Acadia Realty Trust (AKR) 10-Q 28 Oct 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 28, 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	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		80,863,404

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Operating real estate
Land	$ 533,521	$ 514,120
Buildings and improvements	1,786,608	1,593,350
Construction in progress	23,068	19,239
Gross operating real estate	2,343,197	2,126,709
Less: accumulated depreciation	276,383	298,703
Net operating real estate	2,066,814	1,828,006
Real estate under development	676,592	609,574
Notes receivable and preferred equity investments	266,816	147,188
Investments in and advances to unconsolidated affiliates	273,576	173,277
Cash and cash equivalents	49,242	72,776
Cash in escrow	22,115	26,444
Restricted cash	2,378	10,840
Rents receivable, net	42,171	40,425
Deferred charges, net	24,786	22,568
Acquired lease intangibles, net	93,819	52,593
Prepaid expenses and other assets	60,210	48,628
Total assets	3,578,519	3,032,319
LIABILITIES
Mortgage and other notes payable, net of unamortized loan costs of $11,111 and $10,567, respectively, and unamortized premiums of $1,524 and $1,364, respectively	887,956	1,050,051
Unsecured notes payable, net of unamortized loan costs of $1,673 and $1,155, respectively	407,563	308,555
Distributions in excess of income from, and investments in, unconsolidated affiliates	24,249	13,244
Accounts payable and accrued expenses	40,721	38,754
Dividends and distributions payable	21,675	37,552
Acquired lease intangibles, net	78,474	31,809
Other liabilities	108,828	31,000
Total liabilities	1,569,466	1,510,965
Shareholders' Equity
Common shares, $.001 par value, authorized 100,000,000 shares; issued and outstanding 80,863,404 and 70,258,415 shares, respectively	81	70
Additional paid-in capital	1,500,864	1,092,239
Accumulated other comprehensive loss	(12,844)	(4,463)
Retained earnings	8,815	12,642
Total shareholders’ equity	1,496,916	1,100,488
Noncontrolling interests	512,137	420,866
Total equity	2,009,053	1,521,354
Total liabilities and equity	$ 3,578,519	$ 3,032,319

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) $ in Thousands	Sep. 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)	80,863,404	70,258,415
Common stock, shares outstanding (in shares)	80,863,404	70,258,415
Mortgages and other notes payable
Debt Instrument [Line Items]
Unamortized loan costs	$ 11,111	$ 10,567
Unamortized premiums	1,524	1,364
Unsecured Debt
Debt Instrument [Line Items]
Unamortized loan costs	$ 1,673	$ 1,155

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Rental income	$ 35,710	$ 40,722	$ 109,486	$ 118,693
Interest income	7,245	5,728	19,298	13,121
Expense reimbursements	7,192	8,020	22,920	25,911
Other	953	2,382	3,412	4,769
Total revenues	51,100	56,852	155,116	162,494
Operating Expenses
Property operating	5,055	6,304	15,697	20,231
Other operating	3,265	396	4,094	3,115
Real estate taxes	6,195	6,153	18,000	18,864
General and administrative	12,869	7,603	30,742	23,140
Depreciation and amortization	15,217	17,461	46,744	45,022
Impairment of asset	0	0	0	5,000
Total operating expenses	42,601	37,917	115,277	115,372
Operating income	8,499	18,935	39,839	47,122
Equity in (losses) earnings of unconsolidated affiliates	(102)	2,195	3,592	12,194
Gain on disposition of property of unconsolidated affiliates	0	6,938	0	24,043
Loss on debt extinguishment	0	0	(15)	(134)
Gain on disposition of properties	0	79	81,965	89,063
Interest and other finance expense	(7,982)	(9,345)	(24,902)	(28,130)
Income before income tax provision	415	18,802	100,479	144,158
Income tax provision	(89)	(698)	(123)	(2,059)
Net income	326	18,104	100,356	142,099
Net loss (income) attributable to noncontrolling interests	5,786	(4,328)	(47,401)	(85,281)
Net income attributable to Common Shareholders	$ 6,112	$ 13,776	$ 52,955	$ 56,818
Basic and diluted earnings per share (in dollars per share)	$ 0.08	$ 0.20	$ 0.71	$ 0.82

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 326	$ 18,104	$ 100,356	$ 142,099
Other comprehensive income (loss)
Unrealized income (loss) on valuation of swap agreements	1,474	(5,671)	(12,624)	(7,328)
Reclassification of realized interest on swap agreements	1,210	1,026	3,396	4,478
Other comprehensive income (loss)	2,684	(4,645)	(9,228)	(2,850)
Comprehensive income	3,010	13,459	91,128	139,249
Comprehensive loss (income) attributable to noncontrolling interests	5,478	(3,743)	(46,554)	(85,772)
Comprehensive income attributable to Common Shareholders	$ 8,488	$ 9,716	$ 44,574	$ 53,477

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - 9 months ended Sep. 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)			350,000
Conversion of OP Units to Common Shares by limited partners of the Operating Partnership	0	7,875	$ 1	7,874			(7,875)
Issuance of Common Shares, net of issuance costs (in Shares)			10,228,000
Issuance of Common Shares, net of issuance costs	357,262	357,262	$ 10	357,252
Issuance of OP Units to Acquire Real Estate	29,336						29,336
Dividends and dividend equivalents declared ($0.75 per Common Share)	(61,180)	(56,782)				(56,782)	(4,398)
Employee and trustee stock compensation, net (in Shares)			27,000
Employee and trustee stock compensation, net	11,682	699		699			10,983
Acquisition of noncontrolling interests	(18,379)	7,546		7,546			(25,925)
Change in control of previously consolidated investment	(75,713)						(75,713)
Noncontrolling interest distributions	(50,849)						(50,849)
Noncontrolling interest contributions	204,412						204,412
Reallocation of noncontrolling interest	0	35,254		35,254			(35,254)
Balance before adjustment towards comprehensive income (in Shares)			80,863,000
Balance before adjustment towards comprehensive income	1,917,925	1,452,342	$ 81	1,500,864	(4,463)	(44,140)	465,583
Comprehensive (loss) income:
Net income	100,356	52,955				52,955	47,401
Unrealized loss on valuation of swap agreements	(12,624)	(11,351)			(11,351)		(1,273)
Reclassification of realized interest on swap agreements	3,396	2,970			2,970		426
Comprehensive income	$ 91,128	44,574			(8,381)	52,955	46,554
Balance (in Shares) at Sep. 30, 2016	80,863,404		80,863,000
Balance at period end at Sep. 30, 2016	$ 2,009,053	$ 1,496,916	$ 81	$ 1,500,864	$ (12,844)	$ 8,815	$ 512,137

CONSOLIDATED STATEMENTS OF SHA7

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals)	9 Months Ended
	Sep. 30, 2016$ / shares
Statement of Stockholders' Equity [Abstract]
Common stock, dividends, per share, declared (in dollars per share)	$ 0.75

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 100,356	$ 142,099
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	46,744	45,022
Amortization of financing costs	2,025	2,577
Gain on disposition of properties	(81,965)	(89,063)
Impairment of asset	0	5,000
Stock compensation expense	9,729	5,669
Equity in earnings of unconsolidated affiliates	(3,592)	(12,194)
Gain on disposition of property of unconsolidated affiliates	0	(24,043)
Distributions of operating income from unconsolidated affiliates	4,917	11,747
Other, net	(5,577)	(5,103)
Changes in assets and liabilities
Cash in escrow	1,733	(6,757)
Rents receivable, net	(4,858)	(2,454)
Prepaid expenses and other assets	(11,642)	1,901
Accounts payable and accrued expenses	(1,511)	7,738
Other liabilities	134	3,203
Net cash provided by operating activities	56,493	85,342
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of real estate	(292,136)	(292,671)
Deposits for properties under contract	(8,576)	0
Redevelopment and property improvement costs	(94,459)	(159,360)
Deferred leasing costs	(5,451)	(5,931)
Investments in and advances to unconsolidated affiliates	(68,153)	(10,581)
Return of capital from unconsolidated affiliates	50,622	9,574
Proceeds from disposition of property of unconsolidated affiliates	0	38,392
Change in control of previously consolidated investment	(2,578)	0
Proceeds from notes receivable	42,819	15,984
Issuance of notes receivable	(148,203)	(48,350)
Proceeds from sale of properties, net	150,379	198,434
Net cash used in investing activities	(375,736)	(254,509)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments on mortgage and other notes	(292,815)	(92,468)
Principal payments on unsecured debt	(516,790)	(174,815)
Proceeds received from mortgage and other notes	70,437	85,859
Proceeds received from unsecured debt	616,315	253,200
Loan proceeds held as restricted cash	8,462	43,315
Deferred financing and other costs	(5,288)	(3,155)
Capital contributions from noncontrolling interests	204,412	34,895
Distributions to noncontrolling interests	(74,612)	(79,575)
Dividends paid to Common Shareholders	(71,674)	(69,788)
Proceeds from issuance of Common Shares, net of issuance costs of $7,317 and $655, respectively	357,262	26,933
Net cash provided by financing activities	295,709	24,401
Decrease in cash and cash equivalents	(23,534)	(144,766)
Cash and cash equivalents, beginning of period	72,776	217,580
Cash and cash equivalents, end of period	49,242	72,814
Supplemental disclosure of cash flow information
Cash paid during the period for interest, net of capitalized interest of $14,936 and $11,847, respectively	28,116	34,146
Cash paid for income taxes	1,267	2,543
Supplemental disclosure of non-cash investing activities
Acquisition of real estate through assumption of debt	60,668	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)
Assumption of accounts payable and accrued expenses through acquisition of real estate	1,809	0
Assumption of prepaid expenses and other assets through acquisition of real estate	1,074	0
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	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Cash Flows [Abstract]
Stock issuance costs	$ 7,317	$ 655
Cash paid for capitalized interest	$ 14,936	$ 11,847

