common stock
Noncontrolling Interest [Line Items]
Common stock issued during the period (in shares)			3,300,000
Gross proceeds from issuance of common stock			$ 114,200,000
Proceeds from issuance of common stock			$ 112,700,000
LTIP Units
Noncontrolling Interest [Line Items]
Share-based compensation, outstanding (in shares)		1,045,146	1,045,146		929,169
At The Market Equity Program
Noncontrolling Interest [Line Items]
Common stock, shares authorized not issued, value		$ 200,000,000	$ 200,000,000
Remaining shares authorized (in shares)		$ 14,400,000	$ 14,400,000
Forward Sale and Underwritten Public Offering | Common stock
Noncontrolling Interest [Line Items]
Common stock issued during the period (in shares)	3,600,000	867,612
Proceeds from issuance of common stock	$ 124,500,000	$ 30,000,000

ACQUISITION AND DISPOSITION O38

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE - Acquisition (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)ft²shares	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)ft²shares	Jun. 30, 2015USD ($)	May 31, 2016	Dec. 31, 2015USD ($)
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	82,098,000		82,098,000
Reduction to rental income	$ (35,186)	$ (39,784)	$ (73,776)	$ (77,971)
Purchase Price Allocations
Land	89,109		89,109			$ 86,765
Buildings and improvements	255,808		255,808			267,551
Acquisition-related intangible assets (in Acquired lease intangibles, net)	23,071		23,071			0
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(12,951)		(12,951)			0
Below market debt assumed (in Mortgage and other notes payable)	(11,606)		(11,606)			(10,885)
Total consideration	$ 343,431		343,431			$ 343,431
Adjustments
Land			2,344
Buildings and improvements			(11,743)
Acquisition-related intangible assets (in Acquired lease intangibles, net)			23,071
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)			(12,951)
Below market debt assumed (in Mortgage and other notes payable)			(721)
Total consideration			$ 0
Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	436,410		436,410
Percentage of interests acquired					20.00%
Purchase Price			$ 190,286
Assumption of Debt			30,472
Acquisition costs			$ 1,900
Fund IV
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	19,528		19,528
Purchase Price			$ 13,750
Assumption of Debt			1,463
Acquisition costs			$ 200
Gotham Plaza | New York, NY | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	122,902		122,902
Percentage of interests acquired	49.00%		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		6,920
Percentage of interests acquired	100.00%		100.00%
Purchase Price			$ 76,628
Assumption of Debt			$ 0
165 Newbury Street | Boston, MA | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	1,588		1,588
Percentage of interests acquired	100.00%		100.00%
Purchase Price			$ 6,250
Assumption of Debt			$ 0
Renaissance Portfolio | Washington D.C. | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	305,000		305,000
Percentage of interests acquired	20.00%		20.00%
Purchase Price			$ 67,600
Assumption of Debt			$ 20,000
1964 Union Street | San Francisco, CA | Fund IV
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	3,817		3,817
Percentage of interests acquired	90.00%		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		15,711
Percentage of interests acquired	100.00%		100.00%
Purchase Price			$ 11,500
Assumption of Debt			$ 0
Acquisitions in 2016
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	455,938		455,938
Purchase Price			$ 204,036
Assumption of Debt			31,935
Increase to depreciation and amortization expense			1,900
Reduction to rental income			100
Purchase Price Allocations
Land	$ 30,419		30,419
Buildings and improvements	296,534		296,534
Debt assumed (included in Mortgage and other notes payable)	(121,371)		(121,371)
Total consideration	$ 205,582		$ 205,582
Operating Partnership, as General Partner or Managing Member
Business Acquisition [Line Items]
Limited partners' capital account, units issued (in shares) | shares	442,478		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		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) ft² in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)ft²property	Dec. 31, 2015property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (in square feet) | ft²	82,098
Sale Price	$ 153,750
Gain on Sale	$ 81,965
Number of properties held for sale | property	0	0
Fund III | Cortlandt Town Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (in square feet) | ft²	0
Disposal group, percentage	65.00%
Sale Price	$ 107,250
Gain on Sale	$ 65,393
Fund III | Heritage Shops
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross leasable area (in square feet) | ft²	82,098
Sale Price	$ 46,500
Gain on Sale	$ 16,572