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 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 September 30, 2016 , the Trust controlled approximately 95% of the Operating Partnership as the sole general partner. As the general partner, the Trust is entitled to share, in proportion to its percentage interest, in the cash distributions and profits and losses of the Operating Partnership. The limited partners primarily represent entities or individuals that contributed their interests in certain properties or entities to the Operating Partnership in exchange for common or preferred units of limited partnership interest ("Common OP Units" or "Preferred OP Units") and employees who have been awarded restricted OP units ("LTIP Units") as long-term incentive compensation (Note 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"). Effective August 10, 2016, the Company formed Acadia Strategic Opportunity Fund V LLC (“Fund V”), with a total of $520.1 million of equity commitments with 12 institutional investors. The Operating Partnership's share of equity commitments is $104.5 million . The Operating Partnership is the sole managing member of Fund V. The terms and structure of Fund V are substantially the same as those of Fund IV. As of September 30, 2016, there have been no capital contributions made to Fund V and Fund V has not acquired any investments. As of September 30, 2016 , the Company has ownership interests in 116 properties within its core portfolio, which consists of those properties either wholly owned, or partially owned through joint venture interests, by the Operating Partnership, or subsidiaries thereof, not including those properties owned through its opportunity funds (the "Core Portfolio"). The Company also has ownership interests in 59 properties within its opportunity funds, Acadia Strategic Opportunity Fund II, LLC ("Fund II"), Acadia Strategic Opportunity Fund III LLC ("Fund III"), Acadia Strategic Opportunity Fund IV LLC ("Fund IV") and Fund V (together with Funds II, III and IV, the "Funds"). The 175 Core Portfolio and Fund properties consist of commercial properties, which are primarily 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). 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) 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 September 30, 2016 (4) Unfunded Commitment as of September 30, 2016 Equity Interest Held By Operating Partnership Preferred Return Total Distributions as of September 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 5/2007 24.54% 502.5 396.7 53.3 24.54% 6% 509.8 Fund IV 5/2012 23.12% 540.6 290.5 239.5 23.12% 6% 101.9 Fund V 8/2016 20.10% 520.1 — 520.1 20.10% 6% — Notes: (1) Mervyns I was originally formed in conjunction with Acadia Strategic Opportunity Fund, LP ("Fund I"). Fund I was liquidated and dissolved as of December 31, 2015. The above table reflects the combined activity of Fund I and Mervyns I. Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is entitled to a Promote on all future cash distributions from Mervyns I. (2) During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects. This amount was recontributed subsequent to September 30, 2016. (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 (Losses) 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 nine months ended September 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 nine months ended September 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 nine months ended September 30, 2016, the Trust increased its APIC with an offsetting reduction to the OPU NCI of approximately $35.3 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 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) 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 September 30, 2016 . Recent Accounting Pronouncements During August 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provided guidance on certain specific cash flow issues, including, but not limited to, debt prepayment or extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees. ASU 2016-15 is effective for periods beginning after December 15, 2017, with early adoption permitted and shall be applied retrospectively where practicable. The Company is in the process of evaluating the impact the adoption of ASU 2016-15 will have on its consolidated financial statements. During June 2016, the FASB issued 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. Consolidated VIE's are those where the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: 1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and 2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company reviewed all of its entities in accordance with ASU 2015-02 and concluded that certain of its legal entities, including the Operating Partnership and the Funds, which had previously been consolidated, are now VIE's. As a result of the classification of the Operating Partnership as a VIE, substantially all of the Company's assets and liabilities are assets and liabilities of a VIE. 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. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Recent Accounting Pronouncements (continued) 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	9 Months Ended
	Sep. 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 September 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 and nine months ended September 30, 2016 and three months ended September 30, 2015. Conversely, the assumed conversion of these would be dilutive and included in the computation of diluted earning per share for the nine months ended September 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 nine months ended September 30, 2016. Additionally, the 2,732,388 Common Shares that were subject to the forward sales agreement entered into in April 2016 that were not settled would be dilutive and are included in the computation of diluted earnings per share for the three and nine months ended September 30, 2016. 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. 2. EARNINGS PER COMMON SHARE (continued) The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, (dollars in thousands, except per share amounts) 2016 2015 2016 2015 Numerator Net income attributable to Common Shareholders $ 6,112 $ 13,776 $ 52,955 $ 56,818 Less: net income attributable to participating securities (58 ) (196 ) (617 ) (810 ) Net income attributable to Common Shareholders, net of income attributable to participating securities 6,054 13,580 52,338 56,008 Denominator Weighted average shares for basic earnings per share 78,449 68,943 74,050 68,690 Effect of dilutive securities: Employee Restricted Share Units and share options 3 14 8 24 Forward settlement agreement 169 — 76 — Convertible Preferred OP Units — — — 25 Denominator for diluted earnings per share 78,621 68,957 74,134 68,739 Basic and diluted earnings per Common Share attributable to Common Shareholders $ 0.08 $ 0.20 $ 0.71 $ 0.82

SHAREHOLDERS' EQUITY AND NONCON

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2016
Noncontrolling Interest [Abstract]
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS During the nine months ended September 30, 2016, the Company issued 4.6 million Common Shares under its at-the-market ("ATM") equity programs, generating gross proceeds of $158.8 million and net proceeds of $156.8 million . The Company has established a new ATM equity program, effective July 2016, with an additional aggregate offering amount of up to $250.0 million of gross proceeds from the sale of Common Shares, replacing its $200.0 million program that was launched in 2014. As of September 30, 2016, there was $218.0 million remaining under this $250.0 million program. During the nine months ended September 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. If the share price is below $28.80 on the conversion date, each Series C Preferred OP Units will be convertible into 3.4722 Common OP Units. If the share price is between $28.80 and $35.20 on the conversion date, each Series C Preferred OP Units will be convertible a number of Common OP Units equal to $100.00 divided by the closing share price. If the share price is above $35.20 on the conversion date, each Series C Preferred OP Units will be convertible into 2.8409 Common OP Units. The Series C Preferred OP Units have a mandatory conversion date of December 31, 2025, at which time all units that have not been converted will automatically be converted into Common OP Units based on the same calculations. 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 September 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. During August 2016, the Company issued 4,830,000 Common Shares in a public offering, generating gross proceeds of $175.2 million and net proceeds of $172.1 million . 3. SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (continued) 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’ 3,308,875 and 2,931,198 Common OP Units at September 30, 2016 and December 31, 2015 , respectively; (ii) 188 Series A Preferred OP Units at September 30, 2016 and December 31, 2015 , respectively; (iii) 141,593 Series C Preferred OP Units at September 30, 2016 and (iv) 1,163,841 and 929,169 LTIP Units at September 30, 2016 and December 31, 2015 , respectively.

ACQUISITION AND DISPOSITION OF

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE	9 Months Ended
	Sep. 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 Concord & Milwaukee 13,105 100 % Street Retail July 6,000 Chicago, IL 2,902 State & Washington 84,604 100 % Street Retail August 70,250 Chicago, IL 25,651 151 North State Street 27,385 100 % Street Retail August 30,500 Chicago, IL 14,556 North & Kingsbury 41,700 100 % Street Retail August 34,000 Chicago, IL 13,409 Sullivan Center 199,122 100 % Urban Retail Center August 146,939 Chicago, IL — California & Armitage 18,275 100 % Street Retail September 9,250 Chicago, IL 2,692 Total Core Portfolio 820,601 $ 487,225 $ 89,682 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 — Wake Forest Crossing 203,006 100 % Suburban Shopping Center September 36,600 Wake Forest, NC — Total Fund IV 222,534 $ 50,350 $ 1,463 Total 1,043,135 $ 537,575 $ 91,145 Notes: (1) The Company acquired a 49% noncontrolling 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. 4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (continued) Acquisitions (continued) (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 nine months ended September 30, 2016 , lease payments totaling $7.8 million were made under this lease. (3) The Company acquired a 20% noncontrolling membership interest in an existing joint venture for $67.6 million . The Company's pro-rata share of debt assumed was $20.0 million . 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 has been allocated based on the estimated fair value of the underlying assets and liabilities and amortized over their respective lives. For the nine months ended September 30, 2016 , the Company expensed $5.1 million of acquisition costs in the Core Portfolio and $0.4 million of acquisition costs in Fund IV. These amounts include costs related to both consolidated assets and investments in unconsolidated affiliates. Purchase Price Allocations With the exception of 1964 Union Street, which was an asset acquisition, and 991 Madison Avenue, a capital lease, 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 following table summarizes the Company's allocations of the purchase prices of assets acquired and liabilities assumed during 2016: (dollars in thousands) Purchase Price Allocations Land $ 58,740 Buildings and improvements 291,820 Prepaid expenses and other assets 4,320 Acquisition-related intangible assets (in Acquired lease intangibles, net) 40,554 Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net) (43,753 ) Debt assumed (included in Mortgage and other notes payable) (59,601 ) Total consideration $ 292,080 During 2015, the Company acquired properties and recorded the preliminary allocations of the purchase prices to the assets acquired and liabilities assumed based on provisional measurements of fair value. During 2016, the Company finalized the allocations of the purchase prices and made certain measurement period adjustments. 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 nine months ended September 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 September 30, 2016 : (dollars in thousands) Purchase Price Allocations as Originally Reported Adjustments Finalized Purchase Price Allocations Land $ 83,890 $ 4,178 $ 88,068 Buildings and improvements 258,926 (14,023 ) 244,903 Acquisition-related intangible assets (in Acquired lease intangibles, net) — 22,660 22,660 Acquisition-related intangible liabilities (in Acquired lease intangibles, net) — (12,094 ) (12,094 ) Below market debt assumed (in Mortgage and other notes payable) (10,885 ) (721 ) (11,606 ) Total consideration $ 331,931 $ — $ 331,931 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 September 30, 2016 and December 31, 2015 , the Company had no properties classified as held-for-sale. 4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (continued) Pro Forma Financial Information The pro forma financial information set forth below is based on the Company's Consolidated Statement of Income for the nine months ended September 30, 2016 and 2015, adjusted to give effect to properties acquired during the nine months ended September 30, 2016, as if they were acquired as of January 1, 2015. The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results would have been, nor does it represent the results for future periods. Nine Months Ended September 30, (dollars in thousands, except per share amounts) 2016 2015 Aggregate and Condensed Statements of Income Total revenues $ 171,224 $ 182,413 Operating and other expenses $ (126,512 ) $ (129,702 ) Interest and other finance expense $ (25,485 ) $ (29,948 ) Net income $ 105,069 $ 146,638 Net income attributable to Common Shareholders $ 57,436 $ 61,088 Basic and diluted earnings per Common Share attributable to Common Shareholders $ 0.70 $ 0.79

INVESTMENTS IN AND ADVANCES TO

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES	9 Months Ended
	Sep. 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% noncontrolling 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% noncontrolling 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% noncontrolling 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. 5. INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (continued) 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 September 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 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 Albertsons, 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 nine months ended September 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 . The following table summarizes activity related to the RCP Venture investments from inception through September 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 21,108 81,594 4,350 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 $ 63,607 $ 155,604 $ 12,181 $ 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 its remaining 35% interest 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) September 30, December 31, Aggregate and Condensed Balance Sheets Assets Rental property, net $ 734,311 $ 302,976 Real estate under development 23,486 35,743 Investment in unconsolidated affiliates 6,853 6,853 Other assets 95,264 47,083 Total assets $ 859,914 $ 392,655 Liabilities and partners’ equity Mortgage notes payable $ 499,899 $ 192,684 Other liabilities 51,472 21,945 Partners’ equity 308,543 178,026 Total liabilities and partners’ equity $ 859,914 $ 392,655 Company’s investment in and advances to unconsolidated affiliates $ 273,576 $ 173,277 Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates $ (24,249 ) $ (13,244 ) Three Months Ended Nine Months Ended September 30, September 30, (dollars in thousands) 2016 2015 2016 2015 Aggregate and Condensed Statements of Income Total revenues $ 26,590 $ 10,712 $ 58,984 $ 32,727 Operating and other expenses (7,066 ) (3,022 ) (18,082 ) (9,855 ) Interest and other finance expense (5,242 ) (2,183 ) (11,355 ) (7,080 ) Equity in earnings of unconsolidated affiliates — — — 66,655 Depreciation and amortization (15,398 ) (2,791 ) (24,262 ) (7,828 ) (Loss) gain on disposition of property (1,452 ) 7,416 (1,452 ) 32,623 Net (loss) income $ (2,568 ) $ 10,132 $ 3,833 $ 107,242 Company’s share of net (loss) income $ 377 $ 9,231 $ 4,267 $ 36,531 Amortization of excess investment (479 ) (98 ) (675 ) (294 ) Company’s equity in (losses) earnings of unconsolidated affiliates $ (102 ) $ 9,133 $ 3,592 $ 36,237

STRUCTURED FINANCING PORTFOLIO

STRUCTURED FINANCING PORTFOLIO	9 Months Ended
	Sep. 30, 2016
Mortgage Loans on Real Estate [Abstract]
STRUCTURED FINANCING PORTFOLIO	STRUCTURED FINANCING PORTFOLIO As of September 30, 2016 , the Company’s structured financing portfolio (the "Structured Financing Portfolio"), consisted of notes receivable and preferred equity investments, aggregating $266.8 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 September 30, 2016 Net Carrying Amounts of Structured Financing Portfolio as of December 31, 2015 Maturity date Extension Options First Mortgage Loan (2) 7.0% $ — $ — 8/3/2016 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 Preferred Equity (6) 8.7% 10,000 — 9/9/2019 1 x 12 Months Zero Coupon Loan (7) 2.5% 30,810 30,234 5/31/2020 Preferred Equity (8) 15.3% 15,250 — 2/3/2021 2 x 12 Months First Mortgage Loan (9) 9.0% 12,000 12,000 Demand Individually less than 3% 18.0% 4,356 12,575 7/1/2017 Total $ 266,816 $ 147,188 Notes: (1) Includes the effects of origination and exit fees (2) During January 2016, Fund IV made a $13.3 million loan, which was collateralized by a property and bore interest at 7.0% . The Company received received a payment of $13.8 million , which included $13.3 million of full principal repayment and $0.5 million of accrued unpaid interest during the three months ended September 30, 2016. (3) During February 2016, the Company received full principal repayment of this $7.5 million loan. (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. (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, which was made to our partners in the Brandywine Portfolio, bears interest at 8.1% (Note 5). (6) During September 2016, the Company made a preferred equity investment in a joint venture for $10.0 million . This investment earns a preferred rate of return of 8.0% . (7) The principal balance for this loan, which requires no current payments of interest, is increased by the interest accrued. (8) During January 2016, Fund IV made a preferred equity investment in a joint venture for $14.0 million . This investment earns a preferred rate of return of 15.3% . During September 2016, Fund IV increased its investment by $1.3 million . 6. STRUCTURED FINANCING PORTFOLIO (continued) (9) Loan was non-performing as of September 30, 2016 . Based on the value of the underlying collateral, no reserve has been established against this loan. 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 September 30, 2016 , the Company held one non-performing note.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS As of September 30, 2016 , the Company's derivative financial instruments consisted of 18 interest rate swaps with an aggregate notional amount of $366.2 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 also has two derivative financial instruments with a notional value of $59.4 million which cap LIBOR at rates ranging from 3.0% to 4.0% and mature during April 2018 and August 2019 . The fair value of these derivative instruments that represent liabilities are included in other liabilities in the Consolidated Balance Sheets and totaled $13.8 million and $5.9 million at September 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 September 30, 2016 and December 31, 2015 , unrealized losses totaling $12.8 million and $4.5 million , respectively, were reflected in accumulated other comprehensive loss on the Consolidated Balance Sheets. It is estimated that approximately $4.1 million included in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense in the next 12 months. As of September 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	9 Months Ended
	Sep. 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 nine months ended September 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% Sherman Avenue July New borrowing 14,250 LIBOR+3.25% 7/1/2018 146 Geary Street July New borrowing 27,700 LIBOR+3.40% 7/14/2019 Concord & Milwaukee July Assumption 2,902 4.4% 6/1/2030 151 North State Street August Assumption 14,556 4.0% 12/1/2029 North & Kingsbury August Assumption 13,409 4.0% 11/5/2029 State & Washington August Assumption 25,651 4.4% 9/5/2028 Restaurants at Fort Point August New borrowing 6,500 LIBOR+2.35% 8/25/2021 California & Armitage September Assumption 2,692 5.9% 4/15/2035 Rhode Island Shopping Center September Repayment — 12/1/2016 15,554 6.35% Total $ 129,044 $ 288,321 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, in which the Company holds a 22% interest.

UNSECURED NOTES PAYABLE

UNSECURED NOTES PAYABLE	9 Months Ended
	Sep. 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 nine months ended September 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 September 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 $12.5 million on its Fund II credit facility. The outstanding balance under this facility is $25.0 million as of September 30, 2016 , and was repaid upon maturity in October 2016. 9. UNSECURED NOTES PAYABLE (continued) The Company repaid $47.8 million on its Fund IV subscription line. The outstanding balance under this facility is $44.1 million as of September 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 September 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	9 Months Ended
	Sep. 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 September 30, 2016 : (dollars in thousands) Level 1 Level 2 Level 3 Liabilities Derivative financial instruments (Note 7) $ — $ 13,775 $ — 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) September 30, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes receivable and preferred equity investments, net $ 266,816 $ 266,816 $ 147,188 $ 147,188 Mortgage and other notes payable $ 1,295,519 $ 1,316,605 $ 1,358,606 $ 1,382,318