INVESTMENTS IN AND ADVANCES T40

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Core Portfolio (Details) - Core Portfolio ft² in Thousands, $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	May 31, 2016property	Jan. 31, 2016USD ($)ft²	Jun. 30, 2016USD ($)ft²	Jun. 30, 2016USD ($)ft²
Schedule of Equity Method Investments [Line Items]
Percentage of interests acquired	20.00%
Consideration transferred | $				$ 190,286
Number of retail properties (in properties) | property	17
Crossroads
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage			49.00%	49.00%
Square footage of real estate property (in square feet)			311	311
Georgetown Portfolio
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage			50.00%	50.00%
Square footage of real estate property (in square feet)			28	28
Chicago Street Retail Portfolio
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage			88.43%	88.43%
Square footage of real estate property (in square feet)			87	87
Gotham Plaza
Schedule of Equity Method Investments [Line Items]
Square footage of real estate property (in square feet)		123
Percentage of interests acquired		49.00%
Consideration transferred | $		$ 39,800
Percentage of long-term debt assumed		49.00%
Debt assumed (included in Mortgage and other notes payable) | $		$ 21,400
Brandywine Portfolio
Schedule of Equity Method Investments [Line Items]
Equity ownership percentage			22.22%	22.22%
Square footage of real estate property (in square feet)			1,000	1,000
Repayments of long-term debt | $			$ 140,000
Washington D.C.
Schedule of Equity Method Investments [Line Items]
Number of retail properties (in properties) | property	16
Alexandria, Virginia
Schedule of Equity Method Investments [Line Items]
Number of retail properties (in properties) | property	1

INVESTMENTS IN AND ADVANCES T41

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Funds (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jan. 31, 2016USD ($)	Jun. 30, 2016USD ($)partner	Dec. 31, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates		$ 284,238	$ 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Real estate under development	$ 647,142		$ 647,142		$ 609,574
Investments in and advances to unconsolidated affiliates	284,238		284,238		173,277
Total assets	3,235,040		3,235,040		3,032,319
Other liabilities	109,351		109,351		31,000
Total liabilities and equity	3,235,040		3,235,040		3,032,319
Distributions in excess of income from, and investments in, unconsolidated affiliates	(24,013)		(24,013)		(13,244)
Total revenues	51,333	$ 53,161	104,016	$ 105,642
Operating Expenses	(34,482)	(40,122)	(72,676)	(77,455)
Equity in earnings of unconsolidated affiliates	1,740	3,406	3,694	9,999
Depreciation and amortization	(14,678)	(13,903)	(31,527)	(27,561)
Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Equity in earnings of unconsolidated affiliates	1,740	20,511	3,694	27,104
Company’s share of net income	1,838	20,609	3,890	27,300
Amortization of Excess Investment	(98)	(98)	(196)	(196)
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Rental property, net	723,344		723,344		302,976
Real estate under development	40,830		40,830		35,743
Investments in and advances to unconsolidated affiliates	6,853		6,853		6,853
Other assets	86,321		86,321		47,083
Total assets	857,348		857,348		392,655
Loans Payable to Bank	440,407		440,407		192,684
Other liabilities	27,266		27,266		21,945
Partners’ equity	389,675		389,675		178,026
Total liabilities and equity	857,348		857,348		$ 392,655
Total revenues	19,022	10,342	32,394	22,015
Operating Expenses	(7,286)	(3,102)	(11,016)	(6,833)
Interest Expense	(3,377)	(2,259)	(6,113)	(4,897)
Equity in earnings of unconsolidated affiliates	0	0	0	66,655
Depreciation and amortization	(4,984)	(2,787)	(8,864)	(5,037)
Gain on disposition of property	0	25,208	0	25,208
Income from continuing operations	$ 3,375	$ 27,402	$ 6,401	$ 97,111