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 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 $0.3 million and $0.1 million for the three months ended September 30, 2016 and 2015, respectively and $0.9 million and $0.3 million for the nine months ended September 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. Additionally, the Company made a preferred equity investment of $10.0 million in an entity owned by the Company's partners in Gotham Plaza.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015, and does not include unconsolidated affiliates: Three Months Ended September 30, 2016 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 36,376 $ 7,479 $ 7,245 $ 51,100 Property operating expenses, other operating and real estate taxes (11,612 ) (2,903 ) — (14,515 ) General and administrative expenses (11,915 ) (954 ) — (12,869 ) Depreciation and amortization (12,428 ) (2,789 ) — (15,217 ) Operating income 421 833 7,245 8,499 Equity in earnings (losses) of unconsolidated affiliates 1,495 (1,597 ) — (102 ) Interest and other finance expense (6,431 ) (1,551 ) — (7,982 ) Income tax provision (70 ) (19 ) — (89 ) Net (loss) income $ (4,585 ) $ (2,334 ) $ 7,245 $ 326 Net loss attributable to noncontrolling interests $ 60 $ 5,726 $ — $ 5,786 Net (loss) income attributable to Common Shareholders $ (4,525 ) $ 3,392 $ 7,245 $ 6,112 Real Estate at Cost $ 1,832,863 $ 1,186,926 $ — $ 3,019,789 Total Assets $ 2,097,386 $ 1,214,317 $ 266,816 $ 3,578,519 Acquisition of Real Estate $ 237,729 $ 36,600 $ — $ 274,329 Investment in Redevelopment and Improvements $ 7,296 $ 31,235 $ — $ 38,531 12. SEGMENT REPORTING (continued) Three Months Ended September 30, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 37,744 $ 11,783 $ 7,325 $ 56,852 Property operating expenses, other operating and real estate taxes (8,885 ) (3,968 ) — (12,853 ) General and administrative expenses (6,963 ) (640 ) — (7,603 ) Depreciation and amortization (13,979 ) (3,482 ) — (17,461 ) Operating income 7,917 3,693 7,325 18,935 Equity in earnings of unconsolidated affiliates 434 1,761 — 2,195 Gain on disposition of property of unconsolidated affiliates — 6,938 — 6,938 Gain on disposition of properties — 79 — 79 Interest and other finance expense (7,203 ) (2,142 ) — (9,345 ) Income tax provision (461 ) (237 ) — (698 ) Net income $ 687 $ 10,092 $ 7,325 $ 18,104 Net income attributable to noncontrolling interests $ (686 ) $ (3,642 ) $ — $ (4,328 ) Net income attributable to Common Shareholders $ 1 $ 6,450 $ 7,325 $ 13,776 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) Nine Months Ended September 30, 2016 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 109,176 $ 26,642 $ 19,298 $ 155,116 Property operating expenses, other operating and real estate taxes (28,460 ) (9,331 ) — (37,791 ) General and administrative expenses (28,955 ) (1,787 ) — (30,742 ) Depreciation and amortization (37,629 ) (9,115 ) — (46,744 ) Operating income 14,132 6,409 19,298 39,839 Equity in earnings of unconsolidated affiliates 2,668 924 — 3,592 Loss on debt extinguishment — (15 ) — (15 ) Gain on disposition of properties — 81,965 — 81,965 Interest and other finance expense (20,308 ) (4,594 ) — (24,902 ) Income tax provision (80 ) (43 ) — (123 ) Net (loss) income $ (3,588 ) $ 84,646 $ 19,298 $ 100,356 Net income attributable to noncontrolling interests $ (2,771 ) $ (44,630 ) $ — $ (47,401 ) Net (loss) income attributable to Common Shareholders $ (6,359 ) $ 40,016 $ 19,298 $ 52,955 Real Estate at Cost $ 1,832,863 $ 1,186,926 $ — $ 3,019,789 Total Assets $ 2,097,386 $ 1,214,317 $ 266,816 $ 3,578,519 Acquisition of Real Estate $ 244,022 $ 48,887 $ — $ 292,909 Investment in Redevelopment and Improvements $ 17,518 $ 76,903 $ — $ 94,421 12. SEGMENT REPORTING (continued) Nine Months Ended September 30, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 110,930 $ 36,846 $ 14,718 $ 162,494 Property operating expenses, other operating and real estate taxes (26,811 ) (15,399 ) — (42,210 ) General and administrative expenses (21,171 ) (1,969 ) — (23,140 ) Depreciation and amortization (34,454 ) (10,568 ) — (45,022 ) Impairment of asset (5,000 ) — — (5,000 ) Operating income 23,494 8,910 14,718 47,122 Equity in earnings of unconsolidated affiliates 1,567 10,627 — 12,194 Gain on disposition of property of unconsolidated affiliates — 24,043 — 24,043 Loss on debt extinguishment — (134 ) — (134 ) Gain on disposition of properties — 89,063 — 89,063 Interest and other finance expense (21,000 ) (7,130 ) — (28,130 ) Income tax provision (866 ) (1,193 ) — (2,059 ) Net income $ 3,195 $ 124,186 $ 14,718 $ 142,099 Net loss (income) attributable to noncontrolling interests $ 1,340 $ (86,621 ) $ — $ (85,281 ) Net income attributable to Common Shareholders $ 4,535 $ 37,565 $ 14,718 $ 56,818 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	9 Months Ended
	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
LONG-TERM INCENTIVE COMPENSATION	LONG-TERM INCENTIVE COMPENSATION During the nine months ended September 30, 2016, the Company issued 319,244 LTIP Units and 11,092 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 $1.8 million has been recognized in the accompanying consolidated statements of income related to these awards for the nine months ended September 30, 2016 . Additionally, during the quarter ended September 30, 2016, in connection with the retirement of two executives, an additional 29,418 LTIP Units were issued. The value of these LTIP units was $1.1 million and was recognized as compensation expense during the three months ended September 30, 2016. Also in connection with these retirements, the Company recognized $1.8 million as compensation expense relating to the acceleration of LTIP Units granted prior to 2016. Total long-term incentive compensation expense, including the expense related to the above-mentioned plans and accelerated vesting, was $9.1 million and $5.2 million for the nine months ended September 30, 2016 and 2015, respectively. 13. LONG-TERM INCENTIVE COMPENSATION (continued) In addition, members of the Board of Trustees (the "Board") have been issued units under the Share Incentive Plan. During the nine months ended September 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 $0.8 million and $0.7 million for the nine months ended September 30, 2016 and 2015, respectively. In 2009, the Company adopted the Long Term Investment Alignment Program (the "Program") pursuant to which the Company may grant awards to employees, entitling them to receive up to 25% of any potential future payments of Promote to the Operating Partnership from Funds III and IV. The Company has awarded units to employees representing 25% 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 estimated fair value at each reporting period in accordance with ASC Topic 718, "Compensation - Stock Compensation." During the nine months ended September 30, 2016, compensation expense of $3.6 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 September 30, 2016.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS During October 2016, Fund IV completed the acquisition of a seven-property, 1.1 million square foot portfolio located in Maine, Pennsylvania and New York for an aggregate purchase price of $83.4 million .

ORGANIZATION AND BASIS OF PRE24

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	9 Months Ended
	Sep. 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 (Losses) 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 nine months ended September 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.
Reclassifications
Recent Accounting Pronouncements	Recent Accounting Pronouncements During August 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provided guidance on certain specific cash flow issues, including, but not limited to, debt prepayment or extinguishment costs, contingent consideration payments made after a business combination and distributions received from equity method investees. ASU 2016-15 is effective for periods beginning after December 15, 2017, with early adoption permitted and shall be applied retrospectively where practicable. The Company is in the process of evaluating the impact the adoption of ASU 2016-15 will have on its consolidated financial statements. During June 2016, the FASB issued 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. Consolidated VIE's are those where the Company is considered to be the primary beneficiary of a VIE. The primary beneficiary is the entity that has a controlling financial interest in the VIE, which is defined by the entity having both of the following characteristics: 1) the power to direct the activities that, when taken together, most significantly impact the VIE’s performance and 2) the obligation to absorb losses or the right to receive the returns from the VIE that could potentially be significant to the VIE. The Company reviewed all of its entities in accordance with ASU 2015-02 and concluded that certain of its legal entities, including the Operating Partnership and the Funds, which had previously been consolidated, are now VIE's. As a result of the classification of the Operating Partnership as a VIE, substantially all of the Company's assets and liabilities are assets and liabilities of a VIE. 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. 1. ORGANIZATION AND BASIS OF PRESENTATION (continued) Recent Accounting Pronouncements (continued) 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)	9 Months Ended
	Sep. 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 September 30, 2016 (4) Unfunded Commitment as of September 30, 2016 Equity Interest Held By Operating Partnership Preferred Return Total Distributions as of September 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 5/2007 24.54% 502.5 396.7 53.3 24.54% 6% 509.8 Fund IV 5/2012 23.12% 540.6 290.5 239.5 23.12% 6% 101.9 Fund V 8/2016 20.10% 520.1 — 520.1 20.10% 6% — Notes: (1) Mervyns I was originally formed in conjunction with Acadia Strategic Opportunity Fund, LP ("Fund I"). Fund I was liquidated and dissolved as of December 31, 2015. The above table reflects the combined activity of Fund I and Mervyns I. Fund I and Mervyns I have returned all capital and preferred return. The Operating Partnership is entitled to a Promote on all future cash distributions from Mervyns I. (2) During 2013, a distribution of $47.1 million was made to the Fund II investors, including the Operating Partnership. This amount is subject to recontribution to Fund II until December 2016, if needed to fund the on-going development and construction of existing projects. This amount was recontributed subsequent to September 30, 2016. (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)	9 Months Ended
	Sep. 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 Nine Months Ended September 30, September 30, (dollars in thousands, except per share amounts) 2016 2015 2016 2015 Numerator Net income attributable to Common Shareholders $ 6,112 $ 13,776 $ 52,955 $ 56,818 Less: net income attributable to participating securities (58 ) (196 ) (617 ) (810 ) Net income attributable to Common Shareholders, net of income attributable to participating securities 6,054 13,580 52,338 56,008 Denominator Weighted average shares for basic earnings per share 78,449 68,943 74,050 68,690 Effect of dilutive securities: Employee Restricted Share Units and share options 3 14 8 24 Forward settlement agreement 169 — 76 — Convertible Preferred OP Units — — — 25 Denominator for diluted earnings per share 78,621 68,957 74,134 68,739 Basic and diluted earnings per Common Share attributable to Common Shareholders $ 0.08 $ 0.20 $ 0.71 $ 0.82

ACQUISITION AND DISPOSITION O27

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (Tables)	9 Months Ended
	Sep. 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 allocations of the purchase prices of assets acquired and liabilities assumed during 2016: (dollars in thousands) Purchase Price Allocations Land $ 58,740 Buildings and improvements 291,820 Prepaid expenses and other assets 4,320 Acquisition-related intangible assets (in Acquired lease intangibles, net) 40,554 Acquisition-related intangible liabilities (in Acquired lease and other intangibles, net) (43,753 ) Debt assumed (included in Mortgage and other notes payable) (59,601 ) Total consideration $ 292,080 The following table summarizes the preliminary allocations of the purchase prices of these properties and the finalized allocations as adjusted as of September 30, 2016 : (dollars in thousands) Purchase Price Allocations as Originally Reported Adjustments Finalized Purchase Price Allocations Land $ 83,890 $ 4,178 $ 88,068 Buildings and improvements 258,926 (14,023 ) 244,903 Acquisition-related intangible assets (in Acquired lease intangibles, net) — 22,660 22,660 Acquisition-related intangible liabilities (in Acquired lease intangibles, net) — (12,094 ) (12,094 ) Below market debt assumed (in Mortgage and other notes payable) (10,885 ) (721 ) (11,606 ) Total consideration $ 331,931 $ — $ 331,931 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 Concord & Milwaukee 13,105 100 % Street Retail July 6,000 Chicago, IL 2,902 State & Washington 84,604 100 % Street Retail August 70,250 Chicago, IL 25,651 151 North State Street 27,385 100 % Street Retail August 30,500 Chicago, IL 14,556 North & Kingsbury 41,700 100 % Street Retail August 34,000 Chicago, IL 13,409 Sullivan Center 199,122 100 % Urban Retail Center August 146,939 Chicago, IL — California & Armitage 18,275 100 % Street Retail September 9,250 Chicago, IL 2,692 Total Core Portfolio 820,601 $ 487,225 $ 89,682 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 — Wake Forest Crossing 203,006 100 % Suburban Shopping Center September 36,600 Wake Forest, NC — Total Fund IV 222,534 $ 50,350 $ 1,463 Total 1,043,135 $ 537,575 $ 91,145 Notes: (1) The Company acquired a 49% noncontrolling 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. 4. ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE (continued) Acquisitions (continued) (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 nine months ended September 30, 2016 , lease payments totaling $7.8 million were made under this lease. (3) The Company acquired a 20% noncontrolling membership interest in an existing joint venture for $67.6 million . The Company's pro-rata share of debt assumed was $20.0 million . 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 has been allocated based on the estimated fair value of the underlying assets and liabilities and amortized over their respective lives.
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 .
Business Acquisition, Pro Forma Information	The pro forma financial information is presented for informational purposes only and may not be indicative of what actual results would have been, nor does it represent the results for future periods. Nine Months Ended September 30, (dollars in thousands, except per share amounts) 2016 2015 Aggregate and Condensed Statements of Income Total revenues $ 171,224 $ 182,413 Operating and other expenses $ (126,512 ) $ (129,702 ) Interest and other finance expense $ (25,485 ) $ (29,948 ) Net income $ 105,069 $ 146,638 Net income attributable to Common Shareholders $ 57,436 $ 61,088 Basic and diluted earnings per Common Share attributable to Common Shareholders $ 0.70 $ 0.79

INVESTMENTS IN AND ADVANCES T28

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES (Tables)	9 Months Ended
	Sep. 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 September 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 21,108 81,594 4,350 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 $ 63,607 $ 155,604 $ 12,181 $ 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) September 30, December 31, Aggregate and Condensed Balance Sheets Assets Rental property, net $ 734,311 $ 302,976 Real estate under development 23,486 35,743 Investment in unconsolidated affiliates 6,853 6,853 Other assets 95,264 47,083 Total assets $ 859,914 $ 392,655 Liabilities and partners’ equity Mortgage notes payable $ 499,899 $ 192,684 Other liabilities 51,472 21,945 Partners’ equity 308,543 178,026 Total liabilities and partners’ equity $ 859,914 $ 392,655 Company’s investment in and advances to unconsolidated affiliates $ 273,576 $ 173,277 Company's share of distributions in excess of income from, and investments in, unconsolidated affiliates $ (24,249 ) $ (13,244 )
Summary of Statement of Income of the Company’s investments in unconsolidated affiliates	Three Months Ended Nine Months Ended September 30, September 30, (dollars in thousands) 2016 2015 2016 2015 Aggregate and Condensed Statements of Income Total revenues $ 26,590 $ 10,712 $ 58,984 $ 32,727 Operating and other expenses (7,066 ) (3,022 ) (18,082 ) (9,855 ) Interest and other finance expense (5,242 ) (2,183 ) (11,355 ) (7,080 ) Equity in earnings of unconsolidated affiliates — — — 66,655 Depreciation and amortization (15,398 ) (2,791 ) (24,262 ) (7,828 ) (Loss) gain on disposition of property (1,452 ) 7,416 (1,452 ) 32,623 Net (loss) income $ (2,568 ) $ 10,132 $ 3,833 $ 107,242 Company’s share of net (loss) income $ 377 $ 9,231 $ 4,267 $ 36,531 Amortization of excess investment (479 ) (98 ) (675 ) (294 ) Company’s equity in (losses) earnings of unconsolidated affiliates $ (102 ) $ 9,133 $ 3,592 $ 36,237

STRUCTURED FINANCING PORTFOLIO

STRUCTURED FINANCING PORTFOLIO (Tables)	9 Months Ended
	Sep. 30, 2016
Mortgage Loans on Real Estate [Abstract]
Schedule of Notes Receivable and Preferred Equity Investments	As of September 30, 2016 , the Company’s structured financing portfolio (the "Structured Financing Portfolio"), consisted of notes receivable and preferred equity investments, aggregating $266.8 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 September 30, 2016 Net Carrying Amounts of Structured Financing Portfolio as of December 31, 2015 Maturity date Extension Options First Mortgage Loan (2) 7.0% $ — $ — 8/3/2016 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 Preferred Equity (6) 8.7% 10,000 — 9/9/2019 1 x 12 Months Zero Coupon Loan (7) 2.5% 30,810 30,234 5/31/2020 Preferred Equity (8) 15.3% 15,250 — 2/3/2021 2 x 12 Months First Mortgage Loan (9) 9.0% 12,000 12,000 Demand Individually less than 3% 18.0% 4,356 12,575 7/1/2017 Total $ 266,816 $ 147,188 Notes: (1) Includes the effects of origination and exit fees (2) During January 2016, Fund IV made a $13.3 million loan, which was collateralized by a property and bore interest at 7.0% . The Company received received a payment of $13.8 million , which included $13.3 million of full principal repayment and $0.5 million of accrued unpaid interest during the three months ended September 30, 2016. (3) During February 2016, the Company received full principal repayment of this $7.5 million loan. (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. (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, which was made to our partners in the Brandywine Portfolio, bears interest at 8.1% (Note 5). (6) During September 2016, the Company made a preferred equity investment in a joint venture for $10.0 million . This investment earns a preferred rate of return of 8.0% . (7) The principal balance for this loan, which requires no current payments of interest, is increased by the interest accrued. (8) During January 2016, Fund IV made a preferred equity investment in a joint venture for $14.0 million . This investment earns a preferred rate of return of 15.3% . During September 2016, Fund IV increased its investment by $1.3 million . 6. STRUCTURED FINANCING PORTFOLIO (continued) (9) Loan was non-performing as of September 30, 2016 . Based on the value of the underlying collateral, no reserve has been established against this loan.

MORTGAGE AND OTHER NOTES PAYA30

MORTGAGE AND OTHER NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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% Sherman Avenue July New borrowing 14,250 LIBOR+3.25% 7/1/2018 146 Geary Street July New borrowing 27,700 LIBOR+3.40% 7/14/2019 Concord & Milwaukee July Assumption 2,902 4.4% 6/1/2030 151 North State Street August Assumption 14,556 4.0% 12/1/2029 North & Kingsbury August Assumption 13,409 4.0% 11/5/2029 State & Washington August Assumption 25,651 4.4% 9/5/2028 Restaurants at Fort Point August New borrowing 6,500 LIBOR+2.35% 8/25/2021 California & Armitage September Assumption 2,692 5.9% 4/15/2035 Rhode Island Shopping Center September Repayment — 12/1/2016 15,554 6.35% Total $ 129,044 $ 288,321 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, in which the Company holds a 22% interest.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 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 September 30, 2016 : (dollars in thousands) Level 1 Level 2 Level 3 Liabilities Derivative financial instruments (Note 7) $ — $ 13,775 $ —
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) September 30, 2016 December 31, 2015 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Notes receivable and preferred equity investments, net $ 266,816 $ 266,816 $ 147,188 $ 147,188 Mortgage and other notes payable $ 1,295,519 $ 1,316,605 $ 1,358,606 $ 1,382,318