STRUCTURED FINANCING PORTFOLI43

STRUCTURED FINANCING PORTFOLIO - Schedule of Notes Receivable (Details) $ in Thousands	1 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)debtinstrument	Feb. 29, 2016USD ($)	Jun. 30, 2016USD ($)debtinstrumentloanextension_option	Jun. 30, 2015USD ($)	Apr. 30, 2016USD ($)	Jan. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
Net carrying amounts of notes receivable	$ 273,542		$ 273,542				$ 147,188
Proceeds from notes receivable			$ 24,500	$ 0
Nonperforming Financing Receivable
Mortgage Loans on Real Estate [Line Items]
Number of instruments held | debtinstrument	1		1
First Mortgagee Loan, 7% Loan, Due 2016
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	7.00%		7.00%			7.00%
Net carrying amounts of notes receivable	$ 13,250		$ 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%		8.80%
Net carrying amounts of notes receivable	$ 0		$ 0				7,500
Proceeds from notes receivable		$ 7,500
First Mortgage Loan, 6% Loan, Due 2017
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	6.00%		6.00%
Net carrying amounts of notes receivable	$ 15,000		$ 15,000				15,000
Preferred Equity, 8.1% Loan, Due 2017
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	8.10%		8.10%
Net carrying amounts of notes receivable	$ 0	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				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%		7.10%
First Mortgage Loan, 8.1% Loan, Due 2019
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	8.10%		8.10%		15.00%
Net carrying amounts of notes receivable	$ 153,400		$ 153,400		$ 30,900		30,879
Zero Coupon, 2.5% Loan, Due 2020
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	2.50%		2.50%
Net carrying amounts of notes receivable	$ 30,617		$ 30,617				30,234
Preferred Equity, 15.3% Loan, Due 2021
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	15.30%		15.30%			15.30%
Net carrying amounts of notes receivable	$ 14,000		$ 14,000			$ 14,000	0
Extension options | extension_option			2,000
Extension options, length of term			12 years
First Mortgage Loan, 9.0% Demand Loan
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	9.00%		9.00%
Net carrying amounts of notes receivable	$ 12,000		$ 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%		3.00%
Net carrying amounts of notes receivable	$ 9,275		$ 9,275				12,575
Proceeds from notes receivable	4,000
Additional investment			$ 700
Number of loans | loan			3
Carrying Amount
Mortgage Loans on Real Estate [Line Items]
Notes receivable and preferred equity investments, net	$ 273,542		$ 273,542				$ 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%		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%		18.00%

DERIVATIVE FINANCIAL INSTRUME44

DERIVATIVE FINANCIAL INSTRUMENTS (Details) $ in Millions	Jun. 30, 2016USD ($)interest_rate_swapderivative	Dec. 31, 2015USD ($)
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income - unrealized loss on valuation of swap agreements	$ 15.2	$ 4.5
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	$ 16.4	5.9
Prepaid Expenses and Other Assets
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	17
Notional amount of interest rate cash flow hedge derivatives	$ 317
Interest Rate Swap | Cash Flow Hedging | Fixed-Rate Derivatives | Minimum
Derivatives, Fair Value [Line Items]
Derivative, fixed interest rate	1.20%
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]
Number of interest rate swaps (in interest rate swaps) | interest_rate_swap	1
Notional amount of interest rate cash flow hedge derivatives	$ 29.5
Derivative, amount	$ 50
Derivative, number of instruments held (derivative) | derivative	1
Reclassification out of Accumulated Other Comprehensive Income
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income - unrealized loss on valuation of swap agreements	$ (4.8)

MORTGAGE AND OTHER NOTES PAYA45

MORTGAGE AND OTHER NOTES PAYABLE - MORTGAGE BY PROPERTY (Details) - Mortgages $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 21,384
Repayments of long-term debt	272,767
Debt default, amount	26,300
LIBOR plus 1.65% 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 1.65% Mortgage Note | Cortlandt Town Center | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	1.65%
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%
5.62% Mortgage Note | Chicago Street Retail Portfolio
Mortgage Loans on Real Estate [Line Items]
Stated interest rate percentage	5.62%
Repayments of long-term debt	$ 14,955
LIBOR plus 1.55% Mortgage Note | Heritage Shops
Mortgage Loans on Real Estate [Line Items]
Repayments of long-term debt	$ 24,456
Description of variable rate basis	LIBOR
LIBOR plus 1.55% Mortgage Note | Heritage Shops | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	1.55%
LIBOR plus 1.70% Mortgage Note | 330-340 River Street
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 12,000
Description of variable rate basis	LIBOR
LIBOR plus 1.70% Mortgage Note | 330-340 River Street | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	1.70%
5.24% Mortgage Note | 330-340 River Street
Mortgage Loans on Real Estate [Line Items]
Stated interest rate percentage	5.24%
Repayments of long-term debt	$ 10,336
3.4% Mortgage Note | 2208-2216 Fillmore Street
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 5,606
Stated interest rate percentage	3.40%
3.4% Mortgage Note | 1861 Union Street
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 2,315
Stated interest rate percentage	3.40%
6.0% Mortgage Note | Brandywine Portfolio
Mortgage Loans on Real Estate [Line Items]
Stated interest rate percentage	6.00%
Repayments of long-term debt	$ 139,950