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2016 and 2015, and does not include unconsolidated affiliates: Three Months Ended September 30, 2016 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 36,376 $ 7,479 $ 7,245 $ 51,100 Property operating expenses, other operating and real estate taxes (11,612 ) (2,903 ) — (14,515 ) General and administrative expenses (11,915 ) (954 ) — (12,869 ) Depreciation and amortization (12,428 ) (2,789 ) — (15,217 ) Operating income 421 833 7,245 8,499 Equity in earnings (losses) of unconsolidated affiliates 1,495 (1,597 ) — (102 ) Interest and other finance expense (6,431 ) (1,551 ) — (7,982 ) Income tax provision (70 ) (19 ) — (89 ) Net (loss) income $ (4,585 ) $ (2,334 ) $ 7,245 $ 326 Net loss attributable to noncontrolling interests $ 60 $ 5,726 $ — $ 5,786 Net (loss) income attributable to Common Shareholders $ (4,525 ) $ 3,392 $ 7,245 $ 6,112 Real Estate at Cost $ 1,832,863 $ 1,186,926 $ — $ 3,019,789 Total Assets $ 2,097,386 $ 1,214,317 $ 266,816 $ 3,578,519 Acquisition of Real Estate $ 237,729 $ 36,600 $ — $ 274,329 Investment in Redevelopment and Improvements $ 7,296 $ 31,235 $ — $ 38,531 12. SEGMENT REPORTING (continued) Three Months Ended September 30, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 37,744 $ 11,783 $ 7,325 $ 56,852 Property operating expenses, other operating and real estate taxes (8,885 ) (3,968 ) — (12,853 ) General and administrative expenses (6,963 ) (640 ) — (7,603 ) Depreciation and amortization (13,979 ) (3,482 ) — (17,461 ) Operating income 7,917 3,693 7,325 18,935 Equity in earnings of unconsolidated affiliates 434 1,761 — 2,195 Gain on disposition of property of unconsolidated affiliates — 6,938 — 6,938 Gain on disposition of properties — 79 — 79 Interest and other finance expense (7,203 ) (2,142 ) — (9,345 ) Income tax provision (461 ) (237 ) — (698 ) Net income $ 687 $ 10,092 $ 7,325 $ 18,104 Net income attributable to noncontrolling interests $ (686 ) $ (3,642 ) $ — $ (4,328 ) Net income attributable to Common Shareholders $ 1 $ 6,450 $ 7,325 $ 13,776 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) Nine Months Ended September 30, 2016 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 109,176 $ 26,642 $ 19,298 $ 155,116 Property operating expenses, other operating and real estate taxes (28,460 ) (9,331 ) — (37,791 ) General and administrative expenses (28,955 ) (1,787 ) — (30,742 ) Depreciation and amortization (37,629 ) (9,115 ) — (46,744 ) Operating income 14,132 6,409 19,298 39,839 Equity in earnings of unconsolidated affiliates 2,668 924 — 3,592 Loss on debt extinguishment — (15 ) — (15 ) Gain on disposition of properties — 81,965 — 81,965 Interest and other finance expense (20,308 ) (4,594 ) — (24,902 ) Income tax provision (80 ) (43 ) — (123 ) Net (loss) income $ (3,588 ) $ 84,646 $ 19,298 $ 100,356 Net income attributable to noncontrolling interests $ (2,771 ) $ (44,630 ) $ — $ (47,401 ) Net (loss) income attributable to Common Shareholders $ (6,359 ) $ 40,016 $ 19,298 $ 52,955 Real Estate at Cost $ 1,832,863 $ 1,186,926 $ — $ 3,019,789 Total Assets $ 2,097,386 $ 1,214,317 $ 266,816 $ 3,578,519 Acquisition of Real Estate $ 244,022 $ 48,887 $ — $ 292,909 Investment in Redevelopment and Improvements $ 17,518 $ 76,903 $ — $ 94,421 12. SEGMENT REPORTING (continued) Nine Months Ended September 30, 2015 (dollars in thousands) Core Portfolio Funds Structured Financing Portfolio Total Revenues $ 110,930 $ 36,846 $ 14,718 $ 162,494 Property operating expenses, other operating and real estate taxes (26,811 ) (15,399 ) — (42,210 ) General and administrative expenses (21,171 ) (1,969 ) — (23,140 ) Depreciation and amortization (34,454 ) (10,568 ) — (45,022 ) Impairment of asset (5,000 ) — — (5,000 ) Operating income 23,494 8,910 14,718 47,122 Equity in earnings of unconsolidated affiliates 1,567 10,627 — 12,194 Gain on disposition of property of unconsolidated affiliates — 24,043 — 24,043 Loss on debt extinguishment — (134 ) — (134 ) Gain on disposition of properties — 89,063 — 89,063 Interest and other finance expense (21,000 ) (7,130 ) — (28,130 ) Income tax provision (866 ) (1,193 ) — (2,059 ) Net income $ 3,195 $ 124,186 $ 14,718 $ 142,099 Net loss (income) attributable to noncontrolling interests $ 1,340 $ (86,621 ) $ — $ (85,281 ) Net income attributable to Common Shareholders $ 4,535 $ 37,565 $ 14,718 $ 56,818 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)	Aug. 10, 2016USD ($)Institutional_Investor	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Sep. 30, 2016USD ($)property	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties (in properties) | property		175			175
Reallocation of noncontrolling interest		$ 35,300,000			$ 0		$ 31,800,000
Impairment of asset		$ 0	$ 0		$ 0	$ 5,000,000
Brandywine Portfolio
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Noncontrolling interest, ownership percentage				77.78%
Impairment of asset				$ 5,000,000
Core Portfolio
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties (in properties) | property		116			116
Impairment of asset						5,000,000
Opportunity Funds
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Number of retail properties (in properties) | property		59			59
Impairment of asset						$ 0
Operating Partnership | Fund V
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Ownership interest by general partner or managing partner					20.10%
Equity commitment, amount	$ 520,100,000	$ 520,100,000			$ 520,100,000
Number of institutional investors | Institutional_Investor	12
Closed equity commitments	$ 104,500,000
Preferred Return					6.00%
Capital Called	$ 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		129,044,000			129,044,000
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					95.00%
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 ($)	Aug. 10, 2016	Sep. 30, 2016	Dec. 31, 2013
Fund II
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Payments of dividends			$ 47,100,000
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		$ 90,000,000
Capital Called		86,600,000
Unfunded Commitment as of September 30, 2016		$ 0
Equity Interest Held By Operating Partnership		37.78%
Preferred Return		9.00%
Capital Returned		$ 194,500,000
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		$ 300,000,000
Capital Called		300,000,000
Unfunded Commitment as of September 30, 2016		$ 47,100,000
Equity Interest Held By Operating Partnership		28.33%
Preferred Return		8.00%
Capital Returned		$ 131,600,000
Operating Partnership | Fund III
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital		24.54%
Fund Size		$ 502,500,000
Capital Called		396,700,000
Unfunded Commitment as of September 30, 2016		$ 53,300,000
Equity Interest Held By Operating Partnership		24.54%
Preferred Return		6.00%
Capital Returned		$ 509,800,000
Operating Partnership | Fund IV
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital		23.12%
Fund Size		$ 540,600,000
Capital Called		290,500,000
Unfunded Commitment as of September 30, 2016		$ 239,500,000
Equity Interest Held By Operating Partnership		23.12%
Preferred Return		6.00%
Capital Returned		$ 101,900,000
Operating Partnership | Fund V
Organization, Consolidation and Presentation of Financial Statements [Line Items]
Operating Partnership Share of Capital		20.10%
Fund Size	$ 520,100,000	$ 520,100,000
Capital Called	$ 0	0
Unfunded Commitment as of September 30, 2016		$ 520,100,000
Equity Interest Held By Operating Partnership		20.10%
Preferred Return		6.00%
Capital Returned		$ 0

EARNINGS PER COMMON SHARE - Nar

EARNINGS PER COMMON SHARE - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 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)	2,732,388		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	25,067	25,067	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)	3,308,875		3,308,875		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	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		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator
Net income attributable to Common Shareholders	$ 6,112	$ 13,776	$ 52,955	$ 56,818
Less: net income attributable to participating securities	(58)	(196)	(617)	(810)
Net income attributable to Common Shareholders, net of income attributable to participating securities	$ 6,054	$ 13,580	$ 52,338	$ 56,008
Denominator
Weighted average shares for basic earnings per share (in shares)	78,449	68,943	74,050	68,690
Effect of dilutive securities:
Employee Restricted Share Units and share options (in shares)	3	14	8	24
Incremental Common Shares Attributable to Dilutive Effect of Equity Forward Agreements	169	0	76	0
Convertible Preferred OP Units (in shares)	0	0	0	25
Denominator for diluted earnings per share (in shares)	78,621	68,957	74,134	68,739
Basic and diluted earnings per share (in dollars per share)	$ 0.08	$ 0.20	$ 0.71	$ 0.82

SHAREHOLDERS' EQUITY AND NONC37

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Details)	1 Months Ended		3 Months Ended	9 Months Ended
	Aug. 31, 2016USD ($)shares	Apr. 29, 2016USD ($)shares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2016USD ($)$ / sharesshares	Sep. 30, 2015USD ($)shares	Jun. 30, 2016USD ($)	Dec. 31, 2015shares
Noncontrolling Interest [Line Items]
Proceeds from issuance of common stock | $				$ 357,262,000	$ 26,933,000
Operating Partnership, as General Partner or Managing Member
Noncontrolling Interest [Line Items]
Limited partners' capital account, units issued (in shares) | shares			442,478	442,478
Limited partners' common OP units (in shares) | shares			3,308,875	3,308,875			2,931,198
Common stock
Noncontrolling Interest [Line Items]
Common stock issued during the period (in shares) | shares	4,830,000
Gross proceeds from issuance of common stock | $	$ 175,200,000
Proceeds from issuance of common stock | $	$ 172,100,000
Series A Preferred Stock | Operating Partnership, as General Partner or Managing Member
Noncontrolling Interest [Line Items]
Limited partners' common OP units (in shares) | shares			188	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) | shares			141,593	141,593
Limited partners' value per unit (in dollars per share) | $ / shares			$ 100	$ 100
Limited partners' quarterly distribution (in dollars per share) | $ / shares			$ 0.9375
Limited partners' common OP units (in shares) | shares			141,593	141,593	141,593
At The Market Equity Program | Common stock
Noncontrolling Interest [Line Items]
Common stock issued during the period (in shares) | shares				4,600,000
Gross proceeds from issuance of common stock | $				$ 158,800,000
Proceeds from issuance of common stock | $				$ 156,800,000
Additional maximum gross proceeds amount | $			$ 250,000,000
Sale of stock, remaining value under program | $			$ 218,000,000
LTIP Units
Noncontrolling Interest [Line Items]
Share-based compensation, outstanding (in shares) | shares			1,163,841	1,163,841			929,169
At The Market Equity Program
Noncontrolling Interest [Line Items]
Common stock, shares authorized not issued, value | $						$ 200,000,000
Forward Sale and Underwritten Public Offering | Common stock
Noncontrolling Interest [Line Items]
Common stock issued during the period (in shares) | shares		3,600,000	867,612
Proceeds from issuance of common stock | $		$ 124,500,000	$ 30,000,000
Minimum | Series C Preferred Stock | Operating Partnership, as General Partner or Managing Member
Noncontrolling Interest [Line Items]
Share price (in dollars per share) | $ / shares			$ 28.80	$ 28.80
Share price, conversion ratio				3.4722
Maximum | Series C Preferred Stock | Operating Partnership, as General Partner or Managing Member
Noncontrolling Interest [Line Items]
Share price (in dollars per share) | $ / shares			$ 35.20	$ 35.20
Share price, conversion ratio				2.8409

ACQUISITION AND DISPOSITION O38

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE - Acquisition (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)ft²shares	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)ft²shares	Sep. 30, 2015USD ($)	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	$ (35,710)	$ (40,722)	$ (109,486)	$ (118,693)
Purchase Price Allocations
Land	88,068		88,068			$ 83,890
Buildings and improvements	244,903		244,903			258,926
Acquisition-related intangible assets (in Acquired lease intangibles, net)	22,660		22,660			0
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(12,094)		(12,094)			0
Below market debt assumed (in Mortgage and other notes payable)	11,606		11,606			10,885
Total consideration	$ 331,931		331,931			$ 331,931
Adjustments
Land			4,178
Buildings and improvements			(14,023)
Acquisition-related intangible assets (in Acquired lease intangibles, net)			22,660
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)			(12,094)
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	820,601		820,601
Percentage of interests acquired					20.00%
Purchase Price			$ 487,225
Assumption of Debt			89,682
Acquisition costs			$ 5,100
Fund IV
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	222,534		222,534
Purchase Price			$ 50,350
Assumption of Debt			1,463
Acquisition costs			$ 400
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
Concord and Milwaukee | Chicago, IL | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	13,105		13,105
Percentage of interests acquired	100.00%		100.00%
Purchase Price			$ 6,000
Assumption of Debt			$ 2,902
State and Washington | Chicago, IL | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	84,604		84,604
Percentage of interests acquired	100.00%		100.00%
Purchase Price			$ 70,250
Assumption of Debt			$ 25,651
151 North State Street | Chicago, IL | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	27,385		27,385
Percentage of interests acquired	100.00%		100.00%
Purchase Price			$ 30,500
Assumption of Debt			$ 14,556
North & Kingsbury | Chicago, IL | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	41,700		41,700
Percentage of interests acquired	100.00%		100.00%
Purchase Price			$ 34,000
Assumption of Debt			$ 13,409
Sullivan Center | Chicago, IL | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	199,122		199,122
Percentage of interests acquired	100.00%		100.00%
Purchase Price			$ 146,939
Assumption of Debt			$ 0
California and Armitage | Chicago, IL | Core Portfolio
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	18,275		18,275
Percentage of interests acquired	100.00%		100.00%
Purchase Price			$ 9,250
Assumption of Debt			$ 2,692
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
Wake Forest Crossing | Wake Forest, NC | Fund IV
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	203,006		203,006
Percentage of interests acquired	100.00%		100.00%
Purchase Price			$ 36,600
Assumption of Debt			$ 0
Series of Individually Immaterial Business Acquisitions
Business Acquisition [Line Items]
Gross leasable area (in square feet) | ft²	1,043,135		1,043,135
Purchase Price			$ 537,575
Assumption of Debt			91,145
Purchase Price Allocations
Land	$ 58,740		58,740
Buildings and improvements	291,820		291,820
Prepaid expenses and other assets	4,320		4,320
Acquisition-related intangible assets (in Acquired lease intangibles, net)	40,554		40,554
Acquisition-related intangible liabilities (in Acquired lease intangibles, net)	(43,753)		(43,753)
Debt assumed (included in Mortgage and other notes payable)	(59,601)		(59,601)
Total consideration	$ 292,080		292,080
Series of Individually Immaterial Business Acquisitions | Restatement Adjustment
Business Acquisition [Line Items]
Increase to depreciation and amortization expense			1,900
Reduction to rental income			$ 100
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	$ 7,800

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	9 Months Ended	12 Months Ended
	Sep. 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

ACQUISITION AND DISPOSITION O40

ACQUISITION AND DISPOSITION OF REAL ESTATE AND PROPERTIES HELD FOR SALE - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
ACQUISITION AND DISPOSITION OF REAL ESTATE AND DISCONTINUED OPERATIONS ABSTRACT
Total revenues	$ 171,224	$ 182,413
Operating and other expenses	(126,512)	(129,702)
Interest and other finance expense	(25,485)	(29,948)
Net income	105,069	146,638
Net income attributable to Common Shareholders	$ 57,436	$ 61,088
Basic and diluted earnings per Common Share attributable to Common Shareholders (in dollars per share)	$ 0.70	$ 0.79

INVESTMENTS IN AND ADVANCES T41

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Core Portfolio (Details) - Core Portfolio ft² in Thousands, $ in Thousands	1 Months Ended		3 Months Ended	9 Months Ended
	May 31, 2016property	Jan. 31, 2016USD ($)ft²	Sep. 30, 2016USD ($)ft²	Sep. 30, 2016USD ($)ft²
Schedule of Equity Method Investments [Line Items]
Percentage of interests acquired	20.00%
Consideration transferred | $				$ 487,225
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 T42

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Funds (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Jan. 31, 2016USD ($)	Sep. 30, 2016USD ($)partner	Dec. 31, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated affiliates		$ 273,576	$ 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		21,108
Corporate Joint Venture | Opportunity Funds
Schedule of Equity Method Investments [Line Items]
Distributions		155,604
Investments in and advances to unconsolidated affiliates		63,607
Fund III | Cortlandt Town Center
Schedule of Equity Method Investments [Line Items]
Disposal group, percentage	65.00%
Disposal group, consideration	$ 107,300
Equity ownership percentage	35.00%
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		4,350
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		12,181
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 T43

INVESTMENTS IN AND ADVANCES TO UNCONSOLIDATED AFFILIATES - Summary of Investments in Unconsolidated Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Real estate under development	$ 676,592		$ 676,592		$ 609,574
Investments in and advances to unconsolidated affiliates	273,576		273,576		173,277
Total assets	3,578,519		3,578,519		3,032,319
Other liabilities	108,828		108,828		31,000
Total liabilities and equity	3,578,519		3,578,519		3,032,319
Distributions in excess of income from, and investments in, unconsolidated affiliates	(24,249)		(24,249)		(13,244)
Total revenues	51,100	$ 56,852	155,116	$ 162,494
Operating Expenses	(42,601)	(37,917)	(115,277)	(115,372)
Equity in earnings of unconsolidated affiliates	(102)	2,195	3,592	12,194
Depreciation and amortization	(15,217)	(17,461)	(46,744)	(45,022)
Operating Partnership, as General Partner or Managing Member
Schedule of Equity Method Investments [Line Items]
Equity in earnings of unconsolidated affiliates	(102)	9,133	3,592	36,237
Company’s share of net income	377	9,231	4,267	36,531
Amortization of Excess Investment	(479)	(98)	(675)	(294)
Unconsolidated Affiliates
Schedule of Equity Method Investments [Line Items]
Rental property, net	734,311		734,311		302,976
Real estate under development	23,486		23,486		35,743
Investments in and advances to unconsolidated affiliates	6,853		6,853		6,853
Other assets	95,264		95,264		47,083
Total assets	859,914		859,914		392,655
Loans Payable to Bank	499,899		499,899		192,684
Other liabilities	51,472		51,472		21,945
Partners’ equity	308,543		308,543		178,026
Total liabilities and equity	859,914		859,914		$ 392,655
Total revenues	26,590	10,712	58,984	32,727
Operating Expenses	(7,066)	(3,022)	(18,082)	(9,855)
Interest Expense	(5,242)	(2,183)	(11,355)	(7,080)
Equity in earnings of unconsolidated affiliates	0	0	0	66,655
Depreciation and amortization	(15,398)	(2,791)	(24,262)	(7,828)
(Loss) gain on disposition of property	(1,452)	7,416	(1,452)	32,623
Income from continuing operations	$ (2,568)	$ 10,132	$ 3,833	$ 107,242

STRUCTURED FINANCING PORTFOLI44

STRUCTURED FINANCING PORTFOLIO - Schedule of Notes Receivable (Details) $ in Thousands	1 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)debtinstrument	Feb. 29, 2016USD ($)	Sep. 30, 2016USD ($)debtinstrumentextension_option	Sep. 30, 2015USD ($)	Apr. 30, 2016USD ($)	Jan. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate [Line Items]
Net carrying amounts of notes receivable	$ 266,816		$ 266,816				$ 147,188
Proceeds from notes receivable			$ 42,819	$ 15,984
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	$ 0		$ 0			$ 13,300	0
Proceeds from notes receivable	13,800
Principal payment amount	13,300
Proceeds from interest received	$ 500
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
Principal payment amount		$ 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		$ 0				13,000
Proceeds from notes receivable		13,400
Principal payment amount		13,000
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
Preferred Equity, 8.0% Loan, Due 2019
Mortgage Loans on Real Estate [Line Items]
Effective interest rate	8.70%		8.70%
Net carrying amounts of notes receivable	$ 10,000		$ 10,000				0
State interest rate	8.00%
Extension options | extension_option			1
Extension options, length of term			12 months
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	$ 30,810		$ 30,810				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%
Mortgage Loans on Real Estate, Period Increase (Decrease)	$ 1,300
Net carrying amounts of notes receivable	$ 15,250		$ 15,250			$ 14,000	0
Extension options | extension_option			2
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%
Effective interest rate	18.00%		18.00%
Net carrying amounts of notes receivable	$ 4,356		$ 4,356				12,575
Carrying Amount
Mortgage Loans on Real Estate [Line Items]
Notes receivable and preferred equity investments, net	$ 266,816		$ 266,816				$ 147,188

DERIVATIVE FINANCIAL INSTRUME45

DERIVATIVE FINANCIAL INSTRUMENTS (Details) $ in Millions	Sep. 30, 2016USD ($)derivativeinterest_rate_swap	Dec. 31, 2015USD ($)
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income - unrealized loss on valuation of swap agreements	$ 12.8	$ 4.5
Other Liabilities
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	$ 13.8	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	3.00%
Cash Flow Hedging | Variable-Rate Derivatives | Maximum
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	18
Notional amount of interest rate cash flow hedge derivatives	$ 366.2
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]
Notional amount of interest rate cash flow hedge derivatives	$ 59.4
Derivative, number of instruments held (derivative) | derivative	2
Reclassification out of Accumulated Other Comprehensive Income
Derivatives, Fair Value [Line Items]
Accumulated other comprehensive income - unrealized loss on valuation of swap agreements	$ (4.1)