UNSECURED NOTES PAYABLE (Detail

UNSECURED NOTES PAYABLE (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Outstanding balance of debt	$ 799,264,000	$ 1,050,051,000
Revolving Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Amount repaid on subscription line	20,800,000
Debt instrument face amount	150,000,000
Long-term line of credit	0
Line of Credit | Unsecured Debt
Debt Instrument [Line Items]
Amount repaid on subscription line	50,000,000
Line of Credit | Unsecured Term Loan Maturing June 27, 2021 | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument face amount	150,000,000
Line of Credit | Unsecured Term Loan Maturing January 4, 2021 | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument face amount	50,000,000
Fund II | Line of Credit
Debt Instrument [Line Items]
Amount borrowed on unsecured credit facility	7,500,000
Long-term line of credit	20,000,000
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	5,300,000
Outstanding balance of debt	$ 86,600,000
LIBOR | Revolving Credit Facility | Unsecured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
LIBOR | Line of Credit | Unsecured Term Loan Maturing June 27, 2021 | Unsecured Debt
Debt Instrument [Line Items]
Basis spread on variable rate	1.30%
LIBOR | Line of Credit | Unsecured Term Loan Maturing January 4, 2021 | Unsecured Debt
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	Jun. 30, 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	16,380
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	Jun. 30, 2016	Dec. 31, 2015
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable and preferred equity investments, net	$ 273,542	$ 147,188
Mortgage and other notes payable	1,244,765	1,358,606
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable and preferred equity investments, net	273,542	147,188
Mortgage and other notes payable	$ 1,272,251	$ 1,382,318

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Apr. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Net carrying amounts of notes receivable	$ 273,542		$ 273,542			$ 147,188
Unconsolidated Affiliates
Related Party Transaction [Line Items]
Revenue from related parties	400	$ 100	600	$ 200
First Mortgage Loan, 8.1% Loan, Due 2019
Related Party Transaction [Line Items]
Net carrying amounts of notes receivable	$ 153,400		$ 153,400		$ 30,900	$ 30,879

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)segment	Jun. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Revenues	$ 51,333	$ 53,161	$ 104,016	$ 105,642
Property operating expenses, other operating and real estate taxes	(11,283)	(13,214)	(23,276)	(29,357)
General and administrative expenses	(8,521)	(8,005)	(17,873)	(15,537)
Depreciation and amortization	(14,678)	(13,903)	(31,527)	(27,561)
Impairment of asset	0	(5,000)	0	(5,000)
Operating income	16,851	13,039	31,340	28,187
Equity in earnings of unconsolidated affiliates	1,740	3,406	3,694	9,999
Gain on disposition of property of unconsolidated affiliates	0	17,105	0	17,105
Loss on debt extinguishment	(15)	(25)	(15)	(134)
Gain on disposition of properties	16,572	61,841	81,965	88,984
Interest and other finance expense	(8,882)	(9,964)	(16,920)	(18,785)
Income tax (provision) benefit	(111)	56	(34)	(1,361)
Net income	26,155	85,458	100,030	123,995
Net income attributable to noncontrolling interests	(8,237)	(58,963)	(53,187)	(80,953)
Net income attributable to Common Shareholders	17,918	26,495	46,843	43,042
Real Estate at Cost	2,647,745	2,578,580	2,647,745	2,578,580
Total Assets	3,235,040	2,973,699	3,235,040	2,973,699
Acquisition of Real Estate	6,250	52,800	18,537	273,071
Investment in Redevelopment and Improvements	18,427	64,751	55,890	105,245
Core Portfolio
Segment Reporting Information [Line Items]
Revenues	34,693	37,593	72,800	73,186
Property operating expenses, other operating and real estate taxes	(8,286)	(8,235)	(16,848)	(17,926)
General and administrative expenses	(7,967)	(7,397)	(17,040)	(14,208)
Depreciation and amortization	(11,706)	(10,568)	(25,201)	(20,475)
Impairment of asset		(5,000)		(5,000)
Operating income	6,734	6,393	13,711	15,577
Equity in earnings of unconsolidated affiliates	581	699	1,173	1,133
Gain on disposition of property of unconsolidated affiliates		0		0
Loss on debt extinguishment	0	0	0	0
Gain on disposition of properties	0	0	0	0
Interest and other finance expense	(7,113)	(7,329)	(13,877)	(13,797)
Income tax (provision) benefit	(87)	75	(10)	(405)
Net income	115	(162)	997	2,508
Net income attributable to noncontrolling interests	(9)	2,205	(2,831)	2,026
Net income attributable to Common Shareholders	106	2,043	(1,834)	4,534
Real Estate at Cost	1,528,848	1,553,174	1,528,848	1,553,174
Total Assets	1,809,395	1,650,555	1,809,395	1,650,555
Acquisition of Real Estate	6,250	0	6,250	169,235
Investment in Redevelopment and Improvements	6,975	3,271	10,222	9,624
Funds
Segment Reporting Information [Line Items]
Revenues	9,225	11,583	19,163	25,063
Property operating expenses, other operating and real estate taxes	(2,997)	(4,979)	(6,428)	(11,431)
General and administrative expenses	(554)	(608)	(833)	(1,329)
Depreciation and amortization	(2,972)	(3,335)	(6,326)	(7,086)
Impairment of asset		0		0
Operating income	2,702	2,661	5,576	5,217
Equity in earnings of unconsolidated affiliates	1,159	2,707	2,521	8,866
Gain on disposition of property of unconsolidated affiliates		17,105		17,105
Loss on debt extinguishment	(15)	(25)	(15)	(134)
Gain on disposition of properties	16,572	61,841	81,965	88,984
Interest and other finance expense	(1,769)	(2,635)	(3,043)	(4,988)
Income tax (provision) benefit	(24)	(19)	(24)	(956)
Net income	18,625	81,635	86,980	114,094
Net income attributable to noncontrolling interests	(8,228)	(61,168)	(50,356)	(82,979)
Net income attributable to Common Shareholders	10,397	20,467	36,624	31,115
Real Estate at Cost	1,118,897	1,025,406	1,118,897	1,025,406
Total Assets	1,152,103	1,154,213	1,152,103	1,154,213
Acquisition of Real Estate	0	52,800	12,287	103,836
Investment in Redevelopment and Improvements	11,452	61,480	45,668	95,621
Structured Financing Portfolio
Segment Reporting Information [Line Items]
Revenues	7,415	3,985	12,053	7,393
Property operating expenses, other operating and real estate taxes	0	0	0	0
General and administrative expenses	0	0	0	0
Depreciation and amortization	0	0	0	0
Impairment of asset		0		0
Operating income	7,415	3,985	12,053	7,393
Equity in earnings of unconsolidated affiliates	0	0	0	0
Gain on disposition of property of unconsolidated affiliates		0		0
Loss on debt extinguishment	0	0	0	0
Gain on disposition of properties	0	0	0	0
Interest and other finance expense	0	0	0	0
Income tax (provision) benefit	0	0	0	0
Net income	7,415	3,985	12,053	7,393
Net income attributable to noncontrolling interests	0	0	0	0
Net income attributable to Common Shareholders	7,415	3,985	12,053	7,393
Real Estate at Cost	0	0	0	0
Total Assets	273,542	168,931	273,542	168,931
Acquisition of Real Estate	0	0	0	0
Investment in Redevelopment and Improvements	$ 0	$ 0	$ 0	$ 0

LONG-TERM INCENTIVE COMPENSAT51

LONG-TERM INCENTIVE COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 4,150	$ 3,746
Award vesting rights, percentage	33.00%
Trustee fee expense		500	400
Fund III
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 2,500
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)		319,242
LTIP Units | Board of Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, grants in period (in shares)	13,491
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
Restricted Stock | Board of Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, grants in period (in shares)	10,822
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		$ 10,100
Share-based compensation expense		800		$ 1,900
Compensation expense not yet recognized	$ 8,200	8,200
Long term incentive and share based compensation expense		$ 3,700	$ 3,500
Tranche One | LTIP Units | Board of Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vested in period (in shares)	4,674
Tranche One | Restricted Stock | Board of Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vested in period (in shares)	5,532
Tranche Two | LTIP Units | Board of Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vested in period (in shares)	8,817
Tranche Two | Restricted Stock | Board of Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation, vested in period (in shares)	5,290

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - At The Market Equity Program - USD ($)	Jul. 29, 2016	Jun. 30, 2016
Subsequent Event [Line Items]
Aggregate value of offerings		$ 200,000,000
Subsequent Event
Subsequent Event [Line Items]
Aggregate value of offerings	$ 250,000,000