MORTGAGE AND OTHER NOTES PAYA46

MORTGAGE AND OTHER NOTES PAYABLE - MORTGAGE BY PROPERTY (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
Interest owner percentage in property	22.00%
Mortgages
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 129,044
Repayments of long-term debt	288,321
Debt default, amount	26,300
Mortgages | 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
Mortgages | LIBOR plus 1.65% Mortgage Note | Cortlandt Town Center | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	1.65%
Mortgages | 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%
Mortgages | 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
Mortgages | 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
Mortgages | LIBOR plus 1.55% Mortgage Note | Heritage Shops | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	1.55%
Mortgages | 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
Mortgages | 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%
Mortgages | 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
Mortgages | 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%
Mortgages | 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%
Mortgages | 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
Mortgages | LIBOR plus 3.25% Mortgage Note | Sherman Avenue
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 14,250
Description of variable rate basis	LIBOR
Mortgages | LIBOR plus 3.25% Mortgage Note | Sherman Avenue | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.25%
Mortgages | LIBOR plus 3.4% Mortgage Note | 146 Geary Street
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 27,700
Description of variable rate basis	LIBOR
Mortgages | LIBOR plus 3.4% Mortgage Note | 146 Geary Street | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	3.40%
Mortgages | 4.4% Mortgage Note | Concord and Milwaukee
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 2,902
Stated interest rate percentage	4.40%
Mortgages | 4.4% Mortgage Note | State and Washington
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 25,651
Stated interest rate percentage	4.40%
Mortgages | 4.0% Mortgage Note | 151 North State Street
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 14,556
Stated interest rate percentage	4.00%
Mortgages | 4.0% Mortgage Note | North & Kingsbury
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 13,409
Stated interest rate percentage	4.00%
Mortgages | LIBOR plus 2.35% Mortgage Note | Restaurants at Fort Point
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 6,500
Description of variable rate basis	LIBOR
Mortgages | LIBOR plus 2.35% Mortgage Note | Restaurants at Fort Point | LIBOR
Mortgage Loans on Real Estate [Line Items]
Basis spread on variable rate	2.35%
Mortgages | 5.9% Mortgage Note | California and Armitage
Mortgage Loans on Real Estate [Line Items]
Debt instrument face amount	$ 2,692
Stated interest rate percentage	5.90%
Mortgages | 6.35% Mortgage Note | Acadia Brentwood LLC
Mortgage Loans on Real Estate [Line Items]
Stated interest rate percentage	6.35%
Repayments of long-term debt	$ 15,554

UNSECURED NOTES PAYABLE (Detail

UNSECURED NOTES PAYABLE (Details) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Outstanding balance of debt	$ 887,956,000	$ 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	12,500,000
Long-term line of credit	25,000,000
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	47,800,000
Outstanding balance of debt	$ 44,100,000
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	Sep. 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	13,775
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	Sep. 30, 2016	Dec. 31, 2015
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable and preferred equity investments, net	$ 266,816	$ 147,188
Mortgage and other notes payable	1,295,519	1,358,606
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes receivable and preferred equity investments, net	266,816	147,188
Mortgage and other notes payable	$ 1,316,605	$ 1,382,318

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Apr. 30, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Net carrying amounts of notes receivable	$ 266,816		$ 266,816			$ 147,188
Unconsolidated Affiliates
Related Party Transaction [Line Items]
Revenue from related parties	300	$ 100	900	$ 300
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
Preferred Equity, 8.0% Loan, Due 2019
Related Party Transaction [Line Items]
Net carrying amounts of notes receivable	$ 10,000		$ 10,000			$ 0

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)segment	Sep. 30, 2015USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			3
Revenues	$ 51,100	$ 56,852	$ 155,116	$ 162,494
Property operating expenses, other operating and real estate taxes	(14,515)	(12,853)	(37,791)	(42,210)
General and administrative expenses	(12,869)	(7,603)	(30,742)	(23,140)
Depreciation and amortization	(15,217)	(17,461)	(46,744)	(45,022)
Impairment of asset	0	0	0	(5,000)
Operating income	8,499	18,935	39,839	47,122
Equity in earnings (losses) of unconsolidated affiliates	(102)	2,195	3,592	12,194
Gain on disposition of property of unconsolidated affiliates	0	6,938	0	24,043
Loss on debt extinguishment	0	0	(15)	(134)
Gain on disposition of properties	0	79	81,965	89,063
Interest and other finance expense	(7,982)	(9,345)	(24,902)	(28,130)
Income tax provision	(89)	(698)	(123)	(2,059)
Net income	326	18,104	100,356	142,099
Net loss (income) attributable to noncontrolling interests	5,786	(4,328)	(47,401)	(85,281)
Net income attributable to Common Shareholders	6,112	13,776	52,955	56,818
Real Estate at Cost	3,019,789	2,578,580	3,019,789	2,578,580
Total Assets	3,578,519	2,973,699	3,578,519	2,973,699
Acquisition of Real Estate	274,329	52,800	292,909	273,071
Investment in Redevelopment and Improvements	38,531	64,751	94,421	105,245
Core Portfolio
Segment Reporting Information [Line Items]
Revenues	36,376	37,744	109,176	110,930
Property operating expenses, other operating and real estate taxes	(11,612)	(8,885)	(28,460)	(26,811)
General and administrative expenses	(11,915)	(6,963)	(28,955)	(21,171)
Depreciation and amortization	(12,428)	(13,979)	(37,629)	(34,454)
Impairment of asset				(5,000)
Operating income	421	7,917	14,132	23,494
Equity in earnings (losses) of unconsolidated affiliates	1,495	434	2,668	1,567
Gain on disposition of property of unconsolidated affiliates		0		0
Loss on debt extinguishment			0	0
Gain on disposition of properties		0	0	0
Interest and other finance expense	(6,431)	(7,203)	(20,308)	(21,000)
Income tax provision	(70)	(461)	(80)	(866)
Net income	(4,585)	687	(3,588)	3,195
Net loss (income) attributable to noncontrolling interests	60	(686)	(2,771)	1,340
Net income attributable to Common Shareholders	(4,525)	1	(6,359)	4,535
Real Estate at Cost	1,832,863	1,553,174	1,832,863	1,553,174
Total Assets	2,097,386	1,650,555	2,097,386	1,650,555
Acquisition of Real Estate	237,729	0	244,022	169,235
Investment in Redevelopment and Improvements	7,296	3,271	17,518	9,624
Funds
Segment Reporting Information [Line Items]
Revenues	7,479	11,783	26,642	36,846
Property operating expenses, other operating and real estate taxes	(2,903)	(3,968)	(9,331)	(15,399)
General and administrative expenses	(954)	(640)	(1,787)	(1,969)
Depreciation and amortization	(2,789)	(3,482)	(9,115)	(10,568)
Impairment of asset				0
Operating income	833	3,693	6,409	8,910
Equity in earnings (losses) of unconsolidated affiliates	(1,597)	1,761	924	10,627
Gain on disposition of property of unconsolidated affiliates		6,938		24,043
Loss on debt extinguishment			(15)	(134)
Gain on disposition of properties		79	81,965	89,063
Interest and other finance expense	(1,551)	(2,142)	(4,594)	(7,130)
Income tax provision	(19)	(237)	(43)	(1,193)
Net income	(2,334)	10,092	84,646	124,186
Net loss (income) attributable to noncontrolling interests	5,726	(3,642)	(44,630)	(86,621)
Net income attributable to Common Shareholders	3,392	6,450	40,016	37,565
Real Estate at Cost	1,186,926	1,025,406	1,186,926	1,025,406
Total Assets	1,214,317	1,154,213	1,214,317	1,154,213
Acquisition of Real Estate	36,600	52,800	48,887	103,836
Investment in Redevelopment and Improvements	31,235	61,480	76,903	95,621
Structured Financing Portfolio
Segment Reporting Information [Line Items]
Revenues	7,245	7,325	19,298	14,718
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
Operating income	7,245	7,325	19,298	14,718
Equity in earnings (losses) of unconsolidated affiliates	0	0	0	0
Gain on disposition of property of unconsolidated affiliates		0		0
Loss on debt extinguishment			0	0
Gain on disposition of properties		0	0	0
Interest and other finance expense	0	0	0	0
Income tax provision	0	0	0	0
Net income	7,245	7,325	19,298	14,718
Net loss (income) attributable to noncontrolling interests	0	0	0	0
Net income attributable to Common Shareholders	7,245	7,325	19,298	14,718
Real Estate at Cost	0	0	0	0
Total Assets	266,816	168,931	266,816	168,931
Acquisition of Real Estate	0	0	0	0
Investment in Redevelopment and Improvements	$ 0	$ 0	$ 0	$ 0

LONG-TERM INCENTIVE COMPENSAT52

LONG-TERM INCENTIVE COMPENSATION (Details) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2016USD ($)executiveshares	Sep. 30, 2016USD ($)shares	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2009
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 9,729	$ 5,669
Number of executives retired during period | executive	2
Award vesting rights, percentage	33.00%
Trustee fee expense		800	700
Fund III
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 3,600
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) | shares	29,418	319,244
Total value of restricted shares and LTIP units as of the grant date	$ 1,100
Share-based compensation expense	$ 1,800
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) | 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) | shares		11,092
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) | 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		1,800		$ 1,900
Compensation expense not yet recognized	$ 8,200	8,200
Long term incentive and share based compensation expense		$ 9,100	$ 5,200
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) | 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) | 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) | 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) | shares	5,290

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Fund IV $ in Thousands, ft² in Millions	1 Months Ended	9 Months Ended
	Oct. 28, 2016USD ($)ft²	Sep. 30, 2016USD ($)
Subsequent Event [Line Items]
Purchase Price		$ 50,350
Maine, Pennsylvania and New York | Subsequent Event
Subsequent Event [Line Items]
Square footage of real estate property (in square feet) | ft²	1.1
Purchase Price	$ 83,400